HomeMy WebLinkAbout2309 ~e acquind Dy Iwad~r. all rljAt t1W and lat~rwt ot Sorco~ru ta and pro¢redla~ rNatlet~ to anr cond~ntnalloa oe olA~s taklns ol lM Pe~op~
co any losuraaa poUclw nnd ua~ira~d pneniunu th~rwa aad la and ~tr aad to NttN os eon?PcaaW wy el~im tn eoaa~ctloa w~th ~ucb
to ths pencNd~ tAenot wulUns feom damas~ to tA~ Prop~+V D~* coad~maatlon oe otMs tak/o~. TM proea~ ot anp awarA oe claldl
co the sal~ or acqutsltba ~Uall pas~ to Iwad~r. tor dam~~s. dte~t oc co~wQu~ntlal. fa coan~ctloa wlth aay condecnna-
Uoa oe otA~e takln~ ot W~ Prop~ety. oe paet tA~rwt. o~ tor conv~y.
Preser~sN~w awi 6. Bore~ower (U ~haU aot p~rmit o~ oomrdt wut~. ta ll~u ot cond~mnatloa. a+'~ l~~rebr w1Ned aad ~all a p~b
xaiatew~es lmpalcm~a~~ or d~ttslo~atloa o! W~ Pwp~rt]?. Al) to Ltadtr ~uD]~ct. U thb ][ortps~ 1~ ouu • IeaH~ald. to th~ rf`hts
PrePe+~7t sAall raWe~ os ~+pale promptlp ae?d !n a ~ood aod ot lewoe uadu th~ ~e~ound I~asw
Lease~di~ wrorkanaaUk~ mann~r W o~ any part ot W~ Prop~rRr Bor~ow~e suthoHs~s Iwnd~r to ~pp1y ~uch awards. proceed~ oe
to th~ pnival~ut ot !b oef~inal conditloa. oe sncL d~~ utee the d~ductioa ot I.cadee'• ~spuuw lacurred ta U?s
other COAdiUOp u Iwnd~r mar appro~~ ta ~rrlttaj. ts tb~ ~~u?t ot eoqeetlon ot aucA amount~. at Iwnd~s's opUon. to reaWeaUon oe
any damaSR ~u1~ oe loss th~r~t0. wh~tRee oe ewt tn~unua P~ e~epaie ot th~ Peopertr oe to payment ot the ~uau ~ecured Ly t~ls
cecds ar~ avallabN to oo~er fa wbole or fa paet th~ eosb ot suca ]iortps~. wAetbe~ or not tl~en due, ta tA~ order ot appllcatloa aet
rc~toratloo oe npal~. (Ul) ihall ke~p th~ Propsrty. lneludla~ tmpw~~- [orih !a p~ra~~aPh t• l~reot. wlth tL~ pal~ace. it any. W Borrow~r.
menis, l~tuew, aqulpmea~ machin~qr aad appltaaos~ tl~~reoa lu ~ood BorrowW a~ce~ to ezecut~ such turtb~e awlspa~ent ot aay ~~rards,
rrpair aad sAaU teplace ~[tuce~, pWpaua~ ~achlnstp and aPP~~ proo~eds. damasp oe clalmi arW°S 1n co°°ku°° wlth ~ucA con-
on :~a property when n~oes~arY to keep aucA lteau 1n ~ood rep~ir. dewoatlon oe in~ury a~ Iwader may e^eyalra
~iv) shW comph? w1W aU laws. ordlaaacea. ~Kz?laUona wd requter- Uulw Borrow~r and Iwnder otherwlse a~~ee in wrltta6. +~Y
ments ot any ~o~arnmantal Aody applic~Dl~ to tM Pe~op~etr. aad h) such applicallon ot prooaedi to p~fnclpal shaU not e:tend or poatpon~
shau genenUr mana[s a~M mataWn the Prop~rtr fn a mann~e to tA~ due dat~ ot the monthly Uutallmenb nterred to in para~npt?s
inaurc maslmum eentals. Neith~r BoKO~rer nor aay tenant oe oth~r 1 aad 2 Mrsot or cLai?se the amouat ot such installments.
