Preview
Hearing Date: 8/19/2024 10:00 AM
Location: Court Room 2801
Judge: Robles, Edward N
FILED
6/20/2024 3:53 PM
IRIS Y. MARTINEZ
CIRCUIT CLERK
COOK COUNTY, IL
2024CH05814
Calendar, 59
28199344
Cook County #21762
IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS
COUNTY DEPARTMENT - CHANCERY DIVISION
Metropolitan Tower Life Insurance Company
PLAINTIFF
Vs. No. 2024CH05814
Markita Redmond a/k/a Markita L. Redmond; Unknown
Owners and Nonrecord Claimants 1026 W 112th Pl, Chicago, IL 60643
DEFENDANTS
COMPLAINT TO FORECLOSE MORTGAGE
NOW COMES the Plaintiff, METROPOLITAN TOWER LIFE INSURANCE COMPANY, by and through its
attorneys, CODILIS & ASSOCIATES, P.C., complaining of the defendants herein and, pursuant to 735 ILCS
5/15-1101, states as follows:
1. Plaintiff files this Complaint to Foreclose the mortgage, trust deed or other conveyance in the nature of a
mortgage (hereinafter called "Mortgage") hereinafter described, and joins the following persons as "Defendants' "
Markita Redmond a/k/a Markita L. Redmond; Unknown Owners and Nonrecord Claimants
2. Attached as "EXHIBIT A" is a copy of the Mortgage, Assignment of Leases and Rents, and Security
Agreement. Attached as "EXHIBIT B" is a copy of the Secured Note.
3. Information concerning said Mortgage:
(A) Nature of the instrument: Mortgage.
(B) Date of the Mortgage: 7/5/2023
(C) Name of mortgagor(s):
Markita Redmond a/k/a Markita L. Redmond
(D) Name of the original mortgagee:
BPL Mortgage Trust, LLC
(E) Date and Place of Recording or Registering:
7/5/2023
Office of the Recorder of Deeds of Cook County Illinois
(F) Identification of Recording: Document No. 2318629139
(G) Interest subject to the mortgage: Fee Simple.
(H) Amount of original indebtedness:
(1) Original Indebtedness: $257,600.00
(D Both the legal description of the mortgaged real estate and the common address or other information
sufficient to identify it with reasonable certainty:
LOT 28 IN SIMONS AND PANNELL'S SUBDIVISION OF BLOCK 1 (EXCEPT THE RIGHT OF WAY
OF THE P.C.C. AND ST. LOUIS RAILROAD, ALSO THAT PART LYING EAST OF THE RAILROAD)
IN ROOD AND WESTON'S ADDITION TO MORGAN PARK, BEING A SUBDIVISION OF THE
WEST 1/2 OF THE NORTHWEST 1/4 (EXCEPT THE NORTH 20 ACRES) AND THE EAST 1/2 OF
THE NORTHWEST 1/4 (EXCEPT THE NORTH 20 ACRES THEREOF) OF SECTION 20, TOWNSHIP
37 NORTH, RANGE 14, LYING EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS.
COMMONLY KNOWN AS: 1026 W 112th Pl, Chicago, IL 60643
TAX PARCEL NUMBER: 25-20-209-028-0000
(J) Statement as to defaults: Mortgagors have not paid the monthly installments of Principal, taxes, Interest
and insurance for 03/01/2024, through the present; the Principal balance due on the Note and the Mortgage
is $256,694.38, plus Interest, costs, advances and fees. Interest accrues pursuant to the Note, and the current
per diem is $62.39.
(K) Name of present owner(s) of said premises:
Markita Redmond a/k/a Markita L. Redmond
(L) Names of other persons who are joined as defendants and whose interest in or lien on the mortgaged real
estate is sought to be terminated and alleged to be subordinate and inferior to the mortgage of the Plaintiff,
and any additional lien of the plaintiff which is sought to be terminated:
(M) Names of defendants claimed to be personally liable for deficiency, if any:
Markita Redmond a/k/a Markita L. Redmond.
No personal deficiency will be sought against this(these) defendant(s) if they are protected by a bankruptcy
automatic stay or if their obligation is discharged in bankruptcy.
(N) Capacity in which Plaintiff brings this foreclosure: Plaintiff is the Mortgagee under 735 ILCS 5/15-
1208.
(O) The redemption has been waived pursuant to paragraph 44 of the subject Mortgage, Assignment of
Leases and Rents, and Security Agreement.
(P) The redemption has been waived pursuant to paragraph 44 of the subject Mortgage, Assignment of
Leases and Rents, and Security Agreement.
(Q) Facts in support of request for attorneys’ fees and of costs and expenses, if applicable: The subject
mortgage provides for payment of attorney fees, court costs, and expenses in the event of a default under the
mortgage.
(R) Facts in support of a request for appointment of mortgagee in possession or for appointment of a
receiver, and identity of such receiver, if sought: Unless otherwise alleged, Plaintiff will pray for said relief
after the filing of the instant foreclosure action by separate petition if such relief is sought.
(S) Offer to the mortgagor in accordance with Section 15-1402 to accept title to the real estate in satisfaction
of all indebtedness and obligations secured by the mortgage without judicial sale, if sought: No allegation of
an offer is made however Plaintiff alleges that it is not precluded from making or accepting such offer by the
filing of the instant foreclosure action.
(T) Name or names of defendants whose rights to possess the mortgaged real estate, after the confirmation
of a foreclosure sale, are sought to be terminated and, if not elsewhere stated, the facts in support thereof:
Markita Redmond a/k/a Markita L. Redmond;
4. Plaintiff avers that in addition to persons designated by name herein and the Unknown Defendants herein before
referred to, there are other persons, and/or non-record claimants who are interested in this action and who have or
claim some right, title, interest or lien in, to or upon the real estate, or some part thereof, in this Complaint
described, including but not limited to the following:
Unknown Owners and NonRecord Claimants, if any.
That the name of each of such persons is unknown to Plaintiff and on diligent inquiry cannot be ascertained, and
all such persons are therefore made party defendants to this action by the name and description of UNKNOWN
OWNERS and NONRECORD CLAIMANTS.
RE UEST FOR RELIEF
WHEREFORE, THE PLAINTIFF REQUESTS:
@ A judgment of foreclosure and sale.
Gi) An order granting a shortened redemption period, if sought.
(iii) A personal judgment for deficiency, if applicable and sought, and only against parties who have signed the
Note or monetary obligation which is the subject matter of this complaint, or persons who have assumed
liability of the Note or monetary obligation which is the subject matter of this complaint, and who have not
received a discharge of this debt in bankruptcy and who are not personally protected by the automatic stay
at sale confirmation.
(iv) An order granting possession, if sought.
(v) An order placing the mortgagee in possession or appointing a receiver, if sought.
(vi) Ajudgment for attorneys' fees, costs and expenses, if sought.
(vii) For the appointment of a Selling Officer, if deemed appropriate by this court.
(viii) Such other and further relief as this court deems just.
Metropolitan Tower Life Insurance Company
BY: /s/ Matthew Naglewski
ARDC No. 6322722
CODILIS & ASSOCIATES, P.C.
One of its Attorneys
Codilis & Associates, P.C.
15W030 North Frontage Road, Suite 100
Burr Ridge, IL 60527
(630) 794-5300
pleadings@il.cslegal.com
Cook #21762
14-24-03142
NOTE: This law firm is a debt collector.
lilinois Anti-Predatory Doc#. 2318629139 Fee: $107.00
Lending Database KarenA. Yarbrough
Cook County Clerk
Program Date: 07/05/2023 03:02 PM Pg: 1 of 28
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Report Mortgage Fraud
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PIN: 25-20-209-028-0000
Address:
Street: 1026 W 112TH PL
Street line 2:
City: CHICAGO State: IL ZIP Code: 60643
Lender, BPL MORTGAGE TRUST, LLC
Borrower: MARKITAL REDMOND
Loan / Mortgage Amount: $257,600.00
This property is located within the program area and is exempt from the requirements of 765 ILCS 77/70 et seq. because
it is not owner-occupied.
Certteste ner: Execution date: 7/5/2023
2318629139 Page: 2 of 28
THIS INSTRUMENT PREPARED BY:
Marlon Price
1801 S. Meyers Road, Suite 400
Oakbrook Terrace, Illinois 60181
WHEN RECORDED, RETURN TO;
BPL Mortyage Trust, LLC
1801 S. Meyers Roud, Suite 400
Oakbrook Terrace, Ilinois 60181
Loan No}
Pre
Property=TY No.2 PAS-20-209-028-0000
25~20-5 —
MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, AND SECURITY
AGREEMENT
Note Amount: $257,600.00
Property Address: 1026 W 112Th Pl, Chicago, Ilinois 60643
MAXIMUM LIEN, At no time shall the principal amount of Indebtedness secured by this
Morigage, not including sums advanced to protect the security of this Morfgage, exceed
$515,200.00.
THIS DOCUMENT CONSTITUTES A FIXTURE FILING IN ACCORDANCE WITH THE ILLINOIS
UNIFORM COMMERCIAL CODE,
This Mortgage, Assignment of Leases and Rents, and Security Agreement (the “Security
Instrument” or “Mortgage”) is made as of July 5, 2023, among Markita L Redmond (“Borrower”), whose
address is 5004 Gibson St, Matteson, Ilinais 60443; and BPI. Mortgage Trust, LLC, a Delaware limited
liability compat, as mortgagee (“l.ender”), whose address is 1801 S. Meyers Road, Suite 400, Oakbrook
Terrace, Illinois 60181.
