|
<br />10
<br />
<br />the proper city, town, or county records, then any such transfer shall be subject to this Mortgage, and any
<br />such transferee shall, by accepting such transfer, assume all obligations hereunder and agree to be bound
<br />by all provisions contained herein. Such assumption shall not, however, release the Grantor or any maker
<br />or guarantor of any of the Secured Obligations from any liability hereunder or thereunder prior to the date
<br />of such transfer without the prior written consent of the Controlling Person. The covenants contained in
<br />this Section shall run with the Land and shall remain in full force and effect until all of the Secured
<br />Obligations are fully paid and fully performed. The Beneficiary may, without notice to the Grantor, deal
<br />with any transferees with reference to the Secured Obligations in the same manner as the Grantor, without
<br />in any way altering or discharging the Grantor’s liability with respect thereto.
<br />Section 1.13. Full Performance Required; Survival of Warranties. All obligations,
<br />representations, warranties and covenants of the Grantor contained in any Funding Loan Document shall
<br />survive the execution and delivery of this Mortgage and shall remain continuing obligations, warranties,
<br />representations and covenants of the Grantor so long as any portion of the Secured Obligations remains
<br />outstanding, and the Grantor shall fully and faithfully satisfy and perform all such obligations,
<br />representations, warranties and covenants.
<br />Section 1.14. Liens. Except for Permitted Encumbrances, the Grantor shall not create, incur, or
<br />permit to exist any lien, encumbrance or charge upon the Property, or any portion thereof or interest
<br />therein (individually, a “Lien” or “Encumbrance” and collectively, “Liens or Encumbrances”). If the
<br />Grantor fails to remove and discharge any Lien or Encumbrance or contest the same in good faith after
<br />the same shall have been bonded over to the satisfaction of the Controlling Person, then, in addition to
<br />any other right or remedy of the Beneficiary, (i) the Beneficiary may, but shall not be obligated to, take
<br />such action at the direction of the Controlling Person as the Controlling Person deems warranted to
<br />discharge any Lien or Encumbrance either by paying the amount claimed to be due, or by procuring the
<br />discharge of such Lien or Encumbrance by depositing in a court a bond or the amount claimed or
<br />otherwise giving security for such claim, or by procuring such discharge in such manner as is or may be
<br />prescribed by law and (ii) the Beneficiary shall have the absolute right, at the Controlling Person’s
<br />direction, without prior demand or notice, to declare all of the Secured Obligations for which the Grantor
<br />is then liable to be immediately due and payable. The Grantor shall, immediately upon demand therefor
<br />by the Beneficiary, pay to the Beneficiary an amount equal to all costs and expenses incurred by the
<br />Beneficiary in connection with the exercise by the Beneficiary of the foregoing right to discharge any
<br />such Lien or Encumbrance, together with interest thereon from the date of such expenditure to the date of
<br />payment at the Default Rate.
<br />Section 1.15. Beneficiary’s Powers. None of the following actions by or caused by the
<br />Beneficiary, with or without notice to any person, shall have any effect on either (a) the liability of any
<br />other person liable for the payment of any of the Secured Obligations, or (b) the lien or charge of this
<br />Mortgage upon any portion of the Property not then or theretofore released as security for the full amount
<br />of all unpaid or unperformed Secured Obligations: (i) the release of any person so liable, (ii) the
<br />extension of the maturity or the alteration of any of the terms of any of the Secured Obligations, (iii) the
<br />grant of any other indulgences, (iv) the release or reconveyance of all or any portion of the Property, (v)
<br />the taking or release of any other or additional security for any of the Secured Obligations, or (vi) the
<br />making of arrangements with debtors in relation thereto.
<br />Section 1.16. Trade Names. At the request of the Beneficiary, the Grantor shall execute a
<br />certificate in form reasonably satisfactory to the Beneficiary listing all of the trade names and fictitious
<br />business names under which the Grantor operates, or intends to operate, any portion of the Property or
<br />any business located thereon and representing and warranting that the Grantor does business under no
<br />other trade names or fictitious business names with respect to any portion of the Property. The Grantor
<br />shall immediately notify the Beneficiary and the Controlling Person in writing of any change in said trade
|