Document:

ex10_1.htm

    
      
        

        

      

      EXHIBIT
        10.3

    

    
      

    

    
      LESSARD
        PROPERTY MANAGEMENT SERVICES,
        INC.

    

    
      RESIDENTIAL
        PROPERTY MANAGEMENT
        AGREEMENT

    

    
      

    

    
      (Exhibit
        A to Assignment of Contract Rights and Obligations)

    

    
      

    

    
      This
        agreement made as of the 27th day
        of September,
        2001,
        by and between Duane Bennett
        (hereinafter referred to as the "Owner"), and Lessard Property Management
        Services, IDC. (hereinafter
        referred to as the "Agent").

    

    
      

    

    
      1. APPOINTMENT
        AND ACCEPTANCE, Owner hereby
        appoints Agent as exclusive agent
        for the management of the property
        described in Section 2 of this agreement. Agent
        accepts the appointment subject to
        the terms and conditions set forth in this agreement.

    

    
      

    

    
      2.  DESCRIPTION
        OF PROJECT. The property to
        be managed by the Agent under this agreement
        (hereinafter referred to as
        the "Project") is a development consisting of buildings
        and other
        improvements   The Project is further described as
        follows:

    

    
      

    

    
      NAME:
        Duane Bennett

    

    
      OWNER'
        S
        ADDRESS:                                                       

      18
        Brookmont Rd.

      Wilbraham,
MA 01095

    

    
      

    

    
      OWNER'S
        PHONE: (704) 905-6008

    

    
      PROPERTY
        LOCATION:

    

     

    
      
        	
                25
                  Webster St, Spfld.

              	 	 	 	
                mgmt.
                  acct # 171001

              
	
                138
                  Colton St, Spfld

              	 	 	 	
                mgmt.
                  acct # 171002

              
	
                132-1.34
                  Cedar St, Spfld..

              	 	 	 	
                mgmt.
                  acct #
171006

              
	
                25-27
                  Mapledell St, Spfld,

              	 	 	 	
                mgmt.
                  acct # 171007

              
	
                115-117
                  College St, Spfld.

              	 	 	 	
                mgmt
                  acct # 171008

              
	
                25-27
                  Armory St, Spfld.

              	 	 	 	
                mgmt
                  acct # 171009

              
	
                31
                  Armory St, Spfld.

              	 	 	 	
                mgmt.
                  acct # 171010

              
	
                36
                  Bliss St, W.Spfld.

              	 	 	 	
                mgmt.
                  acct # 171012

              
	
                25-27
                  Kamuda St, Ind.Orchard

              	 	 	 	
                mgmt
                  acct # 171013

              
	
                14
                  Charles St, Chicopeemgmt.
                  acct

              	
                 

              	 	 	
                mgmt
                  acct #
171014

              
	
                16
                  Charles St, Chicopeemgmt.
                  acct

              	
                 

              	 	 	
                mgmt
                  acct # 171015

              
	
                90
                  Cochran St, Chicopee

              	 	 	 	
                mgmt.
                  acct # 171016

              
	
                80
                  Cochran St, Chicopee

              	 	 	 	
                mgmt
                  acct # 311001

              
	
                84-86
Cochran
                  St, Chicopee

              	 	 	 	
                mgmt
                  acct # 312001

              
	
                192
                  School St, Chicopee

              	 	 	 	
                mgmt
                  acct # 313001

              
	
                472
                  Front Street, Chicopee

              	 	 	 	 

      

    

     

    NO,
      OF DWELLING UNITS:

    
      MANAGEMENT
        ACCOUNT NUMBER: #171

    

    
       

    

    
      3.  RENTALS.  The
        Agent will offer
        for rent and will use diligence to rent the dwelling units. Incident thereto,
        the following
        provisions will apply:

    

    
      

    

    
      a   The
        Agent will take
        and process applications for rentals and maintain a current list of prospective
        tenants.

    

    
      

    

    
      b.  The
        Agent will prepare all
        dwelling leases and rental agreements, and will execute the same in its name,
        identifying itself thereon as Agent for Owner.

    

    
      

    

    
      c   The
        Agent will keep
        the books and accounts of the operation of the property in accordance with good
        accounting
        practices.

    

    
      

    

    
      4.  COLLECTION
        OF RENTS AND
        OTHER RECEIPTS. The Agent will collect and deposit rents in accordance
        with the
        terms of each lease or rental agreement. All funds collected by the Agent
        shall
        be deposited by the Agent promptly in a bank account of the Agent
        in an institution
        whose deposits are insured by an agency of the United States of America;
        this account shall be used exclusively
        by the Agent for funds of
        Owners Management Account #171.

    

    
      

    

    
      5.  ENFORCEMENT
        OF LEASES OR
        RENTAL AGREEMENTS. The Agent will take reasonable steps to secure full
        compliance of each tenant with the terms of his lease or rental agreement.
        The
        Agent will lawfully terminate any tenancy when, in the Agents judgment, sufficient
        cause
        (including, but not limited to, nonpayment of rent) for such termination
        occurs
        under the terms of the tenants lease or rental agreement For this purpose,
        the
        Agent is authorized to consult with legal counsel of its choice to bring actions for evictions
        and to
        execute notices to vacate and judicial pleading incident to such actions.
        Attorney's fees and other necessary costs incurred in connection with such
        action will be paid out of the Management Account as Project expenses of Owner.
        Notwithstanding
        anything herein to the contrary, the Agent shall have the power to terminate
        and accept
        termination of tenancies, settle, compromise and release claims against tenants;
        reinstate leases; give consents provided for in leases or rental agreements
        and take all
        lawful action to evict tenants.

    

    
      

    

    
      6.  MAINTENANCE:
        Owner is
        responsible for all his own maintenance with the exception of emergency
        situations and after hours calls.

    

    
      

    

    
      6.1      Owner
        employs his own maintenance person who is not an employee or under the control of
        the Agent.

    

    
      

    

    
      6
        2      Owner agrees to indemnify and defend the
        Agent against any and all actions arising from
        the activities of
        the Owner's own employees.

    

    
      

    

    
      6
3      Owner
        may from time to time hire the Agent for specific repairs.

    

    
      

    

    
      6
        4      Notwithstanding any of the foregoing
        provisions, the prior approval of the Owner will be requited for any
        expenditure, which exceeds Five Hundred Dollars, $500.00 in any one instance,
        for labor, materials, or otherwise in connection with the
        maintenance and
        repair of the Project, except for recurring expenses within the limits of
        the
        operating budget or for emergency repairs involving manifest danger to persons
        or property or required to avoid suspension of any necessary services to
        the
        Project.

       

    

    
      6.5      It
        is further agreed that Owner will pay to Agent a surcharge in the amount
        of fifteen percent
        (15%) of
        the charge for supplies and independent contractors.

    

    
      

    

    
      7. UTILITIES,
        SERVICES & MAINTENANCE
        AGREEMENTS, Agent: will, on behalf
        of and for Owner, make
        arrangements for water, electricity, gas, fuel, oil and sewage
        on the same basis as set forth
        for Maintenance & Repair.

    

    
      

    

    
      8. EMPLOYEES.
        Agent will determine the
        number, qualifications, and duties of personnel
        to be employees in the
        management of the Project. All such employees will
        be deemed employees of the Agent,
        not the Owner, unless they are the same, and will
        be hired, paid, supervised and
        discharged by the Agent. The compensation,  including payroll taxes
        and fringe
        benefits of all employees will be within the Agent's sole
        discretion.

    

    
      

    

    
      9. DISBURSEMENTS
        FROM MANAGEMENT
        ACCOUNT  From the funds received and
        deposited by Agent in the Management
        Account, Agent will make the disbursements
        explicitly or reasonably
        implicitly authorized by this Agreement when due
        and payable. The Management Account
        must maintain a $500,00 minimum balance.
        In the event that the balance
        in the Management Account falls below $500.00
        or at any time is insufficient
        to pay disbursements due, Agent will inform Owner
        thereof and Owner will remit to
        Agent sufficient funds to cover the deficiency. In
        no event will Agent be required to
        advance its own monies to pay disbursements. Agent
        is explicitly authorized to pay
        itself any management or other fees due it which are
        payable regardless of other amounts
        and accounts due and payable at the time.

    

    
      

    

    
      10.  EMERGENCY
        ANSWERING SERVICE. Agent
        agrees to maintain a 24-hour emergency
        answering service at no
        additional cost to Owner. However, in the event an
        emergency maintenance call is
        necessary, Owner agrees to pay Agent the then current
        hourly rate for emergency
        personnel dispatched after normal business hours. For
        purposes of this Agreement, normal
        business hours are from 8:00 am. to 5:00 p.m.,
        Monday through Friday, excluding
        holidays  All charges are door to door.

