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201105611
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Last modified
9/14/2011 12:31:10 PM
Creation date
8/1/2011 9:01:51 AM
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DEEDS
Inst Number
201105611
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2o�io5��� <br />default in the performance of any other agreement contained in this Promissory Note or <br />in the mortgage or deed of trust securing payment of this Promissory Note, Lender is <br />hereby authorized without notice to the Bonower (any such notice being expressly <br />waived by Borrower) to set off and apply any and a11 deposits or other investments at any <br />time held by Lender for Borrower's account against any and all of Borrower's obligations <br />hereunder, under the mortgage or deed of tiust securing payment hereunder, and/or under <br />any other agreement or obligation, whether now or hereafter owing, irrespective of <br />whether or not Lender sha11 have made any demand hereunder or thereunder. The rights <br />of Lender under this paragraph are in addition to any other rights and remedies Lender <br />may have. Nothing contained in this Promissory Note or in the mortgage or deed of trust <br />securing payment of this Promissory Note shall impair the right of Lender to exercise any <br />right of setoff it may have against the Borrower. <br />5.3 Attorneys and Other Ex en nses. If, as a result of the occurrence of any <br />default in the payment of any installment of principal or interest when due in accordance <br />with the terms hereof or any default in the performance of any other agreement contained <br />in this Promissory Note or in the mortgage or deed of trust securing payment of this <br />Promissory Note, Lender employs attomeys or incurs other expenses for the collection of <br />payments due hereunder or thereunder or for the enforcement of performa.nce or <br />observance of any obligation or agreement on the part of the Borrower hereunder or <br />thereunder, the Borrower shall be liable to and sha11, on demand, reimburse Lender for <br />the reasonable fees of such attorneys and such other reasonable expenses so incurred. <br />5.4 Disclosure of Information. Borrower shall provide to Lender such <br />information (including nonfinancial information) as Lender may request from time to <br />time in its sole discretion including, but not limited to, the following: (i) annual, quarterly <br />or monthly financial statements including sta.tements of financial position, statements of <br />activities and changes in unrestricted net assets and statements of cash flows, (ii) year-to- <br />date statements of operations as compared to budget, and (iii) cash flow projections. <br />6. Dissolution, Mer�er, Use of Securitv. If Borrower is a member congregation of <br />The Lutheran Church-Missouri Synod, 6.1 shall apply. If Borrower is recognized as a <br />Recognized Service Organization of The Lutheran Church-Missouri Synod, 6.2 shall apply. If <br />Borrower is neither a member congregation nor a Recognized Service Organiza.tion of The <br />Lutheran Church-Missouri Synod, 6.3 shall apply. <br />C! <br />
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