06-10-2026 Council Packet - Laserfiche WebLink

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Section 6.4 BOOKS AND RECORDS. Mortgagor shall keep and maintain at all times complete, true, and accurate books of accounts and records reflecting the results of the operation of the Premises. Section 6.5 WAIVER OF APPRAISEMENT; HOMESTEAD; MARSHALING. Mortgagor hereby waives, to the full extent lawfully allowed, the benefit of any homestead, appraisement, evaluation, stay, and extension laws now or hereinafter in force. Mortgagor hereby waives any rights available with respect to marshaling of assets so as to require the separate sale of any portion of the Premises, or as to require Mortgagee to exhaust its remedies against a specific portion of the Premises before proceeding against the other and does hereby expressly consent to and authorize the sale of the Premises, or any part thereof, as a single unit or parcel if this Mortgage is foreclosed. Section 6.6 OTHER RIGHTS. Mortgagee may at any time, and from time to time without notice, release any person liable for the payment of any indebtedness, extend the time or agree to alter the terms of payment of any indebtedness, release any property securing any indebtedness, consent to the making of any plat or map of the Premises, or the creation of any easement thereon, or any covenants restricting use or occupancy thereof, or agree to alter or amend the terms of this Mortgage (except as it covers any part of the Premises so released). Any personal property remaining upon the Premises after the Premises has been possessed or occupied by Mortgagee or its agent following foreclosure of this Mortgage, or under any deed in lieu of foreclosure, shall be conclusively presumed to have been abandoned by Mortgagor. Notwithstanding any other provision herein to the contrary, any foreclosure on the Project must comply with the provisions of Section 42(h)(6)(E) of the Internal Revenue Code pertaining to limitations on right to evict and increase rent for the three years following foreclosure. This Mortgage is expressly subordinate to this provision. Section 6.7 RIGHTS CUMULATIVE. Each right, power, or remedy herein conferred upon Mortgagee is cumulative and in addition to every other right, power, or remedy, express or implied, now or hereafter arising, available to Mortgagee, at law or in equity, or under the Code, or under any other agreement, and each and every right, power, and remedy herein set forth or otherwise so existing may be exercised from time to time as may be deemed expedient by Mortgagee and shall not be a waiver of the right to exercise at any time thereafter any other right, power, or remedy. No delay or omission by Mortgagee in the exercise of any right, power, or remedy arising hereunder or arising otherwise shall impair any such right, power, or remedy or the right of Mortgagee to resort thereto at a later date or be construed to be a waiver of any default or Event of Default. ARTICLE7 EVENTS OF DEFAULT AND REMEDIES Section 7.1 EVENTS OF DEFAULT. An "Event of Default" shall exist under this Mortgage upon the occurrence of an Event of Default as defined in the Loan Agreement Section 7.2 ACCELERATION. If any Event of Default shall occur and remain uncured following applicable notice and cure right set forth in the Loan Agreement, then, in any such case, Mortgagee may declare the principal of the Note, including any interest which may be due upon