Document:

EX-10.24

    

       

      
        
          	
                   

                  Prepared
                    by and Return To:

                  McGuire
                    Woods LLP (DJG)

                  77W.Wackerflrive,
                    Suite 4l00 

                  Chicago,
                    Illinois 60601-1681

                	 
	
                   

                  STATE
                    OF NEW JERSEY

                   

                  COUNTY
                    OF MONMOUTH

                   

                	
                   

                  MORTGAGE,

                  ASSIGNMENT
                    OF LEASES AND RENTS, 

                  SECURITY
                    AGREEMENT AND

                  FIXTURE
                    FILING

                   

                

        

        
        

      

       

      COLLATERAL
        IS OR. INCLUDES FIXTURES

       

       

      THIS
        MORTGAGE, ASSIGNMENT OP LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE
        FILING
        (the "Security Instrument") is made and entered into as of the 16th day of
        November, 2004, which date shall be the effective date of this Security
        Instrument, by MONITAL SIGNAL CORPORATION, a New Jersey corporation (the
        "Borrower") in favor of LASALLE BANK. NATIONAL ASSOCIATION, a national banking
        association, together with its successors arid assigns (the "Lender").

       

       

      This
        Security Instrument secures (i) the obligations of the Borrower under that
        certain Revolving Note, executed by the Borrower and the other parties thereto,
        of even date herewith, payable to the order of the Lender in the original
        principal amount of $30,000,000.00 (such promissory note and all amendments,
        renewals, replacements, extensions or other modifications being hereinafter
        referred to as the 'Note"); (ii) the performance by the Borrower of its
        obligations under the Credit Agreement of even date herewith among the Borrower,
        the Lender and the other parties thereto (as amended, modified or restated,
        the
        "Credit Agreement") and under all other Loan Documents (as defined in the
        Credit
        Agreement) executed by the Borrower and the other parties thereto in connection
        with the loan evidenced by the Note (the "Loan"); and (iii) the payment by
        the
        Borrower of all other sums, with interest thereon, advanced in accordance
        with
        the Note, the Credit Agreement or any other Loan Document to protect the
        security of this Security Instrument. 

       

       

          Capitalized
        terms used, but not defined, herein shall have the meanings given to such
        terms
        in the Credit Agreement. All of the terms, definitions, conditions and covenants
        of the Credit Agreement are expressly made a part of this Security Instrument
        by
        reference in the same manner and with the same effect as if set forth herein
        at
        length and any beneficiary of this manner and with the same effect as if
        set
        forth herein at length and any beneficiary of this Security Instrument is
        entitled to the benefits of and remedies provided in the Credit Agreement,
        the
        Note and other Loan Documents by and between the Borrower and the Lender.
        

       

       

       

      W
        I T N E S SE T H: 

       

       

          The
        Borrower,
        in consideration of the indebtedness herein recited, irrevocably grants,
        mortgages, conveys and assigns to the Lender and the Lender's successors
        and
        assigns, all of the following described land, real property interests,
        buildings, improvements, fixtures, furniture and appliances and other personal
        property:

       

       

          (a)
        All that
        tract or parcel of land and other real property interests in MONMOUTH
        County,
        New
        Jersey more particularly described in Exhibit
        A attached
        hereto and made a part hereof (the "Land"), subject to the permitted
        encumbrances described in Exhibit
        B attached
        hereto and made a part hereof (the "Permitted Encumbrances"); and 

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

          (b)
        All
        buildings, improvements and tenements of every kind and description now or
        hereafter erected or placed on the Land (the "Improvements") and all materials
        intended for construction, reconstruction, alteration and repair of such
        Improvements now or hereafter erected or placed thereon, all of which materials
        shall be deemed to be included within the premises hereby conveyed immediately
        upon the delivery thereof to the Land, and all Tangible Personalty (as defined
        in the Personalty Rider attached hereto and made a part hereof for all
        purposes). 

       

       

      TO
        HAVE
        AND HOLD the same, together with all privileges, hereditaments, easements
        and
        appurtenances thereunto belonging, to the Lender and the Lender's successors
        and
        assigns to secure the indebtedness herein recited and upon this special trust:
        that should the indebtedness secured hereby be paid according to the tenor
        and
        effect thereof when the same shall be due and payable and should the Borrower
        timely and fully discharge its obligations hereunder and under the other
        Loan
        Documents, then the Land, Improvements and Tangible Personalty (hereinafter
        collectively referred to as the "Premises" shall be reconveyed to the Borrower
        or the title thereto shall be revested according to the provisions of applicable
        law.

       

       

      As
        additional collateral and further security for the indebtedness secured hereby,
        to the fullest extent permitted by applicable law, the Borrower does hereby
        assign to the Lender and grants to the Lender a security interest in: (i)
        all of
        the right, title and interest of the Borrower in and to any and all Intangible
        Personalty (as defined in the Personalty Rider attached hereto), and (ii)
        any
        and all escrow accounts, collection accounts or deposit accounts relating
        to the
        Premises now maintained or to be established from time to time and any and
        all
        certificates or instruments purchased with funds deposited in such account(s),
        and all renewals of such instruments or certificates and all replacements
        therefore, whether in the form of certificates of deposit or other instruments,
        notes, securities or accounts (including, without limitation, money market
        instruments and accounts) and any other cash or non-cash proceeds of the
        principal amount of any of the foregoing, including interest and dividends
        thereon, if any, and all proceeds therefrom including, without limitation,
        interest or dividends, if any, on the accounts and all certificates,
        instruments, notes, securities or accounts. The Borrower agrees to execute
        and
        deliver to the Lender such additional instruments, in form and substance
        satisfactory to the Lender, as may hereafter be requested by the Lender to
        evidence and confirm said assignment and grant of security interest; provided,
        however, that acceptance of any such assignment and grant of security interest
        shall not be construed as a consent by the Lender to any of the foregoing
        or to
        impose upon the Lender any obligation with respect thereto. 

       

       

      As
        part
        of the consideration for the indebtedness secured hereby, the Borrower hereby
        absolutely and unconditionally assigns and transfers to the Lender and grants
        to
        the Lender a security interest in any and all leases and other occupancy
        or use
        agreements (whether oral or written) now existing or hereafter made and
        affecting the Premises as such leases and other agreements may have been,
        or may
        from time to time be hereafter, modified, extended and renewed, with all
        the
        security deposits, rents (including, without limitation, room rents and room
        revenues, if any), issues, profits, revenues and other income of the Premises
        from time to time accruing therefrom (the "Rents and Profits"), and the
        acceptance of this assignment and the collection of the Rents and Profits
        or the
        payments under the leases hereby assigned shall not constitute a waiver of
        any
        rights of the Lender under the terms of the Loan Documents. So long as there
        shall exist no Event of Default (as defined in the Credit Agreement), the
        Borrower shall have the right under a license granted hereby (but limited
        as
        provided elsewhere in this Security Instrument and in the Credit Agreement)
        to
        collect upon, but not more than two months prior to accrual, all of said
        Rents
        and Profits, arising from or out of such leases and other agreements or any
        modifications, renewals or extensions thereof, or from or out of the Premises
        or
        any part thereof, and the Borrower shall receive such Rents and Profits,
        as a
        trust fund to be applied, and the Borrower hereby covenants to so apply same,
        to
        the payment of taxes and assessments upon the Premises before penalty or
        interest are due thereon, to the cost of such insurance and of such maintenance
        and repairs as is required by the terms of the Security Instrument and Credit
        Agreement, to the payment of Operating Expenses (as defined in the Credit
        Agreement), and to the payment of interest and principal and other amounts
        becoming due on the Loan or under the Loan Documents, before using any part
        of
        the same for any other purposes. 

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

       

      All
        the
        Tangible Personalty which comprises a part of the Premises shall, as far
        as
        permitted by applicable law, be deemed to be affixed to the Land and conveyed
        therewith. As to the balance of the Tangible Personalty and the Intangible
        Personalty, this Security Instrument shall be considered to be a security
        agreement which creates a security interest in such items for the benefit
        of the
        Lender, and in any and all proceeds of such collateral. In that regard, the
        Borrower grants to the Lender all of the rights and remedies of a secured
        party
        under the laws of the state in which the Premises is located. 

