THIRD AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (“this Mortgage”) FROM DOLPHIN MALL ASSOCIATES LLC, a limited liability company organized and existing under the laws of the State of Delaware (formerly known...
PREPARED
BY:
Xxxxxxx
Xxxx
Xxxxxxx
Xxxxxx, P.A.
0000
X. Xxx
Xxxxx Xxxxxxxxx, Xxxxx 0000
Xxxxx,
Xxxxxxx 00000-0000
RECORD
AND
RETURN TO:
Xxxxxx
Xxxxxx
Rosenman LLP
000
Xxxx
Xxxxxx Xxxxxx
Xxxxxxx,
Xxxxxxxx 00000
Attn:
Xxxx
Xxxxx, Esq.
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Date:
November 1, 2007
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THIRD
AMENDED AND
RESTATED
MORTGAGE,
ASSIGNMENT OF LEASES
(“this
Mortgage”)
FROM
DOLPHIN
MALL
ASSOCIATES LLC,
a
limited liability
company organized and existing under the laws of
the
State of
Delaware (formerly known as Dolphin Mall Associates Limited Partnership, a
Delaware limited partnership)
(“Mortgagor”)
Address
and Chief
Executive
Office
of
Mortgagor:
c/o
The Taubman
Company LLC
000
Xxxx Xxxx Xxxx
Xxxx - Xxxxx 000
Xxxxxxxxxx
Xxxxx,
Xxxxxxxx 00000
TO
EUROHYPO
AG, NEW
YORK BRANCH
as
Administrative
Agent for the Banks (as hereinafter defined)
(together
with its
successors in such capacity, “Mortgagee”)
Address
of
Mortgagee:
1114
Avenue of the
Xxxxxxxx, 00xx Xxxxx
Xxx
Xxxx, Xxx Xxxx
00000
Mortgage
Amount: $139,937,956.17
NOTICE
TO
RECORDER:
THIS
THIRD
AMENDED AND RESTATED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY
AGREEMENT AMENDS AND RESTATES THAT CERTAIN SECOND AMENDED AND RESTATED MORTGAGE,
ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT DATED AS OF AUGUST 9,
2006
AND RECORDED AUGUST 24, 2006 IN OFFICIAL RECORDS BOOK 24853, PAGE 862 (“EXISTING
MORTGAGE”). THE EXISTING MORTGAGE AMENDS AND RESTATES THAT CERTAIN
AMENDED, RESTATED AND RENEWED MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, FIXTURE
FILING AND SECURITY AGREEMENT DATED AS OF FEBRUARY 11, 2004 (“AMENDED
MORTGAGE”) GIVEN BY MORTGAGOR IN FAVOR OF COLUMN FINANCIAL, INC. (“ORIGINAL
LENDER”) AND RECORDED IN OFFICIAL RECORDS BOOK 22080, PAGE 959 IN THE
PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA. THE AMENDED MORTGAGE
WAS A RENEWAL AND RESTATEMENT OF THAT CERTAIN MORTGAGE, ASSIGNMENT OF RENTS
AND
SECURITY AGREEMENT DATED AS OF OCTOBER 6, 1999, AND RECORDED IN OFFICIAL RECORDS
BOOK 18816, PAGE 4432 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA (AS
AMENDED AND MODIFIED, “ORIGINAL MORTGAGE’). FLORIDA DOCUMENTARY STAMP
TAXES AND NON-RECURRING INTANGIBLE PERSONAL PROPERTY TAXES WERE PAID IN FULL
UPON THE RECORDING OF THE ORIGINAL MORTGAGE BASED ON THE PRINCIPAL AMOUNT OF
$145,000,000.00. THE CONSOLIDATED NOTE (AS DEFINED BELOW) RENEWS AND
RESTATES THE UNPAID PRINCIPAL BALANCE OF THE FIRST CONSOLIDATED NOTE (AS DEFINED
BELOW). NO ADDITIONAL FLORIDA DOCUMENTARY STAMP TAXES OR
NON-RECURRING INTANGIBLE PERSONAL PROPERTY TAXES ARE DUE UPON RECORDATION OF
THIS INSTRUMENT BECAUSE THIS IS AN EXEMPT RENEWAL UNDER SECTIONS 201.09 AND
199.145 OF THE FLORIDA STATUTES.
TABLE
OF
CONTENTS
Page
ARTICLE I COVENTANTS OF MORTGAGOR | 5 | ||
Section 1.01. | (a) Warranty of Title; Power and Authority | 6 | |
Section 1.02. | (a) Further Assurances | 6 | |
Section 1.03. | (a) Filing and Recording of Documents | 6 | |
Section 1.04. | Additional Debt | 7 | |
Section 1.05. | Type of Entity; Maintenance of Existence; Compliance with Laws | 7 | |
Section 1.06. | After-Acquired Property | 7 | |
Section 1.07. | (a) Payment of Taxes and Other Charges | 8 | |
Section 1.08. | Taxes on Mortgagee or the Banks | 9 | |
Section 1.09. | Insurance | 9 | |
Section 1.10. | Protective Advances by Mortgagee | 11 | |
Section 1.11. | (a) Visitation and Inspection | 11 | |
Section 1.12. | Maintenace of Premises and Improvements | 12 | |
Section 1.13. | Condemnation | 12 | |
Section 1.14. | Leases | 13 | |
Section 1.15. | Premises Documents | 14 | |
Section 1.16. | Lien Laws | 14 | |
Section 1.17. | Non-Disturbance and Attonment Agreements | 15 | |
Section 1.18. | Covenant Against Transfers | 15 | |
Section 1.19. | Property Management | 15 | |
ARTICLE II EVENTS OF DEFAULT AND REMEDIES | 16 | ||
Section 2.01. | Events of Default and Certain Remedies | 16 | |
Section 2.02. | Other Matters Concerning Sales | 18 | |
Section 2.03. | Payments of Amounts Due | 20 | |
Section 2.04. | Actions; Receivers | 21 | |
Section 2.05. | Mortgagee's Right to Possession | 22 | |
Section 2.06. | Remedies Cumulative | 22 | |
Section 2.07. | Moratorium Laws; Right of Redemption | 22 | |
Section 2.08. | Mortgagor's Use and Occupancy after Default | 22 | |
Section 2.09. | Mortgagee's Rights Concerning Application of Amounts Collected | 23 | |
Section 2.10. | Regarding Defenses | 23 | |
Section 2.11. | Expenses as Indebtedness | 23 | |
Section 2.12. | Right to Deem All of Property as Real Estate | 23 | |
ARTICLE III MISCELLANEOUS | 23 | ||
Section 3.01. | Assignment of Leases and Rents | 23 | |
Section 3.02. | Security Agreement | 24 | |
Section 3.03. | Application of Certain Payments | 25 | |
Section 3.04. | Severability | 25 | |
Section 3.05. | Modifications and Waivers | 25 | |
Section 3.06. | Notices | 25 | |
Section 3.07. | Successors and Assigns | 26 | |
Section 3.08. | Limitation on Interest | 26 | |
Section 3.09. | Counterparts | 26 | |
Section 3.10. | Substitute Mortgages | 26 | |
Section 3.11. | Banks' Sale of Interests in Loan | 26 | |
Section 3.12. | Governing Law | 26 | |
Section 3.13. | No Merger of Interests | 26 | |
Section 3.14. | No Credit for Taxes | 27 | |
Section 3.15. | No Consent to Contracts | 27 | |
Section 3.16. | Termination of Mortgage | 27 | |
Section 3.17. | Business Loan | 27 | |
Section 3.18. | CERTAIN WAIVERS | 27 | |
Section 3.19. | Additional Waivers | 27 | |
Section 3.20. | Stamp Tax | 29 | |
Section 3.21. | Future Advances | 29 | |
Section 3.22. | No Novation | 30 |
Whereas,
Mortgagor
executed that certain Amended, Restated and Renewal Mortgage, Assignment of
Leases and Rents, Fixture Filing and Security Agreement dated as of February
11,
2004 in favor of Column Financial, Inc. (“Original Lender”) which was recorded
in Official Records Book 22080, Pages 959-993 in the Public Records of
Miami-Dade County, Florida (“Amended Mortgage”) securing that certain Amended
and Restated Renewal Note A made by Mortgagor in the original principal amount
of $83,000,000.00 (“Note A”), that certain Amended and Restated Renewal Note B-1
made by Mortgagor payable to Original Lender in the original principal amount
of
$17,500,000.00 (“Note B-1”), that certain Amended and Restated Renewal Note B-2
made by Mortgagor payable to Original Lender in the original principal amount
of
$17,500,000.00(“Note B-2”) and that certain Amended and Restated Renewal
Note C made by Mortgagor payable to Original Lender in the original principal
amount of $27,000,000.00 (“Note C”; Note A, Note B-1, Note B-2 and Note C
are hereinafter referred to as “Original Note”); the Original Note and Original
Mortgage were assigned to Xxxxx Fargo Bank, N.A., as trustee for the Credit
Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2004-TFL1 pursuant to that certain Assignment of Amended,
Restated and Consolidated Mortgage, Assignment of Leases and Rents, Fixture
Filing and Security Agreement dated February 9, 2004, recorded in Official
Records Book 22541, Page 436 in the Public Records of Miami-Dade County, Florida
and re-recorded in Official Records Book 22629, Page 3192; and
Whereas,
the
Original Note and Amended Mortgage had been assigned to Mortgagee by Assignment
of Note, Mortgage and Other Loan Documents, dated August 9, 2006, recorded
August 24, 2006 in Official Records Book 24853, Page 854; and
Whereas,
the
Original Note was consolidated and renewed pursuant to that certain
Consolidated, Amended and Restated Note (“First Consolidated Note”) made by
Mortgagor payable to Mortgagee in the original principal amount of
$139,937,956.17 (the “Mortgage Amount”), which First Consolidated Note was
modified and split pursuant to that certain Note Splitter Agreement, dated
August 9, 2006, by and between Mortgagor and Mortgagee (“First Note Splitter”);
and
Whereas,
pursuant
to the First Note Splitter, Mortgagor borrowed up to the Mortgage Amount from
the lenders under the Amended and Restated Secured Revolving Credit Agreement,
dated August 9, 2006 (the “Amended Loan Agreement”). Mortgagor
executed and delivered its notes (the “Amended Notes”), each dated August 9,
2006, in the aggregate amount of $139,937,965.17 to Eurohypo AG, New York Branch
(in its individual capacity as a lender and not as Mortgagee, “Eurohypo”), and
various lenders, which notes obligate Mortgagor to pay, in the aggregate, the
Mortgage Amount or so much thereof as may have been advanced or readvanced
from
time to time under the Amended Loan Agreement.
Whereas
the First
Consolidated Note was secured by, among other things, a Second Amended and
Restated Mortgage, Assignment of Leases and Rents and Security Agreement (the
“Existing Mortgage”), dated August 9, 2006, recorded August 24, 2006, in
Official Records Book 24853, Page 862.
Whereas,
Mortgagor
is the owner of the premises described in SCHEDULE A and of the Improvements
thereon. The Banks, Administrative Agent, TRG and Borrowers
(including Mortgagor) have entered into a Second Amended and Restated Secured
Revolving Credit Agreement of even date herewith (as amended from time to time,
the “Loan Agreement”). The Amended Notes are being endorsed to
Mortgagee simultaneous herewith and consolidated and renewed pursuant to that
certain Second Consolidated, Amended and Restated Note of even date herewith
made by Mortgagor payable to Mortgagee in the original principal amount of
$139,937,956.17 (“Consolidated Note”), which Consolidated Note is modified and
split pursuant to that certain Second Note Splitter Agreement of even date
herewith by and between Mortgagor and Mortgagee (“Note Splitter”), pursuant to
which Mortgagor has executed and delivered its replacement notes, each dated
the
date hereof, in the aggregate amount of $139,937,965.17 to Eurohypo AG, New
York
Branch (in its individual capacity as a Bank and not as Mortgagee, “Eurohypo”),
and the other Banks (as defined below), which notes obligate Mortgagor to pay,
in the aggregate, the Mortgage Amount or so much thereof as may be advanced
or
readvanced from time to time under the Loan Agreement. Said notes, as
the same may hereafter be amended, modified, extended, severed, assigned,
renewed, replaced or restated, and including any substitute, replacement or
additional notes executed pursuant to Sections 2.19, 3.07 or 12.05 of the Loan
Agreement are hereinafter referred to individually and collectively as the
“Mortgagor Notes”. Such Mortgagor Notes continue the indebtedness
under the Amended Notes. In order to secure the payment and
performance of all of the Obligations (as hereinafter defined), Mortgagor has
granted this Mortgage to Mortgagee. The Banks would not make the loan
evidenced by the Mortgagor Notes if not for the execution and delivery
hereof.
NOW,
THEREFORE, for
and in consideration of the sum of Ten and no/100 Dollars and other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Existing Mortgage is hereby modified and restated in its entirety to read as
follows:
CERTAIN
DEFINITIONS
AND RULES OF CONSTRUCTION
Mortgagor
and
Mortgagee agree that, unless the context otherwise specifies or requires, the
following terms shall have the meanings herein specified.
“Attorneys’
Fees”
means, any and all reasonable legal fees and expenses of Mortgagee, including,
without limitation, any and all such fees and expenses incurred in connection
with litigation, mediation, arbitration, other alternative dispute processes,
administrative proceedings, and any and all appeals from any of the
foregoing.
“Banks”
means,
collectively, Eurohypo and such other lending institutions who become “Banks”
pursuant to the Loan Agreement, together with their successors and permitted
assigns in accordance with the terms of the Loan Agreement.
“Borrowers”
means
Mortgagor, Twelve Oaks Mall, LLC, a Michigan limited liability company, Fairlane
Town Center LLC, a Michigan limited liability company, and any other “Borrower”
from time to time under the Loan Agreement.
“Chattels”
means
all fixtures, furnishings, fittings, appliances, apparatus, equipment, building
materials and components, machinery and articles of personal property, of
whatever kind or nature, including any replacements, proceeds or products
thereof and additions thereto, other than those owned by lessees or utility
companies serving the Premises, now or at any time hereafter intended to be
or
actually affixed to, attached to, placed upon, or used in any way in connection
with the complete and comfortable use, enjoyment, development, occupancy or
operation of the Premises, and whether located on or off the
Premises.
“Default
Rate” and
“Base Rate Loans” have the respective meanings given to such terms in the Loan
Agreement.
“Engineering
Consultant” has the meaning given to such term in the Loan
Agreement.
“Events
of Default”
means the events and circumstances described as such in
Section 2.01.
