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Home My WebLink About1540 ?r/iM1V'~MMNl~1M'MM~r"~/1~A~1'°'w.?•4 ~7:~• f1~~~~ ~is • ~ i:i ii~~~ s ~ . . . ~ . Z1M CiOmpas~ w~III h~ ~;O ~aN~ ib~~~~~ Ot lLON t4 bf dl~C~t~~ ~~iM~ YN/M m~at~ aad ~~~atsi ~hanw LwinUp im npoa or ~Li mortispd Da'uP~rty or au7p~~ ~ot, and wW • aot wR~s to e~it iD,y m~ehlmka'. laDolrrs'. at11lQto~ oz oth~s ehi?rn os~ ~neumbnnos ot auy ltiad on ths mort~asrd propat7 or +to~ P~rt tserat• howa~ssr, tLsi notbins ~n ooatatned ~all D~ d~d to tl?e Compao~ . t~o P~7 W ttW asswmea~e~t?rn~~, or aa~r elatm or denund oi meebantei. labors~n or o or to t~as dw dst~ thareot. o~ to reqa[rs the P~7 ~p? 7~~~h+t'6e W~. asaeumeat, lien. clsim or eharss whetbsr or not dns or deliaqnea~t) tl?e v~lidiL~r or amounL oi which L bsinY eonteated in t~ood idth b1 sPPi'oP~'~+~ 1.7. Ia !bs event Lhe I.e~see iaiL to proeurs snd maintain thepn blic liRb11I and ~rty ~ a~aa reqn[red bq 3atioa 7 0! ths Lea~s. the Comgany oovenant~ and sarees tha~ i! w~ s- t ib~~cost~u~axpe~ maint~in snch insiuan~e oovasagei. The CompanY aarees to fUraiah ths 1[ortgages wiW oertitkates or othes astisfactory entdepee oi the insunuke covenge~ which arb tieiag waintained by the Lesaes purawnt to, Section 7 oi tf?e I.eaae or as tLe ease ~nay be, by the Company pussusnt to this Section 1.4 and with reapect to any reaowal pol~cy or policies w~ll iurniah certiflc~tes evidencing such renewal or rene~ psior to the expiration of ths orig~nal~ or the then current renew~l. poticy ' ~r poUciea. t~ 1.8. Ii t1?a Company shail idl to comp~i vrith the covenants herain with reapect to the procaring oi iasnraoce. the ' p~yment oi taxes. asscssments. aad othes ch~rges, or the kcepiag of the mortgsged property m repRIr and lree of other IIena. ths l[ortgagee or tAe holder or Ilolders:of any ot the indabtedness bereby secured may make sdvances to perio:an tbs qme; and the Compsny agreea to repsy sll sums ao sdvaaced upon demand, v~ith it?tareat at the nte of 796 per "annwn ' dter demand. u?d ali sums so adv~nced tog~ther with tha interest shal! becams so much additionsl indebtedness Dereby ~ ~ecured; but no such advance shall ~s deemed to relieve the Compsny irom ~ny default hen~nder. , i.s. Ths Compsny ~rill not: . (a) teraainate. modif or aocept a snrrender of or oQer or permit any termination, modi8eation. snrreader or t~nninstion oi the Lease ~e~ccept as othervviae axpreaalq pmvided harein) or create or consent to the crestion or e~ciat- . enes oi any nnortgage or other lien to 'secare the payiaent oi indebtedness npon the leasehold es4te cnated by the , ~ ~ Lqsse or any psrt thereof; or _ - (b)- assign, transfez or hypothecste (othet than to ths Mortgagee herennder) an~ rentsl paymen! then dae or to accrue in the intnrs ~inder the Lease in reapect of the mortgaged property. . . . 1.10. Any and allpm perty bereatter aeyuired whieh ii oi klnd or nahise hsrein provided to be nnd bscoms ~nbject • to the lien hereoi shall ipso lacto. and ~vithont any inrther conveyance, sasigament or act on the p~rt oi the Compan or the l[ortgagee. become and be. subject to the lien of thie l[ortgige as fu~l~l~ aad completely a~ thongh speciflcsUy deeenbed " berain, b~t nothiug in thir Section 1.10 contained shall be deemed to modiiy or chaags the obligstton oi tbs Company under 8ectlon 1.3 heraof. 