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HomeMy WebLinkAbout1628 . i?r t ~ Mortgagor shall also furnish a rent roll certified by Mortgagor showing each tenant, the term of the lease, the rentable area demised thereunder end the fixed annual rent, and percentage rent, if any, payable thereunder. SECTION 9.04. At the option of Mortgagee this Mortgage shaII become subject and subordinate, in whole or in part (but not with respect to priority of entitle- ment to any award in condemnation), to any and all leases of all or any pert of the Mort- gaged Property upon the execution by Mortgagee and recording thereof, at any time hereafter, in the Official fteoords of County where the Mortgaged Property is located, of a urdlateral declaration to that effect. SECTION 9.05. Every contract, written or oral, which Mortgagor shall make with any broker or leasing agent with respect to the leasing or sale of the Mortgaged Property or any part thereof, shall provide that the rights of such broker or agent to the commissions or other compensation payable thereunder shall be subject, subordinate and inferior to the rights of Mortgagee, so that in the event of a sale of the Mortgaged Property pursuant to the exercise by Mortgagee of the fights and remedies of Mortgagee hereunder or under the Note, the Mortgagee or purchaser at such sale will be exonerated and discharged from all liability for the payment of any such commission or compensa- tion. SECTION 9.06. Mortgagor covenants and agrees that~no lease or any rentals wrier any lease, or any.rents, issues and profits issuing from the Mortgaged Property, shall be sold, assigned, transferred, mortgaged, ple~ed or otherwise disposed of or encum- bered, except to Mor-tgagee, whether by operation of law or otherwise, without the prior written consent of Mortgagee in each instance first had and obtained and any attempt to do so shall be null and void. SEC'IZON 9.07. Mortgagor will not execute any lease for all or any substantial portion of the Mortgaged Premises except for actual occupancy by the lessee therewder. Mortgagor will perform faithfully the lessor's covenants under any existing or future lease affecting the Mortgaged Property, or any part thereof, and neither do, nor neglect to do, nor permit to be done or left undone, anything other than pursuing the enforcement i of the terms of such leases in the exercise of the lessor's remedies thereunder follow- ' ing default on the part of any tenant in the performance of its prescribed obligations, which may cause the modification~or termination o[ any said lease, or of the obligations of any tenant or any person claiming through such tenant, or which may diminish or impair the value of any lease, or the rents provided for therein, or the interest of the lessor or of the Mortgagee therein or thereunder. Mortgagor will not permit any assignment of arty lease by the tenant thereunder or any subletting of all or any part of the premises demised by any lease without the prior written consent of Mortgagee Mortgagor will not execute a mortgage or create or permit a lien which may be or become superior to any lease affecting the Mortgaged Property, or any part thereof without the prior written consent of Mortgagee. Mortgagor will give Mortgagee prompt notice by certi- fied mail, return receipt requested, of any notice of default, the nature of which would permit cancellation or termination of any lease, or notice of cancellation received from any tenant of the Mortgaged Property or any part thereof. SECTION 9.08. If any leases of any portion of the Mortgaged Property provide for the giving by the lessee of certificates with respect to the status of such leases, Mortgagor shall exercise its right to request such certificates within ten (10) days of any demand therefor by Mortgagee. 3ECTiON 9.09. Upon default of Mortgagor in complying-with or performing any term, covenant, provision, condition, stipulation, promise, agreement or warranty ~ herein, or in the Note or in the Agreement, or in any collateral security instrument given i oc to be given as additional security for the debt accrued by this Mortgage, Mortgagee may, at Mortgagee's option, comply with or perform the same, and the cost thereof, together with interest thereon at the rate of fifteen percenC ~i59i6) per annum from the date of such expenditure, shall be paid by Mortgagor to Mortgagee on demand and shall be secured by this Mortgage. -11' t Bo~K315 PA~E1625