“Improvements”
means all structures or buildings, and replacements thereof, now or hereafter
located upon the Premises, including all plant equipment, apparatus, machinery
and fixtures of every kind and nature whatsoever forming part of said structures
or buildings, excluding, however, any personal property or fixtures owned by
lessees or utility companies serving the Premises.
“Loan”
means
the
loan made by the Banks to Borrowers pursuant to the Loan Agreement.
“Loan
Agreement”
means that certain Second Amended and Restated Secured Revolving Credit
Agreement, dated as of the date hereof, among Borrowers, the Banks and
Mortgagee, as Administrative Agent, as the same may hereafter be amended,
modified or supplemented from time to time.
“Notes”
means,
collectively, those certain Promissory Notes made by Borrowers for the benefit
of the Banks (including the Mortgagor Notes).
“Obligations”
means
each and every obligation, promise, covenant and agreement of Mortgagor in
respect of the Loan, now or hereafter existing, contained in this Mortgage,
the
Loan Agreement, the Mortgagor Notes and any of the other Loan Documents, whether
for principal, reimbursement obligations, interest, fees, expenses, late
charges, indemnities or otherwise, and any amendments, supplements, extensions,
renewals or replacements of any of said documents, including but not limited
to,
all indebtedness, obligations and liabilities (and all increases or additions
thereto) of Mortgagor in respect of the Loan to Mortgagee or any Bank now
existing or hereafter incurred under or arising out of or in connection with
this Mortgage, the Loan Agreement, the Mortgagor Notes, the other Loan
Documents, and any documents or instruments executed in connection therewith;
in
each case whether direct or indirect, joint or several, absolute or contingent,
liquidated or unliquidated, now or hereafter existing, renewed or restructured,
whether or not from time to time decreased or extinguished and later increased,
created or incurred, and including all indebtedness of Mortgagor in respect
of
the Loan under any instrument now or hereafter evidencing or securing any of
the
foregoing.
“Premises”
means
the premises described in Exhibit A including all of the easements, rights,
privileges and appurtenances (including Mortgagor’s interest in air or
development rights and signage rights) thereunto belonging or in anywise
appertaining, and all of the estate, right, title, interest, claim or demand
whatsoever of Mortgagor therein and in the streets and ways adjacent thereto,
either in law or in equity, in possession or expectancy, now or hereafter
acquired, and as used herein shall, unless the context otherwise requires,
be
deemed to include the Improvements.
“Premises
Documents” means all reciprocal easement or operating agreements, declarations
of covenants, conditions or restrictions, master declarations, developer’s or
utility agreements with any village, town, county or other governmental
authority, and any similar such agreements or declarations now or hereafter
affecting the Premises or any part thereof.
“Required
Banks”
has the meaning given to such term in the Loan Agreement.
All
terms of this
Mortgage which are not defined above shall have the meaning set forth elsewhere
in this Mortgage or, if not so defined, in the Loan Agreement.
Except
as expressly
indicated otherwise, when used in this Mortgage (i) “or” is not exclusive, (ii)
“hereunder”, “herein”, “hereof” and the like refer to this Mortgage as a whole,
(iii) “Article”, “Section” and “Schedule” refer to Articles, Sections and
Schedules of this Mortgage, (iv) terms defined in the singular have a
correlative meaning when used in the plural and vice versa, (v) a reference
to a
law or statute includes any amendment or modification to, or replacement of,
such law or statute and (vi) a reference to an agreement, instrument or document
means such agreement, instrument or document as the same may be amended,
modified or supplemented from time to time in accordance with its terms and
as
permitted by the Loan Agreement and other documents executed or delivered to
Mortgagee or the Banks in connection with the Loan. The cover page
and all Schedules hereto are incorporated herein and made a part
hereof. Any table of contents and the headings and captions herein
are for convenience only and shall not affect the interpretation or construction
hereof.
GRANTING
CLAUSE
NOW,
THEREFORE,
Mortgagor, in consideration of the premises and in order to secure the payment
of both the principal of, and the interest and any other sums payable by
Mortgagor on or under, the Mortgagor Notes, this Mortgage or the Loan Agreement
and the payment and performance of all the other Obligations, hereby irrevocably
and unconditionally grants, bargains, sells, conveys, mortgages, warrants,
aliens, remises, releases, conveys, assigns, transfers, mortgages, hypothecates,
deposits, pledges, sets over and confirms unto Mortgagee, with power of sale
and
with right of entry and possession, all its estate, right, title and interest
in, to and under any and all of the following described property (hereinafter,
the “Mortgaged Property”) whether now owned or held or hereafter
acquired:
(i) the
Premises;
(ii) the
Improvements;
(iii) the
Chattels;
(iv) the
Premises Documents;
(v) all
rents, royalties, issues, profits, revenue, income, recoveries, reimbursements
and other benefits of the Mortgaged Property (hereinafter, the “Rents”) and all
leases of the Mortgaged Property or portions thereof now or hereafter entered
into and all right, title and interest of Mortgagor thereunder, including,
without limitation, cash, letters of credit or securities deposited thereunder
to secure performance by the lessees of their obligations thereunder, whether
such cash, letters of credit or securities are to be held until the expiration
of the terms of such leases or applied to one or more of the installments of
rent coming due immediately prior to the expiration of such terms, and including
any guaranties of such leases and any lease cancellation, surrender or
termination fees in respect thereof, all subject, however, to the provisions
of
Section 3.01;
(vi) all
(a) development work product prepared in connection with the Premises,
including, but not limited to, engineering, drainage, traffic, soil and other
studies and tests; water, sewer, gas, electrical and telephone approvals, taps
and connections; surveys, drawings, plans and specifications; and subdivision,
zoning and platting materials; (b) building and other permits, rights, licenses
and approvals relating to the Premises; (c) contracts and agreements (including,
without limitation, contracts with architects and engineers, construction
contracts and contracts for the maintenance, management or leasing of the
Premises), contract rights, logos, trademarks, trade names, copyrights and
other
general intangibles used or useful in connection with the ownership, operation
or occupancy of the Premises or any part thereof; (d) financing commitments
(debt or equity) issued to Mortgagor in respect of the Premises and all amounts
payable to Mortgagor thereunder; (e) bank accounts, and monies therein, of
Mortgagor relating to the Premises, including, without limitation, any accounts
relating to real estate taxes; and (f) commercial tort claims related to the
Premises, the Improvements or the Chattels;
(vii) all
rights of Mortgagor under promissory notes, letters of credit, electronic
chattel paper, proceeds from accounts, payment intangibles, and general
intangibles related to the Premises, as the terms “accounts”, “general
intangibles”, and “payment intangibles” are defined in the applicable Uniform
Commercial Code Article 9, as the same may be modified or amended from time
to
time;
(viii) all
other assets of Mortgagor related in any way to the Premises, subject to certain
limitations that may be set forth herein; and
(ix) all
proceeds of the conversion, voluntary or involuntary, of any of the foregoing
into cash or liquidated claims, including, without limitation, proceeds of
insurance and condemnation awards (including interest thereon or the right
to
receive the same), and all rights of Mortgagor to refunds of real estate taxes
and assessments.
TO
HAVE AND TO HOLD
unto Mortgagee, its successors and assigns forever.
ARTICLE
I
COVENANTS
OF MORTGAGOR
Mortgagor
covenants
and agrees as follows:
Section
1.01. (a) Warranty
of Title; Power and Authority. Mortgagor
warrants that it has a good, marketable and insurable title to an indefeasible
fee estate in the Premises subject to no lien, charge or encumbrance except
such
as are listed as exceptions to title in the title policy insuring the lien
hereof; that it owns the Chattels, all leases and the Rents in respect of the
Mortgaged Property and all other personal property encumbered hereby free and
clear of liens and claims; and that this Mortgage is and will remain a valid
and
enforceable lien on the Mortgaged Property subject only to the exceptions
referred to above. Mortgagor has full power and lawful authority to
mortgage the Mortgaged Property in the manner and form herein done or intended
hereafter to be done. Mortgagor will preserve such title, and will
forever warrant and defend the same to Mortgagee and will forever warrant and
defend the validity and priority of the lien hereof against the claims of all
persons and parties whomsoever.
(a) Flood
Hazard
Area. Mortgagor
represents that neither the Premises nor any part thereof is located in an
area
identified by the Secretary of the United States Department of Housing and
Urban
Development or by any applicable federal agency as having special flood hazards
or, if it is, Mortgagor has obtained the insurance required by Section
1.09.
Section
1.02. (a) Further
Assurances. Mortgagor
will, at its sole cost and expense, do, execute, acknowledge and deliver all
and
every such further acts, deeds, conveyances, mortgages, assignments, notices
of
assignment, transfers and assurances as Mortgagee shall from time to time
reasonably require, for the better assuring, conveying, assigning, transferring
and confirming unto Mortgagee the property and rights hereby conveyed or
assigned or intended now or hereafter so to be, or which Mortgagor may be or
may
hereafter become bound to convey or assign to Mortgagee, or for carrying out
the
intention or facilitating the performance of the terms hereof, or for filing,
registering or recording this Mortgage and, on demand, will execute and deliver,
and hereby irrevocably authorizes Mortgagee to execute (including in Mortgagor’s
name) and/or file, at any time and from time to time, one or more financing
statements (including amendments), chattel mortgages or comparable security
instruments, to evidence or perfect more effectively Mortgagee’s security
interest in and the lien hereof upon the Chattels and other personal property
encumbered hereby.
(a) Information
Reporting and Back-up Withholding. Mortgagor
will, at its sole cost and expense, do, execute, acknowledge and deliver all
and
every such acts, information reports, returns and withholding of monies as
shall
be necessary or appropriate to comply fully, or to cause full compliance, with
all applicable information reporting and back-up withholding requirements of
the
Internal Revenue Code of 1986 (including all regulations now or hereafter
promulgated thereunder) in respect of the Premises and all transactions related
to the Premises, and will at all times, upon Mortgagee’s request, provide
Mortgagee with satisfactory evidence of such compliance and notify Mortgagee
of
the information reported in connection with such compliance.
Section
1.03. (a) Filing
and Recording of Documents. Mortgagor
forthwith upon the execution and delivery hereof, and thereafter from time
to
time, will cause this Mortgage, the Loan Agreement and any security instrument
creating a lien or evidencing the lien hereof upon the Chattels and each
instrument of further assurance to be filed, registered or recorded and
re-registered, re-recorded or re-filed 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 the lien hereof upon, and the interest of Mortgagee in, the Mortgaged
Property.
(a) Filing
and
Recording Fees and Other Charges. Mortgagor
will pay all filing, registration or recording fees, and all expenses incident
to the execution and acknowledgment hereof, any mortgage supplemental hereto,
any security instrument with respect to the Chattels, and any instrument of
further assurance, and any reasonable expenses (including Attorneys’ Fees and
disbursements) incurred by Mortgagee in connection with the Mortgagor Notes,
and
will pay all federal, state, county and municipal stamp taxes, mortgage taxes
and other taxes, duties, imposts, assessments and charges arising out of or
in
connection with the execution and delivery of the Mortgagor Notes, this
Mortgage, any mortgage supplemental hereto, any security instrument with respect
to the Chattels or any instrument of further assurance.
Section
1.04. Additional
Debt. Except
for the Obligations, Mortgagor shall not without the prior written consent
of
the Required Banks incur (or guarantee) any indebtedness (whether personal
or
nonrecourse, secured or unsecured) other than (i) customary trade payables
and
other unsecured obligations incurred in the ordinary course of business (other
than borrowings) paid within sixty (60) days after they are due, unless
contested in good faith, and (ii) personal property equipment leases/fixture
financing agreements under which Mortgagor’s aggregate maximum liability does
not exceed $5,000,000.
Section
1.05. Type
of Entity;
Maintenance of Existence; Compliance with Laws. Mortgagor
represents that its correct legal name, jurisdiction of formation/existence
and
chief executive office are as set forth on the cover page
hereof. Mortgagor’s taxpayer identification number is
00-0000000. Mortgagor further represents that it has delivered to
Mortgagee a current, original certificate issued by the appropriate official
of
said jurisdiction evidencing such formation and existence, and agrees that
it
will, so long as it is owner of all or part of the Mortgaged Property, do all
things necessary to preserve and keep in full force and effect its existence,
franchises, rights and privileges as a business or stock corporation,
partnership, limited liability company, trust or other entity under the laws
of
such jurisdiction. Mortgagor shall maintain in full force and effect
all licenses (including a certificate of occupancy), permits and approvals
needed for lawful operation by Mortgagor of the Mortgaged
Property. Mortgagor will not (a) modify or amend such certificate or
change its legal name or jurisdiction of formation/existence without Mortgagee’s
prior consent, not to be unreasonably withheld or (b) change the location of
its
chief executive office without first giving Mortgagee at least thirty (30)
days’
prior notice. Mortgagor will duly and timely comply with all laws, regulations,
rules, statutes, orders and decrees of any governmental authority or court
applicable to it or to the Mortgaged Property or any part thereof (including,
without limitation, all environmental laws).
Section
1.06. After-Acquired
Property. All
right, title and interest of Mortgagor in and to all extensions, improvements,
betterments, renewals, substitutes and replacements of, and all additions and
appurtenances to, the Mortgaged Property, hereafter acquired by, or released
to,
Mortgagor or constructed, assembled or placed by Mortgagor on the Premises,
and
all conversions of the security constituted thereby, immediately upon such
acquisition, release, construction, assembling, placement or conversion, as
the
case may be, and in each such case, without any further mortgage, conveyance,
assignment or other act by Mortgagor, shall become subject to the lien hereof
as
fully and completely, and with the same effect, as though now owned by Mortgagor
and specifically described in the Granting Clause hereof, but at any and all
times Mortgagor will execute and deliver to Mortgagee any and all such further
assurances, mortgages, conveyances or assignments thereof as Mortgagee may
reasonably require for the purpose of expressly and specifically subjecting
the
same to the lien hereof.
Section
1.07. (a) Payment
of Taxes and Other Charges. Mortgagor,
from time to time when the same shall become due and payable, prior to
delinquency or penalty for non-payment, will pay and discharge all taxes of
every kind and nature (including real and personal property taxes and income,
franchise, withholding, profits and gross receipts taxes), all general and
special assessments (which may, to the extent allowed by law, be paid in
installments), levies, permits, inspection and license fees, all water and
sewer
rents and charges, and all other public charges whether of a like or different
nature, imposed upon or assessed against it or the Mortgaged Property or any
part thereof or upon the revenues, rents, issues, income and profits of the
Mortgaged Property or arising in respect of the occupancy, use or possession
thereof. Mortgagor will, upon Mortgagee’s request, deliver to
Mortgagee receipts evidencing the payment of all such taxes, assessments,
levies, fees, rents and other public charges imposed upon or assessed against
it
or the Mortgaged Property or any portion thereof. Should Mortgagor
default in the payment of any of the foregoing taxes, assessments, water
charges, sewer rents or other charges, Mortgagee may, but shall not be obligated
to, pay the same or any part thereof and any amounts so paid shall be secured
by
this Mortgage, and Mortgagor shall, on demand, reimburse Mortgagee for all
amounts so paid.
