HomeMy WebLinkAbout1420n ~ ,,
~'lil-atl.~`•, the l.cn,irr, z, a , un,l3tlun to mslcurd tls~*sic.:': ~t~s! ~~4li~ftirfi~;'ir.•,l •+n Tr•:t un ~ t 1 3u . ;•
aril p: ,}3ih ai Cr U:11~ e)r afcl 4Ca 111 6Ull t1Ut Of esld prO~rt} 1<nl} tk~ gratTt Oi{ all ,~I ~t,r lte:i r,~:., ~ i,~tll 1!1^ d'~.
Uac'r Pat of and lli a l IcaPr4 60M- GII Bald pr OlTCrI\~ Or 'sr fete rile)" FSCrCaflCf l,Y pl3, ra I{:r':r un, d~ ail,l i!,„n~lj 'r; a*:!i
it,l 693d )t,,911 ~ ,
\OEL' 7l)F:1lF:F(1RF:, in c,r:lauicrrltion uE the rrrr??:ere aforeeai•) au~.i of the sum „i !ire 13,•1~i:, .t n,1 „li,.:
soil valuabia cc,naidl•ratione, Maid to the I{arruwrr }>y the Irndr:, the rr.eipt and 4ufllclrr., ~ of Kh+,h xrr hrt,•i~
ackno-~iedgtd, t}st I?:rrn,wr- d,~e- hereb~~ assign, tranaf<_r and eti over unto the {.cndrr el, cif !t~ nFht, title n:~,i
intrrcryt in and to e,{l lcarlel+ n~,tt on eaid propert} or which may hereafter l:e pia, ril thrrrun, r+nd all ,~i t}+c rcnt~.
t-auta end p[Oait]i now <)u~ ar to 1>ctomr line and deriT~ed from R33id pro}art}, ur,ti! the ,,h1it;::t~.•:IR shl~~,• rrfr:rr,+:
t,~ have beer? fully }Tail and -atitlied of rxord.
lr. furtherance of the foregoing s.+saigni;?rnt, liar llorr„hrr 13rrchy authorizes t},~~ Itwrlrr, upon anal 13i t};<• r.rr,t
of drfrult in any of lh< Faym<nta. or in else prrforruance of eny of efts terina, co>,rnauta end rond;t,~~n• of th°
aierratid note or t+ecurity in>ttrunstnt, at iU a}:~tion to enter upon Maid premier;~ r.~:d to collr, t, by itF offircrr,
agtrtte or rmp)o} tc~s, in the name of the lturrower, at in itr own Herne as asAignrr, the trots arrrucll I,ut uniTud
snd in arrrar- at ilsc+ date of elxh default, as ?.r11 as t},,. tents thereafter accxuinF; auii l~rcorrTing p3ralTir' during,
the }TC•rio,i of -eid or any other drfsult. T}.c Rorrosatr a14rT authorizes the Ix,.dcr upon each rntr}, at :ts option, to
te1<e ever and aaaua3< the rrtana~e,nertt, o}?'ration and maintenance of eaid prrntiatx, and in. Fu;rral tr. prrforn,
all aciona ncc~srv in COnilLCtlon thereTritlt in the saute manner and to the esrnt extent a~ tl3e {turrnw; r n3ifcht
reasotsably so ac.t. L'pan elertin~t to ezcrciec the riF!trtn herein Frantcrl, the Lrnder obeli mekc rearc,r3ahie r}Iort t„
collcrt the I°nta, rr~r~ing., howcvu, within itA own di:sirctian, the right to deturuina the rnrthal of collcrti.•n
arc'! the rzirnt to which tnforctnTCnt of coll:l tion of delirx({utnt rrntA atTall I,r ,rr,atcuircl, teat it Rhall net ).r
accauntah!„ for nTOle money than it actuelly rccrive- from ttsF prr_nist-, a::rl shall net IK IiMhlr for fai)ure to c[•1
feet rtr,te.
;lac f.tndtr s13a11, -ittr }Tayrts<nt cf al) proper c!?ar}{e,a and cxptna.^s, cr:dit thy. net antt,urTt rcreivcd from t}Tc
prtrsie.e,- lay .irtut of t}sie aaaiRnnxnt, or fay tiirtur of tiro eirrcier of any po>,+cr lierrirs grxntr.-l, to am anxlur.t~
dot P.nd owing to it ley the l:tarrowtr under :~+c term- of the note and tterurity instrument, l,l3t the ir?atlr:tr of
the application of such nri irx~ornr and the itrrnh >rhich >y4e11 Ire credited steal; ht ;~it}?in the raft dixrciion of the
1.cnc)cr.
