|
2oioosi5�
<br />the title to the Property against any and all claims ,and demands whatsoever, subject to the easements,
<br />restrictions, or other encumbrances of recard 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 />Candition af Property. Grantor promises at all times to preserve and to maintain the Prnperty and every
<br />part thereof in gnod repair, working order, and condition and will from time to time, make all needful and
<br />proper repairs so that the value of the Praperty 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, rnaintenance and relocation in the ordinary course of business.
<br />Alterations to the Property. Grantor prornises to abstain from the commissian of any waste on the
<br />Property. Further, Grantor shall make no material alterations, additions ar improvernents af any type
<br />whatever to the Property, regardless of whether such alterations, additions or improvements would inerease
<br />the value of tlie Property, nor permit anyane Co do so except for tenant improverr�ents and completion of
<br />it�ms pursuant to approved plans and specifications, without Lender's prior written consent, which co�sent
<br />niay `kie witl�tield by Lender in its sole discretion. Grantor will comply widi all laws'and regulations of all
<br />public authorities having jurisdiction aver the premises relating to the use, occupancy and maintenance
<br />tl�erec�f 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 af its interest in any part of or a11 of the Property without first obtaining the
<br />written consent of Lender. lf any encumbrance, lien, transfer or sale ar agreement for these is created,
<br />Lender may declare immediately due and payable, the entire balance of the Indebtedness.
<br />Insurance. Grantor promises to keep the Property insured against such risks and in such form as may within
<br />the sole dis�retion of Lender be acceptable, causing I.ender to be named as loss payee or if requested by
<br />Lender, as inortgagee: The insurance company shall be chosen by Grantor subject to Lender's approval,
<br />which shall nat be unreasonably wifhheld. All insurance poiicies rnust provide fhat Lender will gat a
<br />minimum of 10 days notice prior to cancellation. At Lender's discretion, Grantor may be required to produce
<br />receipts of paid premium5 and renewal policies. If Grantor Fails to obtain the required coverage, Lender may
<br />do so at Grantar'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 />dama�e or lpss or to be applied to the Indebtedness with the surplus, if any, to be paid by Lender tq Grantor.
<br />Payment of Taxes and Other Applicable Charges. Grantor promises to pay and to discharge liens,
<br />encumbrances, taxes, assessments, lease paymencs and any other charges relating ta the Property when levied
<br />or assess�:d against Grantar or the Property.
<br />�nvironmental Laws and Hazardous or Toxic Materials. Grantor and every tenant have been, are
<br />presently and sl�all continue to be in strict compliance with any applicable loca1, state and federal
<br />environmencal laws and regulations. Further, neither Grancor nor any tenant shall manufacture, store, handle,
<br />discharge or dispose of hazardous or toxic rnaterials as may be defined by any state or federal law on Che
<br />Property, except to the extent the existencc: of such materials has b�en 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 indernnities and holds Lender harmless from
<br />any liability or expense of whatsoever nature incurred directly or indirectly as a result of Granror's violation
<br />of applicable local, state and f�deral environmental laws and regulations or Grantor's involvement with
<br />hazardous or toxic rnaterials.
<br />Financial Information. Grantor agrees to supply I.,e��der such financial and other information concerning its
<br />affairs and the status of any of its assets as Lender, from time to tirne, rnay reasonably request. Grantar
<br />further agreea 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 Right to Enter. Lender or Lender's agents shall have the right and access to inspect the Prpperty at
<br />all reasnnable times in order to attend ta Lender's interests and ensure compliance 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 l,�.ASES AND RENTS. As additional security for the payment oFthe Indebtedness and the
<br />performance of lhe covenants contained harein, Grantor hereby assigns and transfers over to Lender a11 rents,
<br />incom� and profits ("Rents") under any present ar future leases, subleases or licenses of the Property, including
<br />any guaranties, extensic�ns, am�ndments or renewals thereof, from the use of the Property. So long as Grantor is
<br />not in default, Grantor may receive, collect and enjny all Rents aceruing from the Property, but not more fhan one
<br />month in advance of the due date. Lender may also require Grantor, tenant and any other user of the Property to
<br />make payments of Rents directly to Lender. However, by receiving any such payments, Lender is not, and sha11 not
<br />be considered, an agent for any party or entity. Any amounts collected may, at Lender's sole discretion, be applied
<br />to protect Lender's interest in the Property, including buc not limited to tlie payment of taxes and insurance
<br />premiums and to the IndebCedness. At Lender's sole discr�tion, all leases, subleases and licenses must first be
<br />approved by Lender.
<br />¢� 2004-2010 Cmnpliance Systems, Inc. F947-8AC0 - 2010.05365
<br />Conuncrcial Rcal Estatc Sccurity Instrumcnt - PL40U7 Page 2 of 5 www.cnmpliancesystems.com
<br />
|