TRANSFER OF RIGHTS IN THE PROPERTY
To secure the full and timely payment of the Indebtedness and the full and timely performance
and discharge of the Obligations, Borrower does hereby MORTGAGE, GRANT, ASSIGN, REMISE,
BARGAIN, SELL, WARRANT, AND CONVEY to and for the benefit of Lender the Mortgaged.
Property, with power of sale and right of entry, subject only to the Permitted Encumbrances, to have and
to hold the Mortgaged Property to Lender, its successors and assigns forever, and Borrower does hereby
bind itself, its successors, and its assigns to warrant and forever defend the title to the Mortgaged Property
to Lender against anyone iawfully claiming it or any part of it; provided, however, that if the Indebtedness
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is paid in full as aud when it becomes due and payable and the Obligations are performed on or before the
ry
date they are to be performed and discharged, then the li s, , security interests, estates, and rights granted
by the Loan Documents shall terminate; otherwise, they shall remain in full force and effect. As
additiona] security for the ful! and timely payment of the Indebtedness and the full and timely
perfortnance and discharge of the Obligations, Borrower grants to Lender a security interest in the
Personalty, Fixtures, Leases, and Rents under Artidle Nine of the Uniform Commercial Code in effect in
the state where the Mortgaged Property is located. Borrower further grants, bargains, conveys, assigns,
transfers, and sets over to Lender, a security interest in and ta all of Borrower's right, title, and interest in,
to, and under the Personalty, Fixtures, Leases, Rents, and Mortgaged Property {to the extent characterized
as petsonal property) to secure the full and timely payment of the ladebtedness and the full and timely
performance and discharge of the Obligations.
Borrower agrees to execute and deliver, from time te time, such further instruments, including,
but not limited to, security agreements, assignments, and UCC financing statements, as may be requested.
by Lender to confirm the lien of this Security Instrament on any of the Mortgaged Property. Borrower
further irrevocably graats, transfers, and assigns to Lender the Rents. This assignment of Rents is to be
effective to create a present security inturest in existing and future Rents of the Mortgaged Property.
TO MAINTAIN AND PRi)TECT ‘HE SECURITY OF ‘THIS SECURITY INSTRUMENT, TO
SECURE THE FULL AND ‘TIMELY PERFORMANCE BY BORROWER OF EACH AND EVERY
OBLIGATION, COVENANT AND AGREEMENT Ob BORROWER UNDER THE LOAN
DOCUMENTS, AND AS ADDITIONAL CONSIDERATION FOR THE INDEBTEDNESS AND
OBLIGATIONS EVIDENCUD BY THE LOAN DOCUMENTS, BORROWER HEREBY
COVENANTS, REPRESENTS, ANI) AGREES AS FOLLOWS:
DEFIN) . i
\
1 Definitions, For purposes of this Security Instrument, each of the following terms shall have the
following respective meanings:
Lt “Attorneys’ Fees.” Any and all’ ‘attorney fecs (including the allocated cost of in-house
counsel), paralegal, and law clerk foes, including, without limitation, fees for advice, negotiation,
consultation, arbitration, and litigation at the pretrial, trial, and appellate levels, aud in any bankruptcy
proceedings, and attorney costs and expenses incurred or paid by Lender in protecting its interests in the
Mortgaged Property, including, but not limited to, any action for waste, and enforcing its rights ynder this
Security Instrument
1.2 “Borrower.
L210 The named Borrower in this Security {nstrument.
1.2.2, The obligor under the Note, whether or not named as Borrower in this Security
Instrument; and
1.2.3. Subject to any limitations of assignment as provided for in the Loan Documents,
the heies, Jegatees, devisees, administrators, executors, successors, in interest to the Mortgaged Property,
and the assigns of any such Person. NUE“¢ ‘
All references to Borrower in the rétivainder of the Loan Documents shall mean the
obligor under the Note.
13 “Event of Default.” An Event of Default as defined in the Loan Agreement.
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14 “Fixtures.” All right, title, and interest of Borrower in and to all materials, supplies,
equipment, apparatus, and other items now or later attached to, installed on or in the Land or the
Improvements, or that in some fashion are decmed to Dé fixtures to the Land or Improvements under the
laws of the state where the Mortgaged Property is located, including the Uniform Commercial Code.
“Fixtures” includes, without limitation, all items of Personalty to the extent that they may be deemed
Fixtures under Governmental Requirements.
15 & ‘Governmental Authority.” Any and all courts, boards, agencies, commissions, offices,
or authorities of any nature whatsvever for any governmental unit {federal, state, county, district,
municipal, city, or otherwisc) whether uow or later in existence.
1.6 “Governmental Requirements, Any and all laws, statutes, codes, ordinances,
regulations, enactments, decrecs, judgments, and orders of any Governmental Authority,
7 “Impositions.” All real estate and personal property taxes, water, gas, sewer, electricity,
and other utilicy rates and charges; charges imposed under any subdivision, planned unit development, or
condominium declaration or restrictions; chatges for any easement, license, oc agreement maintained for
the benefit of the Mortgaged Property, and all other taxes, charges, and assessments and any interest,
costs, or penalties of any kind and nature that at any time before or after the execution of this Security
Instrument may be assessed, levied, or imposed on the Mortgaged Property or on its ownership, use,
ogcupaticy, or enjoyment.
18 “Improvements,” Any and all buildings, structures, improvements, fixtures, and.
appurtenances now and later placed on the Mortgaged Property, including, without limitation, all
apparatus and equipment, whether or not physically affixed to the land or any building, which is used to
provide or supply aic cooling, ait conditioning, heat, gas, water, Light, power, refrigeration, ventilation,
laundry, drying, dish washing, garbage disposal, or other services; and all elevators, escalators, and
related machinery and equipment, fire prevention and extinguishing apparatus, security and access control
apparatus, partitions, ducts, compressors, plumbing, ovehs; reftigérators, dishwashers, disposals, washers,
dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains, curtain rods, miicrors,
cabinets, paneling, rugs, attached floor coverings, furniture, pictures, antennas, pools, spas, pool and spa
operation and maintenance equipment and apparatus, and trees and plants located on the Mortgaged
Property, all of which, including replacements and additions, shall conclusively be deemed to be affixed
to and be part of the Mortgaged Property conveyed to Lender under this Security Insteumment.
Lo “Indebtedness.” The principal of, interest on, and all other amounts and payments due
under or evidenced by the following:
19.1. The Nate (including, without limitation, the prepayment premium, late payment,
and other charges payable under the Note); a
1.9.2. ‘The Loan Agreement;
1.9.3. ‘This Security Instrument and ail other Loan Dacuments;
1.9.4, All funds later advanced by Lender to or for the benefit of Borrower under any
provision of any of the Loan Documents;
9.5. Any futuce loans or amounts advanced by Lender to Borrower when evidenced
by a written instrument or document that specifically recites that the Obligations evidenced by such
document are secured by the terms of this Security Instrument, including, but not limited to, funds
advanced to protect the security or priority of the Security Instrument; and
1.9.6. Any amendment, modification, extension, rearrangement, restatement, renewal,
substitution, ox replacement of any of the foregoing,
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1.10 “Land,” ‘Ihe real estate or any interest in it described in Exhibit “A” attached to this
Security Instrument and made a part of it, together with all Improvements and Fixtures and all rights,
titles, and interests appurtenant to it,
111 “Leases.” Any and all leases, subleases, licenses, concessions, or other agreements
{written or verbal, now or later in effect) that grant a possessory interest in and to, or the right to extract,
mine, reside in, sell, or use the Mortyaged Property, and all other agreements, including, but not limited
to, utility contracts, maintenance agreements, and service contracts that in any way relate to the use,
occupancy, operation, nainlenance, enjoyment, or ownership of the Mortgaged Property, except any and
all leases, subleases, or other agreements under which’ ‘Borrower is granted a possessory interest in the
Land.
112 “Lender.” The named Lender in this Security Instrument aad the owner and holder
{including a pledgee) of any Note, Indebtedness, or Obligations secured by this Security Instrument,
whether or not named as Lender in this Security Instrument, and the heirs, legatees, devisees,
administrators, executors, successors, and assigns of any such Person.
L13 “Loan.” ‘The extension of credit made by Lender to Borrower under the terms of the
Loan Documents.
Ld “Loan Agreement.” ‘The loan and Security Agreement given by Borrower evidencing
the Loan, in such form as is acceptable to Lender, together with any and all rearrangements, extensions,
renewals, substitutions, replacements, modifications, restatements, and amendments thereto.
115 “Loan Documents,” Collectively, this Security Instrument, the Note, and all other
instruments and agreements required to be executed by Borrower or any guarantor in connection with the
Loan.