    

    
      

    

    
      11.
AGENT'S
        COMPENSATION. The compensation
        which the Agent shall be entitled to receive for management
        services
        performed under this Agreement shall be a fee in the amount of eight percent
        (8%) of collected rent or $100.00 per Project, whichever is greater   Condominium
        units ate a flat $45.00 Per month each. The Owner shall pay such fee to the
        Agent monthly, not
        later than the thirtieth (30th)
        day of each month, unless otherwise
        agreed by the
        parties hereto, It is further understood that a one time $100.00 set up fee
        shall be assessed on each new Project.

    

    
      

    

    
      12.
        COMMISSION. Owner agrees to pay to
        Agent, as a commission, an amount equal to one full month's rent
        for each tenancy
        secured. Such fee to be paid to Agent from Management Account,
        upon occupancy of
        tenant in said Unit   Such commission to be recorded on monthly
        statement.

    

    
      

    

    
      13. INDEMNIFICATION,
        Agent will not be
        liable to Owner, occupants, licensees, invitees
        or trespassers and Owner will
        indemnify and defend Agent against and hold Agent
        harmless of and from:

       

    

    
      13.1 Any
        and all damages, costs and expenses,
        including but not limited to, reasonable
        attorney's fees sustained or
        incurred for injury to any person or property
        in, about or in connection with
        the Project, from any cause whatsoever
        unless such injury shall be
        caused by Agent's own actual gross negligence.

    

    
      

    

    
      13.2 Any
        and all damages, penalties, costs
        and/or expenses, statutory or otherwise,
        for all acts reasonably
        performed by Agent pursuant to Owner's instructions,
        regardless of whether such
        actions are later viewed as grossly or
        willfully or wantonly
        negligent.

    

    
      

    

    
      13.3 Determining
        the existence or
        non-existence of lead paint or toxic substances
        upon the Project in
        conformity with Massachusetts General Laws.
        Agent hereby advises and directs
        Owner to review with Owner's counsel,
        Owner's statutory obligation in
        the event that the presence of a toxic
        substance and/or lead paint is
        discovered upon the Project.

    

    
      

    

    
      13
        4    Any and all
        damages, costs, penalties and expenses, including but not limited
        to reasonable attorney's fees,
        sustained or incurred by Agent as a result of the presence of or the threatened
        release of a toxic substance and/or lead paint upon
        the Project or
        damages occasioned to anyone residing or who resided or presented themselves
        upon the Reject from the ingestion of or exposure to any toxic substance
        and/or
        lead paint or pain and
        suffering caused thereby including pain and suffering and loss of consortium claims by
        persons related to
        the injured party.

    

    
      

    

    
      13.5    Any
        and all
        loss which Agent may incur, including but not limited to, reasonable attorney's
        fees, as a result of the past, present or future existence of conditions
        on the
        Project, which may amount to violations of the state sanitary
        code, building code
        or local ordinances. Agent agrees to notify Owner of its actual knowledge
        of any
        violations so that Owner may maintain the premises
        in compliance with
        the aforesaid  Owner agrees to correct said conditions
        in a good and
        workmanlike manner and to maintain the premises in compliance
        with said
        regulations.

    

    
      

    

    
      14. TERM
        OF AGREEMENT. This Agreement shall
        continue from the date of this Agreement
        until either the Owner or the
        Agent terminates it, effective the last day of any
        month, by written notice to the
        other party, received thirty (30) days prior to the said
        date of termination, subject,
        however, to the following conditions:

    

    
      

    

    
      14.1     In
        the
        event that a petition in bankruptcy is filed by or against Owner or any of the principals
        of Owner or by
        Agent or any of the principals of Agent,
        or in the event that any of the
        foregoing makes an assignment for the benefit of creditors
        or takes
        advantage of any insolvency act, the other party may terminate this Agreement
        forthwith provided that written notice of such is given.

    

    
      

    

    
      14.2    If
        Agent
        fails to observe or perform any provision, covenant or obligation of this Agreement to
        be observed or
        performed by Agent, where such failure continues for
        thirty (30) days
        after the receipt by the Agent of written notice thereof
        from the Owner;
        the Owner shall have the right to terminate this Agreement upon an additional
        thirty (30) days written notice to Agent.

       

    

    
      14
        3    If Owner
        fails to observe or perform any provision, covenant or obligation of this Agreement to
        be observed or
        performed by Owner, where such failure continues for thirty (30) days after
        written notice thereof from Agent; Agent shall
        have the right to
        terminate this Agreement at the end of said thirty (30) days without further
        obligation to Owner excepting lapse in insurance or failure
        to fund the
        Management Account in a timely
manner
        which shall be cause for
        immediate termination.

    

    
      

    

    
      15.
        INSURANCE  Owner shall
        maintain a complete program of insurance protection relating to the ownership
        and operation
        of the Project. Said policy of insurance will name Agent as a named
        insured and shall
        contain liability limits of no less than $500,000 Per incident
        of personal
        injury. A copy of said policy will be provided to Agent, on an annual
        basis, by Owner, In
        the event that Owner fails to procure said insurance, Agent is hereby
        authorized, but not obligated to do so and pay the costs thereof from the
        Management Account. Should Owner insurance lapse for any reason, this contract
        shall be void for
        the entire period of said lapse.

    

    
      

    

    
      16.FORCE
        MAJEURE. The provisions of this
        paragraph shall be applicable if there shall occur, during
        the term of this
        Agreement, any strike, lookout, or labor dispute; inability to obtain labor
        or
        materials or reasonable substitute thereof; inability in obtaining fuel,
        electricity, services or supplies from the sources from which they are normally
        obtained or from reasonably comparable substitute sources; or act of God,
        governmental restriction, regulation, or control, enemy or hostile governmental
        action, civil commotion,
        insurrection, revolution, sabotage, or fire or other casualty or any other condition
        or cause beyond the
        reasonable control of Agent. If Agent shall, as the result of any such event,
        fail reasonably to perform any obligation required hereunder, then such
        obligation shall be reasonably performed as soon as practicable after such event abates.

    

    
      

    

    
      17.
        ARBITRATION. Except for actions
        seeking only injunctive relief, all disputes and controversies arising out
        of or
        in connection with this Agreement shall be submitted to arbitration according
        to the
        following procedure:

    

    
      

    

    
      17.1 Either
        party may demand
        arbitration in writing  The demand shall include a statement of the
        matter in
        controversy.

    

    
      

    

    
      17
        2 The parties agree to hold the
        arbitration hearings in Springfield,
Massachusetts.

    

    
      

    

    
      17.3 In
        all cases where less than Fifty
        Thousand Dollars ($50,000.00) is in dispute:
        The arbitration shall be held
        on thirty (30) days notice. During said
        thirty (30) day period, the parties
        shall cooperate with each other by providing
        each other all documents and
        other tangible evidence which is reasonably
        relevant to the matter in
        dispute  Any failure or refusal of a party
        to comply with a discovery request
        under the provisions of this section
        shall be taken into evidence by
        the arbitrator and the effect thereof considered
        by that arbitrator in forming
        an award, including, but not limited
        to, denying an award or portions
        thereof. One arbitrator shallpreside
        over the arbitration
        proceedings. The Arbitration Committee of the
        American Arbitration Association
        shall appoint an arbitrator within thirty
        (30) days of receiving the
        written submission   Such arbitrator shall be
        an attorney with no less than ten
        (10) years experience in commercial transactions
        except that no attorney who
        has represented any party to this Agreement
        shall be appointed as an
        arbitrator and each party to this Agreement
        reserves the right to object
        to the appointment of any such arbitrator.

    

    
      

    

    
      17.4 In
        all cases where Fifty Thousand
        Dollars ($50,000 00) or more is in dispute:
        The arbitration hearing shall,
        be held on sixty (60) days written notice.
        During said sixty (60) day
        period, the parties shall cooperate with each
        other by providing each other all
        documents and other tangible evidence
        which is reasonably relevant to
        the matter in dispute. Upon no less
        than ten (10) days notice each
        party shall make witnesses available to the
        other for deposition under
        oath  Any failure or refusal of a patty to comply
        with a discovery request under
        the provisions of this section shall be
        taken into evidence by the arbitrator
        and the effect thereof considered by
        that arbitrator in framing an award,
        including, but not limited to, denying
        an award or positions thereof
        One arbitrator shall preside over the arbitration
        proceedings. The Arbitration
        Committee of the American Arbitration
        Association shall appoint an
        arbitrator within thirty (30) days of
        receiving the written
        submission   Such arbitrator shall be an attorney with
        no less than ten (10) years
        experience in commercial transactions except
        that no attorney who has
        represented any party to this Agreement shall
        be appointed as an arbitrator and
        each party to this Agreement reserves
        the right to object to the
        appointment of any such arbitrator.

