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Provided, always. and it is the true intent and meaning of
the parties to these presents, that when Mortgagor, its
successors or assigns, shall pay or cause to be paid the secured
Indebtedness according to the conditions and agreements of the
Loan Agreement, the Note and the Reimbursement Agreement, and -
this Mortgage, and shall perform all of the obligations according
to the true intent and meaning thereof and hereof and the
conditions thereunder and hereunder, then this Mortgage shall
cease, determine and be null and void, and Mortgagee shall
execute and deliver to Mortgagor a satisfaction of this Mortgage
in recordable form; otherwise, this Mortgage shell remain in full
force and effect.
Mortgagor hereby further covenants and agrees with the I
Mortgagee as follows:
ARTICLE ONE
COVENANTS
'f
~ 1.01 Pavment of Indebtedness. Mortgagor shall pay, or .
cause to be paid, the Secured Indebtedness promptly as the same
shall become due.
1.02 Warranty of Title. Mortgagor covenants and warrants
that it is seized of an indefeasible estate in fee simple in the
Land and any other real property hereby mortgaged, has good and
absolute title to all existing personal property hereby mortga~ed
or made subject to the security interest hereby created and has
good right, full power and lawful authority to convey, mortgaqe
and encumber the same as provided herein; that Mortgagee may at .
all times peaceably and quietly enter upon, hold, occupy and
enjoy the Land and any other real property hereby mortgaged and
every part thereof; that the Land, real property and all existing
personal property hereby mortgaged or made subject to the
security interest hereby created are free and clear of all liens,
security interests, charges and encumbrances whatsoever, except
for the Permitted Encumbrances. Mortgagor shall and will make
such further assurances to perfect Mortgagee's-fee simple title
to the Land and the real property hereby mortgaged, and the title
to the personal property hereby mortgaged or made subject to the
security interest hereby created as may reasonably be required.
Mortgagor fully warrants the titl~ to the Land, real property and
all existing personal property hereby mortgaged or made subject
to the security interest hereby created and every part thereof,
and will forever defend the same against the claims of all
persons whomsoever except as ta the Permitted E*~cumbrances.
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g~oK 573 PAGE 956