|
201300
<br />Lender's Right to Enter. Lender of Lender's agents shall have the right and access to inspect the Property
<br />at 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, after reasonable notice, may enter upon the Property 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 />ASSIGNMENT OF LEASES AND RENTS. As additional security for the payment of the Indebtedness and the
<br />performance of the covenants contained herein, Grantor hereby assigns and transfers over to Lender all rents,
<br />income and profits ( "Rents ") under any present or future leases, subleases or licenses of the Property, including any
<br />guaranties, extensions, amendments or renewals thereof, from the use of the Property. So long as Grantor is not in
<br />default, Grantor may receive, collect and enjoy all Rents accruing from the Property, but not more than one month in
<br />advance of the due date. Lender may also require Grantor, tenant and any other user of the Property to make
<br />payments of Rents directly to Lender. However, by receiving any such payments, Lender is not, and shall not be
<br />considered, an agent for any party or entity. Any amounts collected may, at Lender's sole discretion, be applied to
<br />protect Lender's interest in the Property, including but not limited to the payment of taxes and insurance premiums
<br />and to the Indebtedness. At Lender's sole discretion, all leases, subleases and licenses must first be approved by
<br />Lender.
<br />CONDEMNATION. Grantor shall give Lender notice of any action taken or threatened to be taken by private or
<br />public entities to appropriate the Property or any part thereof, through condemnation, eminent domain or any other
<br />action. Further, Lender shall be permitted to participate or intervene in any of the above described proceedings in
<br />any manner it shall at its sole discretion determine. Lender is hereby given full power, right and authority to receive
<br />and receipt for any and all damages awarded as a result of the full or partial taking or appropriation and in its sole
<br />discretion, to apply said awards to the Indebtedness, whether or not then due or otherwise in accordance with
<br />applicable laws. Unless Lender otherwise aggress in writing, any application of proceeds to the Indebtedness shall
<br />not extend or postpone the due date of the payments due under the Indebtedness or change the amount of such
<br />payments.
<br />GRANTOR'S ASSURANCES. At any time, upon a request of Lender, Grantor will execute and deliver to Lender,
<br />and if appropriate, cause to be recorded, such further mortgages, assignments, assignments of leases and rents,
<br />security agreements, pledges, financial statements, or such other document as Lender may require, in Lender's sole
<br />discretion, to effectuate, complete and to perfect as well as to continue to preserve the Indebtedness, or the lien or
<br />security interest created by this Security Instrument.
<br />ATTORNEY - IN - FACT. Grantor appoints Lender as attorney -in -fact on behalf of Grantor. If Grantor fails to
<br />fulfill any of Grantor's obligations under this Security Instrument or any Related Documents, including those
<br />obligations mentioned in the preceding paragraph, Lender as attorney -in -fact may fulfill the obligations without
<br />notice to Grantor. This power of attorney shall not be affected by the disability of the Grantor.
<br />EVENTS OF DEFAULT. The following events shall constitute default under this Security Instrument (each an
<br />"Event of Default "):
<br />(a) Failure to make required payments when due under Indebtedness;
<br />(b) Failure to perform or keep any of the covenants of this Security Instrument or a default under any
<br />of the Related Documents;
<br />(c) The making of any oral or written statement or assertion to Lender that is false or misleading in
<br />any material respect by Grantor or any person obligated on the Indebtedness;
<br />(d) The death, dissolution, insolvency, bankruptcy or receivership proceeding of Grantor or of any
<br />person or entity obligated on the Indebtedness
<br />(e) Any assignment by Grantor for the benefit of Grantor's creditors;
<br />(f) A material adverse change occurs in the fmancial condition, ownership or management of Grantor
<br />or any person obligated on the Indebtedness; or
<br />(g) Lender deems itself insecure for any reason whatsoever.
<br />REMEDIES OF DEFAULT. Upon the occurrence of an Event of Default, Lender may, without demand or notice,
<br />pay any or all taxes, assessments, premiums, and liens required to be paid by Grantor, effect any insurance provided
<br />for herein, make such repairs, cause the abstracts of title or title insurance policy and tax histories of the Property to
<br />be certified to date, or procure new abstracts of title or title insurance and tax histories in case none were furnished
<br />to it, and procure title reports covering the Property, including surveys. The amounts paid for any such purposes
<br />will be added to the Indebtedness and will bear interest at the rate of interest otherwise accruing on the Indebtedness
<br />until paid. In the event of foreclosure, the abstracts of title or title insurance shall become the property of Lender.
<br />All abstracts of title, title insurance, tax histories, surveys, and other documents pertaining to the Indebtedness will
<br />remain in Lender's possession until the Indebtedness is paid in full.
<br />IN THE EVENT OF THE SALE OF THIS PROPERTY UNDER THE PROCEDURE FOR FORECLOSURE OF A
<br />SECURITY INSTRUMENT BY ADVERTISEMENT, AS PROVIDED BY APPLICABLE LAW, OR IN THE
<br />EVENT LENDER EXERCISES ITS RIGHTS UNDER THE ASSIGNMENT OF LEASES AND RENTS, THE
<br />LENDER SHALL PROVIDE ALL STATUTORILY REQUIRED NOTICES OF SALE AND NOTICES OF
<br />JUDICIAL HEARINGS BEFORE LENDER EXERCISES ANY OF ITS RIGHTS UNDER THIS INSTRUMENT.
<br />Page 3 of 5
<br />
|