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86-- 101708
<br />Property for incorporation or use in any construction being con -
<br />ducted on the Property. To the extent any property covered by
<br />this Mortgage consists of rights in action or personal property
<br />j covered by the Uniform Commercial Code, this Mortgage shall
<br />constitute a security agreement and financing statement, and this
<br />Mortgage is intended when recorded to create a perfected security
<br />interest in such property in favor of Bank. This Mortgage shall .
<br />be self- operative with respect to such property, but Mortgagor
<br />agrees to execute and deliver on demand such Security Agreements,
<br />Financing Statements, and /or other instruments as Bank may
<br />request in order to impose the lien of this Mortgage specifically
<br />upon any of such property, and Mortgagor agrees to pay all
<br />recording and /or filing fees associated with imposing such lien.
<br />If the lien of this Mortgage on any property shall be subject to
<br />a prior security agreement covering such property, then in the
<br />event of any default under this Mortgage, all of the right,
<br />title, and interest of Mortgagor in and to any and all deposits
<br />on such Property is assigned to Bank, together with the benefit
<br />of any payments now or hereafter made on such property. For the
<br />purposes of treating this Mortgage as a security agreement and /or
<br />financing statement, Bank shall be deemed to be the Secured Party
<br />and Mortgagor shall be deemed to be the Debtor.
<br />11. Mortgagor authorizes Bank, at Bank's option, as
<br />attorney in fact for Mortgagor, to appear in and prosecute with
<br />Mortgagor, or failing Mortgagor's separate appearance and active
<br />prosecution, to undertake, in Mortgagor's name, any action or
<br />proceeding relating to any condemnation or other taking of the
<br />Property and to settle or compromise any claim in connection with
<br />such condemnation or other taking. The proceeds of any award or
<br />claim for damage, direct or consequential, in connection with any
<br />condemnation or other taking of the Property, or part of the
<br />Property, or for conveyances in lieu of condemnation, are
<br />assigned and shall be paid to Bank, but in no event in excess of
<br />the amount of the outstanding Obligation secured by this Mortgage
<br />and any expenses incurred by Bank in the collection of such pro-
<br />ceeds. Also, all payments or proceeds received by Mortgagor for
<br />any other voluntary or involuntary granting or an easement,
<br />right -of -way, license, or other right to use the Property in
<br />favor of a utility or other entity or person having the power or
<br />right of condemnation, eminent domain, or similar taking are
<br />assigned and shall be paid to Bank. Mortgagor authorizes Bank to
<br />apply such awards, proceeds, damages, or payments, after the
<br />deduction of Bank's expenses incurred in the collection of such
<br />amounts, at Bank's option, to restoration or repair of the
<br />Property, or to payment of the sums secured by this Mortgage,
<br />whether or not then due, with the balance, if any, to be paid to
<br />Mortgagor. Mortgagor agrees to execute such further assignment
<br />of any awards, proceeds, damages, claims, or payments arising in
<br />connection with such condemnation or taking as Bank may require.
<br />If condemnation proceeds are applied to the payment of the indeb-
<br />tedness of Mortgagor to Bank, any such application of proceeds to
<br />principal shall be in inverse order of maturity, if applicable.
<br />12. The occurrence of any of the following events shall
<br />constitute an event of default hereunder:
<br />(a) A default in the payment when due of any of
<br />the Obligation (or any interest thereon);
<br />(b) A .failure to perform or observe according to
<br />its terms any other covenant contained in this Mortgage or the
<br />Obligation;
<br />(c) As permitted by law, the filing of a voluntary
<br />or involuntary petition in bankruptcy by or against Mortgagor or
<br />L any other maker of the Obligation or the appointment of a
<br />receiver for any of the assets of Mortgagor or any other maker of
<br />the Obligation or the Property;
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