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Home My WebLink About1541 +~M1I'#'~'-'^V~?~J~ ~ t« ~f1rr ~.ir. irrr~. - - - - ' - . . . ~ ~e~ ~ ~ ~liWi ~~[~Y ~Y ~ ~ ~ 7W ~ ~ V ~ ~ +~i1~ ww~1 ~ wlltaR i~~tlAR ~O=~ ~!'aNNd t0 ~M jMM~ t0 ~O?N yM ZM/N IOS' ~~ltO1+N to! ~ ~ rMtoanoa or r~pi~e~awa~t os tlr. ada ot t6. a~o~r.r.d rrowets vhieh Ls.. ben a.a~a~+a ~r.d~n- di ~11 t~b~Yp~aspo~~tor~w~ieh ~acpndi w wrr~~ ~ d ~M~M ~1~ e~~is ~i~~ • tor a~eh pn~oa~ ~od ststi~ t~t tb~r~ L no ddadt nndear t~ LeaNr ~ ,t~ wppi~manW h~rsto adieia~nk u~howa b ~a opintoa ot ~ooasd, to aibiect an~ additlc~s to or rabtltnHons~~ 03 ~bs mo~rfi~i~d D~P~7 to ths liea hu~sof, w~ op[da~ ~ali aLo eorsr ~ Slint +~nd/os rsoordtnr oi sneh aopplea,eaW mort~sp io as to eataWiah l1~s lisn bereoi ~ additioiu or sub~tttntiwu. or in.the alternatirs aa opi~~ion t1u~! no snch supplemenbl mort~ase L reqnired for P~P~ (b) Ii the insnranos proceedi ehal! not }iave beea applled to tbe spsciiled in the precedtas P~t'n?Pb (s) w3tb3n 30 days irom tbe seoaipt tl~ereof by the YottgaaM or ~i wi~inch od tbe Lesees or ~be Company d?aU lurrs notlDed ths Yort~sges in writing t~s! ths Leass wi~I terminate in acco~ with ths pro~Lions of Section 10 of ths I.eus in respect of ths anits oi tns mortgaged propsr~y wDich bsvs bnen lost, destroyed or dam~aed, then ~o lon~ as no default referred to in the I.eass l~as oocnrred and L coatinuin~. the iaauranee proeeeds aball bs applied by tbs ~[ottgagea as tollows: (1) FLat, to tbs prepsyment of tl~s Notes all in the aaanner psovided !or by 3ection 3.1(b) hereoi; and (8) 3econd, tbs balance oi sny insnrance pr~eeeds beld by ibe l[ort~ee atter making the appl~cations pra- ?Ided tor by the preceding snbparagraph (1) ahall be psid over to or npon the order oi tl?s Company. ' hsld ~aid i s default referred to in the Lease has oecurred and ia eontinning the insurance proceeds ahall bs taken. h~f pplied as proeeeda and avaiis of the mortgaged property in aocoidat~ce with the provIsions oi Sectton 4.6 d~LTION DSFAUL'PS AND OTHER PRUVISION3s ~ ~1. The tarm "event o! dei~ult" for the pnrpose hereoi shall mean any oi?e or mors o! ths following: : •(a) Deisult ior s pedod ot 10 dsys in the payment of intereat oa at~y Nots; ' (D) Dsianit tor ~ partod oi 10 daps in the payment oi any insWlment of the ptI~?eipal oi uny Note when und a~ ths same ~hall bscoms dae snd psyable. whethar at mat~uity or st dste ~ed for prsp~~anenk or by aocelantloa or ; otberwiN: ~ . - (e) Datsnlt or the bappen~in~ ot aay evsnt aball ooenr nndera~? inds~ntnrs, agresment or other siaailar in~t:ament t ~ndar whieh any evidsncs oi debtedness oi the Company msy ~s issaed. and meh da~anit or aivant sbsU eonW?ns !or s~'~T time su![ieient to permit the aceetaradoa oi the matnrity ot aa~ indsbtednea oi the Compatn~ o~tslandia~ (d) Dat~nlt in the dne ob~ervsn~os orpe rlormance by ths Company oi any ~othsr oo~vanank eondition or asreemeat required to bs obsetred or per~oimed b tbe Compauy by tbe te:m~ oi !be Note, tht~ l[ort~a~e or any ass[snm!