Agenda - Council - 07/12/2022 - Laserfiche WebLink

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TABLE OF CONTENTS Page RECITALS .......................................................................................................................... 1 ARTICLE I DEFINITIONS................................................................................................. 3 Section1.1 Definitions............................................................................................ 3 ARTICLE II MORTGAGE AND SECURITY INTEREST................................................. 5 Section 2.1 Mortgage and Security Interest............................................................ 5 Section 2.2 Payments and Performances Secured .................................................. 7 Section 2.3 Remedies Upon Event of Default........................................................ 8 Section 2.4 Right of Entry.................................................................................... 11 Section 2.5 Assignment of Lease.......................................................................... 11 Section 2.6 Acknowledgment of Waiver of Hearing Before Sale........................ 11 Section 2.7 Other Rights During an Event of Default. ......................................... 12 ARTICLE III REPRESENTATIONS, COVENANTS AND PERMITTED ENCUMBRANCES....................................................................................... 14 Section 3.1 Warranty of Title................................................................................ 14 Section 3.2 Permitted Encumbrances ................................................................... 14 Section 3.3 Hazardous Materials .......................................................................... 15 Section 3.4 Assignment of Leases and Rents and Profits..................................... 16 ARTICLE IV REMOVAL OF MORTGAGED PROPERTY; REPRESENTATIONS AND WARRANTIES; ADDITION OF IMPROVEMENTS TO LIEN OF MORTGAGE; RELEASE AND PARTIAL RELEASE......................... 18 Section 4.1 Removal of Mortgaged Property ....................................................... 18 Section 4.2 Representations and Warranties of Mortgagor.................................. 18 Section 4.3 Addition of Improvements to Lien of Mortgage................................ 18 Section4.4 Release............................................................................................... 18 Section 4.5 Partial Release of Mortgaged Property.............................................. 19 ARTICLE V MISCELLANEOUS ............................................................................................ 20 Section 5.1 Miscellaneous. ................................................................................... 20 Section 5.2 Recording and Title Insurance........................................................... 21 Section 5.3 Binding Effect; Mortgage Covenants ................................................ 22 Section 5.4 Amendments...................................................................................... 22 Section 5.5 Use of Mortgaged Property; Redemption; Insurance ........................ 22 Section 5.6 Exercise of Mortgagee Rights............................................................ 22 Section 5.7 This Instrument Is a Fixture Financing Statement............................. 22 Section5.8 Counterparts....................................................................................... 23 Section5.9 Notices ............................................................................................... 23 Section5.10 Assignment ........................................................................................ 23 Section 5.11 Additional Covenants......................................................................... 23 EXHIBIT A LEGAL DESCRIPTION......................................................................................A-1 EXHIBIT B PERMITTED ENCUMBRANCES......................................................................B-1 i 73092175v4