|
07-23-1999 MORTGAGE �' ������. .�O;���O Page 5
<br /> Lo4�� No 764553 (Cor�tinued)
<br /> Mortgage as a financing statement. Grantor shaN reimburse Lender for ail expenses incurred in perfecting or continuing this security interest.
<br /> Upon default,Grantor shall assemble the Personal Property in a manner and at a place reasonably convenient to Grantor and Lender and make
<br /> it available to Lender within three(3)days after receipt of written demand from Lender.
<br /> Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party), from which information concerning the security interest
<br /> granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code), are as stated on the first page of this
<br /> Mortgage.
<br /> FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
<br /> Mortgage.
<br /> Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
<br /> made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
<br /> rerecorded,as the case may be,at such times and in such offices and places as Lender may deem appropriate,any and all such mortgages,
<br /> deeds of trust,securily deeds,security agreements,financing statements,continuation statements,instruments of further assurance,certificates,
<br /> and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect,continue, or
<br /> preserve (a) the obligations of Grantor under the Note,this Mortgage, and the Related Documents, and (b)the liens and security interests
<br /> created by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor. Unless p�ohibited by law or agreed to the
<br /> contrary by Lender in writing,Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in
<br /> this paragraph.
<br /> Attomey-In-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
<br /> Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attomey--irFfact for the
<br /> purpose of making,executlng,delivering,flling,recording,and doing all other things as may be necessary or desirl�ble,ln Lender's sole opinion,
<br /> to accomplish the matters referred to in the preceding paragraph.
<br /> FULI.PERFORMANCE. If Grantor pays all the Indebtedness when due,and otherwise performs all the obligations imposed upon Grantor under this
<br /> Mortgage,Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
<br /> statement on file evidencing Lender's securiry interest in the Rents and the Personal Property. Grantor will pay,if permitted by applicable Iaw,any
<br /> reasohable termination fee as determined by Lender from time to time.
<br /> DEFAl1LT. Each of the following,at the option of Lender,shall constitute an event of default("Event of Default")under this Mortgage:
<br /> Default on Indebtedness. Failure of Grantor to make any payment when due on the Indebtedness.
<br /> Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance,or any
<br /> other payment necessary to prevent filing of or to effect discharge of any lien.
<br /> Compllance Default. Failure of Grantor to comply with any other term, obligation,covenant or condition contained in this Mortgage,the Note
<br /> or in any of the Related Documents.
<br /> False Statements. Any warranty,representation or statement made or furnished to Lender by or on behalf of Grantor under this Mortgage,the
<br /> Note or the Related Documents is false or misleading in any material respect,either now or at the time made or furnished.
<br /> DefeCtive Collateraiizatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any
<br /> collateral documents to create a valid and perfected security interest or lien)at any time and for any reason.
<br /> Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any
<br /> assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or
<br /> insolvency Iaws by or against Grantor.
<br /> Foreclosure,Forieiture,etc. Commencement of foreclosure or forfeiture proceedings,whether by judicial proceeding,self-help,repossession
<br /> or any other method,by any creditor of Grantor or by any governmental agency against any of the Property. However,this subsection shall not
<br /> apply in the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or
<br /> forefeiture proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim
<br /> satisfactory to Lender.
<br /> Breach of Other Agreement. Any breach by Grantor under the terms of any othe� agreement between Grantor and Lender that is not
<br /> remedied within any grace period provided therein,inciuding without limitation any agreement concerning any indebtedness or other obligation
<br /> af Grantor to Len�ar,whether exfsting now or latsr. •
<br /> Existlnp Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
<br /> Indebtedness,or commencement of any suit or other action to foreclose any existing lien on the Property.
<br /> Events Aifecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
<br /> �ies or becomes incompetent,or revokes or disputes the validity of,or liability under,any Guaranty of the Indebtedness. Lender,at its option,
<br /> may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaraniy in a
<br /> manner satisfactory to Lender,and,in doing so,cure the Event of Default.
<br /> Insecurity. Lender in good faith deems itself insecure.
<br /> Riyhi to Cure. If such a failure is curable and if Grantor has not been given a notice of a breach of the same provision of this Mortgage within
<br /> the preceding twelve(12) months, it may be cured (and no Event of Default will have occurred)if Grantor, after Lender sends written notice
<br /> demanding cure of such failure: (a)cures the failure within ten (10)days; or (b) if the cure requires more than ten (10) days, immediately
<br /> initiates steps sufficient to cure the failure and thereafler continues and completes all reasonable and necessary steps sufficient to produce
<br /> compliance as soon as reasonably practical.
<br /> RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter, Lender, at its option, may
<br /> exercise any one or more of the following rights and remedies,in addition to any other rights or remedies provided by law:
<br /> Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately due and payable,including
<br /> any prepayment penalty which Grantor would be required to pay. .
<br /> UCC Remedles. With respect to all or any part of the Personal Property,Lender shall have all the rights and remedies of a secured parly under
<br /> the Uniform Commercial Code.
<br /> Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the Rents, including
<br />
|