WHEN RECORDED MAIL TO
After recording return to:
L. Avant
- ------------------------------------
Stewart National Title Services
1980 Post Oak, Suite 610
Houston, Texas 77056
SN#
---------------------------------
- --------------------------------------------------------------------------------
SPACE ABOVE THIS LINE FOR RECORDER'S USE
THIS INSTRUMMENT WAS PREPARED BY:
AND WHEN RECORDED, MAILED TO
Pursuant to 12 U.S. C. Section 1723a(c)(2)
and/or F.A.C. 12B-4.002(2)(c), the Instrument
is exempt from documentary stamp amd intangibles tax.
SECOND
MULTIFAMILY/MORTGAGE,
ASSIGNMENT OF RENTS AND SECURITY AGREEMENT
THIS MORTGAGE (herein "Instrument") is made as of the 1st day of July,
1996 between the Mortgagor/Grantor, OTC APARTMENTS LIMITED PARTNERSHIP, a
Florida limited partnership, whose address is 1873 South Bellaire Street,
17th Floor, Denver, Colorado 80222 (herein "Borrower") and the Mortgagee,
FEDERAL NATIONAL MORTGAGE ASSOCIATION, ("Fannie Mae"), a federally-
chartered and stockholder-owned corporation organized and existing under
the Federal National Mortgage Association Charter Act, 12 U.S.C. Sections
1716 et seq., whose address is 3900 Wisconsin Avenue, N.W., Washington,
D.C. 20016 (herein "Lender").
WHEREAS, this Instrument is granted for the benefit of Fannie Mae in
connection with that certain Master Reimbursement Agreement as of even date
herewith between Fannie Mae and Borrower (as the same may be modified,
amended, restated or otherwise supplemented from time to time, the
"Reimbursement Agreement") pursuant to which Fannie Mae has agreed to
extend certain credit enhancement to the Borrower pursuant to certain
Related Fannie Mae Pass-Through Certificates and in connection with certain
mortgage loans made to Borrower by various issuers. Notwithstanding the use
of the term "Lender" in this Instrument, such term shall not be construed
to mean or imply that Fannie Mae is the originator of such mortgage loans
and the term "Lender" shall mean Fannie Mae as the provider of such credit
enhancement and its successors, assigns and transferees. (Capitalized
terms not otherwise defined in this Instrument/*shall have the meanings
ascribed thereto in the Reimbursement Agreement);
TO SECURE TO LENDER (a) payment and performance by Borrower of each
and every obligation, covenant and agreement of the Borrower contained in
the Reimbursement Agreement, including, without limitation, all amounts due
Lender as reimbursement for amounts provided by Lender under the
Reimbursement Agreement, all as more particularly described in the
Reimbursement Agreement [as used in this Instrument/* the term "Note" shall
mean and refer to the Reimbursement Agreement]; (b) the payment of all
other sums, with interest thereon, advanced in accordance herewith to
protect the security of this Instrument; and (c) the performance of the
covenants and agreements of Borrower contained in this Instrument
(collectively, the "Secured Obligations"), Borrower does hereby mortgage,
grant, convey and assign to Lender the following described property located
in Tamarac, Broward County, State of Florida:
*, the Rider or the Special Rider
See Exhibit "A" attached hereto and incorporated herein.
THIS INSTRUMENT IS AMENDED AND SUPPLEMENTED IN CERTAIN RESPECTS AS SET
FORTH IN THE RIDER TO MULTIFAMILY INSTRUMENT (THE "RIDER") AND SPECIAL RIDER TO
MULTIFAMILY INSTRUMENT (THE "SPECIAL RIDER"). BOTH DATED AS OF THE DATE OF THIS
INSTRUMENT ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE. IN THE
EVENT OF ANY INCONSISTENCY BETWEEN THE PRINTED PORTIONS OF THIS INSTRUMENT AND
THE PROVISIONS OF THE RIDER OR SPECIAL RIDER. THE PROVISIONS OF THE RIDER OR
SPECIAL RIDER, AS APPLICABLE, SHALL GOVERN. IN THE EVENT OF ANY INCONSISTENCY
BETWEEN THE PROVISIONS OF THE RIDER AND THE PROVISIONS OF THE SPECIAL RIDER, THE
PROVISIONS OF THE SPECIAL RIDER SHALL GOVERN.
