Agenda - Council - 09/26/2017 - Laserfiche WebLink

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ARTICLE THREE MORTGAGED PROPERTY Section 3.01. Preservation and Maintenance of Morteaeed Pronerty. Mortgagor (a) shall keep the buildings and other improvements now or hereafter erected on the Land in safe and good repair and condition, ordinary depreciation excepted; (b) shall, upon damage to or destruction of the Mortgaged Property or any part thereof by fire or other casualty, restore, repair, replace, or rebuild the Mortgaged Property that is damaged or destroyed to the condition it was in immediately prior to such damage or destruction, whether or not any insurance proceeds are available or sufficient for such purpose; (c) shall maintain the parking and landscaped areas of the Mortgaged Property; (d) shall not commit waste or permit impairment or deterioration of the Mortgaged Property; (e) shall not remove from the Land any of the fixtures properly included in the Mortgaged Property unless the same is promptly replaced with property of at least equal value and utility, and this Mortgage becomes a valid lien on such property; (f) shall generally operate and maintain the Mortgaged Property in a manner to insure rents are not below reasonable rates for the area and the type of tenant occupying the Mortgaged Property; and (g) shall not alter or permit the alteration by any tenant of the design or structural character of any building now or hereafter erected on the Land or hereafter construct, or permit any tenant to construct, additions to existing buildings or additional buildings on the Land without the prior written consent of the Mortgagee, which consent shall not be unreasonably withheld. Section 3.02. Insnection. The Mortgagee, or its agents, shall have the right, at all reasonable times but not more frequently than twice annually, upon prior written notice, to enter upon the Mortgaged Property for the purposes inspecting the Mortgaged Property or any part thereof. The Mortgagee shall, however, have no duty to make such inspection. Section 3.03. Protection of Mortgagee's Security. If the Mortgagor fails to perform any of the covenants and agreements contained in this Mortgage after receipt of notice thereof from the Mortgagee and fails to cure within sixty (60) days, or if any action or proceeding is commenced which materially and adversely affects the Mortgaged Property or the interest of the Mortgagee therein, or the title thereto, then the Mortgagee, at Mortgagee's option, may perform such covenants and agreements, defend against and/or investigate such action or proceeding, and take such other action as the Mortgagee deems necessary to protect the Mortgagee's interest. Mortgagee is hereby given the irrevocable power of attorney (which power is coupled with an interest and is irrevocable) to enter upon the Mortgaged Property as the Mortgagor's agent in its name to perform any and all covenants and agreements to be performed by the Mortgagor as herein provided after an uncured Event of Default. Any amounts or expenses disbursed or incurred by the Mortgagee pursuant to this Section 3.03, with interest thereon at a rate of one percent (1.00%) per annum in excess of the "reference rate" publicly announced from time to time by U.S. Bank National Association shall become additional indebtedness of the Mortgagor secured by this Mortgage. Unless Mortgagor and Mortgagee agree in writing to other terms of repayment, such amounts shall be immediately due and payable, and shall bear interest from the date ten (10) days following written demand for such amounts at the rate of one percent (1.00%) per annum in excess of the "reference rate" publicly announced from time to time by US Bank National Association unless collection from Mortgagor of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may US.113578590.01 B-2-8