SUCH PURPOSES AND WILL FROM TIME TO TIME BE DISBURSED BY
LENDER TO DEFRAY THE COSTS OF SUCH RESTORATION OR REPAIR UNDER SUCH SAFEGUARDS
AND CONTROLS AS LENDER MAY ESTABLISH TO ASSURE COMPLETION IN ACCORDANCE WITH THE
APPROVED PLANS AND SPECIFICATIONS AND FREE OF LIENS OR CLAIMS.
BORROWER SHALL
ON DEMAND DEPOSIT WITH LENDER ANY SUMS NECESSARY TO MAKE UP ANY DEFICITS BETWEEN
THE ACTUAL COST OF THE WORK AND THE PROCEEDS AND PROVIDE SUCH LIEN WAIVERS AND
COMPLETION BONDS AS LENDER MAY REASONABLY REQUIRE.
ANY SURPLUS WHICH MAY REMAIN
AFTER PAYMENT OF ALL COSTS OF RESTORATION OR REPAIR MAY AT THE OPTION OF THE
LENDER BE APPLIED ON ACCOUNT OF THE INDEBTEDNESS SECURED HEREBY THEN MOST
REMOTELY TO BE PAID, WHETHER DUE OR NOT, WITHOUT APPLICATION OF ANY PREPAYMENT
PREMIUM OR SHALL BE RETURNED TO BORROWER AS ITS INTEREST MAY APPEAR, THE CHOICE
OF APPLICATION TO BE SOLELY AT THE DISCRETION OF LENDER.
5.
LEASES AND RENTS
5.1
BORROWER TO COMPLY WITH LEASES.
BORROWER
WILL, AT ITS OWN COST AND EXPENSE:
(A)
PROVIDE THE LENDER COPIES OF ALL LEASE(S)
OF THE PREMISES (WHENEVER THE TERM "LEASE" IS USED HEREIN IN THE CONTEXT WHERE
BORROWER IS THE LESSOR/SUBLESSOR, THE TERM "LEASE" INCLUDES ANY SUBLEASE);
(B)
FAITHFULLY ABIDE BY, PERFORM AND DISCHARGE
EACH AND EVERY OBLIGATION, COVENANT AND AGREEMENT UNDER ANY LEASE(S) TO BE
PERFORMED BY THE LESSOR/SUBLESSOR THEREUNDER;
(C)
ENFORCE OR SECURE THE PERFORMANCE OF EACH
AND EVERY MATERIAL OBLIGATION, COVENANT, CONDITION AND AGREEMENT OF SAID
LEASE(S) BY THE TENANTS THEREUNDER TO BE PERFORMED;
13
(D)
NOT BORROW AGAINST, PLEDGE OR FURTHER ASSIGN
ANY RENTS DUE UNDER SAID LEASE(S);
(E)
NOT PERMIT THE PREPAYMENT OF ANY RENTS FOR
MORE THAN THE NEXT ACCRUING INSTALLMENT OF RENTS, NOR ANTICIPATE, DISCOUNT,
COMPROMISE, FORGIVE OR WAIVE ANY RENTS;
(F)
NOT CONSENT TO A SUBORDINATION OF ANY
LEASE(S) TO ANY PARTY OTHER THAN LENDER AND THEN ONLY IF SPECIFICALLY REQUIRED
BY THE LENDER; AND
(G)
NOT PERMIT ANY TENANT TO ASSIGN OR SUBLET
ITS INTEREST IN ITS LEASE UNLESS REQUIRED TO DO SO BY THE TERMS OF ITS LEASE.
5.2
LENDER'S RIGHT TO PERFORM UNDER LEASES.
SHOULD THE BORROWER FAIL TO PERFORM, COMPLY WITH OR DISCHARGE ANY OBLIGATIONS OF
BORROWER UNDER ANY LEASE OR SHOULD THE LENDER BECOME AWARE OF OR BE NOTIFIED BY
ANY TENANT UNDER ANY LEASE OF A FAILURE ON THE PART OF BORROWER TO SO PERFORM,
COMPLY WITH OR DISCHARGE ITS OBLIGATIONS UNDER SAID LEASE, LENDER MAY, BUT SHALL
NOT BE OBLIGATED TO, AND WITHOUT FURTHER DEMAND UPON THE BORROWER, AND WITHOUT
WAIVING OR RELEASING BORROWER FROM ANY OBLIGATION IN THIS MORTGAGE CONTAINED,
REMEDY SUCH FAILURE, AND THE BORROWER AGREES TO REPAY UPON DEMAND ALL SUMS
INCURRED BY THE LENDER IN REMEDYING ANY SUCH FAILURE TOGETHER WITH INTEREST AT
THE THEN RATE IN EFFECT ON THE NOTE.
ALL SUCH SUMS, TOGETHER WITH INTEREST AS
AFORESAID SHALL BECOME SO MUCH ADDITIONAL INDEBTEDNESS SECURED HEREBY, BUT NO
SUCH ADVANCE SHALL BE DEEMED TO RELIEVE THE BORROWER FROM ANY DEFAULT HEREUNDER.
5.3