THE MORTGAGEE ACCEPTS ANY MONIES REQUIRED TO BE PAID BY THE
MORTGAGOR UNDER THIS MORTGAGE IN AN AMOUNT LESS THAN THE SUM THEN DUE, SUCH
ACCEPTANCE SHALL BE DEEMED AN ACCEPTANCE ON ACCOUNT ONLY AND ON THE CONDITION
THAT IT SHALL NOT CONSTITUTE A WAIVER OF THE OBLIGATION OF THE MORTGAGOR TO PAY
THE ENTIRE SUM THEN DUE, AND THE MORTGAGOR'S FAILURE TO PAY THE ENTIRE SUM THEN
DUE SHALL BE AND CONTINUE TO BE A DEFAULT HEREUNDER NOTWITHSTANDING ACCEPTANCE
OF SUCH AMOUNT ON ACCOUNT.
27
ARTICLE XII
SECURITY AGREEMENT AND FIXTURE FILING
SECTION 12.1
SECURITY AGREEMENT.
TO THE EXTENT THAT THE MORTGAGED PROPERTY
INCLUDES PERSONAL PROPERTY OR ITEMS OF PERSONAL PROPERTY WHICH ARE OR ARE TO
BECOME FIXTURES UNDER APPLICABLE LAW, THIS MORTGAGE SHALL ALSO BE CONSTRUED AS A
SECURITY AGREEMENT UNDER THE UCC; AND, UPON AND DURING THE CONTINUANCE OF AN
EVENT OF DEFAULT, THE MORTGAGEE SHALL BE ENTITLED WITH RESPECT TO SUCH PERSONAL
PROPERTY TO EXERCISE ALL REMEDIES HEREUNDER, ALL REMEDIES AVAILABLE UNDER THE
UCC WITH RESPECT TO FIXTURES AND ALL OTHER REMEDIES AVAILABLE UNDER APPLICABLE
LAW.
WITHOUT LIMITING THE FOREGOING, SUCH PERSONAL PROPERTY MAY, AT THE
MORTGAGEE'S OPTION, (I) BE SOLD HEREUNDER TOGETHER WITH ANY SALE OF ANY PORTION
OF THE MORTGAGED PROPERTY OR OTHERWISE, (II) BE SOLD PURSUANT TO THE UCC, OR
(III) BE DEALT WITH BY THE MORTGAGEE IN ANY OTHER MANNER PERMITTED UNDER
APPLICABLE LAW.
THE MORTGAGEE MAY REQUIRE THE MORTGAGOR TO ASSEMBLE SUCH
PERSONAL PROPERTY AND MAKE IT AVAILABLE TO THE MORTGAGEE AT A PLACE TO BE
DESIGNATED BY THE MORTGAGEE.
THE MORTGAGOR ACKNOWLEDGES AND AGREES THAT A
DISPOSITION OF THE PERSONAL PROPERTY IN ACCORDANCE WITH THE MORTGAGEE'S RIGHTS
AND REMEDIES IN RESPECT TO THE MORTGAGED PROPERTY AS HERETOFORE PROVIDED IS A
COMMERCIALLY REASONABLE DISPOSITION THEREOF; PROVIDED, HOWEVER, THAT THE
MORTGAGEE SHALL GIVE THE MORTGAGOR NOT LESS THAN TEN (10) DAYS' PRIOR NOTICE OF
THE TIME AND PLACE OF ANY INTENDED DISPOSITION.
SECTION 12.2
FIXTURE FILING.
TO THE EXTENT THAT THE MORTGAGED PROPERTY
INCLUDES ITEMS OF PERSONAL PROPERTY WHICH ARE OR ARE TO BECOME FIXTURES UNDER
APPLICABLE LAW, AND TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE FILING
HEREOF IN THE REAL ESTATE RECORDS OF THE COUNTY IN WHICH SUCH MORTGAGED PROPERTY
IS LOCATED SHALL ALSO OPERATE FROM THE TIME OF FILING AS A FIXTURE FILING WITH
RESPECT TO SUCH MORTGAGED PROPERTY, AND THE FOLLOWING INFORMATION IS APPLICABLE
FOR THE PURPOSE OF SUCH FIXTURE FILING, TO WIT:
Name and Address of the debtor:
The Mortgagor having the address described in the Preamble hereof.
Name and Address of the secured party:
The Mortgagee having the address described in the Preamble hereof.
This Financing Statement covers the following types or items of property:
The Mortgaged Property.
This instrument covers goods or items of personal property which are or are to
become fixtures upon the real property described in Schedule A attached hereto.
The name of the record owner of the Property on which such fixtures are or are
to be located is the