AVAILABLE TO MORTGAGEE AT A CONVENIENT PLACE (AT THE LAND IF TANGIBLE PROPERTY)
REASONABLY ACCEPTABLE TO MORTGAGEE.
MORTGAGOR SHALL PAY TO MORTGAGEE ON DEMAND
ANY AND ALL EXPENSES, INCLUDING REASONABLE LEGAL EXPENSES AND ATTORNEYS' FEES,
INCURRED OR PAID BY MORTGAGEE 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 MORTGAGEE WITH RESPECT TO THE
COLLATERAL SENT TO MORTGAGOR 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 REASONABLE NOTICE TO MORTGAGOR.
THE PROCEEDS OF
ANY DISPOSITION OF THE COLLATERAL, OR ANY PART THEREOF, MAY, EXCEPT AS OTHERWISE
REQUIRED BY APPLICABLE LAW, BE APPLIED BY MORTGAGEE TO THE PAYMENT OF THE
INDEBTEDNESS IN SUCH PRIORITY AND PROPORTIONS AS MORTGAGEE IN ITS DISCRETION
SHALL DEEM PROPER.
THE PRINCIPAL PLACE OF BUSINESS OF MORTGAGOR (DEBTOR) IS AS
SET FORTH ON PAGE ONE HEREOF AND THE ADDRESS OF MORTGAGEE (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.
-6-
SECTION 1.5
PLEDGES OF MONIES HELD.
MORTGAGOR HEREBY PLEDGES TO
MORTGAGEE ANY AND ALL MONIES NOW OR HEREAFTER HELD BY MORTGAGEE OR ON BEHALF OF
MORTGAGEE IN CONNECTION WITH THE LOAN, INCLUDING, WITHOUT LIMITATION, ANY SUMS
DEPOSITED IN THE COLLATERAL ACCOUNTS (AS DEFINED IN THE LOAN AGREEMENT), AS
ADDITIONAL SECURITY FOR THE OBLIGATIONS UNTIL EXPENDED OR APPLIED AS PROVIDED IN
THIS MORTGAGE.
CONDITIONS TO GRANT
TO HAVE AND TO HOLD the above granted and described Property unto and to the use
and benefit of Mortgagee and its successors and assigns, forever;
PROVIDED, HOWEVER, these presents are upon the express condition that, if
Mortgagor shall well and truly pay to Mortgagee the Indebtedness at the time and
in the manner provided in the Note, the Loan Agreement and this Mortgage, these
presents and the estate hereby granted shall cease, terminate and be void;
provided, however, that Mortgagor's obligation to indemnify and hold harmless
Mortgagee pursuant to the provisions hereof and the other Loan Documents and any
provision which by its terms expressly survives payment of the Indebtedness or
release shall survive any such payment or release.
ARTICLE 2
DEBT AND OBLIGATIONS SECURED
SECTION 2.1
INDEBTEDNESS.
THIS MORTGAGE AND THE GRANTS, ASSIGNMENTS AND
TRANSFERS MADE IN ARTICLE 1 HEREOF ARE GIVEN FOR THE PURPOSE OF SECURING THE
OBLIGATIONS,