THE PERFORMANCE OF EACH OBLIGATION OF MORTGAGOR CONTAINED IN
ANY RENEWAL, EXTENSION, AMENDMENT, MODIFICATION, CONSOLIDATION, CHANGE OF, OR
SUBSTITUTION OR REPLACEMENT FOR, ALL OR ANY PART OF THE NOTE, THE LOAN AGREEMENT
OR ANY OTHER LOAN DOCUMENT.
SECTION 2.03
VARIABLE INTEREST RATE.
THE LOAN SECURED BY THIS MORTGAGE
IS A VARIABLE INTEREST RATE LOAN, AS MORE PARTICULARLY SET FORTH IN THE LOAN
AGREEMENT.
SECTION 2.04
DEBT AND OTHER OBLIGATIONS.
MORTGAGOR'S OBLIGATIONS FOR THE
PAYMENT OF THE DEBT AND THE PERFORMANCE OF THE OTHER OBLIGATIONS SHALL BE
REFERRED TO COLLECTIVELY HEREIN AS THE "OBLIGATIONS."
SECTION 2.05
LOAN REPAYMENT.
THIS MORTGAGE WILL BE SATISFIED AND
DISCHARGED OF RECORD BY MORTGAGEE PRIOR TO THE MATURITY DATE ONLY IN ACCORDANCE
WITH THE TERMS AND PROVISIONS SET FORTH IN THE LOAN AGREEMENT.
ARTICLE III.
MORTGAGOR COVENANTS
Mortgagor covenants and agrees that throughout the term of the Loan:
SECTION 3.01
PAYMENT OF DEBT.
MORTGAGOR WILL PAY THE DEBT AT THE TIME
AND IN THE MANNER PROVIDED IN THE LOAN AGREEMENT, THE NOTE AND THIS MORTGAGE.
SECTION 3.02
INCORPORATION BY REFERENCE.
ALL THE COVENANTS, CONDITIONS
AND AGREEMENTS CONTAINED IN (A) THE LOAN AGREEMENT, (B) THE NOTE, AND (C) ALL
AND ANY OF THE OTHER LOAN DOCUMENTS, ARE HEREBY MADE A PART OF THIS MORTGAGE TO
THE SAME EXTENT AND WITH THE SAME FORCE AS IF FULLY SET FORTH HEREIN.
WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, MORTGAGOR
7
(i) agrees to insure, repair, maintain and restore damage to the Property, pay
Taxes and Other Charges, and comply with Legal Requirements, in each case, to
the extent required by and in accordance with the Loan Agreement, and
(ii) agrees that the Insurance Proceeds and Awards shall be settled, held,
applied and/or disbursed in accordance with the Loan Agreement.
SECTION 3.03
PERFORMANCE OF OTHER AGREEMENTS.
MORTGAGOR SHALL OBSERVE
AND PERFORM EACH AND EVERY TERM, COVENANT AND PROVISION REQUIRED TO BE OBSERVED
OR PERFORMED BY MORTGAGOR PURSUANT TO THE LOAN AGREEMENT OR ANY OTHER LOAN
DOCUMENT.
ARTICLE IV.
OBLIGATIONS AND RELIANCES
SECTION 4.01
RELATIONSHIP OF MORTGAGOR AND MORTGAGEE.
THE RELATIONSHIP
BETWEEN MORTGAGOR AND MORTGAGEE IS SOLELY THAT OF DEBTOR AND CREDITOR, AND
MORTGAGEE HAS NO FIDUCIARY OR OTHER SPECIAL RELATIONSHIP WITH MORTGAGOR, AND NO
TERM OR CONDITION OF ANY OF THE LOAN AGREEMENT, THE NOTE, THIS MORTGAGE OR THE
OTHER LOAN DOCUMENTS SHALL BE CONSTRUED SO AS TO DEEM THE RELATIONSHIP BETWEEN
MORTGAGOR AND MORTGAGEE TO BE OTHER THAN THAT OF DEBTOR AND CREDITOR.
SECTION 4.02
NO RELIANCE ON MORTGAGEE.
THE GENERAL PARTNERS, MEMBERS,
PRINCIPALS AND (IF MORTGAGOR IS A TRUST) BENEFICIAL OWNERS OF MORTGAGOR, AS
APPLICABLE, ARE EXPERIENCED IN THE OWNERSHIP AND OPERATION OF PROPERTIES SIMILAR
TO THE PROPERTY, AND MORTGAGOR AND MORTGAGEE ARE RELYING SOLELY UPON SUCH
EXPERTISE IN CONNECTION WITH THE OWNERSHIP AND OPERATION OF THE PROPERTY.
MORTGAGOR IS NOT RELYING ON MORTGAGEE'S EXPERTISE, BUSINESS ACUMEN OR ADVICE IN
CONNECTION WITH THE PROPERTY.
SECTION 4.03
NO MORTGAGEE OBLIGATIONS.
(A)
NOTWITHSTANDING THE PROVISIONS OF SUBSECTIONS 1.01(H) AND (M)
OR SECTION 1.02, MORTGAGEE IS NOT UNDERTAKING THE PERFORMANCE