HomeMy WebLinkAbout0407 11. ESTOPPEL CERTIFICATE. Borrower shall within tea days of a written request from Lender furnish Lender with a wntten statement, duly
acknowledged, setting forth the sums secured by this Instrument and any right of setol~ counterclaim or other defense which exisu against such
sutra and the obligations of this Instrument.
ISM UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This Instrumrt?t is intended to be a security agttxmeot pursuant to 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 purswnt to the Uniform Commercial Code, and Borrower hereby gnnu Lender a security interest in said items. Borrower agrees that
Lender may file this Instrument, or a reproduction thereof, is the real estate records or other appropriate index, as a financing statement for any of
the items specified above ai pan of the Properly. Any reproduction of this Instrument or of any other security agreement or financing statement
shall be suffitaeat as a financing uatement. la addition, Borrower agrees to execute and deliver to Lender, upon Lenders request. any financing
statements, u well as extensions, renewals and amendmenu thereof, and reproductions of this Instrument in such form as Leader may require to
perfect a security interest with respect to said items. Borrower shall pay all costs of filing such financing statements and any extensions, renewals,
amendmenu and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statemenu Lender may
reasonably require. Without the prior written consent of Lender, Borrower shall not create or suffer to be created pursuant to the Uniform
Commercial Code any other security interest in said items, including rcplacemenu and additions thereto. Upon Borrower's breach of any covenant
or agreement of Borrower contained in this Instrument, including the covenanu to pay when due all sums secured by this Instrument, Lender shall
have the remedies of a secured parry under the Uniform Commercial Code and, at Lender S option, may also invoke the remedies provided in
pangnph 27 of this Instrument as to such items. In exercising any of said remedies, Lender may proceed against the items of real properly and
any items of personal property specified above as pan of the Property separately or together and in any order whatsoever, without in any way
affecting the availability of Lender
i remedies under the Uniform Commensal Code or of the remedies provided in pangnph 27 of this Instrument.
l~, LEASE$ OF THE PROPERTY. As used in this paragraph IIT, the word "kase° 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 portion of the Property for nonresidential use creep with the prior written approval of Lender. Borrower, at Lender i request, shall
furnish Lender with executed copies of all leases now existing or hercaRer made of all or any pan of the Properly, and ctrl leases now or hereafter
entered imo will 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 attorns to Lender, such attornment to be effective upon Lender i acquisition of title to the
Property; that the tenant agrees to exe~vte such further evidences of attornment as Lender may from time to time request; that the attornment of the
tenant shall not be terminated by foreclosure; and that Lender may, at Lender i option, accept or reject such atarnments. Borrower shall not,
without Lender i written consent, execute, modify, surrender or terminate, either onlty or in writing. any kale now existing or hereafter made of all
or any pan of the Properly providing for a term of three years or more, permit an assignment or sublease of such a kale without. Lender's written
consent, or request or consent to the wbordination of any lease of all w any pan of the Property to any lien subordinate to this Instrument- If
Borrower becomes aware that any tenant propa~ses to do, or is doing, any ad or thing which may give rise to any right of set-off against rent,
Borrower shall (i) take such steps as shall be reasonably cakvlated to prevent the accrual of any right to a setoff against rent. (i) nasty Lender
thereof and of the amount of said setoffs, and (ii) within ten days after such atxrual, rcimbursc the tenant who shall have acquired such right to
setoff or take such other steps as shall effecively discharge such setoff and as shall assure that rcnu thercafier due shall continue to be payable
without set-off 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 part of the Property and all security deposiu made by tenanu in connection with such leases of the Properly. Upon assignment by
Borrower to Lender of any leases of the Property. Lender shall have all of the righu 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's sole discretion.