    

    
      

    

    
      17.5 The
        commercial arbitration rules of the
        American Arbitration Association are
        hereby incorporated by reference.
        Notwithstanding any provision of those
        rules or any other rule or law,
        punitive damages are not recoverable against
        any party to this Contract. The
        arbitrators) is not empowered to grant damages in any
        form or amount in
        excess of the payments required under this Contract.

    

    
      

    

    
      17.6 The
        arbitration hearing shall be
        concluded within thirty (30) days unless otherwise
        ordered by the arbitrator, and
        the award thereon shall be made within
        thirty (30) days and shall be
        final and binding on all parties. Subject
        to the requirement for the
        payment of attorney fees in accordance with
        Paragraph 17.9 of this Agreement,
        Judgment on such award may be entered
        in any court in Massachusetts
        having jurisdiction if the amount awarded
        or any portion thereof
        (including interest or fees) remains unpaid after
        Ten (10) Days from the date of the
        award.

    

    
      

    

    
      17.7 This
        arbitration provision shall be a
        complete defense to any suit, action or proceeding
        brought under, or in
        connection with, this Agreement. This arbitration
        provision shall survive the
        termination or expiration of this Agreement.

    

    
      

    

    
      17,6 Nothing
        in this arbitration provision
        shall give the arbitrator any authority to
        alter, change, amend, modify, add to
        or subtract from any provision of this
        Agreement.

    

    
      

    

    
      17.9    Any
        award made
        by the arbitrator shall include a requirement that the losing patty pay the
        prevailing party's reasonable expenses, including reasonable legal fees incurred
        in the prosecution of the arbitration (including, if greater
        than the hourly
        charges, any contingent fee), except that if a party is
        awarded less than
        Fifty (50%) Percent of the amount originally claimed by that party as due,
        then
        no award of expenses or attorney fees shall be made.

    

    
      

    

    
      17.10  Any
        award made by the
        arbitrator shall include an award of interest at the rate of no less than
        Twelve (12%)
        Percent from the date the amount awarded or any portion
        thereof was
        due.

    

    
      

    

    
      18
        STANDARD APPLICABLE TO
        AGENT  Agent's actions under this Agreement or in connection with the
        operation and management of the Project otherwise, shall be measured by Agent's
        actual knowledge at the time Agent decided to act or not act Owner understands and
        agrees that Agent
        is not an insurer or guarantor of the Project and that Agent has
        not and does not
        promise Owner that there will be any return or profit from the Project.

    

    
      

    

    
      19.
        GENERAL.

    

    
      

    

    
      19.1 This
        Agreement shall be
        enforced under, governed by and construed in accordance with the laws of
        the
Commonwealthof
Massachusetts.
        Any provision
        which is prohibited or
        unenforceable in any jurisdiction shall, as to such jurisdiction,
        be ineffective to
        the extent of such prohibition or unenforceability without
        invalidating
        the remaining
        provisions hereof and
any such prohibition
        or
        unenforceability in any jurisdiction shall not invalidate or tender
        unenforceable such
        provision in any other jurisdiction. To the extent permitted by applicable
        law,
        Agent and Owner hereby waive any provision of law
        which renders any
        provision hereof prohibited or unenforceable in any
        respect..

    

    
      

    

    
      19.2    No
        term or
        provision of this Agreement may be changed, waived, discharged or terminated
        orally, but only by an instrument of equal formality signed by
        duly authorized
        officers of the parties hereof.

    

    
      

    

    
      19
        3    No waiver of
        any breach of any provision of this Agreement shall constitute
        a waiver of any subsequent
        breach of the same or any other provision of this Agreement
        and no
        waiver shall be effective unless made in writing.

    

    
      

    

    
      19.4  This
        Agreement embodies the entire
        understanding of the parties and there are no further or other
        agreements or
        understandings, written or oral, in effect
        between the parties relating to
        the subject matter hereof.The division
        of this Agreement into
        paragraphs and sections is only a matter of convenience
        for reference and shall not
        define or limit any of the terms or provisions
        hereof Any term used in the
        singular shall be deemed to include
        the plural when the context of
        its use is so required. The fact that the
        working of this Agreement has been
        provided by one party or the other shall
        not be taken into consideration in
        the construction or interpretation of this
        Agreement.

    

    
      

    

    
      19.5 Each
        of Owner and Agent hereby
        represents to the other that it is authorized
        to enter into this Agreement
        and that the individual signing this Agreement in its behalf
        is likewise
        fully authorized to do so.shall not be taken
        into consideration in
        the construction or interpretation of this Agreement.

    

    

    
      	
              20.  

            	
              LAWN
                CARE AND SNOW REMOVAL

            

.

    Does
      the
      Owner want Lessard Property Management, Inc. to effectuate lawn care at the
      property?

     

    YES                                
      NO           
X           

     

    Does
      the
      Owner want Lessard Property Management, Inc. to effectuate snow removal at
      the
      property?

     

    YES                                
      NO           
X           

    

     

    

    /s/Paul
      D. Lessard                                                      

    By:  Paul
      D. Lessard

           President

    

    

    /s/Duane
      Bennett                                                      

    By:  Owner

     

     

    ###-##-####                                                      
      

    Owner’s
      SSN or TAX ID #ex10_2.htm

    
      

      

    

    COMMERCIAL
      MORTGAGE, SECURITY AGREEMENT AND

    ASSIGNMENT
      OF LEASES AND RENTS

    

    This
      COMMERCIAL MORTGAGE. SECURITY AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS
      (this
      "Mortgage") entered into at Chicopee, Massachusetts, as of February 15, 2005, between
Duane
      C Bennett, as
      Trustee of Northeast Nominee
      Trust, a Massachusetts trust with
      an
      address of 7507 Folger Road,
      Charlotte, North Carolina 28226 (the "Mortgagor") and CHICOPEE SAVINGS
      BANK, a Massachusetts Savings Bank with an address of 70 Center Street,
      Chicopee, Massachusetts 01014-0300 (the "Bank").

    

    Northeast
      Nominee Trust was
      formed u/d/t  dated July 7, 2003, and recorded at
      the            N/A   
      county Registry of Deeds at book              N/A                   .  Page           N/A                .

    

    The
      real
      property which is the subject matter of this Mortgage has the following
      address(es) 472 Front Street, Chicopee, Massachusetts 01013-3142 (the
      "Address(es)").

    1.
      MORTGAGE, OBLIGATIONS AND FUTURE ADVANCES

     

    1.1           
      Mortgage.  For
      valuable consideration paid and for other good and valuable consideration,
      the
      receipt and sufficiency of which are hereby acknowledged, the Mortgagor hereby
      irrevocably and unconditionally mortgages, grants, bargains, transfers, sells,
      conveys, sets over and assigns to the Bank and its successors and assigns
      forever, with MORTGAGE
      COVENANTS, all of Mortgagor's right, title and interest in and to the
"Property" described
      below, to secure the prompt payment and performance of the Obligations (as
      hereinafter defined), including without limitation, all amounts due and owing
      to
      the Bank and all obligations respecting that certain Seven Year Adjustable Term
      Note, dated Feb.
      15,
      2005, by Northeast
      Nominee
      Trust in favor of the Bank in the original principal amount of $185,000.00 (the "Note";
      and
      collectively, along with all other agreements, documents, certificates and
      instruments delivered in connection therewith, the "Loan Documents"), and any
      substitutions, modifications, extensions or amendments to any of the Loan
      Documents.

     

    The
      amount of principal obligations outstanding and evidenced by the Loan Documents
      and secured by this Mortgage total $185,000.00 as of the date of
      this Mortgage but this Mortgage shall nevertheless secure payment and
      performance of all Obligations.

     

    1.2           
      Security Interest
      in
      Property.  As continuing security for the Obligations the
      Mortgagor hereby pledges, assigns and grants to the Bank, and its successors
      and
      assigns, a security interest in any of the Property (as hereinafter defined)
      constituting personal property or fixtures. This Mortgage is and shall be deemed
      to be a security agreement and financing statement pursuant to the terms of
      the
      Uniform Commercial Code of Massachusetts (the "Uniform Commercial Code") as
      to
      any and all personal property and fixtures and as to all such property the
      Bank
      shall have the rights and remedies of a secured party under the Uniform
      Commercial Code in addition to its rights hereunder. This Mortgage constitutes
      a
      financing statement filed as a fixture filing under Chapter 106. Section
      9-502(c) of the Massachusetts General Laws of the Uniform Commercial Code
      covering any Property which now is or later may become a fixture.

     

    1.3           
      Collateral Assignment
      of Leases and Rents.  The Mortgagor hereby irrevocably and
      unconditionally assigns to the Bank, and its successors and assigns, as
      collateral security for the Obligations all of the Mortgagors rights and
      benefits under any and all Leases (as hereinafter defined) and any and all
      rents
      and other amounts now or hereafter owing with respect to the Leases or the
      use
      or occupancy of the Property. This collateral assignment shall be absolute
      and
      effective immediately, but (he Mortgagor shall have a license, revocable by
      the
      Bank, to continue to collect rents owing under the Leases until an Event of
      Default (as hereinafter defined) occurs and the Bank exercises its rights and
      remedies to collect such rents as set forth herein.

