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Statement affecting property either referred to or described herein, or in any
way connected with the use and en~oyment of these premisea, this mortgage
shall be deemed the Security Agreement as defined in said Uniform Commercial
Code and the remedies for any violation of the covenants, terms and conditions
of the agreements herein contained shall be (i) as prescribed herein, or (ii}
by general law, or (iii) as to such part of the security which ie also
reflected in said financing statement by the specific statutory consequences
now or hereafter enacted and specified in the Uniform Commercial Code, all at
Mortgagee's sole election. Mortgagor and Mortgagee agree that the filing of
such financing statement in the records normally having to do with personal
property shall never be construed ae in anywise derogating from or impairing
this declaration and hereby stated intention of the parties hereto, that ;
everything used in connection with the production of income from the mortgaged
property (furniture only excepted) andJor adapted for use therein and/or which ~
is described or reflected in this Mortgage is, and at all times and for all
purposes and in all proceedings both legal or equitable shall be, regarded as F
part of the real estate irrespective of whether (i) any such item is physical-
ly attached to the improvements, (ii) serial numbers are used for the better ;
identification of certain equipment items capable of being thus identified in
a recital contained herein or in any list filed with the Mortgagee, or (iii) ;
any such time is referred to or reflected in any such financing statement so
filed at any time. Similarly, the mention in any such financing statement of ~
(1) the rights in or the proceeds of any fire and/or ha2ard insurance policy,
or (2) any award in eminer_t domain proceedings for a taking or for loss of
value, or (3) the debtor's interest as lessor in any present or future lease
or rights to income growing out of the use and/or occupancy of the property
mortgaged hereby, whether pursuant to lease or otherwise, shall never be
construed as in anywise altering any of the rights of Mortgagee as determined
by this instrument or impugning the priority of the Mortgfig2e's lien granted '
hereby or by any other recorded documen~s, but such mention in the financing
statement is declared to be for the protection of the Mortgagee in the event
any court or 3udge shall at any time hold with respect to (1), (2) and (3)
that notice of Mortgagee's priority of interest to be effective against a
particular class of persons, including, but not limited to, the Federal
Government and any subdivisions or entity of the Federal Government, must be
filed in the Commercial Code Records.
14. If foreclosure proceedings of any senior or ~unior mortgage or
lien of any kind should be instituted upon the property then encumbered by '
this Mortgage or any part thereof, or if a petition in bankruptcy is filed by
or against the Mortgagor, the Mortgagee may, at its option, imnediately or
thereafter declare this Mortgage and the indebtedness secured hereby due and
payable, provided said proceedings are not dismissed within fifteen (I5) days
after they are instituted.
I5. That, in the event that at the beginning of or at any time
pending any suit upon this Mortgage, or to foreclose it, or to reform it or to
enforce payment of any claims hereunder, said Mortgagee shall apply to the
court having 3urisdiction thereof for the appointment of a Receiver, such
court shall, following five (S) days notice to Mortgagor, appoint a Receiver
af said mortgaged property all and singular, including all and singular the
income, profits, issues, and revenues from whatever source derived, each and
every of which, it being expressly understood, is hereby mortgaged as if
specifically set forth and described in the grantiag and habendum clauses
hereof, and such Receiver shall have all the broad and effective functions and
powers in anywise entrusted by a court to a Receiver, and such appointment
shall be made by such court as an admitted equity and a matter of absolute
right to said Mortgagee, and without referenee to any adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolv~ncy of the
Mortgagor, and such rents, profits, incomes, issues and revenues shall be
applied by such Receiver according to the lien or equity of said Mortgagee and
the practice of such court, and such appointment of Receiver shall be without
notice to any obligor hereunder.
16. If all or any material part (excluding sales of units in any
ordinary course of business as contemplated by Mortgagor and Mortgagee) of the
mortgaged premises or any interest therein is sold or transferred by Mortgagor
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972
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