HomeMy WebLinkAbout0955 shall have it re~ov+ed of record within fifteen (15) days after it is filed or entered by
either paying it, havirTy it bonded in a manner which removes it of record or otherwise
having it removed of reccrd. .
9.4 If any action be comnenced to f~eclose any permitted mcrtgage cr lien of any
kind encutberiny all ar any part of the Mortgaged Pren~ises, the Mortgagee may, at its
option, imnediately cr t}yereafter declare this Nf~tgage and the indebt,edr~ess secured hereby,
due and payable. If there is any pe~cmitted mcxtgage superiar to this McYtgage, then fail~e
to pay said mcrtyage when due and in accordarx..~e with its Germs ar failure to abide by the
terms of said mortyage shall be deemed an Event o£ Default hereunder. Any modification of
any permitted mcrtyage superiar to this Mortgage cx waiver of any prineipal ar interest
payments on any not,e cr mxtgage superior to this Mortgage shall constitute an Bvent of
!~e f aul t here under .
9.5 To the extent of the indebtedness oF the Mortgagor to the Martgayee as
desa ibed herein ar sec~ed hereby, the Mortyayee is subrogat,ed to the lien cr liens and to
the riyhts of the owr~ers and holders of each and every m~tgage, lien or other encurnbrance
on the Martyayed Premises ~ any pa~t thereof which is paid or satisfied, in whole ar in
part, out of the proceeds of the loan descxibed herein cr secured hereby. The respective
liens of said mcrtgayes, liens cr other encurtxances shall be preserved and shall pass to
and be held b~ the Mort~agee as sec~.rcity fcr the indebt~edness described herein cr sec~eci
hereby, to the sarne ext,ent that it wr~uld hav~e been preserv~ed and wc~uld have been passed to
and held by the Mcrtgagee had it been duly and regularly assigned to the Martyagee by a
sepaorate assiynment, notwithstanding tt~ fact that the sarne may be satisfied and cancelled
of record, it being the intention of the parties that the same will be satisfied and
~~~ncelled of rec~d by the tx~lders thereof at ar about the time of the recordin~ of this
~icx tgage .
10. No ZYansfer. Without the Exicx written c~onser.t of htiartgagee, which oonsent may be
urreas~nably wittlheld, Mcrtgac~cx will abstain from and will not cause or permit, t~ the
extent it may do so, any transfer of title to or ber.eficial interest in the Mortgaged ~
Premises ar any p~a~t thereof, voluntarily ~ by operation of law (other than by death) , cr
~y assigrment of beneficial interest in a land trust, ~ ar:y transfer of stock in the owner
of the beneficial interest in a land trust if such owr~r is a oorpa-ation or transfer of a
~artnership interest if such owner is a partnership whether by sale, exchanye, conveyance,
:nerc~er, consolidation cr otherwise.
11. Books and Reccrds. Mcxtyayoc shall keep, at its s+~le oost and expense, adequate
records and books of account with respect to the Mortyaged Premises and shall permit
`~ortgagee, cr its agents, to visit and inspect the Mortgayed premises and examine its
>_-ecords and books of account and to discuss its affairs, financas and accounts with
'~ic~rtyagor ar;d with the officers of Martgagc:c at such reasor:able times as may be requested by
'~fortyayee. Within ninety (90) days after the end of its fiscal year, and at its own
~x~nse, Ma t~a;~cr shall 3eiiver or ca~se to be cielivered to Mortgagee (i) c~rent complete
fir.ancial statements of the Mort~agor prepared in accordar.ce with ger.erally accepted
accounting prin~.iples, applied on a basis consistent with prior years, and certified by
~txtyayo~r as true and carrect, ar:d (ii) a persor:al r~t w~xth statemer.t far each individual
~uarantcr of the Note, prepa~ed by such guarantar's accountar:t.
12. Fbequired Notices. Martyayor shall notify .r~crtgagee promptly of the occ~rence of
any of the following:
(a) a fire cr other casualty causing damage to the Martgaged Premises;
(b) receipt of notice of emir:er.t domair. proceedings ar condemr.ation of the
'~t;x tgaged Premises;
(c) receipt of notice fran any governmental auth~rity relating to the structure,
u~e ~ occupancy of th~ Mar tRaged Prem~~es ~ ary re31 ~r~per * y ad j 4cert to the M~ tgaged ~
rre~nises;
(d) receipt of any r~otice from any t~enant urxjer a Lease;
(e) receipt of ar,y mtice from any buyer of a cx~ndominiun unit;
( f) substantial chanye in the occupancy of the Mortyaged Remises;
(g) receipt of ar:y mtice from the i~olc3er of any lien cr sec~,rity interest in the~
~'x tya<~ed Premises; f l
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4(~3 Par~E 953 "
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