    

    1.4           
      Conditions to
      Grant.  To have and to hold the above granted Property unto and
      to the use and benefit of the Bank, and its successors and assigns, forever;
      provided, however, the conveyances, grants and assignments contained in this
      Mortgage are upon the express condition that, if Mortgagor shall pay and perform
      the Obligations in full, including, without limitation, all principal, interest
      and premium thereon and other charges, if applicable, in accordance with the
      terms and conditions in the Loan Documents and this Mortgage, shall pay and
      perform all other Obligations as set forth in this Mortgage and shall abide
      by
      and comply with each and every covenant and condition set forth herein and
      in
      the Loan Documents, the conveyances, grants and assignments contained in this
      Mortgage shall cease, terminate and be void.

     

    1.5           
      Property.  The
      term "Property," as used in this Mortgage, shall mean that certain parcel of
      land and the fixtures, structures and improvements and all personal property
      constituting fixtures, as that term is defined in the Uniform Commercial Code,
      now or hereafter thereon located at the Address(es), as more particularly
      described in Exhibit A attached hereto, together with: (i) all rights now or
      hereafter existing, belonging, pertaining or appurtenant thereto; (ii) the
      following categories of assets as defined in the Uniform Commercial Code: goods
      (including inventory, equipment and any accessions thereto), instruments
      (including promissory notes), documents, accounts (including
      health-care-insurance receivables), chattel paper (whether tangible or
      electronic), deposit accounts, letter-of-credit rights (whether or not the
      letter of credit is evidenced by a writing), commercial tort claims, securities
      and all other investment property, general intangibles (including payment
      intangibles and software), supporting obligations and any and all proceeds
      of
      any thereof, whether now owned or hereafter acquired, that are located on or
      used In connection with, or that arise in whole or in part out of the
      Mortgagor's use of or business conducted on or respecting, the Property and
      any
      substitutions, replacements, accessions and proceeds of any of the foregoing;
      (iii) all judgments, awards of damages and settlements hereafter made as a
      result or in lieu of any Taking, as hereinafter defined, (iv) all of the rights
      and benefits of the Mortgagor under any present or future leases and agreements
      relating to the Property, including, without limitation, rents, issues and
      profits, or the use or occupancy thereof together with any extensions and
      renewals thereof, specifically excluding all duties or obligations of the
      Mortgagor of any kind arising thereunder (the "Leases"); and (v) all contracts,
      permits and licenses respecting the use. operation or maintenance of the
      Property.

     

    1.6           
      Obligations.  The
      term "Obligation(s)," as used in this Mortgage, shall mean without limitation
      all loans, advances, indebtedness, notes, liabilities and amounts, liquidated
      or
      unliquidated, now or hereafter owing by the Mortgagor to the Bank at any time,
      of each and every kind, nature and description, whether arising under this
      Mortgage or otherwise, and whether secured or unsecured, direct or indirect
      (that is. whether the same are due directly by the Mortgagor to the Bank; or
      are
      due indirectly by the Mortgagor to the Bank as endorser, guarantor or other
      surety, or as obligor of obligations due third persons which have been endorsed
      or assigned to the Bank, or otherwise), absolute or contingent, due or to become
      due, now existing or hereafter contracted, including, without limitation,
      payment of all amounts outstanding when due pursuant to the terms of any of
      the
      Loan Documents. Said term shall also include all interest and other charges
      chargeable to the Mortgagor or due from the Mortgagor to the Bank from time
      to
      time and all costs and expenses referred to in this Mortgage, including without
      limitation the costs and expenses (including reasonable attorneys' fees) of
      enforcement of the Bank's rights hereunder or pursuant to any document or
      instrument executed in connection herewith.

     

    1.7           
      Cross-Collateral
      and
      Future Advances.  It is the express intention of the Mortgagor
      that this Mortgage secure payment and performance of all of the Obligations,
      whether now existing or hereinafter incurred by reason of future advances by
      the
      Bank or otherwise, and regardless of whether such Obligations are or were
      contemplated by the parties at the time of the granting of this Mortgage. Notice
      of the continuing grant of this Mortgage shall not be required to be stated
      on
      the face of any document evidencing any of the Obligations, nor shall such
      documents be required to otherwise specify that they are secured
      hereby.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. 
      REPRESENTATIONS, WARRANTIES,
      COVENANTS

    2.1           
      Representations
      and
      Warranties.  The Mortgagor represents and warrants
      that:

    

    
      	
               

            	
              (a)

            	
              This
                Mortgage has been duly executed and delivered by the Mortgagor and
                is the
                legal, valid and binding obligation of the Mortgagor enforceable
                in
                accordance with its terms, except as limited by bankruptcy, insolvency,
                reorganization, moratorium and other laws affecting the enforcement
                of
                creditors' rights generally; 

            

    

    

    
      	
               

            	
              (b)

            	
              The
                Mortgagor Is the sole legal owner of the Property, holding good and
                marketable fee simple title to the Property, subject to no liens,
                encumbrances, leases, security interests or rights of others, other
                than
                as set forth in detail in Exhibit B hereto (the "Permitted Encumbrances");
                

            

    

    

    
      	
               

            	
              (c)

            	
              The
                Mortgagor is the sole legal owner of the entire lessor’s interest in the
                Leases with full power and authority to encumber the Property in
                the
                manner set forth herein and the Mortgagor has not executed any other
                assignment of the Leases or any of the rights or rents arising thereunder;
                

            

    

    

    
      	
               

            	
              (d)

            	
              As
                of the date hereof, there are no Hazardous Substances (as hereinafter
                defined) in, on or under the Property, except as disclosed in writing
                to
                and acknowledged by the Bank; and 

            

    

    

    
      	
               

            	
              (e)

            	
              Each
                Obligation Is a commercial obligation and does not represent a loan
                used
                for personal, family or household purposes and is not a consumer
                transaction or otherwise subject to the provisions of the Federal
                Truth in
                Lending Act, Federal Reserve Board Regulation Z. Massachusetts General
                Laws, Chapter 140D, or other such consumer statutes or regulations
                and
                restrictions. 

            

    

    

    2.2           
      Recording: Further
      Assurances.  The Mortgagor covenants that it shall, at its sole
      cost and expense and upon the request of the Bank, cause this Mortgage, and
      each
      amendment, modification or supplement hereto, to be recorded and filed in such
      manner and in such places, and shall at all times comply with all such statutes
      and regulations as may be required by law in order to establish, preserve and
      protect the Interest of the Bank in the Property and the rights of the Bank
      under this Mortgage. Mortgagor will from time to time execute and deliver to
      the
      Bank, and take or cause to be taken, all such other further action as the Bank
      may request in order to effect and confirm or vest more securely in the Bank
      all
      rights contemplated by this Mortgage or to vest more fully in, or assure to
      the
      Bank the security interest in, the Property or to comply with applicable statute
      or law. To the extent permitted by applicable law, Mortgagor authorizes the
      Bank
      to file financing statements, continuation statements or amendments without
      Mortgagor's signature appearing thereon, and any such financing statements,
      continuation statements or amendments may be signed or authenticated by the
      Bank
      on behalf of Mortgagor, if necessary, and may be filed at any time In any
      jurisdiction. The Bank may at any time and from time to time file financing
      statements, continuation statements and amendments thereto that describe the
      Property as "all assets of Mortgagor" or words of similar effect and which
      contain any other information required by Article 9 of the Uniform Commercial
      Code for the sufficiency or filing office acceptance of any financing statement,
      continuation statement or amendment, including whether Mortgagor is an
      organization, the type of organization and any organization identification
      number issued to Mortgagor; Mortgagor also authorizes the Bank to file financing
      statements describing any agricultural liens or other statutory liens held
      by
      the Bank. Mortgagor agrees to furnish any such information to the Bank promptly
      upon request, fn addition, Mortgagor shall at any time and from time to time,
      take such steps as the Bank may reasonably request for the Bank (i) to obtain
      an
      acknowledgement, in form and substance satisfactory to the Bank, of any bailee
      having possession of any of the Property that the bailee holds such Property
      for
      the Bank, (ii) to obtain "control" of any investment property, deposit accounts,
      letter-of-credit rights or electronic chattel paper (as such terms are defined
      in Article 9 of the Uniform Commercial Code relating to what constitutes
      "control" for such items of Property), with any agreements establishing control
      to be in form and substance satisfactory to the Bank, and (iii) otherwise to
      insure the continued perfection and priority of the Bank's security interest
      in
      any of the Property and the preservation of its rights therein. Mortgagor hereby
      constitutes the Bank its attorney-in-fact to execute and file all filings
      required or so requested for the foregoing purposes, all acts of such attorney
      being hereby ratified and confirmed; and such power, being coupled with an
      interest, shall be irrevocable until this Mortgage terminates in accordance
      with
      its terms, all Obligations are paid in full and the Property is
      released.

