HomeMy WebLinkAbout0956 the termination or saic3 leases, or any oE the;n, or which ir,ay
diminish or impair their value~ or the rents provided for
tnerein, or the interest of hlortyagor or Mortyayee therein or
thereunder except that Mortyayor may amend or modiFy any such
lease provided that such amendment or modiFication shall not
~ diminish the value of, or income received from, such lease by
:;~ore than Five Th~usand Dollars ($5,000.00). hlortgayor, without
tirst obtaininy the written consent of hiortgayee thereto, which
consent will not be unreasonably withheld, shall not (a) assiyn
the rents, or any part thereof, Erom the Premises, (b) consent to
the cancellation or sucrender of any lease of the Prernises, or
any part thereoF, now existing or herea~t~r to be made,
(c) nodify any such lease so as to shorten the unexpired term
~hereof, or so as to decrease the amount of the rent payable
thereunder, (d) collect rents from the Premises For inore than six
months in advance, or (e) sell, transfer, assign, or remove any
personal ~roperty now or hereafter located on L•ne above-d escribea I
premises, unless such action results in substitution or
replacernenC with si~nilar items, owned by Mortgagor anc3 not -
otherwise encumbered, oE equal value. Mortgagor shall procure
and deliver to Mortgagee at the time of executing this rnortgaqe,
or at any time within thirty (30) days after notice and demand,
estoppel letters or certificates From each lessee, tenant or
occupant in possession oF the Premises, as required by, and in
Eorm and substance satisFactory to, Mortgagee and deliver to
Hortgagee a recordec] assignment of all of the lessor's interest
in such leases, in form and substance satisfactory to Mortgaye~
(in addition to the assignment and mortgage herein), and proof oF
due service of copy of such assignment on eaeh lessee, either
personally or by prepaid registered mail, return receipt
requested.
6. Mortgagor shall execute and deliver (~nd ~ay the
costs oE preparation and recording thereoF) to Mortgagee and to
any suosequent holder from time to time, upon dernand, any further
,
instrument or instruments, inciudiny, uui iiot ~i,«i~cu
inortyayes, security agreements, financiny statements, assignments
and renewal and substitution notes, so as to reaffirm, to correct
and to perfect the e~~idence of the obligation hereby secured and
, the legal secur ity ti tle oF Mortgagee to all or any par t of t~e
Premises intended to be hereby ~r~ortgaged, whether now mortyaged,
l later substituted for, or acquired s'ubsequent to the dake of this
~ mortyage and extensions or modifications thereof, i~tortgagor,
~ upon request, made either personally or by mail, shall certify by
~ a writing, duly acknowledged, to Mortgagee or to any proposed,
~ assignee uf this mortgage, the amount of principal and interest
then or~ing on the Secured Indebtedness and whether or not any
otfsets or defenses exist against the Secured Indebtedness,
~ within o days in case the request is made personally, or within
lU days after the mailing of such request in case the request is
mac3e by mail.
7. As further security for payment of the indebtedness
anc3 perforrnance of the obligations, covenants and agreements
secured hereby, Mortgagor hereby assigns to tdortgagee, it~
successors and assigns, all ~eases and contracts already in
existence and to be created in the future, together with all
rents to become due under existing or future leases and
contracts, and upon any event of default as hereinafter provided,
confers on Niortgagee herein the exclusive power, to be used or
not in its sole discretion, to act as agent, or to appoint a
third person to act as agent For ~4ortyagor, with power to take
possession of, and collect all rents, issues and profits arising
from the mortgayed premises and apply such rents, issues and
profits at the option of t9ortgagee, to the payment o~ the
~:~ort:~age debt, interest, insurance, taxes, cost of maintenance
and operation, re~air, and other expenses similar to the
foregoiny, in such order of priority as ~~lortgayee may in its sole
discretion determine, a:~d to t-urn any balance remaining over to
riortt3agor; r~ut such collection o~ rents, issues, and profits
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