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HomeMy WebLinkAbout0816Leases: Mortgagor hereby transfers, assig~s and conveys unto Mortgagee all of Mortgagor's right, title and interest in and to all leases or undertakings to lease now or hereafter existing or made, and all other agreements for use or occupancy, with respect to the Premises or any part thereoF, and grants to Mortgagee a security interest in all rents, issues, income, revenues, profits, accounts and contr3ct rights due or to become due thereunder or otherwise deriving from the use and occupancy of the Premises. Mortgagor shall faithfully perform the covenants of Mortgagor as lessor under all present and future leases of all or any portion of the Premises and shall not do, neglect to do, or permit to be done, anything which may cause the termination of such leases, or any of them, or which may diminish or impair their value or the rents provided for therein or the interest of Mortgagor or Mortgagee therein or thereunder. Mortgagor, without first obtaining the written consent of Mortgagee, shall not further assign the rents, issues, income, revenues, profits, accounts or contract riahts from the Premises or anv part thereof, shall not consent to the cancellation or surrender of any lease of the Premises or any part thereof now existing or hereafter to be made, shall not modify any such lease so as to shorten the unexpired term thereof or so as to decrease the amount of the rent payable thereunder and shall not collect rents from the Premises or any part thereof for more than one month in advance. Mortgagor shall procure and deliver to Mortgagee upon request estoppel letters or certificates from each lessee, tenant, occupant in possession and other user of the Premises or any part thereof, as required by and in form and sub~tance satisfactory to Mortgagee, and shall deliver to Mortgagee a recordable assignment of all of Mortgagor's interest in all leases now or hereafter existing or made with respect to the Premises or any part thereof, which assignment shall be in form and substance satisfactory to Mortga~ee, together with proof of due service of a copy of such assignment on each lessee, tenant, occupant in possession or other user of the Premises or any part thereof. (5) Improvements: Mortgagor shall not construct any buildings, structures or improvements on the Premises other than improvements in connection with the develop- ment of util_ity facilities to serve all or any portion of the Premises in accordance with a site and development plan therefor approved by Mortgagee, all as described in the release provisions hereinafter set forth. (6) Hazard and Liability Insurance: Mortgagor shall keep the Premises insured against loss or damage by fire and such other casualties and risks as the Mortgagee may require From time to time, with such companies, in such amounts and under such forms of policies as Mortgagee may approve. Such policies shall insure Mortgagee's interest in the Premises, name Mortgagee as an insured party thereunder, provide that losses thereunder shall be payable to Mortgagee pursuant to such for~s of loss payable clauses as Mortgagee may approve and provide that no cancellation or reduction in coverage shall be effective unless the insuror first gives Mortgagee thirty (30) days prior written notice. Irrespective of the insurance required and approved by Mortgagee, Mortgagor shall assign and deliver to Mortgagee, as additional collateral for the payment of the Indebtedness, all policies of insurance which insure against loss or damage to the Premises, and Mortgagor hereby grants to Mortgagee a security interest in the proceeds from any and all such policies. Mortgagor shall also procure and maintain public liability insurance coverage with such companies, in such amounts and under such forms of policies as Mortgagee may approve, naming Mortgagee as an additional insured thereunder and providing that no can- cellation or reduction in coverage thereunder shall be effective unless the insuror first gives Mortgagee thirty (30) days prior written notice. Forthwith upon the issuance of all such policies, Mortgagor shall deliver the same to Mortgagee together with evi- dence satisfactory to Mortgagee that the premiums therefor have been paid. Within fifteen (15) days prior to the expiration date of each s~ch policy, Mortgagor shall deliver to Mortgagee a renewal policy together with evidence satisfactory to Mortgagee -4- il ~~-K 349 ~~~f 81?