HomeMy WebLinkAbout1711 12. Acknowledgement of Debt. To furnish from time to time, within
fifteen (IS) days ter Mortgagee s request, a written statement, duly acknowledged, of
the amount due upon this Mortgage and whether any alleged offsets or defenses exist
against the indebtedness secured by this Mortgage.
13. Assi nment of Rents. That all right, title and interest of the
Mortgagor in and to all present eases affecting the premises, including and together
with any and all future leases upon all or any part of the premises, and together with
all of the rents, income, receipts, revenues, issues, and profits from or due or arising
out of the Premises have been transferred and assigned simultaneously herewith to the
Mortgagee as further security for the payment of the indebtedness under the
provisions of a certain instrument captioned "Assignment of Rents", of even date
herewith, the terms, covenants, and conditions of which are hereby expressly incorpor-
ated herein by reference and made a part hereof, with the same force and effect as
though the same were more particularly set forth herein. All leases shall be
specifically assigned to Mortgagee by instrument in form satisfactory to Mortgagee.
All or any of such leases shall, at the option of Mortgagee, be paramount or
subordinate to this Mortgage.
The Mortgagor expressly covenants and agrees that: if the Mortgagor, as
lessor under any lease or leases so assigned, fails to perform and fulfill any term,
covenant, condition, or provision in said lease or leases on its or his part to be
fulfilled, at the times and in the manner in said lease or leases provided, or if the
Mortgagor suffers or permits to occur any breach or default under the provisions of
any assignment of any such lease or leases given as additional security for the payment
of the indebtedness secured hereby; or if the Mortgagor fails to perform or fulfill the
terms, covenants, or provisions in said lease or leases required to be performed or
fulfilled by it as lessor thereunder; or if the Mortgagor fails to fully protect, insure,
preserve, and cause continued performance or fulfillment of the terms, covenants, or
provisions, which are required to be performed by the lessor of any other lease or
leases hereafter assigned to Mortgagee pursuant to the foregoing requirement; or if
the Mortgagor, without Mortgagee's prior written agreement, permits or approves an
assignment by any lessee of the said lease or leases or a subletting of all or any part of
the premises demised in the said lease or leases; then in any such event, at the option
of the Mortgagee, or of the then holder of the Note secured hereby and without notice
to the Mortgagor, such breach or default shall constitute a default hereunder and all
unpaid indebtedness secured by this Mortgage shall, notwithstanding anything in said
Note or in this Mortgage to the contrary, become due and payable as in the case of
other defaults.
In the event the Mortgagor, as the lessor in said lease or leases, shall
neglect or refuse to perform, observe, and keep any of the covenants, provisions, and
agreements contained in said lease or leases, the Mortgagee may perform and comply
j with any such covenants, agreements, and provisions, in which event all costs and
~ expenses incurred by the Mortgagee in complying with such covenants, agreements,
~ and provisions, shall become a part of the principal indebtedness secured by this
i Mortgage and shall be payable to Mortgagee on demand with interest at the default
~ interest rate set forth in the Note.
15. Default and Foreclosure.
(a) Acceleration of Indebtedness. If default should be made in payment
of any• installment of principal or interest of said note or any part
thereof when due or in payment when due of any, other sum secured
hereby or any of Mortgagor's obligations, covenants or agreements
hereunder, and/or in the Loan Agreement executed this date and
after 15 days written notice of default, or if the Mortgagor or any
guarantor of Mortgagor's obligations under the Note shall file a
petition in voluntary bankruptcy or under Chapter X, Chapter XI, or
Chapter XII of the Federal Bankruptcy Act or any similar law, state
or federal, whether now or hereafter existing, or if Mortgagor, or any
guarantor of Mortgagor's obligations under the Note shall file an
answer admitting insolvency or inability to pay its debts, or fail to
obtain a vacation or stay of involuntary proceedings within thirty (30)
days from the institution thereof, or if the Mortgagor, or any
Guarantor of Mortgagor's obligations under the Note shall be
adjudicated a bankrupt, or a trustee or a receiver shall be appointed
for the Mortgagor, or any Guarantor of Mortgagor's obligations under
the Note for all or any portion of the premises or for all of its
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