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585£0£0
05 -22 -2000 0 s 66.
Loan No 61009543
MORTGAGE Page 2
(Continued) 318
request of Lender; (b) Grantor has the full power, right, and authority to enter Into this Mortgage and to hypothecate_ the Property; (c) the provisions of
this Mortgage do not conflict with, or result in a default under any agreement or other instrument binding upon Grantor and do not result in a violation
of any law, regulation, court decree or order applicable to Grantor; (d) Grantor has established adequate means of obtaining from Borrower on a
continuing basis information about Borrower's financial condition; and (e) Lender has made no representation to Grantor about Borrower (including
without limitation the creditworthiness of Borrower).
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Borrower shall pay to Lender all Indebtedness secured by this
Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all their respective obligations under this Mortgage.
POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor and Borrower agree that Grantor's possession and use of the Property shall be
governed by the following provisions:
Possession and Use. Until in default, Grantor may remain in possession and control of and operate and manage the Property and collect the
Rents from the Property.
Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance
necessary to preserve its value.
Hazardous Substances. The terms "hazardous waste," "hazardous substance," "disposal," "release," and "threatened release,' as used in this
Mortgage, shall have the same meanings as set forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended, 42 U.S.C. Section 9601, et seq. ("CERCLA the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499
"SARA the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C.
Section 6901, et seq., or other applicable state or Federal laws, rules, or regulations adopted pursuant to any of the foregoing. The terms
"hazardous waste" and "hazardous substance" shall also include, without limitation, petroleum and petroleum by- products or any fraction thereof
and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Property, there has been no
use, generation, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person on,
under, about or from the Property; (b) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to
and acknowledged by Lender in writing, (i) any use, generation, manufacture, storage, treatment, disposal, release, or threatened release of any
hazardous waste or substance on, under, about or from the Property by any prior owners or occupants of the Property or (ii) any actual or
threatened litigation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed to and acknowledged by
Lender in writing, (1) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture,
store, treat, dispose of, or release any hazardous waste or substance on, under, about or from the Property and (ii) any such activity shall be
conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation those laws,
regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and
tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any
inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the
part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in
investigating the Property for hazardous waste and hazardous substances. Grantor hereby (a) releases and waives any future claims against
Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to
indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or
indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture,
storage, disposal, release or threatened release of a hazardous waste or substance on the properties. The provisions of this section of the
Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of
this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the
Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the
right to remove, any timber, minerals (including oil and gas), soil, gravel or rock products without the prior written consent of Lender.
Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without the prior written consent of
Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace
such Improvements with Improvements of at least equal value.
Lender's Right to Enter. Lender and its agents and representatives may enter upon the Real Property at all reasonable times to attend to
Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Mortgage.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter in
effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans With
Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion,
Lender's interests in the Property are not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably
satisfactory to Lender, to protect Lender's interest.
Duty to Protect. Grantor agrees neither to abandon nor leave unattended the Property. Grantor shall do all other acts, in addition to those acts
set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property.
DUE ON SALE CONSENT BY LENDER. Lender may, at its option, declare immediately due and payable all sums secured by this Mortgage upon the
sale or transfer, without the Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or
involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three
(3) years, lease- option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or
by any other method of conveyance of Real Property interest. If any Grantor is a corporation, partnership or limited liability company, transfer also
includes any change in ownership of more than twenty -five percent (25 of the voting stock, partnership interests or limited liability company interests,
as the case may be, of Grantor. However, this option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are a part of this Mortgage.
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal to the interest of
Lender under this Mortgage, except for the lien of taxes and assessments not due, except for the Existing Indebtedness referred to below, and
except as otherwise provided in the following paragraph.
Right To Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the obligation to
pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen
(15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if
requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient
to discharge the lien plus any costs and reasonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the
lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property.
Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the
Property.
Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services,
or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the
cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage.
Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a
replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive general
liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds in such liability insurance
policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazard, business interruption and boiler insurance
as Lender may require. Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to Lender.
Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished
without a minimum of ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such
notice. Each insurance policy also shall Include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any
act, omission default of Grantor or any other person. Should Th Real Property at any time become located idesignated by the
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awes ey; envy !lugs ;uene sly; 'eBBBpow sly; io e;ep ey; 0; ;uenbesgns pe ;ague s! sa!ldds uonoes sly} yoiym o; xe; Aug n •saxei ;uanbasgns
•JemoJJOg Aq epew }seae;u! pug IBdpu!Jd io s; uewAed uo Jo sseupe ;gepul ey; jo uoipod Aue Jo lie uo xe; of }foods a (p) pus
!a ;oN ay; jo Jeploy ay; JO Jepuel ey ;sule6B eigse6JB aBBBpoW ;o edit} sly; uo xa; g (o) :e6BbpoW jo adA; sly; Aq peanoes sseupe }gepu) ay;
uo s ;uewAed woe ;onpep o; pealnbei Jo pezljoy ;ne s! JemoJJO9 yoiym JemaJJOg uo xe; oljlaeds a (q) :e6e6poW sly; Aq paanoes sseupe ;gepu! ay;
;o }Jed Aug Jo 118 uodn Jo e6e6poW jo edAU sly; uodn xe; oyloads y (e) :salldde uol ;oas sin; yoiym o; saxs; a ;nn ;suoo !lays Bulmoiloi ayl 'saxs!