Lé “Mortgaged Property.” The Land, Improvements, Fixtures, Personalty, Leases, and
Rents that is described as follows:
SEE EXHIBIT “A” ATTACHED HERETO AND MADE A PART HEREOF,
commonly known as: 1026 W 112Th PL, Chicago, Mingis 60643
Property ID No.: 25-20-209-628-0000
tae
together with:
1.16.1. All right, title, and interest (including any claim or demand or demand in law or
equity) that Borrower now has or may later acquire in or to such Mortgaged Property; ali easements,
rights, privileges, tenements, hereditanwnts, and appurtenances belonging or it any way appertaining to
the Mortgaged Property; all of the estate, right, title, interest, claim, demand, reversion, or remainder of
Borrower in or to the Mortgaged Property, cither at law or,in equity, in possession or expectancy, now or
later acquired; all crops growing or to be grown on the Mortgaged Property; all development rights or
credits and air rights; all water and water rights (whether or not appurtenant to the Mortgaged Property)
and shares of stock pertaining to such water or water rights,.cwnership of which affects the Mortgaged
Property; all minerals, oil, gas, and other hydrocarbon substances and rights thereto in, on, under, or upon
the Mortgaged Property and all royalties and profits from any such rights or shares of stock; all right, title,
and interest of Borcower in and to any strevts, ways, alleys, strips, or gores of land adjoining the Land or
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any part of it that Borrower now owns or at any time later acquires and all adjacent Jands within
enclosures or occupied by buildings partly situated on the Mortgaged Property:
1.16.2, All intangible Mortgaged Property‘and rights celating to the Moctgaged Property
or its operation or used in connection with it, including, without limitation, permits, licenses, plans,
specifications, construction contracts, subcontracts, bids, deposits for utility services, installations,
refunds due Borrower, trade names, trademarks, and service marks;
1.16.3, AD of the right, title, and interest of Borrower in and to the land lying in the bed
ofany street, road, highway, or avenve in front of or adjoining the Land;
1.16.4. Any and all awards previously made or later to be made by any Governmental
Authority to the present and all subsequent owners of the Mortgaged Property that may be made with
respect to the Mortgaged Property as a result of the exercise of the right of eminent domain, the alteration
of the grade of any street, or any other injury to or decrease of value of the Mortgaged Property, which
award or awards are assigned to Lender and Lender, at its option, is authorized, directed, and ernpowered
te collect and receive the proceeds of any such award or awards from the authorities making them and to
give proper receipts and acquittances for them;
1,16.5. All certificates of deposit of Borrower in Lender's possession and all bank
accounts of Borrower with Lender and their proceeds, and all deposits of Borrower with any
Governmental Authority and/or public utility company that relate to the ownership of the Mortgaged
Property;
1.16.6, All Leases of the Mortgaged Property or any part of it now or Jater entered into
and all right, title, aad interest of Borrower under such Leases, including cash or securities deposited by
the tenants to secure performance of their obligations under such Leases (whether such cash or securities
are to be held until the expiration of the terms of such Leases or applicd to one or more of the installments
of rent coming due immediately before the expiration of Such terms), all rights to all insurance proceeds
and uneamed insurance premiums arising from or relating ¢ the Mortgaged Property, all other cights and
easements of Borrower now or later existing pertaining to fhe use and enjoyment of the Mortgaged
Property, and all right, tide, and interest of Borrower in and to all declarations of covenants, conditions,
and restrictions as may affect or otherwise relate to the Mortgaged Property;
1.16.7, Any and ali proceeds of any insurance policies covering the Mortgaged Property,
whether or not such insurance policics were required by Lender as a condition of making the Loan
secured by this Security Instrument or are required to be maintained by Borrower as provided below in
this Secucity Instrument; which proceeds are assigned to Lender, and Lender, af its option, is authorized,
directed, and empowered to collect and receive the proceeds of such insurance policies from the insurers
issuing the same and to give proper receipts and acquittances for such policies, and to apply the same as
provided below;
1.16.8. If the Mortgaged Property iachxies a leasehold estate, all of Borrower's right,
title, and interest in and to the lease, more particularly described ia Exhibit “A” attached to this Security
Instrument (the “Leasehold”) including, without limitation, the right to surrender, terminate, cancel,
waive, change, supplement, grant subleases of, alter, or.atmend the Leasehold,
1.16.9, All plans and specifications for.the Improvements; all contracts and subcontracts
relating to the Improvements; all deposits (including tenants’ security deposits; provided, however, that if
Lender acquires possession or control uf tenants’ security deposits Lender shall use the tenants’ security
deposits only for such purposes as Governmental Requirements permit), funds, accounts, contract rights,
instruments, documents, general intangibles, and notes or chattel paper arising from or in connection with
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the Mortgaged Property; all permits, licenses, certific and other rights and privileges obtained in
connection with the Mortgaged Property; all sails engineering reports, land planning maps,
drawings, construction contracts, notes, drafts, documénis, incering and architectural drawings, letters
of credit, bonds, surety bonds, any other imangible rights relating to the Land and Improvements, surveys,
and other reports, exhibits, or plans used or to be used in connection with the construction, planning,
operation, or maintenance of the Land and Intprovenients atid all amendments and modifications; all
proceeds arising from or by virtuc of the sale, lease, grant of option, or other disposition of ail or any part
of the Mortgaged Property (consent to same is (not granted or implied); and all proceeds (including
premium refunds) payable or to be payable under each, insurance policy relating to the Mortgaged
Property;
1.16.10. All trade namws, trademarks, symbols, service marks, and goodwill associated
with the Mortgaged Property and any and all state and federal applications and registrations now or later
used in connection with the use or operation of the Morigaged Property;
116,11. Ail tax refunds, bills, notes, inventories, accounts and charges receivable,
credits, claims, securities, and docunwnts of all kinds, and all instruments, contract rights, general
intangibles, bands and deposits, and all proceeds and products of the Mortgaged Property;
1.16.12. All money ot other personal property of Borrower {including, without
limitation, any instrument, deposit account, general intangible, or chattel paper, as defined in the Uniform
Commercial Cede) previously or later delivered to, deposited with, or that otherwise comes into Lendet’s
possession:
1,16.13, All accounts, contract rights, chattel paper, documents, instruments, books,
records, claims against third patties, muney, securities, drafts, notes, proceeds, and other items relating to
the Mortgaged Property;
1.16.14. All construction, supply, ering, and architectural contracts executed and
to be executed by Borrower for the construction of the:Improvements; and
1.16.15. All proceeds of any of the foregoing.
As used in this Security instrument, “Mortgaged Property” is expressly defined as
teaning all or, when the context permits or requires, any portion of it and all or, when the context permits
or requires, any interest in it.
Ly “Note.” The Secured Note payable by Boirower to the order of Lender in the principal
amount of Two Hundred Fifty-Seven Thousand Six Hundred and 00/160 Dollars ($257,600.00),
which matures on August 1, 2053, evidencing the Loan, in such form as is acceptable to Lender,
together with any and all rearrangements, ;extensions, renewals, substitutions, replacements,
modifications, restatements, and amendments to the Secured Note.
1.8 “Obligations.” Any and all of the covenants, warranties, representations, aad other
obligations (other than to repay the Indebtedness) made or undertaken by Borrower to Lender as set forth
in the Loan Documents; any lease, sublease, or other agreement under which Borrower is granted a
possessory interest in the Land; cach obligation, covenant, and agreement of Borrower in the Loan
Documents or in any other document executed by Borrower in connection with the loan(s) secured by this
Security Instrument whether sct forth in or incerporated into the Loan Documents by reference; each and
every monetary provision of all covenants, conditions, and restrictions, if any, pertaining to the
Mortgaged Property aad on Lender’s written request, the enforcement by Borrower of any covenant by
third parties to pay maintenance or other charges, if they have not been paid, or valid legal steps taken to
enforce such payment within 90 days after such written request is made; if the Mortgaged Property
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consists of or includes a leasehold estate, each obligation, covenant, and agreement of Borrower arising,
under, of contained in, the instrument(s) creating any such leasehold; all agreements of Borrower to pay
fees and charges to Leader whether or not set forth in this Security Instrument, and charges, as allowed by
law, when they are made for any statemont regarding the obligations secured by this Security Instrument.
The Obligations specifically exclude the Environmental Indemnity Agreement dated the
date of this Security Instrument, executed by Borrower and any guarantor of the Loan, which is not
secured by this Security Instrui Fil
L1g9 “Permitted unibraoces,” At any particular time, {a) liens for taxes, assessments, or
governmental charges not then due and payablé or. not then delinquent; (b) liens, easements,
encumbrances, and restrictions on the Mortgaged Property that are allowed by Lender to appear in
Schedule B, with Parts J and 11 of an ALTA title policy t6 be issued to Lender following recordation of
the Security Instrument; and (c} liens in favor of or consented to ia writing by Lender.
20 “Person.” Natural persons, corporations, parmerships, unincorporated associations, joint
ventures, and any other farm of legal entity.
12 “Personality.” All of the right, title, and interest of Borrower in and to all tangible and
intangible personal property, wheiher now owned or lester acquired by Borrower, including, but not
limited to, water rights {to the extent they may constitute personal property), all equipment, inventory,
goods, consumer goods, accouats, chattel paper, instruments, money, general intangibles, letter-of-credit
rights, deposit accounts, investment property, documents, minerals, crops, and timber (as those terms are
defined in the Uniform Commercial Code) and that are now or at any later time located on, attached to,
installed, placed, used on, in connecti with, or are required for such attachment, installation, placement,
or use on the Land, the Improvements, Fixtures, or on other goods located on the Land or Improvements,
together with all additions, accessions, accessories, amendments, modifications to the -Land or
Improvements, extensions, renewals, and enlargements aud proceeds of the Land or Improvemeats,
substitutions for, and income and profits from, the Land or Improvements. The Personalty includes, but
is not Limited to, all goods, machinery, tools, equipment (including fire sprinklers and alarm systems);
building materials, air conditioning, heating, refrigerating, electronic monitoring, entertainment,
recreational, maintenance, extermination of vermin or insects, dust removal, refuse and garbage
equipment; vehicle maintenance and repair equipment; office furniture (including tables, chairs, planters,
desks, sofas, shelves, lockers, and cabinets), safes, furnishings, appliances (including ice-making
machines, reftigerators, fans, water lieaters, and incinerators); rugs, carpets, other floor coverings,
draperies, drapery rods and brackets, awnings, windo’ shades, venetian blinds, curtains, other window
coverings; lamps, chandeliers, other lighting fixtures; office maintenance and other supplies; loan
commitments, financing arrangements, bonds, construction contracts, leases, tenants’ security deposits,
licenses, permits, sales contracts, option contracts, lease contracts, insurance policies, proceeds from
policies, plans, specifications, surveys, books, records, funds, bank deposits, and all other intangible
personal property. Personalty also inctudes any othec poctioa of items of the Mortgaged Property that
constitute personal property under the Uniform Conimercial Code.