It ie s condition of !};~ grar:ting of thew p:,wtrs, ls<nefitA and pri.ilegrr, anti of thr• ma4~i:,~ of thin sraigr-
n:cnt, and tl,- I.emltr by Eh- ac~tptancr. of this inrtrumu3t ao agrrx+c, that, until an acx of c)rfaurt s}rsll he mrr
by ti,e Harrower in the lull arod camplrte performst3?c7e of any of the agroeti?enta, cotenants and promisee in the
aZutvr mrntianrd bond ar Hate and atrurit} instrument, including thy. nsa~ioR of t}it pslyust3:ta aR t+et nut in REid note
and sccuritp itutrun~at, Slrt I3orrcwtr n3aj' rc<etvt, collet and enjoy the yenta, ir~aut0 ar+.d ~rafita from the shove
property; but it ie crsetst;nt~l and a~:rrccl by the Borrower, for Lhc cansidrratian efaresa:d, tl-.at upon the teal.
pening of env deft:trlt in tlrr k~{orn;anct of the covenants or in t_tTC mating cf t;sc };aymrs~t;s provided for in R9icl
nett and exurity lF?~runttci, the I.endcr mae re:~tivt and collect all th= Raid rtnls, iseutx &nd ,oroStA and at its
option rzuc:ar all ether pcTaar:, privilr.{rea and t~zncfita granted by this instrument, and tlrt Iiorro>aes >cill immrcli
atJs turn over all lcare- to the I.ecdtz at its re=lu~,.t, and vrill ezecntc any iuriher -t~ihnmri?t nez~t~srr try }.erfcft
such transfer.
the Borrower by thc.~ pre~?t:tt- dcv.~ hereby authorire and dircx;t alTj lc~t~ or lrsa-rte: of al) or any port;or:
of tlTc Maid praniees, upon rez~tip: of notiit in wrltlrlg from else Lender of ar: a-ri of c}e3au!t bt• the Ik?rroYrrr u:.drr
the note and uccuritj irstttrunsrnt, to rrav to the l,cr.crr ell rent thin due or thereahcz to bctc~rrx :fur uncles the
i trnTE oI r?rTV .cane or leastx of i!`:t ,tern fats.
1~I3e L;cTrrowtr shall not h~< t~titltd to, and here{,y carenante and agrees tl?at it will noi, without t}:r TRritttr:
con-cnt r±I the Ixncier:
(a; Cancel the riavr existing {ea-e or leases of else preu?iaell nr erupt a eutrrflder thrrrof, rr_ctpt in acl-ordarce
with iht Condiiiona and eontirgericst~ ~- set aut therein, ur;lrxla the Ff::rrowtr aad such ie9r~rte or i al3a)1
eiecute a rtr.tr lFa-e or l.a:Raa which shall go into rflcct Rintultarrrou-ly »it}, said cnn:t{iatio:r or aurrendrr, eaid Herr
lexs~ or leases to provide fap a rental not )tom than t}3c ror3t pay.tble ur;r:er the canc~rl.lrxi 1tAae ar ir~a.ar>t, and wni+~h
-hsll nc•t lirnin3h tiro tin:nt'- t>bligstior: to day trz and ir:eurenl-c to the er.tent that eucl? obligation may exit`-r.
urd:.r the cacca{ied lease o= lra-ca, Red wh3rk new leer or le_trxa (hall run to a deer which ak?nLl rot bx },: ic,r to
the ettpiration date tai oa4 in t}3c €aid eancr)l~d )esae or irascs.
(t~) ?slo:iifv the nae- rz{-tirg leap or k-area of tl3r prrrrii_~aa ao ax to c:c,c~z-ate tl,e term of such leap ar'eaaca,
rt~lt~c the rest or than ihs tint= of payn:tnt r,r t-anise, or dirniniKh ihr ,~,lig,:iron of the tgrTant with regard to
t1~tc }>;9vn~snt of terra an~insurancc.
fe) Con>s~t to an aaaigr3~stnt of li3f )'a irtrrt~t of the nrTw ezr5t{nR )ta•~t• or kasea ..hick Hill retie+z
tF:e truant of )iabilitti• for t}sd payrrr;~t of rent and thy; pasriorn?anrr of the trrrn~. and conditions r.! tltc least' or
loses.
