CEDAR-FRANKLIN VILLAGE LLC, a Delaware limited liability company, as mortgagor (Borrower) to EUROHYPO AG, NEW YORK BRANCH, as mortgagee (Lender) MORTGAGE AND SECURITY AGREEMENT Dated: As of November 1, 2004 Location: Franklin, Massachusetts County:...
Exhibit 10.3
CEDAR-FRANKLIN VILLAGE LLC,
a Delaware limited liability company, as mortgagor
(Borrower)
a Delaware limited liability company, as mortgagor
(Borrower)
to
EUROHYPO AG, NEW YORK BRANCH, as mortgagee
(Lender)
(Lender)
MORTGAGE AND
SECURITY AGREEMENT
SECURITY AGREEMENT
Dated: As of November 1, 2004
Location: Franklin, Massachusetts
County: Norfolk
Location: Franklin, Massachusetts
County: Norfolk
PREPARED BY AND UPON
RECORDATION RETURN TO:
RECORDATION RETURN TO:
Cadwalader, Xxxxxxxxxx & Xxxx LLP
000 Xxxxxx Xxxx
Xxx Xxxx, Xxx Xxxx 000000
Attention: Xxxxxxx X. Xxxxxxxxx, Esq.
Facsimile No.: (000) 000-0000
000 Xxxxxx Xxxx
Xxx Xxxx, Xxx Xxxx 000000
Attention: Xxxxxxx X. Xxxxxxxxx, Esq.
Facsimile No.: (000) 000-0000
THIS MORTGAGE AND SECURITY AGREEMENT (this “SECURITY INSTRUMENT”) is made as of this 1st day
of November, 2004, by CEDAR-FRANKLIN VILLAGE LLC, a Delaware limited liability company, having its
principal place of business at c/o Cedar Shopping Centers Partnership, L.P., 00 Xxxxx Xxxxxx
Xxxxxx, Xxxxx 000, Xxxx Xxxxxxxxxx, XX 00000, as mortgagor (“BORROWER”) for the benefit of EUROHYPO
AG, NEW YORK BRANCH, the New York branch of a German banking corporation, having an address at 1114
Avenue of the Americas, Xxxxxx-Xxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, as mortgagee (“LENDER”).
WITNESSETH:
WHEREAS, this Security Instrument is given to secure a loan (the “LOAN”) in the principal sum
of FORTY-THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($43,500,000.00) pursuant to that
certain Loan Agreement dated as of the date hereof between Borrower and Lender (as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time, the “LOAN
AGREEMENT”) and evidenced by that certain Promissory Note dated the date hereof made by Borrower to
Lender (such Note, together with all extensions, renewals, replacements, restatements or
modifications thereof being hereinafter referred to as the “NOTE”);
WHEREAS, Borrower desires to secure the payment of the Debt (as defined in the Loan Agreement)
and the performance of all of its obligations under the Note, the Loan Agreement and the other Loan
Documents; and
WHEREAS, this Security Instrument is given pursuant to the Loan Agreement, and payment,
fulfillment, and performance by Borrower of its obligations thereunder and under the other Loan
Documents are secured hereby, and each and every term and provision of the Loan Agreement and the
Note, including the rights, remedies, obligations, covenants, conditions, agreements, indemnities,
representations and warranties of the parties therein, are hereby incorporated by reference herein
as though set forth in full and shall be considered a part of this Security Instrument (the Loan
Agreement, the Note, this Security Instrument, that certain Assignment of Leases and Rents of even
date herewith made by Borrower in favor of Lender (the “ASSIGNMENT OF LEASES”) and all other
documents evidencing or securing the Debt or delivered in connection with the making of the Loan
are hereinafter referred to collectively as the “LOAN DOCUMENTS”).
NOW THEREFORE, in consideration of the making of the Loan by Lender and the covenants,
agreements, representations and warranties set forth in this Security Instrument:
Article 1 — GRANTS OF SECURITY
Section 1.1 PROPERTY MORTGAGED. Borrower does hereby irrevocably mortgage, grant, bargain,
sell, pledge, assign, warrant, transfer and convey to Lender and its successors and
assigns the following property, rights, interests and estates now owned, or hereafter acquired
by Borrower (collectively, the “PROPERTY”): \
(a) Land. The real property described in Exhibit A attached hereto and made a part hereof (the
“LAND”);
(b) Additional Land. All xxxxxxxxxx xxxxx, xxxxxxx and development rights hereafter acquired
by Borrower for use in connection with the Land and the development of the Land and all additional
lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be
expressly made subject to the lien of this Security Instrument;
(c) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter erected or located on the
Land (collectively, the “IMPROVEMENTS”);
(d) Easements. All easements, rights-of-way or use, rights, strips and
gores of land, streets,
ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and
development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes,
tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter
belonging, relating or pertaining to the Land and the Improvements and the reversion and
reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue,
opened or proposed, in front
of or adjoining the Land, to the center line thereof and all the estates, rights, titles,
interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim
and demand whatsoever, both at law and in equity, of Borrower of, in and to the Land and the
Improvements and every part and parcel thereof, with the appurtenances thereto;
(e) Equipment. All “equipment,” as such term is defined in Article 9 of the Uniform Commercial
Code (as hereinafter defined), now owned or hereafter acquired by Borrower, which is used at or in
connection with the Improvements or the Land or is located thereon or therein (including, but not
limited to, all machinery, equipment, furnishings, and electronic data-processing and other office
equipment now owned or hereafter acquired by Borrower and any and all additions, substitutions and
replacements of any of the foregoing), together with all attachments, components, parts, equipment
and accessories installed thereon or affixed thereto (collectively, the “EQUIPMENT”).
Notwithstanding the foregoing, Equipment shall not include any property belonging to tenants under
leases except to the extent that Borrower shall have any right or interest therein;
(f) Fixtures. All Equipment now owned, or the ownership of which is hereafter acquired, by
Borrower which is so related to the Land and Improvements forming part of the Property that it is
deemed fixtures or real property under the law of the particular state in which the Equipment is
located, including, without limitation, all building or construction materials intended for
construction, reconstruction, alteration or repair of or installation on the Property, construction
equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items
now or hereafter attached to, installed in or used in connection with (temporarily or permanently)
any of the Improvements or the Land, including, but not limited to, engines, devices for the
operation of pumps, pipes, plumbing, cleaning, call and sprinkler systems, fire extinguishing
apparatuses and equipment, heating, ventilating, plumbing,
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laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas
and electric machinery, appurtenances and equipment, pollution control equipment, security systems,
disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all
kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment
(whether owned individually or jointly with others, and, if owned jointly, to the extent of
Borrower’s interest therein) and all other utilities whether or not situated in easements, all
water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other
structures, together with all accessions, appurtenances, additions, replacements, betterments and
substitutions for any of the foregoing and the proceeds
thereof (collectively, the “FIXTURES”). Notwithstanding the foregoing, “Fixtures” shall not include
any property which tenants are entitled to remove pursuant to leases except to the extent that
Borrower shall have any right or interest therein;
(g) Personal Property. All furniture, furnishings, objects of art, machinery, goods, tools,
supplies, appliances, general intangibles, contract rights, accounts, accounts receivable,
franchises, licenses, certificates and permits, and all other personal property of any kind or
character whatsoever (as defined in and subject to the provisions of the Uniform Commercial Code as
hereinafter defined), other than Fixtures, which are now or hereafter owned by Borrower and which
are located within or about the Land and the Improvements, together with all accessories,
replacements and substitutions thereto or therefor and the proceeds thereof (collectively, the
“PERSONAL PROPERTY”), and the right, title and interest of Borrower in and to any of the Personal
Property which may be subject to any security interests, as defined in the Uniform Commercial Code,
as adopted and enacted by the state or states where any of the Property is located (the “UNIFORM
COMMERCIAL CODE”), superior in lien to the lien of this Security Instrument and all proceeds and
products of the above;
(h) Leases and Rents. All leases and other agreements affecting the use, enjoyment or
occupancy of the Land and the Improvements heretofore or hereafter entered into, whether before or
after the filing by or against Borrower of any petition for relief
under 11 U.S.C. § 101 et seq.,
as the same may be amended from time to time (the “BANKRUPTCY CODE”) (collectively, the “LEASES”)
and all right, title and interest of Borrower, its successors and assigns therein and thereunder,
including, without limitation, cash or securities deposited thereunder to secure the performance by
the lessees of their obligations thereunder and all rents, additional rents, revenues, issues and
profits (including all oil and gas or other mineral royalties and bonuses) from the Land and the
Improvements whether paid or accruing before or after the filing by or against Borrower of any
petition for relief under the Bankruptcy Code (collectively, the “RENTS”) and all proceeds from the
sale or other disposition of the Leases and the right to receive and apply the Rents to the payment
of the Debt;
(i) Condemnation Awards. All awards or payments, including interest thereon, which may
heretofore and hereafter be made with respect to the Property, whether from the exercise of the
right of eminent domain (including but not limited to any transfer made in lieu of or in
anticipation of the exercise of the right), or for a change of grade, or for any other injury to or
decrease in the value of the Property;
(j) Insurance Proceeds. All proceeds in respect of the Property under any insurance policies
covering the Property, which are required by Lender under the Loan Agreement, including, without
limitation, the right to receive and
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apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for
damage to the Property;
(k) Tax Certiorari. All refunds, rebates or credits in connection with reduction in real
estate taxes and assessments charged against the Property as a result of tax certiorari or any
applications or proceedings for reduction;
(l) Rights. The right, in the name and on behalf of Borrower, to appear in and defend any
action or proceeding brought with respect to the Property and to commence any action or proceeding
to protect the interest of Lender in the Property;
(m) Agreements. All agreements, contracts, certificates, instruments, franchises, permits,
licenses, plans, specifications and other documents, now or hereafter entered into, and all rights
therein and thereto, respecting or pertaining to the use, occupation, construction, management or
operation of the Land and any part thereof and any Improvements or respecting any business or
activity conducted on the Land and any part thereof and all right, title and interest of Borrower
therein and thereunder, including, without limitation, the right, upon the happening of any default
hereunder, to receive and collect any sums payable to Borrower thereunder;
(n) Trademarks. All tradenames, trademarks, servicemarks, logos, copyrights, goodwill, books
and records and all other general intangibles relating to or used in connection with the operation
of the Property;
(o) Proceeds. All proceeds of any of the foregoing, including, without limitation, proceeds of
insurance and condemnation awards, whether cash, liquidation or other claims or otherwise; and
(p) Other Rights. Any and all other rights of Borrower in and to the items set forth in
Subsections (a) through (o) above.
