ASSIGNMENTS AND TRANSFERS MADE IN ARTICLE I ARE ALSO GIVEN FOR THE
PURPOSE OF SECURING THE PERFORMANCE OF THE FOLLOWING (THE "OTHER OBLIGATIONS"):
(A) ALL OTHER OBLIGATIONS OF BORROWER CONTAINED HEREIN; (B) EACH OBLIGATION OF
BORROWER CONTAINED IN THE LOAN AGREEMENT AND ANY OTHER LOAN DOCUMENT; AND (C)
EACH OBLIGATION OF BORROWER 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 2.3
DEBT AND OTHER OBLIGATIONS.
BORROWER'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 2.4
PAYMENT OF DEBT.
BORROWER WILL PAY THE DEBT AT THE TIME
AND IN THE MANNER PROVIDED IN THE LOAN AGREEMENT, THE NOTE AND THIS SECURITY
INSTRUMENT.
6
SECTION 2.5
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
SECURITY INSTRUMENT TO THE SAME EXTENT AND WITH THE SAME FORCE AS IF FULLY SET
FORTH HEREIN.
ARTICLE III
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PROPERTY COVENANTS
Borrower covenants and agrees that:
SECTION 3.1
INSURANCE.
BORROWER SHALL OBTAIN AND MAINTAIN, OR CAUSE
TO BE OBTAINED AND MAINTAINED, IN FULL FORCE AND EFFECT AT ALL TIMES INSURANCE
WITH RESPECT TO BORROWER AND THE PROPERTY AS REQUIRED PURSUANT TO THE LOAN
AGREEMENT.
SECTION 3.2
TAXES AND OTHER CHARGES.
BORROWER SHALL PAY ALL PROPERTY
TAXES AND OTHER CHARGES, NOW OR HEREAFTER LEVIED OR ASSESSED OR IMPOSED AGAINST
THE PROPERTY OR ANY PART THEREOF IN ACCORDANCE WITH SECTION 4.5 OF THE LOAN
AGREEMENT (AND SUBJECT TO THE RIGHT TO CONTEST SET FORTH IN SECTION 4.2(C) OF
THE LOAN AGREEMENT).
SECTION 3.3
LEASES.
BORROWER SHALL NOT (AND SHALL NOT PERMIT ANY
OTHER APPLICABLE PERSON TO) ENTER IN ANY LEASES FOR ALL OR ANY PORTION OF THE
PROPERTY UNLESS IN ACCORDANCE WITH THE PROVISIONS OF THE LOAN AGREEMENT.
SECTION 3.4
WARRANTY OF TITLE.
BORROWER HAS GOOD, INDEFEASIBLE,
MARKETABLE AND INSURABLE TITLE TO THE PROPERTY AND HAS THE RIGHT TO MORTGAGE,
GRANT, BARGAIN, SELL, PLEDGE, ASSIGN, WARRANT, TRANSFER AND CONVEY THE SAME.
BORROWER POSSESSES AN UNENCUMBERED LEASEHOLD ESTATE AND FEE SIMPLE ABSOLUTE
ESTATE IN THE LAND AND THE IMPROVEMENTS EXCEPT FOR THE PERMITTED ENCUMBRANCES
AND SUCH OTHER LIENS AS ARE PERMITTED PURSUANT TO THE LOAN DOCUMENTS.
THIS
SECURITY INSTRUMENT, WHEN PROPERLY RECORDED IN THE APPROPRIATE RECORDS, TOGETHER
WITH ANY UNIFORM COMMERCIAL CODE FINANCING STATEMENTS REQUIRED TO BE FILED IN
CONNECTION THEREWITH, WILL CREATE (A) A VALID, PERFECTED FIRST PRIORITY LIEN ON
THE PROPERTY, SUBJECT ONLY TO PERMITTED ENCUMBRANCES AND SUCH OTHER LIENS AS ARE
PERMITTED PURSUANT TO THE LOAN DOCUMENTS AND (B) PERFECTED SECURITY INTERESTS IN
AND TO, AND PERFECTED COLLATERAL ASSIGNMENTS OF, ALL PERSONALTY (INCLUDING THE
LEASES), ALL IN ACCORDANCE WITH THE TERMS THEREOF, IN EACH CASE SUBJECT ONLY TO
ANY APPLICABLE PERMITTED ENCUMBRANCES AND SUCH OTHER LIENS AS ARE PERMITTED
PURSUANT