,
4~j Collect tl3a• rents and proStR of the prot:erty cnverecT h}• Raid Rcr;±rit}~ inhttunxnt :or r:ere t tar, onr_ r.[c;nti~
in rdvauce., rarcr:pi and rnlesaa ail:~rwiaa aiipulateu ie ar3y :,c>w rusting )rays!- cr lraa~ of R:lid pren:i,srs, a,^.;1 they.
not an adrar_c~ of else pcs~iod ~ ~ out.
And a::g o4 t1~ a.h'aare aria, if dt?ne Tttithoutt uses 7rrit,~n cortr~.'3t of the I.rs3cicr, tr~all ~ nu}l end roid. ~}r•:
fiorroe+u a#xal) have the rig~st to mod.fy any ltst<e or )ea_sca of tfrr. prtmisr~, or t$llc any cihcr action with rrA}.cct
tlTy-rtto ~ri'~{<h do$a noi vicla,ta ihfi ~ciiti }srcvisiorxe cf tlsis iru*tzum-nt.
`I`tTr: I3erroaer hereby co:~-zrtrt4 and rr;arrant4 to the ltir3a)rr that r,eithtr it, nor any previous nwnrr, ; n•
aa.r,~3at~l anj~ ~iar a.-aignrr~~t or pledge of t~he renew, i-stt:~ and }trafi+.- of the a)x',vc de~si}re~t{ prt[>ziara ,~r of its
iuiere# ir_ an.. to snj loser of tlsr ?slTa4,< or a Gar; of eaid premi_gre, anti further coa•enxnta and agraes t}fat i! 'tt3s
sot rsasior~sd any - or cxrcut~ any ag-rornserrt wbith ra{qht pre{ent eras L.endrs frUm r,p°reting ,andrr any of
tip tsr-rl:,t ar.c) cei;ditier3a a{ tits ina[rt;rn+et, o: •shic~T mou)d li;nit the l.tndPr in sutih cycsatiou.
i')c~t. hing in this instrurnt:ui -1ta3.i ahtitl~t, gc~ttj-4or~ or :~itrr~wi~ affoct the ri~tTita snd rem_•iic+a of t}!c I,c.nllcr
untter -a{d ar,cuzity insirun~e:Tt ur t:$der t#so ja~F-- of the State in r~hit~n mid prtal~rtq is eitueteci, but on the coy,
traz ell -uc?~ r{guts and rer~:iias may he ptarxued f3~ ih~ I.Pr,cler at am and cli tia=ra ea full: ar:d u,;nplrtely a.a
if tlria {natrurrxnt had .r..at been cxtcu+~u'. "1"t-t r{g,3t3 and Iv~wrrs herri.^^. granLt3, con•rcycll and asa3i~n arc can
tinning right.'a, ant tlsr. eatrciae cr{ atsr3o >3p=,r: the oe-caaiots of orsj ~~Izfault shah not af~ra eta or dirrrin+.eh the rightx
and ~rarrcr® of ilsa ~rtcler haretsr~r~tsr upc:rr rho c~ccaaivn csf env --utnt defealt or ~efau)ta, and likceaiilr, ti+~
4aiirrre io cx,trclse sarr°re upd±T iso cro+.,aslot3 of any default steal) not tonetstutr. t wair•er of rite riltht of the I.cndr,
to oxeye{rte tho powfr- and privilt-gca he:=:i13 granted u}xn 'hc oectaion of a RuC~sbl{uent defa4)t. Ti[eroi)tt'ttf,n
ens} applicatit~n of t:na tents, T~,!,s~ astd pst:l`.ta to the irc{t~lrisc)ra, or as atlstr'>ai providexi herein, shah r,c~;
conr~iiute 1~ we-is-cr of anj~ deEa~l'i whklt tn3~'t at it3e dnxs of t?3a ap~licativn or ilter~2.ter Farm anti=: the Re.~aritti
in~irttrnta?t, and the payment of the {ndeb}r:fir;~ cr~vtred by the r~urity ingtr3;n.:nt rua~° bt a~r'leratc~l in ,:
~.oadar~c~ with its ttrrr~e, r:otta•itl~-tenvir.g sorb agplicBtit;n.