Financial- Norwest (1-2 Files) - Laserfiche WebLink

Home Browse Search

The Mortgagor entered into the Agreement in order to finance its share of the costs of an office building complex containing the Condominium Units. As the initial security for the Mortgagor's obligations under the Agreement, the Mortgagor has heretofore granted to the Mortgagee a mortgage on the Mortgagor's undivided interest in the real property on which the office building complex containing the Condominium Units is located, said mortgage having been granted pursuant to a Line of Credit Instrument, Mortgage, Security Agreement, and Assignment of Leases and Rents dated as of December 1, 1998 from the Mortgagor to the Mortgagee (the "Original Mortgage"). In accordance with the terms of the Agreement, upon creation of the Condominium Units the Mortgagor is required to mortgage to the Mortgagee the Mortgagor's interest in the Condominium Units as set forth in this Amendment. In light of the foregoing, the Original Mortgage is hereby modified and amended by deleting the definition of "Property" that appears therein and substituting the following in lieu thereof: As used herein, the term "Property" shall mean: (1) the Mortgagor's interest in the Condominium Units, including without limitation the Mortgagor's interest in the common elements appertaining thereto; (2) the Mortgagor's interest in and to any fixtures now existing or hereafter installed on or in the Condominium Units, (3) all improvements now existing or hereafter constructed in the Condominium Units (the "Improvements"); (4) all of Mortgagor's right, title and interest in and to all rents, revenues, income, issues and profits from such Condominium Units, whether now or hereafter due; and (5) all accessions, parts or additions to, all replacement of and all substitutions for any of such property, and all proceeds, including casualty insurance proceeds, derived therefrom. Except as modified and amended as set forth above, the Original Mortgage shall be and remain in full force and effect in accordance with its terms. All terms used herein and not otherwise defined herein shall have the respective meanings assigned thereto in the Definitions AppendiY to the Agreement. This Amendment has been executed and delivered to Mortgagee in the State of Oregon. The law of the State of Oregon shall be applicable for the purpose of construing and determining the validity of this Amendment and determining the rights and remedies of Mortga~ee on default (including, specifically, the provisions of ORS 271.390). MORTGAGE PAGE 2