|
<br />..
<br />
<br />loan No: 611498
<br />
<br />MORTGAGE
<br />(Continued)
<br />
<br />200600109
<br />
<br />Page 5
<br />
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the
<br />Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability
<br />under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option, may, but shall not be
<br />required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a
<br />manner satisfactory to Lender, and, in doing so, cure any Event of Default.
<br />
<br />Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the
<br />prospect of payment or performance of the Indebtedness is impaired.
<br />
<br />Insecurity. Lender in good faith believes itself insecure.
<br />
<br />Right to Cure. If any default, other than a default in payment is curable and if Grantor has not been given a notice
<br />of a breach of the same provision of this Mortgage within the preceding twelve (12) months, it may be cured if
<br />Grantor, after receiving written notice from Lender demanding cure of such default: (1) cures the default within
<br />three (3) days; or (2) if the cure requires more than three (3) days, immediately initiates steps which Lender
<br />deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all
<br />reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender,
<br />at Lender's option, may exercise anyone or more of the following rights and remedies, in addition to any other rights or
<br />remedies provided by law:
<br />
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately
<br />due and payable, including any prepayment penalty which Grantor would be required to pay.
<br />
<br />UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and
<br />remedies of a secured party under the Uniform Commercial Code.
<br />
<br />Collect Rents. Grantor shall have the right, prior to default or abandonment of the Property, to collect and retain
<br />the Rents as they become due and payable. The assignment of Rents contained in this Mortgage shall be effective
<br />until the payment of all Indebtedness secured by this Mortgage, or in the event of foreclosure, until the period of
<br />redemption commences.
<br />
<br />Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of
<br />the Property, with the power to protect and preserve the Property, to operate the Property preceding foreclosure or
<br />sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the
<br />receivership, against the Indebtedness. The receiver may serve without bond if permitted by law. Lender's right
<br />to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the
<br />Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a
<br />receiver.
<br />
<br />Judicial foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the
<br />Property.
<br />
<br />Tenancy at Sufferance. If Grantor remains in possession of the Property after Lender becomes entitled to
<br />possession of the Property, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property
<br />and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
<br />Property immediately upon the demand of Lender.
<br />
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available
<br />at law or in equity.
<br />
<br />Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have
<br />the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the
<br />Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any public sale
<br />on all or any portion of the Property.
<br />
<br />Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of the Personal
<br />Property or of the time after which any private sale or other intended disposition of the Personal Property is to be
<br />made. Reasonable notice shall mean notice given at least ten (10) days before the time of the sale or disposition.
<br />Any sale of the Personal Property may be made in conjunction with any sale of the Real Property.
<br />
<br />Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and
<br />an election to make expenditures or to take action to perform an obligation of Grantor under this Mortgage, after
<br />Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies. Nothing
<br />under this Mortgage or otherwise shall be construed so as to limit or restrict the rights and remedies available to
<br />Lender following an Event of Default, or in any way to limit or restrict the rights and ability of Lender to proceed
<br />directly against Grantor and/or against any other co-maker, guarantor, surety or endorser and/or to proceed against
<br />any other collateral directly or indirectly securing the Indebtedness.
<br />
<br />Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage,
<br />Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and
<br />upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all
<br />reasonable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its
<br />interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear
<br />interest at the Note rate from the date of the expenditure until repaid. Expenses covered by this paragraph include,
<br />without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and
<br />Lender's legal expenses, whether or not there is a lawsuit, including reasonable attorneys' fees and expenses for
<br />bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction). appeals, and any
<br />anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including
<br />foreclosure reports). surveyors' reports, and appraisal fees and title insurance, to the extent permitted by
<br />applicable law. Grantor also will pay any court costs, in addition to all other sums provided by law.
<br />
<br />NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and
<br />any notice of sale shall be given in writing, and shall be effective when actually delivered, when actually received by
<br />telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if
<br />mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to
<br />the addresses shown near the beginning of this Mortgage. Any party may change its address for notices under this
<br />Mortgage by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the
<br />party's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address.
<br />Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any
<br />Grantor is deemed to be notice given to all Grantors.
<br />
<br />MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage:
<br />
<br />Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and
<br />
<br />"""''"''6
<br />,(",(
<br />
<br />y
<br />
|