1.22 “Rents.” All rents, issues, revenues, income, proceeds, royalties, profits, license fees,
prepaid municipal and utility fees, bonds, and other benefits to which Borrower or the record title awrer
of the Mortgaged Property may now or later be entitled from or which ave derived from the Mortgaged
Property, including, without limitation, sale proceeds of the Mortgaged Property; any room or space sales
or rentals from the Mortgaged Property; and other benefits paid ar payable for using, leasing, licensing,
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possessing, operating from or in, residing in, selling, mi . extracting, or otherwise enjoying or using
the Mortgaged Property.
1.23 “Uniform Commercial Code.” The uniform commercial code as found in the statutes
of the state in which the Mortgaged Property is located.
1.24 “Water Rights.” Ali water rights ‘of whatever kind or character, surface or underground,
appropriative, decreed, or vested, that are appurtenant to the Mortgaged Property or otherwise used or
useful in connection with the intended development of the Mortgaged Property.
Any terms not otherwise defined in this Security Instrument stall have the meaning given them in
the Loan Agreement and Note, dated of even date herewith between Borrower and Lender.
UNIFORM COVENANTS
2. and jaintenunce of Mortga: Borrower shall (a) keep the Mortgaged
Property in goed condition and repair, (b) not substantially alter, remove, or demolish the Mortgaged
Property or any of the Improvements except when incident to the replacement of Fixtures, equipment,
machinery, or appliances with items of like kind; {c) restore and repair to the equivaient of its original
condition all or any part of the Mortgayed Property that, may be damaged or destroyed, including, but not
limited to, damage from termites and dry rot, soil subsidence, and construction defects, whether or not
insurance proceeds are available te cover any part of the cost of such restoration and repair, and
regardless of whether Leader permits the use of any insurance proceeds to be used for restoration under
this Security Instcument; (d) pay when due all claims for labor performed, services performed, equipment
provided and materials furnished in connection with the Mortgaged Property and not permit any
mechanics’ or materialman’s lien 10 arise against:the Mottgaged Property or furnish a loss or liability
bond against such mechanics’ or matwrialman’s lien claims; (c} comply with all laws affecting the
Mortgaged Property or requiring that any alterations, repairs, replacements, or improvements be made on
it; (f) not commit or permit waste on or t the Mortgaged Property, or commit, suffer, or permit any act or
violation of law to occur on it; (g) not abandon the Mortgaged Property; (ht) cultivate, irrigate, fertilize,
furmigate, and prune in accordance with prudent agricultural practices; (i) if required by Lender, provide
for management satisfactory 10 Lender under a management contract approved by Lender; (j) notify
Lender in wtiting of any condition at or on the Mortgaged Property that may have a significant and
measurable effect on its market value; {k) if the Mortgaged Property is rental property, generally operate
and maintain it in such manner as to cealize its maximum rental potential; and {1) do all other things that
the character or use of the Mortgaged Property may reasonably render aecessary to maintain it in the
same condition {reasonable wear and tear expected) as existed at the date of this Security Instrument,
3 Use of Mortgayed Property. Unless otherwise required by Governmental Requirements or
unless Lender otherwise provides prior weitten consent, Borrower shall not change, nor allow changes in,
the use of the Mortgaged Property from the current use of the Mortgaged Property as of the date of this
Security Instrument, Borrower shall not in iate o¢ acquiesce in 4 change in the zoning classification of
the Marigaged Property without Leader's prior written:ca!
4. Co ademnation and Insurunce Procecd: r
41 Assignment to Lender, The proceeds of any award or claim for damages, direst or0
consequential, in connection with any condemnation or other taking of or damage or injury to the
Mortgaged Property, or any part of it, or for conveyance in lieu of condemnation, are assigned to and
shall be paid to Lender, regardless of whether Lender’s, security is impaired. All causes of action,
© 2007 Geraci Law.
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whether accrued before or after the date of this Sec ‘umigit, of all types for damages or injury to
the Mottgaged Property or any part of it, or in conn ‘with any transaction financed by funds lent to
Borrower by Lender and secured by this Security Instrument, or in connection with or affecting the
Mortgaged Property or any pact of it, including, without limitation, causes of action arising in tort or
contract or in equity, are assigned to Lender as additional security, and the proceeds shall be paid to
Lender. Lender, at its option, may appear in and prosecute in its own name any action or proceeding to
enforce any such cause of action and may make any compromise or settlement of such action. Borrower
shail notify Lender in writing immediately on obtaining: knowledge of any casualty damage to the
Mortgaged Property or damage in any other manner in ‘excess of $2,000.00 or knowledge of the
institution of any proceeding relating to condemnation or other taking ofor damage or injury to all or any
portion of the Mortgaged Property. Lender, in its soie and absolute discretion, may participate in any
such proceedings and may join Borrower in adjusting any loss covered by insurance. Borrower covenants
and agrees with Lender, at Lender's request, to make, execute, and deliver, at Borrower's expense, any
and ail assignments and other instruments sufficient for the purpose of assigning the aforesaid award or
awards, causes of action, or claims of damages or proceeds to Lender free, clear, and discharged of any
and al] encumbrances of any kind or nature.
42 Insurance Payments, Ali compensation, awards, proceeds, damages, claims, insurance
recoveries, rights of action, and payments that Borrower may ceceive or ta which Leader may become
entitled with respect to the Mortgaged Property if any damage or injury occurs to the Mortgaged Property,
other than by a partial condemnation or other partial taking of the Mortgaged Property, shall be paid over
to Lender and shall be applied first toward reimbursement of all costs and expenses of Lender in
connection with their recovery and disbursement, and shall then be applied as follows:
42.1. Lender shall consent to the application of such payments to the restoration of the
Mortgaged Property so damaged only if Borrower has motiall the following conditions {a breach of any
one of which shail constitute a default under this Security Instrument, the Loan Agreement, the Note, and
any other Loan Documents): (a) Borrower is not in defauit under any of the terms, covenants, and
conditions of the Loan Documents; {b) all then-existing Leases affected in any way by such damage will
continue in full force and effect; {c) Londer is satisfied that the insurance or award proceeds, plus any
sums added by Borrower, shall be sufficient to fully restore and rebuild the Mortgaged Property under
then current Governmental Requirements; {d) within 60 days after the damage to the Mortgaged Property,
Borrower presents ta Lender a restoration plan satisfactory:to Lender and any local planning department,
which includes cost estimates and schedules; (©) construction and completion of restoration and
rebuilding of the Mortgaged Property shall be completed in accordance with plans and specifications aad
drawings submitted to Lender within 30 days after receipt by Lender of the restoration plan and thereafter
approved by Lender, which plans, specifications, and drawings shall not be substantially modified,
changed, or revised without (ender’s prior written consent, {f) within 3 months after such damage,
Borrower and a licensed contractor satisfactory to Lender enter into a fixed price or guaranteed maximum,
price contract satisfactory to Lender, providing for complete restoration in accordance with such
restoration plan for an amount not to exceed the amount of funds held or to be held by Lender; (g) all
restoration of the Improvements so damaged or destrayed shall be made with reasonable promptness and
shall be of a value at least equal to the value of the Improvements so damaged or destroyed before such
damage or destruction; (h) Lender reasonably determines that there is an identified source (whether from.
income from the Mottgaged Property, rental loss insurance, or another source) sufficient to pay all debt
service and operating expenses of the Mortgaged Property during its restoration as required above; and {i}
oy nyebly
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any and all funds that are made available for restoration and rebuilding under this Section shall be
disbursed, at Lender's sole and absolute discretion to Lender, through Lender, or a title insurance or trust
company satisfactory to Lender, in accordance with standard construction lending practices, including a
reasonable fee payable to [ender from such funds and, if Lender requests, mechanics’ lien waivers and
title insurance date-downs, and the provision of payment and performance bands by Borrower, or in any
other manner approved by lender in Lender's sole and absolute discretion; or
A422. f fewer than ai) conditions (a) through (i) above are satisfied, then such
payments shall be applied in the sole axl absolute discs in of Lender (a) to the payment or prepayment,
with any applicable prepayment premium, of any ladebledness secured by this Security Instrument in
such order as Lender may determine, or (b) to the reimbursement of Borrower's expetises incurred in the
rebuilding and restoration of the Mortyaged Property. If Lender elects under this Section to make any
funds available to restore the Mortgaged Property, then all of conditions (a) through (i) above shall apply,
except for such conditions that Lender, in its sele and absolute discretion, may waive.
43 Material Loss Not Covered. If any material part of the Mortgaged Property is damaged
or destrayed aud the less, measured by the ceplacement cost of the Improvements according to then
current Governmental Requirements, is not adequately covered by insurance proceeds collected or in the
process of collection, Borrower shall deposit with Lender, within 30 days after Lender’s request, the
amount of the loss not s0 covered.