Following
the
occurrence of an Event of Default, Mortgagee may, at its option, to be exercised
by three (3) business days’ notice to Mortgagor, require the deposit by
Mortgagor, at the time of each payment of an installment of interest or
principal under the Mortgagor Notes (but no less often than monthly), of an
additional amount sufficient to discharge the obligations under this clause
(a)
relating to real estate taxes and assessments and any other charges imposed
upon
or assessed against the Mortgaged Property or any part thereof when they become
due. The determination of the amount so payable and of the fractional
part thereof to be deposited with Mortgagee, so that the aggregate of such
deposits shall be sufficient for this purpose, shall be made by Mortgagee in
its
sole discretion. Such amounts shall be held by Mortgagee without
interest and applied to the payment of the obligations in respect of which
such
amounts were deposited or, at Mortgagee’s option, to the payment of said
obligations in such order or priority as Mortgagee shall determine, on or before
the respective dates on which the same or any of them would become
delinquent. If one (1) month prior to the due date of any of the
aforementioned obligations, the amounts then on deposit therefor shall be
insufficient for the payment of such obligation in full, Mortgagor within ten
(10) days after demand shall deposit the amount of the deficiency with
Mortgagee. Nothing herein contained shall be deemed to affect any
right or remedy of Mortgagee under any provisions hereof or of any statute
or
rule of law to pay any such amount and to add the amount so paid, together
with
interest at the Default Rate for Base Rate Loans, to the indebtedness hereby
secured. Upon Mortgagor’s written request, Mortgagee shall not pay
any taxes which Mortgagor is contesting as permitted by this Mortgage,
provided that, and only so long as, (i) there is not occurring any
default under this Mortgage or under any other Loan Document, (ii) Mortgagor
is
otherwise complying with the requirements of Section 1.07(c) (it being
understood that Mortgagee’s agreement not to pay taxes as aforesaid is further
limited by the provisions of said Section 1.07(c)) and (iii) Mortgagee
determines, in its sole and absolute discretion, that the lien of this Mortgage
on the Mortgaged Property would not otherwise be adversely affected
thereby.
(a) Payment
of
Mechanics and Materialmen. Mortgagor
will pay, or cause to be paid, from time to time when the same shall become
due,
all lawful claims and demands of mechanics, materialmen, laborers, and others
which, if unpaid, might result in, or permit the creation of, a lien on the
Mortgaged Property or any part thereof, or on the revenues, rents, issues,
income and profits arising therefrom (or promptly bond off, or cause to be
bonded off [or, in the case of any such liens aggregating less than $500,000,
insured over], any such liens) and in general will do or cause to be done
everything necessary so that the lien hereof shall be fully preserved, at the
cost of Mortgagor and without expense to Mortgagee.
(b) Good
Faith
Contests. Nothing
in this Section 1.07 shall require the payment or discharge of any obligation
imposed upon Mortgagor by this Section so long as such obligation is the subject
of a “Good Faith Contest” (as such quoted term is defined in the Loan
Agreement); provided, however, that if at any time payment of any obligation
imposed upon Mortgagor by clause (a) above shall become necessary to
prevent the delivery of a tax deed or other instrument conveying the Mortgaged
Property or any portion thereof because of non-payment, then Mortgagor shall
pay
the same in sufficient time to prevent the delivery of such tax deed or other
instrument.
Section
1.08. Taxes
on
Mortgagee or the Banks. Mortgagor
will pay any taxes (except income, profits, gross revenue, withholding or
similar taxes) imposed on Mortgagee or any Bank by reason of their interests
in
the Mortgagor Notes or this Mortgage.
Section
1.09. Insurance. (a) Mortgagor
will at all times (unless otherwise indicated) provide, maintain and keep in
force policies of insurance with respect to the Mortgaged Property in accordance
with Exhibit I to the Loan Agreement.
Mortgagor
hereby
assigns to Mortgagee all proceeds of any insurance required to be maintained
by
this Section 1.09 which Mortgagor may be entitled to receive for loss or damage
to the Premises, Improvements or Chattels. All such insurance
proceeds shall be payable to Mortgagee, and Mortgagor hereby authorizes and
directs any affected insurance company to make payment thereof directly to
Mortgagee. Mortgagor shall give prompt notice to Mortgagee of any
casualty in the amount of $100,000 or more, whether or not of a kind required
to
be insured against under the policies to be provided by Mortgagor hereunder,
such notice to generally describe the nature and cause of such casualty and
the
extent of the damage or destruction. Mortgagor may settle, adjust or
compromise any claims for loss, damage or destruction, regardless of whether
or
not there are insurance proceeds available or whether any such insurance
proceeds are sufficient in amount to fully compensate for such loss or damage,
subject, in the case of claims in the amount of $2,000,000 or more, to
Mortgagee’s prior consent, such consent not to be unreasonably withheld or
delayed. Notwithstanding the foregoing, Mortgagee shall have the
right to join Mortgagor in settling, adjusting or compromising any loss of
$2,000,000 or more. Proceeds of business interruption or rental loss
insurance shall be applied by Mortgagee in payment of the interest and principal
due on the Mortgagor Notes, insurance premiums, taxes, assessments and private
impositions until such time as the Improvements shall have been restored and
placed in full operation, at which time, provided there shall exist no default
hereunder or under the Loan Agreement, the balance of such business interruption
or rental loss insurance proceeds, if any, held by Mortgagee shall be paid
over
to Mortgagor. Mortgagor hereby authorizes the application or release
by Mortgagee of any insurance proceeds under any policy of insurance, subject
to
the other provisions hereof. The application or release by Mortgagee
of any insurance proceeds shall not cure or waive any default or notice of
default hereunder or invalidate any act done pursuant to such
notice.
(a) In
the event of the
foreclosure hereof or other transfer of the title to the Mortgaged Property
in
extinguishment, in whole or in part, of the Obligations secured hereby, all
right, title and interest of Mortgagor in and to any insurance policy, or
premiums or payments in satisfaction of claims or any other rights thereunder
then in force, shall pass to the purchaser or grantee notwithstanding the amount
of any bid at such foreclosure sale. Nothing contained herein shall
prevent the accrual of interest as provided in the Mortgagor Notes on any
portion of the principal balance due under the Mortgagor Notes until such time
as insurance proceeds are actually received and applied to reduce the principal
balance outstanding.
(b) Mortgagor
shall not
take out separate insurance concurrent in form or contributing in the event
of
loss with that required to be maintained under this Section 1.09 unless
Mortgagee is included thereon as a named insured with loss payable to Mortgagee
under standard mortgage endorsements of the character and to the extent above
described. Mortgagor shall promptly notify Mortgagee whenever any
such separate insurance is taken out and shall promptly deliver to Mortgagee
the
policy or policies of such insurance.
(c) Any
and all monies
received as payment which Mortgagor may be entitled to receive for loss or
damage to the Premises, Improvements or Chattels under any insurance maintained
pursuant to this Section 1.09 (other than proceeds under the policies required
by clause (a) above) shall be paid over to Mortgagee and, provided no Event
of
Default shall exist and subject to the conditions set forth below, said monies
(less Mortgagee’s reasonable expenses for collecting and disbursing the
insurance proceeds, or otherwise incurred in connection therewith) shall be
applied by Mortgagee to the payment of, or the reimbursement of Mortgagor for,
the costs and expenses incurred by Mortgagor in the restoration of the
Improvements on the Premises. Advances of insurance proceeds shall be
made to Mortgagor in accordance with Mortgagee’s standard construction lending
practices, terms and conditions. Notwithstanding the foregoing, in
any case where the extent of the damage or destruction is such that the
insurance proceeds paid in respect thereof are $2,000,000 or less, and provided
no default shall exist hereunder or under the Loan Agreement, so long as
Mortgagor shall promptly undertake, and thereafter diligently prosecute to
completion, such restoration, such proceeds shall be paid directly to Mortgagor,
to be applied by Mortgagor for expenses incurred in connection with such
restoration, subject to the last sentence of this Section
1.09(d). Insurance proceeds not needed for restoration, or not in
fact so applied, shall, at the option of the Required Banks, be applied either
to the prepayment of the Mortgagor Notes and interest accrued and unpaid thereon
in such order and proportions as the Required Banks shall elect, or shall be
paid over to Mortgagor. It is understood that any insurance proceeds
(less Mortgagee’s reasonable expenses in connection therewith as set forth
above) received by Mortgagee and not disbursed to Mortgagor due to the existence
of a default hereunder or under the Loan Agreement, and any such insurance
proceeds, or portions thereof, being held by Mortgagee for periodic disbursement
during the course of restoration as set forth above, shall be held in an
interest-bearing account and not applied to the repayment of the Mortgagor
Notes
unless and until an Event of Default shall occur hereunder, provided, however,
that upon such an Event of Default any such proceeds then held by Mortgagee,
and
any interest earned thereon, shall, at the option of the Required Banks, be
applied by Mortgagee to the outstanding principal of and accrued and unpaid
interest on the Mortgagor Notes in such order and proportions as the Required
Banks shall elect. It shall be a condition to any restoration that
Mortgagee and the Engineering Consultant shall have determined, in their
reasonable judgment, that the amount of available insurance proceeds is
sufficient to restore the Premises and Improvements, to the same condition,
character and at least equal value and general utility as nearly as possible
to
that existing prior to the damage or destruction, no later than (x) in cases
where the damage and available insurance proceeds are in the amount of
$10,000,000 or more, twelve (12) months prior to the Maturity Date of the Loan
or (y) in cases where the damage and available insurance proceeds are in the
amount of less than $10,000,000, the Maturity Date of the Loan. In
the event such insurance proceeds are inadequate for such restoration, Mortgagor
shall deposit with Mortgagee an amount (the “Casualty Excess Amount”) equal to
the excess of the estimated cost of restoration, as determined by Mortgagee
after consultation with the Engineering Consultant, over the amount of such
insurance proceeds. Notwithstanding the foregoing, Mortgagee shall
accept, in lieu of such deposit, an unconditional, irrevocable letter of credit
in the Casualty Excess Amount issued to Mortgagee by a financial institution,
and otherwise in form and substance, acceptable to Mortgagee in all
respects. If Mortgagor shall not have deposited the Casualty Excess
Amount with Mortgagee or if Mortgagee shall not have received such letter of
credit, as the case may be, within thirty (30) days following Mortgagee’s
receipt of the insurance proceeds, or if restoration work shall not have been
commenced and the other conditions therefor satisfied by Mortgagor within sixty
(60) days following Mortgagee’s receipt of the insurance proceeds and,
thereafter, not diligently pursued in accordance with this Section and all
legal
requirements, Mortgagee may apply such insurance proceeds to the prepayment
of
the Mortgagor Notes and interest accrued and unpaid thereon and in the Loan
Agreement in such order and proportions as the Required Banks shall
elect. If, following restoration in accordance with this Section
1.09(d) there are any excess insurance proceeds, such excess insurance proceeds
shall, provided there exists no default hereunder or under the Loan Agreement,
be paid over to Mortgagor.
Section
1.10. Protective
Advances by Mortgagee. If
Mortgagor shall fail to perform any of the covenants contained herein, Mortgagee
may, upon five (5) business days’ prior notice (unless, in the good faith
judgment of Mortgagee, such performance must take place sooner due to an
emergency or the imminent loss of, or impairment to, any of the security
otherwise afforded to Mortgagee by this Mortgage, including, without limitation,
by virtue of the imminent sale or forfeiture of the Mortgaged Property or any
part thereof, in which events no prior notice shall be required) make advances
to perform the same on its behalf and all sums so advanced shall be a lien
upon
the Mortgaged Property and shall be secured hereby. Mortgagor will
repay on demand all sums so advanced on its behalf together with interest
thereon at the Default Rate for Base Rate Loans. The provisions of
this Section shall not prevent any default in the observance of any covenant
contained herein from constituting an Event of Default.
Section
1.11. (a) Visitation
and Inspection. Section
6.05 of the Loan Agreement grants certain visitation and inspection rights
to
Mortgagee and the Banks. Mortgagor agrees to cooperate with Mortgagee
and the Banks, and their agents, representatives, attorneys and accountants,
in
the exercise of said rights and to facilitate the visitations, inspections
and
examinations provided for in said Section.
(a) Estoppel
Certificates. Mortgagor,
within three (3) days after request in person or within five (5) days after
request by mail, will furnish a statement, duly acknowledged, whether, to the
best of its knowledge, any offsets, counterclaims or defenses exist against
the
Obligations secured hereby.
Section
1.12. Maintenance
of
Premises and Improvements. Mortgagor
will not commit any physical waste on the Premises or make any change in the
use
of the Premises which will in any way increase any ordinary fire or other hazard
arising out of construction or operation. Mortgagor will, at all
times, maintain, or cause to be maintained, the Improvements and Chattels in
good operating order and condition and in compliance with the requirements
of
any governmental authority having jurisdiction over the Mortgaged Property
and
will promptly make, or cause to be made, from time to time, all repairs,
renewals, replacements, additions and improvements in connection therewith
which
are needful or desirable to such end. The Improvements shall not be
demolished or (without Mortgagee’s prior consent, not to be unreasonably
withheld) substantially altered, nor shall any Chattels be removed without
Mortgagee’s prior consent except where appropriate replacements free of superior
title, liens and claims are promptly made of value at least equal to the value
of the removed Chattels.
