HomeMy WebLinkAbout2438 .
l i ~
' o! t•be Oo~nntY in whiah ~uob p~i~e~ as~ ~itnat~d,
. ~vnas e~v~fiaient to diea2Larq~ ~uah lien or lY~t~
i! tbe buildinqa not bs voai~lated or bs nntsnsoted.
s1iCi1? 1~DS'~qaq8e mep i~ake paa~~ssivu ~i~i-a~~, a~~ .
~ratc~aea t~o psotect t,he ~uildinqs fro~s d~epredatiaa
~ or iajnry at~d ~naY preaerve and p~rotect the tixture~
a~d pr'operty thereinr an awas szpsa ~
~ accordance~xith aAy of the foreqoinQ provisiona Qf
this elavae shall bs deemed tc~ be advanced tro the
l~ortqaqor aad ehall be aecured by thie uartqaqe.
~ W~ and as often as anp of ttse ~ollc~rinq event~ .
, occur bsfore or after the aawunt of eaid loan is ~
advaneed, all obliqatione on tt~e part of the 1?fort-
_ ~ qaqee to ~ialce or grocure any f nrt,her advances ahall
~ cesee if the M~rtqaQee eo eleate, and the eaid
mortgaqe deb~t shall beoans due and papable at the
, option of the I~ortgagee:
(1) If the bnildinge should be materially
• ~ injured or destro~y~sd 2~y fire or other
eaeualtp. ~
_ , ' ~ (2) If there s2wuld be at any timaany viola-
; ~ ' tion or anp a~ote or n~otico of violation
• of lan ~ir of any m~unicipal regu~lation or
. _ ordinance or authoritp aqainst tbe build-
3~ga by reaaon of aay mnt~r in or about
~ • ~ the~conetrnction of the bnildinqs. _
; (3) If a petition in bankruptcy or any other ~
_ ~ ineolveney p~roceediag ahould be filed by
. or againet the 1?brtqagor.
~ " (4) Zf the buildings shonld n~ot botb bs fnllt
' ~ constructed xithin t~relve (12j moaths f~
the date of the firat advance made here-
. . tu~derf P~VID~, l~on~te~ver, that encb tims
niap be entenc7ed by the 1lortg~gee upon qood
- • cauee being el~own.
16. llhen the total awa of $347,000.00 shnll have been ~
. ad~?anosd on the notee, oopiee of r~hich ars attached bereto aa •
~ib~it "H~ ~ and ~ibit "C", thay shall be replac:ed, rene~red and
e~clendad by the note, oopy o~ xbioh is attacbed l~reto ae ~chibit
"D", the oriqinal of xhich a~ote hse been eacecuted and ia ~oir beld ~
by the I~brtqaqee. T'he I~rtqaqor hereb~ espreaely aqrees and
directs tbat the Nortqaqee shall, npoa ths adv~nes of ths
; $347,000.00 haviny beea so eanplsted ae abovs pravid~ed, insert
. in the note, oopy of trhieh ie attached hereto ae 3u2iibit "D",
~ an efgect.i.a~ 8atet aad suc'h n~ots ebail t~ereapoa become a ra~ral
. ~ _
- and extensioa of the notee, oopies of x2iieh ars attao2~sd. 2~ereto
as S~h~bit "H" and Eul~ibit "C", and tl~sis mortqaqe and all of ita ~
tsrmu a~d vondition~ ~ball bs app~licable t.o ~ueh ~ote aa eYte~ided.
17. lbrtqaqor repace~ents aad xarraats to 1~brtqaqee
tbat tt~e li~rtqa~qor i• a ao~poratioa dulp orQanised and e~cistinq
; ~ •
,
4 ~ ~ ~
~ - Zl - $11~~t