HomeMy WebLinkAbout2625 or by law, as in the case of any other default. In the event
this Mort~age And the Note are to be purchas~d by n Permanent
Lender, the Agreement shall, after such purchase, no long~r
constitute a p~rt of or be secured by this Mortgage, and,
thereafter, no defenses, offsets or counterclaims available
to Mortgagor arising out of the Agreement shall be valid or
effective as against the Permanent Lender or its successors ~
or assigns, all said defenses, offsets and counterclaims being
waived. Upon the completion of the improvements in accordance
with the Agreement and purchase by the Permanent Lender of the
Note and this Mortgage, all rights, interest, benefits and re-
~edies of Mortgagee herein shall inure to the benefit of the
Permanent Lender immediately upon and concurrently with the de-
livery of an assignment of this Mortgage and endorsement of
the Note without the execution of any further instrument or
document.
7. Prepayment Privilege.
At such time as Mortgagor is not in default under the terms
of the Note or this Mortgage, Mortgagor shall have the privi-
lege of making prepayments on the principal of the Note (in
addition to the required payments) in accordance with the terms
and conditions, if any, set forth in the Note.
8. Performance of Obligations under Leases.
Mortgagor shall duly perform all covenants on the part of
Mortgagor to keep all leases covering all or any part of the
Property in full force and effect during the term hereof
and shall.not alter, amend, modify, cancel, terminate, extend
or renew the same without the consent of the Atortgagee. In
the event of default under any such lease by reason of the
failure of the Mortgagor to keep or perform one or more of
the covenants, agreements or conditions thereof, the Mort-
gagee is hereby authorized and empowered, and may, at its
option, remedy, remove or cure any such default, and further,
the Mortgagee may, at its option and in its sole discretion,
pay ~y sum of money deemed necessary by it for the perform-
ance of said covenants, agreements and conditions, or for the
curing or removal of any such default, and incur all expenses
and obligations which it may consider necessary in connec-
; tion therewith. Any and all sums so paid by the Mortgagee,
'i as herein provided, with interest thereon at the rate of 2% -
i per annum higher than that specified in the Note (but in no
~ event higher than the maxi_mun interest rate allo~,•ed by law),
3 shall be part of the indebtedness secured by this Mort-
gage and a lien upon the Property and shall, ~aith interest
as aforesaid, be repaid by the Mortgagor to the Mortgagee
forthk•ith upon demand.
9. Mortgagee's Performance.
In case Mortgagor shall fail to (a) make anp payment or
perform any act herein required of it hereunder, (b) discharge
anS prior clair.?, lien or encumbrance, (c) purchase, dis-
charge, comprou:ise or settle any tax lien or other prior
lien or title, or (d) fail to perform or dischar~e any dut}•
or obligation required of it hereunder requiring the payment
~ of any sum of money, rlortgagee may, at its option, pay any
~ such sums and all moneys so paid and all expenses paid or
incurred in connection therewith, including attorneys' fees,
~ and any otlier moneys advanced by i•fortgagee to protect the
~ Property shall c~nstitute additional indebtedness secured ;
~ hereby, and shall become immediately due and payable without
~ notice and with interest thereon at the rate of two per cent
~ (2%) per annum higher than the interest rate specified in
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