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Home My WebLink About1578 ' . ~ . ~ , . . ~ ~ 1.6. The Compuiy ~rfll cawe the mortgage3 pmpast~y a~d each and eveiy part thereoi Lo be msintained, proaerved and kapt in aaSo and good repair, worldng order and canditian, ~nd wl11 irom time to tima make ~?11 neceasarq ~nd prn r regeirs, renewa4 and replacemeuts so iAat the valua and eglcleacy u! such property ~hall nat be impaired; provided' how- ' ever, thst nothing in t,hte 8e~tton 1.6 ahull b~ deaaaed to requlre We Gompany to rep~ replace or m~ntain ~?ny item or 'j ~ t~oi~ e mortgaged property with respect to which eettlement hAe been mAde by ~ha ~,easee pursuant to ~ection IO oi ~ ' 1.8. The Companq wi11 irom time to tiaae du13r PaY and discharge or c~use to be paid and disc}u?rged all taxes. ~ssaas- ments and governnseatal charges lawiully imposed upon or ugainet the mortgaged property or anq~part thereof, and will E 's not auQer to exi~t aay mechanics'~ laborers', atatutory or other lien, ch~rge or ancumbru?co oi any kInd on the mortgaged ~ property or ~ny part thareof • provicled however, that nothing herein contained ehall be deemed to require the Company ~ ta pay anq ta~c, asaesement c~arge or l~en, or any claim or demand of inechantcs~ laboaera or othere prlor to the due daEe ~ thereof, or to require the 4~ompan~ to pay or dIecharge any ta.Y, assesament, lien, claim ur charge whether or not due or ± delinquent) the validity or amount ot which ia being contcsted in good laith bq approprIate proc~ga. ~ ; , 1.?. In the event the Lessee iaila to proeura and maintain the publio llability and ~?roperty damage inaurance cover- s agea ~equired b 3ectlon 7 0! fihe I.ease, the Company cavena~nts and agrees that it w~ll, at Its own cost and expenae, w ~ msintain such naurance coverages. The Company agreea to furniah the Trustee with certiiicates or other eatiafactory evidence of the in~urance coveragea tvhich are being maintained by the Lessee pursuant to Section 7 0! the Lease or as the i ~ case may be, by the Company purauant to this SectIon 1.4 and with respect to anY renewal policy or policies w~ll furnieh , z ,3 certificates evidencing such renewal or renewala prior to the expiratlon oi the orig~nal, or the then current renewal, policq.~ ! ~ . or policIes. _ . ~ 1.8. If the Company shall fait to compip with the covenants herein with respect to the procuring oi insurancerthe , payment o! taxes, assessments, and other chargea, or the keeping of the mortgaged property in repair and iree o! ot~er ~ ]iens, the Trustee or the holder or holdera of any of the indebtedness heFeby secured may make advancas to partorm the same; t?nd the Company agrees to repay sll aums so advanced upr?n demand, wlth interesE at the rate oi 7~o per annnm after demand, and all suma so advanced together with the interest shail become so much sdditional indebtedness hereby secured; but no such advance shail be deemed to relteve the Company fmm any detsult hereunder. i'~ I.9. The Company will not: _ (aj tsrminate~ modii or accept a surrender oi or oSer or pernnit any termination, modification, aurrender os • # term ina t lon o Y t he I. e ase ~excep t ss o t herwiee expre~s ly prov i d e d herein) or creats or coneent to t he creat ion or exiRt- . j ence of any mortgage or other ilen to secure tha payinent o! indebiednesa upon the leasehold eatate created by the ' a Lesae or sny part thereof; or 3 (b) sell, mortgage, traneier assi gn or hypothecate (other than to the truetee hereunder) ite in4erest in the ~ mortgaged property or any par~ thereof. ; ~ 1.10. Any and all ~rnperty hereaiter acqnired which is o! kInd or nature harein provided to be ~nd become subjec! J to the lien hereoi ahall ipso facto, and withont any turther conveyance, ssaignment or act on the p'?rt ot the Company or the Trustee become and be subject to the lien of this Martgage as lul~l~y and completely as though speci8cally described herein, but nothing in this Section 1.10 contsined shall be deemed to modtiy or change the oblIgation of the Company under j 3ection 1,3 hereof. ~ i I.11. The Company wi11 cause thIa Mortgage snd all mortgagea supplewentsl hereto and all renewal afiidavits and i ; ~ notices required by applicable law at xll ttmes to be kept recordad and Sled st its own expense in such manner and in such placea as may be required by law in order fully to preserve snd protecE the righta of the holders oi the Notes and the Z~us- ~ - tee hereunder, and will furnish to the Trust,~e promptly after the execution and delivery oi thia Mortgage and of each - supplemental mortgage ~n opinion of counsel atating that ~n the o inion o! such cout?sel this Mortgage or such sup lemental ` mortgage, as thg case may be, hae been properly recorded or 8~ed for record so as to make e~ective oi reca~ the lien Intended to be created hereby. ~ $ECTION 2. P083E33ION. USE AND RELEA3E OF PROPERTY s 2.2. QVhile the Company ie not in deisult heseunder it ehall be suSered and parmitted ta remain in full possession, enfoyment and control of the mortgaged pmperty and to manage~ operate and uae the same and each part thareof with the :ights and franchises appertainin~ thereto; pronded always, that (i) the poseesaion, enjoyment, control and use of the mortgaged property shall at all times be subject to the observanco and