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241007999
<br />Section 10.3. Future Advances. This Mortgage is a"�'uture Advance Mortgage" under
<br />MCLA 565.901 et seq. All future advances under the indebtedness secured hereby, this
<br />Mortgage and Loan Documents shall have the same priority as if the future advance was made
<br />on the date that this Mortgage was recorded. This Mortgage shall secure all indebtedness of
<br />Mort�;agor, its successors and permitted assigns under the indebtedness secured hereby, this
<br />Mortgage or any of the Loan Documents, wlaenever incurred, such indebtedness to be due at the
<br />times provided in the documents and instrurnents governing the indebtedness secured hereby and
<br />in this Mortgage. Notice is hereby given that the indebtedness secured hereby may increase as a
<br />result of any defaults hereunder by Mortga�or due to, for example, and without lirnitation,
<br />unpaid interest or late charges, unpaid taxes, assessments or insurance premiums which
<br />Administrative Agent elects to advance, defaults under leases that Administrative Agent elects to
<br />cure, attorney fees or costs incurred in enfo:rciang the Loan Documents or vther expenses incur.red
<br />by Admirtistrative Agent in protecting the Froperties, the security of this Mortgage or
<br />Adrninistrative Agent's rights and interests.
<br />Section 1 p.4. Recardable Events. The provisions set forth in this Mortgage are not
<br />intended to evidence an additional recordable event, as may be proscribed by Act 459 of the
<br />Public Acts of Michigan of 199b, but rather are included in this Mortgage for purposes of
<br />complying with any applicable Requirement af Law.
<br />Section 1 p.5. Assig,nmeiat. Martgagor, pursuant to Act No. 210 of Michiga�a Public Acts
<br />af 1953, as amended, does hereby sell, assigtt, txansfer and set over to Administrative Agent all
<br />of its right, title and interest in and to a11 leases, subleases, tenancy, occupancy, rental, use, sale
<br />or license agreements (hereinaftex in this Section collectively referred to as "leases"), existing as
<br />of the date hereaf, or hereinafter executed, covering all or any part of the Prap�rties, together
<br />with any and all extensions and renewals af any of said leases, and also togetl�er with ariy and all
<br />guarantees of the lessee's obligations under said leases, and any arxd all extensions and renewals
<br />th�reof, the rents, accounts, issues, income, profits, proceeds, security depasits and any other
<br />payments now owing or which shall hereafter become owing by virtue of all of said leases, all or
<br />any part of the oil and gas located in, an or under oil and gas properties, and a11 or ata.y of the
<br />rents and profits from oil and gas properties, an.d the income from the sales of oil and gas
<br />produced or to be produced from oil and �as properties (in accordance with MCLA 565.81 et
<br />seq.), and all extensions, amendments and renewals thereof, and all moneys payable thereunder
<br />(herein sometimes collectively called the "Rents"), to have and to hold unto the Administrative
<br />Agent as seeurity for the indebtedness secured hereby. NOTICE OF ABSOLUTE
<br />ASSIGNMENT OF RENTS: (a) Mortgagar acknowledges and agrees that the assignment of
<br />rents hereunder ta Administrativ� Agent is and is intended ta be an absolute present assignment
<br />of rents pursuant ta MCLA 554.231 et seq. and MCLA 565.81 et seq. and that as such, upon the
<br />occurrence of a default and the giving by Administrative Agent to Martgagor of written notice
<br />that Mortgagor shall have no further right to collect or otherwise receive such Rents
<br />(collectively, the "Michigan Pre-Rent Collection Requirements"), but not prior tlaereto, and
<br />without any other any action by Administrative Agent, Mortgagor shall have no further right to
<br />callect or otherwise receive such Rents and that such Rents will be the absolute and sole property
<br />of Administrative Agent pursuant to said statute, (b} any R�nts collected or received by
<br />Mortgagor subsequent to such default shall be held in trust by Mortgagar far the benefit of
<br />Administrative Agent and Mortgagor shall have no right thereto or interest therein, and (c) such
<br />Rents, as the sole and absolute property of Administrative Agent, will not under any
<br />.1
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