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2� 1 ��835 directs a�l Rents and a�� sums due under aray Lease Guarant�es upon receipt fram Lender of vvritten notice t� the effect that Lender �s then the h��der o�this Security Instrument and that an �vent�f D�fault�x�sts, and t� continue so to do until �therwxse notif ed by L�nder. S�cti�n 1.3 Securit_y A�reement. Th�s Securxty Instrument is both a rea� property mortgage and a "security agr�ement" wxthin the meaning of the IJnifarm �omm�rcia� Code. The Prnperty includes both real ar�d persona� pr�perty and a1i other rights and ir�terests, whether tang��Ie or intangible in nature, of Individua� Borrow�r �n the Property. By execut�ng and de��ver�ng th�s S��urity Instrument, Indxvxdua� Borrovver hereb� grants t� Lender, as security for the �b�xgat�ons �here�nafter defined}, a se�ur�ty interest in the Fixtures, the Equipment and the Persana� Property and other praper�y constxtut�ng the Pr�perty, whether now a�ned or hereafter acqu�red, ta the fu�� extent that the Fixtures, the Equipment and the Personal Property and such other praperty may �e subj ect to the LTn�form �amm�rcial C�de �sa�d portion �f the Pr�perty so subject to the�Jn�for�n �ammerc�al Cade be�ng ca�led the "Collat�ra�"}. If an E�ent �f Defau�t sha�I �c�ur and be ��nt�nu�ng, Lender, in addition t� any other rights and remedies which �t may have, shal� have and may exercxse �mm�d�ateXy and, ex�ept as �therwise prov�ded by app�icab�e �aw, v�r�thaut �emand, any and al� rights and remedies granted to a s�cured party upon default under the Uniform ��mmer�ial �ode, inc�uding, without limiting the generality �f the foreg�ing, the right �o tak� possess�on of the Collatera� or any part thereaf, and to take such ather measures as Lender may deem necessary for th� care, protect�an a.nd preservat�on of the �o�lat�ral. IJpan request or demand �f Lender after the occurrence a.nd during the continuance of an E�ent of I]efault, Indi�idual Bnrrnwer sha�I, at its expense, assemble the �o��atera� and make it avai�ab�e to Le�.der at a conven�ent p1a�e (at the Land if tangib�e property� reasor�ably acceptab�e to Lender. Ind�vidual Borrawer sha11 pay to Lender on demand any and a11 reas�nab�e and documented e�penses, includ�ng reasonab�e and docum�nted �e�al expenses and attarneys' fees, ir�curred ar paid by Lender in protecting �ts �nterest in the Ca�lateral and in enforcing �ts rights her�under vv�th respect to the ��ateral, in either�ase, after the occurrer�ce and during the cantinuance of an Event of Default. Any n�tice of sale, disp�s�t��n or ather intended acti�n by Lender w�th respe�t to the �ollatera� s�nt to Individual Borr�wer in acc�rdance with the pr��isions hereof at �east ten �1�) Business Days pr�or to such action, shali, e�cept as other�vise pra��ded by applx�able �aw, ��nstitute reas�nabl.e notice to Individua� Borrower. The proceeds of an� disposxt�on of the Collateral, or any part thereof, may, except as otherwise requ�red by applicable Iaw, be applied by L�nder to the payment of the Debt in su�h prxorxty a.nd proportions as Lender�n its discreti�n sha�l deem pr�per. Ind�vxdual Borravver's �d�btor's} principa�plaee af business is as set farth on page �ne �1� hereof and the address of Lender �secured party� is as set forth on page one�1��ereof. Section 1.4 Fixture Filin�. Certain af th� Property is ar vv�� become "f xtures" �as that term is �efined �n the Uniform �ommerc�al �ode� on the Land, and th�s Security Instrument, upon be�ng fz�ed for record in the real estate rec�rds of the city or county wh�rein su�h fixtures are s�tuated, sha�l operate al s� as a f nanc�ng statement nam�ng Indiv�dual BorroWer as debtor and Lend�r as secured party filed as a fixture filing in ac�ordan�� with the applicab�e pr�visions of said Uruform Commer�ial �ade upon such of the Property that is �r may became fixtures. Ind�vx�ual BorroWer auth�rizes Lender ta f Ie or record finar�cing statements with respect to the Proper�y W�thout the s�gnature of the Indiv�dua� Borrower �n such form and in such nffice� as Lender reas�nably determines appropriate ta perfect the securxty �n�erests of Lender. Such f nancing statements may d�scr�be the �ollateral andlor the Property in . 7 - [1VE`]�Y�RK 3169827 4