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201000147
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201000147
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Last modified
1/7/2010 4:35:55 PM
Creation date
1/7/2010 4:32:28 PM
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DEEDS
Inst Number
201000147
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201000147 <br />(j) if the Mortgaged Property or any part thereof is taken on execution or other <br />process of law in any action against Borrower other than a condemnation <br />proceeding; <br />(k) if the holder of any lien or security interest on the Mortgaged Property (without <br />implying the consent of Lender to the existence or creation of any such lien or <br />security interest), whether superior or subordinate to this Security Instrument or <br />any of the other Loan Documents, declares a default and such default is not cured <br />within any applicable grace or cure period set forth in the applicable document or <br />such holder institutes foreclosure or other proceedings for the enforcement of its <br />remedies thereunder; <br />(1) subject to the provisions of paragraph 4(b) hereof, if the Mortgaged Property <br />becomes subject to any mechanic's, materialmen's or other lien (other than for <br />local real estate taxes or assessments which are not then due and payable) and <br />such lien shall remain undischarged of record (by payment, bonding or otherwise) <br />for a period of sixty (60) calendar days after Borrower's actual knowledge <br />thereof; <br />(m) subject to the rights of Lessee to contest same as set forth in the Lease, if <br />Borrower fails to cure, or fails to take commercially reasonable actions to enforce <br />Lessee's obligations to cure, promptly any violations of laws or ordinances <br />affecting the Mortgaged Property; <br />(n) if Borrower fails to (i) permit on-site inspections of the Mortgaged Property <br />(subject to the terms of the Lease, provided that no default beyond any applicable <br />notice and/or cure period then exists under the Lease), or (ii) provide the financial <br />information required pursuant to paragraph 15 hereof, and such breach or default <br />continues for ten (10) days after written notice thereof from Lender; <br />(o) if Borrower shall default in the observance or performance of any other term, <br />covenant or condition of the Note, this Security Instrument or any of the other <br />Loan Documents, and Borrower shall fail to remedy or cause to be remedied such <br />default within thirty (30) days after notice by Lender to Borrower of such default, <br />or if such default is of such a nature that it cannot with due diligence be cured <br />within said thirty (30) day period, and Borrower shall not commence or cause to <br />be commenced within said thirty (30) days, or shall not thereafter diligently <br />prosecute, or cause to be prosecuted, to completion, all steps necessary to cure <br />such default within a reasonable period of time; <br />(p) if any default by Lessee under Section 20 of the Lease beyond any applicable <br />notice and cure periods thereunder ("Lease Default") shall occur; and <br />(q) if the Lease is canceled, terminated, abridged, modified or surrendered (other than <br />as provided in the Lease) without the prior written consent of Lender. <br />22. Default Interest. Upon the occurrence of any Event of Default, Borrower shall pay <br />interest on the unpaid principal balance of the Note at the Overdue Rate (as defined in the <br />-38- <br />
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