FORM 4010 (PAGES 1 OF 8 PAGES)
FLORIDA--Multifamily -- 1/77 -- FNMA/FHLMC Uniform Instrument
[This Instrument is subordinate to that certain Multifamily First Mortgage,
Assignment of Rents and Security Agreement dated as of even date herewith and
executed by Borrower for the benefit of the Florida Housing Finance Agency]
Together with all buildings, improvements, and tenements now or hereafter
erected on the property, and all heretofore or hereafter vacated alleys and
streets abutting the property, and all easements, rights, appurtenances, rents,
royalties, mineral, oil and gas rights and profits, water, water rights, and
water stock appurtenant to the property, and all fixtures, machinery, equipment,
engines, boilers, incinerators, building materials, appliances and goods of
every nature whatsoever now or hereafter located in, or on, or used, or intended
to be used in connection with the property, including, but not limited to, those
for the purposes of supplying or distributing heating, cooling, electricity,
gas, water, air and light; and all elevators, and related machinery and
equipment, fire prevention and extinguishing apparatus, security and access
control apparatus, plumbing, bath tubs, water heaters, water closets, sinks,
ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings,
storm windows, storm doors, screens, blinds, shades, curtains and curtain rods,
mirrors, cabinets, panelling, rugs, attached floor coverings, furniture,
pictures, antennas, trees and plants, and any other additional items of personal
property described in Exhibit "B" attached hereto and incorporated herein; all
of which, including replacements and additions thereto, shall be deemed to be
and remain a part of the real property covered by this Instrument; and all of
the foregoing, together with said property are herein referred to as the
"Property".
Borrower covenants that Borrower is lawfully seised of the estate hereby
conveyed and has the right to mortgage, grant, convey and assign the Property
that the Property is unencumbered, and that Borrower will warrant and defend
generally the title to the Property against all claims and demands, subject to
any easements and restrictions listed in a schedule of exceptions to coverage in
any title insurance policy insuring Lender's interest in the Property.
FORM 4010 (PAGE 2 OF 8 PAGES)
Or any part of the Property to the equivalent of its original condition, or
such other condition as Lender may approve in writing, in the event of any
damage, injury or loss thereto, whether or not insurance proceeds are available
to cover in whole or in part the costs of such restoration or repair, (d) shall
keep the Property, including improvements, fixtures, equipment, machinery and
appliances thereon in good repair and shall replace fixtures, equipment,
machinery and appliances on the Property when necessary to keep such items in
good repair, (e) shall comply with all laws, ordinances, regulations and
requirements of any governmental body applicable to the Property, (f) shall
provide for professional management of the Property by a residential rental
property manager satisfactory to Lender pursuant to a contract approved by
Lender in writing, unless such requirement shall be waived by Lender in writing,
(g) shall generally operate and maintain the Property in a manner to ensure
maximum rental and (h) shall give notice in writing to Lender of and, unless
otherwise directed in writing by Lender, appear in and defend any action or
proceeding purporting to affect the Property, the security of this Instrument or
the rights or powers of Lender. Neither Borrower nor any tenant or other person
shall remove, demolish or alter any improvement now existing or hereafter
erected on the Property or any fixture, equipment, machinery or appliance in or
on the Property except when incident to the replacement of fixtures, equipment,
machinery and appliances with items of like kind.
7. USE OF PROPERTY. Unless required by applicable law or unless Lender has
otherwise agreed in writing, Borrower shall not allow changes in the use for
which all or any part of the Property was intended at the time this Instrument
was executed. Borrower shall not initiate or acquiesce in a change in the
zoning classification of the Property without Lender's prior written consent.
