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<br />10 <br /> <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 <br />names or fictitious business names, and will, upon request of the Beneficiary, execute any additional <br />financing statements and other certificates necessary to reflect any change in said trade names or fictitious <br />business names. <br />Section 1.17. Grantor Remains Liable. Anything herein to the contrary notwithstanding, (a) <br />the Grantor shall remain liable under all contracts and agreements relating to the Property, to the extent <br />set forth therein, to perform all of its duties and obligations thereunder to the same extent as if this <br />Mortgage had not been executed, (b) the exercise by the Beneficiary of any of its rights hereunder shall <br />not release the Grantor from any of the Grantor’s duties or obligations under any contracts and <br />agreements related to the Property, and (c) the Beneficiary shall not have any obligations or liability <br />under any of the contracts or agreements related to the Property by reason of this Mortgage and shall not <br />be obligated to perform any of the obligations or duties of the Grantor thereunder or to take any action to <br />collect or enforce any claim for payment assigned hereunder. <br />Section 1.18. Warranties and Representations of Grantor. The Grantor represents and warrants <br />to the Beneficiary as follows: