(SAID PORTION OF THE
PROPERTY SO SUBJECT TO THE UNIFORM COMMERCIAL CODE BEING CALLED THE
"COLLATERAL").
THE COLLATERAL IS OR INCLUDES FIXTURES. IF AN EVENT OF DEFAULT
SHALL OCCUR AND BE CONTINUING, LENDER, 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
5
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 LENDER MAY DEEM NECESSARY FOR THE CARE, PROTECTION AND PRESERVATION
OF THE COLLATERAL.
UPON REQUEST OR DEMAND OF LENDER AFTER THE OCCURRENCE AND
DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, BORROWER SHALL, AT ITS EXPENSE,
ASSEMBLE THE COLLATERAL AND MAKE IT AVAILABLE TO LENDER AT A CONVENIENT PLACE
(AT THE LAND IF TANGIBLE PROPERTY) REASONABLY ACCEPTABLE TO LENDER.
BORROWER
SHALL PAY TO LENDER ON DEMAND ANY AND ALL EXPENSES, INCLUDING REASONABLE LEGAL
EXPENSES AND ATTORNEYS' FEES, INCURRED OR PAID BY LENDER IN PROTECTING ITS
INTEREST IN THE COLLATERAL AND IN ENFORCING ITS RIGHTS HEREUNDER WITH RESPECT TO
THE COLLATERAL AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT.
ANY NOTICE OF SALE, DISPOSITION OR OTHER INTENDED ACTION BY LENDER
WITH RESPECT TO THE COLLATERAL SENT TO BORROWER IN ACCORDANCE WITH THE
PROVISIONS HEREOF AT LEAST TEN (10) BUSINESS DAYS PRIOR TO SUCH ACTION, SHALL,
EXCEPT AS OTHERWISE PROVIDED BY APPLICABLE LAW, CONSTITUTE COMMERCIALLY
REASONABLE NOTICE TO BORROWER.
THE PROCEEDS OF ANY DISPOSITION OF THE
COLLATERAL, OR ANY PART THEREOF, MAY, EXCEPT AS OTHERWISE REQUIRED BY APPLICABLE
LAW, BE APPLIED BY LENDER TO THE PAYMENT OF THE DEBT IN SUCH PRIORITY AND
PROPORTIONS AS LENDER IN ITS DISCRETION SHALL DEEM PROPER.
BORROWER'S
(DEBTOR'S) PRINCIPAL PLACE OF BUSINESS IS AS SET FORTH ON PAGE ONE HEREOF AND
THE ADDRESS OF LENDER (SECURED PARTY) IS AS SET FORTH ON PAGE ONE HEREOF.
1.4
FIXTURE FILING.
CERTAIN OF THE PROPERTY IS
OR WILL BECOME "FIXTURES" (AS THAT TERM IS DEFINED IN THE UNIFORM COMMERCIAL
CODE) ON THE LAND, DESCRIBED OR REFERRED TO IN THIS MORTGAGE, AND THIS MORTGAGE,
UPON BEING FILED FOR RECORD IN THE REAL ESTATE RECORDS OF THE CITY OR COUNTY
WHEREIN SUCH FIXTURES ARE SITUATED, SHALL OPERATE ALSO AS A FINANCING STATEMENT
FILED AS A FIXTURE FILING IN ACCORDANCE WITH THE APPLICABLE PROVISIONS OF SAID
UNIFORM COMMERCIAL CODE UPON SUCH OF THE PROPERTY THAT IS OR MAY BECOME
FIXTURES.
Borrower hereby authorizes Lender at any time and from time to time to file any
initial financing statements, amendments thereto and continuation statements
with or without the signature of Borrower as authorized by applicable law, as
applicable to all or part of the fixtures or Personal Property.
For purposes of
such filings, Borrower agrees to furnish any information requested by Lender
promptly upon request by Lender.
Borrower also ratifies its authorization for
Lender to have filed any