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shall h~ave it removed of record within fifteen (15) days after it is filed or entered by
either payirg it, n~i,~ it bonaea in a manner which removes it of record or~ otherwise
having it t~nonred of reoord. .
9.4 If any action be oamnenoed tA ~orecloee any permitted n~tigage or lien of any
kind encuobering all or any part of the Mortgaged Premises, the Mortgagee may, at its
option, imnediat~ely oc thereafter declare this Morbgage ard the irx3ebt~edness secured hereby,
due and payable. If thsre is any peYmitted m~rt~gage superior to this Mortgage, then failure ~
to pay said nertgage when due and in acoordanoe with its t7erms or failure to abide by the ~
terms of said mortgage shall be deemed an Ev~ent of Default hereunder. Any modification of ~ ~
any permitted m~rbgage superior t~o this Mortgage or waiver of any princfpal or interest ~
payments on any rohe o~r m~rbgage superior to this Mortgage shall constitute an E.Vent of ~
Default hereunder. ~
9.5 Zb the extent of the indebtedness of the Mortgagor to the Mortgagee as ~
described herein ar secured hereby, the irbrt~gagee is s~brogat,ed to the lien or liens and to
the rights of the aaners and h~lders of each and ev~ery mart~ga~ge, lien or other encu0nbrance
on the Nbrbgaged Premises or any part thereof which is paid or satisfied, in whole or in i
part, aut of the prooeeds of the loan descri.bed herein or securecl hereby. The respective ;
liens of said ~mrbyages, liens or other enctmbranoes shall be preserved and shall pass to ~
and be held by the l~brt,gagee as security tor the indebtedr~ess described herein or secured ;
hereby, t~o th~e seme extent that it would haMe been preserv~ed and wauld have been passed to ~
and held by the l~brtgagee had it been duly and regularly assigned to the Mortgagee by a
separate assigrnient, rotwithstandirg the fact that the same may be satisfied and cancelled
of record, it being the intention of the parties that the same will be satisfied and ~
canoelled.of reoord by the holders thereof at or about the time of the recording of this
Mortgage. - ~
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10. Ab TYansfer. Without the prior written vonsent of Mortga~g~, which aonsent may be ~
unreasonably withheld, Mo~tgagor will abstain fran and will not cause or permit, to the
ext~ent it may do so, any transfer of title to or beneficial interest in the Mortgaged ~
Premises ar ar~y part thereof, v~oluntarily or by operation of law (other than by death), ar ~
by assigrnient of beneficial int~erest in a land trust, ar any transfer of stock in the awner ~
of the beneficial int~erest in a land trust if such awr~er is a oarpo~ation or transfer of a t
partnership int~erest if such vwr~er is a partrership whether by sale , exchange , vonveyance , '
merger, oon.solidation ar otherwise. ~
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11. Aooks and Reoords. Martgagar shall laeep, at its sole ooet and expense, adequate ~
~ reoords and books of account with respect to the Mortgaged Premises and shall permit . ~
Mort,gagee, or its agents, to visit and inspect the Mortgaged Premises and examine its -
II~ records and books of account and to discuss its affairs, finances and accounts with
~ Mort,gagor and with th~e offioers of Ml~rt~gagor at such rea~onable times as may be requested by
~ Mortgagee. Within ninety (90) days after the end of its fiscal year, and at its own
expense, Nbrbgagor shall deliver or cause bo be deliv~ered t~o Mbrtgagee ( i) current caaplete
financial statements of the Mortgagor prepared in accordance with generally accepted ;
acoountirg principles, applied on a basis consistent with prior years, and vertified by
Mort~gagor as true and oorrect, and (ii) a personal net w~rth stat,ern~nt for each individual
guarantor of the Note, -prepared by such guarantor's avoountant.
12. Aequired Notioes. M~rtgagor shall notify Irbrtgagee prar~tly of the oocurrence of '
any of the follawirg: '
(a) a fire ar other casualty causing damage t,o th~e Mbrtgaged Premises; ,
(b) receipt of notice of eminent domain proceedings or o~ndemnation of the
Mortgaged Premises;
(c) reoeipt of r~tioe fran any ga~rerrn~ental authority relatirg t~o the structure,
use ac occupancy of the M~rt~gaged Premises ar any real property adjacent to the Mortgaged
Premises;
(d) reoeipt of any rotioe fram any t~enant ia~der a Iease;
(e) rec~eipt of any n~tioe fram any buy~er of a oondaniniun ~it;
(f) substantial change in the oocupancy of the l?brtyaged Premises;
(g) reoeipt of any rotice fran the h~lder of any lien or security interest in the
Morbyaged Premises; _
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