8. PROTECTION OF LENDER'S SECURITY. If Borrower fails to perform the
covenants and agreements contained in this Instrument, or if any action or
proceeding is commenced which affects the Property or title thereto or the
interest of Lender therein, including, but not limited to, eminent domain,
insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option may make such appearances,
disburse such sums and take such action as Lender deems necessary, in its sole
discretion, to protect Lender's interest, including, but not limited to, (i)
disbursement of attorney's fees, (ii) entry upon the Property to make repairs,
(iii) procurement of satisfactory insurance as provided in paragraph 5 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 8, with interest
thereon, shall become additional indebtedness of Borrower secured by this
Instrument. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be immediately due and payable and shall bear interest from the
date of disbursement at the rate stated in the Note unless collection from
Borrower of interest at such rate would be contrary to applicable law, in which
event such amounts shall bear interest at the highest rate which may be
collected from Borrower under applicable law. Borrower hereby covenants and
agrees that Lender shall be subrogated to the lien of any mortgage or other lien
discharged, in whole or in part, by the indebtedness secured hereby. Nothing
contained in this paragraph 8 shall require Lender to incur any expense or take
any action hereunder.
9. INSPECTION. Lender may make or cause to be made reasonable entries upon
and inspections of the Property.
11. CONDEMNATION. Borrower shall promptly notify Lender of any action or
proceeding relating to any condemnation or other taking, whether direct or
indirect, of the Property, or part thereof, and Borrower shall appear in and
prosecute any such action of proceeding unless otherwise directed by Lender in
writing. Borrower authorizes Lender, at Lender's option, as attorney-in-fact
for Borrower, to commence, appear in and prosecute, in Lender's or Borrower's
name, any action or proceeding relating to any condemnation or other taking of
the Property, whether direct or indirect, and to settle or compromise any claim
in connection with such condemnation or other taking. The proceeds of any
award, payment or claim for damages, direct or consequential, in connection with
any condemnation or other taking. The proceeds of any award, payment or claim
for damages, direct or consequential, in connection with any condemnation or
other taking, whether direct or indirect of the Property, or part thereof, or
for conveyances in lieu of condemnation, are hereby assigned to and shall be
paid to Lender subject.
Borrower authorizes Lender to apply such awards, payments, proceeds or
damages, after the deduction of Lender's expenses incurred in the collection of
such amounts, at Lender's option, to restoration or repair of the Property or to
payment of the sums secured by this Instrument, whether or not then due, in
order of application set forth in paragraph 3 hereof, with the balance, if any,
to Borrower. Unless Borrower and Lender otherwise agree in writing, any
application of proceeds to principal shall not extend or postpone the due date
of the monthly installments referred to in paragraphs 1 and 2 hereof. Borrower
agrees to execute such further evidence of assignment of any awards, proceeds,
damages or claims arising in connection with such condemnation or taking as
Lender may require.
12. BORROWER AND LIEN NOT RELEASED. From time to time, Lender may, at Lender's
option, without giving notice to or obtaining the consent of Borrower,
Borrower's successors or assigns or of any junior lienholder or guarantors
without liability on Lender's part and notwithstanding Borrower's breach of any
covenant or agreement of Borrower in this Instrument, extend the time for
payment of said indebtedness or any part thereof, reduce the payments thereon,
release anyone liable on any of said indebtedness, accept a renewal note or
notes therefor, modify the terms and time of payment of indebtedness, release
from the lien of this Instrument any part of the Property, take or release other
or additional security, reconvey any part of the Property, consent to any map or
plan of the Property, consent to the granting of any easement, join in any
extension or subordination agreement, and agree in writing with Borrower to
modify the rate of interest or period of amortization of the Note or change the
amount of the monthly installments payable thereunder. Any actions taken by
Lender pursuant to the terms of this paragraph 12 shall not affect the
obligation of Borrower or Borrower's successors or assigns to pay the sums
secured by this instrument and to observe the covenants of Borrower contained
herein, shall not affect the guaranty of any person, corporation, partnership or
other entity for payment of the indebtedness secured hereby, and shall not
affect the lien or priority of lien hereof on the Property. Borrower shall pay
Lender a reasonable service charge, together with such title insurance premiums
and attorney's fees as may be incurred at Lender's option, for any such action
if taken at Borrower's request.
