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HomeMy WebLinkAbout2014 after to be re-recorded and/or retiled at such time and in such offices and places as shall be deemed desir- able by the "Lender" arty and all such other and further mortgages, instruments of further assurance, certifi- cates and other documents as may, in the opinion of the "Lender , be necessary or desirable in order to effec- tuate, complete, enlarge or perfect. or to continue and preserve (a) the obligation' of the "Borrower" under the note and thts mortgage, and (b) the lien of this mortgage as a [first and prior lten upon all of the Mort- gaged Property, whether now owned or hereafter acquired by the "Borrower". Upon any failure by the "Borrower' so to do. the "Lender" may make, execute. record, tile, re-record and/or refile any and all such mortgages, instruments, certi[icates, and documents for and in the name of the "Borrower". and the "Bor- rower" hereby irrevocably appoints the "Lender" the agent and attorney-in-tact of the "Borrower" so to do. The lien hereof will automatically attach, without further act, to all after acquired property attached to and/or used in the operation of the .Mortgaged Property or any part thereof. 1.10. Leases Atfectin` rlortissed Property The "Borrower" will comply with and observe its obliga- tions as landlord under all leases affecting the Mortgaged Property or any part thereof. "Borrower" wtll furnish "Lender" with executed copies of all leases now or hereafter created on said premises; and all leases now or hereafter entered into will be in form and substance subject to the approval of "Lender". "Borrower" will not, without the express written consent o[ the "Lender", modify, surrender or terminate, either orally or in writing, any lease now existing or hereafter created upon the premises described herein. nor will the "Borrower" permtt an assignment or sub-lease without the express written consent of the "Lender". "'Borrower" will not accept payment of rent more than two (2) months in advance without the express written consent of "Lender". It 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. 1.11 Expenses. The "Borrower" will pay or reimburse the "Lender" for all reasonable attorney's fees, costs and expenses incurred by the "Lender" in anx action, proceeding or dispute of any kind in which the "Lender" is made a party, or appears as party plaintiff or defendant, affecting the note, mortgage, borrower or mortgaged properly, including but not limited to the foreclosure of this mortgage, any condemnation action involving the mortgaged premises, or any action to protect the security hereof; and any such amounts paid by the "Lender" shall be added to the indebtedness and secured by the lien of this mortgage. 1.12 "Lender's" Performance of Defaults. If the "Borrower" shall default in the payment of any tax or other imposition, in its obligation to furnish insurance hereunder or performance or observance of any other covenant, condition or term to this mortgage, the "Lender" may perform or observe the same, and all pay- ments made or costs or ex rases incurred h the "Lender" in connection therewith, shall be sec reed~ hereb 1 and shall be immediately repaid by the "Borrower" to the "Lender", ~•ith interest thereon at ~1Ltee11 percent 5%~ per annum. The Lender" is hereby empowered to enter and to authorize others to enter upon the MMortgaged Property or any part thereof for the purpose of performing or observing any such defaulted covenant, condition or terms, without thereby becoming liable to the "Borrower" or any person in posses- sion holding under the "Borrower". 1.13 Books and Records. The `'Borrower" shall keep and maintain at all times full, true and accurate books of accounts and records, adequate to reflect correctly the results of the operation of the Mortgaged Property. Upon request of the "Lender", the "Borrower" will furnish to the "Lender" within one hundred twenty (120) days after the end of each fiscal year of the "Borrower", a balance sheet 'and a statement of income and expenses. both in reasonable detail and certified by a certified public accountant, and a rent schedule of the Mortgaged Property, certified by an accounting officer of the "Borrower", showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date and the rent paid. 1.14 Estoppel Affidavits. The "Borrower", Within ten (10) days after written request from the "Lender" shall furnish a written statement, duly acknowledged, setting forth the unpaid principal of, and interest on, the note and whether or not any offsets or defenses exist against such principal and interest. ARTICLE TWO Detaalts 2.01 Event of Default. The term E~•ent of Default, wherever used in the mortgage, shall mean any one or more of the follrnving events: (a) Failure by the "Borrower" to pay as and when due and pay ahie any installments of principal, in- terest or tax deposits ("tax deposits" as required in Paragraph 1.03 of Article 1) ; or (b) Failure by the "Borrower" to duly observe any other covenant, condition or agreement of this mort- gage for thirty 130) days after written notice specifying such failure shall have been given to "Borrower" by "Lender"; or (c) The tiling by the "Borrower" of a voluntary petition in bankruptcy or the "Borrower's" adjudication as a bankrupt or insolvent, or the filing by the "Borrower" of any petition or answer seeking or acquiescing E in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute late or regulation relating to bankruptcy, E insolvency or other relief for debtors, or the "Borrower's" seeking or consenting to or acquiescence in the ! anpointment of any trustee, receiver or liquidator of the "Borrower" or of all or any substantial part of the Mortgaged Property or of any or all of the rents, revenues, issues, earnings, profits or income thereof, or the 1 making of any general assignment for the benefit of creditors, or the admission in writing of its inability to pay its debts generally as they become due; or !d) The entry by a court of competent jurisdiction of an order, judgment, or decree approving a petition filed against the "Borrower" seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal, state or other statute law' or regulation re- lating to bankruptcy, insolvency or other relief for debtors, which order, judgment or decree remains unva- cated and unstayed for an aggregate of sixty (60) days (whether or not consecutive) from the date of entry ~ thereof, or the appointment of any trustee, receiver or liquidator of the "Borrower" or of all or any sub- ~ stantial part of the Mortgaged Property or of any or all of the rents, revenues, issues, earnings, profits or in- ~ come thereof without the consent or acquiescence of the "Borrower" which appointment shall remain um•a- Gated and unstayed for an aggregate of sixty (60) days (whether or not consecutive). 2.02 Acceleration of Matarity. If an Event of Default shall have occurred and be continuing, the. "Lend- er" may declare the entire principal amount of the note then unpaid, and the interest accrued thereon to be due and payable immediately, and upon such declaration such principal and interest shall forthwith become and be due and payable, as fully and to the same effect as if the date of such declaration were the date ,q originally specified for the maturity of the unpaid balance of the note. 2.03 "Lender's" Ai66t to Enter and Take Possession, Operate and Apply Income. (a) If an Event of Default shall have occurred and be continuing, the "Borrower", upon demand of the "Lender", shall forthwith surrender to the "Lender" the actual possession. and if and to the extent permitted by law, the "Lender" itself. or by such officers or agents as it may appoint, may enter and take possession of all the Mortgaged Property, and may exclude the "Borrower" and its agents and employees wholly there- from, and may have joint access with the "Borrower" to the books, papers and accounts of the "Borrower". (h) If the "Borrower" shall for any reason fail to surrender or deliver any such Mortgaged Property or ~ any part thereof after such demand by the "Mortgagee", the "Lender" may obtain a judgment or decree con- i ferring on the "Lender" the right to immediate possession or requiring the "Borrewer" to deliver immediate possession of all ur part of such Mortgaged Property to the "Lender", to the entry of which judgment or de- cree the "Borrower" hereby specifically consents. d -4- o ~~f 1 ~ ~~7 •-IU f _ - - - - ry$ w ~ ~4 1