06-20-11 Council Agenda - Laserfiche WebLink

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Note, or any other agreement securing the Indebtedness, Mortgagor shall pay to Mortgagee on demand a reasonable fee for considering the request along with any expenses such as appraisal fees, attorneys' fees, or credit report charges, whether or not the request is granted by Mortgagee. Such amounts shall become additional Indebtedness of Mortgagor secured by this Mortgage and shall hear interest from the date incurred or disbursed at the Note Rate. 1.24 Preservation of Assets. Mortgagor shall not voluntarily or involuntarily mortgage, encumber, sell, assign, lease, or otherwise dispose of Mortgagor's assets (except for the Mortgaged Property, disposition and transfer of which is governed by other provisions of this Mortgage) except in the ordinary course of business without the prior written consent of Mortgagee. ARTICLE II Default 2.1 Event of Default Defined. Each of the following occurrences shall constitute an Event of Default hereunder ( "Event of Default "); a. Mortgagor shall fail to pay when due the principal sum of the Note or any interest thereon or any installment thereof or shall fail to pay when due any subsequent loan or advance made by Mortgagee hereunder or the interest thereon or shall fail to perform any of the other covenants or agreements of Mortgagor in the Note; b. Mortgagor shall fail to duly perform or observe any of the covenants or agreements, or violate any warranties or conditions set forth in the Loan Agreement, or in the event Mortgagor shall fail to duly perform or observe any of the covenants or agreements contained in this Mortgage or in that certain Assignment of Rents and Leases of even date herewith executed by Mortgagor in favor of Mortgagee (the "Assignment of Rents and Leases "); e. Any representation or warranty made by Mortgagor in this Mortgage is untrue or misleading in any material respect, or any statement, certificate, or report furnished hereunder by or on behalf of Mortgagor is untrue or misleading in any material respect on the date as of which the facts set forth are stated or certified; d. The Mortgagor or any Guarantor shall be dissolved or shall generally not be paying its debts as they fall clue, or shall make a general assignment for the benefit of creditors or shall file a voluntary petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file any petition or answer seeking, consenting to, or acquiescing in reorganization, arrangement, adjustment, composition, liquidation, dissolution or similar relief, under any statute, law or regulation, or shall file an answer admitting or shall fail to deny the material allegations of a petition against it for any such relief; e. Any Guarantor shall die and a suitable replacement guarantor is not presented to Mortgagee within thirty (30) days of the Guarantor's death; 11 31