7.5. SR 07-15-2013 - Laserfiche WebLink

Home Browse Search

SECTION 7.3: Changes of Ownership. In the event that the ownership of the Property becomes vested in a person or persons other than the Mortgagor, the Mortgagee may continue to deal with the Mortgagor without any obligation to deal with such successor or successors in interest with reference to this Mortgage and the Indebtedness Secured Hereby until notified of such vesting and approval of such successor or successors in accordance with the terms of this Mortgage. Upon such notification, the Mortgagee may thereafter deal with such successor in place of Mortgagor without any obligation to thereafter deal with Mortgagor and without waiving any liability of Mortgagor hereunder or under the Note. SECTION 7.4: Successors and Assigns. This Mortgage and each and every covenant, agreement and other provision hereof shall be binding upon the Mortgagor and its successors and assigns, including without limitation each and every from time to time record owner of the Property or any other person having an interest therein, shall run with the land and shall inure to the benefit of the Mortgagee and its successors and assigns. SECTION 7.5: Unenforceability of Certain Clauses. The unenforceability or invalidity of any provision hereof shall not render any other provision or provisions herein contained unenforceable or invalid. SECTION 7.6: Corrections of Errors. Mortgagor will, upon reasonable request of Mortgagee (a) promptly correct any defect, error or omission which may be discovered in the contents of this Mortgage or in any other instrument executed in connection herewith or in the execution of acknowledgment thereof, (b) execute, acknowledge, deliver, procure, and file or record any documents or instruments (including specifically any financing statement) reasonably necessary by Mortgagee to protect the lien or the security interest hereunder against the rights or interest of third persons, and Mortgagor will pay all costs of recording the same. SECTION 7.7: Captions and Headings. The captions and headings of the various sections of this Mortgage are for convenience only and are not to be construed as confining or limiting in any way the scope or intent of the provisions hereof. Whenever the context requires or permits, the singular shall include the plural, the plural shall include the singular and the masculine, feminine and neuter shall be freely interchanged. SECTION 7.8: Notices. Any notice which any party hereto may desire or may be required to give to any other party shall be in writing and the mailing thereof by certified mail to their respective addresses as set forth herein, or to such other places any party hereto may hereafter by notice in writing designate, shall constitute service of notice hereunder. MORTGAGOR AND MORTGAGEE ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO,THIS MORTGAGE OR THE INDEBTEDNESS SECURED HEREBY. 171419vi 31