       

       

      The
        Borrower covenants, warrants, represents and agrees as follows: 

       

       

      1.     Amount
        Secured.
        This
        Security Instrument secures all present and future loan disbursements made
        by
        the Lender under the Note, and all other sums from time to time owing to
        the
        Lender by the Borrower under the other Loan Documents, including, without
        limitation, sums advanced in accordance herewith to protect the security
        of this
        Security Instrument. The original principal amount secured hereby is
        $30,000,000.00. 

       

      2.    
Acceleration;
        Foreclosure.
        Upon the
        occurrence of an Event of Default, the Lender, at the Lender's option, may
        declare the entire balance of the Loan, including all accrued interest, to
        be
        immediately due and payable without further demand and may foreclose the
        lien of
        this Security Instrument by judicial proceeding and may pursue any other
        remedies permitted by applicable law or provided herein or in any of the
        other
        Loan Documents. The Lender shall be entitled to collect all fees, costs and
        expenses incurred in pursuing such remedies, including, but not limited to,
        reasonable attorney's fees, costs of documentary evidence, abstracts and
        title
        reports. With respect to provisions for acceleration of the entire unpaid
        principal balance plus all accrued interest and charges under the Loan as
        set
        forth in the Loan Documents, the Borrower acknowledges that: (i) such additional
        rate is a material inducement to the Lender to make the Loan; (ii) the Lender
        would not have made the Loan in the absence of the agreement of the Borrower
        to
        pay such additional rate: (iii) such additional rate represents compensation
        for
        increased risk to the Lender that the Loan will not be repaid; and (iv) such
        rate is not a penalty and represents a reasonable estimate of (a) the cost
        of
        the Lender in allocating its resources (both personnel and financial) to
        the
        ongoing review, monitoring, administration and collection of the loan and
        (b)
        compensation to the Lender for losses that are difficult to ascertain
        notwithstanding anything contained herein or the other Loan Documents to
        the
        contrary. 

       

      3.    Rights
        Upon Event of Default.
        Upon the
        occurrence of any Event of Default, the Lender, immediately and without
        additional notice and without liability therefor to the Borrower, except
        for
        willful misconduct, may, in accordance with, and subject to, the terms and
        conditions of the Credit Agreement, do or cause to be done any or all of
        the
        following: (a) take physical possession of the Premises; (b) exercise its
        right
        to collect the Rents and Profits; (c) enter into contracts for the repair
        and
        maintenance of the Improvements thereon; (d) expend Loan funds and any Rents
        and
        Profits for payment of any taxes, insurance premiums, assessments and charges
        for repair and maintenance of the Improvements, preservation of the lien
        of this
        Security Instrument and satisfaction and fulfillment of any liabilities or
        obligations of the Borrower arising out of or in any way connected with the
        use,
        repair or maintenance of Improvements on the Premises whether or not such
        liabilities and obligations in any way affect, or may affect, the lien of
        this
        Security Instrument; (e) enter into leases demising the Premises or any part
        thereof, pay any leasing commissions in connection therewith, and make
        arrangements with tenants with respect to tenant improvements, moving costs,
        and
        other concessions, all as the Lender may elect in its sole and absolute
        discretion; (f) take any steps to protect and enforce the specific performance
        of any covenant, condition or agreement in the Note, this Security Instrument,
        the Credit Agreement, or the Other Loan Documents, or to aid in the execution
        of
        any power herein granted; (g) take such steps to protect and enforce the
        specific performance of any covenant. condition or agreement as to the
        Intangible Personalty; and (h) generally, supervise, manage and contract
        with
        reference to the Premises as if the Lender were an equitable owner of the
        Premises, and upon such terms and conditions as the Lender may elect in its
        sole
        and absolute discretion. Notwithstanding the occurrence of an Event of Default
        or acceleration of the Loan, the Lender shall continue to have the right
        to pay
        money, whether or not Loan funds, for the purposes described in the Credit
        Agreement, and all such sums and interest thereon shall be secured hereby.
        The
        Borrower also agrees that any of the foregoing rights and remedies of the
        Lender
        may be exercised at any time independently of the exercise of any other such
        rights and remedies, and the Lender may continue to exercise any or all such
        rights and remedies until the Event of Default is cured or until foreclosure
        and
        the conveyance of the Premises to the high bidder or until the Loan is otherwise
        satisfied or paid in full. 

       

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      4.     Rents
        and Profits. 

       

      (a)     Collection.
        The
        Borrower hereby authorizes the Lender, by its employees or agents, at its
        option, after the occurrence of an Event of Default, with or without notice
        to
        or demand on the Borrower, to terminate the aforesaid license granted to
        the
        Borrower to collect said Rents and  Profits,
        and to enter upon the Premises, and to collect, in accordance with the Credit
        Agreement and in the name of the Borrower or in its own name, as assignee,
        the
        Rents and Profits accrued but unpaid and in arrears at the date of said Event
        of
        Default as well as the rents thereafter accruing and becoming payable during
        the
        period of the continuance of such Event of Default or any other Event of
        Default; and to this end; the Borrower further agrees that it will facilitate
        in
        all reasonable ways the Lender's collection of said Rents and Profits, and
        will,
        upon request by the Lender, execute a written notice to each tenant directing
        the tenant to pay rent to the Lender. Upon such entry, the Lender shall be
        authorized, but not obligated, to take over and assume the control, care,
        management, operation, repair and maintenance of the Premises and to perform
        such other acts as the Lender in its sole and absolute discretion may deem
        proper, and to expend such sums out of the income of the Premises as may
        be
        needful in connection therewith (including the right to effect new leases,
        to
        cancel or surrender existing leases, to evict tenants, to bring or defend
        any
        suits in connection with the possession of any portion of the Premises in
        its
        own name or the Borrower's name, to alter or to amend the terms of existing
        leases, to renew existing leases, and to make concessions to the tenants).
        The
        Borrower hereby releases all claims against the Lender arising out of such
        management, operation, repair and maintenance, excepting the liability of
        the
        Lender to account as hereinafter set forth, and except claims arising from
        the
        willful misconduct of the Lender.

       

      (b)     Indemnity.
        Unless
        and until the license granted to the Borrower in this Security Instrument
        to
        collect the Rent and Profits is terminated and the Lender physically enters
        the
        Premises as described herein, in person or by agent (provided that a receiver
        appointed by a court shall not be deemed to be an agent of the Lender), the
        Lender shall not be obligated to perform or discharge any obligation or duty
        to
        be performed or discharged by the Borrower under any of said leases, and
        the
        Borrower hereby agrees to indemnify the Lender for and to save it harmless
        from,
        any and all liability arising from any of said leases or from this assignment,
        and this assignment shall not place responsibility for the conduct, care,
        management, or repair of the Premises upon the Lender; or make the Lender
        responsible or liable for any negligence in the management, operation, upkeep,
        repair or control of said Premises resulting in loss or injury to, or death
        of,
        any invitee, tenant, licensee, employee or stranger and/or damage to, or
        destruction of, the Premises. 

       

      5.     Appointment
        of Receiver.
        Upon the
        occurrence of an Event of Default, the Lender shall be entitled, without
        additional notice and without regard to the adequacy of any security for
        the
        Loan or the solvency of any party bound for its payment, to seek the appointment
        of a receiver to take possession of and to operate the Premises, and to collect
        the Rents and Profits, all expenses of which shall be added to the Loan and
        secured hereby. 

       

      6.     Waivers.
        No
        waiver of any Default Condition or Event of Default shall at any time thereafter
        be held to be a waiver of any rights of the Lender stated anywhere in the
        Note,
        this Security Instrument, the Credit Agreement or any of the other Loan
        Documents, nor shall any waiver of any prior Default Condition or Event of
        Default operate to waive any subsequent Default Condition and/or Event of
        Default. All remedies provided in this Security Instrument, in the Note,
        in the
        Credit Agreement and in the other Loan Documents are cumulative and may,
        at the
        election of the Lender, be exercised alternatively, successively, or in any
        manner and are in addition to any other rights provided by applicable law.
        

