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Document Preview Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing |
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Title: |
Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing |
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Entities: |
Publix Super Markets Inc.; Ramco-Gershenson Properties Trust; Keybank NA; Honigman Miller Schwartz and Cohn |
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Date: |
2004 |
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Size: |
Preview shows 29KB of 242KB total |
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Price: |
$97 |
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ID: |
#263240 |
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Start of Preview |
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================================================================================
Documentary stamp tax and intangible tax with respect to this Security
Instrument (as defined herein) are being paid in connection with the recording
of this Security Instrument in the Public Records of Palm Beach County, Florida.
TAX PARCEL NO.: ____________________________
RAMCO LANTANA LLC, a Michigan limited liability company
(Borrower)
in favor of
KEYBANK NATIONAL ASSOCIATION,
a national banking association
(Lender)
MORTGAGE, ASSIGNMENT OF LEASES AND RENTS,
SECURITY AGREEMENT, AND FIXTURE FILING
Dated: July __, 2003
Location: 1589 West Lantana Road, Lantana, Florida 33462
This Instrument Prepared By:
Jason W. Lee, Esq.
Polsinelli Shalton & Welte
700 West 47th Street, Suite 1000
Kansas City, Missouri 64112
Phone: (816) 753-1000
Fax: (816) 753-1536
RECORD AND RETURN TO:
KEYBANK NATIONAL ASSOCIATION
911 Main Street, Suite 1500
Kansas City, Missouri 64105
Attention: Carol Brownfield
Loan No.: 10020333
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C}
RECITALS......................................................................................................... 1
DEFINITIONS...................................................................................................... 1
ARTICLE 1 - GRANTS OF SECURITY................................................................................... 2
SECTION 1.1 PROPERTY MORTGAGED................................................................. 2
(a) Land......................................................................... 2
(b) Additional Land.............................................................. 2
(c) Improvements................................................................. 2
(d) Easements and Appurtenances.................................................. 2
(e) Fixtures and Tangible Personal Property...................................... 3
(f) Leases and Rents............................................................. 3
(g) Condemnation Awards.......................................................... 4
(h) Insurance Proceeds........................................................... 4
(i) Tax Certiorari............................................................... 4
(j) Miscellaneous Personal Property.............................................. 4
(k) Personal Property As Defined In Uniform Commercial Code...................... 4
(l) Conversion................................................................... 4
(m) Other Rights................................................................. 5
SECTION 1.2 ASSIGNMENT OF LEASES AND RENTS..................................................... 5
SECTION 1.3 SECURITY AGREEMENT................................................................. 5
SECTION 1.4 PLEDGE OF MONIES HELD.............................................................. 5
SECTION 1.5 COMMON LAW PLEDGE/ASSIGNMENT....................................................... 6
CONDITIONS TO GRANT.............................................................................................. 6
ARTICLE 2 - DEBT AND OBLIGATIONS SECURED......................................................................... 6
SECTION 2.1 DEBT............................................................................... 6
ARTICLE 3 - BORROWER COVENANTS................................................................................... 7
SECTION 3.1 PAYMENT OF DEBT.................................................................... 7
SECTION 3.2 INCORPORATION BY REFERENCE......................................................... 7
SECTION 3.3 INSURANCE.......................................................................... 7
(a) Insurance.................................................................... 7
(i) Property Insurance.................................................... 7
(ii) Business Interruption................................................. 7
(iii) Boiler and Machinery.................................................. 7
(iv) Builder's Risk........................................................ 8
(v) Ordinance/Law Coverage................................................ 8
(vi) Personal Property..................................................... 8
(vii) Liability Insurance................................................... 8
(viii) Workers Compensation Insurance........................................ 8
(ix) Other Insurance....................................................... 8
(b) Insurance Policies........................................................... 8
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
(c) Compliance With Insurance Requirements....................................... 9
(d) Restoration.................................................................. 9
(e) Blanket Insurance Policies................................................... 9
(f) Absolute Transfer On Foreclosure............................................. 9
SECTION 3.4 PAYMENT OF TAXES, ETC. ............................................................ 9
SECTION 3.5 TAX AND INSURANCE ESCROW FUND...................................................... 10
SECTION 3.6 CONDEMNATION....................................................................... 10
SECTION 3.7 LEASES AND RENTS................................................................... 11
