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HomeMy WebLinkAbout0975 ~ ~ . 1.19 Financial Statemente. As soon ae practicable a~te~ ~ the close of eac f acal year of Mortgagor (but not later than one hundred twenty (120) days after such close), - Mortgagor will Purnisb to Mortgagee an operating atatement and balance eheet of the Mortgagor for the preceding fiecal year, which op~rating statement ar~d balance st~eet ahall be certified by an independent certi~ied public accountant, together with an annual operating atatement sho~ing in - reasonable detail all income and eupenses with respect to the operation of the Mortgaged Property prepared by Mortgagor and certified a$ to accuracy by an independent certified public accountant. ARTICLE II ASSIGNMENT OF LEASES, SUBLEASES FYtANCHISES,~ RENTS, ISSUES AND FROFITS i 2.Q1 Asaignment of Rents. Mortgagar hereby assigns and transfers to Mortgagee a11 the leases, suble~ses, franchisee, rents, issues and profite of the Mortgaged Property, and hereby gives to and confers upon Mort~agee the right, power and authority to collect such rents, issues and profits. Mortgagor irrevocabiy appoints Mortgagee ita true and lawful attorney-in-fact, at the option of Mortgagee at any time and from time to time, to demand, receive and enforce payment, to ; give receipts, releaaes and satisfactions, and to sue, in the ~ name of Mortgagor or Mortgagee, for all such rents, issues f and profits and apply the same to the indebtedness secured ~ hereby; provided, however, that Mortgagor shall have the right to collect such rents, issues and profit8 (but not more than one <1) month in advance) prior to or at any time there is not an event of default under this Mortgage. The aseignment of the leases, aubleases, franchiaes, rents, issues and profits of the Mortgaged Property in this Article II is intended to be an absolute asaignment from Mortgagor to Mortgagee and not merely the passing of a security interest. The leases, subleases, franchises, rents, issues and profits are hereby assigned absolutely by Mortgagor to Mortgagee contingent only upon the occurrence of an event of default under this Mortgage. 2.0~ Collection Upon Default. IIpon any event of default under this Mortgage, Mortgagee may, at any time without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, aue for or any part thereof, in its own name, sue for or otherwise collect I auch rents, issues and profits, inciuding those past due and uap~id, and apply the same, less costs and expenses of operation and collection, inciuding attorneys' fees, upon any indebtedness ~ecured hereby, and in such order as Mortgagee may determine. The coliection of such rents, issues and grofits, or the entering upon and taking possession of the Mortgaged Property, or the application thereof as aforesaid, shall not cure or waive any defauit or notice of default hereunder or invalidate any act done in respon~e to such default or pursuant to such notice of default. ARTICLE III SECURITY AGREEMENT 3.41 Creation of Securit Interest. Mortgagor hereby grants to Mortgagee a secur ty interest in the Personal Property located on or at the Premi~es (more particularly ~ described on page 1 herein), including without limitatian any and ali property of similar type or kind hereafter located on or at the Premises for the purpose of securing all obligatione of Mortgagor aet forth in this Mortgage. ~ -20- BOOK 5~1 PAGf