HomeMy WebLinkAbout0624 10. Securit A reement: This Mortqage constitutes a
security agreement un er e Oniform Commercial Code and
creates a security interest in the personal property included
in the Mortqaqed Property. Mortqaqor shall execute, deliver,
file and refile any financinq statements or other security
aqreements Mortqaqee may require from time to time to confirm
the lien of this Mortqage with respect to such property.
Without limiting the foreqoinq, Mortgaqor hereby irrevocably
appoints Mortgaqee attorney-in-fact for Mortqagor to execute,
deliver and file such instrvments for and on behalf of Mortqaqor.
11. Limitation On Additional Financin : Kortgagor shall
not underta e a itiona inancinq secure y any lien or
security interest on property encumbered in favor of Mortgagee
to secure the Loan without first obtaining Mortgagee's written
consent. Any violation of the foregoing limitation shall,
at the option of Mortgagee, be deemed an Event of Default
hereunder.
12. Com liance with Law and Re ulations: Mortgagor
shall comp y with a 1 laws, ordinances, regu atic~3 ~^w ~r~_r~
of all Federal, State, municipal and other governmental au-
thorities relating to the Mortgaged Property..
13. Ins ection: Mortgaqee and any persons authorized
by Mortgagee s a have the right at any time, upon
reasonable notice to Mortgagor, to enter the Mortgaged Prop-
erty at a reasonable hour to inspect and photograph its con-
dition and state of repair.
14. Declaration of No Set-Off: Within one (1) week
after requeste to o so y Mortgagee, Mortgagor shall cer-
tify to Mortgagee or to any proposed assignee of this Mort-
gage, in a writinq duly acknowledged, the amount of principal,
I interest and other charges then owinq on the obligation
' secured by t~~is Mortgage and whether there are any set-offs
or defenses aqainst it, and if suc:~ set offs or defenses are
! asserted, a detailed explanation thereof.
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~ 15. Financial Statements: Within ninety (90) days
~ after the end o each fiscal year of Mortgagor during the
~ term of this Mortqaqe, Mortqagor shall deliver to Mortqagee
~ a statement of gross income and expenses, showing profit and
E loss and surplus for-the precedinq fiscal year relating to
~ the operation of the Kortqaged Property by Mortgagor, and a
~ balance sheet as at t::e end of such fiscal year, all in
~ reasonable detail and prepared by Mortgagor's accountants.
~ Mortgaqor aqrees to make tfie books and accounts relating to
; the Mortgaged Property available for inspection by Mortgagee,
` or its representatives, upon request at any reasonable time.
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~ 16. Required Notices: Mortgagor shall notify Kort-
~ gagee promptly of the occurrence of any of the folZowing:
~ (a) a fire or other casualty causing damage to
the Mortgaged Property;
_ (b) receipt of notice of condemnation of the
~ Mortgaged Property;
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