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MORTGAG� 2 � 1 O U� 8 g"
<br />Loan No: 49943'LF� �"' �' (Contlnu�d) Page 4
<br />refiled, or rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and ell
<br />such mortgages, deeds of trust, security deeds, security agreements, financing statements, cnntinuetion statements, instruments of
<br />further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to
<br />effectuate, complete, perfect, continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Fielated
<br />Documents, and (2) the liens and security interests created �y this Mortgage as first and priqr liens on #he Property, whether now
<br />owned or hereafter acquired by Grantor. Unless prohibited 6y law or Lender agrees to the contrary in writing, Grantor shall reimburse
<br />Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph.
<br />Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name
<br />of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for
<br />the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's
<br />sole opinion, to accomplish the matters referred to in the preceding paragraph.
<br />FULL PERFORMANCE. If Grantor pays all the Indebtedness, including without limitation all future advances, when due, and otherwise
<br />performs all the nbligations impnsed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction
<br />of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's security interest in the
<br />Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender
<br />from time to time.
<br />EVEN'fS DF �EFi�OL7. Each of the following, at Lender's option; shatt cor�siiCUtd �n Evan# pf Defauli undar tl Mr�rtgaga:
<br />Payment pefault. Grantor fails to make any payment when due under the Indebtedness.
<br />Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance,
<br />or any other payment necessary to prevent filing of or to effect discharge of any lien.
<br />Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this
<br />Mortgage or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in
<br />any other agreement between Lender and Grantor.
<br />Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security egreement, purchase or sales
<br />agreement, or any other agreement, in favvr of any pther creditor or person that may materially affect any of Grantor's property or
<br />Grantor's ability to repay the Indebtedness nr Grantor's ebility to perfnrm Grantor's obligations under this Mortgage or any of the
<br />Related bocuments.
<br />False Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's 6ehalf under
<br />this Mortgage or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or
<br />becnmes false or misleading at any time thereafter.
<br />befective Gollateralization. This Mortgage nr any of the Related �ocuments ceases to be in full force and effect (including failure of
<br />any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
<br />Death or Insolvency. The dissolution of Grantor's Iregardless of whether election to continue is made►, any member withdraws from
<br />the limited liability company, or any other termination of Grantor's existence as a going business or the death of any member, the
<br />insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors,
<br />any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
<br />Grantor.
<br />Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
<br />repossession or any other method, by any creditor of Grantor or 6y any governmental agency against any property securing the
<br />Indebtedness. This includes a garnishment af any of Grantnr's accounts, including deposit accounts, with Lender. However, this
<br />Event of Default shall not apply if there is a good faith dispute 6y Grantor as to the validity or reasonableness of the claim which is the
<br />basis of the creditnr or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and
<br />deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
<br />discretion, as being an adequate raserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is nat
<br />remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other
<br />obligation of Grantor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
<br />Guarantor dies or 6ecomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
<br />Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or
<br />performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event nf Default and at any time thereafter, l.ender, at Lender's option,
<br />may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:
<br />Accelerate Indebtedness. Lender shall have the right at its option to declare the entire Indebtedness immediately due and payable,
<br />inciuding any prepayment penalty that Grantor would be required to pay.
<br />IICC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured
<br />party under the Uniform Commercial Code.
<br />Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the Rents,
<br />including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In
<br />furtherance of this right, Lender may require any tenant or nther user of the Property to make payments of rent or use fees directly to
<br />Lender. If the Rents are collected by Lender, then Gran#or irrevocably designates Lender as Grantor's attorney-in-fact to endorse
<br />instruments received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by
<br />tenants or nther users to Lender in response to Lender's demand shall satisfy the o6ligations for which the payments are made,
<br />whether or not any prnper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person,
<br />6y agent, or through a receiver.
<br />Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with
<br />tha power to protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from
<br />the Property and apply the proceeds, over and above the cost of the receivership, against the Inde6tedness. The receiver may serve
<br />without bond if permitted by law. Lender's right to the appointment af a receiver shall exist whether or not the apparent value of the
<br />Prpperty exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a
<br />receiver.
<br />Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the f'roperty.
<br />Nnnjudicial Sale. If permitted by applicable law, Lender may foreclose Grantor's interest in all nr in any part of the Personal Property
<br />or the Real Property by non-judicial sale.
<br />Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness
<br />due to Lender after application of all amounts received from the exercise of the rights provided in this sectinn.
<br />Tenancy a# Sufferance. If Grantor remains in possession of ttie Property after the Property is sold as provided above or Lender
<br />otherwise becomes entitled to possession pf the Property upon default of Grantor, Grantor shall become a tenant at sufferance bf
<br />Lender or the purchaser of the Property and shall, at Lender's option, either (1 � pay a reasonable rental for the use of the Property, nr
<br />(2) vacate the Praperty immediately upon the demand of Lender.
<br />Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or availa6le at law or in equity.
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