|
20110349�
<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 encwmbrance,s
<br />of record acceptable to Lender. Further, Grantor covenants that Grantor will warrant and`defend generally
<br />the title to the Property against any and all clauns and demands whatsoever, subject to the easements,
<br />restrictions, or other encumbrances of record acceptable to Lendar, 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 �very
<br />part thereof in good repair, working order, and condition and will from tnne to time, make all needful and
<br />proper repairs so that the value of the Property shall not in any way be innpaired.
<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 commi�s sion of any waste on the
<br />Property. Further, Grantor shall malce no material alterations, additions or �improvements df 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 Consen� Grantor shall not sell, further encumber or otherwise dispose of, except as
<br />herein provided, any or all of its interest in any part of or all of the Property without first obtaining the
<br />written consant of Lender. If any encumbrance, lien, transfer or sale or agreement for these is creafed,
<br />Lender may declare immediately due a.nd payable, the entire balance of tlie Indebtadness.
<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 sha11 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 raquired coverage, Lender may
<br />do so at Grantor's expense. Grantor hereby directs each and every insurer of tha Properiy to make payment of
<br />Ioss 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, taaces, assessments, lease payments and any other charges relating to the Property when levied
<br />or assessed against Grantor or the Properiy.
<br />Environmental Laws and Hazardous or Togic Materials. Grantor and every tenant have been, aze
<br />presently and shalt continue to be in strict compliance with any applicable local, state and federal
<br />environmental laws and regulations. Furkher, neither Grantor nor any tenant shall manufacture, store, handle,
<br />discharge or dispose of ha�rdous 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 pariy 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 Properiy. Grantor indeinnifies and holds Lender harmless from
<br />any liability or expense of whatsoever nature incurred directly or indirectly as a result of Grantor's violarion
<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 informarion 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 />Lende�'s Right to Enter. Lender or Lender's agents shall have the right and access to inspect the Property at
<br />all reasonable times in order to attend to Lender's interests and ensure compliance with th� terms of
<br />Security Instrument. If the Property, or any part thereof, sha11 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 Jndebtedness and paid on Lender's demand by
<br />Grantor.
<br />ASSIGNMENT OF LEASES AND RENTS. 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 a11 rents,
<br />income and profits ("Rents") under any present or future leases, subleasas or licenses of the Property, including
<br />any guazanties, 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 Properly, but not more than one
<br />m 2004-2010 Compliance Systems, Ine. F947-BA2E - 2010.05.365 . ,
<br />Commercial Real Estete Insttument - DL4007 � Paee 2 of 5 � � ... . �� wwa,.mmnlianr,•_nmr�a r...�
<br />
|