SECTION 3.8 MAINTENANCE OF PROPERTY............................................................ 11
SECTION 3.9 WASTE.............................................................................. 11
SECTION 3.10 COMPLIANCE WITH LAWS............................................................... 12
SECTION 3.11 BOOKS AND RECORDS.................................................................. 12
SECTION 3.12 PAYMENT FOR LABOR AND MATERIALS.................................................... 13
SECTION 3.13 PERFORMANCE OF OTHER AGREEMENTS.................................................... 14
SECTION 3.14 CHANGE OF NAME, IDENTITY OR STRUCTURE.............................................. 14
SECTION 3.15 EXISTENCE.......................................................................... 14
ARTICLE 4 - SPECIAL COVENANTS.................................................................................... 14
SECTION 4.1 PROPERTY USE....................................................................... 14
SECTION 4.2 ERISA.............................................................................. 14
SECTION 4.3 SINGLE PURPOSE ENTITY.............................................................. 15
SECTION 4.4 RESTORATION AFTER CASUALTY......................................................... 18
ARTICLE 5 - REPRESENTATIONS AND WARRANTIES....................................................................... 21
SECTION 5.1 WARRANTY OF TITLE.................................................................. 21
SECTION 5.2 AUTHORITY.......................................................................... 21
SECTION 5.3 LEGAL STATUS AND AUTHORITY......................................................... 21
SECTION 5.4 VALIDITY OF DOCUMENTS.............................................................. 21
SECTION 5.5 LITIGATION......................................................................... 22
SECTION 5.6 STATUS OF PROPERTY................................................................. 22
SECTION 5.7 NO FOREIGN PERSON.................................................................. 23
SECTION 5.8 SEPARATE TAX LOT................................................................... 23
SECTION 5.9 ERISA COMPLIANCE................................................................... 23
SECTION 5.10 LEASES............................................................................. 23
SECTION 5.11 FINANCIAL CONDITION................................................................ 24
SECTION 5.12 BUSINESS PURPOSES.................................................................. 24
SECTION 5.13 TAXES.............................................................................. 24
SECTION 5.14 MAILING ADDRESS.................................................................... 24
SECTION 5.15 NO CHANGE IN FACTS OR CIRCUMSTANCES................................................ 24
SECTION 5.16 DISCLOSURE......................................................................... 24
SECTION 5.17 THIRD PARTY REPRESENTATIONS........................................................ 24
SECTION 5.18 ILLEGAL ACTIVITY................................................................... 24
ARTICLE 6 - DEBTOR/CREDITOR RELATIONSHIP......................................................................... 25
SECTION 6.1 RELATIONSHIP OF BORROWER AND LENDER................................................ 25
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
ARTICLE 7 - FURTHER ASSURANCES................................................................................... 25
SECTION 7.1 RECORDING OF SECURITY INSTRUMENT, ETC. ............................................ 25
SECTION 7.2 FURTHER ACTS, ETC. ................................................................ 25
SECTION 7.3 CHANGES IN TAX, DEBT CREDIT AND DOCUMENTARY STAMP LAWS............................. 25
SECTION 7.4 ESTOPPEL CERTIFICATES.............................................................. 26
SECTION 7.5 FLOOD INSURANCE.................................................................... 26
SECTION 7.6 SPLITTING OF SECURITY INSTRUMENT................................................... 26
SECTION 7.7 REPLACEMENT DOCUMENTS.............................................................. 26
SECTION 7.8 AMENDED FINANCING STATEMENTS....................................................... 27
ARTICLE 8 - DUE ON SALE/ENCUMBRANCE/CHANGE IN BORROWER........................................................... 27
SECTION 8.1 NO SALE/ENCUMBRANCE/CHANGE OF OWNERSHIP WITHOUT CONSENT............................ 27
SECTION 8.2 CONDITIONS TO LENDER'S CONSENT..................................................... 28
ARTICLE 9 - PREPAYMENT........................................................................................... 28
ARTICLE 10 - DEFAULT............................................................................................. 28
SECTION 10.1 EVENTS OF DEFAULT.................................................................. 28
SECTION 10.2 LATE CHARGE........................................................................ 30
SECTION 10.3 DEFAULT INTEREST................................................................... 30
ARTICLE 11 - RIGHTS AND REMEDIES................................................................................. 30
SECTION 11.1 REMEDIES........................................................................... 30
SECTION 11.2 APPLICATION OF PROCEEDS............................................................ 32
SECTION 11.3 RIGHT TO CURE DEFAULTS............................................................. 32
SECTION 11.4 ACTIONS AND PROCEEDINGS............................................................ 32
SECTION 11.5 RECOVERY OF SUMS REQUIRED TO BE PAID............................................... 32
SECTION 11.6 EXAMINATION OF BOOKS AND RECORDS................................................... 33
SECTION 11.7 OTHER RIGHTS, ETC. ................................................................ 33
SECTION 11.8 RIGHT TO RELEASE ANY PORTION OF THE PROPERTY....................................... 33
