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200313159 TABLE OF CONTENTS SECTION HEADING PAGE ARTICLE 1. GENERAL REPRESENTATIONS AND WARRANTIES ...................................... ..............................4 SECTION 1.1 Representations and Warranties .......................................................................... ..............................4 SECTION 1.2 Continuing Obligation ......................................................................................... ..............................6 ARTICLE 2. COVENANTS AND AGREEMENTS ...................................................................... ..............................7 SECTION 2.1 Payment of Indebtedness: Observance of Covenants ......................................... ..............................7 SECTION2.2 Maintenance; Repairs .......................................................................................... ..............................7 SECTION 2.3 Payment of Operating Costs; Liens; and Other Indebtedness ............................. ..............................7 SECTION 2.4 Payment of Impositions ....................................................................................... ..............................8 SECTION 2.5 Contest of Liens and Impositions ........................................................................ ..............................8 SECTION 2.6 Protection of Security .......................................................................................... ..............................8 SECTION 2.7 Additional Assurances ......................................................................................... ..............................9 SECTION 2.8 Due on Sale or Mortgaging, etc ........................................................................... ..............................9 SECTION 2.9 Maintenance of Existence ................................................................................... ..............................9 ARTICLE 3. INSURANCE AND ESCROWS ................................................................................ .............................9_ SECTION3.1 Insurance ............................................................................................................. ..............................9 SECTION3.2 Escrows ............................................................................................................... ............................11. ARTICLE 4. UNIFORM COMMERCIAL CODE ........................................................................ .............................12 SECTION4.1 Security Agreement ............................................................................................ .............................12 SECTION4.2 Fixture Filing ...................................................................................................... .............................12 SECTION 4.3 Representations And Agreements ...................................................................... .............................13 SECTION 4.4 Maintenance of Property .................................................................................... .............................13 ARTICLE 5. APPLICATION OF INSURANCE AND AWARDS ............................................... .............................14 SECTION 5.1 Damage or Destruction of the Premises ............................................................. .............................14 SECTION5.2 Condemnation .................................................................................................... .............................14 SECTION 5.3 Disbursement of Insurance and Condemnation Proceeds .................................. .............................15 ARTICLE 6. LEASES AND RENTS ............................................................................................. .............................16 SECTION6.1 Leases ................................................................................................................. .............................16 SECTION 6.2 Beneficiary's Right to Perform Under Leases .................................................... .............................17 SECTION 6.3 Assignment of Leases and Rents ........................................................................ .............................17 ARTICLE 7. RIGHTS OF BENEFICIARY ................................................................................... .............................18 SECTION 7.1 Right to Cure Event of Defaul t ........................................................................... .............................18 SECTION 7.2 No Claim Against Beneficiary ........................................................................... .............................19 SECTION7.3 Inspection ........................................................................................................... .............................19 SECTION 7.4 Waivers; Releases; Resort to Other Security; etc ............................................... .............................19 SECTION7.5 Rights Cumulative .............................................................................................. .............................19 SECTION 7.6 Subsequent Agreements ..................................................................................... .............................20 SECTION 7.7 Waiver of Appraisement, Homestead, Marshaling . ........................................................................ 20 SECTION 7.8 Business Loan Representation ........................................................................... .............................20 SECTION 7.9 Dishonored Checks ............................................................................................ .............................20 15311/53;09/30/03 - i -