    

    2.3           
      Restrictions on
      the
      Mortgagor.  The Mortgagor covenants that it will not, nor will
      it permit any other person lo, directly or indirectly, without the prior written
      approval of the Bank in each instance:

    

    
      	
               

            	
              (a)

            	
              Sell,
                convey, assign, transfer, mortgage, pledge, hypothecate, lease or
                dispose
                of all or any part of any legal or beneficial interest in the Mortgagor
                or
                the Property or any part thereof or permit any of the foregoing,
                except as
                expressly permitted by the terms of this Mortgage;
                

            

    

    

    
      	
               

            	
              (b)

            	
              Permit
                the use. generation, treatment, storage, release or disposition of
                any oil
                or other material or substance constituting hazardous waste or hazardous
                materials or substances under any applicable Federal or state law,
                regulation or rule ("Hazardous Substances"); or

            

    

    

    
      	
               

            	
              (c)

            	
              Permit
                lo be created or suffer to exist any mortgage, lien, security interest,
                attachment or other encumbrance or charge on the Property or any
                part
                thereof or interest therein (except for the Permitted Encumbrances),
                including, without limitation, (i) any lien arising under any Federal,
                state or local statute, rule, regulation or law pertaining to the
                release
                or cleanup of Hazardous Substances and (ii) any mechanics' or
                materialmen's lien. The Mortgagor further agrees to give the Bank
                prompt
                written notice of the imposition, or notice, of any lien referred
                to in
                this Section and to take any action necessary to secure the prompt
                discharge or release of the same. The Mortgagor agrees to defend
                its title
                to the Property and the Bank's interest therein against the claims
                of all
                persons and, unless the Bank requests otherwise, to appear in and
                diligently contest. all he Mortgagor's sole cost and expense, any
                action
                or proceeding that purports to affect the Mortgagor's title to the
                Property or the priority or validity of this Mortgage or the Bank's
                interest hereunder. 

            

    

    

    2.4           
      Operation of
      Property.  The Mortgagor covenants and agrees as
      follows:

    

    
      	
               

            	
              (a)

            	
              The
                Mortgagor will not permit the Property to be used for any unlawful
                or
                improper purpose, will at all times comply with all Federal, state
                and
                local laws, ordinances and regulations, and the provisions of any
                Lease,
                easement or other agreement affecting all or any part of the Property,
                and
                will obtain and maintain all governmental or other approvals relating
                to
                the Mortgagor, the Property or the use thereof, including without
                limitation, any applicable zoning or building codes or regulations
                and any
                laws or regulations relating to the handling, storage, release or
                cleanup
                of Hazardous Substances, and will give prompt written notice to the
                Bank
                of (i) any violation of any such law. ordinance or regulation by
                the
                Mortgagor or relating to the Property, (ii) receipt of notice from
                any
                Federal, state or local authority alleging any such violation and
                (iii)
                the presence or release on the Property of any Hazardous Substances;
                

            

    

    

    
      	
               

            	
              (b)

            	
              The
                Mortgagor will at all times keep the Property insured for such losses
                or
                damage, in such amounts and by such companies as may be required
                by law or
                which the Bank may require, provided that, in any case, the Mortgagor
                shall maintain: (i) physical hazard insurance on an "all risks" basis
                in
                an amount not less than 100% of the full replacement cost of the
                Property;
                (ii) flood insurance if and as required by applicable Federal law
                and as
                otherwise required by the Bank; (iii) comprehensive commercial general
                liability insurance; (iv) rent loss and business interruption insurance;
                and (v) such other insurance as the Bank may require from time to
                time,
                including builder's risk insurance in the case of construction loans.
                All
                policies regarding such insurance shall be issued by companies licensed
                to
                do business in the state where the policy is issued and also in the
                slate
                where the Property is located, be otherwise acceptable to the Bank,
                provide deductible amounts acceptable to the Bank, name the Bank
                as
                mortgagee, loss payee and additional insured, and provide that no
                cancellation or material modification of such policies shall occur
                without
                at least thirty (30) days' prior written notice to the Bank. Such
                policies
                shall Include (i) a mortgage endorsement determined by the Bank in
                good
                faith to be equivalent to the "standard" mortgage endorsement so
                that the
                insurance, as to the interest of the Bank, shall not be invalidated
                by any
                act or neglect of the Mortgagor or the owner of the Property, any
                foreclosure or other proceedings or notice of sale relating to the
                Property, any change in the title to or ownership of the Property,
                or the
                occupation or use of the Property for purposes more hazardous than
                are
                permitted at the date of inception of such insurance policies; (ii)
                a
                replacement cost endorsement; (iii) an agreed amount endorsement;
                (iv) a
                contingent liability from operation endorsement; and (v) such other
                endorsements as the Bank may request. The Mortgagor will furnish
                to the
                Bank upon request such original policies, certificates of insurance
                or
                other evidence of the foregoing as are acceptable to the Bank. The
                terms
                of all insurance policies shall be such that no coinsurance provisions
                apply, or if a policy does contain a coinsurance provision, the Mortgagor
                s hall insure t he Property in an amount sufficient to prevent the
                application of the coinsurance provisions;

            

    

    

    
      	
               

            	
              (c)

            	
              Mortgagor
                will not enter into or modify the Leases without the prior written
                consent
                of the Bank, execute any assignment of the Leases except in favor
                of the
                Bank, or accept any rentals under any Lease for more than one month
                in
                advance and will at all times perform and fulfill every term and
                condition
                of the Leases; 

            

    

    

    
      	
               

            	
              (d)

            	
              Mortgagor
                will at all times (i) maintain complete and accurate records and
                books
                regarding the Property in accordance with generally accepted accounting
                principles and (ii) permit the Bank and the Bank's agents, employees
                and
                representatives, at such reasonable times as the Bank may request,
                to
                enter and inspect the Property and such books and records; and
                

            

    

    

    
      	
               

            	
              (e)

            	
              Mortgagor
                will at all times keep the Property in good and first-rate repair
                and
                condition (damage from casualty not excepted) and will not commit
                or
                permit any strip, waste, impairment, deterioration or alteration
                of the
                Property or any part thereof. 

            

    

    

    2.5           
      Payments.  The
      Mortgagor covenants to pay when due: all Federal, state, municipal or other
      taxes, betterment and improvement assessments and other governmental levies,
      water rates, sewer charges, insurance premiums and other charges on the
      Property, this Mortgage or any Obligation secured hereby that could, if unpaid,
      result in a lien on the Property or on any interest therein. If and when
      requested by the Bank, the Mortgagor shall deposit from time to time with the
      Bank sums determined by the Bank to be sufficient to pay when due the amounts
      referred to in this Section. The Mortgagor shall have the right to contest
      any
      notice, lien, encumbrance, claim, tax, charge, betterment assessment or premium
      filed or asserted against or relating to the Property, provided that it contests
      the same diligently and in good faith and by proper proceedings and, at the
      Bank's request, provides the Bank with adequate cash security, in the Bank's
      reasonable judgment, against the enforcement thereof. The Mortgagor shall
      furnish to the Bank the receipted real estate tax bills or other evidence of
      payment of real estate taxes for the Property within thirty (30) days prior
      to
      the date from which interest or penalty would accrue for nonpayment thereof.
      The
      Mortgagor shall also furnish to the Bank evidence of all other payments referred
      to above within fifteen (15) days after written request therefor by the
      Bank.

     

    2.6           
      Notices; Notice
      of
      Default.  The Mortgagor will deliver to the Bank, promptly upon
      receipt of the same, copies of all notices or other documents it receives that
      affect the Property or its use, or claim that the Mortgagor is in default in
      the
      performance or observance of any of the terms hereof or that the Mortgagor
      or
      any tenant is in default of any terms of the Leases. The Mortgagor further
      agrees to deliver to the Bank written notice promptly upon the occurrence of
      any
      Event of Default hereunder or event that with the giving of notice or lapse
      of
      time, or both, would constitute an Event of Default hereunder.

     

    2.7           
      Takings.  In
      case of any condemnation or expropriation for public use of, or any damage
      by
      reason of the action of any public or governmental entity or authority to,
      all
      or any part of the Property (a "Taking"), or the commencement of any proceedings
      or negotiations that might result in a Taking, the Mortgagor shall promptly
      give
      written notice to the Bank, describing the nature and extent thereof. The Bank
      may, at its option, appear in any proceeding for a Taking or any negotiations
      relating to a Taking and the Mortgagor shall promptly give to the Bank copies
      of
      all notices, pleadings, determinations and other papers relating thereto. The
      Mortgagor shall in good faith and with due diligence and by proper proceedings
      file and prosecute its claims for any award or payment on account of any Taking.
      The Mortgagor shall not settle any such claim without the Bank's prior written
      consent. The Mortgagor shall hold any amounts received with respect to such
      awards or claims, by settlement, judicial decree or otherwise, in trust for
      the
      Bank and promptly pay the same to the Bank. The Mortgagor authorizes any award
      or settlement due in connection with a Taking to be paid directly to the Bank
      in
      amounts not exceeding the Obligations. The Bank may apply such amounts to the
      Obligations in such order as the Bank may determine.

