HomeMy WebLinkAbout0238(x) should Mortgagor remain in default under the K mart
Lease beyond any period for cure described in said K mart Lease.
Upon any Event of Default, Mortgagee may immediately.do any one
or more of the following, time expressly being made of the essence
herein:
(a) enter upon and take possession of the Premises without
the appointment of a receiver, or an application therefor, employ a
managing agent of the Premises and let the same, either in its own
name, or in the name of Mortgagor, and receive the rents, income,
issues and profits of the Premises and apply the same, after payment
of necessary expenses, on account of•the Secured Indebtedness, but
only with the consent af Mortgagor, which consent shall be conclu-
sively presumed from Mortgagor's abandonment of the Premises, and
any such abandonment or consent shall constitute an assignment to
Mortgagee of Mortgagor's interest in any lease now or hereafter af-
fecting the whole or any part of the Premises;
(b) pay any sums in any form or manner deemed expedient by
Mortgagee to protect the security of this instrument or to cure any
Event of Default other than payment of interest or principal on the
Secured IndPbtedness, make any payment hereby authorized to be made
according to any bill, statement ar estimate furnished or procured
from the appropriate public officer or the party claiming payment
without inquiry into the accuracy or validity thereof, and the re-
ceipt of any such public officer or party in the hands of Mortgagee
shall be conclusive evidence of the a~,ount of items so paid, in
which event the amounts so paid, with interest thereon from the date
of such payment at the same rate provided in the Note shall be added
to and become a part of the Secured Indebtedness and be immediately
due and payable to Mortgagee, and Mortgagee shall shall be subrogated
to any encumbrance, lien, claim or demand, and to all the rights and
securities for the payment thereof, paid or discharged with the prin-
cipal sum secured hereby or by Mortgagee under the provisions hereof,
and any such subrogation rights shall be additional and cumulative
security to this instrument;
(c) pursue any and all remedies available under the Uniform
Commercial Code;
(d) surrender any or all of the insurance policies main-
tained pursuant to Article 3, herein, and receive and apply` the un-
earned premiums as a credit on the Secured Indebtedness, and, in
connection therewith, Mortgagor hereby appoints Mortgagee as the
agent and attorney-in-fact for Mortgagor to collect such premiums;
(e) declare the Note and the entire Secured Indebtedness,
including all payments for taxes, assessments, insurance premiums,
liens, costs, attorney fees and expenses herein specified, immedi-
ately due, payable and collectible, without notice to Mortgagor,
regardless of maturity, and, in that event, the entire Secured
Indebtedness shall become immediately due, payable and collectible,
and then Mortgagee may institute foreclosure prbceedings under any
appropriate law or laws. It is ag reed that if any legal proceedings
are instituted for the foreclosure of this mortgage and security
agreement or if Mortgagee should become a.party to any suit invol-
ving this mortgage and security agreement or the title to the Prem-
ises, all costs and expenses incurred by Mortgagee, including a
reasonable fee for Mortgagee'.s attorneys, shall thereupon become
due and payable immediately, as a part of the Secured Indebtedness,
and may be secured and recovered hereunder.
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