AND without limiting any of the other provisions of this Security Instrument, to the extent
permitted by applicable law, Borrower expressly grants to Lender, as secured party, a security
interest in the portion of the Property which is or may be subject to the provisions of the Uniform
Commercial Code which are applicable to secured transactions; it being understood and agreed that
the Improvements and Fixtures are part and parcel of the Land (the Land, the Improvements and the
Fixtures collectively referred to as the “REAL PROPERTY”) appropriated to the use thereof and,
whether affixed or annexed to the Real Property or not, shall for the purposes of this Security
Instrument be deemed conclusively to be real estate and mortgaged hereby.
Section 1.2 ASSIGNMENT OF RENTS. Borrower hereby absolutely and unconditionally assigns to
Lender all of Borrower’s right, title and interest in and to all current and future Leases and
Rents; it being intended by Borrower that this assignment constitutes a present, absolute
assignment and not an assignment for additional security only. Nevertheless, subject to the terms
of the Assignment of Leases and Section 7.1(h) of this Security Instrument, Lender grants to
Borrower a revocable license to collect, receive, use and enjoy the Rents. Borrower shall hold the
Rents, or a portion thereof sufficient to
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discharge all current sums due on the Debt, for use in the payment of such sums.
Section 1.3 SECURITY AGREEMENT. This Security Instrument is both a real property mortgage and
a “security agreement” within the meaning of the Uniform Commercial Code. The Property includes
both real and personal property and all other rights and interests, whether tangible or intangible
in nature, of Borrower in the Property. By executing and delivering this Security Instrument,
Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security
interest in the Fixtures, the Equipment, the Personal Property and other property constituting the
Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other
property may be subject to the Uniform Commercial Code (said portion of the Property so subject to
the Uniform Commercial Code being called the “COLLATERAL”). If an Event of Default shall occur and
be continuing, Lender, in addition to any other rights and remedies which it may have, shall have
and may exercise immediately and without demand, any and all rights and remedies granted to a
secured party upon default under the Uniform Commercial Code, including, without limiting the
generality of the foregoing, the right to take
possession of the Collateral or any part thereof, and to take such other measures as Lender may
deem necessary for the care, protection and preservation of the Collateral. Upon request or demand
of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall,
at its expense, assemble the Collateral and make it available to Lender at a convenient place (at
the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on
demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or
paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder
with respect to the Collateral after the occurrence and during the continuance of an Event of
Default. Any notice of sale, disposition or other intended action by Lender with respect to the
Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business
days prior to such action, shall, except as otherwise provided by applicable law, constitute
reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part
thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment
of the Debt in such priority and proportions as Lender in its discretion shall deem proper. The
principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address
of Lender (Secured Party) is as set forth on page one hereof.
Section 1.4 FIXTURE FILING. Certain of the Property is or will become “fixtures” (as that term
is defined in the Uniform Commercial Code) on the Land, described or referred to in this Security
Instrument, and this Security Instrument, upon being filed for record in the real estate records of
the city or county wherein such fixtures are situated, shall operate also as a financing statement
filed as a fixture filing in accordance with the applicable provisions of said Uniform Commercial
Code upon such of the Property that is or may become fixtures.
Section 1.5 PLEDGES OF MONIES HELD. Borrower hereby pledges to Lender any and all monies now
or hereafter held by Lender or on behalf of Lender in connection with the Loan, including, without
limitation, any sums deposited in the Accounts (as defined in the Cash Management Agreement) and
Net Proceeds, as additional security for the Obligations until expended or applied as provided in
this Security Instrument.
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CONDITIONS TO GRANT
TO HAVE AND TO HOLD the above granted and described Property unto and to the use and benefit
of Lender and its successors and assigns, forever;
PROVIDED, HOWEVER, these presents are upon the express condition that, if Borrower shall well
and truly pay to Lender the Debt at the time and in the manner provided in the Note, the Loan
Agreement and this Security Instrument, shall well and truly perform the Other Obligations as set
forth in this Security Instrument and shall well and truly abide by and comply with each and every
covenant and condition set forth herein and in the Note, the Loan Agreement and the other Loan
Documents, these presents and the estate hereby granted shall cease, terminate and be void;
provided, however, that Borrower’s obligation to indemnify and hold harmless Lender pursuant to the
provisions hereof shall survive any such payment or release.
Article 2 — DEBT AND OBLIGATIONS SECURED
Section 2.1 DEBT. This Security Instrument and the grants, assignments and transfers made in
Article 1 are given for the purpose of securing the Debt.
Section 2.2 OTHER OBLIGATIONS. This Security Instrument and the grants, assignments and
transfers made in Article 1 are also given for the purpose of securing the following (the “OTHER
OBLIGATIONS”):
(a) the performance of all other obligations of Borrower contained herein;
(b) the performance of each obligation of Borrower contained in the Loan Agreement and any
other Loan Document; and
(c) the performance of each obligation of Borrower contained in any renewal, extension,
amendment, modification, consolidation, change of, or substitution or replacement for, all or any
part of the Note, the Loan Agreement or any other Loan Document.
Section 2.3 DEBT AND OTHER OBLIGATIONS. Borrower’s obligations for the payment of the Debt and
the performance of the Other Obligations shall be referred to collectively herein as the
“OBLIGATIONS.”
Article 3 — BORROWER COVENANTS
Borrower covenants and agrees that:
Section 3.1 PAYMENT OF DEBT. Borrower will pay the Debt at the time and in the manner provided
in the Loan Agreement, the Note and this Security Instrument.
Section 3.2 INCORPORATION BY REFERENCE. All the covenants, conditions and agreements contained
in (a) the Loan Agreement, (b) the Note and (c) all and any of the other Loan Documents, are hereby
made a part of this Security
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Instrument to the same extent and with the same force as if fully set forth herein.
Section 3.3 INSURANCE. Borrower shall obtain and maintain, or cause to be maintained, in full
force and effect at all times, insurance with respect to Borrower and the Property in the form and
amounts as required pursuant to the Loan Agreement.
Section 3.4 MAINTENANCE OF PROPERTY. Borrower shall cause the Property to be maintained in a
good and safe condition and repair. Subject to the Loan Agreement, the Improvements, the Fixtures,
the Equipment and the Personal Property shall not be removed, demolished or materially altered
(except for normal replacement of the Fixtures, the Equipment or the Personal Property, tenant
finish and refurbishment of the Improvements) without the consent of Lender. Subject to the Loan
Agreement, Borrower shall promptly repair, replace or rebuild any part of the Property which may be
destroyed by any Casualty or become damaged, worn or dilapidated or which may be affected by any
Condemnation, and shall complete and pay for any structure at any time in the process of
construction or repair on the Land.
Section 3.5 WASTE. Borrower shall not commit or suffer any physical waste of the Property or
make any change in the use of the Property which will in any way materially increase the risk of
fire or other hazard arising out of the operation of the Property, or take any action that might
invalidate or allow the cancellation of any Policy, or do or permit to be done thereon anything
that may in any way materially impair the value of the Property or the security of this Security
Instrument. Borrower will not, without the prior written consent of Lender, permit any drilling or
exploration for or extraction, removal, or production of any minerals from the surface or the
subsurface of the Land, regardless of the depth thereof or the method of mining or extraction
thereof.
