My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
11-13-2024 Council Packet
>
City Council Packets
>
2020-2029
>
2024
>
11-13-2024 Council Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/12/2024 5:24:06 PM
Creation date
12/12/2024 5:09:41 PM
Metadata
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
362
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />Mortgage, Assignment of Rents, <br />Security Agreement and Fixture Filing <br />Page 20 <br /> <br />under this Security Instrument, the Project Note, or other documents securing the Project Note; (d) <br />Governmental Lender shall have received an M.A.I. Appraisal in form and content acceptable to <br />the Governmental Lender which indicates that the appraised value of the Premises after such <br />restoration or repair shall not have been reduced from its appraised value as of the date hereof; (e) <br />tenants under leases of the Premises which are acceptable to the Governmental Lender certify to <br />the Governmental Lender their intention to occupy the Premises without any abatement or <br />adjustment of rental payments (other than temporary abatements during the period of restoration <br />and repair); (f) no mechanics’ or other liens of any nature shall exist or be created; (g) Borrower <br />shall be responsible for and shall have deposited with Governmental Lender in advance such sums <br />as are necessary to cover any shortfall between the actual cost to repair or restore and the amount <br />of such insurance proceeds; (h) all fees and expenses incurred by Governmental Lender in <br />connection with the disbursement of the insurance proceeds shall be paid by Borrower; and (i) <br />Governmental Lender shall have no obligation to make insurance proceeds available for repair or <br />restoration during the 365 days prior to the Maturity Date; provided, however, Governmental <br />Lender may, in its sole discretion, make insurance proceeds available during such time if Borrower <br />provides evidence satisfactory to Governmental Lender in its sole discretion that (i) such repairs <br />or restoration can be completed by the Maturity Date and (ii) there are sufficient insurance <br />proceeds available to cover the cost of any such repairs or restoration. <br />5. <br />LEASES AND RENTS <br />5.1 Assignment of Leases and Rents. As additional primary security for the Indebtedness, the <br />Borrower does hereby unconditionally and absolutely sell, assign and transfer unto the <br />Governmental Lender all of the leases, rents, issues, income and profits now due and which may <br />hereafter become due under or by virtue of any lease, whether written or verbal, or any letting of, <br />or of any agreement or license for the use or occupancy of the Premises or any part thereof, and <br />all benefits and advantages to be derived therefrom which may have been heretofore or may be <br />hereafter made or agreed to or which may be made or agreed to by the Governmental Lender under <br />the powers herein granted, it being the intention hereby to establish an absolute transfer and <br />assignment of all such avails, rents, issues and profits unto the Governmental Lender, provided the <br />Governmental Lender hereby grants a license to Borrower to collect all of the rents, but not prior <br />to accrual, and to retain, use and enjoy the same unless and until an Event of Default shall occur <br />and be continuing. Upon an occurrence and during the continuance of any Event of Default <br />hereunder, Governmental Lender may, in person, by agent or by a court-appointed receiver, <br />regardless of the adequacy of Governmental Lender’s security, enter upon and take and maintain <br />full control of the Premises in order to perform all acts necessary and appropriate for the operation <br />and maintenance thereof in the same manner and to the same extent as Borrower could do the <br />same, including without limitation the execution, enforcement, cancellation and modification of <br />leases, the collection of all rents, income and profits of the Premises, the removal and eviction of <br />tenants and other occupants, the making of alterations and repairs to the Premises, and the <br />execution and termination of contracts providing for management or maintenance of the Premises, <br />all on such terms as are deemed best by Governmental Lender to protect the security of this <br />Security Instrument. From and after the occurrence and during the continuance of any such Event <br />of Default, if any owner of the Premises shall occupy the Premises or part thereof such owner shall
The URL can be used to link to this page
Your browser does not support the video tag.