HomeMy WebLinkAbout2512 (c) If the Mortgaged Property or any part thereof is
damaged by fire or any other cause, the "Borrawer" will give
inmiediate written notice of the same to the "Lender" .
(d) The "Ler.~er" is hereby authorized to enter upon and
inspect the Mortgaqed Property at any time during normal business
hours during the life of this mortgage. .
(e) The "Borrower" will promptly comply with all present
and future laws, ordinances, rules and regulations of any qovernmental
authority affectin~ the Mortqac~ed Property or any part thereof.
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M'~ict:g •qed Property ahall
be damaged by fire or other casualty, the "Borrower" will promptly
~ restore the Mortgaged Property to the~equivalent of its original
condition, regardless of whether or not there shall be any insurance
proceeds therefor. If a part of the Mortgaged Property shall be
physically damaged~through condemnation, the Borrvwer will promptly
restore, repair or alter the remaining property in a manner satis-
factory to the "Lender".
(g) If any work required to be performed under this
Paragraph 1.08 of Article 1 shall involve an estimated expenditure
of more than $10,000.00, no such work shall be undertaken until
plans and specifications therefor, prepared by an architect satis-
factory to the "Lender", have been su}~mitted to and approved by the
"I,ender" . ~
1.09 FURTHER ASSURANCES; AFTER ACQUIRED PROPERTY. At any time.
and from time to time, upon request by the "Lender", the "Borrawer"
will make, execute and deliver or~cause to be made, executed and
delivered, to the "Lender" and, where appropriate, to cause to be
recorded and/or filed and from time to time thereafter to be re-
recorded and/or refiled at such time and in s uch offices and places
as shall be deemed desirable by the "Lender" any and all such other
and~further mortgages, instruments of further assurance, certificates
and other documents as may, in the opinion o~ the "Lender", be
necessary or desirable in order to effectuate, complete, enlarge
! or perfect, or to continue and preserve (a) the obligation of the
f "Borrower" under the note and t~iis mortgage, and (b) the lien of
, this mortgage as a first and prior lien upon all of the Mortgaged
Property, whether now owned or hereafter acquired by the Borrower".
( Upon ariy failure by the "Borrawer" so to do, the "Lender" may make,
execute, record, file, re-record and/or refile any and a31 such
mortgages, instruments, certificates, and documents for and in the
name of the "Borrower", and the "Borrower" hereby irrevocably appoints
the "Lender" the agent and attorney-in-fact of the "Borrawer" so to
do. The lien hereof will automatically attach, without further act,
to all after acquired property attached to and/or used in the opera-
ation of the Mortgaged Property or any part thereof.
1.10 LEASES AFFECTItJG riORTGAGED PROPERTY. The "Borrawer" will
oomply with and observe its obligations aar~a~hereof~d"Borrawer'~will
affecting the Mortgaged Property or any p
furnish "Lender" with executed copies of all leases now or hereafter
created on said premises; and all leases naw or hereafter entered into
will be in form and substance subject to the approval of "Lender".
"Borrower" will not, without the express written consent of the
~ "Lender", modify, surrender or terminate, either orally or in writing,
any lease now existing or hereafter created upon the premises de-
~ scribed herein, nor will the "Borrvwer" permit an assignment or sub-
~ lease without the express written consent of the "Lender". "Borrawer"
will not accept payment of rent more than two (2) months in advance
~ without the express written consent of "Lender". If requested by the
~ "Lender", the "Borrower" will assign to the "Lender" as additional ,
security any and all such leases whether now existing or hereafter
created, including, without limitation, all rents, royalties, issues
and profits of the premises from time to time accruing.
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