~nt irom the C~pany to Yort~a~ as~gne~) oi rents payable nndar the I~eass in rs~peet ot ths mortaa~ed propert~ and a~neb dafsnlt ~all contiaae !or 30 dsys iiter wrtttea notlos thersoi to ths Co~mpany by tbs l[otlgases; (e Dafanlt tn tbe dne obssrvanos or pezlormaaoe by tbs I,e~ss oi an~r coveaant, oondition or aat+eement rsqnired to bs rvsd or psriormed by the Le~aes nndar ths term~ oi the Leass atd such dntsalt shall eontinns ior •pe riod oi time snRkiant to parmit ths Leswr thersnnder to eocerei~s any ous or mors oi tha remedias aet foith in tbe Lea~s; (t) An7 repraentation or ~varrant~ msds by tbs Comp~n~ in wrlti~ lierein, in any asd~ntne~nt oi rsnta. in the NotsA~r~ t or in any atatement or eerti~cate farni,hed by tbs Com{p?ny to the Yortga~es or tbs holdes or hotdars oi any Note ~pnrswnt to any te:aaa oi this l[ortgage or in oonnection vnth tbs pnnchss~ of tbs Note prov~ nntrue in aay material respeet u of the date oi the isiuanoe or making theieoi a~ sLsll not bs mads Rood wlthin 80 days dter notice thareoi to the Compwy by tha liort~aB~; (g) Tbe Company beeomes in~olveat or banlnnpt oz admita in writing ita inabiUty,to pay ib dabta u they maturs. or nukea an asaigtun~t for the bea~t oi crediton or sppUes or eon~ents to the appomtment oi a trwtee or reeeiver ior the Company or for the raaior part oi its proprxty; . (h) A trnstes or receiver b appointed for ths Company or !or tbs msjor part oi ib property and L not disch~sged wIthin 80 dsys aiter snch appointmeut; onderisny bankrrp~~yt'cy L~v~ori~simi~ Luw~tor tmheralie~i oi de t rirs, s~rs~insNWted b~os i~~~iast tl~e Co~ isr relief ~ atitnted against tFie -ComP~Y, srs coaeeated to or srs not dismiited wlthia a0 dsy» atter sneh insHtn~ony. ~ ii in- 4.l. When sny sneh event oi detault hss happened sad b oonttnnia~ the 1[o sbsU have the d~hL, options •ed remedies of a aecnredp~~, and the Compauy st~all hsvs ths dntiea o~ s debtost~ er the Uniform Commereial Co@s o~ Illinois (nSsrdleas of whetlier such Code. or s Lw simiLr thento lus been enacted in the jnrLdiction whersin the b or remedies are saserted), aad withont limi the loreg~oina tha ~[ortgaaes msy e~cercise aay one or mora or and in any order, of fhe remedies heninatter es~orlh, itbe~n~ expreaaly mnderstood that no ramedy herein eonferrad b tended to bs excinsive oi any other remedy or remedia; bnt ~acfi aad every remedy shall bs eumnLdve snd sball be in addttion to avnry othar nanedy 6iven her~in or now or bereafter eristing at law or in eqoit~ or by st~tnte: (a) Ths l[ortgasee msy, by notice in writinn to ths Com~xny decLre ths enttrs unpdd bsisncs of ths Note~ to be immediately dne and puy~ le: and thenupon all snch unpa~d bs~snee, together with all aectaed interest tLereon shall bs snd become immedLtely dne snd prysble; (b) Snb~ct alwsys to the th~ ezistin~ riB1?t~. ii ~u?Y. oi tha Lesses ~er ths Lesee. the Mortgages MisonallY or by agcats or sttorneys, sbsll hsve t6e nght (anbiect to eompliance aiW sny applicable mandatory legsl requirs- menta) to tal~e immediats poasession oi the mortgaged property, or any portion thereoi, and for thst purpoae msy pnraue the same aheraver it may bs fon.nd. snd may enter sny of the premiaes of the CompsAy, with or withoat notioe, demand. prueesa of isw or lq~al pmcednre, and search tor. take poseeasion ot, remwe, keep and store the aame. or uss ahnd bperate the same nntil sold; it being nnderstood. withont lim~tin~ the fongoing. that the Idostgsges may. and i~ ot tlse Com ~e right and anthority to. keep snd ston aaid mortgsged property. or any put thenot, on ths pnmises pany: sad tbst the Mostgagee shaU not thereby be deemed to bave anrrendered, or to hsve tailed to talce, poeseasion oi aneh