     

    2.8           
      Insurance
      Proceeds.  The proceeds of any insurance resulting from any
      loss with respect to the Property shall be paid to the Bank and. at the option
      of the Bank, be applied to the Obligations in such order as the Bank may
      determine; provided, however, that if the Bank shall require repair of the
      Property, the Bank may release all or any portion of such proceeds to the
      Mortgagor for such purpose. Any insurance proceeds paid to the Mortgagor shall
      be held in trust for the Bank and promptly paid to it.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. 
CERTAIN
      RIGHTS OF THE
      BANK

     

    3.1         
      Legal
      Proceedings.  The Bank shall have the right, but not the duty,
      to intervene or otherwise participate in any legal or equitable proceeding
      that,
      in the Bank's reasonable judgment, might affect the Property or any of the
      rights created or secured by this Mortgage. The Bank shall have such right
      whether or not there shall have occurred an Event of Default
      hereunder.

     

    3.2         
      Appraisals/Assessments.  The
      Bank shall have the right, at the Mortgagor's sole cost and expense, to obtain
      appraisals, environmental site assessments or other inspections of the portions
      of the Property that are real estate at such times as the Bank deems necessary
      or as may be required by applicable law, or its prevailing credit or
      underwriting policies.

     

    3.3         
      Financial
      Statements.  The Bank shall have the right, at the Mortgagor's
      sole cost and expense, to require delivery of financial statements in form
      and
      substance acceptable to the Bank from the Mortgagor or any guarantor of any
      of
      the Obligations and the Mortgagor hereby agrees to deliver such financial
      statements and/or cause any such guarantor lo so deliver any such financial
      statement when required by the Bank.

     

    3.4         
      Tax
      Return.  The Mortgagor shall deliver to the Bank on or before
      May 1 of each year or such other date approved by the Bank, the Mortgagor's
      filed Federal and any applicable state tax returns for the prior
      year.

     

    3.5         
      Leases and Rent
      Roll.  The Mortgagor shall deliver to the Bank during each
      calendar year and at such other times as the Bank shall request a rent roll
      for
      the Property, in form acceptable to the Bank, listing all tenants and occupants
      and describing all of the Leases.

     

    4.
        DEFAULTS AND REMEDIES

     

    4.1           
      Events of
      Default.  Event of Default shall mean the occurrence of any one
      or more of the following events:

    

    
      	
               

            	
              (a)

            	
              default
                of any liability, obligation or undertaking of the Mortgagor or any
                guarantor of the Obligations to the Bank, hereunder or otherwise,
                including failure to pay in full and when due any installment of
                principal
                or interest or default of the Mortgagor or any guarantor of the
                Obligations under any other Loan Document;

            

    

    

    
      	
               

            	
              (b)

            	
              failure
                by the Mortgagor to perform, observe or comply with any of the covenants,
                agreements, terms or conditions set forth in this Mortgage;
                

            

    

    

    
      	
               

            	
              (c)

            	
              the
                (i) occurrence of any material loss, theft, damage or destruction
                of. or
                (ii) issuance or making of any levy, seizure, attachment, execution
                or
                similar process on a material portion of the Property;
                

            

    

    

    
      	
               

            	
              (d)

            	
              failure
                of the Mortgagor or any guarantor of the Obligations to maintain
                aggregate
                collateral security value satisfactory to the Bank;
                

            

    

    

    
      	
               

            	
              (e)

            	
              default
                of any material liability, obligation or undertaking of the Mortgagor
                or
                any guarantor of the Obligations to any other party;
                

            

    

    

    
      	
               

            	
              (f)

            	
              if
                any statement, representation or warranty heretofore, now or hereafter
                made by the Mortgagor or any guarantor of the Obligations in connection
                with this Mortgage or in any supporting financial statement of the
                Mortgagor or any guarantor of the Obligations shall be determined
                by the
                Bank to have been false in any material respect when made;
                

            

    

    

    
      	
               

            	
              (g)

            	
              if
                the Mortgagor or any guarantor of the Obligations is a corporation,
                trust,
                partnership or limited liability company, the liquidation, termination
                or
                dissolution of any such organization, or the merger or consolidation
                of
                such organization into another entity, or its ceasing to carry on
                actively
                its present business or the appointment of a receiver for its property;
                

            

    

    

    
      	
               

            	
              (h)

            	
              the
                death of the Mortgagor or any guarantor of the Obligations and, if
                the
                Mortgagor or any guarantor of the Obligations is a partnership or
                limited
                liability company, the death of any partner or member;
                

            

    

    

    
      	
               

            	
              (i)

            	
              the
                institution by or against the Mortgagor or any guarantor of the
                Obligations of any proceedings under the Bankruptcy Code 11 USC §101 et seq. or any
                other
                law in which the Mortgagor or any guarantor of the Obligations is
                alleged
                to be insolvent or unable to pay its debts as they mature, or the
                making
                by the Mortgagor or any guarantor of the Obligations of an assignment
                for
                the benefit of creditors or the granting by the Mortgagor or any
                guarantor
                of the Obligations of a trust mortgage for the benefit of creditors;
                

            

    

    

    
      	
               

            	
              (j)

            	
              the
                service upon the Bank of a writ in which the Bank is named as trustee
                of
                the Mortgagor or any guarantor of the Obligations;
                

            

    

    

    
      	
               

            	
              (k)

            	
              a
                judgment or judgments for the payment of money shall be rendered
                against
                the Mortgagor or any guarantor of the Obligations, and any such judgment
                shall remain unsatisfied and in effect for any period of thirty (30)
                consecutive days without a stay of execution;

            

    

    

    
      	
               

            	
              (l)

            	
              any
                levy, lien (including mechanics lien), seizure, attachment, execution
                or
                similar process shall be issued or levied on any of the property
                of the
                Mortgagor or any guarantor of the Obligations;

            

    

    

    (m)           
      the termination of any guaranty of the Obligations; or

    

    
      	
               

            	
              (n)

            	
              the
                occurrence of such a change in the condition or affairs (financial or
                otherwise) of the Mortgagor or any guarantor of the Obligations,
                or the
                occurrence of any other event or circumstance, such that the Bank,
                in its
                sole discretion, deems that it is insecure or that the prospects
                for
                timely or full payment or performance of any obligation of the Mortgagor
                or any guarantor of the Obligations to the Bank has been or may be
                impaired. 

            

    

    

    4.2
Remedies.  On
      the occurrence of any Event of Default the Bank may, at any time thereafter,
      at
      its option and, to the extent permitted by applicable law, without notice,
      exercise any or all of the following remedies:

    

    
      	
               

            	
              (a)

            	
              Declare
                the Obligations due and payable, and the Obligations shall thereupon
                become immediately due and payable, without presentment, protest,
                demand
                or notice of any kind, all of which are hereby expressly waived by
                the
                Mortgagor except for Obligations due and payable on demand, which
                shall be
                due and payable on demand whether or not an event of default has
                occurred
                hereunder; 

            

    

    
      	
               

            	
              (b)

            	
              Enter,
                take possession of, manage and operate the Property (including all
                personal property and all records and documents pertaining thereto)
                and
                any part thereof and exclude the Mortgagor therefrom, take all actions
                it
                deems necessary or proper to preserve the Property and operate the
                Property as a mortgagee in possession with all the powers as could
                be
                exercised by a receiver or as otherwise provided herein or by applicable
                law; provided, however, the entry by the Bank upon the Property for
                any
                reason shall not cause the Bank to be a mortgagee in possession,
                except
                upon the express written declaration of the Bank;
                

            

    

    
      	
               

            	
              (c)

            	
              With
                or without taking possession, receive and collect all rents, income,
                issues and profits ("Rents") from the Property (including all real
                estate
                and personal property and whether past due or thereafter accruing),
                including as may arise under the Leases, and the Mortgagor appoints
                the
                Bank as its true and lawful attorney with the power for the Bank
                in its
                own name and capacity to demand and collect Rents and take any action
                that
                the Mortgagor is authorized to take under the Leases. The Bank shall
                (after payment of all costs and expenses incurred) apply any Rents
                received by it to the Obligations in such order as the Bank determines,
                or
                in accordance with any applicable statute, and the Mortgagor agrees
                that
                exercise of such rights and disposition of such funds shall not be
                deemed
                to cure any default or constitute a waiver of any foreclosure once
                commenced nor preclude the later commencement of foreclosure for
                breach
                thereof. The Bank shall be liable to account only for such Rents
                actually
                received by the Bank. Lessees under the Leases are hereby authorized
                and
                directed, following notice from the Bank, to pay all amounts due
                the
                Mortgagor under the Leases to the Bank, whereupon such lessees shall
                be
                relieved of any and all duty and obligation to the Mortgagor with
                respect
                to such payments so made; 

