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ARTIC~E 7
DEFAULT-AND FORECLOSURE
7.1 REMEDIES. If an Event of Default shall occur and be continuing,
b4ortgagee may, at its option, exercise any, some or all of the follo~ving
remedies :
7.1.1 AccELExa•rio~. Declare the unpaid portion of the Indebted-
ness to be immediac~'_~ due and payable, ~vithout further notice or demand
( each of which hereby is eapressly ~vaived by rlortgagor whereupon the
~ IndeUtedness sI1aI1 become immediately due and payable anything in the
\ote or in d~e Security Documents to the contrary not~vithstanding.
7.1.`L SAFEGUARDING AND/OR CObiPLETION OF Ir~PROVE11iENTS; AD-
DITIONAL FUTURE ADVAIVCES. TO the maximum extent permitted under
i the laws of the state in ~r•hich the ~~iortgaged Property is situated, Mort-
f gagee shall have the right, but not the duty, to enter into possession of the
~ 114ortgaged Property and perform any and all ~vork and labor, supply all `
~ materials and incur any costs and expenses including attorneys' fees neces-
sary to protect and/or secure the Improvements and/or to recommence con- ~
;
struction and/or complete the Improvements substantially in accordance
~ with the Plans and Specifications therefor (the "Plans and Specifications")
~ with such changes in the Plans and Specifications as D'Iortgagee may deem
desirable and/or employ watchmen to protect the Mortgaged Property. If
D'Iortgagee undertakes any, some or all of its rights in the first sentence of
tiiis paragraph 7.1.2, ~iortgagor agrees that on account thereof (i) b4ort-
gagee may continue to make future advances of d~e unadvanced portion of
tne principal of the 11ote ~vhich need not be in accc?rd with the Loan Agree- ,
~ ment but in such maiiner and for such purposes as n'Iortgagee deems
~ act~-is11~;~ and i ii )~tortgage~ may make additional future advances ( die
"Additional Future Advances" j in such manner and for such purposes as
~ ltortgagee deems ad~•isaUle not to exceed the original prin.ripal amount
of the Note. The Additional ruture Advances s}iall t~ar interest at the
s:
rate specified in the Note fro~n date of disbursement and the Additional
Future Ad~-ances and interest thereon shall be payable in accordance with
the terms of the l\Tote and d~is ~iortgage. t~~Iortgagor agrees that all of the
~
~ advances made under the provisions of the second sentence of this para-
~ graph 7.12 shall be deemed to ha~•e been advanced by ]4tortgagee to i~tort-
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~ ° ~ 208 ~~F 2858
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