HomeMy WebLinkAbout0312 Rgarrs~.
Tlto l~fort~;:~~cu ltns lo:uic~l to tl~c ~turli;a~or tho \torl;~age 1~mount0
vclticli is evi~li•ucc~l by n uute (lu~ \ulc) ol' U~~ ~tort;;anur o~ even ~l:~lu ,
hercu itl~ iii t1~::1, ,unoiu~t :u~~l t I?~ \[ort i;:~~~?r~ iu or~lrr tu ~ecuro tl~e ~~.~y -
ment thereof, and such future or additional advances as
may be made by the Mortgagee, at its opCion, to the Mortgafior,_ ~
~or its successor in title, for any purpose providing that all ~
such advances are to be made within twenty (20) years from the ~
date of this 1Kortgage, or within such lesser period of time as
may be provided hereafter by ~law as a pre-requisite for the ~
sufficiency of actual notice or record notice of the optional~,
future er additional advances as against the rights of creditors ~
or subsequent purchasers for valuable consideration. The~total
amount of indebtedness secured by this riortgage may decrease or ~
increase from time to time, but the total unpaid balance so
secured at any one time shall not exceed the maximum principal
amount of $7,500,000.00, plus interest and any disbursements
made for the payment of taxes, levies or insurance on the property
covered by th~ lien of this Mortgage, with interest on those ~
disbursements ("Future Advances), has duly authorized the ~
execution and delivery of this Mortgage.
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CiEBTAI.T DEFINITIO~T$ #
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~ Th~Z Dforiga~or and tl~c \Iortaabcc a~rcc that, uiilcss the contc~t
~ otLcr~cisc spc~ifirs or rcquirc, tLc follo~ci~~~ tcru~s sLall ~ui~c the mcln-
; ii~as Lerein sprcificcl, such c1cG»itions to be applicaUlc equ111y to the ;
; singular and tLc plural furms of sucL tcrms.
~ "Chattcls" means all fixtures, fittin~s, appli:~nces, ~p~?aratlls,
~ equipment, m:tcLinery aud arliclcs ot persoual propert~- .uid replace- ~
ments tliercof, othcr than-tliose o«~ned b3~ lcssees, no~v or 1t any time
~ bereufter a~'ised to, attaclicd to, pluced upon, or uso in any ~vay in :
y - eonnection ~r it.i the comPletc au~l comfortabic use, ci~ jo3-meni, occu- '
~ puucq or operation ot tuc Impro~ ements on tLc Premiscs. ' ,
~ _ "Events of llefault" mcans the eveuts and circumsta~ices described
~ as such in Section ~.Ol Lcreof. ~
~ ~ ~•Improvements" means ~11 structures or buildin~s no~v or here-
_ . after located upon thc Premises or on anp part tLercof, including all <
=:3 plant equipment, applratus, uiacLincry ai?cl fistures of everp kind a~id ;
~ ~ nuture «Latsoevcr formin~ part of said structures or buildinas.
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"Prcmises" means the PremiSes described in ScLecluic ~ hcreto
includin~ :ill ~f t.L~ e~sements, ri;,*hts, nri~•il~~~Q 1„t~ ?nnnrfn~~nrne .
.thereui~to bcloiioina or in ans~~ ise appertainin„ and all of tVe estatc,
K? ri~ht, title, intcrest, rlaini oi• dciiiand ~cliatsoerer of the ~Iort~a~or
thercin and in the streets aiid ~~•ay s adjaceiit tLcreto, ciilicr in la~v or
~j ' in equitp, in possession or espectaucp, no~~~ or hercafter acquire~l.
~ '~Involm~tarp ~ztc" mcans tLe rate of - interest per annum pro-
videcl iu the \ otc plus 1~,:,~ ~o but in no e~ ent to escecd tlie masimum ! 5
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- rate nllo~tied by applicable law. p R~~ ~E
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