88100020 - Laserfiche WebLink

Browse

88-100020 r of Default shall have occurred and be continuing, interest on Net Proceeds or Net Awards sha 11 be long and be paid to Mortgagor. Following the occurrence and during the continuation of an Event of Default, interest on Net Proceeds or Net Awards shall be paid to Beneficiary, subject to such terms and conditions as are set forth in the Loan Agreement. SECTION 1.13 Operating Agreements. Mortgagor shall provide to Beneficiary, from time to time as requested by Benefi- ciary, certified copies of every management, operating and other similar agreement covering all or substantially all of the Premis- es. Each such agreement shall be in form and substance .acceptable to Beneficiary and shall be subordinate and subject to the Lien of this Deed of Trust. SECTION 1.14 Alterations. Mortgagor shall have the right to make any and all additions, modifications or changes (each, an "Alteration") to the Premises in an amount less than or equal to $10,000.00 without Beneficiary's prior written consent as may be deemed necessary or desirable by Mortgagor; provided, however, that Mortgagor shall (i) complete all Alterations prompt- ly, in a good and workmanlike manner and in compliance with all applicable local lavis, ordinances and requirements, (ii) warrant that said Alterations shall not reduce or impair the value of the Mortgaged Property and (iii) pay when due all claims for labor performed and materials furnished in connection with any Altera- tion. Mortgagor shall not remove or demolish .the Improvements in whole or substantial part, without Beneficiary's prior written consent, unless pursuant to performance of an Alteration. Any alteration in excess of $10,000.00 shall require Beneficiary's prior written consent and shall be in accordance with such re- quirements as Beneficiary shall deem necessary including, without limitation, delivery to Beneficiary of comparable documents, Plans and Specifications, Opinion of Counsel, Architect's Certificate, Estimate, Letter of Credit and Commitment as those contained in Section 1.12.3. ARTICLE II ASSIGNMENT OF RENTS; SECURITY AGREEMENT Profits. SECTION 2.1 Assignment of Leases, Rents, Issues and 2.1.1 Mortgagor hereby irrevocably confirms and grants, transfers and assigns to Trustee, all of Mortgagor's right, title and interest, whether now existing or hereafter acquired, in the Leases, including the right, power and authority to collect the rents, issues, income and profits of the Mortgaged Property. The assignment set forth in the foregoing sentence shall be unconditional and irrevocable except as provided to the contrary in Section 2.1.2. Mortgagor hereby agrees to obtain, for any Lease entered into before the date of this Deed of Trust, an agreement by the tenant to subordinate such Lease to this Deed of -17- 'L L L .,. ~'i" r--- ~ (