|
<br />
<br />
<br />
<br /> 201008960
<br />
<br /> Defense and Title to Property. At the time of execution and delivery of this instrument, Grantor is lawfully
<br /> seised of the estate hereby conveyed and has the exclusive right to mortgage, grant, convey and assign the
<br /> Property. Grantor covenants that the Property is unencumbered and free of all liens, except for encumbrances
<br /> of record acceptable to Lender. Further; Grantor covenants that Grantor will warrant and defend generally
<br /> the title to the Property against any 'nd all claims and `demands whatsoever, subject to the easements,
<br /> restrictions, or other encumbrances of record acceptable to Lender, as may be listed in the schedule of
<br /> exceptions to coverage in any abstract of title or title insurance policy insuring Lender's interest in the
<br /> Property.
<br /> Condition of Property. Grantor promises at all times to preserve and to maintain the Property and every
<br /> part thereof in good repair, working order, and condition and will from time to time, make all needful and
<br /> proper repairs so that the value of the Property shall not in any way be impaired.
<br /> Removal of any Part of the Property. Grantor promises not to remove any part of the Property from its
<br /> present location, except for replacement, maintenance and relocation in the ordinary course of business.
<br /> Alterations to the Property. Grantor promises to abstain from the commission of any waste an the
<br /> Property. Further, Grantor. shall make no material alterations, additions or improvements of any type
<br /> whatever to the Property, regardless of whether such alterations, additions or improvements would increase
<br /> the value of the Property, nor permit anyone to do so except for tenant improvements and completion of
<br /> items pursuant to approved plans and specifications, without Lender's prior written consent, which consent
<br /> may be withheld by Lender in its sole discretion. Grantor will comply with all laws and regulations of all
<br /> public authorities having jurisdiction over the premises relating to the use, occupancy and maintenance
<br /> thereof and shall upon request promptly submit to Lender evidence of such compliance.
<br /> Due on Sale - Lender's Consent. Grantor shall,not sell, further encumber or otherwise dispose of, except as
<br /> herein provided, any or all o£ its interest in any part, of 'or,,all. of the Property without first obtaining the
<br /> written consent of Lender. If any encumbrance, lien, transfer or sale or agreement for these is created,
<br /> Lender may declare immediately due and payable, the entire balance of the lndebtedness.:
<br /> Insurance. Grantor promises to keep the Property insured against such risks and in such form as may within
<br /> the sole discretion of Lender be acceptable, causing Lender to be named as loss payee or if requested by
<br /> Lender, as mortgagee. The insurance company shall be chosen by Grantor subject to Lender's approval,
<br /> which shall not be unreasonably withheld. All insurance policies must provide that Lender will get a
<br /> minimum of 10 days notice prior to cancellation. At Lender's discretion, Grantor may be required to produce
<br /> receipts of paid premiums and renewal policies. If Grantor fails to obtain the required coverage, Lender may
<br /> do so at Grantor's expense. Grantor hereby directs each and every insurer of the Property to make payment of
<br /> loss to Lender with the proceeds to be applied, only at Lender's option, to the repair and replacement of the
<br /> .damage or loss or to be-applied to the Indebtedness with the surplus, if any, to be paid by Lender to Grantor.
<br /> Payment of Taxes and Other Applicable Charges. Grantor promises to pay and to discharge liens,
<br /> encumbrances, taxes, assessments, lease payments and any other charges relating to the Property when levied
<br /> or assessed against Grantor or the Property.
<br /> Environmental Laws and Hazardous or Toxic Materials. Grantor and every tenant have been, are
<br /> presently and shall continue to be in strict compliance with any applicable local, state and federal
<br /> environmental laws and regulations. Further, neither Grantor nor any tenant shall manufacture, store; handle,
<br /> discharge or dispose of hazardous or toxic materials as may be defined by any state or federal law on the
<br /> Property, except to the extent the existence of such materials has been presently disclosed in writing to
<br /> Lender. Grantor will immediately notify Lender in writing .of any assertion' or claim made by any party as to
<br /> the possible violation of applicable state. and federal environmental laws including the location of any
<br /> hazardous or toxic materials on or about the Property. Grantor indemnifies and holds Lender harmless from
<br /> any liability or expense of whatsoever nature incurred directly or indirectly as a result of Grantor's violation
<br /> of applicable local, state and federal environmental laws and regulations or Grantor's involvement with
<br /> hazardous or toxic materials.
<br /> Financial Information. Grantor agrees to supply Lender such financial and other information concerning its
<br /> affairs and the status of any of its assets as Lender, from time to time, may reasonably request. Grantor
<br /> further agrees to permit Lender to verify accounts as well as to inspect, copy and to examine the books,
<br /> records and files of Grantor.
<br /> Lender's g and access to inspect the Property, at
<br /> all Ceasonable ti to Enter. Lor Lender's agents shall have the right
<br /> m'es"in order to"atte'nd to Lender's interests and ensure com liance with the terms of this
<br /> Security Instrument. If the Property, or any part thereof, shall require inspection, repair or maintenance
<br /> which Grantor has failed to provide, Lender, after reasonable notice, may enter upon the Property to effect
<br /> such obligation; and the cost thereof shall be added to the Indebtedness and paid on Lender's demand by
<br /> Grantor.
<br /> ASSIGNMENT OF LEASES AND REN'T'S. As additional security for the payment of the Indebtedness and the
<br /> performance of the covenants contained herein, Grantor hereby assigns and transfers over to Lender all rents,
<br /> income and profits ("Rents") under any present or future leases, subleases or licenses of the Property, including
<br /> any guaranties, extensions, amendments or renewals thereof, from the use of the Property. So long as Grantor is
<br /> not in default, Grantor may receive, collect and enjoy all Rents accruing from the Property, but not more than one
<br /> t heM Esr le Complianm
<br /> eeurijy InstrYuments- D.L4007 7.OBBF - 2006.12,282 Pa8a2 bf 5 800-968 8522,p - Fax 616 956-'1 8m
<br /> Commerc a0 aY 8
<br /> 6s
<br /> Initials
<br />
|