1.11. The Compauy wiA caaae thi~ ~[ortgsge aad all mortgagea iupplunental Lerato snd aU senernl a![idavlb snd - notieea raqnired by apFUcabls Lw at all times to be kept recorded and Sled st ita ownaxpenas in such manner qnd in such places as may be reqwred by law ia order tnlly to preaervs snd prntect ths n'ghta of the hoider oi tLe Note aAd the 1[orw ~agee hereundes. aad wip inrnish to tbe Mortgagee promptly after ths esecution and delivery oi ~is Mortgsgs and o! eacb snpplemeatal mortgage an opudon of connssl atating that in ths opinion of such eounsel thi~ l[ortgags or snch snp lemen4l mortga g~ ss tha casa may be~ haa been prqpeNy recorded or llled for record so as to mske eeective oi reoo~ tha lien intended eto be created hereby. . . ~ SECI'ION 2. P033B'S.9ION. USS AND BELTASL OF PROPE6TY: ' =.1. While tha Com p~sny is not Sn defadt henunder it shaU be suQered aad pnrmitted to remsin in full poaesaion, e.~foyment and eontrol o! the mortga prnpeity and to managa. opezate and uss ths aame and aeh psrt thereof with ths nghts aad iranchiees appertainin$ ~ereto; pm~nded alwaqs. thst (i) ths posseasion, eu~oyraea~ control aud nas oi Lhs ~ mortgaged pmperty ahall et sil tunea be subject to ths observsace and pestornoanee ot the terms oi this ][o~g~ge. abd (ii) no nnit o! the mortgaged pmperty ahall be removed irom the place of instsllation theraoi set forih in ~ibit B ~ ~vithout the prior written notice to the Mortgagee. It is e:prn,saly uuderatood ttut tha use and possessioa of the morw gaged property by the Lesaee uader and subject to the terms and pmvisions ot tbe I.ease abaU not constitnte a vioLtion oi this Section 21. a.3.~ So long s~s no default referred to in the I.eaee has occurred und ia continnina to the luiowledga of the Mortgagee, the Mortgagee ahall execnte s release in respect oi anq unita oi the mortgaged property designated by the I.eaaes for eale uid aettlement pursuant to Section 10 ot the I.eaae upon receipt oi: (i) notice from the I~easee pnrswnt to Section 9 of ths ~ vsl "ue (as daeQn~ i~n the relevaat~S'n o i~~ tba Leuae ariu terminete; ard (ii) PsYment by the Leasee ot the "settlement , pp tary Schedule) of such nnits, B~CTION s. PRSPAYI[BNTS OF NOTE3: APPLICATION OF INSURANCS AND CSRTAIN O?rHIs$ ~dONBY3 . ~ BECEIV~ BY TH8 MOATGAGB~R: . : s.i. In connection with each pnrchaae oi t6e Notes under the Note Agt+eement and aa additionai colLteral aecurity ~ for the Notes thea beiag isaued t~ie Company ehall asaiga to the l~ort~ (ss asd~) sll renb aad other ~wns dne ~ sad to be¢ome dne nnder the particnlar Snpplementary Schedales (the ° gned Scfiednlea") covering the eqaipmeat : which is Snanced with tLe proceeda ot anch Notes, and for conveaieace in admini~tration of the coUateaal for ths Notes. each~ote ehsll speci&aUy sefer to and deseribe certain Asaigned Scbednles eavasin8 the ~ipment 8nanced . thereby. The renta and other snmr reeeivcd by tha l~ortSsgee Pnrsaant to any snch sssignment ahaD be held by tbe l[ostgagee as part oi" the mortgsged propetty and, so loag as no event oi detanlt referred to in 3ection 4 hereof }w oocun+ed and ia continuing and no ~reat has ocenrred and ii continning whieh with tl~s lapse o! tims or theg~ving of notiee. or both, wonld eonstitate an event ot detsnlt as ao del~ed, s11 aacb reats ~nd other anms sball be psid snd spplied as foUowa: . (s) The amonnts from time to time receivpd by the Mortgagee Ahtch conatitnteps ymenb oi Szed reata fos eqnip- ment covered by an Asaigned Schednle al~all be spplied to the payment of the instaWnenta. if sny~ of tLe particnlsr • Note in wWch euch Schednle is liated which have mat~red or will msture on or prior to or wit6in 30 dsys aiter the dne , date o! tbe ~ed rents wtich are recei~ed b~ tbe Mostgagee ~nd tbe bslance oi snch Szed renta shsll bs releaaed to or ~ vpon the order o! ths Company. 