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HomeMy WebLinkAbout1145 i it ESTOPPEL CERTIFICATE. Borrower shall within tea days of a written request from Lender furtush Lender with a wnttcn satement, duly acknawkdged, setting forlh the sums secured by this Instrument cad any right of scroll; counterclaim of aher defense which exists against such sums and the obligations of this Instrument. . i 1!. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This Inswment is intended to be a security agreement pursuant w the Uniform Commercial Code for any of the items specified above as pan of the Property which, under applicable law, may be subject to a security interest pursuant to the Uniform Commercial Code, and Borrower hereby grants Lender a security interest in said items Borrower agues that Leader may fik this Instrument, or a reproductiou thereof, in the real esute records a outer approprute index, as a financing statement for any of ' the items spedfied above as pan of the Properly. Any rcproductiou of this laswmeat or of any aher security agreement a baatKiug statement shall be sufficient as a financing sutement In addition, Borrower agrees to execute and deliver w Lender, upon Lender`s request, any 6aanayng statements, as well as extensions, renewals and amendments thereof, astd reproductions of this lrtswmeat is such form as Lender may require to perfect a security interest with respect to said items. Borrower shall pay all mats of filit?g such financing statements and any extensionts, renewals, amendments and releases thereof, and shall pay all reasonable coats and expenses of any rewrd starches for financing sutements Lender may reasonably require. Without the prior written consent of Lender, Borrower shall not create or suffer to be created pursuant to the Uniform Commeraal Code any other security interest is aid items, including replatxments and additions thereto. Upon Borrower's breach of any covenant or agreement of Borrower contained in this Instrument, including the wvenants to pay when due all sums scoured by this Instrument, Lender shall have the remedies of a secured pang under the Uniform Commercial Code and, at Leader's optio0. may also invoke the remedies provided in paragraph 27 of this Instrument as to such items. In exercising any of said remedies, Lender may proceed against the items of real property and any items of pc:sonal property specified above as pan of the Propetry separately or together and in any order whatsoever, without in any way 1 allectirtg the availability of Lender's remedies under the Uniform Commerdal Codc or of the remedies provided in paragraph 27 of this Instrument. 16. LEASES OF THE PROPERTY. As used in this paragraph 16, the word "least" shall mean •'wbkase" if this Instrument is on a leasehold. Borrower shall comply with and observe Borrower's obligations as landbrd under all leases of the Property or any pan thereof. Borrower will not lease any pon'ton of the Properly for non-residentul use exap with the prior written approval of Lender. Borrower, at Lender i request, shall ~ furnish Lender with executed copies of all leases now existing or hercafler made of all or any pan of the Property, and all leases now or hereafter ~ entered into well be in form and substance subject to the approval of Lender. All leases of the Properly shall specifically provide that such leases arc subordinate to this Instrument; that the tenant attorrts to Lender, such attornment to be effective upon Lender's aogttwtion of title to the Properly; that the tenant agrees to exeavte such further evidences of attornment as Lender may from time to time reques4 that the attornmeat of the tenant shall not bt terminated by forecbsurc; and that Lender may, at Lender's option, aooeq or reject such attornments. Borrower shall cwt, without Leader's written consent, execute, modify, surrcndcr or terminate, either orally or in writing, any lease crow existing or hercaRer made of all or any parl of the Property providing for a term of three years a more, permit as assignment or sublease of such a lease without Lender's written consent, or request or consent to the subordination of any lease of all or any pan of the Property to any lien subordinate to this Intstrument. If Borrower becomes aware that any tenant proposes to do, or is doing, any act or thing which may give rise to any right of setolF against rent, , Borrower shall (i) eke such steps as shall be reasonably akvlated to prevent the accrual of any right to a setoff against rent, (ri) notify Leader thereof and of the amount of said scrolls, and (iu) within ten days after such atxrwl, reimburse the recant who shall have acquired such right to setoR or take such other steps as shall effectively discharge wch setoR and as shall assure that rents thereaRer due shall continue to be payable without setoR or deduction. Upon Lender's request, Borrower shall assign to Lender, by written instrument satisfactory to Lender, all leases now existing or hereafter made of all or any parl of the Properly and all security deposits made by tenants in connection with such leases of the Property. Upon assignment by Borrower to Lender of any leases of the Properly. Lender shall have all of the rights and powers possessed by Borrower prior to such assignment and Lender shall have the right to modify. extend or terminate such existing leases and to execute new leases, in Lender i sole discretion. 