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Document Preview Mortgage and Security Agreement |
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Title: |
Mortgage and Security Agreement |
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Date: |
2004 |
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Preview shows 5KB of 40KB total |
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Price: |
$35 |
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ID: |
#325719 |
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MORTGAGE AND SECURITY AGREEMENT
Boston Biomedica, Inc., a corporation organized pursuant to the laws of the Commonwealth of Massachusetts with a principal place of business at 375 West Street, West Bridgewater, Massachusetts (the Mortgagor), for consideration paid, hereby grants to Commerce Bank & Trust Company, a trust company organized pursuant to Massachusetts General Laws, Chapter 172, with a principal place of business at 386 Main Street, Worcester, Worcester County, Massachusetts, (the Mortgagee), with MORTGAGE COVENANTS, to secure the payment of Two Million Nine Hundred Thousand and 00/100($2,900,000.00) Dollars with interest and any other charges thereon payable as provided in the Mortgagors Note of even date (the Note), to secure the payment and performance of all covenants and agreements contained herein and any other instruments securing said Note, (hereafter the Loan Documents), and also to secure the payment of any and all liabilities (as hereafter defined) of the Mortgagor to the Mortgagee, the land, situated at 375 West Street, West Bridgewater, Massachusetts, described in Exhibit A annexed hereto, together with any and all improvements now or hereafter situated thereon (the Premises).
The Mortgagor covenants with the Mortgagee as follows:
1. The Mortgagor will pay the principal sum of the Note and the interest thereon at the time and place and in the manner provided in the Note.
2. In the event of a default, the Mortgagor shall deposit with the Mortgagee on each day when any payment under the Note is required to be made in addition to the payments therein required, a monthly apportionment of one-twelfth (l/12th) of the sum estimated by the Mortgagee to be sufficient to make all payments of all real estate taxes and governmental charges and assessments upon the Premises as they become due and any balance due for such payments shall be paid by the Mortgagor to the Mortgagee upon demand. The Mortgagee is hereby specifically authorized to pay when due or at any time thereafter all of said payments and to charge the same to the account of the Mortgagor. Every such deposit may, at the option of the Mortgagee, be applied directly against the obligation with reference to which it was made, or, to the fullest extent permissible according to law, any other obligation of the Mortgagor secured hereby; such deposits may be commingled with other assets of the Mortgagee and, in the discretion of the Mortgagee, invested by the Mortgagee for its own account, without any obligation to pay income from such investment, or interest on such deposits, to the Mortgagor, or to account to the Mortgagor for such income in any manner, unless otherwise provided by law. The Mortgagor grants the Mortgagee in the event of a default hereunder full power and authority as attorney irrevocable of the Mortgagor, coupled with an interest, to apply for and prosecute claims for the abatement of taxes and to collect and endorse any checks issued on account of the Mortgagor and to retain and apply the same to the debt secured hereby.
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3. The Mortgagor shall keep the Premises in good order, repair and condition, damage from casualty or condemnation expressly not excepted, and shall not permit or commit waste on the Premises, nor remove or alter anything which constitutes a part of the Premises without the prior written consent of the Mortgagee and shall permit the Mortgagee, its agents or employees to enter the Premises, at any reasonable time, for the purpose of inspecting the Premises to determine whether the Mortgagor is in compliance with its obligations under this Mortgage; and Mortgagor further covenants that each and every part of the Premises shall be maintained and used in accordance with all restrictions, encumbrances or agreements affecting the Premises and with all zoning and building codes and applicable laws, ordinances, rules and regulations of all public authorities having jurisdiction over the Premises.
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