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201405269
<br /> FUTURE ADVANCES.To the extent permitted by law,this Security Inst►ument will secure future advances as if
<br /> such advances were made on the date of this Security Instrument regardless of the fact that from time to time there
<br /> may be no balance due under the note and regardless of whether Lender is obligated to make such future advances.
<br /> CROSS COLLATERALIZATION. It is the expressed intent of Grantor to cross collateralize all of its
<br /> Indebtedness and obligations to Lender, howsoever arising and whensoever incurred, except any obligation
<br /> existing or arising against the principal dwelling of any Grantor.
<br /> CONSTRUCTION LOAN AGREEMENT.This Security Instrument is made in conjunction with a Construction
<br /> Loan Agreement dated the same date as this Security Instrument and is subject to all of the provisions of the
<br /> Construction Loan Agreement as if those provisions were fully set forth in this security Instrument and made a part
<br /> of it.
<br /> WARRANTIES. Grantor, for itself, its heirs, personal representatives, successors, and assigns, represents,
<br /> warrants,covenants and agrees with Lender,its successors and assigns,as follows:
<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 Property.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 encumbrances
<br /> of record acceptable to Lender. Further, Grantor covenants that Grantor will warrant and defend generally
<br /> the title to the Property against any and all claims 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 Property shall not in any way be impaired.
<br /> Removal of any Part of the Property. Grantor promises not to remove any part of the Property 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 or in
<br /> connection with the Property.Further,Grantor shall make no material alterations,additions or improvements
<br /> of any type whatsoever to the Property, regardless of whether such alterations; additions or improvements
<br /> would increase the value of the Property, nor permit anyone to do so except for tenant improvements and
<br /> completion of items pursuant to approved plans and specifications, without Lender's prior written consent,
<br /> which consent may be withheld by Lender in its sole discretion. Grantor will comply with all laws and
<br /> regulations of all public authorities having jurisdiction over the Property including,without limitation,those
<br /> relating to the use, occupancy and maintenance thereof and shall upon request promptly submit to Lender
<br /> evidence of such compliance.
<br /> Due on Sale-Lender's Consent.Grantor shall not seil,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 cotnpany shall be chosen by Grantor subject to Lender'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,Lender may
<br /> do so at Grantor's expense.Grantor hereby directs each and every insurer of the Properiy to make payment of
<br /> loss to Lender with the proceeds to be applied, only at Lender'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 Taxes and Other Applicable Charges. Grantor promises 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 Properiy.
<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 /> Properly, except to the extent the existence of such materials has been presently disclosed in writing to
<br /> Lender. Grantor will immediately notify Lender 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 location of any
<br /> hazardous or toxic materials on or about the Property. Grantor indemnifies and holds Lender harmless from,
<br /> without limitation, any liability or expense of whatsoever nature incurred directly or indirectly out of or in
<br /> connection with: (a)any environmental laws affecting all or any part of the Property or Grantor; (b)the past,
<br /> present or future existence of any hazardous materials in, on, under, about, or emanating from or passing
<br /> tl�rough the Property or any part thereof or any property adjacent thereto; (c) any past, present or future
<br /> �2004-2073 Compliance Systems,Inc.46F5-A4E8-2013L2.0.666
<br /> Commercial Construction Security Instrument-DL4007 Page 2 of 5 www.compliancesystems.com
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