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86 105851
<br />td, 161KI PEL CERTIFICATE. Borrower shall within ten days of a written melvest from Lender furnish Lender with a written senamem duty
<br />acknowledged. susing forth the sums sawed by this lasm mem and any right of sd-A counterclaim or other defense which exists against such
<br />hawse and the obligations; of this Instrument.
<br />I& UNptORM COINMRRCIAL COME SP,CURITY AGREEMENT. This Instrument is intended to be a security agreement pursuant to the
<br />Un Wrem Co memersanl Code for stay of the itewr speri6ei3 above as pan of the Property which, under applicable law, may be subject to a security
<br />inset purnmeit to twe'Un*fm Commerdel Code. and Borrower hereby grants Leader a security interest in said items. Borttmer agrees that
<br />GMer way $k this la stmaneen, or a reproduction dtertuf, in the real estate retards or other appropriate index, as a financing statement for any of
<br />the -hear spKWW atiove aspen of the Property. Any n ptodtgtaion of" instrument or of any other security agreement or finattdag stmtemem
<br />aliaR'fsa sthlgciemr as a'finamciat staiemea. lm additioe,- Borrower agrees to exam* and deliver to Lender, upon Lenders request, any financing
<br />almeetaerir as well as easomioes, tettearals acid amendments drtanf, mad reproductions of this Instrument in such form as Lender may require to
<br />peelact a asimily'iatemst wait respect to said iteaw Borrower strap pay all costs of $ling such finathcing statements and any extensions. renewals.
<br />amcodowm amt micames thereof; mad shall pay all masomablie cam mi and expires of any record marches for financing stasememis Lender may
<br />res oMWy require. Without the prior wtinea content of Leader, Borrower shall toot create or suffer to be created pursuant to the Uniform
<br />Commercial Code any other security Isamu a said aemr, indudmg replacements and additions thereto. Upon Borrower's breach of any eoveaant
<br />or agreement of Borrower contained in this Imuru m ent, inducting the covenants to pay when due all sums secured by this Inswment. Leader shall
<br />have the remedies of a secured party under the Uniform Commercial Code and, at Lender's option, may also invoke the remedies provided in
<br />paragraph 27 of this luaument as to such items. In exercising any of said remedies. Lender may proceed against the items of real property and
<br />any isenta of personal property spea$ed above as pan of the Property separately or together and in any order whatsoever, without in any way
<br />aftlsetiag the availability of Lender's remedies under the Uniform Commercial Code or of the remedies provided in paragraph 27 of this Inswtnan.
<br />14L LEASES OF THE PROPERTY. As used in this paragraph 16, the word "tease" shall mean "sublease" if this Instrument is on a leasehold.
<br />Borrower shall comply with and observe Borrower's obligaurims as landlord under all leases of the Property or any pan thereof. Borrower will not
<br />Rase any portion of the Property for non-residential use except with the prior written approval of Lender. Borrower, at Lender's request. shall
<br />fitmish leader with executed copies of all leases now existing or hereafter made of all or any part of the Property, and all leases now or hereafter
<br />ensured into will be in form and substance subject to the approval of Lender. AB Lases of the Property shall specifically provide that such leases
<br />are subordi esse to this Instrument, that the tenant attorrss to Lender, such atiomtnent to be effective upon Lender's acquisition of title to the
<br />Property; that the tenant agrees to execute such further evidences of attamment as Lender may from time to time request; that the attomment of the
<br />sesame shall not be terminated by foreclosure; and that Lender may, at Lender's option. accept or reject such anomments. Borrower shall toot,
<br />without fender's written consent, execute, modify, surrender or terminate. either orally or in writing, any lease now existing or hereafter made of all
<br />or any put of the Property providing for a term of three years or mare, permit an assignment or sublease of such a lease without Lender's written
<br />comwa4 or request or consent to the subordination of any lease of all or any part of the Property to any lien subordinate to this Instrument. If
<br />Borrower becomes aware that any tenant proposes to do, or is doing, any an or thing which may give rise to any right of setoff against rent.
<br />Borrower shall (i) take such steps as shall be reasonably calculated to prevent the accrual of any right to a setoff against rent, (ii) notify Lender
<br />thereof and of the amount of said setoffs, and (u t within ten days after such accrual. reimburse the tenant who shall have acquired such right to
<br />see -olror take such other steps as shall effectively discharge such setoff and as shall assure that rents thereafter due shall continue to be payable
<br />without setoff or deduction.
<br />Upon Lender's request, Borrower shall assign to Lender, by written Inswment satisfactory to Lender, all leases now existing or hereafter made
<br />of all or any put of the Property and all security deposits made by tenants in connection with such leases of the Property. Upon assignment by
<br />Borrower to Lender of any leases of the Property. Lender shall have all of the rights and powers possessed by Borrower prior to such assignment
<br />and Lender shall have the right to modify, extend or terminate such existing leases and to execute new leases, in Lender's sole discretion.