performance of tho terms oP thfs Mortgage~ and . (ii j no unit of the morigaged property ahsll be removed from the glace of inatallation ther~o! aet iorth in E~chibit B . : ~ without the prior written notice to the Trustee. It is expresaly underetood that the uae and poasesaion of the mort- ~ ; gaged pmperty by the Lessee under and ~ubfect to the terms and prnvistons of the Lease ehall not constitute a violation of this Section 2.1. ~ 2.E. $o long as no default referred to in the Lease has occurred and is continuing to the knowledge of the 'I~ustee~~ i tha Truatee ahall e~cecute a release in respect of sny unita of the mortgaged property dealgnated by the Lessee for salo and settlement pursuant to Section 10 oi the Lease upon rec~ipt of: (i) notice irom the Lesaee pareuant to 8ection 8 oi the 3 Lease designating the unita in respect of which the Lease wilt terminste• aAd (ii) payment by ttie Lesaee of the'~setttement •;.f value" (as de8ned in ~he retevant Supplementary Schedule) oi sucYi un~ta SE~CTION 3. APPLICATION OF IN3URANCE AND CEftTAIN OTHER MONEY3 BECEIYID HY THE MOBTGAGEEs , 9.l. In the event the Truatee shall receive any proceeds of insurance maintained by the Company in reapect oi the mortgaged property, the same ehall be held by the Trnstee as a part oi tt?e mortgaged pmperty and ahall be applied by : the Trustee from time to time to any oae or more of the iollowing purpoaes: { (a) If no default referred to in the Lease has occurred and is continuing the proceeds oi anch insurewce shall, upon ~ written application therefor. bo released to the Lessee~ to reiraburse the Lessee for ezpenditures made for the repair~ - restoration or reptacement of the units of the mortgaged property whicb have been loat, damaged or destroyed upon ` ~ receipt bq the Trustee oi: (i) a certiflcate of the treasurer or an assistant treaaurer o! the I.essee showing in reason- able detail the purpose for whtch the expenditurea were made and the actnal csah expenditnres made for sach purpoae ~ ~i and stating th~t there is no default under the Lease, (ii) a mortgage eupplemental hereto suSicient, as shown by an ~ opinion of counsel, to subject any addItions to or Substitutiona of tha mortgaged property to the lien hereoi, which ~ opinion shail also cover the fliing and/or recording of such su~piemental mortgage so as to establish the lien har~oi on auch adc~itions or substltutlons, or in the aIternative an opinion that no such supplemental mortgage is required for 2. such purpose. F , (b) If the inaurance proceeds shall not have been applied to the pnrpose9 specIBed in the preceding paragraph ~ (a) within 30 days irom the receipt thereoi by Lhe Trustee, or if within anch perlod the Lessee or the Company j~ shall hsve notified tha Trustee in writin that the Lease wIll terminate in accordance with the provisions of 3ection ~ 10 0! the Lease in resp~ct of the units of ~e mortgaged pmperty whlch have been lost~ deatroyed or dnmaged~ then ~ so ]ong as no default referred to in the Lease has occurred and is ccmtinuing, the insnrance proceeds ghall be paid , , en Snment oi Rents dated es of ~ ovar to the Assl ee under the Asei .............~.4~!X~.~t?~x..1.~,...19~?:~............._............... ~ . 4rom the Company to the Purchaser sa supplemented for application in the manner prorided !or thereby. ~ ° ~ (c) I! a default zefe~red to in the Leaee has occurred and ia continutng the insurance proceede ahall be tAken, ~ hald and applied as proceeds and availa oi the mortgaged property in accordance with the pmvieions oi Seetion 4.6 ~ ~ = hereoi. SECTION 4. DEFAULT9 AND OTHTR PItOVIBIONBt . ~ ~ 4.1. The term "eveat o4 defaalt" for the purpose hereof ahall maaa s~ny ons or more of the followfng: ' _ ~ (a) Deisult for s perlod of 10 days in the paymeat o! intereat on say Note; F (b) Dafault for a perIod oi 10 d~ys in the payment of any installxuent oi the prlncigul ot any Nots when aad at ~ the same sball become due s~d payable, whether at msturity or at a dsto S~ced for pnpayma~nt, or by acr,elera~tion or otherwise; - ~ (c) Iktault or the happeaing ot sny event shnll occnr nndar sny indentnre, agreememt or other simiLr in=trument ~ ~ t,; under whieh say avIdence ot indebtedness of the Company insy be isaned, snd snch defanl# or event ahaU eontinue !or 3. ~ a period oi time suBIcient to permit the a~cceteration of the maturity of any indebtednqs oi the Co~pany outatanding ~ . therennder. . ~ i (d) Dalault iii tbe due observance or pertormance by the Compaay oi any other covenant, condittott or ~?greement ~ ~ P required to be observed or performed by the Company by the teriae of the Note, this Yortgsga or aay ssaignment ~a . . tram the Company to the Purchaaer (ns assignee) of renta payable nr?der the lrense in respect oi tba mortgag+ed pmperty ~ ~ and auch delault ahall continue tor 80 deqs atter writLen notice t}~reoi to t~e Comp~?ny by the Trnstee or the holder of any note; ~ (e) Def~alt in the due ~e or pertormance bp the Leasea oi any covenaat, condttioA or u~ment reqnired - ~ to be ob~erved or performed by the I~essee nnder the terms oi the LeaBe and sacb defsult ahsll continua tor spe dod ~ ; ~ o! time suSicisnt to permit the Lts~wr thereunder to exerclse any one or more at the ramedies aet forth ln the Les~e; ~ t ~ _ ~ . . . P~ga L . Q. ~ . . . Rri. R ~ i' j.f ~ t~