Section
1.13. Condemnation. Mortgagor,
promptly upon obtaining knowledge of the institution or pending institution
of
any proceedings for the condemnation of the Premises or any portion thereof,
will notify Mortgagee thereof. Mortgagee may participate in any such
proceedings and may be represented therein by counsel of Mortgagee’s
selection. Mortgagor from time to time will deliver to Mortgagee all
instruments requested by it to permit or facilitate such
participation. In the event of such condemnation proceedings, the
award or compensation payable is hereby assigned to and shall be paid to
Mortgagee. Mortgagee shall be under no obligation to question the
amount of any such award or compensation and may accept the same in the amount
in which the same shall be paid. The proceeds of any award or
compensation so received shall, at the option of the Required Banks, either
be
applied to the prepayment of the Mortgagor Notes and all interest and other
sums
accrued and unpaid in respect thereof at the rate of interest provided therein
and in the Loan Agreement regardless of the rate of interest payable on the
award by the condemning authority, or be disbursed to Mortgagor from time to
time for restoration of the Improvements. Notwithstanding the
provisions of the immediately preceding sentence, provided no default shall
exist hereunder or under the Loan Agreement and subject to the conditions set
forth below, any such condemnation award proceeds received by Mortgagee (less
Mortgagee’s reasonable expenses for collecting and disbursing the same, or
otherwise incurred in connection therewith) shall be applied by Mortgagee to
the
payment of, or the reimbursement of Mortgagor for, the costs and expenses
incurred by Mortgagor in the restoration of the Improvements on the
Premises. Advances of condemnation award proceeds shall be made to
Mortgagor in accordance with Mortgagee’s standard construction lending
practices, terms and conditions. Notwithstanding the foregoing, in
any case where the extent of the condemnation award proceeds paid in respect
thereof are $2,000,000 or less, and provided no default shall exist hereunder
or
under the Loan Agreement, so long as Mortgagor shall promptly undertake, and
thereafter diligently prosecute to completion, such restoration, such proceeds
shall be paid directly to Mortgagor, to be applied by Mortgagor for expenses
incurred in connection with such restoration. Condemnation award
proceeds not required for restoration, or not in fact so applied, shall, at
the
option of the Required Banks, be applied either to the prepayment of the
Mortgagor Notes and interest accrued and unpaid thereon (at the rate of interest
provided therein and in the Loan Agreement regardless of the rate of interest
payable on the award by the condemning authority) in such order and proportions
as the Required Banks shall elect, or shall be paid over to
Mortgagor. It is understood that any condemnation award proceeds
(less Mortgagee’s reasonable expenses in connection therewith as set forth
above) received by Mortgagee and not disbursed to Mortgagor due to the existence
of a default hereunder or under the Loan Agreement, and any such condemnation
award proceeds, or portions thereof, being held by Mortgagee for periodic
disbursement during the course of restoration as set forth above, shall be
held
by Mortgagee in an interest-bearing account and not applied to the repayment
of
the Loan unless and until an Event of Default shall occur hereunder,
provided, however, that upon such an Event of Default any such
proceeds then held by Mortgagee, and any interest earned thereon, shall, at
the
option of the Required Banks, be applied by Mortgagee to the outstanding
principal of and accrued and unpaid interest on the Mortgagor Notes in such
order and proportions as the Required Banks shall elect. It shall be
a condition to any restoration that Mortgagee and the Engineering Consultant
shall have determined, in their reasonable judgment, that the amount of
available condemnation award proceeds are sufficient to restore the Premises
and
Improvements, to the same condition, character and at least equal value and
general utility as nearly as possible to that existing prior to the
condemnation, no later than (x) in cases where the taking and available
condemnation award proceeds are in the amount of $10,000,000 or more, twelve
(12) months prior to the Maturity Date of the Loan or (y) in cases where the
taking and available condemnation award proceeds are in the amount of less
than
$10,000,000, the Maturity Date of the Loan. In the event such
condemnation award proceeds are inadequate for such restoration, Mortgagor
shall
deposit with Mortgagee an amount (the “Condemnation Excess Amount”) equal to the
excess of the estimated cost of restoration, as determined by Mortgagee, over
the amount of such condemnation award proceeds. Notwithstanding the
foregoing, Mortgagee shall accept, in lieu of such deposit, an unconditional,
irrevocable letter of credit in the Condemnation Excess Amount issued to
Mortgagee by a financial institution, and otherwise in form and substance,
acceptable to Mortgagee in all respects. If Mortgagor shall not have
deposited the Condemnation Excess Amount with Mortgagee or if Mortgagee shall
not have received such letter of credit, as the case may be, within thirty
(30)
days following Mortgagee’s receipt of the condemnation award proceeds, or if
restoration work shall not have been commenced and the other conditions therefor
satisfied by Mortgagor within sixty (60) days following Mortgagee’s receipt of
the condemnation award proceeds and, thereafter, not diligently pursued in
accordance with this Section and all legal requirements, Mortgagee may apply
such condemnation award proceeds to the prepayment of the Mortgagor Notes and
interest accrued and unpaid thereon (at the rate of interest provided therein
and in the Loan Agreement regardless of the rate of interest payable on the
award by the condemning authority) in such order and proportions as the Required
Banks shall elect. If, following restoration in accordance with this
Section 1.13, there are any excess condemnation award proceeds, such excess
proceeds shall, provided there exists no default hereunder or under the Loan
Agreement, be paid over to Mortgagor.
Section
1.14. Leases. (a) Mortgagor
will not (i) execute an assignment of the rents or any part thereof from the
Premises without Mortgagee’s prior consent, (ii) modify, terminate or consent to
the cancellation or surrender of any lease of the Premises or of any part
thereof, now existing or hereafter to be made, in a manner which is not
commercially reasonable, (iii) accept prepayments of any installments of rents
in excess of one (1) month’s rent to become due under such leases, except
prepayments in the nature of security for the performance of the lessees
thereunder and lease cancellation or buy-out fees in connection with a permitted
cancellation, (iv) modify, release or terminate any guaranties of any such
lease
in a manner which is not commercially reasonable or (v) in any manner impair
the
value of the Mortgaged Property as a whole or the security hereof. In
addition, Mortgagor will comply with the leasing requirements set forth in
Section 6.10 of the Loan Agreement.
(a) Mortgagor
will not
execute any lease of all or a substantial portion of the Premises except for
actual occupancy by the lessee thereunder, and will at all times promptly and
faithfully perform, or cause to be performed, in a commercially reasonable
manner, all of the covenants, conditions and agreements contained in all leases
of the Premises or portions thereof now or hereafter existing, on the part
of
the lessor thereunder to be kept and performed and will at all times use
commercially reasonable efforts to compel performance by the lessee under each
lease of all obligations, covenants and agreements by such lessee to be
performed thereunder. If any of such leases provide for the giving by
the lessee of certificates with respect to the status of such leases, Mortgagor
shall exercise its right to request such certificates within five (5) days
of
any demand therefor by Mortgagee and shall deliver copies thereof to Mortgagee
promptly upon receipt.
(b) Each
lease of the
Premises, or of any part thereof, entered into after the date hereof shall
provide that, in the event of the enforcement by Mortgagee of the remedies
provided for hereby or by law, the lessee thereunder will, upon request of
any
person succeeding to the interest of Mortgagor as a result of such enforcement,
automatically become the lessee of said successor in interest, without change
in
the terms or other provisions of such lease, provided, however,
that said successor in interest shall not be bound by any payment of rent or
additional rent for more than one (1) month in advance, except prepayments
in
the nature of security for the performance by said lessee of its obligations
under said lease. Each lease shall also provide that, upon request by
said successor in interest, such lessee shall execute and deliver an instrument
or instruments confirming such attornment.
(c) Mortgagor
shall
apply tenant security deposits only in accordance with the applicable
Leases. Mortgagor shall, promptly upon Mortgagee’s request following
an Event of Default, deposit all tenant security deposits in respect of the
Premises into an account with Mortgagee or as designated by Mortgagee, which
deposits shall be held and disbursed to tenants as required under the terms
of
their respective leases. If an Event of Default exists, Mortgagor
shall be deemed to be holding all tenant security deposits in trust for the
benefit of Mortgagee, subject to the rights of tenants in such security
deposits.
Section
1.15. Premises
Documents. Mortgagor
shall (a) use reasonable efforts to cause the due compliance and faithful
performance by the other parties to the Premises Documents with and of all
material obligations and agreements by such other parties to be complied with
and performed thereunder, and (b) comply with and perform all of its material
obligations and agreements under the Premises Documents.
Section
1.16. Lien
Laws. Mortgagor
will indemnify and hold Mortgagee and the Banks harmless against any loss or
liability, cost or expense, including, without limitation, any judgments,
Attorney’s Fees, costs of appeal bonds and printing costs, arising out of or
relating to any proceeding instituted by any claimant alleging a violation
by
Mortgagor of any applicable lien law.
Section
1.17. Non-Disturbance
and Attornment Agreements. Subject
to the conditions specified in the next paragraph of this Section, Mortgagee
will, upon Mortgagor’s request, execute non-disturbance, attornment and
subordination agreements, in Mortgagee’s then standard form (with modifications
reasonably satisfactory to Mortgagee), with lessees of space in the Improvements
which shall provide, interalia, that in the event Mortgagee or any
purchaser at foreclosure shall succeed to Mortgagor’s interest in the Premises,
the leases of such lessees will remain in full force and effect and be binding
upon Mortgagee or such purchaser and such lessee as though each were the
original parties thereto. In that regard, Mortgagee reserves the
right to waive the priority of this Mortgage as to any lease otherwise
subordinate to this Mortgage by recording a declaration of subordination in
the
public records at any time prior to a sale on foreclosure of this
Mortgage.
Mortgagee’s
obligation to execute such agreements shall be subject to the following
conditions: (i) the credit of the lessee and the terms of the lease
shall be satisfactory to Mortgagee, (ii) Mortgagee shall have received and
approved the standard form of lease to be used in connection with the leasing
of
the Improvements, (iii) upon each request for such an agreement, Mortgagee
shall
receive a photocopy of the executed lease, certified to be true and complete
by
the responsible officer of Mortgagor or by its counsel and (iv) Mortgagee shall
receive a letter, in the form specified in the Loan Agreement, signed by
Mortgagor and addressed to the lessee, to be forwarded to the lessee by
Mortgagee, giving notice of the assignment of each lease provided for
herein.
Section
1.18. Covenant
Against
Transfers. Except
as provided in Section 12.06 of the Loan Agreement, Mortgagor shall not
transfer, (or suffer or permit the transfer), in any manner, either voluntarily
or involuntarily, by operation of law or otherwise, all or any portion of the
Mortgaged Property, or any interest or rights therein (including air or
development rights) without, in any such case, the prior written consent of
the
Required Banks. As used in this clause, “transfer” shall include,
without limitation, (i) any sale, assignment, lease or conveyance except leases
for occupancy subordinate hereto and to all advances made and to be made
hereunder or under the Loan Agreement and (ii) any sale, conveyance, pledge,
transfer or other disposition, directly or indirectly, of beneficial interests
in Mortgagor. Notwithstanding the foregoing provisions of this
Section 1.18, consent shall not be required for direct or indirect sales,
conveyances, pledges, transfers or other dispositions of beneficial interests
in
Mortgagor.
Section
1.19. Property
Management. Mortgagor
shall cause the Mortgaged Property to be managed at all times by The Taubman
Realty Group Limited Partnership, a Delaware limited partnership (“Taubman”) or
a management affiliate of Taubman.
ARTICLE
II
EVENTS
OF
DEFAULT AND REMEDIES
Section
2.01. Events
of
Default and Certain Remedies. If
one
or more of the following Events of Default shall happen, that is to
say:
(a) if
an “Event of
Default” shall occur under the Loan Agreement; or
(b) if
default shall be
made in the payment of any tax or other charge required by Section 1.07 to
be
paid and said default shall have continued for a period of twenty (20) days;
or
(c) if
it shall be
illegal for Mortgagor to pay any tax referred to in Section 1.08 or if the
payment of such tax by Mortgagor would result in the violation of applicable
usury laws; or
(d) if
there shall
occur a default which is not cured within the applicable grace period, if any,
under any mortgage, deed of trust or other security instrument covering all
or
part of the Mortgaged Property regardless of whether any such mortgage, deed
of
trust or other security instrument is prior or subordinate hereto; it being
further agreed by Mortgagor that an Event of Default hereunder shall constitute
an Event of Default under any such mortgage, deed of trust or other security
instrument held by Mortgagee; or
(e) except
as provided
in Section 12.06 of the Loan Agreement, if Mortgagor shall transfer (or suffer
or permit the transfer), in any manner, either voluntarily or involuntarily,
by
operation of law or otherwise, all or any portion of the Mortgaged Property,
or
any interest or rights therein (including air or development rights) without,
in
any such case, the prior written consent of the Required Banks. As
used in this clause, “transfer” shall include, without limitation, (i) any sale,
assignment, lease or conveyance except leases for occupancy subordinate hereto
and to all advances made and to be made hereunder or under the Loan Agreement
and (ii) any sale, conveyance, pledge, transfer or other disposition, directly
or indirectly, of beneficial interests in Mortgagor. Notwithstanding
the foregoing provisions of this clause (f), consent shall not be required
for
direct or indirect sales, conveyances, pledges, transfers or other dispositions
of beneficial interests in Mortgagor; or
(f) if
Mortgagor shall
encumber, or agree (other than an agreement conditioned on full repayment and
termination of Mortgagor’s obligations under the Loan or on Mortgagee’s consent)
to encumber, in any manner, either voluntarily or involuntarily, by operation
of
law or otherwise, all or any portion of the Mortgaged Property, or any interest
or rights therein, including air or development rights (other than the granting
of leases in accordance with the provisions hereof and of the Loan Agreement
and
the granting of easements designed to service the Premises) without, in any
such
case, the prior written consent of the Required Banks. As used in
this clause, “encumber” shall include, without limitation, the placing or
permitting the placing of any mortgage, deed of trust, assignment of rents
or
other security device. (The Required Banks may grant or deny their
consent under this clause (g) and the immediately preceding clause (f) in their
sole discretion and, if consent should be given, any such transfer or
encumbrance shall be subject hereto and to any other documents which evidence
or
secure the Loan; and consent to one such transfer or encumbrance shall not
be
deemed to be a waiver of the right to require consent to future or successive
transfers or encumbrances.) Notwithstanding the foregoing, Mortgagor
will be permitted to enter into personal property equipment/fixtures financing
agreements without consent, provided that said financings do not exceed
$5,000,000 outstanding in the aggregate at any one time.; or
(g) if
Mortgagor files
for record a notice pursuant to Section 697.04, Florida Statutes,
limiting the maximum principal amount that may be secured by this
Mortgage;
then
and in every
such case:
I. During
the continuance of any such Event of Default, Mortgagee, by notice to
Mortgagor and Borrowers, may declare the entire principal of the Mortgagor
Notes
then outstanding (if not then due and payable), and all accrued and unpaid
interest and other sums in respect thereof, to be due and payable immediately,
and upon any such declaration the principal of the Mortgagor Notes and said
accrued and unpaid interest and other sums shall become and be immediately
due
and payable, anything herein or in the Mortgagor Notes or the Loan Agreement
to
the contrary notwithstanding.
