06-10-2026 Council Packet - Laserfiche WebLink

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AND IT IS FURTHER COVENANTED AND AGREED AS FOLLOWS: ARTICLE 1 GENERAL COVENANTS, AGREEMENT, WARRANTIES Section 1.1 DEFINITIONS. Unless otherwise set forth herein, all capitalized terms used but not defined herein shall have the meanings ascribed to them under the Loan Agreement. In the event of a conflict or inconsistency between the provisions contained in the Loan Agreement and this Mortgage, the provisions of the Loan Agreement shall prevail. Section 1.2 OBSERVANCE OF COVENANTS. Mortgagor will duly and punctually perform and observe all of the covenants, agreements, and provisions contained herein, in the Note, the Loan Documents, and any other instrument given as security for the payment of the Note. Section 1.3 USE OF PREMISES. Mortgagor will not permit or suffer the use of any of the Premises for any purpose other than the use for which the same is intended at the time of execution of this Mortgage. Mortgagor will keep the buildings and other improvements now or hereafter erected on the land in good repair and condition, ordinary wear, tear and depreciation excepted. Mortgagor will not commit or permit waste, will not alter the design or structural character of any building now or hereafter erected on the land without the prior written consent of Mortgagee except the construction to be performed in accordance with the plans approved by Mortgagee, will not do any act or thing which would unduly impair or depreciate the value of the Premises, and will not vacate or abandon the Premises. Mortgagor will not remove from the Premises any fixtures or personal property included in the Premises unless the same is immediately replaced with like property, subject to the lien and security interest of this Mortgage, of at least equal value and utility. Section 1.4 COMPLIANCE WITH LAWS. The improvements made and to be made upon the Premises and all plans and specifications shall comply with all municipal ordinances and regulations made or promulgated by lawful authority, and the same will, upon completion, comply with all such municipal ordinances and regulations and all applicable federal regulations, and with all rules of the applicable fire rating or inspection organization, bureau, association, or office, which are now or may hereafter become applicable. Section 1.5 LIENS. Mortgagor will keep the Premises free from all liens, other than the Permitted Encumbrances, such as those presented in the activity budget prior to loan closing, whether superior or subordinate to this Mortgage, and upon written demand of Mortgagee, will promptly pay and procure the release of any lien other than Permitted Encumbrances, whether arising prior or subsequent to the execution of this Mortgage, which in any way, in the judgment of Mortgagee, may impair the security of this Mortgage but Mortgagor need not discharge any such lien so long as Mortgagor shall agree to pay the obligation secured by such lien in a manner acceptable to Mortgagee, or shall in good faith contest such lien by appropriate legal proceedings which shall operate to prevent the enforcement of the lien and the loss of any of the Premises. Section 1.6 MORTGAGOR'S DUTY TO PAY TAXES. Mortgagor will pay, before a fine or penalty might attach for nonpayment thereof, all taxes and assessments and all other charges