Section 3.6 PAYMENT FOR LABOR AND MATERIALS. (a) Borrower will promptly pay when due all bills
and costs for labor, materials, and specifically fabricated materials (“LABOR AND MATERIAL COSTS”)
incurred in connection with the Property and never permit to exist beyond the due date thereof in
respect of the Property or any part thereof any lien or security interest, even though inferior to
the liens and the security interests hereof, and in any event never permit to be created or exist
in respect of the Property or any part thereof any other or additional lien or security interest
other than the liens or security interests hereof except for the Permitted Encumbrances.
(b) After prior written notice to Lender, Borrower, at its own expense, may contest by
appropriate legal proceeding, promptly initiated and conducted in good faith and with due
diligence, the amount or validity or application in whole or in part of any of the Labor and
Material Costs, provided that (i) no Event of Default has occurred and is continuing under the Loan
Agreement, the Note, this Security Instrument or any of the other Loan Documents, (ii) Borrower is
permitted to do so under the provisions of any other mortgage, deed of trust or deed to secure debt
affecting the Property, (iii) such proceeding shall suspend the collection of the Labor and
Material Costs from Borrower and from the Property or Borrower shall have paid all of the Labor and
Material Costs under protest, (iv) such proceeding shall be permitted under and be conducted in
accordance with the provisions of any other instrument to which Borrower is subject and shall not
constitute a default thereunder, (v) neither the Property nor any part thereof or interest therein
will be in danger of being sold,
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forfeited, terminated, canceled or lost, and (vi) Borrower shall have furnished the security
as may be required in the proceeding, or as may be reasonably requested by Lender to insure the
payment of any contested Labor and Material Costs, together with all interest and penalties
thereon.
Section 3.7 PERFORMANCE OF OTHER AGREEMENTS. Borrower shall observe and perform each and every
term, covenant and provision to be observed or performed by Borrower pursuant to the Loan
Agreement, any other Loan Document and any other agreement or recorded instrument affecting or
pertaining to the Property and any amendments, modifications or changes thereto.
Section 3.8 CHANGE OF NAME, IDENTITY OR STRUCTURE. Borrower shall not change Borrower’s name,
identity (including its trade name or names) or, if not an individual, Borrower’s corporate,
partnership or other structure without first (a) notifying Lender of such change in writing at
least thirty (30) days prior to the effective date of such change, (b) taking all action required
by Lender for the purpose of perfecting or protecting the lien and security interest of Lender and
(c) in the case of a change in Borrower’s structure, without first obtaining the prior written
consent of Lender; provided, however that in connection with any such change in Borrower’s name or
corporate identity Borrower shall have no obligation to pay to Lender a transfer fee. Borrower
shall promptly notify Lender in writing of any change in its organizational identification number.
If Borrower does not now have an organizational identification number and later obtains one,
Borrower shall promptly notify Lender in writing of such organizational identification number.
Borrower shall execute and deliver to Lender, prior to or contemporaneously with the effective date
of any such change, any financing statement or financing statement change required by Lender to
establish or maintain the validity, perfection and priority of the security interest granted
herein. At the request of Lender, Borrower shall execute a certificate in form satisfactory to
Lender listing the trade names under which Borrower intends to operate the Property, and
representing and warranting that Borrower does business under no other trade name with respect to
the Property.
Article 4 — OBLIGATIONS AND RELIANCES
Section 4.1 RELATIONSHIP OF BORROWER AND LENDER. The relationship between Borrower and Lender
is solely that of debtor and creditor, and Lender has no fiduciary or other special relationship
with Borrower, and no term or condition of any of the Loan Agreement, the Note, this Security
Instrument and the other Loan Documents shall be construed so as to deem the relationship between
Borrower and Lender to be other than that of debtor and creditor.
Section 4.2 NO RELIANCE ON LENDER. The general partners, members, principals and (if Borrower
is a trust) beneficial owners of Borrower are experienced in the ownership and operation of
properties similar to the Property, and Borrower and Lender are relying solely upon such expertise
and business plan in connection with the ownership and operation of the Property. Borrower is not
relying on Lender’s expertise, business acumen or advice in connection with the Property.
Section 4.3 NO LENDER OBLIGATIONS. (a) Notwithstanding the provisions of Subsections 1.1(h)
and (m) or Section 1.2, Lender is not undertaking the performance of (i) any obligations under the
Leases; or (ii) any obligations
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with respect to such agreements, contracts, certificates, instruments, franchises, permits,
trademarks, licenses and other documents.
(b) By accepting or approving anything required to be observed, performed or fulfilled or to
be given to Lender pursuant to this Security Instrument, the Loan Agreement, the Note or the other
Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement
of profit and loss or other financial statement, survey, appraisal, or insurance policy, Lender
shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or
effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or
affirmation with respect thereto by Lender.
Section 4.4 RELIANCE. Borrower recognizes and acknowledges that in accepting the Loan
Agreement, the Note, this Security Instrument and the other Loan Documents, Lender is expressly and
primarily relying on the truth and accuracy of the warranties and representations set forth in
Article III of the Loan Agreement without any obligation to investigate the Property and
notwithstanding any investigation of the Property by Lender; that such reliance existed on the part
of Lender prior to the date hereof, that the warranties and representations are a material
inducement to Lender in making the Loan; and that Lender would not be willing to make the Loan and
accept this Security Instrument in the absence of the warranties and representations as set forth
in Article III of the Loan Agreement.
Article 5 — FURTHER ASSURANCES
Section 5.1 RECORDING OF SECURITY INSTRUMENT, ETC. Borrower forthwith upon the execution and
delivery of this Security Instrument and thereafter, from time to time, will cause this Security
Instrument and any of the other Loan Documents creating a lien or security interest or evidencing
the lien hereof upon the Property and each instrument of further assurance to be filed, registered
or recorded in such manner and in such places as may be required by any present or future law in order
to publish notice of and fully to protect and perfect the lien or security interest hereof upon,
and the interest of Lender in, the Property. Borrower will pay all taxes, filing, registration or
recording fees, and all expenses incident to the preparation, execution, acknowledgment and/or
recording of the Note, this Security Instrument, the other Loan Documents, any note, deed of trust
or mortgage supplemental hereto, any security instrument with respect to the Property and any
instrument of further assurance, and any modification or amendment of the foregoing documents, and
all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising
out of or in connection with the execution and delivery of this Security Instrument, any deed of
trust or mortgage supplemental hereto, any security instrument with respect to the Property or any
instrument of further assurance, and any modification or amendment of the foregoing documents,
except where prohibited by law so to do.
Section 5.2 FURTHER ACTS, ETC. Borrower will, at the cost of Borrower, and without expense to
Lender, do, execute, acknowledge and deliver all and every such further acts, deeds, conveyances,
deeds of trust, mortgages, assignments, notices of assignments, transfers and assurances as Lender
shall, from time to time, reasonably require, for the better assuring, conveying, assigning,
transferring, and confirming unto Lender the property and rights hereby mortgaged, deeded, granted,
bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or intended now
or hereafter so to
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be, or which Borrower may be or may hereafter become bound to convey or assign to Lender, or
for carrying out the intention or facilitating the performance of the terms of this Security
Instrument or for filing, registering or recording this Security Instrument, or for complying with
all Legal Requirements; provided that the obligations of Borrower under the Loan Documents are not
materially increased and Borrower’s rights under the Loan Documents are not decreased. Borrower, on
demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby
authorizes Lender to execute in the name of Borrower or without the signature of Borrower to the
extent Lender may lawfully do so, one or more financing statements (including, without limitation,
initial financing statements and amendments thereto and continuation statements) with or without
the signature of Borrower as authorized by applicable law, to evidence more effectively the
security interest of Lender in the Property. Borrower also ratifies its authorization for Lender to
have filed any like initial financing statements, amendments thereto and continuation statements,
if filed prior to the date of this Security Instrument. During the continuance of an Event of
Default, Borrower grants to Lender an irrevocable power of attorney coupled with an interest for
the purpose of exercising and perfecting any and all rights and remedies available to Lender at law
and in equity, including without limitation such rights and remedies available to Lender pursuant
to this Section 5.2. To the extent not prohibited by applicable
law, Borrower hereby ratifies all acts Lender has lawfully done in the past or shall lawfully do or
cause to be done in the future by virtue of such power of attorney.
Section 5.3 CHANGES IN TAX, DEBT, CREDIT AND DOCUMENTARY STAMP LAWS. (a) If any law is enacted
or adopted or amended after the date of this Security Instrument which deducts the Debt from the
value of the Property for the purpose of taxation or which imposes a tax, either directly or
indirectly, on the Debt or Lender’s interest in the Property, Borrower will pay the tax, with
interest and penalties thereon, if any. If Lender is advised by counsel chosen by it that the
payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the
basis for a defense of usury then Lender shall have the option by written notice of not less than
one hundred twenty (120) days to declare the Debt immediately due and payable, without prepayment
penalty or premium.