mortgaged Property: . (c) 3ubject always to the then existing sI~hte, it aqy, of tha Leaaes nnder tbs Leaae. tha l[ortgsg~es msy, if st Lhe time such action msy be Lwfnl at~d slways sabject to ¢onpliancs with aay mandstory legal regaireraenta, aither with os withotit taking poseesaion and either befon or siter taking posaeasioa, and witLont institattng anq legal proceed- in~s whstacever, and having Srat given notice oi sach ssle by regiatered msi~ to !ha Companq once st lesst 10 dsys pnor to the date oi saeh ssle, and any other notice which may be rec~uired by lsw. eall and disposa oi said mortgaged ~ pmperty, or any part thereof, st public snction to ffie hi~ghest bidder, m one lot as an eatis~ety or in sepsrate lots, and nither for eash or on cr~dit and on snch terms ss the l[o~gee may determine. and st aay pLes (whether or not it be tbe location of the mortgaged prnperty or any part thereo ) designsted in the notice above raterred to. Any saeh ssle or sslea may be adJourned irnm tlme to tima by snnonncement st t~?e tiane and plaee sppointed ior sneh ssle or salea. or . for sny such adjourned eale or eales, withont fnrtherpn blid~ed notice• and tbe ylottgages or the holder or holdars of the Notes, or of any interest therein, msy bid and become tha par~~aser at uny sach sale; {d) The Mortgagee ma~y praceed to pt+otect and enforce this l[ortgage and ssid Notes by snit or saib oz proceed- ings ~n eqnity, at Isw or in bankruptcy. and whether for the speciQe periormance oi aay covensnt or agreament be:e{a eontained or in execution os dd of aay pow~sr herein ge~anted; or tor foreclosnrs bu+enndes, or ior the appointment o! a r~esh~s os r~wiwrs !os !h~ mot~t~?hd Prop~rt~r or wy put tlur~oi os !or tl~ r~oo~wry ot ~nd~onaft for th~ fnd~bF edness 1?areby seeured, or for tha anioreemeat of any othsr proper less~. or eqaitaWe rsmedy ava~ible nnds= applicsble ' . . Lw; (s) 3nbject slwsy~ to tLs thea rishts, ii an . oi ths Lesses under tl~s Lase, the l[ortgsgee ms~ :rceed k p to ~erciss in respeet o! the Lesse_of any o the mortgsged pruperty and tbe mort~aged pr~pezl~? coversd therepby and tbe dndes, obliastions uid ltabilitie~ of the T.esses therenndar. sll iight~. privileges and remedies in tbs I.eass or b~ •pp1[cabls Lw parmitted or pra~ided to bs ezercised by the Company, aAd~msy ezerciis all saeh rt~tb aad remedie~ either la tl~s nan~e of tbs Yort~a~s or in the nsme ot t]rs Com j, ior tbs nss aad beaaIIt oi tbs l[ortaagee. Without limftln~a~p o! tbs otber tasmi- o~' t6is f[ortgase or a~ a~ w~ameat irom tbs Compaq7 to tbs Yortsa~es o[ rsab P~Y~1~ ~da~ the L~e in ~p~t ot the mor~s~ed P='oP~rty. it L ukaowledged and ~ed b~ t~s eompan that aoch sad t~sbsll bs deemed to givs and asugn to snd veat in the Yortgages all tbs tlthb a~i powe~s ~ tbL . (e) prwlded for; (n Subf eet alws~s to tl~s thea eztstin` rights, I! any. ot the I.esaea nndsr ths I.sa~s, tbs ll[ortsaass a~a~ is11 Lhs rentaL rass?ed nnder the Leaas whieh luve been assi~ned to t]~e y[o~~ and all t, ttt3e aad intere~t a[ tL~ Ho~ g~es. as sasi~nes tbareof, ~?t pnblie anction to ths highe~t biddar aad either for ~os on erdIt, the Yo~a !o the Compan~ 10 ds~rs' prta: wsitlea notles a? t~ tlms and plaos o! boldin~ aa~ ~eh ~sls. s~W p~~v~e~l siwa~r ~st the Yor~a~ss s~sll aLo comply with any spp~bls msad~torf le~al ~b in eo~etlae? with s~h pM. re~:oo ._N ~ P's° a ~~~R~c i10 337