44 Total Condenmation Payments, ‘All compensation, awards, Proceeds, damages, claims,
insurance recoveries, rights of action, and payments that Borrower may receive or to which Borrower
may become entitled with respect fo the Mortgaged Property in the event ofa total condemmation ot other
total taking of the Mortgaged Property shall be paid over to Lender aad shall be applied first to
teimbursement of all Lender’s costs and expenses in connection with their recovery, and shall then be
applied to the payment of any Indebtedness sec
Preview
Hearing Date: 8/19/2024 10:00 AM Location: Court Room 2801 Judge: Robles, Edward N FILED 6/20/2024 3:53 PM IRIS Y. MARTINEZ CIRCUIT CLERK COOK COUNTY, IL 2024CH05814 Calendar, 59 28199344 Cook County #21762 IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS COUNTY DEPARTMENT - CHANCERY DIVISION Metropolitan Tower Life Insurance Company PLAINTIFF Vs. No. 2024CH05814 Markita Redmond a/k/a Markita L. Redmond; Unknown Owners and Nonrecord Claimants 1026 W 112th Pl, Chicago, IL 60643 DEFENDANTS COMPLAINT TO FORECLOSE MORTGAGE NOW COMES the Plaintiff, METROPOLITAN TOWER LIFE INSURANCE COMPANY, by and through its attorneys, CODILIS & ASSOCIATES, P.C., complaining of the defendants herein and, pursuant to 735 ILCS 5/15-1101, states as follows: 1. Plaintiff files this Complaint to Foreclose the mortgage, trust deed or other conveyance in the nature of a mortgage (hereinafter called "Mortgage") hereinafter described, and joins the following persons as "Defendants' " Markita Redmond a/k/a Markita L. Redmond; Unknown Owners and Nonrecord Claimants 2. Attached as "EXHIBIT A" is a copy of the Mortgage, Assignment of Leases and Rents, and Security Agreement. Attached as "EXHIBIT B" is a copy of the Secured Note. 3. Information concerning said Mortgage: (A) Nature of the instrument: Mortgage. (B) Date of the Mortgage: 7/5/2023 (C) Name of mortgagor(s): Markita Redmond a/k/a Markita L. Redmond (D) Name of the original mortgagee: BPL Mortgage Trust, LLC (E) Date and Place of Recording or Registering: 7/5/2023 Office of the Recorder of Deeds of Cook County Illinois (F) Identification of Recording: Document No. 2318629139 (G) Interest subject to the mortgage: Fee Simple. (H) Amount of original indebtedness: (1) Original Indebtedness: $257,600.00 (D Both the legal description of the mortgaged real estate and the common address or other information sufficient to identify it with reasonable certainty: LOT 28 IN SIMONS AND PANNELL'S SUBDIVISION OF BLOCK 1 (EXCEPT THE RIGHT OF WAY OF THE P.C.C. AND ST. LOUIS RAILROAD, ALSO THAT PART LYING EAST OF THE RAILROAD) IN ROOD AND WESTON'S ADDITION TO MORGAN PARK, BEING A SUBDIVISION OF THE WEST 1/2 OF THE NORTHWEST 1/4 (EXCEPT THE NORTH 20 ACRES) AND THE EAST 1/2 OF THE NORTHWEST 1/4 (EXCEPT THE NORTH 20 ACRES THEREOF) OF SECTION 20, TOWNSHIP 37 NORTH, RANGE 14, LYING EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. COMMONLY KNOWN AS: 1026 W 112th Pl, Chicago, IL 60643 TAX PARCEL NUMBER: 25-20-209-028-0000 (J) Statement as to defaults: Mortgagors have not paid the monthly installments of Principal, taxes, Interest and insurance for 03/01/2024, through the present; the Principal balance due on the Note and the Mortgage is $256,694.38, plus Interest, costs, advances and fees. Interest accrues pursuant to the Note, and the current per diem is $62.39. (K) Name of present owner(s) of said premises: Markita Redmond a/k/a Markita L. Redmond (L) Names of other persons who are joined as defendants and whose interest in or lien on the mortgaged real estate is sought to be terminated and alleged to be subordinate and inferior to the mortgage of the Plaintiff, and any additional lien of the plaintiff which is sought to be terminated: (M) Names of defendants claimed to be personally liable for deficiency, if any: Markita Redmond a/k/a Markita L. Redmond. No personal deficiency will be sought against this(these) defendant(s) if they are protected by a bankruptcy automatic stay or if their obligation is discharged in bankruptcy. (N) Capacity in which Plaintiff brings this foreclosure: Plaintiff is the Mortgagee under 735 ILCS 5/15- 1208. (O) The redemption has been waived pursuant to paragraph 44 of the subject Mortgage, Assignment of Leases and Rents, and Security Agreement. (P) The redemption has been waived pursuant to paragraph 44 of the subject Mortgage, Assignment of Leases and Rents, and Security Agreement. (Q) Facts in support of request for attorneys’ fees and of costs and expenses, if applicable: The subject mortgage provides for payment of attorney fees, court costs, and expenses in the event of a default under the mortgage. (R) Facts in support of a request for appointment of mortgagee in possession or for appointment of a receiver, and identity of such receiver, if sought: Unless otherwise alleged, Plaintiff will pray for said relief after the filing of the instant foreclosure action by separate petition if such relief is sought. (S) Offer to the mortgagor in accordance with Section 15-1402 to accept title to the real estate in satisfaction of all indebtedness and obligations secured by the mortgage without judicial sale, if sought: No allegation of an offer is made however Plaintiff alleges that it is not precluded from making or accepting such offer by the filing of the instant foreclosure action. (T) Name or names of defendants whose rights to possess the mortgaged real estate, after the confirmation of a foreclosure sale, are sought to be terminated and, if not elsewhere stated, the facts in support thereof: Markita Redmond a/k/a Markita L. Redmond; 4. Plaintiff avers that in addition to persons designated by name herein and the Unknown Defendants herein before referred to, there are other persons, and/or non-record claimants who are interested in this action and who have or claim some right, title, interest or lien in, to or upon the real estate, or some part thereof, in this Complaint described, including but not limited to the following: Unknown Owners and NonRecord Claimants, if any. That the name of each of such persons is unknown to Plaintiff and on diligent inquiry cannot be ascertained, and all such persons are therefore made party defendants to this action by the name and description of UNKNOWN OWNERS and NONRECORD CLAIMANTS. RE UEST FOR RELIEF WHEREFORE, THE PLAINTIFF REQUESTS: @ A judgment of foreclosure and sale. Gi) An order granting a shortened redemption period, if sought. (iii) A personal judgment for deficiency, if applicable and sought, and only against parties who have signed the Note or monetary obligation which is the subject matter of this complaint, or persons who have assumed liability of the Note or monetary obligation which is the subject matter of this complaint, and who have not received a discharge of this debt in bankruptcy and who are not personally protected by the automatic stay at sale confirmation. (iv) An order granting possession, if sought. (v) An order placing the mortgagee in possession or appointing a receiver, if sought. (vi) Ajudgment for attorneys' fees, costs and expenses, if sought. (vii) For the appointment of a Selling Officer, if deemed appropriate by this court. (viii) Such other and further relief as this court deems just. Metropolitan Tower Life Insurance Company BY: /s/ Matthew Naglewski ARDC No. 6322722 CODILIS & ASSOCIATES, P.C. One of its Attorneys Codilis & Associates, P.C. 15W030 North Frontage Road, Suite 100 Burr Ridge, IL 60527 (630) 794-5300 pleadings@il.cslegal.com Cook #21762 14-24-03142 NOTE: This law firm is a debt collector. lilinois Anti-Predatory Doc#. 2318629139 Fee: $107.00 Lending Database KarenA. Yarbrough Cook County Clerk Program Date: 07/05/2023 03:02 PM Pg: 1 of 28 Certificate of Exemption iy, & Sy » (PERSONAL INFORMATION REDACTED } Hg 4a a TS g % % ak IndaR Report Mortgage Fraud Se: an PIN: 25-20-209-028-0000 Address: Street: 1026 W 112TH PL Street line 2: City: CHICAGO State: IL ZIP Code: 60643 Lender, BPL MORTGAGE TRUST, LLC Borrower: MARKITAL REDMOND Loan / Mortgage Amount: $257,600.00 This property is located within the program area and is exempt from the requirements of 765 ILCS 77/70 et seq. because it is not owner-occupied. Certteste ner: Execution date: 7/5/2023 2318629139 Page: 2 of 28 THIS INSTRUMENT PREPARED BY: Marlon Price 1801 S. Meyers Road, Suite 400 Oakbrook Terrace, Illinois 60181 WHEN RECORDED, RETURN TO; BPL Mortyage Trust, LLC 1801 S. Meyers Roud, Suite 400 Oakbrook Terrace, Ilinois 60181 Loan No} Pre Property=TY No.2 PAS-20-209-028-0000 25~20-5 — MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, AND SECURITY AGREEMENT Note Amount: $257,600.00 Property Address: 1026 W 112Th Pl, Chicago, Ilinois 60643 MAXIMUM LIEN, At no time shall the principal amount of Indebtedness secured by this Morigage, not including sums advanced to protect the security of this Morfgage, exceed $515,200.00. THIS DOCUMENT CONSTITUTES A FIXTURE FILING IN ACCORDANCE WITH THE ILLINOIS UNIFORM COMMERCIAL CODE, This Mortgage, Assignment of Leases and Rents, and Security Agreement (the “Security Instrument” or “Mortgage”) is made as of July 5, 2023, among Markita L Redmond (“Borrower”), whose address is 5004 Gibson St, Matteson, Ilinais 60443; and BPI. Mortgage Trust, LLC, a Delaware limited liability compat, as mortgagee (“l.ender”), whose address is 1801 S. Meyers Road, Suite 400, Oakbrook Terrace, Illinois 60181. TRANSFER OF RIGHTS IN THE PROPERTY To secure the full and timely payment of the Indebtedness and the full and timely performance and discharge of the Obligations, Borrower does hereby MORTGAGE, GRANT, ASSIGN, REMISE, BARGAIN, SELL, WARRANT, AND CONVEY to and for the benefit of Lender the Mortgaged. Property, with power of sale and right of entry, subject only to the Permitted Encumbrances, to have and to hold the Mortgaged Property to Lender, its successors and assigns forever, and Borrower does hereby bind itself, its successors, and its assigns to warrant and forever defend the title to the Mortgaged Property to Lender against anyone iawfully claiming it or any part of it; provided, however, that if the Indebtedness © 2007 Gernci Law Fu All Rights Kescrved. = Mortgage | Loan No| i n 2318629139 Page: 3 of 28 is paid in full as aud when it becomes due and payable and the Obligations are performed on or before the ry date they are to be performed and discharged, then the li s, , security interests, estates, and rights granted by the Loan Documents shall terminate; otherwise, they shall remain in full force and effect. As additiona] security for the ful! and timely payment of the Indebtedness and the full and timely perfortnance and discharge of the Obligations, Borrower grants to Lender a security interest in the Personalty, Fixtures, Leases, and Rents under Artidle Nine of the Uniform Commercial Code in effect in the state where the Mortgaged Property is located. Borrower further