(b) Borrower will not claim or demand or be entitled to any credit or credits on account of
the Debt for any part of the Taxes or Other Charges assessed against the Property, or any part
thereof, and no deduction shall otherwise be made or claimed from the assessed value of the
Property, or any part thereof, for real estate tax purposes by reason of this Security Instrument
or the Debt. If such claim, credit or deduction shall be required by law, Lender shall have the
option, by written notice of not less than one hundred twenty (120) days, to declare the Debt
immediately due and payable, without prepayment penalty or premium.
(c) If at any time the United States of America, any State thereof or any subdivision of any
such State shall require revenue or other stamps to be affixed to the Note, this Security
Instrument, or any of the other Loan Documents or impose any other tax or charge on the same,
Borrower will pay for the same, with interest and penalties thereon, if any.
Section 5.4 SPLITTING OF MORTGAGE. This Security Instrument and the Note shall, at any time
until the same shall be fully paid and satisfied, at the sole election and cost of Lender, be split
or divided into two or more notes and two or more security instruments, each of which shall cover
all or a portion of
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the Property to be more particularly described therein. To that end, Borrower, upon written
request of Lender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged
and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and
security instruments in such principal amounts, aggregating not more than the then unpaid principal
amount of the Note, and containing terms, provisions and clauses identical to those contained
herein and in the Note, and such other documents and instruments as may be required by Lender;
provided that the interest rate set forth in any notes shall be the same as the interest rate
provided in the Note, the economic terms and Maturity Date of the notes are identical to those in
the Note, the obligations of Borrower under the Loan Documents shall not be increased and
Borrower’s rights under the Loan Documents shall not be decreased.
Section 5.5 REPLACEMENT DOCUMENTS. Upon receipt of an affidavit of an officer of Lender as to
the loss, theft, destruction or mutilation of the Note or any other Loan Document which is not of
public record, and, in the case of any such mutilation, upon surrender and cancellation of such
Note or other Loan Document, Borrower will issue, in lieu thereof, a replacement Note or other Loan
Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Loan Document
in the same principal amount thereof and otherwise of like tenor.
Article 6 — DUE ON SALE/ENCUMBRANCE
Section 6.1 LENDER RELIANCE. Borrower acknowledges that Lender has examined and relied on the
experience of Borrower and its general partners, members, principals and (if Borrower is a trust)
beneficial owners in owning and operating properties such as the Property in agreeing to make the
Loan, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining
the value of the Property as security for repayment of the Debt and the performance of the Other
Obligations. Borrower acknowledges that Lender has a valid interest in maintaining the value of the
Property so as to ensure that, should Borrower default in the repayment of the Debt or the
performance of the Other Obligations, Lender can recover the Debt by a sale of the Property.
Section 6.2 NO TRANSFER . Borrower shall not permit or suffer any Transfer to occur, unless
specifically permitted by Article 8 of the Loan Agreement or unless Lender shall consent thereto in
writing.
Section 6.3 TRANSFER DEFINED. Subject to Section 8 of the Loan Agreement, as used in this
Article 6 “TRANSFER” shall mean any voluntary or involuntary sale, conveyance, mortgage, grant,
bargain, encumbrance, pledge, assignment, or transfer of: (a) all or any part of the Property or
any estate or interest therein including, but not be limited to, (i) an installment sales agreement
wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments, (ii) an
agreement by Borrower leasing all or a substantial part of the Property for other than actual
occupancy by a space tenant thereunder and its affiliates or (iii) a sale, assignment or other
transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to
any Leases or any Rents; or (b) any ownership interest in (i) Borrower or (ii) any indemnitor or
guarantor of any Obligations or (iii) any corporation, partnership, limited liability company,
trust or other entity
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owning, directly or indirectly, any interest in Borrower or any indemnitor or guarantor of any
Obligations.
Section 6.4 LENDER’S RIGHTS. Except as otherwise provided in Section 8 of the Loan Agreement,
without obligating Lender to grant any consent under Section 6.2 hereof which Lender may grant or
withhold in its sole discretion, Lender reserves the right to condition the consent required
hereunder upon (a) a modification of the terms hereof and of the Loan Agreement, the Note or the
other Loan Documents; (b) an assumption of the Loan Agreement, the Note, this Security Instrument
and the other Loan Documents as so modified by the proposed transferee, subject to the provisions
of Section 11.22 of the Loan Agreement; (c) payment of all of Lender’s expenses actually incurred
in connection with such transfer; (d) the confirmation in writing by the applicable Rating Agencies
that the proposed transfer will not, in and of itself, result in a downgrade, qualification or
withdrawal of the initial, or, if higher, then current ratings assigned in connection with any
Securitization; (e) the delivery of a nonconsolidation opinion reflecting the proposed transfer
satisfactory in form and substance to Lender; (f) the proposed transferee’s continued compliance
with the representations and covenants set forth in Section 3.1.24 and 4.2.8 of the Loan Agreement;
(g) the delivery of evidence satisfactory to Lender that the single purpose nature and bankruptcy
remoteness of Borrower, its shareholders, partners or members, as the case may be, following such
transfers are in accordance with the standards of the Rating Agencies; (h) the proposed
transferee’s ability to satisfy Lender’s then-current underwriting standards; or (i) such other
conditions as Lender shall determine in its reasonable discretion to be in the interest of Lender,
including, without limitation, the creditworthiness, reputation and qualifications of the
transferee with respect to the Loan and the Property. Lender shall not be required to demonstrate
any actual impairment of its security or any increased risk of default hereunder in order to
declare the Debt immediately due and payable upon a Transfer without Lender’s consent. This
provision shall apply to every Transfer, other than any Transfer permitted pursuant to the Loan
Agreement, regardless of whether voluntary or not, or whether or not Lender has consented to any
previous Transfer.
Article 7 — RIGHTS AND REMEDIES UPON DEFAULT
Section 7.1 REMEDIES. Upon the occurrence and during the continuance of any Event of Default,
Borrower agrees that Lender may take such action, without notice or demand, as it deems advisable
to protect and enforce its rights against Borrower and in and to the Property, including, but not
limited to, the following actions, each of which may be pursued concurrently or otherwise, at such
time and in such order as Lender may determine, in its sole discretion, without impairing or
otherwise affecting the other rights and remedies of Lender:
(a) declare the entire unpaid Debt to be immediately due and payable;
(b) institute proceedings, judicial or otherwise, for the complete foreclosure of this
Security Instrument under any applicable provision of law, in which case the Property or any
interest therein may be sold for cash or upon credit in one or more parcels or in several interests
or portions and in any order or manner;
(c) with or without entry, to the extent permitted and pursuant to the procedures provided by
applicable law, institute proceedings for the partial foreclosure of this Security Instrument for
the portion of the Debt then due and
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payable, subject to the continuing lien and security interest of this Security Instrument for
the balance of the Debt not then due, unimpaired and without loss of priority;
(d) sell for cash or upon credit the Property or any part thereof and all estate, claim,
demand, right, title and interest of Borrower therein and rights of redemption thereof, pursuant to
power of sale or otherwise, at one or more sales, as an entirety or in parcels, at such time and
place, upon such terms and after such notice thereof as may be required or permitted by law;
(e) institute an action, suit or proceeding in equity for the specific performance of any
covenant, condition or agreement contained herein, in the Note, the Loan Agreement or in the other
Loan Documents;
(f) recover judgment on the Note either before, during or after any proceedings for the
enforcement of this Security Instrument or the other Loan Documents;
(g) apply for the appointment of a receiver, trustee, liquidator or conservator of the
Property, without notice and without regard for the adequacy of the security for the Debt and
without regard for the solvency of Borrower, any guarantor, indemnitor with respect to the Loan or
of any Person liable for the payment of the Debt;
(h) the license granted to Borrower under Section 1.2 hereof shall automatically be revoked
and Lender may enter into or upon the Property, either personally or by its agents, nominees or
attorneys and dispossess Borrower and its agents and servants therefrom, without liability for
trespass, damages or otherwise and exclude Borrower and its agents or servants wholly therefrom,
and take possession of all books, records and accounts relating thereto and Borrower agrees to
surrender possession of the Property and of such books, records and accounts to Lender upon demand,
and thereupon Lender may (i) use, operate, manage, control, insure, maintain, repair, restore and
otherwise deal with all and every part of the Property and conduct the business thereat; (ii)
complete any construction on the Property in such manner and form as Lender deems advisable; (iii)
make alterations, additions, renewals, replacements and improvements to or on the Property; (iv)
exercise all rights and powers of Borrower with respect to the Property, whether in the name of
Borrower or otherwise, including, without limitation, the right to make, cancel, enforce or modify
Leases, obtain and evict tenants, and demand, xxx for, collect and receive all Rents of the
Property and every part thereof; (v) require Borrower to pay monthly in advance to Lender, or any
receiver appointed to collect the Rents, the fair and reasonable rental value for the use and
occupation of such part of the Property as may be occupied by Borrower; (vi) require Borrower to
vacate and surrender possession of the Property to Lender or to such receiver and, in default
thereof, Borrower may be evicted by summary proceedings or otherwise; and (vii) apply the receipts
from the Property to the payment of the Debt, in such order, priority and proportions as Lender
shall deem appropriate in its sole discretion after deducting therefrom all expenses (including
reasonable attorneys’ fees) incurred in connection with the aforesaid operations and all amounts
necessary to pay the Taxes, Other Charges, insurance and other expenses in connection with the
Property, as well as just and reasonable compensation for the services of Lender, its counsel,
agents and employees;
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(i) exercise any and all rights and remedies granted to a secured party upon default under the
Uniform Commercial Code, including, without limiting the generality of the foregoing: (i) the right
to take possession of the Fixtures, the Equipment and the Personal Property, or any part thereof,
and to take such other measures as Lender may deem necessary for the care, protection and
preservation of the Fixtures, the Equipment and the Personal Property, and (ii) request Borrower at
its expense to assemble the Fixtures, the Equipment and the Personal Property and make it available
to Lender at a convenient place acceptable to Lender. Any notice of sale, disposition or other
intended action by Lender with respect to the Fixtures, the Equipment and/or the Personal Property
sent to Borrower in accordance with the provisions hereof at least five (5) days prior to such
action, shall constitute commercially reasonable notice to Borrower;
(j) apply any sums then deposited or held in escrow or otherwise by or on behalf of Lender in
accordance with the terms of the Loan Agreement, this Security Instrument or any other Loan
Document to the payment of the following items in any order in its uncontrolled discretion:
(i) Taxes and Other Charges;
(ii) Insurance Premiums;
(iii) Interest on the unpaid principal balance of the Note;
(iv) intentionally omitted;
(v) All other sums payable pursuant to the Note, the Loan Agreement, this Security
Instrument and the other Loan Documents, including without limitation advances made by
Lender pursuant to the terms of this Security Instrument;
(k) pursue such other remedies as Lender may have under applicable law; or
(l) apply the undisbursed balance of any Net Proceeds Deficiency deposit, together with
interest thereon, to the payment of the Debt in such order, priority and proportions as Lender
shall deem to be appropriate in its discretion.
