HomeMy WebLinkAbout0235
said leases which is not in default, 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 thereto, shall not
(i) assign the rents, or any part thereof, from the Premises (and
any assignment thereof shall be null and void), (ii) consent to the
cancellation or surrender of any lease of t~e Premises, or any part
thereof, now existing or hereafter to be made, (iii) modify any such
lease so as to shorten the unexpired term thereof, or so as to de-
crease the amount of the rent payable thereunder, (iv) collect rents
from the Premises for more than thirty (30) days in advance, or (v)
sell, transfer, assign or remove any personal property now or here-
.~ after located on the Premises, unless such action results in substi-
tution or replacement with similar items of equal value owned by
Mortgagor and not otherwise encumbered. Mortgagor shall procure
and deliver to Mortgagee at the time of executing this mortgage and
security agreement or at any time within thirty (30) days after no-
tice and demand, estoppel letters or certificates from each lessee,
tenant or occupant in pos$ession of the Pr~emises or any part thereof,
as required by, and in form and substance satisfactory to, Mortgagee
and deliver to Mortgagee a recorded assignment of all of the lessor's
interest in such leases, in form and substance satisfactory to Mort-
gagee (in addition to the assignment and mortqage herein), an~ proof
of due service to such lessee of a copy of such assignment of each
lease, either personally or by prepaid registered or certified mail,
return receipt requested. -
6. Mortgagor shall execute and deliver (and pay the costs of the
preparation and recording thereof) to Mortgagee and to any subse-
quent holder from time to time, upon demand, any further instrument
or instruments, including, but not limited to, mortgages, security
agreements, financing state~ents, continuatians and amendments
thereof, assignments and renewal and substitution notes, so as to
reaf£irm, to correct and to perfect the evidence of the obligation
hereby secured and the lien of this mortgage and security agreement
to all or any part of the premises intended to be hereby mortgage~,
whether now mortgaged, later substituted for, or acquired subsequent
to the date of this mortgage and security agreement, and extensions
or modifications thereof, and Mortgagor t~ereby constitutes and -
appoints Mortgagee agent and attorney-in-fact to make and execute
any instrument(s) for the purpose of perfecting the lien and secu-
rity interest of this mortgage and security agreement. Mortgagor,
upon request, made either personally or by mail, shall certify by
a writing, duly acknowledged, to Mortgagee or to any proposed assig-
nee of this mortgage and security agreement, the amount of principal
and interest then owing on the -Secured Indebtedness and whether or
not any offsets or defenses exist against the Secured Indebtedness,
within six (6) days in case the request is made personally, or within
ten (10) days after the mailing of such request in case the request
is made by mail. _
7. Notwithstanding any taking of all or any portion of the Prem-
ises by eminent domain, alteration o£ the grade of any street or
other injury to, or decrease in value of, the Premises by any pub-
lic or quasi-public authority or corporation, Mortgagor shall con-
tinue to pay principal and interest on the Secured Indebtedness,
and any reduction in the Secured Indebtedness res~lting from the
application by Mortgagee of any award ar payment for such taking,
alteration, injury or decrease in value of the Premises, as herein-
after set forth, shall be deeme~ to take effect only on the date
of such receipt; and such award or payment ~y, at the option of
Mortgagee, be retained and applied by Mortga~ee toward payment of
-8- ~
~~~`~ 348 PAGE 235
3
$
~~`+,~ .t_ . . . _. _ ., . ~ ` -- - .. : ~