            

    

    

    
      	
               

            	
              (d)

            	
              Sell
                the Property or any part thereof or interest therein pursuant to
                exercise
                of its STATUTORY POWER OF SALE or otherwise at public auction on
                terms and
                conditions as the Bank may determine, or otherwise foreclose this
                Mortgage
                in any manner permitted by law. and upon such sale the Mortgagor
                shall
                execute and deliver such instruments as the Bank may request in order
                to
                convey and transfer all of the Mortgagor's interest in the Property,
                and
                the same shall operate to divest all rights, title and interest of
                the
                Mortgagor in and to the Property. In the event this Mortgage shall
                include
                more than one parcel of property or subdivision (each hereinafter
                called a
                "portion"), the Bank shall, in its sole and exclusive discretion,
                be
                empowered to foreclose upon any such portion without impairing its
                right
                to foreclose subsequently upon any other portion or the entirety
                of the
                Property from time to time thereafter. I n addition, the Bank may
                in its
                discretion subordinate this Mortgage to one or more Leases for the
                sole
                purpose of preserving any such Lease in the event of a foreclosure;
                

            

    

    
      	
               

            	
              (e)

            	
              Cause
                one or more environmental assessments to be taken, arrange for the
                cleanup
                of any Hazardous Substances or otherwise cure the Mortgagor's failure
                to
                comply with any statute, regulation or ordinance relating to the
                presence
                or cleanup of Hazardous Substances, and the Mortgagor shall provide
                the
                Bank or its agents with access to the Property for such purposes;
                provided
                that the exercise of any of such remedies shall not be deemed to
                have
                relieved the Mortgagor from any responsibility therefor or given
                the Bank
                "control" over the Property or cause the Bank to be considered to
                be a
                mortgagee in possession, "owner" or "operator" of the Property for
                purposes of any applicable law, rule or regulation pertaining to
                Hazardous
                Substances; and 

            

    

    
      	
               

            	
              (f)

            	
              Take
                such other actions or proceedings as the Bank deems necessary or
                advisable
                to protect its interest in the Property and ensure payment and performance
                of the Obligations, including, without limitation, appointment of
                a
                receiver (and the Mortgagor hereby waives any right to object to
                such
                appointment) and exercise of any of the Bank's remedies provided
                herein or
                in any other document evidencing, securing or relating to any of
                the
                Obligations or available to a secured party under the Uniform Commercial
                Code or under other applicable law.

            

    

     

    This
      Mortgage is upon the STATUTORY CONDITION, for any breach of which the Bank
      shall
      have the STATUTORY POWER OF SALE.

     

    In
      addition, the Bank shall have all other remedies provided by applicable law,
      including, without limitation, the right to pursue a judicial sale of the
      Property or any portion thereof by deed, assignment or otherwise.

     

    The
      Mortgagor agrees and acknowledges that the acceptance by the Bank of any
      payments from either the Mortgagor or any guarantor after the occurrence of
      any
      Event of Default, the exercise by the Bank of any remedy set forth herein or
      the
      commencement, discontinuance or abandonment of foreclosure proceedings against
      the Property shall not waive the Bank's subsequent or concurrent right to
      foreclose or operate as a bar or estoppel to the exercise of any other rights
      or
      remedies of the Bank. The Mortgagor agrees and acknowledges that the Bank,
      by
      making payments or incurring costs described herein, shall be subrogated to
      any
      right of the Mortgagor to seek reimbursement from any third parties, including,
      without limitation, any predecessor in interest to the Mortgagor's title or
      other party who may be responsible under any law, regulation or ordinance
      relating to the presence or cleanup of Hazardous Substances.

     

    4.3           
      Advances.  If
      the Mortgagor fails to pay or perform any of its obligations respecting the
      Property, the Bank may in its sole discretion do so without waiving or releasing
      Mortgagor from any such obligation. Any such payments may include, but are
      not
      limited to, payments for taxes, assessments and other governmental levies,
      water
      rates, insurance premiums, maintenance, repairs or improvements constituting
      part of the Property. Any amounts paid by the Bank hereunder shall be, until
      paid, part of the Obligations and secured by this Mortgage, and shall be due
      and
      payable to the Bank, on demand,  together with interest thereon to the
      extent permitted by applicable law, at the highest rate permitted under the
      Note.

    

    4.4           
      Cumulative Rights
      and
      Remedies.  All of the foregoing rights, remedies and options
      (including without limitation the right to enter and take possession of the
      Property, the right to manage and operate the same, and the right to collect
      Rents, in each case whether by a receiver or otherwise) are cumulative and
      in
      addition to any rights the Bank might otherwise have, whether at law or by
      agreement, and may be exercised separately or concurrently and none of which
      shall be exclusive of any other. The Mortgagor further agrees that the Bank
      may
      exercise any or all of its rights or remedies set forth herein without having
      to
      pay the Mortgagor any sums for use or occupancy of the Property.

     

    4.5           
      Mortgagor's Waiver
      of
      Certain Rights.  To the extent permitted by applicable law, the
      Mortgagor hereby waives the benefit of all present and future laws (i) providing
      for any appraisal before sale of all or any portion of the Property or (ii)
      in
      any way extending the time for the enforcement of the collection of the
      Obligations or creating or extending a period of redemption from any sale made
      hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.
        MISCELLANEOUS

     

    5.1           
      Costs and
      Expenses.  To the extent permitted by applicable law, the
      Mortgagor shall pay to the Bank, on demand, all reasonable expenses (including
      attorneys' fees and expenses and reasonable consulting, accounting, appraisal,
      brokerage and similar professional fees and charges) incurred by the Bank in
      connection with the Bank's interpretation, exercise, preservation or enforcement
      of any of its rights, remedies and options set forth in this Mortgage and in
      connection with any litigation, proceeding or dispute whether arising hereunder
      or otherwise relating to the Obligations, together with interest thereon to
      the
      extent permitted by applicable law, until paid in full by the Mortgagor at
      the
      highest rate set forth in the Note. Any amounts owed by the Mortgagor hereunder
      shall be, until paid, part of the Obligations and secured by this Mortgage,
      and
      the Bank shall be entitled, to the extent permitted by law. to receive and
      retain such amounts in any action for a deficiency against or redemption by
      the
      Mortgagor, or any accounting for the proceeds of a foreclosure sale or of
      insurance proceeds.

     

    5.2           
      Indemnification
      Regarding Leases.  The Mortgagor hereby agrees to defend, and
      does hereby indemnify and hold the Bank and each of its directors, officers,
      employees, agents and attorneys (each an "Indemnitee") harmless from all losses,
      damages, claims, costs or expenses (including attorneys' fees and expenses)
      resulting from the assignment of the Leases and from all demands that may be
      asserted against such Indemnitees arising from any undertakings on the part
      of
      the Bank to perform any obligations under the Leases. It is understood that
      the
      assignment of the Leases shall not operate to place responsibility for the
      control or management of the Property upon the Bank or any Indemnitee or make
      them liable for performance of any of the obligations of the Mortgagor under
      Leases, respecting any condition of the Property or any other agreement or
      arrangement, written or oral, or applicable law.

     

    5.3           
      Indemnification
      Regarding Hazardous Substances.  The Mortgagor hereby agrees to
      defend, and does hereby indemnify and hold harmless each Indemnitee from and
      against any and all losses, damages, claims, costs or expenses, including,
      without limitation, litigation costs and attorneys' fees and expenses and fees
      or expenses of any environmental engineering or cleanup firm incurred by such
      Indemnitee and arising out of or in connection with the Property or resulting
      from the application of any current or future law, regulation or ordinance
      relating to the presence or cleanup of Hazardous Substances on or affecting
      the
      Property. The Mortgagor agrees its obligations hereunder shall be continuous
      and
      shall survive termination or discharge of this Mortgage and/or the repayment
      of
      all debts to the Bank including repayment of all Obligations.

     

    5.4           
      Indemnitee's
      Expenses.  If any Indemnitee is made a party defendant to any
      litigation or any claim is threatened or brought against such Indemnitee
      concerning this Mortgage or the Property or any part thereof or therein or
      concerning the construction, maintenance, operation or the occupancy or use
      thereof by the Mortgagor or other person or entity, then the Mortgagor shall
      indemnify, defend and hold each Indemnitee harmless from and against all
      liability by reason of said litigation or claims, including attorneys' fees
      and
      expenses incurred by such Indemnitee in connection with any such litigation
      or
      claim, whether or not any such litigation or claim is prosecuted to judgment.
      The within indemnification shall survive payment of the Obligations, and/or
      any
      termination, release or discharge executed by the Bank in favor of the
      Mortgagor.

