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<br />14, PTOPKL CERTIFICATE. Borrower shag within tea days or a written request from Lender furnish Lender wroth el wrtttets sptemtemt, duly
<br />ack towledaed• siring iotth the amts secured by ohs Ittstnment mad any tight of seta/ oounterclarT or other defense witch exNS aPaaat atdt
<br />sows and the obligations of this lnttuunwm.
<br />IS UIWPORM COMMERCIAL CODE. SECURITY AGREEMENT. This Imatrssw col is intended to be a security agreement Pknoml to the
<br />Us lobine Co mmgcisl Code for any of the items specified above as pan of she
<br />Property whklt. wider applicable law. may be subjat b m security
<br />htnernr plateaus, to the Uniform Commercial Code, and Borrower hereby smile Leader a security interest in said items. Borrnwcr aptts tot
<br />tomdaf rmay file this Intiumen, a m reproduction ehoreof its the real estate tecads or other appropriate index, as a financing satememt for any of
<br />The lesita specified above as pan of the Property. Any reproduction of this towumeat or of any Other security agreement or fimandag $tatemeIn
<br />3 shall be soBldent as a imamciag Oak- lw addition. Borrower agrees b execute and deliver b Lender.. upon Lender's regtsea any fimnting
<br />atalnsemrs. n well ms examines, renewmk acrd antendnteots thereto: mad teproduttiotts of glib tmarumcnr in such htrw as Leader way require to
<br />pttrlbct a aoct"y merest with respect a said items. BtrrrotrershaH pity fill man of fling such inarhatpt statements and any exrenions, remewsk,
<br />mtendweMS and releases thereof, and shall pay fill reasonable corn nod expenses of any record searches for financing music lnn Lender may
<br />tenonbly require. Widrout the prior wmam moment of Lender. Borrower dull mot create or sager to be created pursomms to the Uniform
<br />Cowwerual Code say other security interest in said Hems, including replacemtetw sad addition thereto. Upon Borrrower's breach of my covenant
<br />or agreement of Borrower matsined in thus Instrument, inciudiag the covenants to pay when due all sums seared by this Instrumteru Lender shall
<br />have the rewedice of a secured party under the Uniform Coatnietual Code and, at Lenders option. may also invoke the remedies provided in
<br />paragraph 27 of this tastrumemt as to such items. In exercising any of said remedies. Lender may proceed agairm the items of real property and
<br />any items of personal property specified above as pan of the Property separately or together and in any order whatsoever. without in any way
<br />aSecting the availability of Leader's remedies under the Uniform Commercial Code or of the remedies provided in pfitagraph 27 of this Intrttmeat.
<br />K LEASES OF THE PROPERTY. As used in this paragraph 16, the word "e :se" shall mean "sublease" if this instrument is on a leasehold.
<br />Borrower shall comply with and observe Borrower's obligations as landlord under all leases off Property, or any pan t11C[eOf. Borrower will not
<br />lease my portion of the Properly for non_mshdenthxl use euvo with the prior written approval of Lender. Borrower, at fenders request. shall
<br />famish leader with executed copies of all leases now existing or hereafter made of all or any pan of the Property, and all leases now or hereafter
<br />emtered into will be in form and substance subject to the approval of Lender. All leases of the Property shall specifically provide that such leases
<br />are subordinate to this lastmment; that the tenant shorts, to Lender, such stuwnment to be effective upon Lender's acquisition of title to the
<br />Property: that the temer agrees to execute such further evidences of attornment as Lender may from time to time request; that the attamment of the
<br />team shelf not be terminated by foreclosure; and that Lender may, at Lender's option, accept or reject such auornments. Borrower shall not,
<br />without Lender's written moment, execute. modify, surrender or terminate, either orally or in writing, any lease now existing or hereafter made of all
<br />or any part of the Property providing for a term of three years or more, permit an assignment or sublease of such a lease without Lender's written
<br />comment. or request or consent to the subordination of any lease of all or any pan of the Property to any lien subordinate to this Instrument. If
<br />Borrower becomes aware that any tenant Proposes to do, or is doting. any act 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 set-off against rent. Oil notily Lender
<br />Thereof and of the amount of said setoffs, and (lol within ten days after such accrual, reimburse the tenant who shall have acquired such right to
<br />set-off or take such other steps as shall effectively discharge such setoff and as shall assure that rent& thereafter due shall continue to be payable
<br />without setoff or deduction.
<br />Upon Lender's request. Borrower shall assign to Lender, by written instrument satisfactory to Leader, all leases now existing or hereafter made
<br />of all or any pan 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 lean of the Property. Lender shall have all of the rights and powers possessed by Borrower prior to such assignment
<br />and Leader 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 Cl/MULATIVL Each remedy provided in this Instrument is distinct and cumulative to all other rights or remedies under this
<br />Imstrumeat or afforded by law or equity, and may be exerted concurrently, independently, or successively, in any order whatsoever.