grants, bargains, conveys, assigns, transfers, and sets over to Lender, a security interest in and ta all of Borrower's right, title, and interest in, to, and under the Personalty, Fixtures, Leases, Rents, and Mortgaged Property {to the extent characterized as petsonal property) to secure the full and timely payment of the ladebtedness and the full and timely performance and discharge of the Obligations. Borrower agrees to execute and deliver, from time te time, such further instruments, including, but not limited to, security agreements, assignments, and UCC financing statements, as may be requested. by Lender to confirm the lien of this Security Instrament on any of the Mortgaged Property. Borrower further irrevocably graats, transfers, and assigns to Lender the Rents. This assignment of Rents is to be effective to create a present security inturest in existing and future Rents of the Mortgaged Property. TO MAINTAIN AND PRi)TECT ‘HE SECURITY OF ‘THIS SECURITY INSTRUMENT, TO SECURE THE FULL AND ‘TIMELY PERFORMANCE BY BORROWER OF EACH AND EVERY OBLIGATION, COVENANT AND AGREEMENT Ob BORROWER UNDER THE LOAN DOCUMENTS, AND AS ADDITIONAL CONSIDERATION FOR THE INDEBTEDNESS AND OBLIGATIONS EVIDENCUD BY THE LOAN DOCUMENTS, BORROWER HEREBY COVENANTS, REPRESENTS, ANI) AGREES AS FOLLOWS: DEFIN) . i \ 1 Definitions, For purposes of this Security Instrument, each of the following terms shall have the following respective meanings: Lt “Attorneys’ Fees.” Any and all’ ‘attorney fecs (including the allocated cost of in-house counsel), paralegal, and law clerk foes, including, without limitation, fees for advice, negotiation, consultation, arbitration, and litigation at the pretrial, trial, and appellate levels, aud in any bankruptcy proceedings, and attorney costs and expenses incurred or paid by Lender in protecting its interests in the Mortgaged Property, including, but not limited to, any action for waste, and enforcing its rights ynder this Security Instrument 1.2 “Borrower. L210 The named Borrower in this Security {nstrument. 1.2.2, The obligor under the Note, whether or not named as Borrower in this Security Instrument; and 1.2.3. Subject to any limitations of assignment as provided for in the Loan Documents, the heies, Jegatees, devisees, administrators, executors, successors, in interest to the Mortgaged Property, and the assigns of any such Person. NUE“¢ ‘ All references to Borrower in the rétivainder of the Loan Documents shall mean the obligor under the Note. 13 “Event of Default.” An Event of Default as defined in the Loan Agreement. © 2007 Gerei Law il Rights Keserved. Mortgage { Loan No} wy 2318629139 Page: 4 of 28 14 “Fixtures.” All right, title, and interest of Borrower in and to all materials, supplies, equipment, apparatus, and other items now or later attached to, installed on or in the Land or the Improvements, or that in some fashion are decmed to Dé fixtures to the Land or Improvements under the laws of the state where the Mortgaged Property is located, including the Uniform Commercial Code. “Fixtures” includes, without limitation, all items of Personalty to the extent that they may be deemed Fixtures under Governmental Requirements. 15 & ‘Governmental Authority.” Any and all courts, boards, agencies, commissions, offices, or authorities of any nature whatsvever for any governmental unit {federal, state, county, district, municipal, city, or otherwisc) whether uow or later in existence. 1.6 “Governmental Requirements, Any and all laws, statutes, codes, ordinances, regulations, enactments, decrecs, judgments, and orders of any Governmental Authority, 7 “Impositions.” All real estate and personal property taxes, water, gas, sewer, electricity, and other utilicy rates and charges; charges imposed under any subdivision, planned unit development, or condominium declaration or restrictions; chatges for any easement, license, oc agreement maintained for the benefit of the Mortgaged Property, and all other taxes, charges, and assessments and any interest, costs, or penalties of any kind and nature that at any time before or after the execution of this Security Instrument may be assessed, levied, or imposed on the Mortgaged Property or on its ownership, use, ogcupaticy, or enjoyment. 18 “Improvements,” Any and all buildings, structures, improvements, fixtures, and. appurtenances now and later placed on the Mortgaged Property, including, without limitation, all apparatus and equipment, whether or not physically affixed to the land or any building, which is used to provide or supply aic cooling, ait conditioning, heat, gas, water, Light, power, refrigeration, ventilation, laundry, drying, dish washing, garbage disposal, or other services; and all elevators, escalators, and related machinery and equipment, fire prevention and extinguishing apparatus, security and access control apparatus, partitions, ducts, compressors, plumbing, ovehs; reftigérators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains, curtain rods, miicrors, cabinets, paneling, rugs, attached floor coverings, furniture, pictures, antennas, pools, spas, pool and spa operation and maintenance equipment and apparatus, and trees and plants located on the Mortgaged Property, all of which, including replacements and additions, shall conclusively be deemed to be affixed to and be part of the Mortgaged Property conveyed to Lender under this Security Insteumment. Lo “Indebtedness.” The principal of, interest on, and all other amounts and payments due under or evidenced by the following: 19.1. The Nate (including, without limitation, the prepayment premium, late payment, and other charges payable under the Note); a 1.9.2. ‘The Loan Agreement; 1.9.3. ‘This Security Instrument and ail other Loan Dacuments; 1.9.4, All funds later advanced by Lender to or for the benefit of Borrower under any provision of any of the Loan Documents; 9.5. Any futuce loans or amounts advanced by Lender to Borrower when evidenced by a written instrument or document that specifically recites that the Obligations evidenced by such document are secured by the terms of this Security Instrument, including, but not limited to, funds advanced to protect the security or priority of the Security Instrument; and 1.9.6. Any amendment, modification, extension, rearrangement, restatement, renewal, substitution, ox replacement of any of the foregoing, © 2007 Geraci Law nts Reserved, 7 ‘Mortgage| Loan No| 2318629139 Page: 5 of 28 1.10 “Land,” ‘Ihe real estate or any interest in it described in Exhibit “A” attached to this Security Instrument and made a part of it, together with all Improvements and Fixtures and all rights, titles, and interests appurtenant to it, 111 “Leases.” Any and all leases, subleases, licenses, concessions, or other agreements {written or verbal, now or later in effect) that grant a possessory interest in and to, or the right to extract, mine, reside in, sell, or use the Mortyaged Property, and all other agreements, including, but not limited to, utility contracts, maintenance agreements, and service contracts that in any way relate to the use, occupancy, operation, nainlenance, enjoyment, or ownership of the Mortgaged Property, except any and all leases, subleases, or other agreements under which’ ‘Borrower is granted a possessory interest in the Land. 112 “Lender.” The named Lender in this Security Instrument aad the owner and holder {including a pledgee) of any Note, Indebtedness, or Obligations secured by this Security Instrument, whether or not named as Lender in this Security Instrument, and the heirs, legatees, devisees, administrators, executors, successors, and assigns of any such Person. L13 “Loan.” ‘The extension of credit made by Lender to Borrower under the terms of the Loan Documents. Ld “Loan Agreement.” ‘The loan and Security Agreement given by Borrower evidencing the Loan, in such form as is acceptable to Lender, together with any and all rearrangements, extensions, renewals, substitutions, replacements, modifications, restatements, and amendments thereto. 115 “Loan Documents,” Collectively, this Security Instrument, the Note, and all other instruments and agreements required to be executed by Borrower or any guarantor in connection with the Loan. Lé “Mortgaged Property.” The Land, Improvements, Fixtures, Personalty, Leases, and Rents that is described as follows: SEE EXHIBIT “A” ATTACHED HERETO AND MADE A PART HEREOF, commonly known as: 1026 W 112Th PL, Chicago, Mingis 60643 Property ID No.: 25-20-209-628-0000 tae together with: 1.16.1. All right, title, and interest (including any claim or demand or demand in law or equity) that Borrower now has or may later acquire in or to such Mortgaged Property; ali easements, rights, privileges, tenements, hereditanwnts, and appurtenances belonging or it any way appertaining to the Mortgaged Property; all of the estate, right, title, interest, claim, demand, reversion, or remainder of Borrower in or to the Mortgaged Property, cither at law or,in equity, in possession or expectancy, now or later acquired; all crops growing or to be grown on the Mortgaged Property; all development rights or credits and air rights; all water and water rights (whether or not appurtenant to the Mortgaged Property) and shares of stock pertaining to such water or water rights,.cwnership of which affects the Mortgaged Property; all minerals, oil, gas, and other hydrocarbon substances and rights thereto in, on, under, or upon the Mortgaged Property and all royalties and profits from any such rights or shares of stock; all right, title, and interest of Borcower in and to any strevts, ways, alleys, strips, or gores of land adjoining the Land or © 2007 Geraci Law Mortgage | Loan No| Bi Ai Rights Reserved = Nie 2318629139 Page: 6 of 28 any part of it that Borrower now owns or at any time later acquires and all adjacent Jands within enclosures or occupied by buildings partly situated on the Mortgaged Property: 1.16.2, All intangible Mortgaged Property‘and rights celating to the Moctgaged Property or its operation or used in connection with it, including, without limitation, permits, licenses, plans, specifications, construction contracts, subcontracts, bids, deposits for utility services, installations, refunds due Borrower, trade names, trademarks, and service marks; 1.16.3, AD of the right, title, and interest of Borrower in and to the land lying in the bed ofany street, road, highway, or avenve in front of or adjoining the Land; 1.16.4. Any and all awards previously made or later to be made by any Governmental Authority to the present and all subsequent owners of the Mortgaged Property that may be made with respect to the Mortgaged Property as a result of the exercise of the right of eminent domain, the alteration of the grade of any street, or any other injury to or decrease of value of the Mortgaged Property, which award or awards are assigned to Lender and Lender, at its