THIS MORTGAGE AS A LIEN UPON ALL OF THE MORTGAGED PROPERTY, WHETHER NOW OWNED OR
HEREAFTER ACQUIRED BY MORTGAGOR, AND UNTO ALL AND EVERY PERSON OR PERSONS
DERIVING ANY ESTATE, RIGHT, TITLE OR INTEREST UNDER THIS MORTGAGE.
UPON ANY
FAILURE BY MORTGAGOR TO DO SO, LENDER MAY MAKE, EXECUTE, RECORD, REGISTER, FILE,
RE-RECORD, RE-REGISTER OR RE-FILE ANY AND ALL SUCH MORTGAGES, INSTRUMENTS,
CERTIFICATES AND DOCUMENTS FOR AND IN THE NAME OF MORTGAGOR, AND MORTGAGOR
HEREBY IRREVOCABLY APPOINTS LENDER THE AGENT AND ATTORNEY-IN-FACT OF MORTGAGOR
TO DO SO.
1.11.
SECURITY AGREEMENT AND FINANCING STATEMENTS.
(A)
MORTGAGOR (AS DEBTOR) HEREBY GRANTS TO LENDER (AS CREDITOR AND
SECURED PARTY) A SECURITY INTEREST UNDER THE UNIFORM COMMERCIAL CODE IN ALL
FIXTURES, MACHINERY, APPLIANCES, EQUIPMENT, FURNITURE AND PERSONAL PROPERTY OF
EVERY NATURE WHATSOEVER CONSTITUTING PART OF THE MORTGAGED PROPERTY.
MORTGAGOR
SHALL EXECUTE ANY AND ALL DOCUMENTS, INCLUDING WITHOUT LIMITATION FINANCING
STATEMENTS PURSUANT TO THE UNIFORM COMMERCIAL CODE, AS LENDER MAY REQUEST TO
PRESERVE, MAINTAIN AND PERFECT THE PRIORITY OF THE FIRST LIEN AND SECURITY
INTEREST CREATED HEREBY ON PROPERTY WHICH MAY BE DEEMED PERSONAL PROPERTY OR
FIXTURES, AND SHALL PAY TO LENDER ON DEMAND ANY EXPENSES INCURRED BY LENDER IN
CONNECTION WITH THE PREPARATION, EXECUTION AND FILING OF ANY SUCH DOCUMENTS.
MORTGAGOR HEREBY AUTHORIZES AND EMPOWERS LENDER AND IRREVOCABLY APPOINTS LENDER
THE AGENT AND ATTORNEY-IN-FACT OF MORTGAGOR TO EXECUTE AND FILE, ON MORTGAGOR'S
BEHALF, ALL FINANCING STATEMENTS AND REFILINGS AND CONTINUATIONS THEREOF AS
LENDER
12
DEEMS NECESSARY OR ADVISABLE TO CREATE, PRESERVE AND PROTECT SUCH LIEN.
WHEN
AND IF MORTGAGOR AND LENDER SHALL RESPECTIVELY BECOME THE DEBTOR AND SECURED
PARTY IN ANY UNIFORM COMMERCIAL CODE FINANCING STATEMENT AFFECTING THE MORTGAGED
PROPERTY (OR LENDER TAKES POSSESSION OF PERSONAL PROPERTY DELIVERED BY MORTGAGOR
WHERE POSSESSION IS THE MEANS OF PERFECTION OF THE SECURITY INTEREST), THEN, AT
LENDER'S SOLE ELECTION, THIS MORTGAGE SHALL BE DEEMED A SECURITY AGREEMENT AS
DEFINED IN SUCH UNIFORM COMMERCIAL CODE, AND THE REMEDIES FOR ANY VIOLATION OF
THE COVENANTS, TERMS AND CONDITIONS OF THE AGREEMENTS HEREIN CONTAINED SHALL BE
AS PRESCRIBED HEREIN OR BY GENERAL LAW, OR, AS TO SUCH PART OF THE SECURITY
WHICH IS ALSO REFLECTED IN SUCH FINANCING STATEMENT, BY THE SPECIFIC STATUTORY
CONSEQUENCES NOW OR HEREAFTER ENACTED AND SPECIFIED IN THE UNIFORM COMMERCIAL
CODE.
(B)
WITHOUT LIMITATION OF THE FOREGOING, IF AN EVENT OF DEFAULT
OCCURS, LENDER SHALL BE ENTITLED IMMEDIATELY TO EXERCISE ALL REMEDIES AVAILABLE
TO IT UNDER THE UNIFORM COMMERCIAL CODE AND THIS SECTION 1.11.
MORTGAGOR SHALL,
IN SUCH EVENT AND IF LENDER SO REQUESTS, ASSEMBLE THE TANGIBLE PERSONAL PROPERTY
AT MORTGAGOR'S EXPENSE, AT A CONVENIENT PLACE DESIGNATED BY LENDER.
LENDER MAY
PUBLICLY OR PRIVATELY SELL OR OTHERWISE DISPOSE OF SUCH FIXTURES, MACHINERY,
APPLIANCES, EQUIPMENT, FURNITURE AND PERSONAL PROPERTY UPON SUCH TERMS AND IN
SUCH MANNER AS LENDER MAY REQUIRE.
MORTGAGOR SHALL PAY ALL EXPENSES INCURRED BY
LENDER IN THE COLLECTION OF SUCH INDEBTEDNESS, INCLUDING ATTORNEYS' FEES AND
LEGAL EXPENSES, AND IN THE REPAIR OF ANY REAL ESTATE OR OTHER PROPERTY TO WHICH
ANY OF THE