|
201007174
<br />2.3 Reimbursement. The Grantor agrees that if it shall fail to pay on or before the
<br />date that the same become delinquent any tax, assessment or charge levied or assessed against
<br />the Premises or any utility charge, whether public or private, or any insurance premium (unless
<br />the same are being contested in good faith by appropriate proceedings diligently conducted and
<br />adequate reserves in accordance with GAAP are being maintained by the Grantor) or if it shall
<br />fail to procure the insurance coverage and the delivery of the insurance certificates required
<br />hereunder, or if it shall fail to pay any other charge or fee described herein, then the Agent, at its
<br />option, may pay or procure the same and will give the Grantor prompt notice of any such
<br />expenditures. The Grantor will reimburse the Agent upon demand for any sums of money paid
<br />by the Agent pursuant to this Section, together with interest on each such payment at the
<br />applicable default rate of interest set forth in the Credit Agreement, and all such sums and
<br />interest thereon shall be secured hereby.
<br />2.4 Additional Documents' Further Assurances' After-Ac aired Pro ert . At any
<br />time, and from time to time, upon request by the Agent, the Grantor will make, execute and
<br />deliver or cause to be made, executed and delivered, to the Agent and, where appropriate, to
<br />cause to be recorded and/or filed and from time to time thereafter to be rerecorded and/or refiled
<br />at such time and in such off ces and places as shall reasonably be deemed desirable by the Agent
<br />any and all such other and further trust deeds, mortgages, instruments of fixrtlier assurance,
<br />certificates and other documents as may, in the reasonable opinion of the Agent, be necessary or
<br />desirable in order to effectuate, complete, maintain, enlarge, or perfect, or to continue and
<br />preserve the obligations of the ~'rrantor under the Financing Documents and this Security
<br />Instrument, and the liens and security interests of this Security Instrument as a first and prior lien
<br />upon all of the Premises, whether now owned or hereafter acquired by the Grantor. The lien
<br />hereof will automatically attach, without further act, to all after acquired property attached to
<br />and/or used in the operation of the Premises or any part thereof. The Grantor hereby authorizes
<br />the Agent to prepare and file such financing statements, fixture filings, renewals or continuations
<br />thereof, amendments and supplements thereto and other instruments as the Agent may from time
<br />to time deem necessary or appropriate in order to perfect and maintain the security interests
<br />granted in the Security Documents and the documents executed in connection therewith in
<br />accordance with the Unifonn Commercial Code. The Grantor hereby irrevocably makes,
<br />constitutes and appoints the Agent as the true and lawfiil attorney of the Grantor to take any or
<br />all of the foregoing actions in the name of the Grantor.
<br />2.5 Sale Transfer or Encumbrance. Except as permitted in the Financing Documents,
<br />the Grantor will not sell, transfer, convey, mortgage, encumber or otherwise dispose of the
<br />Premises, the Rents and Profits or the Intangible Personalty or any part thereof or any interest
<br />therein or engage in subordinate financing with respect thereto during the term of this Security
<br />Instrument without the prior written consent of the Agent_ Except as permitted by the Financing
<br />Documents, the Grantor will not sell, transfer, convey, mortgage, encumber or otherwise dispose
<br />of any of the Tangible Personalty except to incorporate such into the Improvements or replace
<br />such with goods of quality and value at least equal to that replaced. In the event tlae Grantor sells
<br />or otherwise disposes of any of the Tangible Personalty in contravention of the foregoing
<br />sentence, the Agent's security interest in the proceeds of the Tangible Personalty shall continue
<br />pursuant to this Security Instrument.
<br />CHART\1182503v1
<br />d
<br />
|