•e6e6poW sly; Bupe ;sl6eJ Jo BulpaooeJ Joj se6Jyya Jey ;o pue 'sdwe ;s AJa ;uewnoop 'see; 'sexy;
Hs uonsuw!! ;non;Im Bulpniou! 'e6e6poW sly; 6ulnu;uoo Jo 6uyoeped '6ulpaooea ul paimoul sesuedxe Hy y ;lm Jay }a6o; 'nnoiaq pequosep Ss 'sexy;
118 JO) Japua esingwlea liens Jo;ugJO Apedoid !Bea ey} uo us!! s,Jepuel enui ;uoo pue;oaped o; Jepuel Aq pe;senbai s! uol)oe Jey ;o Jane;eym
eels; pus e6e6poW sly; o; uoi;ippe u! s ;uewnoop yons a ;noexe !lays JolusJO 'Jepua Aq ;sanbeJ uodn •sa6JSy3 pue seed 'saxel luaJJ13
:aBe6poW situ jo ped a eie seBJeyo pus
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yons Ai;dwoad Heys Jo ;UBJO pue 'BuI }!JM u! Jepuel Anjou Ai;dwoad pays Jo ;uBJo 'pep} s! uoyauwepuoo u! 6ulpa0a0Jd Aue j! 'sBulpaaaoJd
•uol;euwepuoO ey; y ;lm uol;oeuuoo u! aepuel Aq peiinou! see; ,sAauJo;ue pus
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sseupe ;gapn ey; o} pelldde eq pJBMB ey; jo speeooJd ;eu ey; jo uoipod Aug JO He ;eyj eJlnbeJ uolpep si! ;e Aew Jepuei 'UOjBUWapuoo jo nail in
eseywnd Jo Bulpoeooad Aug Aq Jo s6ulpeeooad u!Bwop ;ueu!we Aq peuwepuoo si Apedoid ey ;o psd Aue Jo !!e •speaooad laN jo uol ;BO!;ddy
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;lnejap u! eq pays e6e6poW situ pus'elgeAed
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Aug 6uuJnp peen° eq ;ou pug sseupe ;gepu! yons Buunoes ;uewni ;su! ey; Jepun Jn000 ;lne;ep 8 pinoys Jo 'sseupe ;gapu! yons 6upuepine
e;ou ey; Aq pennbeJ awn ey; my ;lm epew jou s! sseupe ;gepu! Bul ;slx3 ey; uo }swap! Aue JO lsdlaupd jo ;uewlls ;su! Aue jo ;uewAed eyj ;i 'pupa
•sseupe ;gapu! yons JO) s ;uewnoop A ;linoos Aug Japun nnsjep Aug JO 'sseupe ;gepu! yons 6ulouepina s }uawni ;sul ey; Jepun
}lnejep Aue 'sseupe ;gaput yons uo ;instep Aug ;ueneid o; pus sseupe ;gepu! Buns!x3 ey; 'jo ;uewAed eyl o; ees Jo 'And o} seeJ6B pus s ;ueuenoo
Alssaadxe JOjUBJ9 va!! 6ul ;sixe us o; Pilaw! pus AJBpuoOes eq Aew sseupe ;gapu! ey; Bu!Jnoes e6e6poW sty; jo ue!! ayl •u3!1 Bul ;slx3
'e6e6poW sly) jo ped g en „sseupe }gapu! Bul ;slx3„ ey;) sseupe }gapu! Bul ;slxe 64u1eouoo suolslnoad Buimollol e41 'SS3Na3193aNI ONIISIX3
•seyuoy ;ne isuuawuJenob jo suo;BinBeJ pus'seouaulpJo
'sma! algealldde Bunsixe Hs ynm sepdwoo ApedOJd ey; jo esn volume pus Apedoid ey; ley; S UBJJem Jo ;UBJO •smsl tom aauelldwo3
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eq guys Jepuel ;nq '6uipeeooad yons u! AIM leulwou ey; eq Amu JO;UBJO esuedxe s,JO;ueJO is uoyoe ay; pue;ep !lays Jo ;uBJO 'e6e6poW
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•Jepuel o; e6e6poW sly' JenHap rap a ;noexe o; Al!Joy ;ns pus 'Jemod ;46uu
Iln; ey; say Jo ;uBJO (q) Pe 'e6e6poW sly! gum uoyoeuuoo u! Japuel 'Aq pe ;deooB pus ';o Jonsi u! penss! uoluldo eyy !eu!} Jo 'podeJ elm 'Aollod
eoueinsul ep; Aue u! JO moieq uolpes ssaupa ;gepu) 6uyslx3 ey; u! JO uoludliosep ApedoJd lean ey; u! ypol les esoy; uey; Jey'o seousJgwnoue
pus sue; Hy ;o Jeep rap eel; 'eidwls eel u! ApedoJd ey; o; paoae. jo ell!' elge }e)pBw pug pooh spiny Jo'uBJO (8) :uey} S ;UBJJBM J01UBJO 'a;;ll
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eq (o) Jo 'e ;oN ey; ;o up; 6UIUIBWOJ ey; Jo Ao!!od eOuBJnsui elgao;dds Aue jo wee; eq; Jayne Bupnp enp ewooeq o; s ;uewAed ;ueuniB ;su!
