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HomeMy WebLinkAbout1144 or nay pan of the Property to the equivalent of its original conditaa, or such other conditwn u Lender may approve in writing, in the event of any damage. igjury or k.ss thereto, whether or na insurance proceeds arc available to Dover in whole of is part the ousts of such restoration or rcpaa, (d) shall keep the Property, including improvements, fixtures, equipment. machinery and appliances thereon is good rcpau and shall replace fixtures, equipment, machinery and appliances on the Property when necessary ro keep such items is good repair, le) shall comply with all laws, ocdiaaaoa, regulations and requirements of any governmemal body applicable to the Properly, (f) shall provide foe professional management of the Property by a residential rental property manager satisfactory a Leader purswnt to a contract approved by Lender in writing, unku such requirement shall be waived by Lender is writing. I g I shall generally operate and maintain the Property in a manner to ensure maximum rentals, and (h) shill give notice is writing to Lender of and, unless otherwise directed in writing by Lender, appear is and defend any action or proceeding purporting to affect the Property, the security of this Inswmeat a the rights a powers of Lender. Neither Borrower nor any tenant or other person shall remove. demolish or alter any improvement now er,istwg or hereafter erected oa the Property or any fixture, equipment, machinery or appliance in or oa the Property exceq when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind. If this Inswmeat is on a leasehold, Borrower (i) shall comply with the provisions of the ground kax, (ii ? shall give immtdute written nosiot ro Lender of any default by lessor under the ground kax a of any notice received by Borrower from such lessor of any default under the ground 4 lease by Borrower, (ui) shall exercise any optan to renew or extend the ground lease and give written confirmation thereof to Lender within thirty days aRer such option becomes exertasabk, l iv) shall give immediate written notice ro Lender of the commencement of any remedial proceeding: under the ground lease by any party thereto and, if required by Lender, :ball permit Lender u Borrower's attorney-in-fan to control and act for Borrower in any such rcmedul proceedings and (v) shall within thirty days after request by Lender obtain from the lessor under the ground lease and deliver to Lender the lessor S estoppel certificate tegp~red thereunder, if any. Borrower hereby expressly transfers and assigns to Lender the benefit of all covenants contained in the ground kax, whether or not such covenants run with the land, but Lender shill have ra liability with respect to such covenants nor any other covenantr~cont~ained in the ground lease. Borrower shall not surrender the kaxhoW estate and interests herein conveyed car terminate or pncel the ground lease creasing said elute and interests, and Borrower shall -not, without the express written cnnxnt of Lender, alter or amend said ground leax. Borrower covenants and agrees that there shall not be a merger of the ground kax, or of the leasehold elute created thereby, with the fee estate covered by the ground kax by reason of said leaxhold estate or said fee estate, or nay part of either, coming inW common ownership, unless Lender shall consent in writing to such merger, if Borrower shall acquire such fee estate, rhea this Inswmeat shall simultaneously and without further action be spread so I u [o become a lien on such fee elute. 7. USE OF PROPERTY. Unless required by applicable law or unless Lender hu otherwise agreed in writing, Borrower shall not albw changes in the ux for which all or coy pan of the Property was intended at the time Chic Inswment wu execused. Borrower shall not initiate or acquiesce in a fi change in the zoning classifintioa of the Property without Lender's prior written consent. i >L PROTECTION OF LENDER'S SECURITY. If Borrower fails ro perform the covenants and agreements contained in this Instrument, or if any action or proceeding is commenced which affects the property or tick thereto or the interest of Lender therein, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements of proceedings involving a bankrupt or decedent, then Lender at Lender's option may = make such appearances, disburx such sums and uke such action u Lender deems necessary, in its sole dacretwn, to protect Lender's interest, including, but not limited to, (i ? disbursement of attorney's fees, (ii) entry upon the Property to make repairs, (iii ? procurement of satisfactory insurance u provided in paragraph S hereof, and (iv) if this Instrument is on a kaxhold, exercise of nay ogion to renew or extend the ground kax on behalf of Borrower and the curing of any default of Borrower in the terms and conditions of the ground kax. Any amounts disbursed by Lender purswnt a this pangnph 8, with interest thereon, shall become additional indebtedness of Borrower secured by this Instrument. Unless Borrower and Lender agree to other terms of payment, such amounts shall be immedurcly due and payable and shall bee interest from the date of disbureement at the rate sated in the Note unless oolkction from Borrower of interest at such me would be corrttary to appliable law, in which event such amounts shall bear interest at the highest me which may be collected from Borrower under ~ appliabk law. Borrower hereby covenants and agrees that Lender shall be :abrogated to the lien of any mortgage or other lien discharged, in whole or in part, by the indebtedness xtvred hereby. Nothing contained in this pangnph 8 shall require Leader to incur any expense or take any action hereunder. 