CLAIMS OR OTHERWISE; AND
(R)
OTHER RIGHTS.
ANY AND ALL OTHER RIGHTS OF MORTGAGOR IN AND TO THE ITEMS
SET FORTH IN SUBSECTIONS (A) THROUGH (Q) ABOVE.
AND without limiting any of the other provisions of this Mortgage, to the extent
permitted by applicable law, Mortgagor expressly grants to Mortgagee, as secured
party, a security interest in the portion of the Property which is or may be
subject to the provisions of the Uniform Commercial Code which are applicable to
secured transactions; it being understood and agreed that the Improvements and
Fixtures are part and parcel of the Land (the Land, the Improvements and the
Fixtures collectively referred to as the "Real Property") appropriated to the
use thereof and, whether affixed or annexed to the Real Property or not, shall
for the purposes of this Mortgage be deemed conclusively to be real estate and
mortgaged hereby.
-5-
SECTION 1.2
ASSIGNMENT OF RENTS.
MORTGAGOR HEREBY ABSOLUTELY AND
UNCONDITIONALLY ASSIGNS TO MORTGAGEE ALL OF MORTGAGOR'S RIGHT, TITLE AND
INTEREST IN AND TO ALL CURRENT AND FUTURE LEASES AND RENTS; IT BEING INTENDED BY
MORTGAGOR THAT THIS ASSIGNMENT CONSTITUTES A PRESENT, ABSOLUTE ASSIGNMENT AND
NOT AN ASSIGNMENT FOR ADDITIONAL SECURITY ONLY.
NEVERTHELESS, SUBJECT TO THE
TERMS OF THE ASSIGNMENT OF LEASES AND SECTION 7.1(I)
OF THIS MORTGAGE,
MORTGAGEE GRANTS TO MORTGAGOR A REVOCABLE LICENSE TO COLLECT, RECEIVE, USE AND
ENJOY THE RENTS.
MORTGAGOR SHALL HOLD THE RENTS, OR A PORTION THEREOF
SUFFICIENT TO DISCHARGE ALL CURRENT SUMS DUE ON THE INDEBTEDNESS, FOR USE IN THE
PAYMENT OF SUCH SUMS.
SECTION 1.3
SECURITY AGREEMENT.
THIS MORTGAGE IS BOTH A REAL PROPERTY
MORTGAGE AND A "SECURITY AGREEMENT" WITHIN THE MEANING OF THE UNIFORM COMMERCIAL
CODE.
THE PROPERTY INCLUDES BOTH REAL AND PERSONAL PROPERTY AND ALL OTHER
RIGHTS AND INTERESTS, WHETHER TANGIBLE OR INTANGIBLE IN NATURE, OF MORTGAGOR IN
THE PROPERTY.
BY EXECUTING AND DELIVERING THIS MORTGAGE, MORTGAGOR HEREBY
GRANTS TO MORTGAGEE, AS SECURITY FOR THE OBLIGATIONS (HEREINAFTER DEFINED), A
SECURITY INTEREST IN THE FIXTURES, THE EQUIPMENT, THE PERSONAL PROPERTY AND
OTHER PROPERTY CONSTITUTING THE PROPERTY TO THE FULL EXTENT THAT THE FIXTURES,
THE EQUIPMENT, THE PERSONAL PROPERTY AND SUCH OTHER PROPERTY MAY BE SUBJECT TO
THE UNIFORM COMMERCIAL CODE (SAID PORTION OF THE PROPERTY SO SUBJECT TO THE
UNIFORM COMMERCIAL CODE BEING CALLED THE "COLLATERAL").
IF AN EVENT OF DEFAULT
SHALL OCCUR AND BE CONTINUING, MORTGAGEE, IN ADDITION TO ANY OTHER RIGHTS AND
REMEDIES WHICH IT MAY HAVE, SHALL HAVE AND MAY EXERCISE IMMEDIATELY AND WITHOUT
DEMAND, ANY AND ALL RIGHTS AND REMEDIES GRANTED TO A SECURED PARTY UPON DEFAULT
UNDER THE UNIFORM COMMERCIAL CODE, INCLUDING, WITHOUT LIMITING THE GENERALITY OF
THE FOREGOING, THE RIGHT TO TAKE POSSESSION OF THE COLLATERAL OR ANY PART
THEREOF, AND TO TAKE SUCH OTHER MEASURES AS MORTGAGEE MAY DEEM NECESSARY FOR THE
CARE, PROTECTION AND PRESERVATION OF THE COLLATERAL.
UPON REQUEST OR DEMAND OF
MORTGAGEE AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT, MORTGAGOR SHALL, AT ITS EXPENSE, ASSEMBLE THE COLLATERAL AND MAKE IT