06-20-11 Council Agenda - Laserfiche WebLink

Home Browse Search

require the Mortgagor, at the Mortgagor's expense, to refrain from and take remedial action with respect to any such unlawful presence, handling, storage, transportation, manufacture, release or disposal to the satisfaction of the Mortgagee. The obligations of the Mortgagor under this paragraph shall survive the payment of the Note and /or foreclosure of this Mortgage. 1.13 Uniform Commercial Code Security Interest. This instrument is intended to be a security agreement pursuant to the Uniform Commercial Code covering all of the items or types of property included as part of the Mortgaged Property including fixtures, now owned or hereafter acquired, substitutions, replacements and proceeds thereof that may be subject to a security interest pursuant to the Uniform Commercial Code, and Mortgagor hereby grants Mortgagee a security interest in such items or types of property. THIS MORTGAGE OR A REPRODUCTION HEREOF SHALL BE EFFECTIVE AS A FINANCING STATEMENT, AND AS A FINANCING STATEMENT IT COVERS GOODS WHICH ARC, OR ARE TO BECOME, FIXTURES ON THE LAND. In addition, Mortgagor will execute and deliver to Mortgagee, upon Mortgagee's request, any financing statements or amendments thereof or continuation statements thereto that Mortgagee may require to perfect a security interest in said items or types of property. Mortgagor shall pay all costs of filing such instruments. 1.14 Condemnation. a. Mortgagor hereby irrevocably assigns to Mortgagee any award or other payment for any damage to, or taking or acquisition of all or any part of the Mortgaged Property (a "Taking "), either temporarily or permanently, in any condemnation proceeding, or by exercise of the right of eminent domain, to the extent of the full amount of the remaining unpaid Indebtedness, and hereby empowers Mortgagee to collect and receive the same and to give proper receipts therefor in the name of Mortgagor, and the same shall be paid forthwith to Mortgagee, who at its option may release any such award or moneys so received to Mortgagor or apply the same, in whole or in part, after the payment of all of its expenses, including costs and attorneys' fees, to payment of the Indebtedness, and if the proceeds are not sufficient to pay the entire Indebtedness, then to reduction of the Indebtedness by applying to installments in the inverse order of their maturity, irrespective of whether such installments are then due and pay- able. Mortgagor shall not without the prior written consent of Mortgagee enter into any agreement permitting or consenting to the taking of the Mortgaged Property, or any part thereof, or providing for the conveyance thereof in lieu of condemnation or eminent domain. h. If a partial Taking occurs, Mortgagor shall proceed, with reasonable diligence, to demolish and remove any ruins or complete repair or restoration ol'the Mortgaged Property as nearly as possible to its former condition, type and character immediately prior to the Taking, whether or not the awards payable as a result of the Taking are available or adequate to complete such repair or restoration. Mortgagor shall promptly reimburse Mortgagee for all of Mortgagee's expenses (including reasonable attorneys' fees) incurred in such Taking and in the collection of such awards and their disbursement in accordance with this paragraph, and all such expenses shall become part of the Indebtedness. 8 28