II. During
the continuance of any such Event of Default, Mortgagee personally,
or by its agents or attorneys, may enter into and upon all or any part of the
Premises, and each and every part thereof, and is hereby given a right and
license and appointed Mortgagor’s attorney-in-fact and exclusive
agent to do so, and may exclude Mortgagor, its agents and servants wholly
therefrom; and having and holding the same, may use, operate, manage and control
the Premises and conduct the business thereof, either personally or by its
superintendents, managers, agents, servants, attorneys or receivers; and upon
every such entry, Mortgagee, at the expense of the Mortgaged Property, from
time
to time, either by purchase, repairs or construction, may maintain and restore
the Mortgaged Property, whereof it shall become possessed as aforesaid; and
likewise, from time to time, at the expense of the Mortgaged Property, Mortgagee
may make all necessary or proper repairs, renewals and replacements and such
useful alterations, additions, betterments and improvements thereto and thereon
as to it may seem advisable; and in every such case Mortgagee shall have the
right to manage and operate the Mortgaged Property and to carry on the business
thereof and exercise all rights and powers of Mortgagor with respect thereto
either in the name of Mortgagor or otherwise as it shall deem best; and
Mortgagee shall be entitled to collect and receive the Rents and every part
thereof, all of which shall for all purposes constitute property of Mortgagor;
and in furtherance of such right Mortgagee may collect the rents payable under
all leases of the Premises directly from the lessees thereunder upon notice
to
each such lessee that an Event of Default exists hereunder accompanied by a
demand on such lessee for the payment to Mortgagee of all rents due and to
become due under its lease, and Mortgagor FOR THE BENEFIT OF MORTGAGEE AND
EACH
SUCH LESSEE hereby covenants and agrees that the lessee shall be under no duty
to question the accuracy of Mortgagee’s statement of default and shall
unequivocally be authorized to pay said rents to Mortgagee without regard to
the
truth of Mortgagee’s statement of default and notwithstanding notices from
Mortgagor, Borrowers or any other person or entity disputing the existence
of an
Event of Default such that the payment of rent by the lessee to Mortgagee
pursuant to such a demand shall constitute performance in full of the lessee’s
obligation under the lease for the payment of rents by the lessee to Mortgagor;
and after deducting the expenses of conducting the business thereof and of
all
maintenance, repairs, renewals, replacements, alterations, additions,
betterments and improvements and amounts necessary to pay for taxes,
assessments, insurance and prior or other proper charges upon the Mortgaged
Property or any part thereof, as well as just and reasonable compensation for
the services of Mortgagee and for all attorneys, counsel, agents, clerks,
servants and other employees by it engaged and employed, Mortgagee shall apply
the moneys arising as aforesaid, first, to the payment of the principal
of the Mortgagor Notes and the interest thereon, when and as the same shall
become payable and in such order and proportions as Mortgagee shall elect and
second, to the payment of any other sums required to be paid by Mortgagor
hereunder or under the Loan Agreement.
III. Mortgagee,
with or without entry, personally or by its agents or attorneys, insofar as
applicable, may:
(1) sell
the Mortgaged Property to the extent permitted and pursuant to the procedures
provided by law and all estate, right, title and interest, claim and demand
therein, and right of redemption thereof, at one (1) or more sales as an entity
or in parcels or parts, and at such time and place upon such terms and after
such notice thereof as may be required or permitted by law; or
(2) institute
proceedings for the complete or partial foreclosure hereof; or
(3) take
such steps to protect and enforce its rights whether by action, suit or
proceeding in equity or at law for the specific performance of any covenant,
condition or agreement in the Mortgagor Notes, the Loan Agreement or herein,
or
in aid of the execution of any power herein granted, or for any foreclosure
hereunder, or for the enforcement of any other appropriate legal or equitable
remedy or otherwise as Mortgagee shall elect.
Section
2.02. Other
Matters
Concerning Sales. (a) Mortgagee
may adjourn from time to time any sale by it to be made hereunder or by virtue
hereof by announcement at the time and place appointed for such sale or for
such
adjourned sale or sales; and, except as otherwise provided by any applicable
provision of law, Mortgagee, without further notice or publication, may make
such sale at the time and place to which the same shall be so
adjourned.
(a) Upon
the completion
of any sale or sales made by Mortgagee under or by virtue of this Article II,
Mortgagee, or an officer of any court empowered to do so, shall execute and
deliver to the accepted purchaser or purchasers a good and sufficient instrument
or instruments conveying, assigning and transferring all estate, right, title
and interest in and to the property and rights sold. Mortgagee is
hereby appointed the true and lawful attorney irrevocable of Mortgagor, in
its
name and stead, to make all necessary conveyances, assignments, transfers and
deliveries of the Mortgaged Property and rights so sold and for that purpose
Mortgagee may execute all necessary instruments of conveyance, assignment and
transfer, and may substitute one or more persons with like power, Mortgagor
hereby ratifying and confirming all that its said attorney or such substitute
or
substitutes shall lawfully do by virtue hereof. Nevertheless,
Mortgagor, if requested by Mortgagee, shall ratify and confirm any such sale
or
sales by executing and delivering to Mortgagee or to such purchaser or
purchasers all such instruments as may be advisable, in the judgment of
Mortgagee, for the purpose, and as may be designated in such
request. Any such sale or sales made under or by virtue of this
Article II, whether made under the power of sale herein granted or under or
by
virtue of judicial proceedings or of a judgment or decree of foreclosure and
sale, shall operate to divest all the estate, right, title, interest, claim
and
demand whatsoever, whether at law or in equity, of Mortgagor in and to the
properties and rights so sold, and shall be a perpetual bar both at law and
in
equity against Mortgagor and against any and all persons claiming or who may
claim the same, or any part thereof from, through or under
Mortgagor.
(b) In
the event of any
sale or sales made under or by virtue of this Article II (whether made under
the
power of sale herein granted or under or by virtue of judicial proceedings
or of
a judgment or decree of foreclosure and sale), the entire principal of, and
interest and other sums on, the Mortgagor Notes, if not previously due and
payable, and all other sums required to be paid by Mortgagor pursuant hereto,
to
the Loan Agreement immediately thereupon shall, anything in any of said
documents to the contrary notwithstanding, become due and payable.
(c) The
purchase money,
proceeds or avails of any sale or sales made under or by virtue of this Article
II, together with any other sums which then may be held by Mortgagee hereunder,
whether under the provisions of this Article II or otherwise, shall be applied
as follows:
First: To
the payment of the costs and expenses of such sale, including reasonable
compensation to Mortgagee, its agents and counsel, and of any judicial
proceedings wherein the same may be made, and of all expenses, liabilities
and
advances made or incurred by Mortgagee hereunder, together with interest at
the
Default Rate for Base Rate Loans on all such advances made by Mortgagee, and
of
all taxes, assessments or other charges, except any taxes, assessments or other
charges subject to which the Mortgaged Property shall have been
sold.
Second: To
the payment of the whole amount then due, owing or unpaid upon the Mortgagor
Notes for principal and interest, with interest on the unpaid principal at
the
Default Rate from and after the happening of any Event of Default, in such
order
and amounts as Mortgagee may elect.
Third: To
the payment of any other sums required to be paid by Mortgagor pursuant to
any
provision hereof or of the Mortgagor Notes, the Loan Agreement or any other
document executed or delivered to Mortgagee or the Banks in connection with
the
Loan, including all expenses, liabilities and advances made or incurred by
Mortgagee hereunder or in connection with the enforcement hereof, together
with
interest at the Default Rate for Base Rate Loans on all such
advances.
Fourth: To
the payment of the surplus, if any, to whomsoever may be lawfully entitled
to
receive the same.
(d) Upon
any sale or
sales made under or by virtue of this Article II, whether made under the power
of sale herein granted or under or by virtue of judicial proceedings or of
a
judgment or decree of foreclosure and sale, Mortgagee may bid for and acquire
the Mortgaged Property or any part thereof and in lieu of paying cash therefor
may make settlement for the purchase price by crediting upon the indebtedness
secured hereby the net sales price after deducting therefrom the expenses of
the
sale and the costs of the action and any other sums which Mortgagee is
authorized to deduct hereunder.
Section
2.03. Payment
of
Amounts Due. (a) In
case an Event of Default shall have happened and be continuing, then, upon
demand of Mortgagee, Mortgagor will pay, or cause to be paid, to Mortgagee
the
whole amount which then shall have become due and payable on the Mortgagor
Notes, for principal or interest or both, as the case may be, and after the
happening of said Event of Default will also pay, or cause to be paid, to
Mortgagee interest at the Default Rate on the then unpaid principal of the
Mortgagor Notes, and the sums required to be paid by Mortgagor pursuant to
any
provision hereof or of the Loan Agreement, and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including reasonable compensation to Mortgagee, its agents and counsel and
any
expenses incurred by Mortgagee hereunder. In the event Mortgagor
shall fail forthwith to pay all such amounts upon such demand, Mortgagee shall
be entitled and empowered to institute such action or proceedings at law or
in
equity as may be advised by its counsel for the collection of the sums so due
and unpaid, and may prosecute any such action or proceedings to judgment or
final decree, and may enforce any such judgment or final decree against
Mortgagor and collect, out of the property of Mortgagor wherever situated,
as
well as out of the Mortgaged Property, in any manner provided by law, moneys
adjudged or decreed to be payable.
(a) Mortgagee
shall be
entitled to recover judgment as aforesaid either before, after or during the
pendency of any proceedings for the enforcement of the provisions hereof; and
the right of Mortgagee to recover such judgment shall not be affected by any
entry or sale hereunder, or by the exercise of any other right, power or remedy
for the enforcement of the provisions hereof, or the foreclosure of the lien
hereof; and in the event of a sale of the Mortgaged Property, and of the
application of the proceeds of sale, as herein provided, to the payment of
the
debt hereby secured, Mortgagee shall be entitled to enforce payment of, and
to
receive all amounts then remaining due and unpaid upon, the Mortgagor Notes,
and
to enforce payment of all other charges, payments and costs of Mortgagor due
hereunder, under the Loan Agreement or otherwise in respect of the Loan, and
shall be entitled to recover judgment for any portion of the debt remaining
unpaid, with interest at the Default Rate. In case of proceedings
against Mortgagor or a Borrower in insolvency or bankruptcy or any proceedings
for its reorganization or involving the liquidation of its assets, then
Mortgagee shall be entitled to prove the whole amount of principal, interest
and
other sums due upon the Mortgagor Notes to the full amount thereof, and all
other payments, charges and costs of Mortgagor due hereunder, under the Loan
Agreement or otherwise in respect of Mortgagor’s obligations under the Loan,
without deducting therefrom any proceeds obtained from the sale of the whole
or
any part of the Mortgaged Property, provided, however, that in no
case shall Mortgagee receive a greater amount than such principal and interest
and such other payments, charges and costs from the aggregate amount of the
proceeds of the sale of the Mortgaged Property and the distribution from the
estates of Mortgagor.
(b) No
recovery of any
judgment by Mortgagee and no levy of an execution under any judgment upon the
Mortgaged Property or upon any other property of Mortgagor or Borrowers shall
affect in any manner or to any extent, the lien hereof upon the Mortgaged
Property or any part thereof, or any liens, rights, powers or remedies of
Mortgagee hereunder, but such liens, rights, powers and remedies of Mortgagee
shall continue unimpaired as before.
(c) Any
moneys thus
collected by Mortgagee under this Section 2.03 shall be applied by Mortgagee
in
accordance with the provisions of clause (d) of Section 2.02.
Section
2.04. Actions;
Receivers. After
the happening of any Event of Default and immediately upon the commencement
of
any action, suit or other legal proceedings by Mortgagee to obtain judgment
for
the principal of, or interest on, the Mortgagor Notes and other sums required
to
be paid by Mortgagor pursuant to any provision hereof or of the Loan Agreement,
or of any other nature in aid of the enforcement of the Mortgagor Notes or
hereof or of the Loan Agreement, Mortgagor will (a) waive the issuance and
service of process and enter its voluntary appearance in such action, suit
or
proceeding and (b) if required by Mortgagee, consent to the appointment of
a
receiver or receivers of all or part of the Mortgaged Property and of any or
all
of the Rents in respect thereof. During the existence of any Event of
Default, or upon the commencement of any proceedings to foreclose this Mortgage
or to enforce the specific performance hereof or in aid thereof or upon the
commencement of any other judicial proceeding to enforce any right of Mortgagee,
Mortgagee shall be entitled, as a matter of right, if it shall so elect, without
the giving of notice to any other party and without regard to the adequacy
or
inadequacy of any security for the indebtedness secured hereby, forthwith either
before or after declaring the unpaid principal of the Mortgagor Notes to be
due
and payable, to the appointment of such a receiver or receivers. Such
appointment may be made either before or after any foreclosure sale without
regard to the solvency or insolvency of Mortgagor at the time of application
for
such receiver and without regard to the then value of the Premises or whether
the same shall be then occupied as a homestead or not and Mortgagee may be
appointed as such receiver. Such receiver shall have (i) power to
collect the Rents and, in case of a foreclosure sale and a deficiency, during
the full statutory period of redemption, whether there be redemption or not,
as
well as during any further times when Mortgagor, except for the intervention
of
such receiver, would be entitled to collect such Rents, (ii) power to extend
or
modify any then existing leases and to make new leases, which extensions,
modifications and new leases may provide for terms to expire, or for options
to
lessees to extend or renew terms to expire, beyond the maturity date of the
indebtedness secured hereby and beyond the date of the issuance of a deed or
deeds to a purchaser or purchasers at a foreclosure sale, it being understood
and agreed that any such leases, and the options or other such provisions to
be
contained therein, shall be binding upon Mortgagor and all persons whose
interest in the Mortgaged Property are subject to the lien hereof and upon
the
purchaser or purchasers at any foreclosure sale, notwithstanding any redemption
from sale, discharge of the indebtedness secured hereby, satisfaction of any
foreclosure decree, or issuance of any certificate of sale or deed to any
purchaser and (iii) all other powers which may be necessary or are usual in
such
cases for the protection, possession, control, management and operation of
the
Mortgaged Property during the whole of said period, including, without
limitation, the powers of Mortgagor as provided in Section 2.01 II
above. The court from time to time may authorize the receiver to
apply the net income in his hands in payment, in whole or in part, of (x) the
indebtedness secured hereby, or by any decree foreclosing this Mortgage, or
any
tax, special assessment or other lien which may be or become superior to the
lien hereof or of such decree, provided such application is made prior to
foreclosure sale and (y) the deficiency in case of a foreclosure sale and
deficiency.
Section
2.05. Mortgagee’s
Right to Possession. Notwithstanding
the appointment of any receiver, liquidator or trustee of Mortgagor, or of
any
of its property, or of the Mortgaged Property or any part thereof, Mortgagee
shall be entitled to retain possession and control of all property now or
hereafter held hereunder.