       

      
        
           

        

        
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      7.     Terms.
        The
        singular used herein shall be deemed to include the plural; the masculine
        deemed
        to include the feminine and neuter; and the named parties deemed to include
        their heirs, successors and assigns, provided that nothing herein shall be
        construed to authorize or permit the Borrower to make or effect any transfer
        of
        any interest in or with respect to the Borrower or the Premises which is
        not
        permitted under the Loan Documents. The term "Lender" shall include any payee
        of
        the indebtedness hereby secured or any transferee thereof whether by operation
        of law or otherwise. 

       

      8.     Notices.
        All
        notices and other communications shall have been duly given and shall be
        effective (i) when delivered, (ii) when transmitted via telecopy (or other
        facsimile device) to the number set forth below, (iii) on the day following
        the
        day on which the same has been delivered prepaid to a reputable national
        overnight air courier service, or (iv) on the third Business Day following
        the
        day on which the same is sent by certified or registered mail, postage prepaid,
        in each case to the respective parties at the address set forth below, or
        at
        such other address as such party may specify by written notice to the other
        party hereto. No notice of change of address shall be effective except upon
        actual receipt. This Section shall not be construed in any way to affect
        or
        impair any waiver of notice or demand provided in any other Loan Document
        or to
        require giving of notice or demand to or upon any Person in any situation
        or for
        any reason. 

       

       

      

       

       

      
        
          	
                   

                  If
                    to Borrower:

                   

                	
                   

                  Monital
                    Signal Corp. 

                  2210
                    Landmark Place 

                  Wall
                    Township, NJ 08736 

                  Attn:
                    Thomas J. Few, President 

                  Telephone:
                    (866) 476-9478 

                  Telecopy
                    (800) 952-6577 

                   

                
	
                  If
                    to the Lender:

                   

                	
                   

                  LaSalle
                    Bank National Association 

                  135
                    South LaSalle Street 

                  Chicago,
                    Illinois 60693 

                  Attn:
                    Jessica Richardson 

                  Telephone:
                    (312) 904-7609
                    

                  Telecopy:
                    (312) 904-6353 

                   

                
	
                  With
                    a copy to:

                   

                	
                   

                  McGuire
                    Woods LLP 

                  77
                    West Wacker Drive 

                  Chicago,
                    Illinois 60601 

                  Attn:
                    Donald J. Gibson, Jr. 

                  Telephone:
                    (312) 750-8918 

                  Telecopy:
                    (312) 920-6592

                   

                

        

        
        

      
        
           

        

        
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      The
        parties hereto agree that any
        notice sent to the Borrower at its address set forth herein (or designated
        in
        accordance with this Section) shall be deemed notice to all general partners
        or
        members of the Borrower, if any. Personal delivery to a party or to any officer,
        partner, member, agent or employee of such party at its address herein shall
        constitute receipt. Rejection or other refusal to accept or inability to
        deliver
        because of changed address of which no notice has been received shall also
        constitute receipt. 

       

      9.     Greater
        Estate.
        In the
        event that the Borrower is the owner of a leasehold estate with respect to
        any
        portion of the Premises and, prior to the satisfaction of the indebtedness
        secured hereby and the cancellation of this Security Instrument of record,
        the
        Borrower obtains a fee estate in such portion of the Premises, then, such
        fee
        estate shall automatically, and without further action of any kind on the
        part
        of the Borrower, be and become subject to the security lien of this Security
        Instrument. 

       

      10.    Imposition
        of Tax.
        In the
        event of the passage of any state, federal, municipal or other governmental
        law,
        order, rule or regulation, in any manner changing or modifying the laws now
        in
        force governing the taxation of debts secured by mortgages or the manner
        of
        collecting taxes so as to affect adversely the Lender, the Borrower will
        promptly pay any such tax on or before the due date thereof; and if the Borrower
        falls to make such prompt payment or if any such state, federal, municipal
        or
        other governmental law, order, rule or regulation prohibits the Borrower
        from
        making such payment or would penalize the Lender if the Borrower makes such
        payment, then the entire balance of the Loan shall become due and payable
        upon
        demand at the sole option of the Lender. 

       

      11.    Heading,
        The
        captions and headings herein are inserted only as a matter of convenience
        and
        for reference and in no way define, limit, or describe the scope of this
        Security Instrument nor the intent of any provision hereof: 

       

      12.    General
        Provisions.
        A
        determination that any provision of this Security Instrument is unenforceable
        or
        invalid shall not affect the enforceability or validity of any other provision
        and the determination that the application of any provision of this Security
        Instrument to any Person or circumstance is illegal or unenforceable shall
        not
        affect the enforceability or validity of such provision as it may apply to
        other
        Persons or circumstances: This Security Instrument may not be amended except
        in
        a writing specifically intended for such purpose and executed by the party
        against whom enforcement of the amendment is sought. The holder of this Security
        Instrument may, from time to time, sell or offer to sell the Loan, or any
        interests therein, to one or more transferees, assignees or participants
        and is
        hereby authorized to disseminate any information it has pertaining to the
        Loan,
        including, without limitation, any security for this Security Instrument
        and
        credit information on the Borrower, any of its principals and any Borrower
        Principal (as defined in the Credit Agreement), to any such transferee, assignee
        or participant or prospective transferee, assignee or participant, and to
        the
        extent, if any, specified in any such transfer instrument, assignment or
        participation, and such transferee, assignee or participant shall have the
        rights and benefits with respect to this Security Instrument and the other
        Loan
        Documents as such Person would have if such Person were the Lender hereunder.
        The Borrower warrants and represents to the Lender and all other holders
        of this
        Security Instrument that the Loan is and will be for business or commercial
        purposes only and not primarily for personal, family, or household use. The
        terms, provisions, covenants and conditions hereof shall be binding upon
        the
        Borrower and the heirs, devisees, representatives, successors and assigns
        of the
        Borrower, provided that nothing herein shall be construed to authorize or
        permit
        the Borrower to make or effect any transfer of any interest in or with respect
        to the Borrower or the Premises which is not permitted under the Loan Documents.
        

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      13.     WRITTEN
        AGREEMENT. 

       

          (a)  THE
        RIGHTS AND OBLIGATIONS OF
        THE BORROWER AND THE LENDER SHALL BE DETERMINED SOLELY FROM THIS WRITTEN
        SECURITY  INSTRUMENT
        AND THE OTHER LOAN DOCUMENTS, AND ANY PRIOR ORAL OR WRITTEN AGREEMENTS BETWEEN
        THE LENDER AND THE BORROWER CONCERNING THE SUBJECT MATTER HEREOF AND OF THE
        OTHER LOAN DOCUMENTS ARE SUPERSEDED BY AND MERGED INTO THIS SECURITY INSTRUMENT
        AND THE OTHER LOAN DOCUMENTS. 

       

          (b)
        THIS
        SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS MAY NOT BE VARIED BY ANY
        ORAL
        AGREEMENTS OR DISCUSSIONS THAT OCCUR BEFORE, CONTEMPORANEOUSLY WITH, OR
        SUBSEQUENT TO THE EXECUTION OF THIS SECURITY INSTRUMENT OR THE LOAN DOCUMENTS.
        