SECTION 11.9 VIOLATION OF LAWS.................................................................. 33
SECTION 11.10 RIGHT OF ENTRY..................................................................... 34
SECTION 11.11 RIGHTS PERTAINING TO SALES......................................................... 34
ARTICLE 12 - ENVIRONMENTAL HAZARDS............................................................................... 35
SECTION 12.1 ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES....................................... 35
SECTION 12.2 ENVIRONMENTAL COVENANTS............................................................ 36
SECTION 12.3 LENDER'S RIGHTS.................................................................... 37
ARTICLE 13 - INDEMNIFICATION..................................................................................... 37
SECTION 13.1 GENERAL INDEMNIFICATION............................................................ 37
SECTION 13.2 MORTGAGE AND/OR INTANGIBLE TAX..................................................... 39
SECTION 13.3 ERISA INDEMNIFICATION.............................................................. 39
SECTION 13.4 ENVIRONMENTAL INDEMNIFICATION...................................................... 39
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
SECTION 13.5 DUTY TO DEFEND, ATTORNEYS' FEES AND OTHER FEES AND EXPENSES........................ 40
ARTICLE 14 - WAIVERS............................................................................................. 40
SECTION 14.1 WAIVER OF COUNTERCLAIM............................................................. 40
SECTION 14.2 MARSHALLING AND OTHER MATTERS...................................................... 40
SECTION 14.3 WAIVER OF NOTICE................................................................... 40
SECTION 14.4 WAIVER OF STATUTE OF LIMITATIONS................................................... 40
SECTION 14.5 SURVIVAL........................................................................... 40
SECTION 14.6 WAIVER OF TRIAL BY JURY............................................................ 40
ARTICLE 15 - EXCULPATION......................................................................................... 41
ARTICLE 16 - NOTICES............................................................................................. 41
SECTION 16.1 NOTICES............................................................................ 41
ARTICLE 17 - APPLICABLE LAW...................................................................................... 41
SECTION 17.1 CHOICE OF LAW/JURISDICTION AND VENUE............................................... 41
SECTION 17.2 USURY LAWS......................................................................... 42
SECTION 17.3 PROVISIONS SUBJECT TO APPLICABLE LAW............................................... 42
SECTION 17.4 INAPPLICABLE PROVISION............................................................. 42
ARTICLE 18 - SECONDARY MARKET.................................................................................... 42
SECTION 18.1 DISSEMINATION OF INFORMATION....................................................... 42
SECTION 18.2 CONVERSION TO REGISTERED FORM...................................................... 42
ARTICLE 19 - COSTS............................................................................................... 43
SECTION 19.1 PERFORMANCE AT BORROWER'S EXPENSE.................................................. 43
SECTION 19.2 ATTORNEY'S FEES FOR ENFORCEMENT.................................................... 43
ARTICLE 20 - CERTAIN DEFINITIONS, HEADINGS, RULE OF CONSTRUCTION................................................. 43
SECTION 20.1 GENERAL DEFINITIONS................................................................ 43
SECTION 20.2 HEADINGS, ETC...................................................................... 44
SECTION 20.3 RULES OF CONSTRUCTION.............................................................. 44
ARTICLE 21 - MISCELLANEOUS....................................................................................... 44
SECTION 21.1 NO ORAL CHANGE..................................................................... 44
SECTION 21.2 LIABILITY.......................................................................... 44
SECTION 21.3 DUPLICATE ORIGINALS; COUNTERPARTS.................................................. 44
SECTION 21.4 NUMBER AND GENDER.................................................................. 45
SECTION 21.5 SUBROGATION........................................................................ 45
SECTION 21.6 ENTIRE AGREEMENT................................................................... 45
SECTION 21.7 LENDER'S RIGHT TO SUBORDINATE...................................................... 45
ARTICLE 22 - LOCAL LAW PROVISIONS................................................................................ 45
SECTION 22.1 INCONSISTENCIES.................................................................... 45
{/TABLE}
iv
{PAGE}
{TABLE}
{S} {C}
ARTICLE 23 - ADDITIONAL OR SPECIAL PROVISIONS OR MODIFICATIONS................................................... 46
SECTION 23.1 INCONSISTENCIES.................................................................... 46
{/TABLE}
v
{PAGE}
PREAMBLE
THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT, AND
FIXTURE FILING ("SECURITY INSTRUMENT") is made as of July __, 2003, by and among
RAMCO LANTANA LLC, a Michigan limited liability company having its principal
place of business or residing at c/o Ramco-Gershenson Properties Trust, 27600
Northwestern Highway, Suite 200, Southfield, Michigan 48034 ("BORROWER," such
term includes any successors or assigns of Borrower and any future owners of all
or any part of the Property, as hereinafter defined) and KEYBANK NATIONAL
ASSOCIATION, a national banking association having a place of business at 911
Main Street, Suite 1500, Kansas City, Missouri 64105, as mortgagee ("LENDER,"
such term includes all successors and assigns and all subsequent holders, if
any, of the Promissory Note that this Security Instrument secures).