Section
2.06. Remedies
Cumulative. No
remedy herein conferred upon or reserved to Mortgagee is intended to be
exclusive of any other remedy or remedies, and each and every such remedy shall
be cumulative, and shall be in addition to every other remedy given hereunder
or
now or hereafter existing at law, in equity or by statute. No delay
or omission of Mortgagee to exercise any right or power accruing upon
any Event of Default shall impair any such right or power, or shall be construed
to be a waiver of any such Event of Default or any acquiescence therein; and
every power and remedy given hereby to Mortgagee may be exercised from time
to
time as often as may be deemed expedient by Mortgagee. Nothing herein
or in the Mortgagor Notes or the Loan Agreement shall affect the obligation
of
Mortgagor to pay the principal of, and interest and other sums on, the Mortgagor
Notes, and Mortgagor’s obligations under the Loan Agreement in the manner and at
the time and place therein respectively expressed.
Section
2.07. Moratorium
Laws;
Right of Redemption. Mortgagor
will not at any time insist upon, or plead, or in any manner whatever claim
or
take any benefit or advantage of any stay or extension or moratorium law, any
exemption from execution or sale of the Mortgaged Property or any part thereof,
wherever enacted, now or at any time hereafter in force, which may affect the
covenants and terms of performance hereof, nor claim, take or insist upon any
benefit or advantage of any law now or hereafter in force providing for the
valuation or appraisal of the Mortgaged Property, or any part thereof, prior
to
any sale or sales thereof which may be made pursuant to any provision herein,
or
pursuant to the decree, judgment or order of any court of competent
jurisdiction; nor, after any such sale or sales, claim or exercise any right
under any statute heretofore or hereafter enacted to redeem the property so
sold
or any part thereof and Mortgagor hereby expressly waives all benefit or
advantage of any such law or laws, and covenants not to hinder, delay or impede
the execution of any power herein granted or delegated to Mortgagee, but to
suffer and permit the execution of every power as though no such law or laws
had
been made or enacted. Mortgagor, for itself and all who may claim
under it, waives, to the extent that it lawfully may, all right to have the
Mortgaged Property marshaled upon any foreclosure hereof. Mortgagor hereby
waives any and all rights of redemption from sale under any order or decree
of
foreclosure of this Mortgage on behalf of Mortgagor and all persons beneficially
interested therein, and each and every person except decree or judgment
creditors of Mortgagor in its representative capacity acquiring any interest
in
or title to the Premises subsequent to the date of this Mortgage.
Section
2.08. Mortgagor’s
Use
and Occupancy after Default. During
the continuance of any Event of Default and pending the exercise by Mortgagee
of
its right to exclude Mortgagor from all or any part of the Premises, Mortgagor
agrees to pay the fair and reasonable rental value for the use and occupancy
of
the Premises or any portion thereof which are in its, Mortgagor’s or any of
their respective affiliates’ possession for such period and, upon default of any
such payment, will vacate and surrender possession of the Premises to Mortgagee
or to a receiver, if any, and in default thereof may be evicted by any summary
action or proceeding for the recovery of possession of premises for non-payment
of rent, however designated.
Section
2.09. Mortgagee’s
Rights Concerning Application of Amounts Collected. Notwithstanding
anything to the contrary contained herein, upon the occurrence of an Event
of
Default, Mortgagee may apply, to the extent permitted by law, any amount
collected hereunder to principal, interest or any other sum due under the
Mortgagor Notes or the Mortgagor’s obligations under Loan Agreement or otherwise
in respect of Mortgagor’s obligations under the Loan in such order and amounts,
and to such Obligations, as the Required Banks shall elect in their sole and
absolute discretion.
Section
2.10. Regarding
Defenses. No
action for the enforcement of the lien or any provision hereof shall be subject
to any defense which would not be good and available to the party interposing
the same in an action at law upon the Mortgagor Notes.
Section
2.11. Expenses
as
Indebtedness. In
any
suit to foreclose the lien hereof (including any partial foreclosure) or to
enforce any other remedy of Mortgagee or the Banks under this Mortgage or the
Mortgagor Notes or other Loan Documents or otherwise in respect of the Loan,
there shall be allowed and included as additional indebtedness in the decree
for
sale or other judgment or decree all expenditures and expenses which may be
paid
or incurred by or on behalf of Mortgagee or the Banks for Attorneys’ Fees,
appraiser’s fees, outlays for documentary and expert evidence, stenographer’s
charges, publication costs, and costs (which may be estimated as to items to
be
expended after entry of the decree) of procuring all such abstracts of title,
title searches and examinations, title insurance policies, Torrens certificates,
and similar data and assurances with respect to title and value as Mortgagee
or
the Banks may deem reasonably necessary either to prosecute such suit or to
evidence to bidders at any sale which may be had pursuant to such decree the
true condition of the title to or the value of the Premises.
Section
2.12. Right
to Deem
All of Property as Real Estate. In
any
sale of the Mortgaged Property made pursuant to this Mortgage, Mortgagee, to
the
extent permitted by applicable law, may elect to deem all of the Mortgaged
Property to be real property for purposes thereof.
ARTICLE
III
MISCELLANEOUS
Section
3.01. Assignment
of
Leases and Rents. (a) This
Mortgage constitutes a present, absolute, unconditional and irrevocable
assignment of all leases now or hereafter existing and of all of the Rents
now
or hereafter accruing, and Mortgagor, without limiting the generality
of the Granting Clause hereof, specifically hereby presently, absolutely,
unconditionally and irrevocably assigns all leases now or hereafter existing
and
all of the Rents now or hereafter accruing to Mortgagee. The
aforesaid assignment shall be effective immediately upon the execution hereof
and is not conditioned upon the occurrence of any Event of Default hereunder
or
any other contingency or event, provided, however, that Mortgagee
hereby grants to Mortgagor the right and license to collect and receive the
Rents as they become due, and not in advance, so long as no Event of Default
exists hereunder. Immediately upon the occurrence of any such Event
of Default, the foregoing right and license shall be automatically terminated
and of no further force or effect. Nothing contained in this Section
or elsewhere herein shall be construed to make Mortgagee a mortgagee in
possession unless and until Mortgagee actually takes possession of the Mortgaged
Property, nor to obligate Mortgagee to take any action or incur any expense
or
discharge any duty or liability under or in respect of any leases or other
agreements relating to the Mortgaged Property or any part thereof.
(a) The
Assignments of
Leases and Rents contained in this Mortgage are intended to provide Mortgagee
with all of the rights and remedies of mortgagees pursuant to Section 697.07
of
the Florida Statutes (hereinafter "Section 697.07"), as may be amended
from time to time. However, in no event shall this reference
diminish, alter, impair, or affect any other rights and remedies of Mortgagee,
including but not limited to, the appointment of a receiver, nor shall any
provision in this Section diminish, alter, impair or affect any rights or powers
of the receiver in law or equity or as set forth herein. In addition,
this assignment shall be fully operative without regard to value of the Property
or without regard to the adequacy of the Property to serve as security for
the
obligations owed by Mortgagor to Mortgagee, and shall be in addition to any
rights arising under Section 697.07. Further, except for the notices
required hereunder, if any, Mortgagor waives any notice of default or demand
for
turnover of rents by Mortgagee, together with any rights under Section 697.07
to
apply to a court to deposit the Rents into the registry of the court or such
other depository as the court may designate (to the extent such waiver is not
prohibited by law).
(b) In
the event of a
sale on foreclosure which shall result in a deficiency, this assignment of
leases and rents shall stand as security during any redemption period for the
payment of such deficiency. This assignment set forth herein shall
include, without limitation an assignment by Mortgagor to Mortgagee of the
right, after an Event of Default, to receive and apply the rents, issues,
profits, license fees, revenues, charges, accounts and general intangibles
arising from the Mortgaged Property located in the State of Florida, or relating
to any business conducted by the Mortgagor thereon, under present or future
leases, which are hereby specifically assigned and transferred to the
Mortgagor.
Section
3.02. Security
Agreement. This
Mortgage constitutes a security agreement under the applicable Uniform
Commercial Code with respect to the Chattels and such other of the Mortgaged
Property which is personal property. Mortgagor agrees that it will not terminate
or amend any financing statements filed in connection with the Loan without
Mortgagee’s prior consent. In addition to the rights and remedies granted to
Mortgagee by other applicable law or hereby, Mortgagee shall have all of the
rights and remedies with respect to the Chattels and such other personal
property as are granted to a secured party under the applicable Uniform
Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly
and at its expense assemble the Chattels and such other personal property and
make the same available to Mortgagee at a convenient place acceptable to
Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest
at the Default Rate for Base Rate Loans, any and all expenses, including
Attorneys’ Fees, incurred by Mortgagee in protecting its interest in the
Chattels and such other personal property and in enforcing its rights with
respect thereto. Any notice of sale, disposition or other intended
action by Mortgagee with respect to the Chattels and such other personal
property sent to Mortgagor in accordance with the provisions hereof at least
five (5) days prior to such action shall constitute reasonable notice to
Mortgagor. The proceeds of any such sale or disposition, or any part
thereof, may be applied by Mortgagee to the payment of the indebtedness secured
hereby in such order and proportions as Mortgagee in its discretion shall deem
appropriate. This Mortgage shall be effective as a financing
statement filed as a fixture filing with respect to all fixtures included within
the Mortgaged Property and is to be filed for record in the real estate records
of each county where any part of the Mortgaged Property (including such
fixtures) is situated. This Mortgage shall also be effective as a
financing statement with respect to any other Mortgaged Property as to which
a
security interest may be perfected by the filing of a financing statement and
may be filed as such in any appropriate filing or recording
office. The respective mailing addresses of Mortgagor and Mortgagee
are set forth on the first page of this Mortgage. A carbon,
photographic or other reproduction of this Mortgage or any other financing
statement relating to this Mortgage shall be sufficient as a financing statement
for any of the purposes referred to in this Section. Mortgagor hereby
irrevocably authorizes Mortgagee at any time and from time to time to file
any
initial financing statements, amendments thereto and continuation statements
as
authorized by applicable law, required to establish or maintain the validity,
perfection and priority of the security interests granted in this
Mortgage.
Section
3.03. Application
of
Certain Payments. In
the
event that all or any part of the Mortgaged Property is encumbered by one or
more mortgages held by Mortgagee, Mortgagor hereby irrevocably authorizes and
directs Mortgagee to apply any payment received by Mortgagee in respect of
any
note secured hereby or by any other such mortgage to the payment of such of
said
notes as Mortgagee shall elect in its sole and absolute discretion, and
Mortgagee shall have the right to apply any such payment in reduction of
principal and/or interest and in such order and amounts as Mortgagee shall
elect
in its sole and absolute discretion without regard to the priority of the
mortgage securing the note so repaid or to contrary directions from Mortgagor
or
any other party.
Section
3.04. Severability. In
the
event any one or more of the provisions contained herein or in the Mortgagor
Notes or the Loan Agreement shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision hereof, but this Mortgage shall be
construed as if such invalid, illegal or unenforceable provision had never
been
contained herein or therein; provided, however, that if such
provision held to be invalid, illegal or unenforceable relates to the payment
of
any principal or non-default interest under the Mortgagor Notes, then Mortgagee
may, at the option of the Required Banks, declare the indebtedness and any
other
sums secured hereby to be immediately due and payable.
Section
3.05. Modifications
and Waivers. No
provision hereof may be changed, waived, discharged or terminated orally or
by
any other means except as provided in Section 12.02 of the Loan
Agreement. Any agreement hereafter made by Mortgagor and Mortgagee
relating hereto shall be superior to the rights of the holder of any intervening
or subordinate lien or encumbrance.
Section
3.06. Notices. All
notices, demands, consents, approvals and statements required or permitted
hereunder shall be in writing and shall be deemed to have been sufficiently
given or served for all purposes when presented personally, three (3) days
after
mailing by registered or certified mail, postage prepaid, or one (1) day after
delivery to a nationally recognized overnight courier service providing evidence
of the date of delivery, if to Mortgagor at its address stated above to the
attention of its Chief Financial Officer, and if to Mortgagee to the attention
of both the Head of Portfolio Operations and the Legal Director at its address
stated above with a copy to Eurohypo AG, New York Branch, 000 Xxxxxx Xxxxx,
Xxxxx 0000, Xxxxxxx, Xxxxxxxx 00000, Attention: Xxxxxxx Xxxxxx, or at such
other
address of which a party shall have notified the party giving such notice in
accordance with the provisions of this Section.
Section
3.07. Successors
and
Assigns. All
of
the grants, covenants, terms, provisions and conditions herein shall run with
the land and shall apply to, bind and inure to the benefit of, the respective
successors and assigns of Mortgagor and Mortgagee.
Section
3.08. Limitation
on
Interest. Anything
herein or in the Mortgagor Notes to the contrary notwithstanding, the respective
obligations of Mortgagor hereunder and under the Mortgagor Notes shall be
subject to the limitation that payments of interest shall not be required to
the
extent that receipt of any such payment by Mortgagee and/or the Banks would
be
contrary to provisions of law applicable to Mortgagee and/or the Banks limiting
the maximum rate of interest that may be charged or collected by Mortgagee
and/or the Banks.
Section
3.09. Counterparts. This
Mortgage may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original; and all such
counterparts shall together constitute but one and the same
mortgage.
Section
3.10. Substitute
Mortgages. Mortgagor
and Mortgagee shall, upon their mutual agreement to do so, execute such
documents as may be necessary in order to effectuate the modification hereof,
including the execution of substitute mortgages, so as to create two (2) or
more
liens on the Mortgaged Property in such amounts as may be mutually agreed upon
but in no event to exceed, in the aggregate, the Mortgage Amount; in such event,
Mortgagor covenants and agrees to pay the reasonable fees and expenses of
Mortgagee and its counsel in connection with any such modification.
Section
3.11. Banks’
Sale
of
Interests in Loan. Mortgagor
recognizes that any Bank may sell and transfer interests in Mortgagor’s
obligations under the Loan to one or more participants or assignees and that
all
documentation, financial statements, appraisals and other data, or copies
thereof, relevant to Mortgagor, Borrowers or Mortgagor’s obligations under the
Loan, may be exhibited to and retained by any such participant or assignee
or
prospective participant or assignee, subject, however, to the confidentiality
possessions of Section 12.05 of the Loan Agreement.
Section
3.12. Governing
Law. This
Mortgage shall be construed and enforced in accordance with the laws of the
State of Florida.
Section
3.13. No
Merger of
Interests. Unless
expressly provided otherwise, in the event that ownership hereof and title
to
the fee and/or leasehold estates in the Premises encumbered hereby shall become
vested in the same person or entity, this Mortgage shall not merge in said
title
but shall continue to be and remain a valid and subsisting lien on said estates
in the Premises for the amount secured hereby.
