Fill and Sign the Mortgage Securing Guaranty of Performance of Lease

Mortgage This Mortgage (Security Instrument) is given on _______________________ (date) . The Mortgagor is _____________________________ (Name of Mortgagor) of _______________ ____________________________________________________________________________ (street address, city, county, state, zip code) , hereinafter sometimes referred to as Guarantor . This Security Instrument is given to ______________________________ (Name of Guarantee) , a corporation organized and existing under the laws of _____________________ (State) , and whose address is ____________________________________________________ ____________________________ (street address, city, county, state, zip code) , hereinafter sometimes referred to as Guarantee . Guarantor has guaranteed performance of that certain Lease Agreement covering Property located at ______________________________________ _______________________________ (street address, city, county, state, zip code) , and a c opy of said Guaranty of Performance is attached hereto as Exhibit A . This Security Instrument secures to Guarantee that Guaranto r will abide by and perform the Guaranty of Performance and abide by the terms of said Lease Agreement. For this purpose, Guarantor does now mortgage, grant, and convey to Guarantee the Property located at _______________________ ____________________________________________________________________________ (street address, city, county, state, zip code) , and being more particularly described as: Legal Description ____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________ Together with all the improvements now or to be erected on the Property , and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock, and all fixtures now or to become a part of the Property . All replacements and additions shall also be covered by this Security Instrument . All of the foregoing is referred to in this Security Instrument as the Property . Guarantor covenants that Guarantor is lawfully seized of the estate conveyed by this Security Instrument and has the right to mortgage, grant, and convey the Property and that the Property is unencumbered, except for encumbrances of record. Guarantor warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. Guarantor and Guarantee covenant and agree as follows: 1. Guarantor shall abide by the terms of said Lease Agreement and Guaranty of Performance. 2. Guarantor shall pay or cause to be paid when due all taxes and assessments that may attain priority over this Security Instrument and shall provide proof of payment of same to Guarantee in a form acceptable to Guarantee. 3. Guarantor shall pay or cause to be paid all taxes, assessments, charges, fines, and impositions attributable to the Property that may attain priority over this Security Instrument and shall provide proof of payment of same to Guarantee in a form acceptable to Guarantee. Guarantor shall promptly discharge any lien that has priority over this Security Instrument unless Guarantor : (a) agrees in writing to the payment of the obligations secured by the lien in a manner acceptable to Guarantee ; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Guarantee 's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property ; or (c) secures from the holder of the lien an agreement satisfactory to Guarantee subordinating the lien to this Security Instrument . If Guarantee determines that any part of the Property is subject to a lien that may attain priority over this Security Instrument , Guarantee may give Guarantor a notice identifying the lien. Guarantor shall satisfy the lien or take one or more of the actions set forth above within (number) days of the giving of notice. 4. Guarantor shall keep or cause to be kept the improvements now existing or to be erected on the Property insured against loss by fire, hazards included within the term extended coverage, and any other hazards for which Guarantee requires insurance. This insurance shall be maintained in the amounts and for the periods that Guarantee requires. The insurance carrier providing the insurance shall be chosen by Guarantor subject to Guarantee 's approval which shall not be withheld unreasonably. Guarantor shall provide proof of payment of same to Guarantee in a form acceptable to Guarantee. All insurance policies and renewals shall be acceptable to Guarantee and shall include a standard mortgage clause. In the event of loss, Guarantor shall give prompt notice to the insurance carrier and Guarantee . Guarantee may make proof of loss if not made promptly by Guarantor . Unless Guarantee and Guarantor otherwise agree in writing, insurance proceeds shall be applied to the restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Guarantee 's security is not lessened. If the restoration or repair is not economically feasible or Guarantee 's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument , whether or not then due, with any excess paid to Guarantor . If Guarantor abandons the Property , or does not answer within ________ (number) days a notice from Guarantee that the insurance carrier has offered to settle a claim, then Guarantee may collect the insurance proceeds. Guarantee may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument , whether or not then due. The ______ (number) period will begin when the notice is given. 6. If under Section 17 the Property is acquired by Guarantee , Guarantor 's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Guarantee to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 7. Guarantor shall not destroy, damage, or substantially change the Property , allows the Property to deteriorate, or commit waste. 8. If Guarantor fails to perform the covenants and agreements contained in this Security Instrument , or there is a legal proceeding that may significantly affect Guarantee 's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation, or to enforce laws or regulations), then Guarantee may do and pay for whatever is necessary to protect the value of the Property and Guarantee 's rights in the Property . Guarantee 's actions may include paying any sums secured by a lien that has priority over this Security Instrument , appearing in court, paying reasonable attorney's fees, and entering on the Property to make repairs. Although Guarantee may take action under this paragraph, Guarantee does not have to do so. Any amounts disbursed by Guarantee under this Section 8 shall become debt of Guarantor secured by this Security Instrument . Unless Guarantor and Guarantee agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the note rate and shall be payable, with interest, on notice from Guarantee to Guarantor requesting payment. 9. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property , or for a conveyance in lieu of condemnation, are assigned and shall be paid to Guarantee . In the event of a total taking of the Property , the proceeds shall be applied to the sums secured by this Security Instrument , whether or not then due, with any excess paid to Guarantor . In the event of a partial taking of the Property , unless Guarantor and Guarantee otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Guarantor . If the Property is abandoned by Guarantor , or if, after notice by Guarantee to Guarantor that the condemnor offers to make an award or settle a claim for damages, Guarantor fails to respond to Guarantee within _______ (number) days after the date the notice is given, Guarantee is authorized to collect and apply the proceeds, at its option, either to the restoration or repair of the Property or to the sums secured by this Security Instrument , whether or not then due. 10. If the enactment or expiration of applicable laws has the effect of rendering any provision of the note or this Security Instrument unenforceable according to its terms, Guarantee , at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by Section 17. If Guarantee exercises this option, Guarantee shall take the steps specified in the second paragraph of Section Seventeen. 11. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 12. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. If any provision or clause of this Security Instrument or the Guaranty of Performance conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the note are declared to be severable. 13. Guarantor shall be given one conformed copy of the Guaranty of Payment and of this Security Instrument . 14. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 15. The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 16. If Guarantor meets certain conditions, Guarantor shall have the right to have the enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) _______ (number) days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument ; or (b) entry of a judgment enforcing this Security Instrument . Those conditions are that Guarantor : (a) pays Guarantee all sums that then would be due under this Security Instrument and the Guaranty of Performance had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument , including, but not limited to, reasonable attorney's fees; and (d) takes such action as Guarantee may reasonably require to assure that the lien of this Security Instrument , Guarantee 's rights in the Property , and Guarantor 's obligation to pay the sums secured by this Security Instrument shall continue unchanged. On reinstatement by Guarantor , this Security Instrument and the obligations secured by it shall remain fully effective as if no acceleration had occurred. 17. Guarantee shall give notice to Guarantor prior to acceleration following Guarantor 's breach of any covenant or agreement in this Security Instrument . The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than _____ (number) days from the date the notice is given to Guarantor , by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property . The notice shall further inform Guarantor of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Guarantor to acceleration and sale. If the default is not cured on or before the date specified in the notice, Guarantee at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Guarantee shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph, including, but not limited to, reasonable attorney's fees and the costs of title evidence. If Guarantee invokes the power of sale, Guarantee shall give notice of sale in the manner prescribed by applicable law to Guarantor and to the other persons prescribed by applicable law. Guarantee shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Guarantee or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney's fees; (b) to all sums secured by this Security Instrument ; and (c) any excess to the clerk of the circuit court of the county in which the sale is held. 18. On acceleration under Section 17 , or abandonment of the Property , and at any time prior to the expiration of any period of redemption following sale of the Property , Guarantee (in person, by agent, or by judicially appointed receiver) shall be entitled to enter on, take possession of, and manage the Property and to collect the rents of the Property including those past due. Any rents collected by Guarantee or the receiver shall be applied first to the payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds, and reasonable attorney's fees, and then to the sums secured by this Security Instrument . 19. On expiration of the Lease secured by said Guaranty of Performance and payment of all sums secured by this Security Instrument , Guarantee shall release this Security Instrument without charge to Guarantor . Guarantor shall pay any recordation costs. 20. In the event of foreclosure or any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. WITNESS our signatures as of the day and date first above stated. ___________________________________ (Name of Guarantee) _____________________________ By: ______________________________ (P rinted name) _________________________________ (P rinted name & Office in Corporation) ______________________________ _______________________________ (Signature of Guarantor) (Signature of Officer) (Form of acknowledgement may vary according to jurisdiction) State of ___________________ ss. County of _________________ This instrument was acknowledged before me on _______________________ (date) by ___________________________________ (name of person acknowledging instrument) . ___________________________________________________ Name and Signature of Notary My Commission Expires: Seal ________________________ (Date of Expiration) State of __________________ ss. County of _________________ This instrument was acknowledged before me on ______________________ (date) b y _________________________________ (name of person acknowledging instrument) as (e.g., President) ______________________ of ____________________________________ (Name of Corporation) . _____________________________________________ Name and Signature of Notary My Commission Expires: Seal ________________________ (Date of Expiration)