PROPERTY ADDRESS: 1589 West Lantana Road, Lantana, Florida 33462
RECITALS
Borrower by its promissory note of even date herewith given to Lender
is indebted to Lender in the principal sum of $11,000,000.00 in lawful money of
the United States of America (the note together with all extensions, renewals,
modifications, consolidations, substitutions, replacements, restatements and
increases thereof shall collectively be referred to as the "NOTE"), with
interest from the date thereof at the rates set forth in the Note, principal and
interest to be payable in accordance with the terms and conditions provided in
the Note.
Borrower desires to secure the payment of the Debt and the performance
of all of its obligations under the Note and other Loan Documents.
DEFINITIONS
The terms set forth below are defined in the following Loan Documents
or Sections and Subsections of this Security Instrument and when used in this
Security Instrument shall have the meanings set forth in such Loan Documents
(such Loan Documents being incorporated herein by reference for such purposes),
Sections, and Subsections unless the context clearly otherwise requires. Certain
other capitalized words and phrases that are used on a more limited basis are
defined in the Sections in which they are used.
Applicable Laws: Subsection 3.10(a);
Borrower: Preamble and Section 20.1;
Debt: Section 2.1;
Default Rate: Note;
Environmental Law: Section 12.1;
ERISA: Subsection 4.2(a);
Escrow Fund: Section 3.5;
Event of Default: Section 10.1;
Financial Statement Reporting Deposit: Note;
Guarantor: Section 5.5;
Hazardous Substances: Section 12.1;
Indemnified Parties: Section 13.1;
Indemnitor: Subsection 5.5;
Insurance Premiums: Subsection 3.3(b);
Investor: Section 18.1;
{PAGE}
Land: Subsection 1.1(a);
Late Charges: Note;
Leases: Subsection 1.1(f);
Lender: Preamble and Section 20.1;
Loan: Subsection 2.1(a);
Loan Documents: Subsection 2.1(a);
Maturity Date: Note;
Monthly Payment: Note;
Net Proceeds: Subsection 4.4(b);
Note: Recitals and Section 20.1;
O&M Plan: Section 12.2;
Other Charges: Subsection 3.4(a);
Permitted Exceptions: Section 5.1;
Personal Property: Subsection 1.1(e);
Policies/Policy: Subsection 3.3(b);
Prepayment Consideration: Note;
Property: Section 1.1 and Section 20.1;
Release: Section 12.1;
Remediation: Section 12.1;
Rents: Subsection 1.1 (f);
Restoration: Subsection 3.3(d);
Securities: Section 18.1;
Security Instrument: Preamble;
Taxes: Subsection 3.4(a);
Transfer: Section 8.1;
Uniform Commercial Code: Subsection 1.1(e).
ARTICLE 1 - GRANTS OF SECURITY
SECTION 1.1 PROPERTY MORTGAGED. Borrower does hereby irrevocably deed,
mortgage, grant, bargain, sell, alien, enfeoff, hypothecate, remise, release,
pledge, assign, warrant, transfer, confirm, convey, and grant to Lender a lien
on, pledge of, and security interest in, the following property, rights,
interests, and estates now owned or hereafter acquired by Borrower to the full
extent of Borrower's right, title, and interest therein, including hereafter
acquired rights, interests, and property, and all products and proceeds thereof
and additions and accessions thereto (sometimes collectively referred to herein
as the "PROPERTY"):
(a) Land. The real property described in Exhibit A attached hereto
and made a part hereof (the "LAND"); TOGETHER with
(b) Additional Land. All additional lands, estates, and
development rights now owned or hereafter acquired by Borrower for use in
connection with the Land and the development of the Land that may, from time to
time, by supplemental mortgage or otherwise, be expressly made subject to the
lien of this Security Instrument;
(c) Improvements. The buildings, structures, fixtures, additions,
enlargements, extensions, modifications, repairs, replacements and improvements
now or hereafter erected or located on the Land (the "IMPROVEMENTS");
(d) Easements and Appurtenances. All easements, rights-of-way or
use, rights, strips and gores of land, streets, ways, alleys, passages, sewer
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