Section
3.14. No
Credit For
Taxes. Mortgagor
shall not claim or demand or be entitled to receive any credit or credits on
the
principal indebtedness to be secured by this Mortgage, or on the interest
payable thereon, for any part of the taxes assessed against the Premises and
no
deduction shall be made or claimed from the taxable value of the Premises by
reason of this Mortgage.
Section
3.15. No
Consent to
Contracts. Neither
Mortgagee nor the Banks consents to any contract for labor or materials, and
all
contracts for labor or materials that will be let by Mortgagor shall at all
times be subordinate to the lien of this Mortgage.
Section
3.16. Termination
of
Mortgage. If
all
of the Obligations secured hereby shall be paid and performed in full, then,
and
in that event only, all rights under this Mortgage shall terminate and the
Mortgaged Property shall become wholly clear of the liens, security interests,
conveyances and assignments evidenced hereby. Notwithstanding the
foregoing, no release of this Mortgage or the lien thereof or assignment of
this
Mortgage, shall be valid unless executed by Mortgagee.
Section
3.17. Business
Loan. Mortgagor
represents and agrees that the Obligations secured hereby (a) constitute a
business loan and (b) are exempted transactions under the federal
Truth-in-Lending Act (15 U.S.C. Section 1601, et seq.). None of the
forgoing is intended, however, to vitiate or in any way detract from the
intention of Mortgagor and Mortgagee to have the laws of the State of New York
apply in all respects to the construction and enforcement of the Mortgagor
Notes
and the Loan Agreement, as said intention is expressly set forth
therein.
Section
3.18. CERTAIN
WAIVERS. MORTGAGOR
HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY FORECLOSURE
OR SIMILAR ACTION OR PROCEDURE BROUGHT BY MORTGAGEE OR THE BANKS ASSERTING
AN
EVENT OF DEFAULT HEREUNDER, ANY AND EVERY RIGHT IT MAY HAVE TO (I) A TRIAL
BY
JURY, (II) INTERPOSE ANY COUNTERCLAIM THEREIN, OTHER THAN A COUNTERCLAIM THAT
IF
NOT BROUGHT IN THE SUIT, ACTION OR PROCEEDING BROUGHT BY MORTGAGEE OR THE BANKS
COULD NOT BE BROUGHT IN A SEPARATE ACTION, SUIT OR PROCEEDING OR WOULD BE
SUBJECT TO DISMISSAL OR SIMILAR DISPOSITION FOR FAILURE TO HAVE BEEN ASSERTED
IN
SUCH SUIT, ACTION OR PROCEEDING BROUGHT BY MORTGAGEE OR THE BANKS AND (III)
HAVE
THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR
PROCEEDING. NOTHING IN THIS SECTION SHALL PREVENT OR PROHIBIT
MORTGAGOR FROM INSTITUTING OR MAINTAINING A SEPARATE ACTION AGAINST MORTGAGEE
OR
ANY BANK WITH RESPECT TO ANY ASSERTED CLAIM.
Section
3.19. Additional
Waivers. Mortgagor
waives all rights and defenses arising out of an election of remedies by
Mortgagee or the Banks, even though that election of remedies, such as a
nonjudicial foreclosure with respect to an obligation (x) which is guaranteed
or
(y) with respect to which a third party has pledged its property as security
for
the payment thereof, has destroyed such guarantor’s or third party’s rights of
subrogation and reimbursement against the principal, if any.
Until
the
Obligations secured hereby have been paid and performed in full, Mortgagor
waives the right of subrogation and waives the right to enforce any remedy
which
Mortgagee now has or may hereafter have against Mortgagor and any benefit of
and
any right to participate in, any security now or hereafter held by
Mortgagee.
Mortgagor
agrees
that (i) its Obligations and liabilities hereunder are independent of and in
addition to the Obligations of Mortgagor and Borrowers pursuant to the other
Loan documents or any other collateral security given to secure the same, (ii)
a
separate action may be brought to enforce the provisions hereof whether
Mortgagor is a party in any such action or not, (iii) Mortgagee may at any
time,
or from time to time, in its sole discretion (a) extend or change the time
of
payment and/or performance and/or the manner, place or terms of payment and/or
performance of all or any of the Obligations secured by such Loan documents;
(b)
exchange, release and/or surrender all or any of the collateral security, or
any
part thereof, by whomsoever deposited, which is now or may hereafter be held
by
Mortgagee in connection with all or any of such Obligations; (c) sell and/or
purchase all or any such collateral at public or private sale, or at any
broker’s board, in the manner permitted by law and after giving any notice which
may be required, and after deducting all costs and expenses of every kind for
collection, sale or delivery, the net proceeds of any such sale may be applied
by Mortgagee upon all or any of such Obligations; and (d) settle or compromise
with Mortgagor or Borrowers, and/or any other person liable thereon, any and
all
of such Obligations, and/or subordinate the payment of same, or any part
thereof, to the payment of any other debts or claims, which may at any time
be
due or owing to Mortgagee and/or any other person or entity and (iv) Mortgagee
shall be under no obligation to marshal any assets in favor of Mortgagor, or
in
payment of any or all of such Obligations.
Mortgagor
hereby
waives (i) except for notices expressly required by the Loan documents,
presentment, demand, protest, notice of acceptance, notice of dishonor, notice
of nonperformance and any other notice with respect to any of the Obligations
of
Mortgagor or Borrowers under the Loan documents, and promptness in commencing
suit against any party thereto or liable thereon, and/or in giving any notice
to
or making any claim or demand hereunder upon Mortgagor or Borrowers; (ii) any
right to require Mortgagee and/or the Banks to (a) proceed against Mortgagor
and/or Borrowers, (b) proceed against or exhaust any security held by Mortgagee
or the Banks for the Obligations secured hereby or (c) pursue any remedy in
Mortgagee’s or the Banks’ power whatsoever; (iii) any defense arising by reason
of any disability or other defense of Mortgagor or Borrowers by reason of the
cessation from any cause whatsoever of the liability of Mortgagor or Borrowers
other than full payment of such Obligations; (iv) to the fullest extent
permitted by applicable law, all rights and benefits purporting to reduce a
guarantor’s obligations in proportion to the principal obligation; (v) to the
fullest extent permitted by law, all rights and benefits under any law or
statute (a) purporting to limit the amount of any deficiency judgment which
might be recoverable following the occurrence of a sale pursuant to a power
of
sale contained in a mortgage or deed of trust and any right to a fair value
hearing or any fair value limitation or other limitation on liability or a
deficiency based upon the fair value of any collateral after a nonjudicial
foreclosure of this Mortgage, (b) stating that no deficiency may be recovered
on
a real property purchase money obligation, (c) stating that no deficiency may
be
recovered on a note secured by a mortgage on real property in case such real
property is sold under the power of sale contained in such mortgage, and (d)
stating that there may be but one form of action on an indebtedness secured
by
real property, if such laws or statutes, or any of them, have any application
hereto or any application to Mortgagor; (vi) to the fullest extent permitted
by
law, (a) any defense arising as a result of Mortgagee’s or the Banks’ election,
in any proceeding instituted under the Bankruptcy Code, of the application
of
Section 1111(b)(2) of the Bankruptcy Code and (b) any defense based on any
borrowing or grant of a security interest under Section 364 of the Bankruptcy
Code and (vii) the benefit of any statute of limitations affecting its liability
hereunder or the enforcement thereof, including, without limitation, any rights
arising under applicable law.
Mortgagor,
in any
actual or potential capacity as a guarantor, quasi-guarantor or other surety
with respect to the Loan or the Mortgaged Property, hereby makes the following
waivers: Mortgagor hereby waives all rights and defenses that it may
have because the Obligations are secured by the Mortgaged
Property. This means, among other things, (i) Mortgagee
and/or the Banks may collect from or realize on any security pledged by
Mortgagor without first foreclosing on any or all real or personal property
collateral pledged by Borrowers and (ii) if Mortgagee and/or the Banks foreclose
on any real property collateral pledged by Mortgagor and/or
Borrowers: (a) the amount of the debt may be reduced only by the
price for which that collateral is sold at the foreclosure sale, even if the
collateral is worth more than the sale price and/or (b) Mortgagee and/or the
Banks may collect from or realize on any security pledged by Mortgagor and/or
Borrowers even if Mortgagee and/or the Banks, by foreclosing on the real
property collateral, have destroyed any right Mortgagee and/or the Banks may
have to collect from Mortgagor and/or Borrowers. This is an
unconditional and irrevocable waiver of any rights and defenses that Mortgagor
may have because the Obligations are secured by real property.
Mortgagor
warrants
that (i) this Mortgage was executed at the request of Borrowers, (ii) neither
Mortgagee nor any Bank has made any representation to Mortgagor as to the
creditworthiness of any other Borrower and (iii) it has established adequate
means of obtaining from Borrowers on a continuing basis financial and other
information pertaining to Borrowers’ financial condition. Mortgagor
agrees to keep adequately informed from such means as it deems appropriate
any
facts, events or circumstances which might in any way affect its risks and
liabilities hereunder and further agrees that Mortgagee and the Banks shall
have
no further obligation to disclose to it information or materials acquired in
the
course of their respective dealings with Mortgagor.
Section
3.20. Stamp
Tax. If,
by
the Laws of the United States of America, or of any state, county, or
municipality having jurisdiction over Mortgagor or the Premises or any part
thereof, any tax is assessed or becomes due in respect of the issuance of the
Mortgagor Notes, or the granting or recording of this Mortgage, Mortgagor shall
pay such tax in the manner required by such Law.
Section
3.21. Future
Advances. This
Mortgage is given to secure not only existing indebtedness, but also such future
advances, whether such advances are obligatory or are to be made at the option
of the Mortgagee, or otherwise, as are made within twenty (20) years from the
date hereof, to the same extent as if such future advances were made on the
date
of the execution of this Mortgage»
. The
total amount of indebtedness that may be so secured may decrease or increase
from time to time, but the total unpaid principal balance so secured at one
time
shall not exceed $650,000,000.00, plus interest thereon, and any disbursements
made for the payment of taxes, levies or insurance on the Property, plus
interest thereon.
Section
3.22. No
Novation. This
Mortgage will not constitute a novation nor have the effect of discharging
any
liability or obligation evidenced by the Original Mortgage.
Section
3.23. Partial
Releases. Partial releases of certain portions of the Mortgaged
Property shall be permitted in accordance with Section 7.08 of the Loan
Agreement.
IN
WITNESS WHEREOF,
this Mortgage has been duly executed and delivered by Mortgagor.
MORTGAGOR:
|
DOLPHIN
MALL
ASSOCIATES LLC, a Delaware limited liability company
|
SIGNED
IN THE PRESENCE OF:
|
By:The
Taubman Realty Group Limited Partnership, a Delaware limited partnership,
its sole member
|
/s/
Xxxxx
Xxxxxxxxxxx
Printed
Name:
Xxxxx
Xxxxxxxxxxx
|
By/s/
Xxxxxx X.
Xxxx
Xxxxxx
X. Xxxx,
an
authorized signatory
|
/s/
Xxxxxxxx X. Xxxxxxxxx
Printed
Name: Xxxxxxxx X. Puricelli_
|
|
AMENDMENT
AND RESTATEMENT ACCEPTED:
|
|
MORTGAGEE:
|
EUROHYPO
AG,
NEW YORK BRANCH, as Administrative Agent
|
SIGNED
IN THE PRESENCE OF:
|
|
/s/
Xxxxxxxx X.
Zupatier
Printed
Name:
Xxxxxxxx X. Zupatier
/s/
Xxxxx
Milk
Printed
Name:
Xxxxx Milk
|
By/s/
Xxxx
Xxxxxxxx
Name:Xxxx
Xxxxxxxx
Title:
Director
By/s/
Xxxxxxx Xxx
Name:Xxxxxxx
Xxx
Title:
Director
|
STATE
OF
Illinois
|
)
|
)
SS.
|
|
COUNTY
OF
Xxxx
|
)
|
The
foregoing
instrument was acknowledged before me this 30th day of
October,
2007, by Xxxxxx Xxxx, the Authorized Signatory of Taubman Realty Group Limited
Partnership, a Delaware limited partnership, the sole member of Dolphin Mall
Associates LLC on behalf of said Limited Partnership and said LLC and said
____________. He/She is personally known to me or has produced
a State of __________ driver’s license as identification.
Sign
Name:
/s/
Xxxx
Xxxxxxx
Notary
Public
Print
Name: Xxxx
Xxxxxxx
Serial
No. (if
any):
[Notarial
Seal]
STATE
OF New
York
|
)
|
)
SS.
|
|
COUNTY
OF New
York
|
)
|
The
foregoing
instrument was acknowledged before me this 29 day of October, 2007, by Xxxx
Xxxxxxxx and Xxxxxxx Xxx, authorized signatories of Eurohypo AG, New York
Branch
on behalf of said bank.
Sign
Name: /s/
Xxxxxxxx X. Xxxxx
Notary
Public
Print
Name: Xxxxxxxx
X. Xxxxx
Serial
No. (if
any):
[Notarial
Seal]
DOLPHIN
Exhibit
A
Legal
Description
of the Premises
A
portion of the
following lands lying in the plat of Dolphin Mall, according to the Plat
thereof, as recorded in Plat Book 156, Page 82, Public Records of Miami-Dade
County, Florida:
PARCEL
1: - FEE
ESTATE
All
that portion of
the West 3/5 of Section 31, Township 53 South, Range 40 East, lying and being
in
Miami-Dade County, Florida, which lies South of the following described
line:
BEGIN
at a point on
the East line of the West 3/5 of said Section 31, said point being 285.00 feet
North of and parallel with the North line of the South 1/2 of said Section
31;
thence S 88° 16' 20" W, at right angles for a distance of 3161.42 feet to the
point of intersection with the West line of said Section 31, said point also
being the POINT OF TERMINATION of the herein above described line;
LESS:
The
East 35.00 feet
of the South 1/4 of the West 3/5 of Section 31, Township 53 South, Range 40
East, Miami-Dade County, Florida, and the East 35.00 feet of the South 35.00
feet of the North 1/2 of the South 1/2 of the West 3/5 of Section 31, Township
53 South, Range 40 East, Miami-Dade County, Florida;
AND
LESS:
The
South 80.00
feet of the West 3/5 of said Xxxxxxx 00, Xxxxxxxx 00 Xxxxx, Xxxxx 40 East,
Miami-Dade County, Florida, LESS the East 35.00 feet thereof;
AND
LESS:
The
area bounded by
the North line of the South 80.00 feet of said Section 31, and bounded by the
West line of the East 35.00 feet of the West 3/5 of said Section 31, and bounded
by a 25.00 foot radius arc concave to the Northwest said arc being tangent
to
both of the last described lines;
AND
LESS AND EXCEPT
FROM THE ABOVE-DESCRIBED REAL PROPERTY THE PARCEL OF LAND CONVEYED TO THE STATE
OF FLORIDA DEPARTMENT OF TRANSPORTATION IN THAT WARRANTY DEED RECORDED IN
OFFICIAL RECORDS BOOK 17722, PAGE 4779.
