06-20-11 Council Agenda - Laserfiche WebLink

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Mortgagor represents, warrants, and covenants to and with Mortgagee that it is lawfully seized of the Mortgaged Property in fee simple unless otherwise expressly limited and has the right and lawful authority to mortgage the same as provided herein; that the Mortgaged Property is free from all liens and encumbrances (except as otherwise listed on said Exhibit A); that all buildings, structures, and other improvements now or hereafter located on the Land are, or will be, located entirely within the boundaries of the Land; that Mortgagor will warrant and defend the title to the Mortgaged Property against all claims and demands whatsoever not specifically excepted herein; that the present or contemplated use of the Mortgaged Property complies with all applicable zoning ordinances; and that there are no, nor shall there be permitted to be any Hazardous Substances as defined in paragraph 1.12 hereof located anywhere in or on the Mortgaged Property. ARTICLE 1 Covenants of Mortgagor Mortgagor further covenants and agrees as follows: 1.1 Payment of Indebtedness and Interest. Mortgagor shall pay the principal of and the interest on the Note in accordance with terms of the Note, and shall pay and perform all other Indebtedness as and when due and payable. Unless otherwise agreed in writing by Mortgagee, all such other Indebtedness, including interest thereon at the rate provided under the Note (the "Note Rate "), commencing on the date of advance, shall be immediately due and payable without demand. The provisions of the Note are hereby incorporated by reference into this Mortgage as fully as if set forth herein. 1.2 Insurance. a. Mortgagor will maintain insurance as follows: (I) Mortgagor shall keep the buildings, structures, fixtures, personal property, and other improvements now existing or hereafter erected or placed on the Mortgaged Property insured against loss by fire, perils of extended coverage, and such other hazards, casualties, and contingencies as required by Mortgagee for full replacement cost without deduction for depreciation, which insurance shall in all events be in an amount at least equal to the unpaid Indebtedness outstanding at any given time. The policies shall include "all risk" coverage, and shall be satisfactory in form and substance to Mortgagee. (2) If steam boilers or similar equipment for the generation of steam are located in, on or about the Mortgaged Property, Mortgagor shall maintain insurance against loss or damage by explosion, rupture or bursting of such equipment and appurtenances thereto, without co- insurance clause, in an amount satisfactory to Mortgagee. (3) lithe Mortgaged Property or any part thereof is located in a flood- hazardous area for which flood insurance is available, Mortgagor shall maintain flood insurance 3 23