<br />IL ACCELERATION IN CASE OF BORROWERS INSOLVENCY. If Borrower shall voluntarily file a petition under the Federal Bankruptcy
<br />Act, as such Act may from time to time be amended, or wmler any similar or successor Federal statute relating to bankruptcy. insolvency,
<br />arrangements or reorganizations. or under any state bankruptcy or insolvency act or file 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 receiver shall be appointed for Borrower or
<br />Borrowers property, or if the Property shall become subject to the jurisdiction of a Federal bankruptcy court or similar state court, or if Borrower
<br />shall make an assignment for the benefit of Borrowers creditors, or if there is an attachment, execution or other judicial seizure of any portion of
<br />borrowers assets and such seizure is nor discharged within ten days, then Lender may, at lenders option, declare all of the sums seared 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 evens shall be additional indebtedness or Borrower secured by this Instrument pursuant to paragraph fi hereof.
<br />I% TRANSFERS OF THE PROPERTY OR BENEFICIAL INTERESTS IN BORROWER; ASSUMPTION. On sale or transfer of (i) all or
<br />any pan of the Property, or any interest therein, or (o) beneficial interests in Borrower (if Borrower is not a natural person or persons but is a
<br />corporation, partnership, trust or other legal entity). Lender may, at Lenders option, declare all of the sums seared 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 />ease 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 A'a (b) sales or tramfers when the transferee's creditworthiness and management ability are satisfactory to Lender and the transferee has
<br />s,ft executed, prier to the sale or transfer, a written assumption agreement containing such terms as Lender may require,
<br />!' / ' v 10Q01M!{�fl�lElrld(119�)tlC9EIL
<br />H. F.:1. (c) the grant of a leasehold raerorm in a pan of the Property of three years or less (or such lonk•er lease term as Lender may permit by prior
<br />written approval) not containing an option to purchase (except any interest in the ground lease, if this Instrument is on a leasehold);
<br />(d 1 sales or transfers of beeeficial interests in Borrower provided that such sales or transfers, together with any prior sakes or transfers of
<br />K.M. neficial intents to Borrower, but excluding asks or transfers under subparagraphs (a) and (b► above, do not result to more than 49%
<br />!1 •
<br />of the beneficial interests in Btxmwer having been sold or transferred since commencement of amortization of the Note; and
<br />(e) ales or transfers of ixturn or any personal property pursuant to the first paragraph of paragraph 6 hereof.
<br />211. NOTICE. Except for any notice required under applicable law to be given in another manner. (a ( any notice to Borrower provided for in this
<br />tantrum ent or in the Note shall be given by mailing such notice by certified mad addressed to Borrower at Borrower's address stated below or at
<br />aach other address as Borrower may designate by notice to Lender as provided herein, and (h) any notice to Lender shall be given by certified
<br />egad, return Fecc pt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as
<br />prorided herein. Any notice provided ter in this Instrument or in the Note shall be deemed to have been given to Borrower or Lender when given
<br />it the insurer designated herein.
<br />21. SUCCESSORS AND ASSIGNS BOUND: JOINT AND SEVERAL LIABILITY; AGENTS: CAPTIONS. The covenants and agreements
<br />herein munined shall bind, and the rights hereundet shall inure to, the respective successors and assigns of Lender and Borrower. subject to the
<br />provisions of paragraph 19 hereof. AN covenants; and agreements of Borrower shall be joint and several. In exercising any rights hereunder or
<br />taking any actions provided for heron. Lender may its through its employees. agents or independent c nllactors as authorized by Lender The
<br />caption and headings of the paragraphs of this Instrument are for convenience only and are not to he used to interpret of define the provisions
<br />hereof
<br />2L UNIFORM MULTIFAMILY INSMUMENT; GOVERNING IAW; RFVFRABIIJTY. This form or mulufamdy instrument mmhmes
<br />uniform covenants for national use and nonuniform cosTnants with limited vanattons by runsdutton to nnntttute a tenth— scam') Instrument
<br />among teal property and related fixture and personal ptopeny Tom Instrument shall he of —Trued by the law of the 7unsdiokc,n to whwh the
<br />Property is located In the event that any ptovninn of this Instrurnem or the Note conOtcu with applrable la%, sash s..nflut dhstl run 0,,t other
<br />pmvatnm of that Instrument or the None whwh can he given efto without the conflrung pr.wtunn, and to Ihit end the prnusa,m -'l this
<br />t t�err i o! ,F rag"t
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