OR SUBSTITUTIONS THEREON AND THEREOF;
(P)
PROCEEDS.
ALL PROCEEDS OF ANY OF THE FOREGOING ITEMS SET
FORTH IN SUBSECTIONS (A) THROUGH (P) INCLUDING, WITHOUT LIMITATION, INSURANCE
PROCEEDS AND AWARDS, INTO CASH OR LIQUIDATION CLAIMS; AND
(Q)
OTHER RIGHTS.
ANY AND ALL OTHER RIGHTS OF BORROWER IN AND TO
THE ITEMS SET FORTH IN SUBSECTIONS (A) THROUGH (P) ABOVE.
SECTION 1.2
ASSIGNMENT OF RENTS.
BORROWER HEREBY ABSOLUTELY AND
UNCONDITIONALLY ASSIGNS TO MORTGAGEE ALL OF BORROWER'S RIGHT, TITLE AND INTEREST
IN AND TO ALL CURRENT AND FUTURE LEASES AND RENTS; IT BEING INTENDED BY BORROWER
THAT THIS ASSIGNMENT CONSTITUTES A PRESENT, ABSOLUTE ASSIGNMENT AND NOT AN
ASSIGNMENT FOR ADDITIONAL SECURITY ONLY.
NEVERTHELESS, SUBJECT TO THE TERMS OF
THE LOAN AGREEMENT AND SECTION 8.1(H) OF THIS SECURITY INSTRUMENT, MORTGAGEE
GRANTS TO BORROWER A REVOCABLE LICENSE TO (I) COLLECT, RECEIVE, USE AND ENJOY
THE RENTS, AND (II) ENFORCE THE TERMS OF THE LEASES.
5
SECTION 1.3
SECURITY AGREEMENT.
THIS SECURITY INSTRUMENT IS BOTH A
REAL PROPERTY MORTGAGE AND A "SECURITY AGREEMENT" WITHIN THE MEANING OF THE
UNIFORM COMMERCIAL CODE.
THE PROPERTY INCLUDES BOTH REAL AND PERSONAL PROPERTY
AND ALL OTHER RIGHTS AND INTERESTS, WHETHER TANGIBLE OR INTANGIBLE IN NATURE, OF
BORROWER IN THE PROPERTY.
BY EXECUTING AND DELIVERING THIS SECURITY INSTRUMENT,
BORROWER HEREBY GRANTS TO MORTGAGEE, AS SECURITY FOR THE OBLIGATIONS
(HEREINAFTER DEFINED), A SECURITY INTEREST IN THE PERSONAL PROPERTY TO THE FULL
EXTENT THAT THE PERSONAL PROPERTY MAY BE SUBJECT TO THE UNIFORM COMMERCIAL CODE.
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, AND THIS SECURITY INSTRUMENT, 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.
SECTION 1.5
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 MORTGAGEE SHALL BE WELL AND TRULY PAID THE DEBT
AT THE TIME AND IN THE MANNER PROVIDED IN THE NOTE, THE LOAN AGREEMENT AND THIS
SECURITY INSTRUMENT, IF BORROWER SHALL WELL AND TRULY PERFORM THE OTHER
OBLIGATIONS AS SET FORTH IN THIS SECURITY INSTRUMENT AND SHALL WELL AND TRULY
ABIDE BY AND COMPLY WITH EACH AND EVERY COVENANT AND CONDITION SET FORTH HEREIN
AND IN THE NOTE, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS, THESE PRESENTS
AND THE ESTATE HEREBY GRANTED SHALL CEASE, TERMINATE AND BE VOID.
ARTICLE II
-
DEBT AND OBLIGATIONS SECURED
SECTION 2.1
DEBT.
THIS SECURITY INSTRUMENT AND THE GRANTS,
ASSIGNMENTS AND TRANSFERS MADE IN ARTICLE I HEREOF ARE GIVEN FOR THE PURPOSE OF
SECURING THE DEBT.
SECTION 2.2
OTHER OBLIGATIONS.
THIS SECURITY INSTRUMENT AND THE
GRANTS,