|
201405269
<br /> hazardous activity at ar in connection with the Property or any part thereof; and (d) the noncompliance by
<br /> Grantor or Grantor's failure to comply fully and timely with environmental laws.
<br /> Financial Information. Grantor agrees to supply Lender such financial and other information concerning its
<br /> affairs and the status of any of its assets as Lender, from time to time, may reasonably request. Grantor
<br /> further agrees to permit Lender to verify accounts as well as to inspect, copy and to examine the books,
<br /> records and itles of Grantor.
<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, after 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 /> ASSIGNMENT OF LEASES AND RENTS.As additional security for the payment of the Indebtedness and the
<br /> performance of the covenants contained herein, Grantar hereby assigns and transfers over to Lender all rents,
<br /> income and profits ("Rents") under any present ar future leases, subleases or licenses of the Property, including
<br /> any guaranties, extensions, amendments or renewals thereof, from the use of the Properiy. So long as Grantor is
<br /> not in default, Grantor may receive, collect and enjoy all Rents accruing from the Property, but not more than one
<br /> month in advance of the due date. Lender may also require Grantor, tenan�and any other user of the Properiy to
<br /> make payments of Rents directly to Lender. However,by receiving any such payments,Lender is not,and shall not
<br /> be considered, an agent for any party or entity.Any amounts collected may, at Lender's sole discretion,be applied
<br /> to protect Lender's interest .in the Property, including but not limited to the payment of taxes and insurance
<br /> premiums and to the Indebtedness. At Lender's sole discretion, all leases, subleases and licenses must fu-st be
<br /> approved by 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
<br /> receive and receipt for any and all damages awarded as a result of the full or partial taking or appropriation and in
<br /> its sole discretion, to apply said awards to the Indebtedness, whether or not then due or otherwise in accordance
<br /> with applicable law. Unless Lender otherwise agrees in writing, any application of proceeds to the Indebtedness
<br /> shall not extend or postpone the due date of the payments due under the Indebtedness or change the amount of
<br /> such payments.
<br /> GRANTOR'S ASSURANCES. At any time, upon a request of Lender, Grantor will execute aud deliver to
<br /> Lender, and if appropriate, cause to be recorded, such further mortgages, assignments, assignments �of leases and
<br /> rents, security agreements, pledges, financing statements, or such other document as Lender may require, in
<br /> Lender's sole discretion, to effectuate, complete and to perfect as well as to continue to preserve the Indebtedness,
<br /> or the lien or 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 Grantar'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 /> 'Bvent 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 ar a default under any of
<br /> the Related Documents;
<br /> (c) The making of any oral or written statement or assertion to Lender that is false or misleading in any
<br /> material respect b.y Grantor or any person obiigated on the Indebtedness;
<br /> (d) The death, dissolution, insolvency, bankruptcy or receivership proceeding of Grantor or of any person
<br /> or entity obligated on the Indebtedness;
<br /> (e) Any assignment by Grantar far the benefit of Grantor's creditors;
<br /> (fl A material adverse change occurs in the financial condition, ownership or management of Grantor or
<br /> any person obliga.ted on the Indebtedness;or
<br /> (g) Lender deems itself insecure for any reason whatsoever.
<br /> REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, Lender may, without demand or
<br /> notice,pay any or all taxes, assessments,premiums, and liens required to be paid by Grantor, effect any insurance
<br /> provided for herein, make such repairs, cause the abstracts of title or title insurance policy and taY histories of the
<br /> Property to be certified to date, or procure new abstracts of title or title insurance and taY histories in case none
<br /> were furnished to it, and procure title reports covering the Property, including surveys. The amounts paid for any
<br /> such purposes will be added to the Indebtedness and will bear interest at the rate of interest otherwise accruing on
<br /> the Indebtedness until paid. In the event of foreclosure, the abstracts of title or title insurance shall become the
<br /> properiy of Lender. All abstracts of title, title insurance, tax histories, surveys, and other documents p�ertaining to
<br /> the Indebtedness will 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 FORECL�SURE OF
<br /> A SECURITY INSTRUMENT BY ADVERTISEMENT,AS PROVIDED BY APPLICABLE LAW, OR IN THE
<br /> �2004-2013 Compliance Systems,Inc.46F5-A4E8-2013L2.0.666
<br /> Commercial Construction Security Instrument-DL4007 Page 3 of 5
<br /> www.compliancesystems.com
<br />
|