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Home My WebLink About0408 Instrument and the Note are dctilared to bt severable. In the tvtatl, t11p awy appliP?1~ law um.unt the aswtat of usscrest or nitres dtarpes permitted to be collected from Borrower is interpreted so that any durpe povdcd for iw this IawYmcxt a s tbt ~loee, whether coasedcred separately or together with other cherries levied in cortatcttort with ibis lastrumem cad the Nag, vrnlates sxch law. and Borrower a eswded w slit benefit of such law, such chaste a hereby reduced to the extent necessary w ebmtxate sYCi isolation The aawwaa, tf atty. prevtotssly pad eo Linder in excess of the amounts payable to Lender punwat a suds diaries u redYced shall be appbed by Lewder a redxac tic prtxctpxl of rite indebtedness evidenced by the Note. For the purpose of detetmutint whether awy appbpbk bw bmitertt the amowt of rweerest or other dtarpa permitted to be collected from Borrower hu been violated, all indebtedness wAidt is secured by ibis IastrYSCxt a evdenced by tic Nae and which coast?tutes interest, as well as all other charter levied is coawectiow wtdt sttdt iwdebecdaess wirdt mmottrte raerre+e, siaN be deemod to be allocated and spread over the stated term of the Note. Unless othenrise required by appiabk br, sari allocatww cad sprcadmg slag bt etrecscd is such a manner that the me of interest computed thereby is uniform tMottthout the stated term of tit Nag. 2l. WAIVER OF STATUTE OF LIMITATIONS Borrower hereby waiver the right eo assert any statwe o! 6awaooas as a bar a die enforcement of the lien of this Instrument a a any acoan broutM a calcine the Nae or say other obhtatrow sawed try ibis Ixeanmeaa K WAIVER OF MARSHALLING. Nawtthsuadmt the exwence of nay other seaway sterests iw tbt Property held by Lesder a by aq crier win. Linder shall have the ntht w determine the order is whid? asy or au of the Property shall be sxbjeaed w the remedies pvondod berets Lender shall have the right to derermine the order in which any a all portions of the isdeMedaess scanted hereby arc satssiod from tic psoattds realised upon the exertase of the remedies provided herein. Borrower. any party who ooascen to this twscruaeexc awd any party wb w. a hercaQer aoyuires a securtty interest in the Property and who hu aawl a ooastrttctive wotroe hereof bertby waives any and aY rttltt eo rsgirre tic manhallint of assets in connection with the exercise of any of the reeedies persisted by appicabk law or provded hertra ZS. CONSTRUCTION LOAN PROVISIONS Borrower atrees to oosply with the eoveaana asd condoners of the Coasrtwcaos Loan Agreement, if any. which is hereby inoorponted by rckrcace in and made a part ofthis IxsttuseM. M advattoes wade by Lender prrswaw w sit Conuruction Loan Atreement shall be indebtedness of Borrower secured by this Irestruseat, and such advances may be oblegseory as ptrvsded r the Construction Loan Agreement. AU sums disbursed by Lender prior to oompktion of the improresewts to protect tie stewrrey of tie? Ixsteaxtewt up a the ptintipal amount of the Note shall be treated u disbursements pursuaxt to the Cortstracoort Loan Atreeseac A• sari sacs slag bear inteteu from the date of disbursement at the me stated in the Note, oaks: oollecooa from Borrower of iwtetest u such rase world be ~arY n appliabk law w which event such amounts shall bear interest at the Itithess nee whid? say be oolkcted fros Borrower xwder appicabk law and shall be payable upon novice from Lender to Borrower «quesung payment therefor. From time to time u Lender deems necessary a protect Lender's interests, Borrows shag, Ypos regYtst of bender. estctwe and deliver n Leader, in such form u Leader shall direct. assitnmeats of any cad all rithts of claims which relaee td tie oonstrtecoow of tie Property and wYci Borrower may have against anY W rtY suPPlYbt or who hu wpplied labor. saeerials or servion m eoasecnow wtti eoastrocnow of tie Property. 6 of breach by Borrower of the coveaana and oonditioas of the Coastructaa Loac Atreesext. Lender. u Lender's opteow, wtti a w,tiont carry upon the Property. (i 1 may invoke any of the righa a remedies provded in the Coastrtrctio~ Loan Aptxsnt. (r 1 say aooekrase the saxes secured by this Instrument and invoke those remedies provided in pantrapb 27 hereof, or (iii) may do bot?. U afiet rig onaewaant of amortisation of the Note, the Nae and this Inswmeat arc sold by Leader, from cad after sYCi sale tie Coastrtrcoow Loaw /ttrea~tas shat acre to be a part of this Inswment and Borrower shall not assert airy ritbt of stto~ couxterdars or other dos or defense arisiat oat of or m connection with the Construction Loan Atreement agaiau the oblitations of the Nae and this lastrumeat_ ?i. ASSIGNMENT OF RENTS: APPOINTMENT OF RECEIVER; LENDER IIV POSSESSION. As parr of die ooasderaoos for tit indebtedness evidenced by the Nae. Borrower hereby absolutely and trncoadioonaBy assigns asd aaasfen n Lender ail rig seats and revexxes of the Property. induding those raw due. past due. or w become due by virtue of aey kale or other agreement for die ootspancy or are of ai a cry part of the Property. rctardkss of to whom the rents and revenues of the Property are payable- Borrower hereby axtisormes Lender err LendePs attars to collect the aforesaid rents and revenues and hereby directs each tenant of the Property to pay sndt test n Lender a Lender's apexes: provided, however, that prior to written notice liven by Leader a Borrower of the breach by Borrower of nay ooveaau or atreeaeat of Borrower in this Inswment, Borrower shall eolka and receive all rents and revtaues of the Property as trnssee for the 6eneft of Leader and Borrower. eo apply the rents and