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

Home

any lease, and shall not do or permit to be done anything to impair the Mortgagor's right to receive the same; (b) timely enforce or secure the performance of, at its sole costs and expense, every obligation of the Issuer to the Mortgagor under the Lease; (c) not collect any of the Rents and Profits herein assigned in advance of the time when the same become due under the terms of the Lease; (d) not waive or release any lessee from its respective obligation under any lease or other instrument evidencing same except in the ordinary course of the Mortgagor's business; and (e) except in accordance with the terms of the Lease and this Mortgage, and in the ordinary course of the Mortgagor's business, not execute any other assignment thereof or alter, modify or change the terms of any such obligation or cancel, terminate, or accept the surrender of the same. Should the Mortgagor fail to make any payment or perform any obligation required pursuant to this Section, and after expiration of any applicable cure period, the Mortgagee may elect to make such payment (but shall have no obligation to do so) or perform such obligation, in which event all sums expended by the Mortgagee in making such payment or performing such obligation, together with interest in an amount equal to the Late Payment Rate (as defined in the Indenture) from the date that such expense is incurred by the Mortgagee to the date of payment to the Mortgagee. Any amount so expended by the Mortgagee, together with interest thereon as herein provided, shall constitute part of the indebtedness secured hereby. Notwithstanding the foregoing, the Mortgagor shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability of the School under the Lease; provided, however, any such liability, loss or damage, including costs, expenses and reasonable attorneys' fees incurred in defending against any such claim, shall constitute part of the indebtedness secured hereby. (The remainder of this page is intentionally left blank.) 17 73092175v4