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201007634
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Last modified
10/18/2010 2:27:26 PM
Creation date
10/18/2010 2:27:25 PM
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DEEDS
Inst Number
201007634
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20������� <br />(b) Payment of all other obligations and other sums, with interest thereon, which rnay <br />be owed under, atid performance of all other obligations and covenants contained in the 16b2 <br />Docurnents together with any other instrument given to evidence or further secure the payment <br />and perfortnance of any obligation secured hereby ar thereby; and <br />(c) Paytnent of all costs, expenses, legal fees and liabilities incurred by the Authority <br />in connection with the enforcement of any of the Authority's rights or remedies under this <br />Recapture Deed of Trust ar the other 1 dQ2 Documents. <br />It is the intention of the parties hereto that the Prope�ty shall secure all vf the Obligations <br />presently or hereaf�er owed, and that the priority of the security interest created by this R�capture <br />Deed of Trust for all such Obligations shall be cantrolled by the time of proper recording of this <br />Recapture Deed af Trust. This paragraph shall serve as notice ta all persons who may seek or <br />obtain a lien on the Property subsequent to the date of recoarding of this Recapture Deed of Trust, <br />that until this Recapture Deed af Trust is released or reconveyed, any debt owed to the Authority <br />by Grantor in connection with the 1d02 Dacuments, including adva►�ces made subsequent to the <br />recording of this Recapture Deed of Trust, shall be secured with the priority afforded this <br />Recaptuxe Deed of Trust as recarded. <br />The Grantor covenants with the Authority as fallows: <br />1, Grantor will pay the Obligations at the Cimes and in the manner provided ther�in. <br />2. Grantor will not permit or suffer the use of any of the Prernises for any purpose <br />other than the use for which the same was intended at the time this R�capture Deed of Trust was <br />executed. <br />3. The 1602 Agreem�nt, executed by the Grantor and the Authority, which has been <br />recorded, is incorporated in and rnade a part of this Recapture Deed of Trust, and an Event of <br />Default pursuant to the terms of said 1602 Agreement beyond all applicable notice and cure <br />periods shall constitute an Event of Default under the terrns and provisians of this Recapture <br />D�ed of Trust and the Authority may, at its optian, declare the whvle Subaward earned to be due <br />and payable. <br />4. The assignrnent of Rents, which is set forth in this Sectian 4, shall be subject to <br />the rights af Horizon Bank (the "Seniar Lender") with respect to such Rents under the loan <br />docuraents evidencing or securing the loan znade by Senior Lender. Legal title to all Rents <br />covered by this Recapture Deed of Trust are hereby absolutely assigned to the Authority for Chc <br />purpose of discharging the payment and performance of the Obligations hereby secured. <br />Permission is hereby given to Grantor for so long as no Event vf Default exisCs hereunder, to <br />collect such Rents for use in accordance with the provisians of the 1602 Agreement; but if there <br />be an Event of Default hereunder, such permission to callect Rents shall xevert to the Authority. <br />After any Event of Default, the Authority may at any time without notice, either in person, by <br />agent, or by receiver ta be appointed by the court, and without regard to the adequacy of any <br />security for the Obligations, enter upvn and take possessian of the Property, or any part thereof, <br />rnake, cancel, enforce or modify leases; obCain and eject tenants in accordance with all applicable <br />Recapture Oeed of 7rust and Security Agreement <br />4839-8958-0838.2 <br />
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