17. REMEDIES CUMULATIVE. Each remedy provided in this Instrument is distinct and cumulative to all other righu or remedies under this
Instrument or afforded by law or equity, and may be exercistd concurcently, independently, or successively. in any order whatsoever.
ifl. ACCELERATION IN CASE OF BORROWER'S INSOLVENCY. If Borrower shall voluntarily file a petition under the Federal Bankruptcy
An, u such Act may from time to ime be amended, or under any similar or successor Federal statute relating to bankruptcy, insolvency,
amngemenu or reorganizations. or under any state bankruptcy or insolvency act,.or file an answer in an involuntary proceeding admitting -
insolvency or inability to pay debut or if Borrower shall fail to obtain a vacation or stay of involuntary• proceedings brought for the aorganbation,
dissolution or liquidatan of Borrower, or if Borrower shall be adjudged a bankrupt, or if a trustee or receiver shall be appointed for Borrower or
Borrower i property, or if the Property shall become subject to the jurisdiction of a Federal bankruptcy nun or similar state nun, or if Borrower
shall make an assignment for the benefit of Borrower i creditors, or if there is an attachment, execution or other judicial seizure of any portion of
Borrower's assuu and such seizure k rat discharged within ten days. then Lender may, at Lender's option, declare all of the sums secured by this
~ Instrument to be immediately due and payable without prior notice to Borrower, and Lender may invoke any remedies permitted by paragraph 27
of this Instrument. Any attorney's fees and other expenses incurred by Lender in connection with Borrower's bankruptcy or any of the other -
aforesaid evenu shall be additwnal indebtedness of Borrower secured by this Intrument purwant to paragraph 8 hereof.
19. TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN BORROWER; ASSUMPTION. On sale or transfer of (i ? all or -
any pan of the Properly, or any interest therc?n, or (ii 1 beneficial interesu In Borrower (if Borrower is not a natural person or persons but is a
corporation, panncrship, trust or other legal entity). Lender may. at Lender's option, dedarc all of the wms secured by this Instrument to.be
immediately due and payable, and Lender may invoke any remedies permitted by paragraph 27 of this Instrument. This option shall not apply in
case of
(a) transfers by devise or descent or by operation of law upon the death of a joint tenam or a partner.
I b) sales or transfers when the transferee's crcditwonhirtess and management ability arc satisfactory to Lender and the transferee has
- executed, prior to the sale or transfer, a wntten assumption agreement containing such terms as Lender may require, including, if required
by Lender, an increase in the rate of interest payable under the Nae;
I c 1 the grant of a {easehold interest in a part of the Property of three years or less (or such bnger lease term as Lender may permit by prior
written approval ? not containing an option to purchase (except any interest in the ground kale, if this Instrument is on a leasehold
(d ? sales or transfers of benefida) interesu in Borrower provided that such sake or transfers, together with any prior sales or transfers of [
beneficial interests in Borrower, but excluding sales or transfers under subparagraphs (a) and (b? above, do not result in more than 49`fo ft
of the beneficial interesu in Borrower having been sold or transferred since commenoemem of amortization of the Note; and
l e) sales or transfers of fixtures or any personal property pursuant to the first paragraph of paragraph 6 hereof.
r' 20. NOTICE. Except for any notice regwrcd under applicable law to be given in another manner, (a) any notice to Borrower provided for in thu
Instrument or in the Note shall be given by mailing such notice by certified mail addressed to Borrower at Borrower i address stated 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 certified
mail, return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Bortower as
provided herein. Any notice provided for in this Instrument or in the Nwe shall be deemed to have been given to Borrower or Lender when given
in the manner designated herein.
21. SUCCESSORS AND ASSIGNS BOUND: JOINT AND SEVERAL LIABILITY; AGENTS; CAPTIONS. The covenanu and agreemenu
herein contained shall bind, and the righu hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the
provisions of paragraph 19 hereof. All covenanu and agreemenu of Borrower shall be joint and several. In exercising any righu hereunder or
taking any actions provided for herein, Lender may act through iu empbyees, agenu or independent contractors as authorized by Lender. The
options and headings of the paragraphs of this Instrument arc for convenience only and arc not to he used ro interpret or define the provisions '
hereof.
22. UNIFORM MULTIFAMILY INSTRUMENT: GOVERNING LAW: SEVERABILITY. This form of multifamily instrument combines
uniform covenanu for national use and non-uniform covenanu with limited vanatans by jurisdiction to constitute a uniform security instrument
covering real properly and related fixtures and personal properly. This Instrument shall be governed by the law of the jurisdiction in which the
Property is kxated. In the event that any provision of this Instrument or the Note conflicts with applicable law, such conflict shall rat affect other .
provisions of this Instrument or the Note which can be gi d~~t the con provisions, and to this end the provisions of this
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