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201305319
<br />Section 10.2. Statutory Waste. The failure of Mortgagor to pay taxes or assessments
<br />assessed against the Properties or any installment thereof, or any premiums payable with respect
<br />to any insurance policy covering the Properties, shall constitute waste as provided by Michigan
<br />Compiled Laws, 1948, as amended, Section 600.2927. Mortgagor hereby consents to the
<br />appointment of a receiver under said statute should Administrative Agent elect to seek such
<br />relief.
<br />Section 10.3. Future Advances. This Mortgage is a "Future Advance Mortgage" under
<br />MCLA 565.901 et seq. All future advances under the indebtedness secured hereby, this
<br />Mortgage and Loan Documents shall have the same priority as if the future advance was made
<br />on the date that this Mortgage was recorded. This Mortgage shall secure all indebtedness of
<br />Mortgagor, its successors and permitted assigns under the indebtedness secured hereby, this
<br />Mortgage or any of the Loan Documents, whenever incurred, such indebtedness to be due at the
<br />times provided in the documents and instruments governing the indebtedness secured hereby and
<br />in this Mortgage. Notice is hereby given that the indebtedness secured hereby may increase as a
<br />result of any defaults hereunder by Mortgagor due to, for example, and without limitation,
<br />unpaid interest or late charges, unpaid taxes, assessments or insurance premiums which
<br />Administrative Agent elects to advance, defaults under leases that Administrative Agent elects to
<br />cure, attorney fees or costs incurred in enforcing the Loan Documents or other expenses incurred
<br />by Administrative Agent in protecting the Properties, the security of this Mortgage or
<br />Administrative Agent's rights and interests.
<br />Section 10.4. Recordable Events. The provisions set forth in this Mortgage are not
<br />intended to evidence an additional recordable event, as may be proscribed by Act 459 of the
<br />Public Acts of Michigan of 1996, but rather are included in this Mortgage for purposes of
<br />complying with any applicable Requirement of Law.
<br />Section 10.5. Assignment. Mortgagor, pursuant to Act No. 210 of Michigan Public Acts
<br />of 1953, as amended, does hereby sell, assign, transfer and set over to Administrative Agent all
<br />of its right, title and interest in and to all leases, subleases, tenancy, occupancy, rental, use, sale
<br />or license agreements (hereinafter in this Section collectively referred to as "leases "), existing as
<br />of the date hereof, or hereinafter executed, covering all or any part of the Properties, together
<br />with any and all extensions and renewals of any of said leases, and also together with any and all
<br />guarantees of the lessee's obligations under said leases, and any and all extensions and renewals
<br />thereof, the rents, accounts, issues, income, profits, proceeds, security deposits and any other
<br />payments now owing or which shall hereafter become owing by virtue of all of said leases, all or
<br />any part of the oil and gas located in, on or under oil and gas properties, and all or any of the
<br />rents and profits from oil and gas properties, and the income from the sales of oil and gas
<br />produced or to be produced from oil and gas properties (in accordance with MCLA 565.81 et
<br />seq.), and all extensions, amendments and renewals thereof, and all moneys payable thereunder
<br />(herein sometimes collectively called the "Rents "), to have and to hold unto the Administrative
<br />Agent as security for the indebtedness secured hereby. NOTICE OF ABSOLUTE
<br />ASSIGNMENT OF RENTS: (a) Mortgagor acknowledges and agrees that the assignment of
<br />rents hereunder to Administrative Agent is and is intended to be an absolute present assignment
<br />of rents pursuant to MCLA 554.231 et seq. and MCLA 565.81 et seq. and that as such, upon the
<br />occurrence of a default and the giving by Administrative Agent to Mortgagor of written notice
<br />that Mortgagor shall have no further right to collect or otherwise receive such Rents
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