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2 <br />EL185\81\983245.v1 <br />for use as a restaurant. Subject to the prepayment provisions set forth in the Note, the Borrower <br />agrees to repay the Loan by making all payments of principal, interest and any premium, penalty <br />or charge that are required to be made under the Note at the times and in the amounts provided <br />therein <br /> <br />2. Equipment and Security Interest. The Security Agreement will provide Lender <br />with a second priority security interest in all equipment located at the Loan Property (the <br />“Equipment”). The Borrower hereby consents to the Lender recording a UCC-1 Filing <br />Statement with respect to all such Equipment. <br /> <br />3. Title Insurance. _____________ (“Title”) is designated as the title insurer with <br />respect to this Agreement. Title will insure Lender against loss or damage on account of <br />mechanic’s liens upon or unmarketability of the title to the Loan Property, and will ensure that <br />the Mortgage constitutes a second priority lien upon Borrower’s interest in the Loan Property as <br />contemplated by this Agreement, subject only to a mortgage in favor of ALC Investments, LLC <br />of $_______________ (the “First Lien Mortgage”). Borrower agrees to promptly and fully <br />observe and comply with the reasonable requirements of Title and Lender with respect to the <br />title, the Mortgage, disbursements of funds and such other reasonable requirements as Title may <br />make. <br /> <br />4. Documents to be Delivered. Borrower covenants and agrees to immediately <br />cause the compliance with the following conditions: <br /> <br />(a) Note. Deliver to Lender the Note. <br /> <br />(b) Security Agreement. Deliver to Lender the Security Agreement, together <br />with evidence that a UCC-1 Financing Statement has been or will be duly filed for <br />record. <br /> <br />(c) Guaranties. Deliver to Lender the Personal Guaranties and the Corporate <br />Guaranty. <br /> <br />(d) Mortgage. Deliver to the Lender the Mortgage and the Environmental <br />Indemnification Agreement (the “Environmental Indemnity”). <br /> <br />(e) Notice and Cure Agreement. Deliver to Lender the Notice of Foreclosure, <br />with respect to the First Lien Mortgage. <br /> <br />(f) Title Insurance Policy. Deliver to Lender a Mortgagee’s title insurance <br />policy (“Title Policy”), from Title issued to Lender in the amount of the Loan with <br />respect to the Mortgage and insuring that the Mortgage is a second priority lien on the <br />Loan Property free and clear of mechanic’s liens, materialmen’s liens, taxes, special <br />assessments, rights of parties in possession, other than (i) the First Lien Mortgage and (ii) <br />the rights of tenants as tenants only under existing leases, and questions of title and <br />survey approved in writing by Lender. <br /> <br />Page 45 of 124