13. FORBEARANCE BY LENDER NOT A WAIVER. Any forbearance by Lender in
exercising any right or remedy hereunder, or otherwise afforded by applicable
law, shall not be a waiver of or preclude the exercise of any right or remedy.
The acceptance by Lender of payment of any sum secured by this Instrument after
the due date of such payment shall not be a waiver of Lender's rights to either
require prompt payment when due of all other sums so secured or to declare a
default for failure to make prompt payment. The procurement of insurance or the
payment of taxes or other liens or charges by Lender shall not a waiver of
Lender's right to accelerate the maturity of the indebtedness secured by this
Instrument, nor shall Lender's receipt of any awards, proceeds or damages under
paragraphs 5 and 11 hereof operate to cure or waive Borrower's default in
payment of sums secured by this Instrument.
FORM 4010 (PAGE 4 OF 8 PAGES)
14. ESTOPPEL CERTIFICATE. Borrower shall within ten days of a written request
from Lender furnish Lender with a written statement, duly acknowledged, setting
forth the sums secured by this Instrument and any right of set-off, counterclaim
or other defense which exists against such sums and the obligations of this
Instrument.
15. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This Instrument is intended
to be a security agreement pursuant to the Uniform Commercial Code for any of
the items specified above as part of the Property which, under applicable
law, may be subject to a security interest pursuant to the Uniform Commercial
Code, and Borrower hereby grants Lender a security interest in said items.
Borrower agrees that Lender may file this Instrument, or a reproduction
thereof, in the real estate records or other appropriate index, as a
financing statement for any of the items specified above as part of the
Property. Any reproduction of this Instrument or of any other security
agreement or financing statement shall be sufficient as a financing
statement. In addition, Borrower agrees to execute and deliver to Lender,
upon Lender's request, any financing statements, as well as extensions,
renewals and amendments thereof, and reproductions of this Instrument in such
form as Lender may require to perfect a security interest with respect to
said items. Borrower shall pay all costs of filing such financing
statements and any extensions, renewals, amendments and releases thereof, and
shall pay all reasonable costs and expenses of any record searches for
financing statements Lender may reasonably require. Without the prior
written consent of Lender, Borrower shall not create or suffer to be created
pursuant to the Uniform Commercial Code any other security interest in said
items, including replacements and additions thereto. Upon Borrower's breach
of any covenant or agreement of Borrower contained in this Instrument,
including the covenants to pay when due all sums secured by this Instrument,
Lender shall have the remedies of a secured party under the Uniform
Commercial Code and, at Lender's option, may also invoke the remedies
provided in paragraph 27 of this Instrument as to such items. In exercising
any of said remedies, Lender may proceed against the items of real property
and any items of personal property specified above as part of the Property
separately or together and in any order whatsoever, without in any way
affecting the availability of Lender's remedies under the Uniform Commercial
Code or of the remedies provided in paragraph 27 of this Instrument.
16. LEASES OF THE PROPERTY. Borrower shall comply with and observe
Borrower's obligations as landlord under all leases of the Property or any
part thereof. Borrower will not lease any portion of the Property for
non-residential use except with the prior written approval of Lender.
Borrower, at Lender's request, shall furnish Lender with executed copies of
all leases now existing or hereafter made of all or any part of the Property,
and all leases now or hereafter entered into will be in form and substance
subject to the approval of Lender. All leases of the Property shall
specifically provide that such leases are subordinate to this Instrument;
that the tenant attorns to Lender, such attornment to be effective upon
Lender's acquisition of title to the Property; that the tenant agrees to
execute such further evidences of attornment as Lender may from time to time
request; that the attornment of the tenant shall not be terminated by
foreclosure; and that Lender may, at Lender's option, accept or reject such
attornments. Borrower shall, not without Lender's written consent, execute,
modify, surrender or terminate, either orally or in writing, any lease now
existing or hereafter made of all or any part of the Property providing for a
term of three years or more, permit an assignment or sublease of such a lease
without Lender's written consent, or request or consent to the subordination
of any lease of all or any part of the Property to any lien subordinate to
this Instrument. If Borrower becomes aware that any tenant proposes to do,
or is doing, any act or thing which may give rise to any right of set-off
against rent, Borrower shall (i) take such steps as shall be reasonably
calculated to prevent the accrual of any right to a set-off against rent,
(ii) notify Lender thereof and of the amount of said set-offs, and (iii)
within ten days after such accrual, reimburse the tenant who shall have
acquired such right to set-off or take such other steps as shall effectively
discharge such set-off and as shall assure that rents thereafter due shall
continue to be payable without set-off or deduction.
