FOR
A DEFENSE OF USURY THEN LENDER SHALL HAVE THE OPTION BY WRITTEN NOTICE OF NOT
LESS THAN TWO HUNDRED SEVENTY (270) DAYS TO DECLARE THE DEBT IMMEDIATELY DUE AND
PAYABLE.
(B)
IF AT ANY TIME THE UNITED STATES OF AMERICA, ANY STATE
THEREOF OR ANY SUBDIVISION OF ANY SUCH STATE SHALL REQUIRE REVENUE OR OTHER
STAMPS TO BE AFFIXED TO THE NOTE, THIS SECURITY INSTRUMENT, OR ANY OF THE OTHER
LOAN DOCUMENTS OR IMPOSE ANY OTHER TAX OR CHARGE ON THE SAME, BORROWER WILL PAY
FOR THE SAME, WITH INTEREST AND PENALTIES THEREON, IF ANY.
SECTION 5.4
SPLITTING OF MORTGAGE.
SUBJECT TO THE TERMS AND
CONDITIONS IN THE LOAN AGREEMENT, THIS SECURITY INSTRUMENT AND THE NOTE SHALL,
AT ANY TIME UNTIL THE SAME SHALL BE FULLY PAID AND SATISFIED, AT THE SOLE
ELECTION AND EXPENSE OF LENDER (BORROWER'S ATTORNEY'S FEES AND EXPENSES BEING
HEREBY LIMITED TO [$2,500.00] [REASONABLE, ACTUAL OUT-OF-POCKET EXPENSES
12
INCURRED BY BORROWER] IN CONNECTION WITH SUCH ELECTION BY LENDER), BE SPLIT OR
DIVIDED INTO TWO OR MORE NOTES AND TWO OR MORE SECURITY INSTRUMENTS, EACH OF
WHICH SHALL COVER ALL OR A PORTION OF THE PROPERTY TO BE MORE PARTICULARLY
DESCRIBED THEREIN.
TO THAT END, BORROWER, UPON WRITTEN REQUEST OF LENDER,
SUBJECT TO THE TERMS AND CONDITIONS IN THE LOAN AGREEMENT SHALL EXECUTE,
ACKNOWLEDGE AND DELIVER TO LENDER AND/OR ITS DESIGNEE OR DESIGNEES SUBSTITUTE
NOTES AND SECURITY INSTRUMENTS IN SUCH PRINCIPAL AMOUNTS, AGGREGATING NOT MORE
THAN THE THEN UNPAID PRINCIPAL AMOUNT OF THE NOTE, AND CONTAINING, IN THE
AGGREGATE, THE SAME TERMS, PROVISIONS AND CLAUSES TO THOSE CONTAINED HEREIN AND
IN THE NOTE, AND SUCH OTHER DOCUMENTS AND INSTRUMENTS AS MAY BE REASONABLY
REQUESTED BY LENDER.
SECTION 5.5
REPLACEMENT DOCUMENTS.
UPON RECEIPT OF AN AFFIDAVIT OF
AN OFFICER OF LENDER AND AN INDEMNITY FROM LENDER REASONABLY ACCEPTABLE TO
BORROWER AS TO THE LOSS, THEFT, DESTRUCTION OR MUTILATION OF THE NOTE OR ANY
OTHER LOAN DOCUMENT WHICH IS NOT OF PUBLIC RECORD, AND, IN THE CASE OF ANY SUCH
MUTILATION, UPON SURRENDER AND CANCELLATION OF SUCH NOTE OR OTHER LOAN DOCUMENT,
BORROWER WILL ISSUE, IN LIEU THEREOF, A REPLACEMENT NOTE OR OTHER LOAN DOCUMENT,
DATED THE DATE OF SUCH LOST, STOLEN, DESTROYED OR MUTILATED NOTE OR OTHER LOAN
DOCUMENT IN THE SAME PRINCIPAL AMOUNT THEREOF.
ARTICLE 6 - DUE ON SALE/ENCUMBRANCE
SECTION 6.1
LENDER RELIANCE.
BORROWER ACKNOWLEDGES THAT LENDER HAS
EXAMINED AND RELIED ON THE EXPERIENCE OF BORROWER AND ITS GENERAL PARTNERS,
MEMBERS, PRINCIPALS AND (IF BORROWER IS A TRUST) BENEFICIAL OWNERS IN OWNING AND
OPERATING PROPERTIES SUCH AS THE PROPERTY IN AGREEING TO MAKE THE LOAN, AND WILL
CONTINUE TO RELY ON BORROWER'S OWNERSHIP OF THE PROPERTY AS A MEANS OF
MAINTAINING THE VALUE OF THE PROPERTY AS SECURITY FOR REPAYMENT OF THE DEBT AND
THE PERFORMANCE OF THE OTHER OBLIGATIONS.
BORROWER ACKNOWLEDGES THAT LENDER HAS
A VALID INTEREST IN MAINTAINING THE VALUE OF THE PROPERTY SO AS TO ENSURE THAT,
SHOULD BORROWER DEFAULT IN THE REPAYMENT OF THE DEBT OR THE PERFORMANCE OF THE