       

          (c)
        THIS
        WRITTEN SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
        AGREEMENTS BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
        PRIOR,
        CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
        NO
        UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

       

      14.     WAIVER
        OF JURY TRIAL.
        THE
        LENDER AND THE BORROWER HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
        APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
        BASED
        UPON, OR RELATED TO, THESUBJECT MATTER OF THIS SECURITY INSTRUMENT. THIS
        WAIVER
        IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY THE LENDER AND THE
        BORROWER, AND THE LENDER AND THE BORROWER ACKNOWLEDGE THAT NO PERSON ACTING
        ON
        BEHALF OF ANOTHER PARTY TO THIS AGREEMENT HAS MADE ANY REPRESENTATIONS OF
        FACT
        TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY
        ITS
        EFFECT. THE LENDER AND THE BORROWER FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN
        REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING
        OF
        THIS SECURITY INSTRUMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
        LEGAL
        COUNSEL, SELECTED OF THEIR OWN FREE WILL, AND THAT THEY HAVE HAD THE OPPORTUNITY
        TO DISCUSS THIS WAIVER WITH COUNSEL. 

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

          IN
        WITNESS
        WHEREOF, the Mortgagor has executed this Security Instrument effective as
        of the
        date first above written. 

       

                                          MORTGAGOR:
        

       

       

                                          MONITAL
        SIGNAL
        CORPORATION, a 

                                          New
        Jersey
        corporation, 

       

       

      

       

                                          By:
        /s/
        Thomas J. Few   

                                          Name:
Thomas
        J. Few   

                                          Title:
President    

       

       

      STATE
        OF
New
        Jersey

      COUNTY
        OF
        Bergen

       

       

      BE
        IT
        REMEMBERED, that on the 16th
        day of
        November, 2004, in the County and State aforesaid, before me, the subscriber,
        a
        notary public authorized to acknowledgments and proofs in said County and
        State,
        personally appeared Thomas
        J. Few ,
        who I
        am satisfied is the person who signed the within instrument as the President
        of
        MONITAL SIGNAL CORPORATION, a New Jersey corporation, and who executed the
        foregoing instrument and acknowledged to my satisfaction that be signed and
        delivered the same as such President
        said
        corporation as the voluntary act and deed of the corporation which act was
        duly
        authorized by proper resolutions of its Board of Directors, for the uses
        and
        purposes therein expressed. 

       

       

      Witness
        my hand and official seal this 16th
        day of
        November, 2004.

       

       

      /s/
        Jamie A. Kulin   

      NOTARY
        PUBLIC 

       

       

      NOTARY
        PUBLIC OF NEW JERSEY 

      MY
        COMMISSION EXPIRES MAR. 19,2006 

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      PERSONALLTY
        RIDER 

       

       

      (Retail
        Industrial/Office/MultifamiIy) 

       

       

      The
        term
"Intangible
        Personally"as
        used
        herein shall mean any and all present and future accounts, general intangibles,
        instruments, inventory, documents and chattel paper, all returned, rejected
        or
        repossessed goods, the sale or lease of which shall have given or shall give
        rise to an account or chattel paper, and all books and records in whatever
        media
        (paper, electronic or otherwise) recorded or stored, with respect to the
        foregoing and all equipment and general intangibles necessary or beneficial
        to
        retain, access and/or process the information contained in those books and
        records, now or hereafter affecting or relating to the Premises or any part
        thereof, and all proceeds or products thereof, including without limitation,
        (i)
        all leases (including equipment leases), rental agreements, sales contracts,
        management contracts, franchise and related agreements, construction contracts,
        architects' contracts, technical services agreements, licenses and permits,
        (ii)
        all receivables, customer obligations, installment payment obligations and
        other
        obligations now existing or hereafter arising or created out of the sale
        or
        lease of property or rendering of services by the Borrower in its business
        of
        ownership and operation of the Premises or acquired from others including,
        without limiting the generality of the foregoing, from rental of rooms, halls,
        stores, offices, exhibit or sales space of every kind, license, lease and
        concession fees and rentals, health club membership fees, food and beverage,
        whole and retail sales of merchandise, service charges, and proceeds, if
        any,
        from business interruption or other loss of income insurance, (iii) all of
        the
        Borrower's right, title and interest in all royalties, license fees and other
        income or proceeds derived from trademarks, trademark applications, the
        registration therefor, the good will of the business symbolized by the same,
        now
        or hereafter filed, owned or acquired. 

       

       

      The
        term
"Tangible
        Personalty"
        as used
        herein shall mean any and all fixtures, equipment, furnishings and other
        articles of personal property now or hereafter owned by the Borrower and
        attached to or contained in and used in connection with the Land and
        Improvements including, but not limited to, all furniture, furnishings,
        apparatus, machinery, equipment, motors, boilers, buildings, materials
        appliances, fire prevention and extinguishing apparatus, security arid access
        control apparatus, trash receptacles, bath tubs, water heaters, water closets,
        sinks, dishwashers, disposals, washers, dryers, elevators, fittings, radiators,
        ranges, refrigerators, awnings, storm windows, storm doors, shades, screens,
        blinds, curtains and curtain rods, mirrors, cabinets, paneling, rugs, pictures,
        antennas, satellite dishes and systems, telecommunications systems (including,
        without limitation, equipment, facilities and devices), trees, plants,
        carpeting, office equipment and other furnishings and all plumbing, heating,
        lighting, cooking, laundry, ventilating, refrigerating, incinerating, trash
        compacting, air-conditioning and sprinkler equipment, telephone systems,
        televisions and television systems, audio and video systems (including, without
        limitation, equipment, facilities and devices), fitness and exercise equipment,
        computer systems and fixtures and appurtenances thereto and all renewals
        or
        replacements thereof or articles in substitution thereof, whether or not
        the
        same are or shall be attached to the Land and Improvements in any manner,
        and
        all proceeds and products of any of the foregoing

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      EXHIBIT
        A 

       

       

      Legal
        Description 

       

       

      ALL
        that
        certain lot parcel or tract of land, situate and lying in the Township of
        Wall,
        County of Monmouth, State of New Jersey, and being more particularly described
        as follows: 

       

       

      BEING
        known and designated as Lot 36 in Block 819 on a certain Map entitled: "Final
        Map of Wall Office and Industrial Campus, in the Township of Wall, Monmouth
        County, New Jersey", filed in the Monmouth County Clerk's Office on May 1,
        1987
        as Map No. 216-30. 

       

       

      BEGINNING
        at a point on the southeasterly street line of Landmark Place (50 feet wide),
        where the same is intersected by the division line between Lots 35 and 36
        in
        Block 819, as shown on the aforementioned Filed Map 2 16-30, which point
        is
        distant southwesterly 240.00 feet along the same from its intersection with
        the
        southwesterly street line of Monmouth County Highway Route 524, if both street
        lines were extended to intersect; thence from said Point of Beginning:

       

       

      (1)     South
        59
        degrees 13 minutes 55 seconds East, along the division line of Lots 35 and
        36,
        460.00 feet to a point; thence 

       

       

      (2)     South
        72
        degrees 35 minutes 50 seconds West, along the division line of Lots 36 and
        37,
        451.14 feet to a point on the northeasterly street line of Landmark Place;
        thence 

       

       

      (3)     North
        17
        degrees 24 minutes 10 seconds West along the said street line of Landmark
        Place,
        79.46 feet to a point; thence 

       

       

      (4)     Continuing
        along the said street line of Landmark Place on the are of a curve bearing
        to
        the right having a radius of 300.00 feet an arc distance of 252.22 feet in
        a
        generally  northeasterly direction;
        thence

       

       

      (5)     North
        30
        degrees 46 minutes 05 seconds East, still continuing along the said street
        line
        of Landmark Place, 59.63 feet to the Point or Place of BEGINNING. 

       

       

      The
        above
        description being drawn in accordance with a survey prepared by MI County
        Surveying dated September 2, 1997. 

       

       

      FOR
        INFORMATIONAL PURPOSES ONLY: "In compliance with Chapter 157, Laws of 1977,
        premises herein is Lot(s) 36 in Block 819 on the Township of Wall Tax
        Map."

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      EXHIBIT
        B

       

       

      Permitted
        Encumbrances 

       

       

      100
        foot
        setback line as shown on filed map No. 216-30. 

       

       

      Subject
        to utility right of way, as set forth in Deed Book 4791, page 942; Deed Book
        5133, page 830 and Deed Book 5220, page 356.