9 INSPECTION. Lender may make or caux to be made rcasorubk entries upon and inspections of the Property. lfl BOOKS AND RECORDS. Borrower shall keep and maintain at all times at Borrower's address sated bebw, or such other place u Lender may approve in writing, complete and aocunte books of accounts and records adegwte ro rcfled correctly the results of the operation of the Property and copies of all written contncu, kax: and other instruments which affect the Property. Such books, records, contracts, kax: and other iaswments shall be subject to examination and inspection at any rcasonabk time by Lender. Upon lender i request, Borrower shall furnish ro i Lender, within one hundred and twenty days aRer the end of each fiscal year of Borrower, a balance sheet, a statement of income and expenxs of the Property and a sutement of changes in financial position, each in rcasonabk detail and certified by Borrower and. if Lender shall rcgwrc, by an j independent certified public accountant. Borrower shall furnish, together with the foregoing financial sutement: and at any other time upon Lender's request, a rent schedule for the Property, certified by Borrower, showing the name of each tenan4 and for each tenant, the space omrpitd, the kax expiation date, the rem payable and the rent paid. I1. CONDEMNATION. Borrower shall promgly notify Lender of any action or proceeding relating to any condemnation or other taking, whether direct or indirect, of the Property, or pan thereof, and Borrower shall appear in and proxcvte any such action or proceeding unless - otherwix directed by Lender in writing. Borrower authorizes Lender, at Leader i ogion, uattorney-in-fan for Borrower, ro commence, appear in and prosecute. in Lender i or Borrower's name, any action or prooeedu.g relating to any condemnation or other ulcing of the Property, whether direct or indirect, and to xttk or compromix any claim in connection with such condemnation or other taking. The proceeds of any award.. payment or claim for damages, direct or conxquential, in connection with any condemnation or other taking, whether direct or indirect, of the - Property, or pan thereof, or for conveyances in lieu of coademnatioa, arc hereby assigned to and shall be paid to Lender subject, if this Instrument u on a kaxhold, a the rights of lessor under the ground kax. Borrower authorizes Lender to apply such awards, payments, proceeds or damages, after the dtduttion of Lender i expenxs incurred in the collection of such amounts, at Lender's option, to restoration or repair of the Property or to paymeru of the sums secured by this Inswment, whether or not then due, in the order of application xt forth in paragraph 3 hereof, wish the balance, if any, to Borrower. Unless Borrower and Leader otherwise agree in writing, any appliation of proceeds to prindpal shall rat erttend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any awards, proceeds, damages or claims arising in connection with wch condemnation or eking u Lender may regain. 12. BORROWER AND LIEN NOT RELEASED. From time to trine, Lender may, at Lender's option, without giving notice to or obtaining the coraent of Borrower. Borrower's Successors or assigns or of any junior lienholder or guarantors, without tiabihty on lender's part and notwithstanding Borrower's breach of any covenant or agreement of Borrower m chic Instrument, extend the time for payment of said indebtedness or nay part thereof, reduce the payments thereon, release anyone liable on any of said indebtedness, acceq a renewal note or notes therefor, modify the terms and time of paymem of lard indebtedness. release from the lien of this Instrument any part of the Property, uke or rcleax other or additional security, rcoonvey any part of the Properly, consent to any map or plan of the Property, consent to the granting of any eaxment, join in any extension or subordination agreement, and agree in venting with Borrower to modify the rate of interest or period of amortization of the Note or change the amount of the monthly installments payable thereunder. Any actions taken by Lender pursuant to the terms of this paragraph 12 shall not affect the obhgatan of Borrower or Borrower's successors or assigns ro pay the wins xcurcd by this Instrument and to obxrve the i covenants of Borrower conuined herein, shall not affect the guaranty of any person, corporation, partnership or abet entity for payment of the indebtedness secured hereby, and shall not affect the lien or priority of lien hereof on the Property. Borrower shall pay Lender a rcasonabk xmce ` charge, together with such tick insurance premiums and attorney's fees u may be incurred at Lender i option, for any such actron if taken at k~ Borrower's request. 13. FORBEARANCE BY LENDER NOT A WAIVER. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwix afforded by appliabk law, shall rat be a waiver of or preclude the exercise of any right or remedy. The aooegance by Leader of payment of any sum secured by this Instrument after the due date of such payment shall not be a waiver of Lender's right to tither require promq payment when ~ due of all other sums so secured or to declare a default for failure ro make promp payment. The procurement of insurance or the payment of axes ~ or other liens or charges by Lender shall Trot be a waiver of Lender's right to aooekrate the maturity of the indebtddess xcured by this Instrument. nor shall Lender's rcceiq of any awards, proceeds or damages under paragraphs 5 and t I hereof operate to Nrc or waive Borrower's default in payment of sums :enured by this Instrument. ' s - - V,