SET FORTH HEREIN AND
THE SECURITY INTEREST GRANTED HEREBY SHALL BE SUBJECT, IN ALL RESPECTS, TO THE
TERMS OF THE INTERCREDITOR AGREEMENT.
SECTION 1.14.
CONFLICTS.
IN THE EVENT OF A CONFLICT BETWEEN ANY PROVISION OF
THIS SECOND PRIORITY MORTGAGE AND ANY PROVISION OF THE INTERCREDITOR AGREEMENT,
THE INTERCREDITOR AGREEMENT SHALL GOVERN.
IN THE EVENT OF A CONFLICT BETWEEN
ANY PROVISION OF THIS SECOND PRIORITY MORTGAGE AND ANY PROVISION OF THE CREDIT
AGREEMENT, THE CREDIT AGREEMENT SHALL GOVERN.
SECTION 1.15.
PERFORMANCE UNDER FIRST MORTGAGE.
THE MORTGAGOR SHALL PERFORM OR
OBSERVE ALL COVENANTS AND CONDITIONS TO BE PERFORMED OR OBSERVED BY THE
MORTGAGOR UNDER THE FIRST MORTGAGE AND SHALL NOT PERMIT AN EVENT OF DEFAULT
UNDER THE FIRST MORTGAGE TO OCCUR AND CONTINUE.
SECTION 1.16.
COPIES OF COMMUNICATION.
IF AT ANY TIME THE MORTGAGOR PROVIDES
THE FIRST MORTGAGEE WITH ANY WRITTEN COMMUNICATION, INFORMATION, DOCUMENTATION,
NOTICE OR DEMAND OF ANY KIND (INCLUDING REGULAR MONTHLY LOAN PAYMENTS) RELEVANT
TO THE FIRST MORTGAGE, INCLUDING ANY APPRAISAL OR OTHER SIMILAR MATERIAL, THEN
THE MORTGAGOR SHALL AT THE SAME TIME AND BY THE SAME MEANS PROVIDE THE MORTGAGEE
WITH A COPY OF THE SAME.
IF AT ANY TIME THE MORTGAGOR RECEIVES ANY WRITTEN
COMMUNICATION, INFORMATION, DOCUMENTATION, NOTICE OR DEMAND OF ANY KIND FROM THE
FIRST MORTGAGEE RELEVANT TO THE FIRST MORTGAGE OR THE LOAN OR OTHER OBLIGATION
SECURED THEREBY, THEN THE MORTGAGOR SHALL IMMEDIATELY PROVIDE THE MORTGAGEE WITH
A COPY OF THE SAME.
SECTION 1.17.
SAVINGS CLAUSE.
ANY PROVISION HEREIN TO THE CONTRARY
NOTWITHSTANDING, MORTGAGOR MAKES NO ASSIGNMENT OR GRANT OF RIGHTS WITH RESPECT
TO ANY (I) PERSONAL PROPERTY OR (II) ANY GENERAL INTANGIBLES OR ANY OTHER RIGHTS
TO ANY LEASES, MANAGEMENT AGREEMENTS, CONTRACTS, INSURANCE PROCEEDS,
INSTRUMENTS, LICENSES OR OTHER DOCUMENTS (COLLECTIVELY, "CONTRACT RIGHTS"), AS
TO WHICH THE GRANT OF A SECURITY INTEREST THEREIN WOULD CONSTITUTE A VIOLATION
OF APPLICABLE LAW OR OF ANY VALID AND ENFORCEABLE OBLIGATION IN FAVOR OF A THIRD
PARTY RELATING TO SUCH PERSONAL PROPERTY OR UNDER SUCH CONTRACT RIGHTS.
10
ARTICLE II
DEFAULTS AND REMEDIES
SECTION 2.01.
EVENTS OF DEFAULT.
ANY EVENT OF DEFAULT UNDER THE CREDIT
AGREEMENT (AS SUCH TERM IS DEFINED THEREIN) SHALL CONSTITUTE AN EVENT OF DEFAULT
UNDER THIS MORTGAGE.
SECTION 2.02.
DEMAND FOR PAYMENT.
IF AN EVENT OF DEFAULT SHALL OCCUR AND BE
CONTINUING, THEN, UPON WRITTEN DEMAND OF MORTGAGEE, MORTGAGOR WILL PAY TO
MORTGAGEE ALL AMOUNTS DUE HEREUNDER AND UNDER THE CREDIT AGREEMENT AND THE
SECURITY AGREEMENT AND SUCH FURTHER AMOUNT AS SHALL BE SUFFICIENT TO COVER THE
COSTS AND EXPENSES OF COLLECTION, INCLUDING ATTORNEYS' FEES, DISBURSEMENTS AND
EXPENSES INCURRED BY MORTGAGEE, AND MORTGAGEE SHALL BE ENTITLED AND EMPOWERED TO
INSTITUTE AN ACTION OR PROCEEDINGS AT LAW OR IN EQUITY FOR THE COLLECTION OF THE
SUMS SO DUE AND UNPAID, TO PROSECUTE ANY SUCH ACTION OR PROCEEDINGS TO JUDGMENT
OR FINAL DECREE, TO ENFORCE ANY SUCH JUDGMENT OR FINAL DECREE AGAINST MORTGAGOR
AND TO COLLECT, IN ANY MANNER PROVIDED BY LAW, ALL MONEYS ADJUDGED OR DECREED TO
BE PAYABLE.
SECTION 2.03.
RIGHTS TO TAKE POSSESSION, OPERATE