In the event of a sale, by foreclosure, power of sale or otherwise, of less than all of
Property, this Security Instrument shall continue as a lien and security interest on the remaining
portion of the Property unimpaired and without loss of priority.
Section 7.2 APPLICATION OF PROCEEDS. The purchase money, proceeds and avails of any
disposition of the Property, and or any part thereof, or any other sums collected by Lender
pursuant to the Note, this Security Instrument or the other Loan Documents, may be applied by
Lender to the payment of the Debt in such priority and proportions as Lender in its discretion
shall deem proper.
Section 7.3 RIGHT TO CURE DEFAULTS. Upon the occurrence and during the continuance of any
Event of Default, Lender may, but without any obligation to do so and without notice to or demand
on Borrower and without releasing Borrower from any obligation hereunder, make or do the same in
such manner and to such
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extent as Lender may deem necessary to protect the security hereof. Lender is authorized to
enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding
to protect its interest in the Property or to foreclose this Security Instrument or collect the
Debt, and the cost and expense thereof (including reasonable attorneys’ fees to the extent
permitted by law), with interest as provided in this Section 7.3, shall constitute a portion of the
Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by
Lender in remedying such Event of Default or in appearing in, defending, or bringing any such
action or proceeding shall bear interest at the Default Rate, for the period after notice from
Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and
expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be
deemed to constitute a portion of the Debt and be secured by this Security Instrument and the other
Loan Documents and shall be immediately due and payable upon demand by Lender therefor.
Section 7.4 ACTIONS AND PROCEEDINGS. Lender has the right to appear in and defend any action
or proceeding brought with respect to the Property and to bring any action or proceeding, in the
name and on behalf of Borrower, which Lender, in its discretion, decides should be brought to
protect its interest in the Property.
Section 7.5 RECOVERY OF SUMS REQUIRED TO BE PAID. Lender shall have the right from time to
time to take action to recover any sum or sums which constitute a part of the Debt as the same
become due, without regard to whether or not the balance of the Debt shall be due, and without
prejudice to the right of Lender thereafter to bring an action of foreclosure, or any other action,
for a default or defaults by Borrower existing at the time such earlier action was commenced.
Section 7.6 EXAMINATION OF BOOKS AND RECORDS. At reasonable times and upon reasonable notice,
Lender, its agents, accountants and attorneys shall have the right to examine the records, books,
management and other papers of Borrower which reflect upon its financial condition, at the Property
or at any office regularly maintained by Borrower where the books and records are located. Lender
and its agents shall have the right to make copies and extracts from the foregoing records and
other papers. In addition, at reasonable times and upon reasonable notice, Lender, its agents,
accountants and attorneys shall have the right to examine and audit the books and records of
Borrower pertaining to the income, expenses and operation of the Property during reasonable
business hours at any office of Borrower where the books and records are located. This Section 7.6
shall apply throughout the term of the Note and without regard to whether an Event of Default has
occurred or is continuing, provided that any entry and inspection hereunder shall be conducted in a
manner designed to minimize interference with Borrower or the operation of the Property.
Section 7.7 OTHER RIGHTS, ETC. (a) The failure of Lender to insist upon strict performance of
any term hereof shall not be deemed to be a waiver of any term of this Security Instrument.
Borrower shall not be relieved of Borrower’s obligations hereunder by reason of (i) the failure of
Lender to comply with any request of Borrower or any guarantor or indemnitor with respect to the
Loan to take any action to foreclose this Security Instrument or otherwise enforce any of the
provisions hereof or of the Note or the other Loan Documents, (ii) the release, regardless of
consideration, of the whole or any part of the Property, or of any person liable for the Debt or
any portion thereof, or (iii) any
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agreement or stipulation by Lender extending the time of payment or otherwise modifying or
supplementing the terms of the Note, this Security Instrument or the other Loan Documents.
(b) It is agreed that the risk of loss or damage to the Property is on Borrower, and Lender
shall have no liability whatsoever for decline in value of the Property, for failure to maintain
the Policies, or for failure to determine whether insurance in force is adequate as to the amount
of risks insured. Possession by Lender shall not be deemed an election of judicial relief, if any
such possession is requested or obtained, with respect to any Property or collateral not in
Lender’s possession.
(c) Lender may resort for the payment of the Debt to any other security held by Lender in such
order and manner as Lender, in its discretion, may elect. Lender may take action to recover the
Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of
Lender thereafter to foreclose this Security Instrument. The rights of Lender under this Security
Instrument shall be separate, distinct and cumulative and none shall be given effect to the
exclusion of the others. No act of Lender shall be construed as an election to proceed under any
one provision herein to the exclusion of any other provision. Lender shall not be limited
exclusively to the rights and remedies herein stated but shall be entitled to every right and
remedy now or hereafter afforded at law or in equity.
Section 7.8 RIGHT TO RELEASE ANY PORTION OF THE PROPERTY. Lender may release any portion of
the Property for such consideration as Lender may require without, as to the remainder of the
Property, in any way impairing or affecting the lien or priority of this Security Instrument, or
improving the position of any subordinate lienholder with respect thereto, except to the extent
that the obligations hereunder shall have been reduced by the actual monetary consideration, if
any, received by Lender for such release, and may accept by assignment, pledge or otherwise any
other property in place thereof as Lender may require without being accountable for so doing to any
other lienholder. This Security Instrument shall continue as a lien and security interest in the
remaining portion of the Property.
Section 7.9 VIOLATION OF LAWS. If the Property is not in material compliance with Legal
Requirements and such noncompliance results in a Material Adverse Effect, Lender may impose
additional requirements upon Borrower in connection herewith including, without limitation,
monetary reserves or financial equivalents.
Section 7.10 RECOURSE AND CHOICE OF REMEDIES. Notwithstanding any other provision of this
Security Instrument or the Loan Agreement, including, without limitation, Section 11.22 of the Loan
Agreement, Lender and other Indemnified Parties (as hereinafter defined) are entitled to enforce
the obligations of Borrower, any guarantor and indemnitor contained in Sections 9.2 and 9.3 herein
without first resorting to or exhausting any security or collateral and without first having
recourse to the Note or any of the Property, through foreclosure or acceptance of a deed in lieu of
foreclosure or otherwise, and in the event Lender commences a foreclosure action against the
Property, Lender is entitled to pursue a deficiency judgment with respect to such obligations
against Borrower and any guarantor or indemnitor with respect to the Loan. The provisions of
Sections 9.2 and 9.3 herein are exceptions to any non-recourse or exculpation provisions in the
Loan Agreement, the Note, this Security Instrument
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or the other Loan Documents, and Borrower and any guarantor or indemnitor with respect to the
Loan are fully and personally liable for the obligations pursuant to Sections 9.2 and 9.3 herein.