option, is authorized, directed, and ernpowered te collect and receive the proceeds of any such award or awards from the authorities making them and to give proper receipts and acquittances for them; 1,16.5. All certificates of deposit of Borrower in Lender's possession and all bank accounts of Borrower with Lender and their proceeds, and all deposits of Borrower with any Governmental Authority and/or public utility company that relate to the ownership of the Mortgaged Property; 1.16.6, All Leases of the Mortgaged Property or any part of it now or Jater entered into and all right, title, aad interest of Borrower under such Leases, including cash or securities deposited by the tenants to secure performance of their obligations under such Leases (whether such cash or securities are to be held until the expiration of the terms of such Leases or applicd to one or more of the installments of rent coming due immediately before the expiration of Such terms), all rights to all insurance proceeds and uneamed insurance premiums arising from or relating ¢ the Mortgaged Property, all other cights and easements of Borrower now or later existing pertaining to fhe use and enjoyment of the Mortgaged Property, and all right, tide, and interest of Borrower in and to all declarations of covenants, conditions, and restrictions as may affect or otherwise relate to the Mortgaged Property; 1.16.7, Any and ali proceeds of any insurance policies covering the Mortgaged Property, whether or not such insurance policics were required by Lender as a condition of making the Loan secured by this Security Instrument or are required to be maintained by Borrower as provided below in this Secucity Instrument; which proceeds are assigned to Lender, and Lender, af its option, is authorized, directed, and empowered to collect and receive the proceeds of such insurance policies from the insurers issuing the same and to give proper receipts and acquittances for such policies, and to apply the same as provided below; 1.16.8. If the Mortgaged Property iachxies a leasehold estate, all of Borrower's right, title, and interest in and to the lease, more particularly described ia Exhibit “A” attached to this Security Instrument (the “Leasehold”) including, without limitation, the right to surrender, terminate, cancel, waive, change, supplement, grant subleases of, alter, or.atmend the Leasehold, 1.16.9, All plans and specifications for.the Improvements; all contracts and subcontracts relating to the Improvements; all deposits (including tenants’ security deposits; provided, however, that if Lender acquires possession or control uf tenants’ security deposits Lender shall use the tenants’ security deposits only for such purposes as Governmental Requirements permit), funds, accounts, contract rights, instruments, documents, general intangibles, and notes or chattel paper arising from or in connection with © 2007 Geraci Law Rights Reserved, Mortgage | Loan No. 2318629139 Page: 7 of 28 the Mortgaged Property; all permits, licenses, certific and other rights and privileges obtained in connection with the Mortgaged Property; all sails engineering reports, land planning maps, drawings, construction contracts, notes, drafts, documénis, incering and architectural drawings, letters of credit, bonds, surety bonds, any other imangible rights relating to the Land and Improvements, surveys, and other reports, exhibits, or plans used or to be used in connection with the construction, planning, operation, or maintenance of the Land and Intprovenients atid all amendments and modifications; all proceeds arising from or by virtuc of the sale, lease, grant of option, or other disposition of ail or any part of the Mortgaged Property (consent to same is (not granted or implied); and all proceeds (including premium refunds) payable or to be payable under each, insurance policy relating to the Mortgaged Property; 1.16.10. All trade namws, trademarks, symbols, service marks, and goodwill associated with the Mortgaged Property and any and all state and federal applications and registrations now or later used in connection with the use or operation of the Morigaged Property; 116,11. Ail tax refunds, bills, notes, inventories, accounts and charges receivable, credits, claims, securities, and docunwnts of all kinds, and all instruments, contract rights, general intangibles, bands and deposits, and all proceeds and products of the Mortgaged Property; 1.16.12. All money ot other personal property of Borrower {including, without limitation, any instrument, deposit account, general intangible, or chattel paper, as defined in the Uniform Commercial Cede) previously or later delivered to, deposited with, or that otherwise comes into Lendet’s possession: 1,16.13, All accounts, contract rights, chattel paper, documents, instruments, books, records, claims against third patties, muney, securities, drafts, notes, proceeds, and other items relating to the Mortgaged Property; 1.16.14. All construction, supply, ering, and architectural contracts executed and to be executed by Borrower for the construction of the:Improvements; and 1.16.15. All proceeds of any of the foregoing. As used in this Security instrument, “Mortgaged Property” is expressly defined as teaning all or, when the context permits or requires, any portion of it and all or, when the context permits or requires, any interest in it. Ly “Note.” The Secured Note payable by Boirower to the order of Lender in the principal amount of Two Hundred Fifty-Seven Thousand Six Hundred and 00/160 Dollars ($257,600.00), which matures on August 1, 2053, evidencing the Loan, in such form as is acceptable to Lender, together with any and all rearrangements, ;extensions, renewals, substitutions, replacements, modifications, restatements, and amendments to the Secured Note. 1.8 “Obligations.” Any and all of the covenants, warranties, representations, aad other obligations (other than to repay the Indebtedness) made or undertaken by Borrower to Lender as set forth in the Loan Documents; any lease, sublease, or other agreement under which Borrower is granted a possessory interest in the Land; cach obligation, covenant, and agreement of Borrower in the Loan Documents or in any other document executed by Borrower in connection with the loan(s) secured by this Security Instrument whether sct forth in or incerporated into the Loan Documents by reference; each and every monetary provision of all covenants, conditions, and restrictions, if any, pertaining to the Mortgaged Property aad on Lender’s written request, the enforcement by Borrower of any covenant by third parties to pay maintenance or other charges, if they have not been paid, or valid legal steps taken to enforce such payment within 90 days after such written request is made; if the Mortgaged Property © 2007 Geraci Law Fim, All Rights Reserved, Mocigage| Loon No il vf “EL 2318629139 Page: 8 of 28 consists of or includes a leasehold estate, each obligation, covenant, and agreement of Borrower arising, under, of contained in, the instrument(s) creating any such leasehold; all agreements of Borrower to pay fees and charges to Leader whether or not set forth in this Security Instrument, and charges, as allowed by law, when they are made for any statemont regarding the obligations secured by this Security Instrument. The Obligations specifically exclude the Environmental Indemnity Agreement dated the date of this Security Instrument, executed by Borrower and any guarantor of the Loan, which is not secured by this Security Instrui Fil L1g9 “Permitted unibraoces,” At any particular time, {a) liens for taxes, assessments, or governmental charges not then due and payablé or. not then delinquent; (b) liens, easements, encumbrances, and restrictions on the Mortgaged Property that are allowed by Lender to appear in Schedule B, with Parts J and 11 of an ALTA title policy t6 be issued to Lender following recordation of the Security Instrument; and (c} liens in favor of or consented to ia writing by Lender. 20 “Person.” Natural persons, corporations, parmerships, unincorporated associations, joint ventures, and any other farm of legal entity. 12 “Personality.” All of the right, title, and interest of Borrower in and to all tangible and intangible personal property, wheiher now owned or lester acquired by Borrower, including, but not limited to, water rights {to the extent they may constitute personal property), all equipment, inventory, goods, consumer goods, accouats, chattel paper, instruments, money, general intangibles, letter-of-credit rights, deposit accounts, investment property, documents, minerals, crops, and timber (as those terms are defined in the Uniform Commercial Code) and that are now or at any later time located on, attached to, installed, placed, used on, in connecti with, or are required for such attachment, installation, placement, or use on the Land, the Improvements, Fixtures, or on other goods located on the Land or Improvements, together with all additions, accessions, accessories, amendments, modifications to the -Land or Improvements, extensions, renewals, and enlargements aud proceeds of the Land or Improvemeats, substitutions for, and income and profits from, the Land or Improvements. The Personalty includes, but is not Limited to, all goods, machinery, tools, equipment (including fire sprinklers and alarm systems); building materials, air conditioning, heating, refrigerating, electronic monitoring, entertainment, recreational, maintenance, extermination of vermin or insects, dust removal, refuse and garbage equipment; vehicle maintenance and repair equipment; office furniture (including tables, chairs, planters, desks, sofas, shelves, lockers, and cabinets), safes, furnishings, appliances (including ice-making machines, reftigerators, fans, water lieaters, and incinerators); rugs, carpets, other floor coverings, draperies, drapery rods and brackets, awnings, windo’ shades, venetian blinds, curtains, other window coverings; lamps, chandeliers, other lighting fixtures; office maintenance and other supplies; loan commitments, financing arrangements, bonds, construction contracts, leases, tenants’ security deposits, licenses, permits, sales contracts, option contracts, lease contracts, insurance policies, proceeds from policies, plans, specifications, surveys, books, records, funds, bank deposits, and all other intangible personal property. Personalty also inctudes any othec poctioa of items of the Mortgaged Property that constitute personal property under the Uniform Conimercial Code. 1.22 “Rents.” All rents, issues, revenues, income, proceeds, royalties, profits, license fees, prepaid municipal and utility fees, bonds, and other benefits to which Borrower or the record title awrer of the Mortgaged Property may now or later be entitled from or which ave derived from the Mortgaged Property, including, without limitation, sale proceeds of the Mortgaged Property; any room or space sales or rentals from the Mortgaged Property; and other benefits paid ar payable for using, leasing, licensing, © 2007 Geruci Law 5 Mortgage | Loan No| Rights Reserved = 2318629139 Page: 9 of 28 possessing, operating from or in, residing in, selling, mi . extracting, or otherwise enjoying or using the Mortgaged Property. 