<br />17. REMEDIES CUMULATIVE Each remedy provided in this Instrument is distinct and cumulative to all other tights or remedies under this
<br />Instrument or afforded by law or equity, and may be exercised concurrently, independently, or successively, in any order whatsoever.
<br />IS, ACCELERATION IN CASE OF BORROWER'S INSOLVENCY. If Borrower shall voluntarily file a petition under the Federal Bankruptcy
<br />Are, as such Act may from time to time be amended, or under any similar or successor Federal statute relating to bankruptcy, insolvency.
<br />arrangements or reorganizations, or under any state bankruptcy or insolvency act, or fit- an answer in an involuntary proceeding admitting
<br />insolvency or inability to pay debts, or if Borrower shall fail to obtain a vacation or stay of involuntary proceedings brought for the reorganization,
<br />dissolution or liquidation of Borrower, or if Borrower shall be adjudged a bankrupt, or if a trustee or recover shall be appointed for Borrower or
<br />Borrower's property, or if the Property shall become subject to the jurisdiction of a Federal bankruptcy court or similar state coun, or if Borrower
<br />shall make an assignment for the benefit of Borrower's creditors, or if there its an attachment, execution or other judicial seizure of any portion of
<br />Botrt>wets assets and such seizure is not discharged within ten days, Wen Lender may. at Lender's option, declare all of the sums secured by this
<br />Instrument to be immediately due and payable without prior notice to Borrower, and Lender may invoke any remedies permitted by paragraph 27
<br />of this Instrument. Any attorney's fees and other expenses incurred by Lender in connection with Borrower's bankruptcy or any of the other
<br />aforesaid events shall be additional indebtedness of Borrower secured by this Instrument parstrant to paragraph 8 hereof.
<br />lot). TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN BORROWER; ASSUMPTION. On sale or transfer of I i) all or
<br />any part of the Property, or any interest therein, or I u) beneficial interests in Borrower ( if Borrower is rat a natural person or persons but u a
<br />corporation, partnership, trust or other legal entity). Leader may, at Lender's option. declare all of the sums secured by this Instrument to be
<br />immediately due and payable. and Lender may invoke any remedies permitted by paragraph 27 of this Instrument This option shall not apply in
<br />tau of
<br />(a) transfers by devise or descent or by operation of law upon the death of a joint tenant or a partner.
<br />See ** (b) sales or transfers when the transferee's creditworthiness and management ability are satisfactory to Lender and the transferee has
<br />executed, prior to the sale or transfer, a written assumption agroement conlatmng such terms as Lender may require. Yt INjUEJUPW 8
<br />H.F.M. (c) the grant of a leasehold interest in a pan of the Property of three years or less (or such longer lease term as Lender may permit by prior
<br />written approval) not containing an option to purchase (except any interest in the ground least, of this Instrument is on a leasehold):
<br />(d) sales or transfers of beneficial interests in Borrower provided that such sales or transfers, together with any prior sales or transfers of
<br />beneficial interests in Borrower, but excluding sales or transfers under subparagraphs I a) and I h) above, do not result in more than 49%
<br />K.M. of the beneficial interests in Borrower having been sold or transferred since commencement of am r zauon of the Mote; and
<br />(e) sales or transfers of fixtures or any personal propeny pursuant to the first paragraph of paragraph t .creof.
<br />39. NOTICE Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for to this
<br />Im rument or in the Note shall be given by mailing such notice by certified trail addressed to Borrower at Borrower's address stated below, or at
<br />each other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified
<br />mail, return receipt requested, to Lender's address sated herein or to such other address as Lender may designate by notice to Borrower as
<br />provided herein. Any notice provided for m this Instrument or in the Note shall be deemed to have been given to Borrower or Lender when given
<br />in the mauier designated herein.
<br />i1. SUCCESSORS AND ASSIGNS BOUND; JOINT AND SEVERAL IJABIIJTV; AGENTS; CAPTIONS. The covenants and agreements
<br />herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the
<br />provisions of paragraph 19 hereof. All covenants and agreements of Borrower shall be jcmi and several. In exercising any rights hereunder or
<br />taking any actions provided rot herein, Lender may act through its employees, agents or independent contractors as authorized by I rnder The
<br />captions and headings of the paragraphs of this Instrument are for convenience only and are not w he used to interpret or define the pnivisum+
<br />hereof.
<br />IL UNIFORM MULTIFAMILY INSTRUMENT; GOVERNING LAW; SEVERABILJTY. This form of multifamily mstrumcni .vtmbines
<br />uniform covenants for national use and min - uniform covenants with limited vanations by furisdiaton to — ristaute a uniform secunty instrument
<br />oovenng real propeny and related fitnure-s and personal property This Instrument shall he govcrncd by the law of the iumilktnon in whuA the
<br />Property is located. In the event that Any provision of this Instrument at the Note mnflkts wash appikabir taw . such sonfho shall n,,t mice .nisi
<br />provisions of this Instrument or the Note whkh can he given effect without the tcnflt.ung pin >vi%toni. and %. this end the pox,.inus .d the
<br />Pitt. , ,,, putt-
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