AND
LESS AND EXCEPT
FROM THE ABOVE-DESCRIBED REAL PROPERTY, THOSE PARCELS OF LAND CONVEYED TO BEACON
TRADEPORT COMMUNITY DEVELOPMENT DISTRICT IN THAT WARRANTY DEED (ROADWAY
DEDICATIONS) RECORDED IN OFFICIAL RECORDS BOOK 18279, PAGE 3427, AS AFFECTED
BY
SURVEYOR'S AFFIDAVIT RECORDED IN OFFICIAL RECORDS BOOK 18352, PAGE 2824, AS
FURTHER CORRECTED IN WARRANTY DEED DATED MARCH 31, 1999, RECORDED UNDER CLERK'S
FILE NO. 99R-235687, IN OFFICIAL RECORDS BOOK 18595, PAGE 3202.
AND
LESS AND EXCEPT
FROM THE ABOVE-DESCRIBED REAL PROPERTY, THAT PARCEL OF LAND CONVEYED TO BEACON
TRADEPORT COMMUNITY DEVELOPMENT DISTRICT IN THAT WARRANTY DEED (CANAL
DEDICATION) DATED SEPTEMBER 22, 1998, AND RECORDED IN OFFICIAL RECORDS BOOK
18291, PAGE 3206, AS CORRECTED IN WARRANTY DEED DATED MARCH 31, 1999, RECORDED
UNDER CLERK'S FILE NO. 99R235687 IN OFFICIAL RECORDS BOOK 18595, PAGE
3202.
AND
LESS AND EXCEPT
FROM THE ABOVE-DESCRIBED REAL PROPERTY, THAT PARCEL OF LAND (KNOWN AS TRACT
"F",
DOLPHIN MALL) CONVEYED TO BEACON TRADEPORT COMMUNITY DEVELOPMENT DISTRICT MORE
PARTICULARLY DESCRIBED AS EXHIBIT "A" IN THAT WARRANTY DEED DATED MARCH 31,
1999, AND RECORDED UNDER CLERK'S FILE NO. 99R8235687 IN OFFICIAL RECORDS BOOK
18595, PAGE 3202.
AND
LESS AND EXCEPT
FROM THE ABOVE-DESCRIBED REAL PROPERTY, THAT PARCEL OF LAND (KNOWN AS TRACT
"E",
DOLPHIN MALL) CONVEYED TO BEACON TRADEPORT COMMUNITY DEVELOPMENT DISTRICT IN
THAT WARRANTY DEED DATED MAY 4, 1999, AND RECORDED UNDER CLERK'S FILE NO.
99R249648 IN OFFICIAL RECORDS BOOK 18606, AT PAGE 724.
AND
LESS AND EXCEPT
FROM THE ABOVE-DESCRIBED REAL PROPERTY, THAT PARCEL OF LAND CONTAINING 30.48
ACRES MORE OR LESS (LANDSCAPE AND VEHICULAR ACCESS PARCEL) CONVEYED TO BEACON
TRADEPORT COMMUNITY DEVELOPMENT DISTRICT BY DOLPHIN MALL ASSOCIATES LIMITED
PARTNERSHIP IN THAT WARRANTY DEED DATED MAY 26, 1999, AND RECORDED UNDER CLERK'S
FILE NO. 99R413281 IN OFFICIAL RECORDS BOOK 18730, PAGE 4209.
ALSO
LESS AND
EXCEPT THE FOLLOWING DESCRIBED LANDS:
A
parcel of land
lying in the West three-fifths (3/5) of Xxxxxxx 00, Xxxxxxxx 00 Xxxxx, Xxxxx
40
East, Miami-Dade County, Florida Said parcel lying South of a line formed at
right angles from the intersection of a line 285.00 feet North of and parallel
with the North line of the South one-half (1/2) of said Section 31 and the
East
line of said West three-fifths (3/5) of said Section 31, lying East of the
Easterly right-of-way line of N.W. 112th Avenue, lying North of the Northerly
right-of-way line of X.X. 00xx Xxxxxx, and lying West of the East line of the
West three-fifths (3/5) of said Section 31, being more particularly described
as
follows:
BEGIN
at said
intersection on said East line of said West three-fifths (3/5) of said Section
31 and said line 285.00 feet North of and parallel with the North line of said
South one-half (1/2) of said Section 31; thence South 88° 16' 20" West at right
angles to said East line a distance of 418.01 feet to a point of intersection
with the Easterly right-of-way line of N.W. 112th Avenue, said right-of-way
being 80.00 feet in width; thence South 01°44'10" East along said Easterly
right-of-way a distance of 25.61 feet to a point of curvature of a tangent
curve
concave to the East; thence Southeasterly along the arc of said curve, to the
left, having a central angle of 10° 25' 11" and a radius of 1,110.00 feet for an
arc distance of 201.86 feet to a point of compound curvature of a tangent curve
concave to the Northeast; thence Southeasterly and Easterly along the arc of
said curve, to the left, having a central angle of 87° 19' 21" and a radius of
25.00 feet for an arc distance of 38.10 feet to a point of reverse curvature
of
tangent curve concave to the South, said point being on the North right-of-way
line of X.X. 00xx Xxxxxx, said right-of-way being 70.00 feet in width; thence
Easterly along said Northerly right-of-way line and said curve, to the right,
having a central angle of 09°24'47" and a radius of 435.00 feet for an arc
length of 71.47 feet to a point of tangency; thence North 89°39'19" East a
distance of 300.52 feet to said East line of said West three-fifths (3/5) of
said Section 31; thence North 01°43'40" West along said East line a distance of
250.07 feet to the POINT OF BEGINNING.
ALSO
LESS AND
EXCEPT:
Tract
"C", of
DOLPHIN MALL, according to the map or plat thereof, as recorded in Plat Book
156, Page 82, of the Public Records of Miami-Dade County, Florida.
ALSO
LESS AND
EXCEPT:
Tract
"D", of
DOLPHIN MALL, according to the map or plat thereof, as recorded in Plat Book
156, Page 82, of the Public Records of Miami-Dade County, Florida.
SAID
LANDS SITUATE,
LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA.
PARCEL
2: -
EASEMENT ESTATE
All
of Dolphin Mall
Associates Limited Partnership rights, title and interest in and to that certain
easement for surface water runoff and retention, and ingress and egress for
the
dredging and construction of drainage lakes, and for the removal of fill
material, and the use of lake water from drainage lakes for irrigation purposes
for the benefit of Parcel 1 over and across those lands more particularly
identified as Parcel 100, Tracts M and L and set forth in that Grant of Easement
from the State of Florida Department of Transportation to Beacon Tradeport
Associates Limited Partnership, a Delaware Limited Partnership and Dolphin
Mall
Associates Limited Partnership, a Delaware Limited Partnership recorded July
23,
1997 in Official Records Book 17722, Page 4789.
PARCEL
3: -
EASEMENT ESTATE:
All
of Dolphin Mall
Associates Limited Partnership rights, title and interest in and to that certain
temporary non-exclusive access easement for pedestrian and vehicular access,
ingress and egress over and across the easement area set forth in that Temporary
Access Easement Agreement between Beacon Tradeport Community Development
District and Dolphin Mall Associates Limited Partnership and Beacon Tradeport
Associates Limited Partnership, dated November 23, 1998 recorded December 8,
1998 in Official Records Book 18378, Page 399.
PARCEL
4: -
EASEMENT ESTATE:
All
of Dolphin Mall
Associates Limited Partnership rights, title and interest in and to that certain
non-exclusive access easement for the benefit of Parcel 1, under, over and
upon
the Easement Area for, without limitation, pedestrian, vehicular, utility,
sewer, water, telephone, access, ingress and egress over and across the Easement
Area more particularly set forth in that Easement Agreement between Beacon
Tradeport Community Development District and Dolphin Mall Associates Limited
Partnership and Beacon Tradeport Associates Limited Partnership dated May 26,
1999, recorded August 9, 1999, under Clerk's File No. 99R-413282, in Official
Records Book 18730, Page 4239.
PARCEL
5 - EASEMENT
ESTATE:
All
of Dolphin Mall
Associate Limited Partnership rights, title and interest in and to that certain
non-exclusive easement for the benefit of Parcel 1 for access to the utilities,
water and sewer lines, parking areas, streets, driveways, entrances and exits,
and other common facilities located on the property of Beacon Tradeport
Associates Limited Partnership as set forth and more particularly described
in
that Easement And Operating Agreement by and among Xxxxx Realty Co., and Beacon
Tradeport Associates Limited Partnership and Dolphin Mall Associates Limited
Partnership dated May 15, 1997, recorded May 15, 1997 in Official Records Book
17640, Page 2649, as affected by Quit-Claim Deed from Beacon Tradeport
Associates Limited Partnership and Dolphin Mall Associates Limited Partnership
to the State of Florida Department of Transportation dated July 22, 1997,
recorded July 23, 1997 in Official Records Book 17722, Page 4785:
PARCEL
6 - EASEMENT
ESTATE:
All
of Dolphin Mall
Associates Limited Partnership rights, title and interest in and to that certain
non-exclusive easement for drainage purposes set forth in that Drainage Easement
Agreement (CDD/Dolphin Mall: Tracts E and F) by Beacon Tradeport Community
Development District and Dolphin Mall Associates Limited Partnership, dated
October 6, 1999, recorded October 12, 1999 in Official Records Book 18816,
Page
4581, over through and across the following described Tracts:
TRACT
"E"
A
portion of the
West 3/5 of the South 1/2 of Section 31, Township 53 South, Range 40 East,
Miami-Dade County, Florida, being more particularly described as
follows:
COMMENCE
at the
Southwest corner of said Section 31; thence run N 01° 44' 10" W along the West
line of said Section 31, a distance of 102.64 feet; thence run N 88° 15' SO" E
at right angles, for a distance of 70.00 feet to the intersection with the
East
line of the West 70.00 feet of the SW 1/4 of said Section 31; thence run N
01°
44' 10" W along said East line of the West 70.00 feet, a distance of 1,417.31
feet to the point of intersection with a non-tangent circular curve, concave
to
the Northeast, whose Northwesterly prolongation forms a point of tangency with
the existing Limited Access Right-of-Way line for State Road 821 (as shown
on
the Florida Department of Transportation Right-of-Way Map for Section 87005-2310
at Page 6 of 11); thence from a tangent bearing of S 30° 00' 27" E run
Southeasterly along said curve to the left, having for its elements a radius
of
1,480.00 feet, a central angle of 52° 04' 19" for an arc length of 1,345.07
feet, to the point of tangency; thence run S 82° 04' 45" E, a distance of
1,018.61 feet to the POINT OF BEGINNING of the parcel of land hereinafter to
be
described; thence continue S 82° 04' 45" E a distance of 1,000.96 feet to the
point of intersection with a line 10.00 feet West of and parallel with the
West
Right-of-Way line of X.X. 000xx Xxxxxx as per Right of Way Deed to Miami-Dade
County recorded in Official Records Book 13114, at Page 1063, of the Public
Records of Miami-Dade County, Florida; thence N 01° 43' 40" W along said
parallel line and the West line of the East 45.00 feet of the West 3/5 of
Section 31, a distance of 391.22 feet to the point of curvature of a circular
curve, concave to the Southwest; thence run Northwesterly along said curve
to
the left, having for its elements a radius of 1,110.00 feet, a central angle
of
07° 07' 32" for an arc length of 138.04 feet to a point of tangency; thence run
N 08° 51' 13" W along the last described line for a distance of 60.65 feet to a
point of intersection with the North line of the South 1,049.97 feet of said
Section 31; thence run S 89° 42' 12" W along said North line for a distance of
317.55 feet to the point of intersection with a non-tangent circular curve,
said
point bears S 74° 47' S7" E from the center of said curve; thence Southwesterly
along the arc of said circular curve to the right concave to the Northwest,
having a radius of 560.00 feet and a central angle of 43° 03' 32" for an arc
distance of 420.85 feet to the point of tangency; thence run S 58° 15' 35" W for
a distance of 104.44 feet to the point of curvature of a circular curve, being
concave to the Northwest and having a radius of 460.00 feet; thence
Southwesterly along the arc of said circular curve to the right, through a
central angle of 39° 39' 40" for an arc distance of 318.42 feet to a POINT OF
BEGINNING.
AND:
TRACT
'"F":
A
portion of the
West 3/5 of the South 1/2 of Section 31, Township 53 South; Range 40 East,
Miami-bade County, Florida, being more particularly described as
follows:
COMMENCE
at the
Southwest corner of said Section 31; thence run N 01° 44' 10" W along the West
line of said Section 31, for a distance of 80.03 feet to the point of
intersection with the North Right-of-Way line of X.X. 00xx Xxxxxx (as per Right
of Way Deed recorded in Official Records Book 14415, at Page 420, of the Public
Records of Miami-Dade County; Florida) said point also being the POINT OF
BEGINNING of the parcel of land hereinafter to be described; thence continue
N
01° 44' 10" W along said Section line for a distance of 1589.56 'feet to the
point of intersection with a nontangent circular curve, said point bears S
66°
23' 30" W from the center of the curve; thence Southeasterly along the arc
of
said circular curve to the right, concave to the Northeast, having a radius
of
1,480.00 feet and a central angle of 06° 23' 55" for an arc distance of 165.29
feet to a point; thence run S 01° 44' 10" E along a line 70.00 feet East of and
parallel with the West line of said Section 31, for a distance of 1,417.31
feet
to a point curvature of a circular curve, being concave to the Northeast and
having a radius of 25.00 feet; thence Northeasterly along the arc of said curve
to the right, through a central angle of 88° 33' 24", for an arc distance of
38.64 feet to the point of cusp, said point being on the Northerly Right-of-Way
line of X.X. 00xx Xxxxxx (as per Right of Way Deed, recorded in Official Records
Book 14415, at Page 420, of the Public Records of Miami-Dade County, Florida);
thence S 89° 42' 26" W along the last described line for a distance of 94.40
feet to a point of intersection with the West line of said Section 31, also
being the POINT OF BEGINNING.
ALSO
LESS AND
EXCEPT LANDS CONVEYED TO STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION BY
WARRANTY DEED RECORDED IN OFFICIAL RECORDS BOOK 19523, PAGE 4187 OF THE PUBLIC
RECORDS OF MIAMI-DADE COUNTY, FLORIDA.