1.23 “Uniform Commercial Code.” The uniform commercial code as found in the statutes of the state in which the Mortgaged Property is located. 1.24 “Water Rights.” Ali water rights ‘of whatever kind or character, surface or underground, appropriative, decreed, or vested, that are appurtenant to the Mortgaged Property or otherwise used or useful in connection with the intended development of the Mortgaged Property. Any terms not otherwise defined in this Security Instrument stall have the meaning given them in the Loan Agreement and Note, dated of even date herewith between Borrower and Lender. UNIFORM COVENANTS 2. and jaintenunce of Mortga: Borrower shall (a) keep the Mortgaged Property in goed condition and repair, (b) not substantially alter, remove, or demolish the Mortgaged Property or any of the Improvements except when incident to the replacement of Fixtures, equipment, machinery, or appliances with items of like kind; {c) restore and repair to the equivaient of its original condition all or any part of the Mortgayed Property that, may be damaged or destroyed, including, but not limited to, damage from termites and dry rot, soil subsidence, and construction defects, whether or not insurance proceeds are available te cover any part of the cost of such restoration and repair, and regardless of whether Leader permits the use of any insurance proceeds to be used for restoration under this Security Instcument; (d) pay when due all claims for labor performed, services performed, equipment provided and materials furnished in connection with the Mortgaged Property and not permit any mechanics’ or materialman’s lien 10 arise against:the Mottgaged Property or furnish a loss or liability bond against such mechanics’ or matwrialman’s lien claims; (c} comply with all laws affecting the Mortgaged Property or requiring that any alterations, repairs, replacements, or improvements be made on it; (f) not commit or permit waste on or t the Mortgaged Property, or commit, suffer, or permit any act or violation of law to occur on it; (g) not abandon the Mortgaged Property; (ht) cultivate, irrigate, fertilize, furmigate, and prune in accordance with prudent agricultural practices; (i) if required by Lender, provide for management satisfactory 10 Lender under a management contract approved by Lender; (j) notify Lender in wtiting of any condition at or on the Mortgaged Property that may have a significant and measurable effect on its market value; {k) if the Mortgaged Property is rental property, generally operate and maintain it in such manner as to cealize its maximum rental potential; and {1) do all other things that the character or use of the Mortgaged Property may reasonably render aecessary to maintain it in the same condition {reasonable wear and tear expected) as existed at the date of this Security Instrument, 3 Use of Mortgayed Property. Unless otherwise required by Governmental Requirements or unless Lender otherwise provides prior weitten consent, Borrower shall not change, nor allow changes in, the use of the Mortgaged Property from the current use of the Mortgaged Property as of the date of this Security Instrument, Borrower shall not in iate o¢ acquiesce in 4 change in the zoning classification of the Marigaged Property without Leader's prior written:ca! 4. Co ademnation and Insurunce Procecd: r 41 Assignment to Lender, The proceeds of any award or claim for damages, direst or0 consequential, in connection with any condemnation or other taking of or damage or injury to the Mortgaged Property, or any part of it, or for conveyance in lieu of condemnation, are assigned to and shall be paid to Lender, regardless of whether Lender’s, security is impaired. All causes of action, © 2007 Geraci Law. Mortgage { Loan No] il Rights Reserved al = 2318629139 Page: 10 of 28 whether accrued before or after the date of this Sec ‘umigit, of all types for damages or injury to the Mottgaged Property or any part of it, or in conn ‘with any transaction financed by funds lent to Borrower by Lender and secured by this Security Instrument, or in connection with or affecting the Mortgaged Property or any pact of it, including, without limitation, causes of action arising in tort or contract or in equity, are assigned to Lender as additional security, and the proceeds shall be paid to Lender. Lender, at its option, may appear in and prosecute in its own name any action or proceeding to enforce any such cause of action and may make any compromise or settlement of such action. Borrower shail notify Lender in writing immediately on obtaining: knowledge of any casualty damage to the Mortgaged Property or damage in any other manner in ‘excess of $2,000.00 or knowledge of the institution of any proceeding relating to condemnation or other taking ofor damage or injury to all or any portion of the Mortgaged Property. Lender, in its soie and absolute discretion, may participate in any such proceedings and may join Borrower in adjusting any loss covered by insurance. Borrower covenants and agrees with Lender, at Lender's request, to make, execute, and deliver, at Borrower's expense, any and ail assignments and other instruments sufficient for the purpose of assigning the aforesaid award or awards, causes of action, or claims of damages or proceeds to Lender free, clear, and discharged of any and al] encumbrances of any kind or nature. 42 Insurance Payments, Ali compensation, awards, proceeds, damages, claims, insurance recoveries, rights of action, and payments that Borrower may ceceive or ta which Leader may become entitled with respect to the Mortgaged Property if any damage or injury occurs to the Mortgaged Property, other than by a partial condemnation or other partial taking of the Mortgaged Property, shall be paid over to Lender and shall be applied first toward reimbursement of all costs and expenses of Lender in connection with their recovery and disbursement, and shall then be applied as follows: 42.1. Lender shall consent to the application of such payments to the restoration of the Mortgaged Property so damaged only if Borrower has motiall the following conditions {a breach of any one of which shail constitute a default under this Security Instrument, the Loan Agreement, the Note, and any other Loan Documents): (a) Borrower is not in defauit under any of the terms, covenants, and conditions of the Loan Documents; {b) all then-existing Leases affected in any way by such damage will continue in full force and effect; {c) Londer is satisfied that the insurance or award proceeds, plus any sums added by Borrower, shall be sufficient to fully restore and rebuild the Mortgaged Property under then current Governmental Requirements; {d) within 60 days after the damage to the Mortgaged Property, Borrower presents ta Lender a restoration plan satisfactory:to Lender and any local planning department, which includes cost estimates and schedules; (©) construction and completion of restoration and rebuilding of the Mortgaged Property shall be completed in accordance with plans and specifications aad drawings submitted to Lender within 30 days after receipt by Lender of the restoration plan and thereafter approved by Lender, which plans, specifications, and drawings shall not be substantially modified, changed, or revised without (ender’s prior written consent, {f) within 3 months after such damage, Borrower and a licensed contractor satisfactory to Lender enter into a fixed price or guaranteed maximum, price contract satisfactory to Lender, providing for complete restoration in accordance with such restoration plan for an amount not to exceed the amount of funds held or to be held by Lender; (g) all restoration of the Improvements so damaged or destrayed shall be made with reasonable promptness and shall be of a value at least equal to the value of the Improvements so damaged or destroyed before such damage or destruction; (h) Lender reasonably determines that there is an identified source (whether from. income from the Mottgaged Property, rental loss insurance, or another source) sufficient to pay all debt service and operating expenses of the Mortgaged Property during its restoration as required above; and {i} oy nyebly © 2007 Geraci Lar we‘al Rights Reserved Mortgage | LoanNe ag 2318629139 Page: 11 of 28 any and all funds that are made available for restoration and rebuilding under this Section shall be disbursed, at Lender's sole and absolute discretion to Lender, through Lender, or a title insurance or trust company satisfactory to Lender, in accordance with standard construction lending practices, including a reasonable fee payable to [ender from such funds and, if Lender requests, mechanics’ lien waivers and title insurance date-downs, and the provision of payment and performance bands by Borrower, or in any other manner approved by lender in Lender's sole and absolute discretion; or A422. f fewer than ai) conditions (a) through (i) above are satisfied, then such payments shall be applied in the sole axl absolute discs in of Lender (a) to the payment or prepayment, with any applicable prepayment premium, of any ladebledness secured by this Security Instrument in such order as Lender may determine, or (b) to the reimbursement of Borrower's expetises incurred in the rebuilding and restoration of the Mortyaged Property. If Lender elects under this Section to make any funds available to restore the Mortgaged Property, then all of conditions (a) through (i) above shall apply, except for such conditions that Lender, in its sele and absolute discretion, may waive. 43 Material Loss Not Covered. If any material part of the Mortgaged Property is damaged or destrayed aud the less, measured by the ceplacement cost of the Improvements according to then current Governmental Requirements, is not adequately covered by insurance proceeds collected or in the process of collection, Borrower shall deposit with Lender, within 30 days after Lender’s request, the amount of the loss not s0 covered. 44 Total Condenmation Payments, ‘All compensation, awards, Proceeds, damages, claims, insurance recoveries, rights of action, and payments that Borrower may receive or to which Borrower may become entitled with respect fo the Mortgaged Property in the event ofa total condemmation ot other total taking of the Mortgaged Property shall be paid over to Lender aad shall be applied first to teimbursement of all Lender’s costs and expenses in connection with their recovery, and shall then be applied to the payment of any Indebtedness sec