HomeMy WebLinkAbout0917 Borrower be diveated of title or any interest in Mortgaged Property in any
manner or way, whether voluntary or involunCary, or (c) should the Borrawer
lease the entire fee simple interest of the Mortgaged Property (and not simply
the improvements of buildings located therean) not in Che ordinary course of
bueiness or (d) should the Mortgaged Property be further encumbered the entire
balance of the indebtedness evidenced by the Note shall be accelerated and be-
come immediately due and payable, at the option of the Lender upon ten (10) days
written notice to the Borrower. In the event Lender elects to accelerate the
entire balance of the indebtedness, Lender shall have no obligaCian to allege
or show any impa~rment of its security and may pursue any legal or equitable
remediea for default in such payment without allegation or shoWing. It is
specifically understood by the parties that as a condition of granting its
approval required by this paragraph, the Lender may ad~ust the interest rate
stated in the Note.
12. Notice. Any written notice, demand or request that is required to be
made hereunder, or under the Note, or under any other instrument of security
for the note, shall be served in person, or bY registered or certified mail,
return receipt requested, addressed to the party to be served at the address
set forth in the first paragraph hereof. The addresses stated herein may be
changed as to the applicable party by providing the other party with notice
of such address change in the manner provided in this paragraph; provided, how-
ever, so long as the Borrower is the owner of all or any part of the Mortgaged
Property the address of the Borrower must be loc~ted within the continental
United States of America. In the event that written notice, demand or request
is made as provided in this paragraph, then in the event that such notice is
returned to the sender by the United States postal system because of insufficient
address or because the party has moved or otherwise, other Chan for insufffcient
postage, such writing shall be deemed to have been received by the party to -
whom it was addressed on the date that such writing was initially placed in the
United States postal system by the sender.
_ 13. Future Advances.~ Upon request of Borrower, Lender, at Lender's option,
within twenty (20) years from date of this Mortgage, may make future advances
~ to Borrower. It is hereby specifically agreed that any sum or sums which may
be ~loaned or advanced by the Lender to the Borrower at any time after the re-
cording of this indenture, together with interest thereon at the rate agread
upon at the time of such loan or~advance, shall be equally secured with and have
the same priority as the original indebtedness and be subject to all the terms
and provisions of this Mortgage, providing that the aggregate amount of principal
outstanding at any time shall not exceed an amount equal to the two and one-half
(2 1/2) times the principal amount originally secured hereby.
14. Financial Statements. The Borrower wi11 keep its books of account in
accordance with generally accepted account~ng practices and will furnish the
Lender with the folZowing:
. (a) Within sixty (60) days after the close of its fiscal year a bal-
ance sheet as of the close of such year, a profit and loss statement and state-
ment of reconciliation of surplus for such year. Such statements shall be certi-
fied by independent certified public accountants, satisfactory to the Lender, and
such statements shall be certified by one of the principal executive officers of
the Borrower.
(b) Within thirty (30) days after the close of each calendar quarter,
the Barrower will furnish to the Lender an unaudited halance sheet and profit and
loss statement and statement of reconciliation of surplus for the preceding
quarter certified by one of the principal executive officers of the Borrower.
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