avenues so mAkcted to the sums secured by this Instruateet d the order provided is pant~ap6 3 ieroof wish the bataace. so bat u no such breach hu oavrred, a the aaotrat of Borrower, it beint intended by Borrower cad Lender inert this usitameat of rates eoasnarees an absolute assignment and not an assignment for additional security ody. Upon dtivrry of wriaen notice by Lewder eo Borrower of tie bread by Borrower of any covenant or agreement of Borrower in this Instroment. and rnleout the atotssuy of Lesdet esteeiat nPa awd ukst axd maintaining full control of the Property in person. by agent or by a eourtappointed receiver. Lewder shag rsmodiasdy be eroded a posxssnw of all rears and revenues of the Property u spetafied m this pangnph 26 as tht rase become dtx cad payable, iacltsdint bat cot fisieed to sexes tier due cad unpaid, and all such rents shall immedutely upon debvery of such notice be held by Borrower as trustee for sic benefit of lewder owlyc provided. however. that the written notice by Lender to Borrower of the breach by Borrower shall monio a sureraext due Leader esestzses ro i rights to such rents. Borrower agrees that commenting upon delivery of sxeb rrittea ¦otioe of Borrowers bread by Leader n Borrower, eadt tenant of the Property shall make such rents payable a and pay wch rents to Lender or Lender's apexes oa Leader's wrmea desaxd n earl senaxs therefor, delivered to each tenant personally, by maJ or by dehverint wch demand a each renal unit, wethout nay babrhty ow the part of sad tenant ro inquire further u to the exiuence of a default by Borrorer. Borrower hereby covenants that Borrower has rat extcvted nay poor assignment of sand reaes. rho Borrower has cot perfocsed, awd oil as perform. any acts or hu not executed. and will not execute. any uutrumeat which would prevent Leader from eserassat rY trghas ender sits paragraph 26, cad that at the time of exeavtion of this Instrument there bas bees no axoripauoa or prepayment of nay of rig rears ttf rig Property for more than two months prior to the due dates of such reins. Borrower covenants fiat Borrower-wig woe he:eafier collect or accept pnyxrest of any rents of the Property more than two months pray a the due dates of such rent:- Borrower further oovewaats tiu Borrows wrB txaxee cad deliver to Leader such further assignmena of rents and revenues of the Property as Leader airy Eros ore to ore regYesr. Upon Borrower's breach of any covenant or agreemexr of Borrower in this Inwument, Lender may is person, by apes[ or by a ootr<t- appointed receiver, regardless of the adegwcy of tender i security, enter Ypoe and take and mawam full tnntrd of rig Property m order to perform all acts necessary and appropriate for the openoon and maintenance tleereof indYdmt, but not 4msed to, tic exaxtooa. caxoe!<aoon a modification of leases, the collection of all rents and revenues of the Property. the making of repair a the Property cad rig exeavoos a termination of contracts providing for the mawgement or maintenance of the Property. all on sod. trice: u are doomed best n prosect the sewrtcy of this Inswment. In the event Lender ekes to seek the appointasent of a receiver for the Property Ypoa Borrower's breach of any wvewaxe or agreement of Borrower in this Inswment. Borrower hereby expressly consents a the appointment of sxc6 receiver. Leader or the receiver slag be entitled to receive a rcasoaabk fee for so managing the Property. All rents and revenues colkctcd wbsequtnt to delivery of warren notice by Lender to Borrower of the breach by Borrower of nay eorenanc a agreement of Borrower in this Instrument shall be applied first to the costs, if any. of takint txtewl of cad saaagixg tic Property cad eoBecoxg sit rents, including, but rte limited to, attorney's fees, receiver i fees, premiums ow receiver i hoods, mats of rsp~atrs so tie ProQerty, prcmmms on insurance policies. taxes. assessments and other dunes on the Property. and the costs of disc6argimt nay obligation or ia6ritY of Borrower as lessor or landbrd of the Property and thrn to the wins record by this Instrument Lender or the receiver sba0 6avt access to the books and records used in the operation and maintenance of the Property and shall billable ro amount Daly for those rents aaxaBy raeived leader slag nor bt liable to Borrower. anyone daimint under or through Borrower or anyone having an interest b the Property bq reason of anyriixg done or kh undone by Lender under this pangnph 26. If the rents of the Property arc nor wibcient to meet the mats, if any. of takixg oontrd of cad saxaaat the Property awd co8ecmt tie rases, , any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender snood by ties lasrrtroeae pxrssant to paragraph 8 hercof. Unless Lender and Borrower atria is writint to other tenon of paysent, sYCh cancers shag bt payable xQoa nonce from Lender to Borrower requesting payment thereof and shall beu interest from the date of disbtuseseat u the race stated r tie Noce trxiess payment of intetess at such rate would be contrary to applicable law, ix which event such amotmts shall beu interest at tie 6itiew rase wttici serf be collected from Borrower under applicable law. Any enttting upon and irking and maintainint of control of the Property by Lewder or the tetxiver and nay applicaoow of teats as provided herein shall nor cure or waive any default hercuader or invalidate any other right or resedy of Leader under appicabk law a prided herein This assignment of rents of the Prroperty shall tttaunare a such iliac as this lastrumext ceases a secure iadebeedwers field by Lenda_ i Uniform Coreaants-Multifamily-1 /77-FNMA/FHLMC Utt+ilorti t>.strotttte~t It*~ a al a~? Bp~OR~ P:6~ - - ~ _ ~z _ _