peraon sAaU ~emove. demolfsl~ or alter aay lmPro~em~nt now ulstlns g~,om tlme to time, wtthout asecting t!?e obli-
ur nereatter erecUd on 1he Propa~ty or aay ~cture, equipaaeat, ma- ~ie ~~~on of Bore~owe~ oe Bormwee'i succeason or ai-
ctinery or applfance tn or on the Property except wA~n lnMdent W to pay tbe aunu ~scured py thb ][ortssse
~he nplacemeat of l~tu~es. equlpmen~ macslneq and appllanccs wfth aad to oDiene the co~enants of Borrower contalned
ltema oI Uke 1[1nd•
It thts ][ort~e U on ~ leasehold. Boreower (U s6a11 oomP4 wtt1~ herela. wllhout aQecllna the Suarwnty ot any penoo. corporaUoa.
the provl~lons ot the 6e~ound lease. (11) sA~ll 6iv~ lmm~dlat~ wrftten panpenhip or othee endty [or pa~rmeat ot tbe IndeDtednw secured
notice to Leader ot any detault br leswr undsr tbe sround lea~s be~DY• ~~~ut ~ uen or prioelty ot liea hereof
or ot any notice rece~~ed D7 Bor~o~e~ =rom wcD ~eaw~ ot anr delault on the Prop~rt~. Lander m~y. at Leader'a opttoq wlthout st~lag
under the Sround le~sa by Borro~rer, (U!) shall exercLe any optlon aotlce lo or oDt~lnln~ the coweat ot Boerowee', Borrowefs suc-
co renew tAe sround lease and Sive wrltten conAra~adoe theeeot W °r °t a°y ~un~or !lenholder or aua~toea. ~e~d
Lender ~rithin LAlrty dayi atter auch option pecomes ez~rclsabl~. ~~~t ~~ty °A °Ztead tAe tlme [or paymeat o!
~iv) ahall slve immedtate rrrfttea notice to Lender ot the commence- ~~QDtedaen or tay part tnereot. teduce the P~ymenb thereua.
ment ot any xmedlal pmceed!a~ uader the awund lea~e er any party ~rO°e ~+~e oa aay ot aid Indebtednw, acospt a renewal
thereto and, U required Dr I.ender. sDaq pcraalt L.ender a~ Bore'o~rer's aote oe aotes tLerdor. modttp tbe term~ wd time of p~yment
attorney-In-fact to control and act for Bon~ower tn aay suet? remedlal ~eDtedness, rNease trom this Hortsas~ any p~rt of tl~s
proceedlnss and ~ball within tblrty days ~tter request Dy Iwnd~r ~~tY. talcs ot relea~s othee or addlUonal ~ecuelty. recoa~ey
obtafn from the leuo~ uader the 6rouad lea~ and ddWee to Leader tLs ~Y P~~ ~~s PropertY. con~eat to ++~7 map or plaa ot the Prop-
ro ~rty, eon~eac to the aeantlaR ot aay euemaat. lein in any eztcn~loa
leseor's estoppN cerilAcate requfred tDereunder. 1[ anr• Boreower sltaU Oe go~wer to
not aurnader tbe leueDoW e~tate aad lntereata benln mo~a~ed noe ~ nb oi lnterest or peelod oi amorti~tion oi tbs Note or
terminate or cancel the srouad lease creatina ald e~tate and intered~. ~ amount ot the monthly lnstallmenb P~YaWe thereunder.