       

       

      

       

       

      [Lien
        of
        the Second Lien Noteholders.]EX-10.25

    
      

      

    

    

      Return
        To:

       

      Mayer,
        Brown, Rowe & Maw LLP

      190
        South
        La Salle Street

      Chicago,
        Illinois 60603-3441

       

      Attention:
        Michael Czopek

       

      

       

      
        	
                STATE
                  OF NEW JERSEY

              	 
	 	
                SECOND
                  MORTGAGE,

              
	
                COUNTY
                  OF MONMOUTH

              	
                ASSIGNMENT
                  OF LEASES AND RENTS,

              
	 	
                SECURITY
                  AGREEMENT AND

              
	 	
                FIXTURE
                  FILING

              

      

      

      COLLATERAL
        IS OR INCLUDES FIXTURES

       

      THIS
        SECOND MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE
        FILING (the "Security
        Instrument")
        is made
        and entered into as of the16th day of November, 2004, which date shall
        be
        the effective date of this Security Instrument, by MONITAL SIGNAL CORPORATION
        (successor to Monital Signal Corp.), a New Jersey corporation (the "Mortgagor"),
        with
        offices at 2210 Landmark Place, Wall Township, New Jersey 08736, in favor
        of
        WELLS FARGO BANK, N.A., a national banking association with offices at 213
        Court
        Street, Suite 703, Middletown, Connecticut 06457, together with its successors
        and assigns as collateral agent and trustee (in such capacity called the
        "Mortgagee")
        under
        the Indenture (as defined below) for the benefit of the Holders (as defined
        in
        the Indenture).

       

      The
        Mortgagor, the parent of the Mortgagor, Integrated Alarm Services Group,
        Inc.
        (the "Company"),
        certain other Subsidiaries of the Company, and the Mortgagee are entering
        into
        an Indenture, dated as of November 16, 2004 (as amended, supplemented,
        amended and restated or otherwise modified from time to time, the "Indenture"),
        governing the rights and duties of the Company and such Subsidiaries (including
        the Mortgagor) with respect to the 12% Senior Secured Notes of the Company
        due
        2011 in the original aggregate principal amount of $125,000,000 (together
        with
        all amendments, renewals, replacements, extensions and modifications thereof
        and
        with any additional notes issued under the Indenture, the "Notes").
        Pursuant to the Indenture, the Mortgagor guaranteed the obligations of the
        Company under the Notes and agreed to grant this Mortgage as security for
        the
        Notes.

       

      This
        Security Instrument secures the following (collectively, called the
        "Obligations"):
        (i)
        the full and punctual payment of principal of and interest on the Notes when
        due, whether at maturity, by acceleration, by redemption or otherwise, and
        all
        other monetary obligations of the Company under the Indenture and the Notes;
        (ii) the full and punctual performance within applicable grace periods
        of
        all other obligations of the Company under this Indenture, the Notes, the
        Purchase Agreement and the Collateral Documents; (iii) the full and punctual
        payment and performance within applicable grace periods by the Mortgagor
        of its
        obligations under the Indenture, including, without limitation, the Subsidiary
        Guarantee contained in the Indenture, and under the other Loan Documents;
        and
        (iv) the payment of all other sums, with interest thereon,
        advanced in accordance with the Notes, the Indenture, the Purchase Agreement
        or
        any other Collateral Document to protect the security of this Security
        Instrument. The Notes, the Indenture, the Purchase Agreement and the Collateral
        Documents are collectively referred to herein as the "Loan Documents". The
        indebtedness evidenced by the Notes is herein referred to as the
        "Loan".

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Capitalized
        terms used, but not defined, herein shall have the meanings given to such
        terms
        in the Indenture. All of the terms, definitions, conditions and covenants
        of the
        Indenture are expressly made a part of this Security Instrument by reference
        in
        the same manner and with the same effect as if set forth herein at length
        and
        any beneficiary of this Security Instrument is entitled to the benefits of
        and
        remedies provided in the Indenture, the Notes and other Loan Documents by
        and
        between the Mortgagor and the Mortgagee.

       

      W I T N E S S E T H:

       

      The
        Mortgagor, in consideration of the indebtedness herein recited, irrevocably
        grants, mortgages, conveys and assigns to the Mortgagee and the Mortgagee's
        successors in trust and assigns for the ratable benefit of the Holders, all
        of
        the following described land, real property interests, buildings, improvements,
        fixtures, furniture and appliances and other personal property:

       

      (a)  All
        that
        tract or parcel of land and other real property interests in MONMOUTH County,
        New Jersey more particularly described in Exhibit
        A
        attached
        hereto and made a part hereof (the "Land"),
        subject to the permitted encumbrances described in Exhibit
        B
        attached
        hereto and made a part hereof (the "Permitted
        Encumbrances");
        and

       

      (b)  All
        buildings, improvements and tenements of every kind and description now or
        hereafter erected or placed on the Land (the "Improvements')
        and all
        materials intended for construction, reconstruction, alteration and repair
        of
        such Improvements now or hereafter erected or placed thereon, all of which
        materials shall be deemed to be included within the premises hereby conveyed
        immediately upon the delivery thereof to the Land, and all Tangible Personalty
        (as defined in the Personalty Rider attached hereto and made a part hereof
        for
        all purposes).

       

      TO
        HAVE
        AND HOLD the same, together with all privileges, hereditaments, easements
        and
        appurtenances thereunto belonging, to the Mortgagee and the Mortgagee's
        successors in trust and assigns for the ratable benefit of the Holders to
        secure
        the Obligations and upon this special trust: that should the Obligations
        be paid
        and performed according to the tenor and effect thereof when the same shall
        be
        due and payable and should the Obligations be fully and timely discharged,
        then
        the Land, Improvements and Tangible Personalty (hereinafter collectively
        referred to as the "Premises")
        shall
        be reconveyed to the Mortgagor or the title thereto shall be revested according
        to the provisions of applicable law.

       

      As
        additional collateral and further security for the indebtedness secured hereby,
        to the fullest extent permitted by applicable law, the Mortgagor does hereby
        assign to the Mortgagee and grants to the Mortgagee a second priority security
        interest in: (i) all of the right, title and interest
        of the Mortgagor in and to any and all Intangible Personalty (as defined
        in the
        Personalty Rider attached hereto), and (ii) any and all escrow accounts,
        collection accounts or deposit accounts relating to the Premises now maintained
        or to be established from time to time and any and all certificates or
        instruments purchased with funds deposited in such account(s), and all renewals
        of such instruments or certificates and all replacements therefore, whether
        in
        the form of certificates of deposit or other instruments, notes, securities
        or
        accounts (including, without limitation, money market instruments and accounts)
        and any other cash or non-cash proceeds of the principal amount of any of
        the
        foregoing, including interest and dividends thereon, if any, and all proceeds
        therefrom 

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

         

        including,
          without limitation, interest or dividends, if any, on the accounts and
          all
          certificates, instruments, notes, securities or accounts. The Mortgagor
          agrees
          to execute and deliver to the Mortgagee such additional instruments, in
          form and
          substance satisfactory to the Mortgagee, as may hereafter be requested
          by the
          Mortgagee to evidence and confirm said assignment and grant of security
          interest; provided, however, that acceptance of any such assignment and
          grant of
          security interest shall not be construed as a consent by the Mortgagee
          to any of
          the foregoing or to impose upon the Mortgagee any obligation with respect
          thereto.

