ANY MAP OR PLAT
THEREOF; AND (C) JOIN IN ANY GRANT OF EASEMENT THEREON, ANY DECLARATION OF
COVENANTS AND RESTRICTIONS, OR ANY EXTENSION AGREEMENT OR ANY AGREEMENT
SUBORDINATING THE LIEN OR CHARGE OF THIS MORTGAGE.
5.10
DUE ON SALE OR ENCUMBRANCE.
IF THE SUBJECT PROPERTY OR
ANY INTEREST THEREIN SHALL, EXCEPT AS EXPRESSLY PERMITTED UNDER THE LOAN
AGREEMENT, BE SOLD, TRANSFERRED, MORTGAGED, ASSIGNED, FURTHER ENCUMBERED OR
LEASED (EXCEPT FOR PERMITTED LEASES AND PERMITTED LIENS), WHETHER DIRECTLY OR
INDIRECTLY, WHETHER VOLUNTARILY, INVOLUNTARILY OR BY OPERATION OF LAW, WITHOUT
THE PRIOR WRITTEN CONSENT OF MORTGAGEE, THEN MORTGAGEE, IN ITS SOLE DISCRETION,
MAY DECLARE ALL SECURED OBLIGATIONS IMMEDIATELY DUE AND PAYABLE.
5.11
RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL
SECURITY.
WITHOUT NOTICE TO OR THE CONSENT, APPROVAL OR AGREEMENT OF ANY
PERSONS OR ENTITIES HAVING ANY INTEREST AT ANY TIME IN THE SUBJECT PROPERTY AND
COLLATERAL OR IN ANY MANNER OBLIGATED UNDER THE SECURED OBLIGATIONS ("INTERESTED
PARTIES"), MORTGAGEE MAY, FROM TIME TO TIME, RELEASE ANY PERSON OR ENTITY FROM
LIABILITY FOR THE PAYMENT OR PERFORMANCE OF ANY SECURED OBLIGATION, TAKE ANY
ACTION OR MAKE ANY AGREEMENT EXTENDING THE MATURITY OR OTHERWISE ALTERING THE
TERMS OR INCREASING THE AMOUNT OF ANY SECURED OBLIGATION, OR ACCEPT ADDITIONAL
SECURITY OR RELEASE ALL OR A PORTION OF THE SUBJECT PROPERTY AND COLLATERAL AND
OTHER SECURITY FOR THE SECURED OBLIGATIONS. NONE OF THE FOREGOING ACTIONS SHALL
RELEASE OR REDUCE THE PERSONAL LIABILITY OF ANY OF SAID INTERESTED PARTIES, OR
RELEASE OR IMPAIR THE PRIORITY OF THE LIEN OF AND SECURITY INTERESTS CREATED BY
THIS MORTGAGE UPON THE SUBJECT PROPERTY AND COLLATERAL.
5.12
RELEASE OF ASSIGNMENT.
WHEN THIS MORTGAGE HAS BEEN FULLY
RELEASED, THE LAST SUCH RELEASE SHALL OPERATE AS A REASSIGNMENT OF ALL FUTURE
RENTS, ISSUES AND PROFITS OF THE SUBJECT PROPERTY TO THE PERSON OR PERSONS
LEGALLY ENTITLED THERETO.
5.13
SUBROGATION.
MORTGAGEE SHALL BE SUBROGATED TO THE LIEN OF
ALL ENCUMBRANCES, WHETHER RELEASED OF RECORD OR NOT, PAID IN WHOLE OR IN PART BY
MORTGAGEE PURSUANT TO THE LOAN DOCUMENTS OR BY THE PROCEEDS OF ANY LOAN SECURED
BY THIS MORTGAGE.
5.14
RIGHT OF INSPECTION.
MORTGAGEE, ITS AGENTS AND EMPLOYEES,
MAY ENTER THE SUBJECT PROPERTY AT ANY REASONABLE TIME (AND PRIOR TO THE
OCCURRENCE AND CONTINUANCE OF A DEFAULT,
14
UPON REASONABLE NOTICE), FOR THE PURPOSE OF INSPECTING THE SUBJECT PROPERTY AND
COLLATERAL AND ASCERTAINING MORTGAGOR'S COMPLIANCE WITH THE TERMS HEREOF
5.15
ENVIRONMENTAL REPRESENTATIONS, WARRANTIES AND COVENANTS;
LENDER'S RIGHTS; ENVIRONMENTAL INDEMNIFICATION.
THE TERMS AND PROVISIONS OF
ARTICLE 6 (HAZARDOUS MATERIALS) OF THE LOAN AGREEMENT ARE HEREBY FULLY
INCORPORATED HEREIN BY REFERENCE.
ARTICLE 6.
DEFAULT PROVISIONS
6.1
DEFAULT.
FOR ALL PURPOSES HEREOF, THE TERM "DEFAULT"
SHALL MEAN (I) THE EXISTENCE OF ANY DEFAULT AS DEFINED IN THE LOAN AGREEMENT OR
(II) THE FAILURE OF MORTGAGOR TO PERFORM ANY NON-MONETARY OBLIGATION HEREUNDER,
OR THE FAILURE TO BE TRUE IN ALL MATERIAL RESPECTS OF ANY REPRESENTATION OR
WARRANTY OF MORTGAGOR CONTAINED HEREIN, AND THE CONTINUANCE OF SUCH FAILURE FOR
TEN (10) DAYS AFTER NOTICE, OR WITHIN ANY LONGER GRACE PERIOD, IF