    

    5.5           
      Waivers.  The
      Mortgagor waives notice of nonpayment, demand, presentment, protest or notice
      of
      protest o f t he Obligations and all other notices, consents to any renewals
      or
      extensions of time of payment thereof, and generally waives any and all
      suretyship defenses and defenses in the nature thereof. No delay or omission
      of
      the Bank in exercising or enforcing any of its rights, powers, privileges,
      remedies, immunities or discretion (all of which are hereinafter collectively
      referred to as "the Bank's rights and remedies") hereunder shall constitute
      a
      waiver thereof; and no waiver by the Bank of any default of the Mortgagor
      hereunder or of any demand shall operate as a waiver of any other default
      hereunder or of any other demand. No term or provision hereof shall be waived,
      altered or modified except with the prior written consent of the Bank, which
      consent makes explicit reference to this Mortgage. Except as provided in
      the preceding sentence, no other agreement or transaction, of whatsoever nature,
      entered into between the Bank and the Mortgagor at any time (whether before,
      during or after the effective date or term of this Mortgage) shall be construed
      as a waiver, modification or limitation of any of the Bank's rights and remedies
      under this Mortgage (nor shall anything in this Mortgage be construed as a
      waiver, modification or limitation of any of the Bank's rights and remedies
      under any such other agreement or transaction) but all the Bank's rights and
      remedies not only under the provisions of this Mortgage but also under any
      such
      other agreement or transaction shall be cumulative and not alternative or
      exclusive, and may be exercised by the Bank at such time or times and in such
      order of preference as the Bank in its sole discretion may
      determine.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.6           
      Waiver of
      Homestead.  To the maximum extent permitted under applicable
      law, the Mortgagor hereby waives and terminates any homestead rights and/or
      exemptions respecting the Property under the provisions of any applicable
      homestead laws, including without limitation. Chapter 188, Section 1, of the
      General Laws of Massachusetts.

     

    5.7           
      Severability.  If
      any provision of this Mortgage or portion of such provision or the application
      thereof to any person or circumstance shall to any extent be held Invalid or
      unenforceable, the remainder of this Mortgage (or the remainder of such
      provision) and the application thereof to other persons or circumstances shall
      not be affected thereby.

     

    5.8           
      Complete
      Agreement.  This Mortgage and the other Loan Documents
      constitute the entire agreement and understanding between and among the parties
      hereto relating to the subject matter hereof, and supersedes all prior
      proposals, negotiations, agreements and understandings among the parties hereto
      with respect to such subject matter.

     

    5.9           
      Binding Effect of
      Agreement.  This Mortgage shall run with the land and be
      binding upon and  inure to the benefit of the respective heirs, executors,
      administrators, legal representatives, successors and assigns of the parties
      hereto, and shall remain in full force and effect (and the Bank shall be
      entitled to rely thereon) until all Obligations are fully and indefeasibly
      paid.
      The Bank may transfer and assign this Mortgage and deliver any collateral to
      t
      he assignee, who shall thereupon have all of the rights of the Bank; and the
      Bank shall then be relieved and discharged of any responsibility or liability
      with respect to this Mortgage and such collateral. Except as expressly provided
      herein or in the other Loan Documents, nothing, expressed or implied, is
      intended to confer upon any party, other than the parties hereto, any rights,
      remedies, obligations or liabilities under or by reason of this Mortgage or
      the
      other Loan Documents.

     

    5.10           
      Notices.  Any
      notices under or pursuant to this Mortgage shall be deemed duly received and
      effective if delivered in hand to any officer of agent of the Mortgagor or
      the
      Bank, or if mailed by registered or certified mail, return receipt requested,
      addressed to the Mortgagor or the Bank at the address set forth in this Mortgage
      or as any party may from time to time designate by written notice to the other
      party.

     

    5.11           
      Governing
      Law.  This Mortgage shall be governed by Massachusetts law
      without giving effect to the conflicts of laws principles thereof.

     

    5.12           
      Reproductions.  This
      Mortgage and all documents which have been or may be hereinafter furnished
      by
      the Mortgagor to the Bank may be reproduced by the Bank by any photographic,
      photostatic, microfilm, xerographic or similar process, and any such
      reproduction shall be admissible in evidence as the original itself in any
      judicial or administrative proceeding (whether or not the original is in
      existence and whether or not such reproduction was made in the regular course
      of
      business).

     

    5.13           
      Jurisdiction and
      Venue.  The Mortgagor irrevocably submits to the nonexclusive
      jurisdiction of any Federal or state court sitting in Massachusetts, over any
      suit, action or proceeding arising out of or relating to this Mortgage. The
      Mortgagor irrevocably waives, to the fullest extent it may effectively do so
      under applicable law, any objection it may now or hereafter have to the laying
      of the venue of any such suit, action or proceeding brought in any such court
      and any claim that the same has been brought in an inconvenient forum. The
      Mortgagor hereby consents to process being served in any such suit, action
      or
      proceeding (i) by the mailing of a copy thereof by registered or certified
      mail,
      postage prepaid, return receipt requested, to the Mortgagor's address set forth
      herein or such other address as has been provided in writing to the Bank and
      (ii) in any other manner permitted by law, and agrees that such service shall
      in
      every respect be deemed effective service upon the Mortgagor.

     

    5.14           
      JURY
      WAIVER. THE MORTGAGOR
      AND THE BANK EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, AND AFTER
      AN
      OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, (A) WAIVE ANY AND ALL RIGHTS TO
      A
      TRIAL BY JURY IN ANY ACTION ORPROCEEDING IN CONNECTION
      WITH THIS
      MORTGAGE, THE OBLIGATIONS, ALL MATTERS CONTEMPLATED HEREBY AND DOCUMENTS
      EXECUTED IN CONNECTION HEREWITH AND (B) AGREE NOT TO CONSOLIDATE ANY SUCH ACTION
      WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CAN NOT BE, OR HAS NOT BEEN WAIVED.
      THE MORTGAGOR CERTIFIES THAT NEITHERTHE BANK NOR ANY OF
      ITS
      REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED,EXPRESSLY OR OTHERWISE,
      THAT THE BANK
      WOULD NOT IN THE EVENT OF ANY SUCHPROCEEDING SEEK TO
      ENFORCE THIS
      WAIVER OF RIGHT TO TRIAL BY JURY.

    

    

    EXECUTED
      under seal as of the date first above written.

     

    Witness:                                                                                                                               
      Mortgagor:

      

    

    

    

    /s/
      Dennis E.
      Tully                                                                                                                  /s/ Duane
      C.
      Bennett

    
      	
              Dennis
                E. Tully

            	
              Duane
                C. Bennett, Trustee of Northeast 

            

    

                                                              
      Nominee Trust

    

    STATE
      OF
      Massachusetts

     

    HAMPDEN,
      SS.                                                                                                                    
February 15, 2005

     

    On
      this 15th
      day of February
, 2005,
      before me, the undersigned notary public, personally appeared Duane C. Bennett, as trustee
      of Northeast Nominee
      Trust, proved to me
      through
      satisfactory evidence of identification, which were Ma. drivers license,
      to be the person whose name is signed on the preceding or attached document,
      and
      acknowledged to me that Northeast Nominee Trust and
Duane
      C. Bennett signed
      it voluntarily for its stated purpose, as trustee of such trust.

                                                              /s/
      Dennis E. Tully,
NOTARY PUBLIC

                                        MY
      COMMISSION EXPIRES: May 13,
      2005

                                                             Dennis
      E. Tully

                                                            
      TYPE OR PRINT NAME

    

    

    

    

    EXHIBIT
      A

    

    The
      land
      with in Chicopee situated on the Southerly side of Front Street and bounded
      and
      described as follows:

    

    
      	
              SOUTHEASTERLY

            	
              on
                said land now or formerly of Rutka, two Hundred twenty-three (223)
                feet,
                more or less, to land formerly of George M. Stearns, now or formerly
                of
                Morris Leahy; thence 

            

    

    

    
      	
              WESTERLY

            	
              on
                last-named land, forty-nine (49) feet to land now or formerly of
                Isabel H.
                Wright; thence 

            

    

    

    
      	
              NORTHERLY

            	
              on
                said Front Street, fifty- six (56) feet to the point of beginning.
                

            

    

    

    Being
      the
      same premises conveyed to it by deed of James and Ann Domingos dated February
      14, 2005 and recorded in Hampden County Registry of Deeds just prior
      hereto.

    

    

    

    

    DONALD
      E. ASHE, REGISTER

    HAMPDEN
      COUNTY REGISTRY OF DEEDS

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