4b) In the event o! the loas, dsmsge or deatrnction oi any eqnipmeat described in an Aasigned Schednle and the ; termmation of the Lesse in respect theseoi purausnt to Section 10 ot the I.ease the amounts irom time to time received by ths Mortgagee which wnatitatep~?ymenta by the I.essea oi the "aetderaent value" (ns deffned in the nle~vsnt'3ched- nle) o! sucheqw pment together with aay insnrance pmoeeds in reapect ot the loas wLieh are svailsble ior spplicatton ~ under 3ectioa 8.3(b)(i) ahsll bspu d and applied on the instullmenta oi the particnlar Note in which snch Schednls ; is listed, sU ut snch msnner aad in socL amonnts eo tbst aiter giving effect to sach sppllcatton aad tLe release of such eqnipment trdm tbe I.ease and tha lien ot tbis Mortgsge: (i) The prineipal amonat semaining nnpaid on sach Note does not exceed the "pn~s~ent valne oi rents" (as deRned in the Note Agreement) in r+espect of all otl?er eqnipm ent covered by Aaslgned 8chedulea listed ia tbe Note which tben remains aubject to tbe I.eass aad tha lien of this ldo:tgage: snd ~ (2) The remaining instsllmenta o! flxed rents for eqnipment covered .by Assi~ned Schednles listed in such 1 Note an in anch siaonnts and are psyable at snch timea as wili ~unortize the prin~apal amo~t remainia~ unpsid an sach Note together with interest on the declining balance of sueL psjncipsl amouat st the rate oi 6'K 96 per annum in snbetantially equsl monthly installments ineluding both principal and intereat, payable on the instat~- msat auturi~y dates oriQiasUy ~chhednled in sach l~ats tor the~ od from and r?iter the dste sueh appliestion i~ . mad~. 7'lu baiana on anr snch "~sttlemeat ~lne" payment shs11 be nlesNd to or npon ffie order oi ths Compaay. , ~s CompanY eoveasnts and sareea with tbe Mortgagee and the holder or holden oi ths Notes that in the event Iosk dama~ed or dat:+oyed eQnipmeat covered by u? As~igned 3chednle is sold pusaaaat to 3ection 10 ot the I.ease and ! yw ~ment of the "aettlement valun" o! such pmet~t ia not received by the l[ortgsgee on tbe date the lease terminstea , fa ~t oi weh equipmenk the Compaay wi~orth~vith pay and apply on tbe pasticnLr Note describina aueh 9chedule an amonnt eqosl to the~p rMent valae oi renta" (u deflned ia the Note~ ent) ior soch pment snd any amoant ~ ~o paid by ths Compw~ s~s~ bs spplied on the Note in tha m•rn•r provided tor by $eCtion 81 ~ t It L farther undeatood aad a~e~eed tlut in !he e~veat ths Comp~ny aball bsre msde~ wy inshUme~E . ~ bf the Note or any Paymeat reqaired bY the Preceding sentence of this 3eetlon aad the szed re~ts ma~ on ~ rel~a~nt : installmeat m~turity dste of the No y ` te, or as ti?e cue msy be, the insuranoe prooeeds and/or "settlement ~alue" pay- ; menw sppliable to tbs lost~ damaged or destroyed e~qwpme~at sre tberesiter reeeiv~ed by the l[ortgigee, snch Szed renta. ! i~~snes Proeeeds or "settleme~t '~a1ne"'p~?ymeats s~ll bs relea~ed to the Company unless an e~ent of defsdt ddined ia Seetian ~L h~rso! ~6sri Lave ooearral and be oontinuiaa os ~ta event a}ull have oocon+ed snd bs coatlnnias whieh wonld bs aa event ot defsult as thernin de8ned with the Lpie oi tlms or tlrc~ sivina of notioe or bofb. ~ i.i. In the event tbe Yortgages shall reeeivs any proeeed~ oi insuranos msintatned by tbs Compans inr~p~ of tbe ~ mort~a~!edproperty; the anue s1a11 be held by t1~a Nortgs~ee ss s part oi tbe mo nu rtgarsd property aad ahaU,bs applied b~ the ~[ortga- gee isom time to Wne to any one or more o~ tfis followIt~ pus{w~es; w~° Z p.l~~ 110 ~r{:t 33~ . . ~