The liability of Borrower and any guarantor or indemnitor with respect to the Loan pursuant to
Sections 9.2 and 9.3 herein is not limited to the original principal amount of the Note.
Notwithstanding the foregoing, nothing herein shall inhibit or prevent Lender from foreclosing or
exercising any other rights and remedies pursuant to the Loan Agreement, the Note, this Security
Instrument and the other Loan Documents, whether simultaneously with foreclosure proceedings or in
any other sequence. A separate action or actions may be brought and prosecuted against Borrower
pursuant to Sections 9.2 and 9.3 herein, whether or not action is brought against any other Person
or whether or not any other Person is joined in the action or actions. In addition, Lender shall
have the right but not the obligation to join and participate in, as a party if it so elects, any
administrative or judicial proceedings or actions initiated in connection with any matter addressed
in the Environmental Indemnity.
Section 7.11 RIGHT OF ENTRY. Upon reasonable notice to Borrower, Lender and its agents shall
have the right to enter and inspect the Property at all reasonable times.
Article 8 — INTENTIONALLY OMITTED
Article 9 — INDEMNIFICATION
Section 9.1 GENERAL INDEMNIFICATION. Borrower shall, at its sole cost and expense, protect,
defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all
claims, suits, liabilities (including, without limitation, strict liabilities), actions,
proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, expenses, judgments,
awards, amounts paid in settlement, (including but not limited to reasonable attorneys’ fees and
other costs of defense) (collectively, the “LOSSES”) imposed upon or incurred by or asserted
against any Indemnified Parties and directly or indirectly arising out of or in any way relating to
any one or more of the following, except to the extent caused by the gross negligence, willful
misconduct or bad faith by an Indemnified Party of any of the Loan Documents: (a) ownership of this
Security Instrument, the Property or any interest therein or receipt of any Rents; (b) any
amendment to, or restructuring of, the Debt, and the Note, the Loan Agreement, this Security
Instrument, or any other Loan Documents; (c) any and all lawful action that may be taken by Lender
in connection with the enforcement of the provisions of this Security Instrument or the Loan
Agreement or the Note or any of the other Loan Documents, whether or not suit is filed in
connection with same, or in connection with Borrower, any guarantor or indemnitor and/or any
partner, joint venturer or shareholder thereof becoming a party to a voluntary or involuntary
federal or state bankruptcy, insolvency or similar proceeding; (d) any accident, injury to or death
of persons or loss of or damage to property occurring in, on or about the Property or any part
thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets
or ways; (e) any use, nonuse or condition in, on or about the Property or any part thereof or on
the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (f)
any failure on the part of Borrower to perform or be in compliance with any of the terms of this
Security Instrument; (g) performance of any labor or services or the furnishing of any materials or
other property in respect of the Property or any part thereof; (h) the failure of any person to
file timely with the Internal Revenue Service an accurate Form 0000-X, Xxxxxxxxx for
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Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions, which may be
required in connection with this Security Instrument, or to supply a copy thereof in a timely
fashion to the recipient of the proceeds of the transaction in connection with which this Security
Instrument is made; (i) any failure of the Property to be in compliance with any Legal
Requirements; (j) the enforcement by any Indemnified Party of the provisions of this Article 9; (k)
any and all claims and demands whatsoever which may be asserted against Lender by reason of any
alleged obligations or undertakings on its part to perform or discharge any of the terms,
covenants, or agreements contained in any Lease; (1) the payment of any commission, charge or
brokerage fee to anyone claiming through Borrower which may be payable in connection with the
funding of the Loan; or (m) any misrepresentation made by Borrower in this Security Instrument or
any other Loan Document. Any amounts payable to Lender by reason of the application of this Section
9.1 shall become immediately due and payable and shall bear interest at the Default Rate from the
date loss or damage is sustained by Lender until paid. For purposes of this Article 9, the term
“INDEMNIFIED PARTIES” means Lender and any Person who is or will have been involved in the
origination of the Loan, any Person who is or will have been involved in the servicing of the Loan
secured hereby, any Person in whose name the
encumbrance created by this Security Instrument is or will have been recorded, persons and entities
who may hold or acquire or will have held a full or partial interest in the Loan secured hereby
(including, but not limited to, investors or prospective investors in the Securities, as well as
custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the
Loan secured hereby for the benefit of third parties) as well as the respective directors,
officers, shareholders, partners, employees, agents, servants, representatives, contractors,
subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of
the foregoing (including but not limited to any other Person who holds or acquires or will have
held a participation or other full or partial interest in the Loan, whether during the term of the
Loan or as a part of or following a foreclosure of the Loan and including, but not limited to, any
successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s
assets and business).
Section 9.2 MORTGAGE AND/OR INTANGIBLE TAX. Borrower shall, at its sole cost and expense,
protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any
and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly
or indirectly arising out of or in any way relating to any tax on the making and/or recording of
this Security Instrument, the Note or any of the other Loan Documents, but excluding any
withholding, income, franchise or other similar taxes.
Section 9.3 ERISA INDEMNIFICATION. Borrower shall, at its sole cost and expense, protect,
defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all
Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the
investigation, defense, and settlement of Losses incurred in correcting any prohibited transaction
or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction
exemption under ERISA that may be required, in Lender’s sole discretion) that Lender may incur,
directly or indirectly, as a result of a default under Sections 3.1.8 or 4.2.8 of the Loan
Agreement.
Section 9.4 INTENTIONALLY OMITTED.
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Section 9.5 DUTY TO DEFEND; ATTORNEYS’ FEES AND OTHER FEES AND EXPENSES. Upon written request
by any Indemnified Party, Borrower shall defend such Indemnified Party (if requested by any
Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals
reasonably approved by the Indemnified Parties. Notwithstanding the foregoing, if the defendants in
any such claim or proceeding include both Borrower and any Indemnified Party and Borrower and such
Indemnified Party shall have reasonably concluded that a conflict exists, such Indemnified Party
shall have the right to select separate counsel to assert such legal defenses and to otherwise
participate in the defense of such action on behalf of such Indemnified Party, provided that no
compromise or settlement shall be entered without Borrower’s consent, which consent shall not be
unreasonably withheld. Upon demand, Borrower shall pay or, in the sole and absolute discretion of
the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and
disbursements of attorneys, engineers, environmental consultants, laboratories and other
professionals actually incurred in connection therewith.
Article 10 — WAIVERS
Section 10.1 WAIVER OF COUNTERCLAIM. To the extent permitted by applicable law, Borrower
hereby waives the right to assert a counterclaim, other than a mandatory or compulsory
counterclaim, in any action or proceeding brought against it by Lender arising out of or in any way
connected with this Security Instrument, the Loan Agreement, the Note, any of the other Loan
Documents, or the Obligations; provided, however, that such waiver shall not preclude borrower’
assertion of such claims in a separate action against Lender.
Section 10.2 MARSHALLING AND OTHER MATTERS. To the extent permitted by applicable law,
Borrower hereby waives the benefit of all appraisement, valuation, stay, extension, reinstatement
and redemption laws now or hereafter in force and all rights of marshalling in the event of any
sale hereunder of the Property or any part thereof or any interest therein. Further, Borrower
hereby expressly waives any and all rights of redemption from sale under any order or decree of
foreclosure of this Security Instrument on behalf of Borrower, and on behalf of each and every
person acquiring any interest in or title to the Property subsequent to the date of this Security
Instrument and on behalf of all persons to the extent permitted by applicable law.
Section 10.3 WAIVER OF NOTICE. To the extent permitted by applicable law, Borrower shall not
be entitled to any notices of any nature whatsoever from Lender except with respect to matters for
which this Security Instrument and the other Loan Documents specifically and expressly provides for
the giving of notice by Lender to Borrower and except with respect to matters for which Lender is
required by applicable law to give notice, and Borrower hereby expressly waives the right to
receive any notice from Lender with respect to any matter for which this Security Instrument does
not specifically and expressly provide for the giving of notice by Lender to Borrower.
Section 10.4 WAIVER OF STATUTE OF LIMITATIONS. To the extent permitted by applicable law,
Borrower hereby expressly waives and releases to the fullest extent permitted by law, the pleading
of any statute of limitations as a defense to payment of the Debt or performance of its Other
Obligations.