Upon Lender's request, Borrower shall assign to Lender, by written
instrument satisfactory to Lender, all leases now existing or hereafter made of
all or any part of the Property and all security deposits made by tenants in
connection with such leases of the Property. Upon assignment by Borrower to
Lender of any leases of the Property, Lender shall have all of the rights and
powers possessed by Borrower prior to such assignment and Lender shall have the
right to modify, extend or terminate such existing leases and to execute new
leases, in Lender's sole discretion.
17. REMEDIES CUMULATIVE. Each remedy provided in this Instrument is distinct
and cumulative to all other rights or remedies under this Instrument or afforded
by law or equity, and may be exercised concurrently, independently, or
successively, in any order whatsoever.
18. ACCELERATION IN CASE OF BORROWER'S INSOLVENCY.
SEE SPECIAL RIDER ATTACHED HERETO.
SEE RIDER
SEE RIDER
21. SUCCESSORS AND ASSIGNS BOUND; JOINT AND SEVERAL LIABILITY; AGENTS;
CAPTIONS. The covenants and agreements herein contained shall bind, and the
rights hereunder shall inure to, the respective successors and assigns of Lender
and Borrower, subject to the provisions of paragraph 19 hereof. All covenants
and agreements of Borrower shall be joint and several. In exercising any rights
hereunder or taking any actions provided for herein, Lender may act through its
employees, agents or independent contractors as authorized by Lender. The
captions and headings of the paragraphs of this Instrument are for convenience
only and are not to be used to interpret or define the provisions hereof.
22. UNIFORM MULTIFAMILY INSTRUMENT; GOVERNING LAW; SEVERABILITY. This form of
multifamily instrument combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction to constitute a
uniform security instrument covering real property and related fixtures and
personal property. In the event that any provision of this Instrument or the
Note conflicts with applicable law, such conflict shall not affect other
provisions of this Instrument or the Note which can be given effect without the
conflicting provisions, and to this end the provisions of this
FORM 4010 (PAGE 5 OF 8 PAGES)
Instrument and the Note are declared to be severable. In the event that any
applicable law limiting the amount of interest or other charges permitted to
be collected from Borrower is interpreted so that any charge provided for in
this Instrument or in the Note, whether considered separately or together
with other charges levied in connection with this Instrument and the Note,
violates such law, and Borrower is entitled to the benefit of such law, such
charge is hereby reduced to the extent necessary to eliminate such violation.
The amounts, if any, previously paid to Lender in excess of the amounts
payable to Lender pursuant to such charges as reduced shall be applied by
Lender to reduce the principal of the indebtedness evidenced by the Note.
For the purpose of determining whether any applicable law limiting the amount
of interest or other charges permitted to be collected from Borrower has been
violated, all indebtedness which is secured by this Instrument or evidenced
by the Note and which constitutes interest, as well as all other charges
levied in connection with such indebtedness which constitute interest, shall
be deemed to be allocated and spread over the stated term of the Note.
Unless otherwise required by applicable law, such allocation and spreading
shall be effected in such a manner that the rate of interest computed thereby
is uniform throughout the stated term of the Note.
23. WAIVER OF STATUTE OF LIMITATIONS. Borrower hereby waives the right to
assert any statute of limitations as a bar to the enforcement of the lien of
this Instrument or to any action brought to enforce the Note or any other
obligation secured by this Instrument.
