DEBT FOR ANY PART OF THE TAXES OR OTHER CHARGES
ASSESSED AGAINST THE PROPERTY, OR ANY PART THEREOF, AND NO DEDUCTION SHALL
OTHERWISE BE MADE OR CLAIMED FROM THE ASSESSED VALUE OF THE PROPERTY, OR ANY
PART THEREOF, FOR REAL ESTATE TAX PURPOSES BY REASON OF THIS MORTGAGE OR THE
DEBT.
IF SUCH CLAIM, CREDIT OR DEDUCTION SHALL BE REQUIRED BY LAW, MORTGAGEE
SHALL HAVE THE OPTION, BY WRITTEN NOTICE OF NOT LESS THAN ONE HUNDRED EIGHTY
(180) DAYS, TO DECLARE THE DEBT IMMEDIATELY DUE AND PAYABLE, IN WHICH CASE, NO
YIELD MAINTENANCE OR OTHER PREPAYMENT PREMIUM OR PREPAYMENT PENALTY SHALL BE DUE
IN CONNECTION WITH ANY SUCH PREPAYMENT.
(C)
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 MORTGAGE, OR ANY OF THE OTHER LOAN DOCUMENTS OR SHALL
IMPOSE ANY OTHER TAX OR CHARGE ON THE SAME, MORTGAGOR WILL PAY FOR THE SAME,
WITH INTEREST AND PENALTIES THEREON, IF ANY.
ARTICLE VI.
DUE ON SALE/ENCUMBRANCE
SECTION 6.01
MORTGAGEE RELIANCE.
MORTGAGOR ACKNOWLEDGES THAT MORTGAGEE
HAS EXAMINED AND RELIED ON THE EXPERIENCE OF MORTGAGOR AND ITS GENERAL PARTNERS,
MEMBERS, PRINCIPALS AND (IF MORTGAGOR 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 MORTGAGOR'S OWNERSHIP OF THE PROPERTY AS A MEANS OF
MAINTAINING THE VALUE OF THE PROPERTY AS SECURITY FOR THE PAYMENT AND
PERFORMANCE OF THE OBLIGATIONS, INCLUDING THE REPAYMENT OF THE DEBT.
MORTGAGOR
ACKNOWLEDGES THAT MORTGAGEE HAS A VALID INTEREST IN MAINTAINING THE VALUE OF THE
PROPERTY SO AS TO ENSURE THAT, SHOULD MORTGAGOR DEFAULT IN THE PAYMENT AND/OR
PERFORMANCE OF THE OBLIGATIONS, INCLUDING THE REPAYMENT OF THE DEBT, MORTGAGEE
CAN RECOVER THE DEBT BY A SALE OF THE PROPERTY.
SECTION 6.02
NO TRANSFER.
MORTGAGOR SHALL NOT PERMIT OR SUFFER ANY
TRANSFER OF ALL OR ANY PORTION OF THE PROPERTY OR ANY DIRECT OR INDIRECT
INTEREST THEREIN OR ANY TRANSFER OF ANY DIRECT
10
or indirect interest in Mortgagor to occur except in accordance with the terms
of the Loan Agreement or, otherwise, without the prior written consent of
Mortgagee.
ARTICLE VII.
RIGHTS AND REMEDIES UPON DEFAULT
SECTION 7.01
REMEDIES.
UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF
ANY EVENT OF DEFAULT, MORTGAGOR AGREES THAT MORTGAGEE MAY TAKE SUCH ACTION,
WITHOUT NOTICE OR DEMAND, AS IT DEEMS ADVISABLE TO PROTECT AND ENFORCE ITS
RIGHTS AGAINST MORTGAGOR AND IN AND TO THE PROPERTY, INCLUDING, BUT NOT LIMITED
TO, THE FOLLOWING ACTIONS, EACH OF WHICH MAY BE PURSUED CONCURRENTLY OR
OTHERWISE, AT SUCH TIME AND IN SUCH ORDER AS MORTGAGEE MAY DETERMINE, IN ITS
SOLE DISCRETION, WITHOUT IMPAIRING OR OTHERWISE AFFECTING THE OTHER RIGHTS AND
REMEDIES OF MORTGAGEE:
(A)
DECLARE THE ENTIRE UNPAID DEBT TO BE IMMEDIATELY DUE AND
PAYABLE;
(B)
INSTITUTE PROCEEDINGS, JUDICIAL OR OTHERWISE, FOR THE COMPLETE
FORECLOSURE OF THIS MORTGAGE UNDER ANY APPLICABLE PROVISION OF LAW, IN WHICH