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Section 10.5 SURVIVAL. The indemnifications made pursuant to Section 9.3 herein and, subject
to the provisions of the Environmental Indemnity, the representations and warranties, covenants,
and other obligations arising under the Environmental Indemnity arising during the period of time
Borrower owns the Property, shall continue indefinitely in full force and effect and shall survive
and shall in no way be impaired by: any satisfaction or other termination of this Security
Instrument, any assignment or other transfer of all or any portion of this Security Instrument or
Lender’s interest in the Property (but, in such case, shall benefit both Indemnified Parties and
any assignee or transferee), any exercise of Lender’s rights and remedies pursuant hereto including
but not limited to foreclosure or acceptance of a deed in lieu of foreclosure, any exercise of any
rights and remedies pursuant to the Loan Agreement, the Note or any of the other Loan Documents,
any transfer of all or any portion of the Property (whether by Borrower or by Lender following
foreclosure or acceptance of a deed in lieu of foreclosure or at any other time), any amendment to
this Security Instrument, the Loan Agreement, the Note or the other Loan Documents, and any act or
omission that might otherwise be construed as a release or discharge of Borrower from the
obligations pursuant hereto.
Article 11 — EXCULPATION
The provisions of Section 11.22 of the Loan Agreement are hereby incorporated by reference
into this Security Instrument to the same extent and with the same force as if fully set forth
herein.
Article 12 — NOTICES
All notices or other written communications hereunder shall be delivered in accordance with
Section 11.6 of the Loan Agreement.
Article 13 — APPLICABLE LAW
Section 13.1 GOVERNING LAW. (A) THIS SECURITY INSTRUMENT WAS NEGOTIATED IN THE STATE OF NEW
YORK, AND MADE BY BORROWER AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE
NOTE SECURED HEREBY WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A
SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN
ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, THIS SECURITY INSTRUMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE
CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO
AND PURSUANT TO THE OTHER LOAN DOCUMENTS WITH RESPECT TO THE PROPERTY SHALL BE GOVERNED BY AND
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CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING
UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF
NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL
OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW,
BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS, AND THIS SECURITY
INSTRUMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK PURSUANT TO Section 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
(B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING
TO THIS SECURITY INSTRUMENT MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN
XXX XXXX XX XXX XXXX, XXXXXX XX XXX XXXX, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON
VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
BORROWER DOES HEREBY DESIGNATE AND APPOINT
XXXXXX X. XXXXXXXX 00 XXXXX XXXXXX XXXXXX XXXX XXXXXXXXXX, XXX XXXX 00000 |
AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS
WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW
YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED
ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A
SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE
SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY
DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN
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OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.
Section 13.2 USURY LAWS. Notwithstanding anything to the contrary, (a) all agreements and
communications between Borrower and Lender are hereby and shall automatically be limited so that,
after taking into account all amounts deemed interest, the interest contracted for, charged or
received by Lender shall never exceed the maximum lawful rate or amount, (b) in calculating whether
any interest exceeds the lawful maximum, all such interest shall be amortized, prorated, allocated
and spread over the full amount and term of all principal indebtedness of Borrower to Lender, and
(c) if through any contingency or event, Lender receives or is deemed to receive interest in excess
of the lawful maximum, any such excess shall be deemed to have been applied toward payment of the
principal of any and all then outstanding indebtedness of Borrower to Lender, or if there is no
such indebtedness, shall immediately be returned to Borrower.
Section 13.3 PROVISIONS SUBJECT TO APPLICABLE LAW. All rights, powers and remedies provided in
this Security Instrument may be exercised only to the extent that the exercise thereof does not
violate any applicable provisions of law and are intended to be limited to the extent necessary so
that they will not render this Security Instrument invalid, unenforceable or not entitled to be
recorded, registered or filed under the provisions of any applicable law. If any term of this Security Instrument or any
application thereof shall be invalid or unenforceable, the remainder of this Security Instrument
and any other application of the term shall not be affected thereby.
Article 14 — DEFINITIONS
All capitalized terms not defined herein shall have the respective meanings set forth in the
Loan Agreement. Unless the context clearly indicates a contrary intent or unless otherwise
specifically provided herein, words used in this Security Instrument may be used interchangeably in
singular or plural form and the word “BORROWER” shall mean “each Borrower and any subsequent owner
or owners of the Property or any part thereof or any interest therein,” the word “LENDER” shall
mean “Lender and any subsequent holder of the Note,” the word “NOTE” shall mean “the Note and any
other evidence of indebtedness secured by this Security Instrument,” the word “PROPERTY” shall
include any portion of the Property and any interest therein, and the phrases “ATTORNEYS’ FEES”,
“LEGAL FEES” and “COUNSEL FEES” shall include any and all attorneys’, paralegal and law clerk fees
and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial
and appellate levels incurred or paid by Lender in protecting its interest in the Property, the
Leases and the Rents and enforcing its rights hereunder.
Article 15 — MISCELLANEOUS PROVISIONS
Section 15.1 NO ORAL CHANGE. This Security Instrument, and any provisions hereof, may not be
modified, amended, waived, extended, changed, discharged or terminated orally or by any act or
failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.
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Section 15.2 SUCCESSORS AND ASSIGNS. This Security Instrument shall be binding upon and inure
to the benefit of Borrower and Lender and their respective successors and assigns forever.
Section 15.3 INAPPLICABLE PROVISIONS. If any term, covenant or condition of the Loan
Agreement, the Note or this Security Instrument is held to be invalid, illegal or unenforceable in
any respect, the Loan Agreement, the Note and this Security Instrument shall be construed without
such provision.
Section 15.4 HEADINGS, ETC. The headings and captions of various Sections of this Security
Instrument are for convenience of reference only and are not to be construed as defining or
limiting, in any way, the scope or intent of the provisions hereof.
Section 15.5 NUMBER AND GENDER. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns
and pronouns shall include the plural and vice versa.
Section 15.6 SUBROGATION. If any or all of the proceeds of the Note have been used to
extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the
extent of the funds so used, Lender shall be subrogated to all of the rights, claims, liens,
titles, and interests existing against the Property heretofore held by, or in favor of, the holder
of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not
waived but rather are continued in full force and effect in favor of Lender and are merged with the
lien and security interest created herein as cumulative security for the repayment of the Debt, the
performance and discharge of Borrower’s obligations hereunder, under the Loan Agreement, the Note
and the other Loan Documents and the performance and discharge of the Other Obligations.
Section 15.7 ENTIRE AGREEMENT. The Note, the Loan Agreement, this Security Instrument and the
other Loan Documents constitute the entire understanding and agreement between Borrower and Lender
with respect to the transactions arising in connection with the Debt and supersede all prior
written or oral understandings and agreements between Borrower and Lender with respect thereto.
Borrower hereby acknowledges that, except as incorporated in writing in the Note, the Loan
Agreement, this Security Instrument and the other Loan Documents, there are not, and were not, and
no persons are or were authorized by Lender to make, any representations, understandings,
stipulations, agreements or promises, oral or written, with respect to the transaction which is the
subject of the Note, the Loan Agreement, this Security Instrument and the other Loan Documents.
Section 15.8 LIMITATION ON LENDER’S RESPONSIBILITY. No provision of this Security Instrument
shall operate to place any obligation or liability for the control, care, management or repair of
the Property upon Lender, nor shall it operate to make Lender responsible or liable for any waste
committed on the Property by the tenants or any other Person, or for any dangerous or defective
condition of the Property, or for any negligence in the management, upkeep, repair or control of
the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger
until such time as Lender or its designee takes title to the Property. Nothing herein contained
shall be construed as constituting Lender a “mortgagee in possession.”
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Article 16 — MASSACHUSETTS -SPECIFIC PROVISIONS
Section 16.1 PRINCIPLES OF CONSTRUCTION. In the event of any inconsistencies between the terms
and conditions of this Article 16 and the other terms and conditions of this Security Instrument,
the terms and conditions of this Article 16 shall control and be binding.
Section 16.2 BORROWER’S INTEREST IN THE PROPERTY. Borrower has good and marketable fee simple
title to the Property. Borrower will preserve its interest in and title to the Property and will
forever defend same.
Section 16.3 STATUTORY POWER OF SALE.
(a) This Mortgage is intended to constitute: (i) a mortgage deed under Massachusetts General
Laws c. 183, § 18, (ii) a security agreement and financing statement under the Uniform Commercial
Code as enacted in the Commonwealth of Massachusetts, and (iii) a notice of assignment of rents or
profits under Massachusetts General Laws c. 183 § 4. This Mortgage is also intended to operate and
be construed as an absolute present assignment of the rents, issues and profits of the Property,
Borrower hereby agreeing, as provided for in Massachusetts General
Laws c. 183, § 26, that Lender
is entitled to receive the rents, issues and profits of the Property prior to an Event of Default
and without entering upon or taking possession of the Property.
(b) This Mortgage is granted by Borrower WITH MORTGAGE COVENANTS and upon the STATUTORY
CONDITION and upon the further condition that all covenants and agreements on the part of the
Borrower herein undertaken shall be kept and fully and seasonably performed and that no breach
of any other of the conditions specified herein shall be permitted, for any breach of which
conditions, the Lender shall have the STATUTORY POWER OF SALE.
