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- - RECITAI,
The ~iortgagor is the ow ner of the premises described in Schedule
- .A hereto. The ~iortgagor proposes to erect substantial uuprovements
on said premises and, in order to finance the constrnction tLereof, tivill
- borrow the Diortgage Amount from the biortgagee pursuant to a
bnilding loan agreement between them dated the date hereof and Las
executed uud deli~ ered to the 1liortgagee its note, d~ted the datc hereof,
obliguting it to pay the Diortgage Amount, or so much thereof as may
be advanced in accordance p-ith the terms of said building loan agree-
men~ The said building loan agreement and the said note, together
with any modifications or amendments thereof, are hereinafter referred
to as the Building Loan Agreement and the Note.
C~axsix Dr.~zxr~rioxs
The ~iortgagor and the Diortgagee agree thAt, nnless the conte$t
~ otherwise specifies or requires t}?e follo~ing terms shnll have the mean-
- ings herein specified, such definitions to Ue applicable equally to the
_ singnlar and the plural forms of such terms.
"Constraction Period" means the period from the date hereof to
~ the Completion Date as that term is defined in the Bnilding Loan
Agreemenk
' "Events of Defanlt" means the events and circumstances described
' as snch in Section 2.01 hereof.
` "Gnarantor" means the party or parties identified aa snch in the
~ - Bnilding Loan Agreemen~
E
" - "Improc~ements" means all structures or buildings, and replace-
~ ments thereof, to be erected or now or hereafter located npon the
Premises by the ~iortgagor, inclnding all plant equipment, apparatna,
~ machinery and fiatnres of every kind and natnre whatsoever forming
k _ part of said structures or buildings.
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