TANGIBLE PERSONAL PROPERTY MAY BE AFFIXED.
IF ANY NOTIFICATION OF
INTENDED DISPOSITION OF ANY OF THE PERSONAL PROPERTY IS REQUIRED BY LAW, SUCH
NOTIFICATION SHALL BE DEEMED REASONABLE AND PROPER IF GIVEN AT LEAST TEN
(10) DAYS BEFORE SUCH DISPOSITION.
ANY PROCEEDS OF THE DISPOSITION OF ANY OF
THE PERSONAL PROPERTY MAY BE APPLIED BY LENDER TO THE PAYMENT OF THE REASONABLE
EXPENSES OF RETAKING, HOLDING, PREPARING FOR SALE AND SELLING THE PERSONAL
PROPERTY, INCLUDING ATTORNEYS' FEES AND LEGAL EXPENSES, AND ANY BALANCE OF SUCH
PROCEEDS MAY BE APPLIED BY LENDER TOWARD THE PAYMENT OF SUCH OF MORTGAGOR'S
LIABILITIES, AND IN SUCH ORDER OF APPLICATION, AS LENDER MAY FROM TIME TO TIME
ELECT.
IF AN EVENT OF DEFAULT OCCURS, LENDER SHALL HAVE THE RIGHT TO EXERCISE
AND SHALL AUTOMATICALLY SUCCEED TO ALL RIGHTS OF MORTGAGOR WITH RESPECT TO
INTANGIBLE PERSONAL PROPERTY SUBJECT TO THE SECURITY INTEREST GRANTED HEREIN.
ANY PARTY TO ANY CONTRACT SUBJECT TO THE SECURITY INTEREST GRANTED HEREIN SHALL
BE ENTITLED TO RELY ON THE RIGHTS OF LENDER WITHOUT THE NECESSITY OF ANY FURTHER
NOTICE OR ACTION BY MORTGAGOR.
LENDER SHALL NOT BY REASON OF THIS MORTGAGE OR
THE EXERCISE OF ANY RIGHT GRANTED HEREBY BE OBLIGATED TO PERFORM ANY OBLIGATION
OF MORTGAGOR WITH RESPECT TO ANY PORTION OF THE PERSONAL PROPERTY NOR
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SHALL LENDER BE RESPONSIBLE FOR ANY ACT COMMITTED BY MORTGAGOR, OR ANY BREACH OR
FAILURE TO PERFORM BY MORTGAGOR WITH RESPECT TO ANY PORTION OF THE PERSONAL
PROPERTY.
(C)
MORTGAGOR AND LENDER AGREE THAT THE FILING OF A FINANCING
STATEMENT IN THE RECORDS NORMALLY HAVING TO DO WITH PERSONAL PROPERTY SHALL
NEVER BE CONSTRUED AS IN ANY WAY DEROGATING FROM OR IMPAIRING THE EXPRESS
DECLARATION AND INTENTION OF THE PARTIES HERETO, HEREINABOVE STATED, THAT
EVERYTHING USED IN CONNECTION WITH THE PRODUCTION OF INCOME FROM THE MORTGAGED
PROPERTY AND/OR ADAPTED FOR USE THEREIN AND/OR WHICH IS DESCRIBED OR REFLECTED
IN THIS MORTGAGE IS, AND AT ALL TIMES AND FOR ALL PURPOSES AND IN ALL
PROCEEDINGS, LEGAL OR EQUITABLE, SHALL BE REGARDED AS PART OF THE REAL ESTATE
ENCUMBERED BY THIS MORTGAGE IRRESPECTIVE OF WHETHER (I) ANY SUCH ITEM IS
PHYSICALLY ATTACHED TO THE LAND OR IMPROVEMENTS, (II) SERIAL NUMBERS ARE USED
FOR THE BETTER IDENTIFICATION OF CERTAIN EQUIPMENT ITEMS CAPABLE OF BEING THUS
IDENTIFIED IN A RECITAL CONTAINED HEREIN OR IN ANY LIST FILED WITH LENDER, OR
(III) ANY SUCH ITEM IS REFERRED TO OR REFLECTED IN ANY SUCH FINANCING STATEMENT
SO FILED AT ANY TIME.
SIMILARLY, THE MENTION IN ANY SUCH FINANCING STATEMENT OF
(1) RIGHTS IN OR TO THE PROCEEDS OF ANY FIRE AND/OR HAZARD INSURANCE POLICY, OR
(2) ANY AWARD IN EMINENT DOMAIN PROCEEDINGS FOR A TAKING OR FOR LOSS OF VALUE,
OR (3) MORTGAGOR'S INTEREST AS LESSOR IN ANY PRESENT OR FUTURE LEASE OR RIGHTS
TO INCOME GROWING OUT OF THE USE AND/OR OCCUPANCY OF THE MORTGAGED PROPERTY,
WHETHER PURSUANT TO LEASE OR OTHERWISE, SHALL NEVER BE CONSTRUED AS IN ANY WAY
ALTERING ANY OF THE RIGHTS OF LENDER AS