Section 16.4 SALE OR OTHER DISPOSITION OF THE PROPERTY. Any sale or other disposition of the
Property may be at public or private sale, to the extent such private sale is authorized under the
provisions of the Uniform Commercial Code as enacted in the Commonwealth of Massachusetts, upon
such terms and in such manner as Lender deems advisable. Lender may conduct any such sale or other
disposition of the Property upon the Premises, in which event Borrower shall not be liable for any
rent or charge for such use of the Premises. Lender may purchase the Property, or any portion of
it, at any sale held under this Section. With respect to any of the property comprising the
Property to be sold pursuant to the Uniform Commercial Code, Lender shall give Borrower at least
seven (7) days written notice of the date, time, and place of any proposed public sale, or such
additional notice as may be required under the laws of the Commonwealth of Massachusetts, and of
the date after which any private sale or other disposition may be made. Lender may sell any of the
Property as part of the Premises and Improvements comprising the Property, or any portion or unit
thereof, at the foreclosure sale or sales conducted pursuant hereto. If the provisions of the
Uniform Commercial Code are applicable to any part of the Property which is to be sold in
combination with or as part of the Premises and Improvements comprising the Property, or any part
thereof, at one or more foreclosure sales, any notice required under such provisions shall be fully
satisfied by the notice given in execution of the STATUTORY POWER OF SALE with respect to the
Lender’s right, title and interest in and to Premises and
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Improvements or any part thereof. Borrower’s waives any right to require the marshaling of any
of its assets in connection with any disposition conducted pursuant hereto. In the event all or
part of the Property is included at any foreclosure sale conducted pursuant hereto, a single total
price for the Property, or such part thereof as is sold, may be accepted by Lender with no
obligation to distinguish between the application of such proceeds amongst the property comprising
the Property.
[NO FURTHER TEXT ON THIS PAGE]
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IN WITNESS WHEREOF, THIS SECURITY INSTRUMENT has been executed by Borrower as of the day and
year first above written.
BORROWER: CEDAR-FRANKLIN VILLAGE LLC, a Delaware limited liability company |
||||
By: | Cedar-Franklin Village 2 LLC, a Delaware limited liability company, its sole member | |||
By: | Cedar Shopping Centers Partnership, L.P., a Delaware limited partnership, its sole member | |||
By: | Cedar Shopping Centers, Inc., a Maryland corporation, its general partner | |||
By: | ||||
Name: | Xxxxxx X. Xxxxxx | |||
Title: | Vice President | |||
STATE OF _____________
|
) | |||||
) | ss. | |||||
COUNTY OF ___________
|
) |
Then personally appeared before me the above-named Xxxxxx X. Xxxxxx, the Vice President of
Cedar Shopping Centers, Inc., a Maryland corporation, general partner of Cedar Shopping Centers
Partnership, L.P., a Delaware limited liability company, sole member of Cedar-Franklin Village 2
LLC, a Delaware limited liability company, sole member of Cedar-Franklin Village LLC, a Delaware
limited liability company and said Xxxxxx X. Xxxxxx acknowledged that the foregoing instrument was
signed and sealed on behalf of said limited liability company, and that said instrument was her
free act and deed and the free act and deed of said limited liability company.
Notary Public
My Commission Expires:
EXHIBIT A
LEGAL DESCRIPTION
EXHIBIT A
Franklin Village Shopping Center
Legal Description
Legal Description
A certain parcel of land located on the southerly side of West Central Street and the easterly side
of Interstate Route 495 in the Town of Franklin, Norfolk County, Commonwealth of Massachusetts,
said described parcel of land is more particularly bounded and described as follows:
Beginning at a point on the southerly sideline of said West Central Street, at land (formerly of Xxx X. Xxxxxxxxxx) now or formerly of Rennaissance Development Corp.; thence running |
S00°00’04”W
|
a distance of 1086.71 feet by land now or formerly of Rennaissance Development Corp., crossing a railroad right of way, to a point on the centerline of Mine Brook; thence running | |
Southwesterly
|
by the centerline of said Mine Brook a distance of 1032 feet, more or less (with a tie-line bearing S74°53’31”W a distance of 825.44 feet) to a point on the easterly sideline of said Route 495; thence running | |
Northwesterly
|
along the arc of a non-tangent curve to the left having a radius of 8125.00 feet an arc length of 206.00 feet (with chord of 205.99 feet bearing N25°24 ’07”W) along the easterly sideline of said Route 495 to a point at land of Consolidated Rail Corporation; thence running | |
S83°26’26”E
|
a distance of 69.63 feet to a point; thence running | |
N01°09’16”W
|
a distance of 83.26 feet to a point; thence running | |
N83°26’26”W
|
a distance of 112.10 feet, the previous three (3) courses being by land now or formerly of said Consolidated Rail Corporation to a point on the easterly sideline of said Route 495; thence running | |
Northwesterly
|
along the arc of a non-tangent curve to the left having a radius of 8125.00 feet an arc length of 308.95 feet (with a chord of 308.93 feet bearing N27°54’41”W), to a Massachusetts Highway Bound on the easterly sideline of said Route 495; thence running |
N16°25’12”W
|
a distance of 564.18 feet the previous two courses being along the easterly sideline of said Route 495 to a point at land now or formerly of Xxxxxx X. & Xxxxx Xxxxxxxxx; thence running | |
N01°53’56”W
|
a distance of 57.37 feet by land now or formerly of said Xxxxxx X. & Xxxxx Xxxxxxxxx to a point at land now or formerly of Xxxxx X. & Xxxxx X. Xxxxx; thence running | |
N03°50’04”W
|
a distance of 66.38 feet to a point; thence running | |
N00°28’56”W
|
a distance of 59.14 feet the previous two courses by land now or formerly of said Xxxxx X. & Xxxxx X. Xxxxx to a point on the easterly sideline of said Route 495; thence running | |
Northeasterly
|
along the arc of a non-tangent curve to the right having a radius of 160.00 feet an arc length of 48.70 feet (with a chord of 48.51 feet bearing N36°23’ 43”E) to a point on the southerly sideline of said Xxxx Xxxxxxx Xxxxxx; thence running | |
N69°46’54”E
|
a distance of 162.42 feet to a point on the southerly sideline of said Xxxx Xxxxxxx Xxxxxx at land now or formerly of Mobil Oil Corporation; thence running | |
S07°34’50”E
|
a distance of 130.54 feet to a point; thence running | |
N82°25’10”E
|
a distance of 165.00 feet to a point; thence running | |
N03°52’42”E
|
a distance of 75.51 feet to a point; thence running | |
N07°34’50”W
|
a distance of 64.60 feet the previous four (4) courses being by land now or formerly of said Mobil Oil Corporation to a point on a curve on the southerly sideline of said Xxxx Xxxxxxx Xxxxxx; thence running | |
Northeasterly
|
along the arc of a curve to the right having a radius of 3564.00 feet an arc length of 127.32 feet (with a chord of 127.31 feet bearing N82°33 ’48”E) to a point of tangency; thence running | |
S87o02’11”E
|
a distance of 108.03 feet to a point; thence running | |
N85°41’54”E
|
a distance of 48.28 feet to a point of curvature; thence running | |
Northeasterly
|
along the arc of a curve to the right having a radius of 1148.00 feet an arc length of 73.34 feet (with a chord of 73.33 feet bearing N87°22’06”E) to a point of compound curvature; thence running |
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Southeasterly
|
along the arc of a curve to the right having a radius of 54.00 feet an arc length of 82.60 feet (with a chord of 74.78 feet bearing S46°25’51”E) to a point of compound curvature; thence running | |
Southeasterly
|
along the arc of a curve to the right having a radius of 74.00 feet an arc length of 6.17 feet (with a chord of 5.85 feet bearing S04°14’12”E) to a point; thence running | |
S78°01’00”E
|
a distance of 109.19 feet to a point on a curve; thence running | |
Northeasterly
|
along the arc of a curve to the left having a radius of 54.00 feet a length of 98.09 feet (with a chord of 85.15 feet bearing N45°31’48”E) to a point of compound curvature; thence running | |
Southeasterly
|
along the arc of a curve to the left having a radius of 954.00 feet an arc length of 255.90 feet (with a chord of 255.14 feet bearing S74°44’49”E) to a point of compound curvature; thence running | |
Southeasterly
|
along the arc of a curve to the left having a radius of 2494.00 feet an arc length of 63.40 feet (with a chord of 63.39 feet bearing S66°20’03”E) the previous ten (10) courses being along the southerly sideline of said Xxxx Xxxxxxx Xxxxxx to a point on a curve on southerly sideline of said Xxxx Xxxxxxx Xxxxxx at the point of beginning. |
The above described land contains 33.664 acres, more or less; excepting the Rail Road Right-of-Way
from the above described parcel of land, Lot 81-61 contains an area of 32.066 acres more or less.
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