      

      
      

       

      As
        part
        of the consideration for the indebtedness secured hereby, the Mortgagor hereby
        absolutely and unconditionally assigns and transfers to the Mortgagee and
        grants
        to the Mortgagee a second priority security interest in any and all leases
        and
        other occupancy or use agreements (whether oral or written) now existing
        or
        hereafter made and affecting the Premises as such leases and other agreements
        may have been, or may from time to time be hereafter, modified, extended
        and
        renewed, with all the security deposits, rents (including, without limitation,
        room rents and room revenues, if any), issues, profits, revenues and other
        income of the Premises from time to time accruing therefrom (the "Rents and
        Profits"), and the acceptance of this assignment and the collection of the
        Rents
        and Profits or the payments under the leases hereby assigned shall not
        constitute a waiver of any rights of the Mortgagee under the terms of the
        Loan
        Documents. So long as there shall exist no Event of Default (as defined in
        the
        Indenture), the Mortgagor shall have the right under a license granted hereby
        (but limited as provided elsewhere in this Security Instrument and in the
        Indenture) to collect upon, but not more than two months prior to accrual,
        all
        of said Rents and Profits, arising from or out of such leases and other
        agreements or any modifications, renewals or extensions thereof, or from
        or out
        of the Premises or any part thereof, and the Mortgagor shall receive such
        Rents
        and Profits, as a trust fund to be applied, and the Mortgagor hereby covenants
        to so apply same, to the payment of taxes and assessments upon the Premises
        before penalty or interest are due thereon, to the cost of such insurance
        and of
        such maintenance and repairs as is required by the terms of the Security
        Instrument and Indenture, to the payment of operating expenses of the Premises,
        and to the payment of interest and principal and other amounts becoming due
        on
        the Loan or under the Loan Documents, before using any part of the same for
        any
        other purposes.

       

      All
        the
        Tangible Personalty which comprises a part of the Premises shall, as far
        as
        permitted by applicable law, be deemed to be affixed to the Land and conveyed
        therewith. As to the balance of the Tangible Personalty and the Intangible
        Personalty, this Security Instrument shall be considered to be a security
        agreement which creates a security interest in such items for the benefit
        of the
        Mortgagee, and in any and all proceeds of such collateral. In that regard,
        the
        Mortgagor grants to the Mortgagee all of the rights and remedies of a secured
        party under the laws of the state in which the Premises is located.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      The
        Mortgagor covenants, warrants, represents and agrees as follows:

       

      1.  Amount
        Secured.
        The
        Obligations secured by this Security Instrument include all present and future
        obligations of the Company and the Mortgagor under the Indenture (including,
        without limitation, the Subsidiary Guarantee), the Notes and the other Loan
        Documents, and all other sums from time to time owing to the Holders and
        the
        Mortgagee by the Mortgagor under the Loan Documents, including, without
        limitation, sums advanced in accordance herewith to protect the security
        of this
        Security Instrument. The original principal amount secured hereby is
        $125,000,000.00.

       

      2.  Acceleration;
        Foreclosure.
        Upon
        the occurrence of an Event of Default, the entire balance of the Loan, including
        all accrued interest, may be declared immediately due and payable without
        further demand as provided in the Indenture and the Mortgagee may foreclose
        the
        lien of this Security Instrument by judicial proceeding and may pursue any
        other
        remedies permitted by applicable law or provided herein or in any of the
        other
        Loan Documents. The Mortgagee shall be entitled to collect all fees, costs
        and
        expenses incurred in pursuing such remedies, including, but not limited to,
        reasonable attorney's fees, costs of documentary evidence, abstracts and
        title
        reports. With respect to provisions for acceleration of the entire unpaid
        principal balance plus all accrued interest and charges under the Loan as
        set
        forth in the Loan Documents, the Mortgagor acknowledges that: (i) such
        additional rate is a material inducement to the Mortgagee to make the Loan;
        (ii)
        the Mortgagee would not have made the Loan in the absence of the agreement
        of
        the Mortgagor to pay such additional rate: (iii) such additional rate represents
        compensation for increased risk to the Mortgagee that the Loan will not be
        repaid; and (iv) such rate is not a penalty and represents a reasonable estimate
        of (a) the cost of the Mortgagee in allocating its resources (both personnel
        and
        financial) to the ongoing review, monitoring, administration and collection
        of
        the loan and (b) compensation to the Mortgagee for losses that are difficult
        to
        ascertain notwithstanding anything contained herein or the other Loan Documents
        to the contrary.

       

      3.  Rights
        Upon Event of Default.
        Upon
        the occurrence of any Event of Default, the Mortgagee, immediately and without
        additional notice and without liability therefor to the Mortgagor, except
        for
        willful misconduct, may, in accordance with, and subject to, the terms and
        conditions of the Indenture, do or cause to be done any or all of the following:
        (a) take physical possession of the Premises; (b) exercise its right to collect
        the Rents and Profits; (c) enter into contracts for the repair and maintenance
        of the Improvements thereon; (d) expend Loan funds and any Rents and Profits
        for
        payment of any taxes, insurance premiums, assessments and charges for repair
        and
        maintenance of the Improvements, preservation of the lien of this Security
        Instrument and satisfaction and fulfillment of any liabilities or obligations
        of
        the Mortgagor arising out of or in any way connected with the use, repair
        or
        maintenance of Improvements on the Premises whether or not such liabilities
        and
        obligations in any way affect, or may affect, the lien of this Security
        Instrument; (e) enter into leases demising the Premises or any part thereof,
        pay
        any leasing commissions in connection therewith, and make arrangements with
        tenants with respect to tenant improvements, moving costs, and other
        concessions, all as the Mortgagee may elect in its sole and absolute discretion;
        (f) take any steps to protect and enforce the specific performance of any
        covenant, condition or agreement in the Notes, this Security Instrument,
        the
        Indenture, or the other Loan Documents, or to aid in the execution of any
        power
        herein granted; (g) take such steps 

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      to
        protect and enforce the specific performance of any covenant, condition or
        agreement as to the Intangible Personalty; and (h) generally, supervise,
        manage,
        and contract with reference to the Premises as if the Mortgagee were an
        equitable owner of the Premises, and upon such terms and conditions as the
        Mortgagee may elect in its sole and absolute discretion. Notwithstanding
        the
        occurrence of an Event of Default or acceleration of the Loan, the Mortgagee
        shall continue to have the right to pay money, whether or not Loan funds,
        for
        the purposes described in the Indenture, and all such sums and interest thereon
        shall be secured hereby. The Mortgagor also agrees that any of the foregoing
        rights and remedies of the Mortgagee may be exercised at any time independently
        of the exercise of any other such rights and remedies, and the Mortgagee
        may
        continue to exercise any or all such rights and remedies until the Event
        of
        Default is cured or until foreclosure and the conveyance of the Premises
        to the
        high bidder or until the Loan is otherwise satisfied or paid in
        full.

       

      4.  Rents
        and Profits.

       

      (a)  Collection.
        The
        Mortgagor hereby authorizes the Mortgagee, by its employees or agents, at
        its
        option, after the occurrence of an Event of Default, with or without notice
        to
        or demand on the Mortgagor, to terminate the aforesaid license granted to
        the
        Mortgagor to collect said Rents and Profits, and to enter upon the Premises,
        and
        to collect, in accordance with the Indenture and in the name of the Mortgagor
        or
        in its own name, as assignee, the Rents and Profits accrued but unpaid and
        in
        arrears at the date of said Event of Default as well as the rents thereafter
        accruing and becoming payable during the period of the continuance of such
        Event
        of Default or any other Event of Default; and to this end, the Mortgagor
        further
        agrees that it will facilitate in all reasonable ways the Mortgagee's collection
        of said Rents and Profits, and will, upon request by the Mortgagee, execute
        a
        written notice to each tenant directing the tenant to pay rent to the Mortgagee.
        Upon such entry, the Mortgagee shall be authorized, but not obligated, to
        take
        over and assume the control, care, management, operation, repair and maintenance
        of the Premises and to perform such other acts as the Mortgagee in its sole
        and
        absolute discretion may deem proper, and to expend such sums out of the income
        of the Premises as may be needful in connection therewith (including the
        right
        to effect new leases, to cancel or surrender existing leases, to evict tenants,
        to bring or defend any suits in connection with the possession of any portion
        of
        the Premises in its own name or the Mortgagor's name, to alter or to amend
        the
        terms of existing leases, to renew existing leases, and to make concessions
        to
        the tenants). The Mortgagor hereby releases all claims against the Mortgagee
        arising out of such management, operation, repair and maintenance, excepting
        the
        liability of the Mortgagee to account as hereinafter set forth, and except
        claims arising from the willful misconduct of the Mortgagee.

