TO THE LOAN DOCUMENTS.
BORROWER SHALL FOREVER WARRANT, DEFEND AND
PRESERVE THE TITLE AND THE VALIDITY AND PRIORITY OF THE LIEN OF THIS SECURITY
INSTRUMENT AND SHALL FOREVER WARRANT AND DEFEND THE SAME TO MORTGAGEE AGAINST
THE CLAIMS OF ALL PERSONS WHOMSOEVER.
SECTION 3.5
PAYMENT FOR LABOR AND MATERIALS.
SUBJECT TO THE
BORROWER'S RIGHT TO CONTEST SET FORTH IN SECTION 4.2(C) OF THE LOAN AGREEMENT,
BORROWER WILL PROMPTLY PAY (OR CAUSE TO BE PAID) WHEN DUE ALL WORK CHARGES AS
AND TO THE EXTENT REQUIRED BY SECTION 4.16 OF THE LOAN AGREEMENT.
7
ARTICLE IV
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FURTHER ASSURANCES
SECTION 4.1
COMPLIANCE WITH LOAN AGREEMENT.
BORROWER SHALL COMPLY
WITH ALL COVENANTS SET FORTH IN THE LOAN AGREEMENT RELATING TO ACTS OR OTHER
FURTHER ASSURANCES TO BE MADE ON THE PART OF BORROWER IN ORDER TO PROTECT AND
PERFECT THE LIEN OR SECURITY INTEREST HEREOF UPON, AND IN THE INTEREST OF
MORTGAGEE IN THE PROPERTY.
SECTION 4.2
AUTHORIZATION TO FILE FINANCING STATEMENTS; POWER OF
ATTORNEY.
BORROWER HEREBY AUTHORIZES MORTGAGEE AT ANY TIME AND FROM TIME TO
TIME TO FILE ANY INITIAL FINANCING STATEMENTS, AMENDMENTS THERETO AND
CONTINUATION STATEMENTS AS AUTHORIZED BY APPLICABLE LAW, AS APPLICABLE TO ALL OR
PART OF THE PERSONAL PROPERTY AND AS NECESSARY OR REQUIRED IN CONNECTION
HEREWITH.
FOR PURPOSES OF SUCH FILINGS, BORROWER AGREES TO FURNISH ANY
INFORMATION REASONABLY REQUESTED BY MORTGAGEE PROMPTLY UPON REQUEST BY
MORTGAGEE.
BORROWER ALSO RATIFIES ITS AUTHORIZATION FOR MORTGAGEE TO HAVE FILED
ANY LIKE INITIAL FINANCING STATEMENTS, AMENDMENTS THERETO OR CONTINUATION
STATEMENTS, IF FILED PRIOR TO THE DATE OF THIS SECURITY INSTRUMENT.
BORROWER
HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS MORTGAGEE AND ANY OFFICER OR AGENT
OF MORTGAGEE, WITH FULL POWER OF SUBSTITUTION, AS ITS TRUE AND LAWFUL
ATTORNEYS-IN-FACT WITH FULL IRREVOCABLE POWER AND AUTHORITY IN THE PLACE AND
STEAD OF BORROWER OR IN BORROWER'S OWN NAME TO EXECUTE IN BORROWER'S NAME ANY
SUCH DOCUMENTS AND OTHERWISE TO CARRY OUT THE PURPOSES OF THIS SECTION 4.2, TO
THE EXTENT THAT BORROWER'S AUTHORIZATION ABOVE IS NOT SUFFICIENT AND BORROWER
FAILS OR REFUSES TO PROMPTLY EXECUTE SUCH DOCUMENTS PROVIDED THAT MORTGAGEE
SHALL NOT BE PERMITTED TO ACT PURSUANT TO THE POWER GRANTED PURSUANT TO THIS
SECTION EXCEPT DURING THE CONTINUANCE OF AN EVENT OF DEFAULT.
TO THE EXTENT
PERMITTED BY LAW, BORROWER HEREBY RATIFIES ALL ACTS SAID ATTORNEYS-IN-FACT HAVE
LAWFULLY DONE IN THE PAST OR SHALL LAWFULLY DO OR CAUSE TO BE DONE IN THE FUTURE
BY VIRTUE HEREOF.
THIS POWER OF ATTORNEY IS A POWER COUPLED WITH AN INTEREST
AND SHALL BE IRREVOCABLE.
ARTICLE V
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DUE ON SALE/ENCUMBRANCE
SECTION 5.1
NO SALE/ENCUMBRANCE.
BORROWER SHALL NOT CAUSE OR PERMIT
A SALE, CONVEYANCE, MORTGAGE, GRANT, BARGAIN, ENCUMBRANCE, PLEDGE, ASSIGNMENT,
OR GRANT OF ANY OPTIONS WITH RESPECT TO, OR ANY OTHER TRANSFER OR DISPOSITION
(DIRECTLY OR INDIRECTLY, VOLUNTARILY OR INVOLUNTARILY, BY OPERATION OF LAW OR
OTHERWISE, AND WHETHER OR NOT FOR CONSIDERATION OR OF RECORD) OF A LEGAL OR
BENEFICIAL INTEREST IN THE PROPERTY OR ANY PART THEREOF, BORROWER, ANY
CONSTITUENT OWNER OR OTHER HOLDER OF A