SEE SPECIAL RIDER
26. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. As
part of the consideration for the indebtedness evidenced by the Note,
Borrower hereby absolutely and unconditionally assigns and transfers to
Lender all the rents and revenues of the Property, including those now due,
past due, or to become due by virtue of any lease or other agreement for the
occupancy or use of all or any part of the Property, regardless of to whom
the rents and revenues of the Property are payable. Borrower hereby
authorizes Lender or Lender's agents to collect the aforesaid rents and
revenues and hereby directs each tenant of the Property to pay such rents to
Lender or Lender's agents; provided, however, that prior to written notice
given by Lender to Borrower of the breach by Borrower of any covenant or
agreement of Borrower in this Instrument. Borrower shall collect and receive
all rents and revenues of the Property as trustee for the benefit of Lender
and Borrower, to apply the rents and revenues so collected to the sums
secured by this Instrument in the order provided in paragraph 3 hereof with
the balance, so long as no such breach has occurred, to the account of
Borrower, it being intended by Borrower and Lender that this assignment of
rents constitutes an absolute assignment and not an assignment for additional
security only. Upon delivery of written notice by Lender to Borrower of the
breach by Borrower of any covenant or agreement of Borrower in this
Instrument, and without the necessity of Lender entering upon and taking and
maintaining full control of the Property in person, by agent or by a
court-appointed receiver. Lender shall immediately be entitled to possession
of all rents and revenues of the Property as specified in this paragraph 26
as the same become due and payable, including but not limited to rents then
due and unpaid, and all such rents shall immediately upon delivery of such
notice be held by Borrower as trustee for the benefit of Lender only;
provided, however, that the written notice by Lender to Borrower of the
breach by Borrower shall contain a statement that Lender exercises its rights
to such rents. Borrower agrees that commencing upon delivery of such written
notice of Borrower's breach by Lender to Borrower, each tenant of the
Property shall make such rents payable to and pay such rents to Lender or
Lender's agents on Lender's written demand to each tenant therefor, delivered
to each tenant personally, by mail or by delivering such demand to each
rental unit, without any liability on the part of said tenant to inquire
further as to the existence of a default by Borrower.
Borrower hereby covenants that Borrower has not executed any prior
assignment of said rents, that remain in effect as of the date herein, that
Borrower has not performed, and will not perform, any acts or has not executed,
and will not execute, any instrument which would prevent Lender from exercising
its rights under this paragraph 26, and that at the time of execution of this
Instrument there has been no anticipation or prepayment of any of the rents of
the Property for more than two months prior to the due dates of such rents.
Borrower covenants that Borrower will not hereafter collect or accept payment
of any rents of the Property more than two months prior to the due dates of such
rents. Borrower further covenants that Borrower will execute and deliver to
Lender such further assignments or rents and revenues of the Property as Lender
may from time to time request.
Upon Borrower's breach of any covenant or agreement of Borrower in this
Instrument, Lender may in person, by agent or by a court-appointed receiver,
regardless of the adequacy of Lender's security, enter upon and take and
maintain full control of the Property in order to perform all acts necessary and
appropriate for the operation and maintenance thereof including, but not limited
to, the execution, cancellation or modification of leases, the collection of all
rents and revenues of the Property, the making of repairs to the Property and
the execution or termination of contracts providing for the management or
maintenance of the Property, all on such terms as are deemed best to protect the
security of this Instrument. In the event Lender elects to seek the appointment
of a receiver for the Property upon Borrower's breach of any covenant or
agreement of Borrower in this Instrument, Borrower hereby expressly consents to
the appointment of such receiver. Lender or the receiver shall be entitled to
receive a reasonable fee for so managing the Property.
All rents and revenues collected subsequent to delivery of written
notice by Lender to Borrower of the breach by Borrower of any covenant or
agreement of Borrower in this Instrument shall be applied first to the costs,
if any, of taking control of and managing the Property and collecting the
rents, including, but not limited to, Attorney's fees, receiver's fees,
premiums on receiver's bonds, costs of repairs to the Property, premiums on
insurance policies, taxes, assessments and other charges on the Property, and
the costs of discharging any obligation or liability of Borrower as lessor or
landlord of the Property and then to the sums secured by this Instrument.
