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201502756
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Last modified
5/12/2015 10:17:56 AM
Creation date
4/30/2015 4:31:46 PM
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DEEDS
Inst Number
201502756
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20150275'3 <br />other terms), and (b) pay the underlying claim in full or take such other action so as to cause <br />such Lien to be released. <br />3.3. Payment and Performance. Grantor shall pay the Indebtedness when due under <br />the Loan Documents and shall perform the Obligations in full as and when they are required to <br />be performed. <br />3.4 Replacement of Fixtures and Personalty. Grantor shall not, without the prior <br />written consent of Beneficiary, permit any of the Fixtures or Personalty to be removed at any <br />time from the Land or Improvements, except for Fixtures or Personalty with a value of less than <br />$5,000.00, and unless the removed Fixture or Personalty is removed temporarily for <br />maintenance or repair or, if removed permanently, is obsolete and is replaced by an item of <br />equal or better suitability and value, owned by Grantor free and clear of all other Liens except <br />any Permitted Liens. <br />3.5 Maintenance of Rights of Way, Easements and Licenses. Grantor shall, unless <br />otherwise required by applicable Law, maintain all rights of way, easements, grants, privileges, <br />licenses, certificates, permits, entitlements and franchises necessary for the use of the <br />Mortgaged Property and shall not, without the prior written consent of Beneficiary, consent to <br />any public restriction (including any zoning ordinance) or private restriction as to the use of the <br />Mortgaged Property except as otherwise described in the Loan Agreement. Grantor shall <br />comply with all restrictive covenants affecting the Mortgaged Property, and all zoning <br />ordinances and other public or private restrictions as to the use of the Mortgaged Property. <br />3.6 Inspection. Grantor shall permit Beneficiary and its agents, representatives and <br />employees, upon 1 day's prior notice to Grantor, to inspect the Mortgaged Property and conduct <br />such environmental and engineering studies as Beneficiary may require, provided that such <br />inspections and studies shall not materially interfere with the use and operation of the <br />Mortgaged Property. <br />3.7 Notices by Governmental Authority, Tenant, Fire and Casualty Losses, Etc. <br />Grantor shall timely comply with and promptly furnish to Beneficiary, within 5 days of receipt <br />thereof, true and complete copies of any official notice or claim by any Governmental Authority <br />or any Tenants under Leases pertaining to the Mortgaged Property. Grantor shall immediately <br />notify Beneficiary of any fire or other casualty or any notice of taking or eminent domain action <br />or proceeding affecting the Mortgaged Property. <br />3.8 Condemnation Awards and Insurance Proceeds. <br />(a) Condemnation Awards. Grantor hereby assigns all awards and <br />compensation for any condemnation or other taking, or any purchase in lieu thereof, to <br />Beneficiary and authorizes Beneficiary to collect and receive such awards and <br />compensation and to give proper receipts and acquittances therefor, and Beneficiary <br />may apply the same to the Indebtedness and Obligations secured hereby in such a <br />manner as Beneficiary may elect. Grantor shall immediately give Beneficiary written <br />notice of the actual or threatened commencement of any condemnation or eminent <br />domain proceeding pertaining to the Mortgaged Property, or any part thereof (a <br />"Condemnation "), and shall deliver to Beneficiary, within 2 days of receipt thereof, copies <br />of any and all papers served in connection with such Condemnation. Following the <br />occurrence of a Condemnation, Grantor, regardless of whether any award or <br />compensation (an "Award ") is available, shall promptly proceed to restore, repair, <br />5 <br />
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