HomeMy WebLinkAbout0963 not expressly released in writiny, t9ortyayee may, at any time and
~rom time to time, either pefore or after the maturity of the
t~ote, and with~ut notice or consent: (a) release any person
liable for payment of all or any part af the indebtedness or For
performance of any obligation; (b) make any agreement extending
the time or otherwise altering the terms of payment of all or any
part ot the ind~btedness, or modifying or waiviny any obligation,
or subordinatin~, modifyiny or otherwise dealing with the lien or
charge hereof; (c) exercise or refrain From exercising or waive
any riaht ~ortgayee may have; (d) accept additional security of
any kind; (e) release or otherwise deal with any property, real
or personal, securiny tne indebtedness, includiny all or any part
ot the property mortgayed hereby.
19. Mortga~ee shalZ be subrogate~ to t~:~ lien of any
and all prior encumbrances, liens or char~es paid and discharyed
fro~n the proceeds of the Note hereby ~secured, and even though
such prior liens have been released of rPCOrd, the reUavment of
the No*_e shall oe secured by such liens on the F~ortions of the
Premises afEected thereby to the extent of such payments,
respectively.
20. The words "Mortgagor" and "i~lortgagee" whenever
used herein shall include all individuals, corporations (and iF a
cor~oration, its officers, er~ployees or agents) and any and all
other persons or entities, and the res~ective heirs, executors,
administrators, legal representatives, successors and assigns of
the ~arties hereto, and all those holding under either of them,
and the pronouns used herein shall include, when appropriate,
either yender and both singular and plural, ar~d the word "tJote"
shall also include one or rnore notes and the grammatical
construction of sentences shall conEorm thereto. ~
21. If any provision oF this [4ortgaqe, the Note, ~
'v'uaranty, or any other instrument securing this loan, or the
aoplication thereof shall, for any reason and to any extent, be
invalid or unenforceable, neitt~er the remainder oF the instrument ~
in which such provision is contained, nor the application of the
provision to otner persons, entities or circumstances, nor any '
other instrument referred to hereir~above shall be affected
~ thereby, but instead shall be enforced to the maxi?num extent
~ permitt~d by law. ~
~ 22. The riynt is hereby reserved by the t~tortgagee to
look to any Property secured hereby or under any Property secured ,
by a hlortgage acting as additional collateral for the debt
evidenced hereby, without notice to, conser.t of, or the approval
or ayreement of other parties in interest, including junior
lienors, and such dealing shall not impair in any manner t?ie
validity of or priority of this t~ior~gage or the Premises, nor
shall it release the ~lortgagor from personal liability Eor the
indebtedness hereby secured, yortgagor on its own behalf and on
behalf of its successors and assigns hereby expressly waives all
r ights to reguire a r~arshall ing of assets by hlortgagee or to
cequire Mortyayee, u~on a Eoreclosure, to first resort to the
sale of any portion of the premises which might have been
retained by tdortyaqor before foreclosing upon and selliny any
other portion as may be conveyed by Mort~agor subj~ct to tnis
t~lortyage.
23. t~iortgagor snall maintain and preserve all of
their assets, necessary or useful in the prooer conduct of their
nusiness, in yood working order and conditi~~n, ordinary wear anc3
~ tear excepted. ~~~rtgagor snall keep ali systems, equipment and
machinery which rnay now or in the future be su4ject to compliance
with standards or rules imposed by any yovernmental agency or
authority in full compliance with such standards and rules and in
the event ~~lortgagor shall received a notice of violation fro~n any
yovernrnental agency or authority, then the ~lortyagor so cited
will c~mply with said notice of violation in the ordinary course
of business within a reasonable tire.
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