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HomeMy WebLinkAbout0931 . . . ; ~t written consent of Lender, no building or impravement may be erected on the Property, nor may Borrower structurally remove or demolish any building or improvement, nor may Borrower materially structurally alte~ any building or improvsment that would change the use of the Property or that would othenvise decrease its value, nor shall any fixture or personal properry covered by this Mortgage be removed at any time unless simultaneously replaced by an ar[icle of equal kind, qualiry and value owned by Borrower, and which is unencumbered except by the lien of this Mortgage and other instruments of security securing the Note. 7. Surface Alteratlon and Mineral Rlghta. Borrower shall not consent to, permit or indulge in any entry, either by itself or by any others, upon the surface of the property tor the purpose of expioration, drilling, prospecting, mining, excavation or removal of any earth, sand, dirt, rock, minerals, oil or any other substance without the Lender's approval and written consent. ~ 8. Waate and Mechanlc's Llen. Borrower shall keep the Property, and all equipment, appurtenances and accessories constantly in good order and repair; shall comply with ali laws, ordinances, and regulgtions now or hereafter affecting the Property or any part thereof; and shall not permit, suffer or commit any waste, impairment or deterioration of said Property, or any part thereof. Inc~uded within the obligations of Borrower oontained in the preceding sentence is that BoROwer shalf maintain an effective schedule of maintenance and repair and of replacement of equipment and personal property situate in or on the Property so that they are in good orde~ and repair, and so that the Property, all improvements thereon and all personal property situated therein is maintained in goud order and repair and so that all of such items present to the guests and patrons of Borrower in the operation of its business, a first class and attractive premises. In addition, in the event any mechanics' or materialmen's iiens are filed against the Property, or any part thereof, Borrower shall cause the same to be discharged, paid, bonded or otherwise satisfied so 4hat it no longer affects the P~operty within thirty (30) days aher the filing thereof, or within ten (10) days after a suit for the foreclosure thereof has been filed, whichever date is ea~lier. 9. Protection of Lend~r's Secu~ity. Borrower shall execute and/or cause to be executed such further assurances of tiile to the Property, and to take and cause to be taken, such steps, including legal proceadings as may at any time appear to the Lender to be desirable to perfect the titfe to the Property in the Lender. Upon a failure or default in or breach of periormance of any of the covenants and agreements contained herein, in any particular, the Lender may, without notice to the Borrower, pay all taxes, assessments, and public charges, and/or.take such steps as may be necessary to secure or redeem the Property from forfeiture or sale, and/or effect or renew any insurance, and/or make such repairs as may be necessary to keep the Property, equipment, appurtenances and accessories in good order and repair and/or take or cause to be taken, such steps, including legal proceedings, as may be desirable to prevent the commission of waste, impairment or deterioration of the Property, or any part thereof, or to perfect the title to the Property in the Lender, and/or to perform any other acts or expend such other sums deemed necessary by Lender to protect its securiry for the repayment of the Note, and all sums expended in the doing of or on account of the same, shatl be a part of the debt secured by this Mortgage, and shall be secured as fully as the principal debt and interest is secured, and shal~ bear interest at the highest legal rate permitted by law to be charged by Lender from the date of the expenditure thereof and shall together with the interest thereon, be repaid by the Borrower before the expiration of a period of thirty (30) days the~eafter. But there is no obligation upon the Lender to make such payments or take such steps, nor shatl any act of the Lender or any faifure to act under the powers granted by this paragraph 9, nor any lapse of time, be construed as the waiver of any breach of the covenants and agreements contained herein. 10. Civll Proceedings. If any action or proceeding is commenced (except an action to foreclose this Mortgage or to collect the debt secured hereby), to which action or proceeding the Lender is or becomes a party or in which it becomes necessary to defend or uphold the lien oi this Mortgage (including to protect its interests in any conclemnation proceedings), all sums paid by the Lender for the expense of any litigation (including reasonable attorneys' fees and appeilate counsel fees, if any} to prasecute or defend the rights and lien created by this Mortgage shall on notice a~d demand be paid Dy the Borrower, together with interest thereon at the highest legal rate permitted by law to be charged by Lender, and shall be a lien on the F'roperty, prior to any right or title to, interest in or claim upon the Property subordinate to the lien of = this Mortgage, and shall be deemed to be secured by this Mortgage and evidenced by the Note. ; 11. Payments Received. That any payment made in accordance with the terms of this Mortgage by any person $ at an time iiable for the a ment of the whole or an Y p y y part of the sums now or hereafter secured by this Mortgage, or ~ by any subsequent owner of the Property, or by any other person whose interest in the Property might be prejudiced in : the event of a fa~lure to make such payment, or by any stockholder, officer or director of a corporation or by any partner ~ ct a partnership or beneficiary of a trust which at any time may be liable for such payment or may own or have such ~ an interest in the Property, shall be deemed, as between the Lender and all persons who at any time may be liable as ` aforesaid or may own the Property, or any part thereof, to have been made on behalf of all such persons. s 12. Inspections and Management. The Borrower agrees that Lender and any person authorized by the Lender shall ~ have the privilege of making inspections of the Property at reasonable times during the life of this Mortgage. If, at any , t~me after default by the Borrower in tfie performance of any of the terms, covenants or provisions of this Mortgage or ~ of the Note, the management or maintenance of the Property shali be determined by the Lender to be unsatisfactory, ~ the Borrower shall employ fer the duration of such default, as managing agent of the Property, such person or firm as ~ from time to time shall be approved by the Lender. 13. Financial Information. Within ninety (90) days following the end of the fiscal year of the Borrower, the Borrower shall promptly furnish to the Lender a statement of the financial condition of the Barrower including balance sheets, financial and operating statements showing, inter alia, gross income, receipts and revenues and expenses with respect to operation of the Property during such fiscal period, and in form and containing such information as shall be satisfactory to the Lender and prepared in accordance with generally accepted accounting principles, and certified to by Borrower (or a duly authorized ~ representative of Borrower) and, if Lender shall require, by an independent certified public accountant. Such statement s shall show with other pertinent information all rents, profits and income received from tenants oi the Property including rents, profits and income paid in excess of minimum rentals or payments called for by ihe respective leases or contracts. Lender shall be entitled to inspect, audit and make extracts from the records and books of account which shall be prepared # • and ma+ntained by Borrower, in a manner satisfactory to Lender, at tha Property or at such other place as shall be satisfactory ~ to Lender. At the written request of Lender, Barrower shall cause any person or entity liable for all or any portion of the ~ ~ ~ . . - ~ - vAG~ 3 7 P ~ y ~~;~x 4~~ ~ac;t ~z7 E ~ - - _ - . - ' I c.~.._~".'~ ,~.a` ; ~ i ~i~'1~~`~~ _ -.Y ~