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le
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II!m 6ulop os u! spuedxe Jepue ;ey} ;unowe Auy •e }eiJdoJdde sweep JepUal jay) uol;os Aua eels; 'o; peilnbeJ eq ;ou pip }nq 'Aew jleyeq s,Jo ;umeO uo
Japue 'Apedoid ey; u! s ;sane }u! s,Jepuel pans AHsua;sw mom ;ey; peouewwoo s! BulpeeooJd JO uoyoe Aue j! JO 'moieq pealnbeJ se 6uipus ;s pooB u!
sseupe ;gapu! Buyslx3 uiB ;uaBw o; uoIe6!go Aug 6ulpnpu! 'eBBBpoW sty; jo uoisinoad Aua ynM Aldwoo o; 5118; J0 ;uBJO 11 '113ON31 A9 S3}if1110N3dX3
'ApedoJd ey; jo ;soo ;uawaoeldeJ amen yseo ay; eulwae;ep Jepuen o; AJO ;Deis! }es JesleJdde ;uepuedepul UB eney'Jepue-1 jo ;senbei uodn 'Heys
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ay; 'peansu! Apedoid ey} (p) :Ao!!od ey; jo }unowe ey; (0) :paansu! s)ls!J ey; (q) :JeJnsul ay; jo ewBu ey; (8) :Bulmoys eouBJnsu! jo Ao!!od Bunsixe
yoga uo podei a Jepuel o; ysluanj Heys J01UBJ0 'JBBA a eouo uey! aaow ;ou Jenemoy 'Jepual jo ;senbei uodn •eouemsul uo podaa s,JOIueJO
'sseupe }gepu! 6ui ;six- ey; jo Jeploy ey; o; algeAed ;ou speaooad eau
;o uoipod uey} o; Apo Aidde Heys speaooad jo uolslnlp Jo; a6eBpow sly; u! suolslnoad ey; 'ssol uo algeAed ewooaq eOUBJnsu! ey' W0Jj speaooad
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suolslnoad eouBJnsul ey} ynm eouBHdwoo a ;np;suoo Heys sseupe ;gepu! BunsIx3 yons Bupuepina ;uewna }sul ey; uI pain$ ;uoo suolslnoad eouBJnsu!
ay' y ;lm aOuBHdwoo `pane u! s! moieq peglaosep ssaupa ;gepu) 6uI ;slx3 Aug yoiym u! polled ay' Bupna 'sseupa;gapul (lupin yulm aouelldwo0
'Apedoid yons Jo lies eansoloeJoj Auer 'e Jo 'e6e6poW sly; jo suolslnoad ey; Jepun play eies Jey ;o JO eies s,ee;snJ; Aug is a6eBpow
sly; Aq paaanoo ApedoJd ey' io JesByoJnd ey} 'o; ssed pus 'jo njeueq ey; o; emu! Heys eOUeJnsu! pendxeun Auy 'ales le aauemsu! paiidxeun
'mime o; pled eq !lays speaooad yons'sseupe;gepu! ey' jo Iinj UI;uewAsd Jens speaooad Aug
spiny Jepual i! •sseupe }gepui eyj jo eousisg ladlau!Jd sy; o} pellddu eq Heys 'Aug j! 'Jepulewea ay' puB ;seJe ;u! penJOOB Aed o; uey' 'e6eB ;JoW
sly; Jepun iepue o; BUIMO }unowe Aue Aed o; !sill pesn eq Hugs Apedoid ay} ;o uol ;BJO ;seJ JO nuclei ey; o; penlwwoo jou sBy Jepuel yalym
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speaooad ey; Aidde 'uoi ;oeie s le 'Aew Jepuei 'pOJ!Bdwl sI Al!Jnoes s,Jepuel jou JO Je4 la4M 'Ajlenseo eau jo sAep (g}) ueeuii4 U!4M os op o; Re;
Jo ;uBJO sso! 10 paid elm Amu Japuel •ApedoJd 0y; o; e68wep JO sso! Aue 10 Jepuel Anjou Andwoad iieys Jo ;u8JO •speeo0Jd jo uo;;eo;;ddy
•usoi ay; jo wee; ey; JO) eauBJnsu! yons ule ;uisw o; pus 'Jepuel Aq peJlnbei eslMJey ;o
Se JO 'WBJ6OJd eauBJnsul pooed !aura” eyl Jepun ;es sip!! Aollod wnwlxyw ey; o; do 'uBO! ey ;o eauBieq IedpulJd plydun 11n1 ey; JO) OOUBJnsul
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05 -22 -2000
Loan No 61009543 Sti ;i`
MORTGAGE Page 4
(Continued)
3?
