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"I "I 200600597 "Premises", collectively, shall mean and include the Land, the Plant, Equipment and Personal Property, the Easements and Appurtenances and the Leases and Rents. ARTICLE II GRANTING CLAUSE 2.01 GRANTING CLAUSE. AS SECURITY FOR THE OBLIGATIONS, GRANTOR DOES HEREBY GRANT, BARGAIN, SELL, CONVEY, ASSIGN, TRANSFER, HYPOTHECA TE, DEPOSIT, PLEDGE, SET OVER AND CONFIRM UNTO TRUSTEE, IN TRUST FOREVER, WITH POWER OF SALE AND RIGHT OF ENTRY AND POSSESSION, FOR ITS BENEFIT AND THE BENEFIT OF BENEFICIARY AND ITS SUCCESSORS AND ASSIGNS, ALL RIGHT, TITLE AND INTEREST OF GRANTOR, NOW OWNED OR HEREAFTER ACQUIRED, IN AND TO THE PREMISES; TO HAVE AND TO HOLD the Premises and all parts thereof, for the purposes set forth herein, subject to the terms, conditions and provisions hereof. 2.02 Warranty of Title. Grantor covenants that Grantor is lawfully seized and possessed of the Premises in fee simple; that Trustee shall have quiet possession of the Premises; and that Grantor has good right to convey the same and that the same is unencumbered except for the Permitted Encumbrances. Grantor will forever defend the title to the Premises against the claims of all persons whomsoever, except as to the Permitted Encumbrances. 2.03 Defeasance. If the Company shall promptly pay or cause to be paid the Obligations secured hereby in accordance with the terms thereof when the same shall become due and payable and shall keep, perform and observe all the terms, conditions and requirements of the Credit Agreement, of the other Loan Documents and of this Instrument, then, upon complete payment and satisfaction thereof and cancellation in writing by Beneficiary of the Credit Agreement and the Notes, this Instrument shall be null and void and of no further force and effect and shall be released by Beneficiary and the Trustee upon the written request and at the expense of Grantor. ARTICLE III COVENANTS OF GRANTOR 3.01 Payment of Indebtedness. Grantor will pay and perform all of the Obligations in accordance with their terms. 3.02 Taxes, Liens and Other Charges. 3.02.01 In the event of the passage of any state, federal, municipal or other governmental law, order, rule or regulation, subsequent to the date hereof, in any manner changing or modifying the laws now in force governing the taxation of debts secured by mortgages, deeds of trust or acts of mortgage or the manner of collecting taxes so as to adversely affect Beneficiary, Grantor will promptly pay any such tax. If Grantor fails to make such prompt payment or if, in the opinion of Beneficiary, any such state, federal, municipal, or other -4-