and Borrower shall no~ without the ezpren written cooHnt ot Leuder. ~~~r ~1 pay I.ender a rsuonaWe ~etvice chae~e. to`etLer
alter or amend tald sround lease. Bocrower oo~enanb and ~rees tAat sncb title tosnnnce Prenatums and •attoraey's feea as may De
there enall not be a mer6er ot the se~ound lwe, or oi ta~ l~usbold ta~~~ a~ u~~r•~ optlop~ tor aay such action if talcen at Borrowrer's
eatate created Wareby. wlth the fee e~tate oo~ered br the tround lease ~u~`
b~• reuoa ot said leasehold e~tate or wid [ee atate, or an~ p+rt ot
eithc:. comina inW oommoa ownership. unlw Leader shall oowent in F~rie~n~ae ~y 73. Aay fotbearance by I.ender fa ~erclsina any
.rnting to such mer`er; It Borrower sluU acqufre such tee estate, tAea j,e~er N~t rtg~t or remedp hereuader, or otherw:se asorded by
;hfa ][ortaase shsll simultaaeonaly and wlWout fuether actloa M ~~P~her appitaDls law. ~~all not De ~ w~irer of or Pzectud°
spread ~o u to become a llen on such fee esFate. tbs N[erd~s ot +?uY rfsht or r~medy L~+eunder.
[;se ot T. iialw ~eyuited Dy applfcaWa taw or vnlass T~e procurement of in~uraace or t6e payment of taza or otber
Property I.ender haa othenviae agrecd In wrfUns. Horeower llens or cha~es by Lend~r shall not bs • watver of I.eadae'a
ahaU not allow ehan~a in tLe nature of the oocu- rlaht to acc~lerate tAe mtturity oi tbe 1ndeDtednea 6ereby ee-
pancy tor whlch the Property wu intended at tLa time thit Yott- curcd. I.eader's e+xe1F~ ot anY swards• Proceeds or damages un-
Rag~ vras ezecuted. Borro~ver shall not fnlUate or soqule~oe tn a dee Qae~aarapbs b and 11 ~ereof sball not oper~ta to curs or waf~e
change !n the sonina clas~fAatfon o[ tne Property wit~ont Lande~s gorrovvar's detault !n paymant ot sams seenred by thls 1[ortaaae.
w-rltten oonsenL •
E~t~~pet 14. Borrocer sLall writhin ten days of a wtitten
1•roucdoa ei 8. It Borrower [atU to per[orm the co~enaats and Certl~ate resuest trom I.ender furnish Lender with a wrltten
I~~ Lender's aareements contained fn this Yurtaaae, or ii w~ ~tatement, dnlr ackaowledged, uttina forth the
SccnMt~ actton or proceeding b eommeaced whtch aIIects th~ swaa secured bY thls Yortga6e and any rlght of ~et-oR. oounter-
Property or dUe thereW or tbe intercat of Lender ~m or ot~er detense arhich a:tsts agatzut wcb suma and the
cherein, includi~g, but not Ilmited to, emiaent domain. 1nwl~wcy. oode obU6stlons ot thfs Yottaaae.
enforcement, or arrangements or proteedings involvtng a b~nkrupt or •
decedent, then I.ender at I.endet's option m~y malce snch appearance~. u~~f~rm 15. This ][ortqage is inteaded to be a securlty
dtsburae such sums and take such actton u Lender deem~ necewry ~~t puauant to the Uaitorm Commerclal
to protect Lender's Interest. iaclnding, but nol limited to, dtsbursemeat COO~Kw
o[ attorney's fees and entry upon the Property to maka npairs. Any C~ia SecaNty Code for any of tLe goods ~peMIIea aDove as part
amounta disbursed Dy Lender pursuant to thfs para6raph 8, with lqter- A~+~eemewt of the Property wLicb, under appUeable law, may be
est thereoa, ahall become addiUonal fndeDtednns ot Borrower secured subiect to a recurity fnterat pursuant to the Uai-
by- thia ldortgage. Unless Borrower aad Lender aaree to other terms _ form Commerctal Code, and Borrower henby ~rrants Lendee a security
ot payme6t, such amounb snall be psyaDle upon aoUce fivm I.ender lntereat In saW goods. Borro~ver a6rcn to ezecute and dellver flrianc-
to Borrower requeating payment thereol, and ~hall bear fatetest ~g statemeats covering said gooda trom tlme to Ume and in such form
frum the date ot dbDu»emerit at the rste ~tated ia the Note unless ~~der may requfre to perfect a security interest with respect to
coliection from Borro~er ot luterest at sucD nte would be contrary ~d g~~ ~rrower shall pay alt caats oi 8ling such atatemenUs and
to applicaDle isw, in whicA event such smounU shall bear lnterest at
che highest rate which may be coDected imm Borrower under applf- renewals and releases the:eot and shali pay all reaaonabte costs and
cable law. Borro~cr shall have t6e rlght to repsy such amounls in upeasn ot any record xsrches for 5aanctag statements Lender may
w hole or in part at aay tlme= Nothing oontalned in thb paragraph 8 reasonaWy requfre. Wltbout the prior ~rritten conaent of Lender,
Ghall require I.cnder to incur any e=pense or do any uL gorrower sdsU not creste or su8er to be created pursuant to the Uat-
form Commecctal Code any otAer secnrity iaterest in safd goods.