Lender or the receiver shall have access to the books and records used in the
operation and maintenance of the Property and shall be liable to account only
for those rents actually received. Lender shall not be liable to Borrower,
anyone claiming under or through Borrower or anyone having an interest in the
Property by reason of anything done or left undone by Lender under this
paragraph 26.
If the rents of the Property are not sufficient to meet the costs, if any,
of taking control of and managing the Property and collecting the rents, any
funds expended by Lender for such purposes shall become indebtedness of Borrower
to Lender secured by this Instrument pursuant to paragraph 8 hereof. Unless
Lender and Borrower agree in writing to other terms of payment, such amounts
shall be payable upon notice from Lender to Borrower requesting payment thereof
and shall bear interest from the date of disbursement at the rate stated in the
Note unless payment of interest at such rate would be contrary to applicable
law, in which event such amounts shall bear interest at the highest rate which
may be collected from Borrower under applicable law.
Any entering upon and taking and maintaining of control of the Property by
Lender or the receiver and any application of rents as provided herein shall not
cure or waive any default hereunder or invalidate any other right or remedy of
Lender under applicable law or provided herein. This assignment of rents of the
Property shall terminate at such time as this Instrument ceases to secure
indebtedness held by Lender.
FORM 4010 (PAGE 6 OF 8 PAGES)
UNIFORM COVENANTS-MULTIFAMILY-1/77-FNMA/FHLMC UNIFORM INSTRUMENT
Non-Uniform Covenants. Borrower and Lender further covenant and agree as
follows:
27. ACCELERATION REMEDIES. Upon Borrower's breach of any covenant or
agreement of Borrower in this Instrument, including, but not limited to, the
covenants to pay when due any sums secured by this Instrument. Lender at
Lender's option may declare all of the sums secured by this Instrument to be
immediately due and payable without further demand and may foreclose this
Instrument by judicial proceeding and may invoke any other remedies permitted
by applicable law or provided herein. Lender shall be entitled to collect
all costs and expenses incurred in pursuing such remedies, including, but not
limited to, attorney's fees, costs of documentary evidence, abstracts and
title reports.
28. RELEASE. Upon payment of all sums secured by this Instrument, Lender shall
release this Instrument. Borrower shall pay Lender's reasonable costs incurred
in releasing this Instrument.
29. ATTORNEY'S FEES. As used in this Instrument and in the Note, "attorney's
fees" shall include attorney's fees, if any, which may be awarded by an
appellate court.
IN WITNESS WHEREOF, Borrower has executed this Instrument or has caused the
same to be executed by its representative thereunto duly authorized.
BORROWER:
Signed, and OTC APARTMENTS LIMITED PARTNERSHIP, a
Delivered in the Presence Florida limited partnership
of:
/s/ Lolly Avant By: AIMCO/OTC QRS, INC., a Delaware
- ------------------------- corporation, its sole General Partner
Lolly Avant
/s/ F. M. DePrez By: /s/ Harry Alcock (SEAL)
- ------------------------- -----------------------------
F. M. DePrez Harry Alcock
Vice President
BORROWER'S ADDRESS:
1873 Bellaire Street, 17th Floor
Denver, Colorado 80222
FORM 4010 (PAGE 7 OF 8 PAGES)
ACKNOWLEDGMENT
STATE OF FLORIDA )
) ss:
COUNTY OF Hillsborough )
The foregoing instrument was acknowledged before me this 28th day of
June, 1996, by Harry Alcock, Vice President of AIMCO/OTC QRS, INC., a Delaware
corporation, on behalf of said corporation, the general partner of OTC
APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership. He who is
personally known to me/has produced drivers license as identification.
/s/ Patricia C. Sheppard
-----------------------------------
Printed/Typed Name:________________
Notary Public
My Commission Expires:
[NOTARY SEAL]
FLORIDA