17. REMEDIES CUMULATIVE. Each remedy provided in this Instrument is distinct and cumulative to all aher rights or remedies under this Inswment or afforded by lacy or equity, and may be exercised concurrently. independently, or sutxessively. in nay order whatsoever. Ig. ACCELERATION IN CASE OF BORROWERS INSOLVENCY. If Borrower shall volunurily fik a petition under the Federal Bankrugcy Ad, as such Act may from time to time be amended, or under any similar or wooessor Federal suture relating ro bankrugcy, insolvency, arrangements or reorganizations, or under any state bankrupcy or insolvency ad, or fik an answer in an involuntary proceeding admitting insolvencyor inability ro pay debts, or if Bcttrower shall fail to chain a vadtion or say of involunury proeetdings brought for the rcorganintion, dissolutan or liquidation of Borrower, or if Borrower shall be adjudged a bankruq, or if a trustee or receiver shall bt appointed for Borrower or Borrower's properly, or if the Properly shall become wbject to the jurisdiction of a Federal bankruptcy court or similar sate coon, or if Borrower i shall make an assignment for the benefit of Borrower i creditors, or if there is an atuchment, execution or other judiaal seizure of any portion of Borrower's assets and such seizure is not discharged within ten days, then Lender may, at Lender's ogion, dedarc all of the sums secured by this laswment to be immediately due and payable without prior notice to Borrower, aced Lender may invoke coy remedies permitted by paragraph 27 of this Instrument Any attorney's foes and other expenses incurred by Lender in connection with Borrower's banktugay or any of the other aforesaid events shall be additional indebtedness of Borrower seabed by this Instrument pursuant to paragraph 8 hereof. 19. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN BORROWER: ASSUMPTION. On sale or transfer of (i) all or E any pan of the Properly, or any interest therein, or (u 1 henefiaal interests in Borrower (if Borrower is not a natural person or persons but is a corporation, partnership, trust or other Icgal entity), Lender may, at Ltnderi optbn, dtaiarc all of the sums secured by this Instrument to bt immediately due and payable, and Lender may invoke any remedies permitted by paragraph 27 of this Inswment. This ogion shall not apply in case of (a ? transfers by devise or de~soent or by operation of law upon the death of a joint temnt or a partner, ? Ib) sales or transfers when the transferee's crcditworlhiness and management abdity arc satisfaayory to Lender and the transferee has q~q executed. prior to the sale or transfer, a wnttcn auumgion agreement containing such terms as Lender may require, including, if required = by Lender. an increase in the rate of interest payable under the Note; (c) the grant of a leasehold interest in a pan of the Property of three years or less l or such bnger (ease term as Lender may permit by prior written approval) not containing an option to purchase (exotq any interest in the ground kale, if this Instrument is on a leasehold (d ? sales or transfers of beneficial interests in Borrower provided that stnch sales or transfers, together with any prior uks or transfers of beneficial interests in Borrower, but exduding sales or transfers under subparagraphs (a) and (b? above, do not result in more than 49~ ~ of the beneficial interests in Borrower having been sold or transferred since commencement of amortisation of the Nate; and r i lel sales or transfer of fixtures or any personal properly pursuant ro the first paragraph of paragraph 6 hereof. 20. NOTICE. Exceq for any notice required under appliwbk law to be given in arather manner, l a) any rtoiice to Borrower provided for in this ~ Instrument or in the Note shall be given by mailing such notice by certibed mail addressed to Borrower at Borrower's address sated bebw or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by cerlified mail, return reeeiq requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any noticr provided for in this Inswment or in the Note shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ` ~ 's 21. SUCCESSORS AND ASSIGNS BOUND: JOINT AND SEVERAL LIABILITY: AGENTS; CAPTIONS. The covenants and agreements herein conuined shall bind, and the nghts hereunder shall inure to, the respective successors and assngns of Lender and Borrower, wbject ro the provisions of paragraph 19 hereof. All covenants and agreements of Borrower shall bt joint and several- In exercising any rights hereunder or { eking any actions provided for herein. Lender may act through its empbyees, agents or independent oontraaors as authorised by Lender. The s options and headings of the paragraphs of this Instrument are for oonvenienoe only and arc not to be used to interpret or define the provisions ; hereof. 22. UNIFORM MULTIFAMILY INSTRUMFM; GOVERNING LAW; SEVERABILITY. This form of multifamily instrument combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to conuitute a uniform security inurement covering real properly and related fixtures and personal properly. This Inswment shall bt governed by the saw of the jurisdiction in which the Property is located. In the evem that any provision of this Instrument or the Note eonAicts with apptiabk law, such conflict shall not affect other ~ provisions of this Instrument or the Note which can be given eRed withouB~~sQijjjn P~v~~~to this end the provisions of this ~ .