lnspeetlea 9_ Lcnder msy make er esuse to De made reawaabie includiag repiacements and addidons Wereto. Upon Bormwer's breach
entr[es upon and inspectlons o[ tbe Property durtng ot ~y ~~~~o~ or sgreeneeot ot Borrower contained in this Yortgage,
normai businesa houd. inc~uding tLe covensnts to pay wnen due all suma secured by this
Soo!c~ ud 10_ Borrovrer sdali keep and malntala ~t all Umea Yortgage, Lender sTu~il hsve the remediea of a secured party ander
Records at Borrower's Address stated below, or sucb other the i3atform Commerctai Code and, at Leader's optloa, map also invoYe
plr.ee as I.eader msy approva in writing, complete the remedies pmrtded in paragraph 45 ot tAis Yortgage aa to such
and accunte Looks of accounts snd recorda adequate to rooect coi'rectly g~~
the reaults o[ the operatioa ot the Prnperty and coQles ot nll ~rftten
contracts, leuts and other instrumenb whicL aIIxt tLe Property- I~~ 16. The Sorrower shall comply Mth and ob~arre
Such books, recoMs. contracb. ~easa an~ ot1~~~ ~~menb ahall be go~~er's obll tioru as landlord under all leases
sub~ect to wmtnstion snd inspectlon at any nuonaMe tlme by Pntsrtt 6=
I,ender. Upon I.ender's request, Borrower ~ball fnenl~6 to Lender. of tLe Proparty or aoy part thereot. Borrower ~r111
..~ithin one hundced .oa c.~~ncy a.y, attar the cnd ot esch Sscal year not leus aay portion of the Propacty ezcept to tenanb ior occupancp.
of Bormwer, a balance s6eet and a statement of income and espenses g~~wer, at I.endar's requeat, shap turniab Lender wfth azecuted
of the Proparty, tach in rea~onable detaU and csrtiAed by Borro~rer rop~« ot v~ ~~g or hereatter made ot all or any part
and, ft Lender shall reyuire. by an lndepeodmt certlIIed publk ac- ~~~~r~ pow or heceatter eatered lnto wlil _
countant Borrower ~ball furnLh at the same time a rent icLedule pe in [orm aod substaace sabject to tLe approval oi Iwader. Borrower
tor the PropertY. cerllded by Borrowcr. sh~nins tLe name of eacL sbsU not, withont I.ender's written conseat, ezecute. moditY. ~nrrender
tenant, snd tor each tenant, ihe apace occupled, tb~ lease espiradon
- ciate. t6e rent paysble and tLe rent pald. . or terminate, elther orally or 1n wrlttna. aay lease now e:lsting or
bereuur made of all or part of the Property pro~iding tor a term
Conde~wtloa 11. Borrower autborizes I.eader, at Lendee'~ option. o= ~ y~ or ~re, permft ~n asd`nment or rublease ot such 4
as attoraey-ln-fact fo~ Borrower, to commcacs, ap-
pear ln and prwecute, In Lender'a or Bor~ower's oame, any actlon or 1~+~ ~~Ont Lende~a writtea ooasent, or request ,Qr oonsent to the
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