       

      (b)  Indemnity.
        Unless
        and until the license granted to the Mortgagor in this Security Instrument
        to
        collect the Rent and Profits is terminated and the Mortgagee physically enters
        the Premises as described herein, in person or by agent (provided that a
        receiver appointed by a court shall not be deemed to be an agent of the
        Mortgagee), the Mortgagee shall not be obligated to perform or discharge
        any
        obligation or duty to be performed or discharged by the Mortgagor under any
        of
        said leases, and the Mortgagor hereby agrees to indemnify the Mortgagee for,
        and
        to save it harmless from, any and all liability arising from any of said
        leases
        or from this assignment, and this assignment shall not place responsibility
        for
        the conduct, care, management, or repair of the Premises upon the
        Mortgagee, or make the Mortgagee responsible or liable for any negligence
        in the
        management, operation, upkeep, repair or control of said Premises resulting
        in
        loss or injury to, or death of, any invitee, tenant, licensee, employee or
        stranger and/or damage to, or destruction of, the Premises.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      5.  Appointment
        of Receiver.
        Upon
        the occurrence of an Event of Default, the Mortgagee shall be entitled, without
        additional notice and without regard to the adequacy of any security for
        the
        Loan or the solvency of any party bound for its payment, to seek the appointment
        of a receiver to take possession of and to operate the Premises, and to collect
        the Rents and Profits, all expenses of which shall be added to the Loan and
        secured hereby.

       

      6.  Waivers.
        No
        waiver of any Default or Event of Default shall at any time thereafter be
        held
        to be a waiver of any rights of the Mortgagee stated anywhere in the Note,
        this
        Security Instrument, the Indenture or any of the other Loan Documents, nor
        shall
        any waiver of any prior Default or Event of Default operate to waive any
        subsequent Default and/or Event of Default. All remedies provided in this
        Security Instrument, in the Note, in the Indenture and in the other Loan
        Documents are cumulative and may, at the election of the Mortgagee, be exercised
        alternatively, successively, or in any manner and are in addition to any
        other
        rights provided by applicable law.

       

      7.  Terms.
        The
        singular used herein shall be deemed to include the plural; the masculine
        deemed
        to include the feminine and neuter; and the named parties deemed to include
        their heirs, successors and assigns, provided that nothing herein shall be
        construed to authorize or permit the Mortgagor to make or effect any transfer
        of
        any interest in or with respect to the Mortgagor or the Premises which is
        not
        permitted under the Loan Documents. The term "Mortgagee" shall include any
        payee
        of the indebtedness hereby secured or any transferee thereof whether by
        operation of law or otherwise.

       

      8.  Notices.
        All
        notices and other communications with respect to this Security Instrument
        shall
        be given as provided in the Indenture.

       

      9.  Greater
        Estate.
        In the
        event that the Mortgagor is the owner of a leasehold estate with respect
        to any
        portion of the Premises and, prior to the satisfaction of the indebtedness
        secured hereby and the cancellation of this Security Instrument of record,
        the
        Mortgagor obtains a fee estate in such portion of the Premises, then, such
        fee
        estate shall automatically, and without further action of any kind on the
        part
        of the Mortgagor, be and become subject to the security lien of this Security
        Instrument.

       

      10.  Imposition
        of Tax.
        In the
        event of the passage of any state, federal, municipal or other governmental
        law,
        order, rule or regulation, in any manner changing or modifying the laws now
        in
        force governing the taxation of debts secured by mortgages or the manner
        of
        collecting taxes so as to affect adversely the Mortgagee, the Mortgagor will
        promptly pay any such tax on or before the due date thereof; and if the
        Mortgagor fails to make such prompt payment or if any such state, federal,
        municipal or other governmental law, order, rule or regulation prohibits
        the
        Mortgagor from making such payment or would penalize the Mortgagee if the
        Mortgagor makes such payment, then the entire balance of the Loan shall become
        due and payable upon demand at the sole option of the Mortgagee.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

       

      11.  Headings.
        The
        captions and headings herein are inserted only as a matter of convenience
        and
        for reference and in no way define, limit, or describe the scope of this
        Security Instrument nor the intent of any provision hereof.

       

      12.  General
        Provisions.
        A
        determination that any provision of this Security Instrument is unenforceable
        or
        invalid shall not affect the enforceability or validity of any other provision
        and the determination that the application of any provision of this Security
        Instrument to any Person or circumstance is illegal or unenforceable shall
        not
        affect the enforceability or validity of such provision as it may apply to
        other
        Persons or circumstances. This Security Instrument may not be amended except
        in
        a writing specifically intended for such purpose and executed by the party
        against whom enforcement of the amendment is sought. The lien of this Security
        Instrument and the other benefits conferred hereby may be exercised by the
        Mortgagee for the ratable benefit of the present and future Holders of the
        Notes. The Mortgagor warrants and represents to the Mortgagee, all other
        holders
        of this Security Instrument and the Holder that the Loan is and will be for
        business or commercial purposes only and not primarily for personal, family,
        or
        household use. The terms, provisions, covenants and conditions hereof shall
        be
        binding upon the Mortgagor and the heirs, devisees, representatives, successors
        and assigns of the Mortgagor, provided that nothing herein shall be construed
        to
        authorize or permit the Mortgagor to make or effect any transfer of any interest
        in or with respect to the Mortgagor or the Premises which is not permitted
        under
        the Loan Documents.

       

      13.  WRITTEN
        AGREEMENT.

       

      (a)  THE
        RIGHTS AND OBLIGATIONS OF THE MORTGAGOR AND THE MORTGAGEE SHALL BE DETERMINED
        SOLELY FROM THIS WRITTEN SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS,
        AND
        ANY PRIOR ORAL OR WRITTEN AGREEMENTS BETWEEN THE MORTGAGEE AND THE MORTGAGOR
        CONCERNING THE SUBJECT MATTER HEREOF AND OF THE OTHER LOAN DOCUMENTS ARE
        SUPERSEDED BY AND MERGED INTO THIS SECURITY INSTRUMENT AND THE OTHER LOAN
        DOCUMENTS.

       

      (b)  THIS
        SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS MAY NOT BE VARIED BY ANY
        ORAL
        AGREEMENTS OR DISCUSSIONS THAT OCCUR BEFORE, CONTEMPORANEOUSLY WITH, OR
        SUBSEQUENT TO THE EXECUTION OF THIS SECURITY INSTRUMENT OR THE LOAN
        DOCUMENTS.

       

      (c)  THIS
        WRITTEN SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
        AGREEMENTS BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
        PRIOR,
        CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
        NO
        UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      

       

      14.  WAIVER
        OF JURY TRIAL.
        THE
        MORTGAGEE AND THE MORTGAGOR HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED
        BY
        APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
        BASED
        UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS SECURITY INSTRUMENT. THIS
        WAIVER
        IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY THE MORTGAGEE AND THE
        MORTGAGOR, AND THE MORTGAGEE AND THE MORTGAGOR ACKNOWLEDGE THAT NO PERSON
        ACTING
        ON BEHALF OF ANOTHER PARTY TO THIS AGREEMENT HAS MADE ANY REPRESENTATIONS
        OF
        FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY
        ITS EFFECT. THE MORTGAGEE AND THE MORTGAGOR FURTHER ACKNOWLEDGE THAT THEY
        HAVE
        BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING
        OF THIS SECURITY INSTRUMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
        LEGAL COUNSEL, SELECTED OF THEIR OWN FREE WILL, AND THAT THEY HAVE HAD THE
        OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

       

      15.  Intercreditor
        Agreement.
        Notwithstanding anything herein to the contrary, the lien and security interest
        granted to the Mortgagee pursuant to this Mortgage and the exercise of any
        right
        or remedy by the Mortgagee hereunder are subject to the provisions of the
        Intercreditor Agreement, dated as of November 16, 2004 (as amended,
        supplemented, amended and restated or otherwise modified from time to time,
        the
        "Intercreditor
        Agreement")
        among
        LaSalle Bank National Association, as Administrative Agent, the Mortgagee
        and
        Integrated Alarm Services Group, Inc. In the event of any conflict between
        the
        terms of the Intercreditor Agreement and this Mortgage, the terms of the
        Intercreditor Agreement shall govern and control.

