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200204303
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Last modified
10/14/2011 8:59:56 PM
Creation date
10/22/2005 7:04:44 PM
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DEEDS
Inst Number
200204303
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20Q204303 <br />F. If Mortgagor changes the form of corporate entity; or <br />G. If Mortgagor ceases to be affiliated with the Evangelical Lutheran Church in America or its <br />successors; <br />H. If Mortgagor neglects to issue to Mortgagee the Certificate of Occupancy within 3 months <br />of the date of this document. <br />in each case whether any such conveyance, sale, assignment, transfer, lien, pledge, <br />mortgage, security interest, encumbrance or alienation is effected directly, indirectly, <br />voluntary or involuntarily, by operation of law or otherwise, Mortgagee may, at its election, <br />declare the entire indebtedness hereby secured to be immediately due and payable, without <br />notice to Mortgagor (which notice Mortgagor hereby expressly waives), and upon such <br />declaration the entire indebtedness hereby secured shall be immediately due and payable, <br />anything herein or in the Note to the contrary notwithstanding. <br />In the event Mortgagor shall request the consent of the Mortgagee to a transfer, conveyance or <br />encumbrance prohibited by the above section, Mortgagor shall deliver a written request to <br />Mortgagee together with complete information regarding such conveyance or encumbrance and <br />shall allow Mortgagee ninety (90) days after delivery of all required information for evaluation <br />of such request. In the event that such request is not approved within such ninety (90) day <br />period, it shall be deemed not approved. Mortgagee may charge an administrative fee to process <br />any such sale, conveyance, transfer, mortgage or other encumbrance. Such approval may be <br />subject to such modification of a loan term, interest rate, maturity date and required collateral <br />used as security as may be established by Mortgagee. Consent as to any one transaction shall not <br />be deemed to be a waiver of the right to require consent of future subsequent transactions. <br />Mortgagor shall not mortgage, pledge or otherwise grant a security interest in any of the <br />Mortgaged Property as collateral security for any other loan or forbearance, without the prior <br />written consent of Mortgagee. <br />In connection with any sale, conveyance, assignment, financing or other transfer or <br />encumbrance, (1) the Mortgagor shall pay all actual out -of- pocket expenses incurred by <br />Mortgagee including, but not limited to, fees and expenses of Mortgagee's special counsel, and <br />(ii) Mortgagor shall comply with such requirements as Mortgagee shall deem necessary in its <br />sole discretion to assure the enforceability and continued perfection of the lien and security <br />interest herein and in the Loan Documents securing the loan evidenced by the Note. <br />No transfer, conveyance, lease, sale, change or other disposition shall relieve Mortgagor, the <br />Beneficiary or any other party from personal liability for its obligations hereunder or under the <br />Note or under any other Loan Document, whether or not the transferee assumes this Mortgage. <br />Mortgagee may, without prior notice to or consent of Mortgagor, deal with any successor owner <br />of all or any portion of the Mortgaged Property in the same manner as contemplated herein with <br />Mortgagor, without in any way discharging or relieving the liability of Mortgagor hereunder or <br />under the Note or any other operative document. <br />
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