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HomeMy WebLinkAbout0929 postponement or extension of the time, for nayment ot~ the Secured Indebtedness or any part thereof. 9, Forbearances. The failure of Mortgagee to exercise any option to deciare the maturity of the Secured indebtedness or any portion thereof, under any of the covenants or stipulations set fortn in this Mortgage Deed or in the Promissory No~e evidencing the Secured Indebtedness, shall not be taken to be a waiver of the right to ex~rcise such option to declare such maturity as to suct~ past or subsequent violation of any of said covenants or stipulations prior to curing of such default by Grantor. 10. Condominium Covenants. Grantor shall not, except after notice to Mortgagee and with Mortgagee's prior written consent, i partition or subdivide the Praperty or consent to: i (i) The abandonment or termination of the Condominium Project, except for abandonment or termination provicled by law in the case of substantial destruction by fire or other casualty, or in the case of a taking by condemnation or eminent domain; ~ (ii) Any material amendment to the Condominium Uocuments including, but not lir~ited to, any amendrnent wnich would change ~h~ percentage interest of tt~e Unit owners in the Condominium Project; or 11. Security Agreement. 7he Mortgage Deed i.s intendetl to be a security agreement pursuant to tne Uniforn~ Commercial Code far any and all of the goods, personal property and fixtures specifiea above as part of the Premises which, under applicable law, may ee subject to a security interest pursuant to the Uniform Commercial Code. Accordingly, Grantor hereby grants to Mortgayee a security interest in all such goods, personal property and fixtures. Grantor agrees to execute and deliver financing statements covering said goods, personal property and fixtures. Grantor agrees to execute and deliver financing statements covering said goods, personal property and fixtures from time to time in such farm as hiortgagor may require to perfect a security interest therein. Grantor shall pay ali costs of filing such statements which Mortgagee may reasonably require. Upon Grantor's breach of any covenant or agreement between the parties entered into in conjunction herewith, the Mortgagee sha21 have the remedies of a secured party under the Uniform Commercial Code and, at Mortgagee's option, it may also invoke the remedies provided for in default provisions of this Mortqage Deed. 12. Remedies. If an event of default shall occur nereunder and not be remedied to Mortgagee's satisfaction within any grace period applicable, Mortgagee shall have all rights and remedies afforded by law or in equity and by the Promissory Note and this - Mortgage Deed, including the right to accelerate payment of the Promissory Note as provideci Lherein and including, but not limited to, the following: 1 (a) Without obligation on the part of Mortgagee to do so, ~ and irrespective of whether or not a receiver of the Property has been appointed, Grantor hereby waiving any right to require appointment of a receiver, Mortgagee or its representatives may taKe immedi~te possession of the Property or any part thereof (which Grantor agrees ta surrender) and, until a foreclosure sale is made, manage, control, and lease the same to such person or persons and at such rental as M~rtgagee may deem proper; collect all the rents, issues, and profits fiher~from, including those past due as well as those thereafter accruing, with the right in the Mortgagee to cancel any lease or sublease for any cause or ~n any ground which would entitle Grantor to cancel ~he same; make such expenditures for maintenance, repairs, and costs of operation as it may deem advisable; and, after deducting ~he cost thereof and a reasonable - 4 - 0415d/00?_4d gK0525 Pl?~0929