       

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
      

      IN
        WITNESS WHEREOF, the Mortgagor has executed this Security Instrument effective
        as of the date first above written.

       

      MORTGAGOR:

       

      

       

      MONITAL
        SIGNAL CORPORATION, a

       

      New
        Jersey corporation,

       

      By:
        /s/
        Thomas J. Few Sr.         

      Name:
        Thomas J. Few        __     

      
      

      Title:
        President            __ 

       

      STATE
        OF
        ____________

       

      COUNTY
        OF
        __________

       

      BE
        IT
        REMEMBERED, that on the _____ day of November, 2004, in the County and State
        aforesaid, before me, the subscriber, a notary public authorized to
        acknowledgments and proofs in said County and State, personally
        appeared___________________, who I am satisfied is the person who signed
        the
        within instrument as the _________________ of MONITAL SIGNAL CORPORATION,
        a New
        Jersey corporation, and who executed the foregoing instrument and acknowledged
        to my satisfaction that he signed and delivered the same as such
        _________________of said corporation as the voluntary act and deed of the
        corporation which act was duly authorized by proper resolutions of its Board
        of
        Directors, for the uses and purposes therein expressed.

       

      Witness
        my hand and official seal this ____ day of November, 2004.

                                                                      __________________________________

      Notary
        Public 

      

       

      
      

      
        
          
            

          

           

        

        
          9

          
            

          

        

        
           

          
          

        

      

      PERSONALTY
        RIDER

       

      (Retail/Industrial/Office/Multifamily)

       

      The
        term
        "Intangible
        Personalty"
        as used
        herein shall mean any and all present and future accounts, general intangibles,
        instruments, inventory, documents and chattel paper, all returned, rejected
        or
        repossessed goods, the sale or lease of which shall have given or shall give
        rise to an account or chattel paper, and all books and records in whatever
        media
        (paper, electronic or otherwise) recorded or stored, with respect to the
        foregoing and all equipment and general intangibles necessary or beneficial
        to
        retain, access and/or process the information contained in those books and
        records, now or hereafter affecting or relating to the Premises or any part
        thereof, and all proceeds or products thereof, including without limitation,
        (i)
        all leases (including equipment leases), rental agreements, sales contracts,
        management contracts, franchise and related agreements, construction contracts,
        architects' contracts, technical services agreements, licenses and permits,
        (ii)
        all receivables, customer obligations, installment payment obligations and
        other
        obligations now existing or hereafter arising or created out of the sale
        or
        lease of property or rendering of services by the Mortgagor in its business
        of
        ownership and operation of the Premises or acquired from others including,
        without limiting the generality of the foregoing, from rental of rooms, halls,
        stores, offices, exhibit or sales space of every kind, license, lease and
        concession fees and rentals, health club membership fees, food and beverage,
        whole and retail sales of merchandise, service charges, and proceeds, if
        any,
        from business interruption or other loss of income insurance, (iii) all of
        the
        Mortgagor's right, title and interest in all royalties, license fees and
        other
        income or proceeds derived from trademarks, trademark applications, the
        registration therefor, the good will of the business symbolized by the same,
        now
        or hereafter filed, owned or acquired.

       

      The
        term
        "Tangible
        Personalty"
        as used
        herein shall mean any and all fixtures, equipment, furnishings and other
        articles of personal property now or hereafter owned by the Mortgagor and
        attached to or contained in and used in connection with the Land and
        Improvements including, but not limited to, all furniture, furnishings,
        apparatus, machinery, equipment, motors, boilers, buildings, materials,
        appliances, fire prevention and extinguishing apparatus, security and access
        control apparatus, trash receptacles, bath tubs, water heaters, water closets,
        sinks, dishwashers, disposals, washers, dryers, elevators, fittings, radiators,
        ranges, refrigerators, awnings, storm windows, storm doors, shades, screens,
        blinds, curtains and curtain rods, mirrors, cabinets, paneling, rugs, pictures,
        antennas, satellite dishes and systems, telecommunications systems (including,
        without limitation, equipment, facilities and devices), trees, plants,
        carpeting, office equipment and other furnishings and all plumbing, heating,
        lighting, cooking, laundry, ventilating, refrigerating, incinerating, trash
        compacting, air-conditioning and sprinkler equipment, telephone systems,
        televisions and television systems, audio and video systems (including, without
        limitation, equipment, facilities and devices), fitness and exercise equipment,
        computer systems and fixtures and appurtenances thereto and all renewals
        or
        replacements thereof or articles in substitution thereof, whether or not
        the
        same are or shall be attached to the Land and Improvements in any manner,
        and
        all proceeds and products of any of the foregoing.

       

      

       

      
      

      
        
          
            

          

           

        

        
          10

          
            

          

        

        
           

          
          

        

      

      EXHIBIT
        A

       

      

       

      Legal
        Description

       

      ALL
        that
        certain lot, parcel or tract of land, situate and lying in the Township of
        Wall,
        County of Monmouth, State of New Jersey, and being more particularly
        described as follows:

       

      BEING
        known and designated as Lot 36 in Block 819 on a certain Map
        entitled:
        "Final Map of Wall Office and Industrial Campus, in the Township of Wall,
        Monmouth County, New Jersey", filed in the Monmouth County
        Clerk's
        Office on May 1, 1987 as Map No. 216-30.

       

      BEGINNING
        at a point on the southeasterly street line of Landmark Place (50 feet
        wide), where the same is intersected by the division line between Lots 35
        and 36 in Block 819, as shown on the aforementioned Filed Map 216-30,
        which
        point is distant southwesterly 240.00 feet along the same from its
        intersection with the southwesterly street line of Monmouth County Highway
        Route 524, if both street lines were extended to intersect; thence
        from
        said Point of Beginning:

       

      
        	
                (1)

              	
                South
                  59 degrees 13 minutes 55 seconds East, along the division line
                  of
                  Lots 35 and 36, 460.00feet to a point;
                  thence

              

      

       

      
        	
                (2)

              	
                South
                  72 degrees 35 minutes 50 seconds West, along the division line
                  of Lots 36
                  and 37, 451.14 feet to a point on the northeasterly street line
                  of
                  Landmark Place; thence

              

      

       

      
        	
                (3)

              	
                North
                  17 degrees 24 minutes 10 seconds West, along the said street line
                  of
                  Landmark Place, 79.46 feet to a point;
                  thence

              

      

       

      
        	
                (4)

              	
                Continuing
                  along the said street line of Landmark Place on the arc of a curve
                  bearing
                  to the right having a radius of 300.00 feet an arc distance of
                  252.22 feet
                  in a generally northeasterly direction;
                  thence

              

      

       

      
        	
                (5)

              	
                North
                  30 degrees 46 minutes 05 seconds East, still continuing along the
                  said
                  street line of Landmark Place, 59.63 feet to the Point or Place
                  of
                  BEGINNING.

              

      

       

      The
        above
        description being drawn in accordance with a survey prepared by All County
        Surveying dated September 2, 1997.

       

      FOR
        INFORMATIONAL PURPOSES ONLY: "In compliance with Chapter 157, Laws
        of 1977,
        premises herein is Lot(s) 36 in Block 819 on the Township of Wall Tax
        Map."

       

      

       

      
      

      
        
          
            

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

      EXHIBIT
        B

       

      

       

      Permitted
        Encumbrances

       

      100
        foot
        setback line as shown on filed map No. 216-30.

       

      Subject
        to utility right of way, as set forth in Deed Book 4791, page 942; Deed Book
        5133, page 830 and Deed Book 5220, page 356.

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