FURTHER ASSURANCES; ATTORNEY -IN -FACT. The following provisions relating to further assurances and attorney -in -fact are a part of this
Mortgage.
Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as the case may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates,
and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or
preserve (a) the obligations of Grantor and Borrower under the Note, this Mortgage, and the Related Documents, and (b) the liens and security
interests created by this Mortgage on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or agreed to
the contrary by Lender in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in
this paragraph.
Attorney -In -Fact. If Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney -In -fact for the purpose
of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to
accomplish the matters referred to in the preceding paragraph.
FULL PERFORMANCE. If Borrower pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this
Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing
statement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable taw, any
reasonable termination fee as determined by Lender from time to time.
DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default "Event of Default under this Mortgage:
Default on Indebtedness. Failure of Borrower to make any payment when due on the Indebtedness.
Default on Other Payments. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge of any lien.
Compliance Default. Failure of Grantor or Borrower to comply with any other term, obligation, covenant or condition contained in this Mortgage,
the Note or in any of the Related Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor or Borrower under thls
Mortgage, the Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished.
Defective Collateralizatlon. This Mortgage or any of the Related Documents ceases to be in full force and effect (including failure of any collateral
documents to create a valid and perfected security interest or lien) at any time and for any reason.
Insolvency. The dissolution or termination of Grantor or Borrower's existence as a going business, the insolvency of Grantor or Borrower, the
appointment of a receiver for any part of Grantor or Borrower's property, any assignment for the benefit of creditors, any type of creditor workout,
or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor or Borrower.
Foreclosure, Forfeiture, etc. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help, repossession or
any other method, by any creditor of Grantor or by any governmental agency against any of the Property. However, this subsection shall not apply
in the event of a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the foreclosure or forefeiture
proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surety bond for the claim satisfactory to
Lender.
Breach of Other Agreement. Any breach by Grantor or Borrower under the terms of any other agreement between Grantor or Borrower and
Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or
other obligation of Grantor or Borrower to Lender, whether existing now or later.
Existing Indebtedness. A default shall occur under any Existing Indebtedness or under any instrument on the Property securing any Existing
Indebtedness, or commencement of any suit or other action to foreclose any existing lien on the Property.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies
or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Lender, at its option, may, but
shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory
to Lender, and, in doing so, cure the Event of Default.
Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or
performance of the Indebtedness Is impaired.
Insecurity. Lender in good faith deems itself insecure.
Right to Cure. If such a failure is curable and if Grantor or Borrower has not been given a notice of a breach of the same provision of this
Mortgage within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Grantor or Borrower, after
Lender sends written notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b) if the cure requires more than
fifteen (15) days, immediately initiates steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary
steps sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter but subject to any limitation in the
Note or any limitation in this Mortgage, Lender, at its option, may exercise any one or more of the following rights and remedies, in addition to any other
rights or remedies provided by law:
Accelerate Indebtedness. Lender shall have the right at its option without notice to Borrower to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Borrower would be required to pay.
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Grantor or Borrower, to take possession of the Property, including during the
pendency of foreclosure, whether judicial or non judicial, and collect the Rents, including amounts past due and unpaid, and apply the net
proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of
the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates
Lender as Grantor's attorney -in -fact to endorse instruments received in payment thereof in the name of Grantor and to negotiate the same and
collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the
payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in
person, by agent, or through a receiver.
Appoint Receiver. Lender shall have the right to have a receiver appointed to take possession of all or any part of the Property, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond if permitted by law.
Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.
Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property.
NonJudiclal Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by nonjudicial sale, and specifically by "power of
sale" or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to
Lender after application of all amounts received from the exercise of the rights provided in this section.
Tenancy at Sufferance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of
the Property and shall, at Lender's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the Property immediately
upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property. To the extent permitted by applicable law, Grantor or Borrower hereby waive any and all right to have the property
marshalled. In exercising its rights and remedies, Lender shall be free to sell all or any part of the Property together or separately, in one sale or by
separate sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property.
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