|
�01`�0�00�
<br />Performance of Obligations. Grantor promises to perform all terms, conditions, and covenants of this
<br />Security Instrument and Related Documents in accordance with the terms contained therein.
<br />Defense and Title to Prope�ty. At the time of execution and delivery of this instrument, Grantor is lawfully
<br />seised of the estate hereby conveyed and has the exclusive right to mortgage, grant, convey and assign the
<br />Property. Grantor covenants that the Property is unencumbered and free of all liens, except for encuxnbrances
<br />of record acceptable to Lender. Further, Grantor covenants that Grantor will wanant and defend generally
<br />the title to the Property against any and all claixns and demands whatsoever, subject to the easements,
<br />restrictions, or other encumbrances of record acceptable to Lender, as may be listed in the schedule of
<br />exceptions to coverage in any abstract of title or title insurance policy insuring Lender's interest in the
<br />Property.
<br />Condition of Property. Grantor promises at all times to preserve and to maintain the Property and every
<br />part thereof in good repair, working order, and condition and will from time to time, make all needful and
<br />proper repairs so that the value of the PropeRy shall not in any way be impaired.
<br />Removal of any �art of t6e Property. Grantor promises not to remove any part of the Properiy from its
<br />present location, except for replacement, maintenance and relocation in the ordinary course of business.
<br />Alterations to the Property. Grantor promises to abstain from the commission of any waste on the
<br />Property. Further, Grantor shall make no material alterations, additions or � improvements of any type
<br />whatever to the Property, regardless of whether such alterations, additions or improvements would increase
<br />the value of the Property, nor pernut anyone to do sa except for tenant improvements and completion of
<br />items pursuant to approved plans and specifications, without Lender's prior written consent, which consent
<br />may be withheld by Lender in its sole discretion. Grantor will comply with all laws and regulaUons of all
<br />public authorities having jurisdiction over the premises relating to the use, occupancy and maintenance
<br />thereof and shall upon request promptly submit to Lender evidence of such compliance.
<br />Due on Sale - Lender's Consent. Grantor shall not sell, further encumber or otherwise dispose of, except as
<br />herein provided, any or all of its interest in any part of or all of the Property without first obtaining the
<br />written consent of Lender. If any encumbrance, lien, transfer or sale or agreement for these is created,
<br />Lender may declare immediately due and payable, the entire balance of the Indebtedness.
<br />Insurance. Grantor promises to keep the Property insured against such risks and in such form as may within
<br />the sole discretion of Lender be acceptable, causing Lender to be named as loss payee or if requested by
<br />Lender, as mortgagee. The insurance company shall be chosen by Grantor subject to I,ender's approval,
<br />which shall not be unreasonably withheld. All insurance policies must provide that Lender will get a
<br />minimum of 10 days notice prior to cancellation. At Lender's discretion, Grantor may be required to produce
<br />receipts of paid premiums and renewal policies. If Grantor fails to obtain the required coverage, LendeF inay
<br />do so at Grantor's expense. Grantor hereby directs each and every insurer of the Property to make payment of
<br />loss to Lender with the proceeds to be applied, only at L,ender's option, to the repair and replacement of the
<br />damage or loss or to be applied to the Indebtedness with the surplus, if any, to be paid by Lender to Grantor.
<br />Payment of 'I'axes and Other Applicable Charges. Grantor prornises to pay and to discharge liens,
<br />encumbrances, taxes, assessments, lease payments and any other charges relating to the Property when levied
<br />or assessed against Grantor or the Property.
<br />Environmental Laws and Hazardous or Toxic Materials. Grantor and every tenant have been, are
<br />presently and shall continue to be in strict compliance with any applicable local, state and federal
<br />environmental laws and regulations. Further, neither Grantor nor any tenant shall manufacture, store, handle,
<br />discharge or dispose of hazardous or toxic materials as may be defined by any state or federal law on the
<br />Property, except to the extent the existence of such materials has been presently disclosed in writing to
<br />Lender. Grantor will immediately notify L,ender in writing of any assertion or claim made by any party as to
<br />the possible violation of applicable state and federal environmental laws including the locatio� o� any
<br />hazardous ar toxic materials on or about the Property. Grantor indemnifies and holds Lender harmless from
<br />any liability or expense of whatsoever nature incurred directly or indirectly out of or in connection with: (a)
<br />any environmental laws affecting all or any part of the Property or Grantor; (b) the past, present ox future
<br />existence of any hazard materials in, on, under, about, or emanating from or passing through the Properiy or
<br />any part thereof or any property adjacent thereto; (c) any past, present or future hazardous activity at or in
<br />connection with the Property or any part thereof; and (d) the noncompliance by Grantor or Grantor's failure
<br />to comply fully and timely with environmental laws.
<br />Financial Information. Grantor agrees to supply Lender such fmancial and other information concerning i«s
<br />affairs and the status of any of its assets as Lender, from time to time, may reasonably reques�. Granto�
<br />further agrees to permit Lender to verify accounts as well as to inspect, copy and to examine the books,
<br />records and files of Graiitor.
<br />Lender's Right to Enter. Lender or Lender's agents shall have the right and access to inspect the Property at
<br />all reasonable times in order to attend to Lender's interests and ensure compliance with the terms of this
<br />Security Instrument. If the Property, or any part thereof, shall require inspection, repair or maintenance
<br />which Grantor has failed to provide, Lender, afrer reasonable notice, may enter upon the Properly to effect
<br />such obligation; and the cost thereof shall be added to the Indebtedness and paid on Lender's demand by
<br />Grantor.
<br />t�J 2004-201 I Compliance Systems, Inc. CDBD-OF44 - 201 I L2.0.475
<br />Commerciel Real Fstate Security Instrument - DL4007 Pege 2 of 5 www.compliencesystems.com
<br />
|