06-10-2026 Council Packet - Laserfiche WebLink

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perform or discharge any of the terms, covenants, or agreements contained in the leases, unless due to the willful misconduct of Mortgagee. If Mortgagee bears any such liability, the amount thereof, together with interest thereon as provided in the Note, shall be secured hereby and by the Mortgage, and Mortgagor shall reimburse Mortgagee therefor immediately upon demand. Notwithstanding the foregoing, Mortgagor shall not be responsible for any liabilities, costs or expenses incurred by the Mortgagee, its officers, officials, or employees due solely because of negligence or willful misconduct of such parties. Section 2.9 AUTHORIZATION TO TENANT. Upon notice from Mortgagee that it is exercising the remedy set forth in Section 2.4(b) herein, the tenants under the leases are hereby irrevocably authorized and directed to pay to Mortgagee all sums due under the leases, and Mortgagor hereby consents and directs that said sums shall be paid to Mortgagee without the necessity for a judicial determination that a default has occurred under this Mortgage or that Mortgagee is entitled to exercise its rights hereunder, and to the extent such sums are paid to Mortgagee, Mortgagor agrees that the tenant shall have no further liability to Mortgagor for the same. The signature of Mortgagee alone shall be sufficient for the exercise of any rights under this Mortgage, and the receipt of Mortgagee alone for any sums received shall be a full discharge and release therefor to any such tenant or occupant of the Premises. Checks for all or any part of the rents collected under this Mortgage, upon notice from Mortgagee, shall be drawn to the exclusive order of Mortgagee. Section 2.10 MORTGAGEE AN ATTORNEY-IN-FACT. Mortgagor hereby irrevocably appoints Mortgagee and its successors and assigns as its agent and attorney-in-fact, which appointment is coupled with an interest with the right but not the duty to exercise any rights or remedies hereunder upon an Event of Default, and to execute and deliver during the term of this Mortgage such instruments as Mortgagee may deem appropriate to make this Mortgage and any further assignment effective including, without limiting the generality of the foregoing, the right to endorse on behalf and in the name of Mortgagor all checks from tenants in payment of rents that are made payable to Mortgagor. Section 2.11 SATISFACTION. Upon the payment in full of all indebtedness secured hereby as evidenced by a recorded satisfaction of this Mortgage executed by Mortgagee, this Mortgage, without the need for any further satisfaction or release, shall become null and void and be of no further effect. ARTICLE3 UNIFORM COMMERCIAL CODE Section 3.1 SECURITY AGREEMENT. This Mortgage shall constitute a security agreement, as defined in the Uniform Commercial Code ("Code"), and Mortgagor hereby grants to Mortgagee a security interest within the meaning of the Code in favor of Mortgagee on the personal property and rents, leases and profits ("Collateral") included in the Premises. Section 3.2 FINANCING STATEMENT. This instrument may serve as a financing statement covering all of the Collateral, as defined in Section 3.1 herein, and for this purpose, the following information is set forth: