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132777076v2 TABLE OF CONTENTS Page -i- ARTICLE I COVENANTS OF THE MORTGAGOR ........................................................ 4 Section 1.1 Payment of Utility Charges, Taxes and Assessments .......................... 4 Section 1.2 Liens ..................................................................................................... 4 Section 1.3 Care of Property ................................................................................... 4 Section 1.4 Right of the Mortgagee to Enter .......................................................... 5 Section 1.5 Subrogation .......................................................................................... 5 Section 1.6 Right of the Mortgagee to Perform ...................................................... 5 Section 1.7 Limited Assumption............................................................................. 5 Section 1.8 Loan Agreement................................................................................... 5 Section 1.9 Miscellaneous Rights of the Mortgagee .............................................. 5 Section 1.10 Assignment of Rents ............................................................................ 6 Section 1.11 Further Assurances............................................................................... 6 Section 1.12 Expenses .............................................................................................. 6 Section 1.13 Books and Records .............................................................................. 7 Section 1.14 Final Maturity Date .............................................................................. 7 Section 1.15 Hazardous Materials ............................................................................ 7 Section 1.16 Removal of Personal Property ............................................................. 8 Section 1.17 Release of Real Property; Granting of Easements ............................... 8 ARTICLE II INSURANCE, CONDEMNATION, USE OF PROCEEDS ........................... 9 Section 2.1 Insurance .............................................................................................. 9 Section 2.2 Condemnation ...................................................................................... 9 Section 2.3 Mortgagor to Repair, Replace, Rebuild or Restore ............................ 10 Section 2.4 Use of Proceeds to Prepay Loan and Note ......................................... 10 ARTICLE III DEFAULT ..................................................................................................... 11 Section 3.1 Event of Default Defined ................................................................... 11 Section 3.2 Remedies ............................................................................................ 12 Section 3.3 Purchase of Mortgaged Property ....................................................... 12 Section 3.4 Appointment of Receiver ................................................................... 12 Section 3.5 Proceeds ............................................................................................. 13 Section 3.6 Proceedings Discontinued .................................................................. 13 ARTICLE IV MISCELLANEOUS ...................................................................................... 14 Section 4.1 No Implied Waiver ............................................................................ 14 Section 4.2 Remedies Cumulative ........................................................................ 14 Section 4.3 Successors and Assigns...................................................................... 14 Section 4.4 Notices ............................................................................................... 14 Section 4.5 Headings ............................................................................................ 14 Section 4.6 Indemnity ........................................................................................... 14 EXHIBIT A Legal Description ......................................................................................... A-1 EXHIBIT B Permitted Encumbrances ............................................................................. B-1