BORROWER IN THE PROPERTY. BY EXECUTING AND DELIVERING THIS MORTGAGE, BORROWER
HEREBY GRANTS TO LENDER, AS SECURITY FOR THE OBLIGATIONS (HEREINAFTER DEFINED),
A SECURITY INTEREST IN THE FIXTURES, THE EQUIPMENT AND THE PERSONAL PROPERTY AND
OTHER PROPERTY CONSTITUTING THE PROPERTY, WHETHER NOW OWNED OR HEREAFTER
ACQUIRED, TO THE FULL EXTENT THAT THE FIXTURES, THE EQUIPMENT AND THE PERSONAL
PROPERTY MAY BE SUBJECT TO THE UNIFORM COMMERCIAL CODE (SAID PORTION OF THE
PROPERTY SO SUBJECT TO THE UNIFORM COMMERCIAL CODE BEING CALLED THE
"COLLATERAL"). THE COLLATERAL IS OR INCLUDES FIXTURES. IF AN EVENT OF DEFAULT
SHALL OCCUR AND BE CONTINUING, LENDER, IN ADDITION TO ANY OTHER RIGHTS AND
REMEDIES WHICH IT MAY HAVE, SHALL HAVE AND MAY EXERCISE IMMEDIATELY AND WITHOUT
DEMAND, ANY AND ALL RIGHTS AND REMEDIES GRANTED TO A SECURED PARTY UPON DEFAULT
UNDER THE UNIFORM COMMERCIAL CODE, INCLUDING, WITHOUT LIMITING THE GENERALITY OF
THE FOREGOING, THE RIGHT TO TAKE POSSESSION OF THE COLLATERAL OR ANY PART
THEREOF, AND TO TAKE SUCH OTHER MEASURES AS LENDER MAY DEEM NECESSARY FOR THE
CARE, PROTECTION AND PRESERVATION OF THE COLLATERAL. UPON REQUEST OR
5
DEMAND OF LENDER AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT, BORROWER SHALL, AT ITS EXPENSE, ASSEMBLE THE COLLATERAL AND MAKE IT
AVAILABLE TO LENDER AT A CONVENIENT PLACE (AT THE LAND IF TANGIBLE PROPERTY)
REASONABLY ACCEPTABLE TO LENDER. BORROWER SHALL PAY TO LENDER ON DEMAND ANY AND
ALL EXPENSES, INCLUDING REASONABLE LEGAL EXPENSES AND ATTORNEYS' FEES, INCURRED
OR PAID BY LENDER IN PROTECTING ITS INTEREST IN THE COLLATERAL AND IN ENFORCING
ITS RIGHTS HEREUNDER WITH RESPECT TO THE COLLATERAL AFTER THE OCCURRENCE AND
DURING THE CONTINUANCE OF AN EVENT OF DEFAULT. ANY NOTICE OF SALE, DISPOSITION
OR OTHER INTENDED ACTION BY LENDER WITH RESPECT TO THE COLLATERAL SENT TO
BORROWER IN ACCORDANCE WITH THE PROVISIONS HEREOF AT LEAST TEN (10) BUSINESS
DAYS PRIOR TO SUCH ACTION, SHALL, EXCEPT AS OTHERWISE PROVIDED BY APPLICABLE
LAW, CONSTITUTE COMMERCIALLY REASONABLE NOTICE TO BORROWER. THE PROCEEDS OF ANY
DISPOSITION OF THE COLLATERAL, OR ANY PART THEREOF, MAY, EXCEPT AS OTHERWISE
REQUIRED BY APPLICABLE LAW, BE APPLIED BY LENDER TO THE PAYMENT OF THE DEBT IN
SUCH PRIORITY AND PROPORTIONS AS LENDER IN ITS DISCRETION SHALL DEEM PROPER.
BORROWER'S (DEBTOR'S) PRINCIPAL PLACE OF BUSINESS IS AS SET FORTH ON PAGE ONE
HEREOF AND THE ADDRESS OF LENDER (SECURED PARTY) IS AS SET FORTH ON PAGE ONE
HEREOF.
SECTION 1.4.
FIXTURE FILING. CERTAIN OF THE PROPERTY IS OR WILL
BECOME "FIXTURES" (AS THAT TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE) ON
THE LAND, DESCRIBED OR REFERRED TO IN THIS MORTGAGE, AND THIS MORTGAGE, UPON
BEING FILED FOR RECORD IN THE REAL ESTATE RECORDS OF THE CITY OR COUNTY WHEREIN
SUCH FIXTURES ARE SITUATED, SHALL OPERATE ALSO AS A FINANCING STATEMENT FILED AS
A FIXTURE FILING IN ACCORDANCE WITH THE APPLICABLE PROVISIONS OF SAID UNIFORM
COMMERCIAL CODE UPON SUCH OF THE PROPERTY THAT IS OR MAY BECOME FIXTURES.
The Borrower hereby authorizes the Lender at any time