ARE SET FORTH IN THE FIRST PARAGRAPH HEREOF.
SECTION 1.5
PLEDGES OF MONIES HELD.
BORROWER HEREBY PLEDGES TO
LENDER ANY AND ALL MONIES NOW OR HEREAFTER HELD BY LENDER OR ON BEHALF OF
LENDER, INCLUDING, WITHOUT LIMITATION, ANY SUMS DEPOSITED IN THE CLEARING
ACCOUNT, THE CASH MANAGEMENT ACCOUNT, THE RESERVE FUNDS AND NET PROCEEDS, AS
ADDITIONAL SECURITY FOR THE OBLIGATIONS UNTIL EXPENDED OR APPLIED AS PROVIDED IN
THIS SECURITY INSTRUMENT.
CONDITIONS TO GRANT
TO HAVE AND TO HOLD the above granted and described Property unto Lender and to
the use and benefit of Lender and its successors and assigns, forever;
WITH POWER OF SALE, to secure payment to Lender of the Obligations at the time
and in the manner provided for its payment in the Note and in this Security
Instrument.
PROVIDED, HOWEVER, these presents are upon the express condition that, if
Borrower shall well and truly pay to Lender the Debt at the time and in the
manner provided in the Note, the Loan Agreement and this Security Instrument,
shall well and truly perform the Other Obligations as set forth in this Security
Instrument and shall well and truly abide by and comply with each and every
covenant and condition set forth herein and in the Note, the Loan Agreement and
the other Loan Documents, these presents and the estate hereby granted shall
cease, terminate and be void; provided,
7
however, that Borrower's obligation to indemnify and hold harmless Lender
pursuant to the provisions hereof shall survive any such payment or release.
ARTICLE II - DEBT AND OBLIGATIONS SECURED
SECTION 2.1
DEBT.
THIS SECURITY INSTRUMENT AND THE GRANTS,
ASSIGNMENTS AND TRANSFERS MADE IN ARTICLE I ARE GIVEN FOR THE PURPOSE OF
SECURING THE DEBT.
SECTION 2.2
OTHER OBLIGATIONS.
THIS SECURITY INSTRUMENT AND THE
GRANTS, ASSIGNMENTS AND TRANSFERS MADE IN ARTICLE I ARE ALSO GIVEN FOR THE
PURPOSE OF SECURING THE FOLLOWING (THE "OTHER OBLIGATIONS"):
(A)
THE PERFORMANCE OF ALL OTHER OBLIGATIONS OF BORROWER CONTAINED
HEREIN;
(B)
THE PERFORMANCE OF EACH OBLIGATION OF BORROWER CONTAINED IN THE
LOAN AGREEMENT AND ANY OTHER LOAN DOCUMENT; AND
(C)
THE PERFORMANCE OF 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.
(D)
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."
ARTICLE III - BORROWER COVENANTS
Borrower covenants and agrees that:
SECTION 3.1
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.
SECTION 3.2
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