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HomeMy WebLinkAbout1546 01i15i50 15=3b E 40' :59 99i2 B B 5 Inc. 18 FIXTURES AND PEASONAL PRpP6RTY. TOGETHER MITH a security int,@rest in (i all property and fixture~ affixed Eo or located on the property described in paragrapha (A)~ (B) or (C) hereof which, Lo the fulle~t extent per~itted by laW shall be deemed fixturea and a part of the real property~ (ii) all articlea of personal property and all ~aterials delivered to the property described in paragraph~ (A), (B) and (C) hereof for uae in any construction being conducted thereon~ and owned by Mortgagor; (111) all contract rights~ general intangi~les~ actiona a~d rights in action~ inoluding all rights to insuranee proceeds, and (iv) all proceeds, produets~ replacements~ additions, substitutions, reneWal9 and aecessions of any of the foregoing. Mortgagor (Debtor) hereby grants to Mortgagee (Creditor) a seeurity intereat in all fixtures~ rights in aetion and personal property described herein. Thia Mortgage is a self operative security agreement with respeet to sueh property, but Mortgagor agree~ to execute and deliver on demand sueh other seeurity agreement~, financing statements~ conti~vation statements and other instruments as Mortgagee may request i~ order to perfeet its security intere9t or to impose the lien hereof mor~ specifically upon any of such property and Mortgagor hereby constitutes and appoints Mortgage~ as Agent and attorney~in~fact to make~ execute~ deliver and record any instruments for the purpose of effecting the lien and ~ecurity interests of this Mortgage and continuing the effect thereof. The foregoing poWer of attorney is irrevocable and coupled with an interest. Mortgagee shall have all the rights and re~edies in addition to those specified hereln of a secured party under the Uniform Commerelal Code. Everything referred to in paragraphs (A), (B), (C)~ (D)~ t tE), and (F) hereof and a~y additlonal property hereafter aequired by Mortgagor and eub~e~t to the lien of this mortgage ' or ~ntended to be so is herein rePerred to as the "Mortgaged i Property". , ! ~ ; TO HAVE AND TO HOLD the Mortgaged Property and all parts ` thereof unto Mortgagee, its succesaor8 and assigns~ for ~ enforeing the payment of the Note when due and payable ~ aecording to the true lnteresL and meaning of the stipulation9 ~ and provisions of the Note and the payment and performance of all other obligations of the Mortgagor herein and in the Note. ~ The foregoing amounts evideneed by the Note~ or due and payable ~ by Mortgagor under the Note and unQer the provisions hereof ~ ~ncluding advances by Mortgagee for the purpose of paying taxes ~ or premiums on insuranee on the Mortgaged Property ori to ` repair, roaintain, or i~prove the Mortgaged Property and all ~ renewa2 or renewals and extension or extensions of the Note are ~ secured hereby and collectively referred to herein as "Secured ~ Indebtedness"; prov~ded, however~ that upon the express conditions that if Mortgagorf ita succegsore and assigns ehall wel~ and truly pay or eau~e to be paid unto the ho~der of the Note the Secured Zndebtedness and ~hal~ Well and truly keep, ' observe and perform all and ~ingular the covenant9 and proviaions in the Note and any other in~trument 3ecuring th~ Note~ this instrument shall be cancelled to its oWn proper uee and benefit forever~ aub~eet, however~ to the ter~s and y con~it~ona herein. Mortgagor covenanta and agrees with ~ Mortgagee ae Pollowa: k ~ ~ ~ 4` 3 i 60~1V t~ PAGE1546 ~ ~ ~ ~ _ .u - - - ,