HomeMy WebLinkAbout0915 _ r. ~
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wbMlNion w tM lsedM, ~AaN b~oo~ ~ 01 tM~. ~M¦M Md~i~ /~wMi~~ fM (q anM~rroiow ~f ~~wiMt ~w~ ~i~ `
oaw fa p~dKUan o~ wliic~i~r t~e t~~`rifdfe~ ~ne~d a~ b b~ ~twd e~ tMp~+~r~, whid~ +~M d ooaw ~M ~
b~ ~~d N M 1M vOi~~ ~i LMdK wd~ povMO b~aMerr ~ dMY+ai~l~, (i~ M~Mollotion of twb~, iidwdiw OM~~ IMioyM~.
~+~iWp conr~~io~ twbN~w M~r o~ tM tiw~ir~ ond all p~~ w1ii~M M 1w api~~ of l«~d~? r~y K i~i~ IM
dw~lop~+t and/o~ eo~r~ ~nd op~ea~ion of M» MaM~~ ~M• ~~Y~ N~I n~ ~~aMN~ ~f w
an~d~wna b r+. rbm a,a S~»daw~oe~ .hoc~ b. ~nod. w~o~A as1 ab/a~p tA. appro~l M weiw,p of l.nd.?. Ih. eon«.~b..
if onr. th~ Sw~r. if an~r. Ih~ boeq T~ tandu. if ary. aw! oM ~o~e~~Mel oull~oriM~t bovMO j~i~dktlon of 11~ IiAo~l~p~d
Propaq?. Mo~tpopa opr~ to ddiwr to l~ndM. Pria to ~M tra adra~a b~ino ~od~ w~d~r d+i~ Aor«~nt o IM1M ~d
in b~holf of tM oowr~~MOI ou~iori~r horN~p Iwi~ddio~ in n~p~cf of to~ip low~ ond ?pukAioes oH~clinp th~ Morqo~d
Prop~.tp o~. if weh qovKnnMntol ou~horitr ~hoU ~us~ w ue~wb weh t~1Nr. by a lipea~d a?thiNr? or anpi+~? approwd br
tfndet. ceMilyin9 ~hot, upon eanplNion of }M Inipro,r~M i~ occordonq wilh th~ Plont ond Sp~ciRwlioes„ 1M I~or~~nt wiH
comply wiN+ alt opplieoble ionieq lowt ood rpu{otioni of weh pow~nn~ntol ou1lwrihr. TM Imp?ov~n»nt ~holl b~ d~wlop~d o~d/
or con~uct~d ond puipp~d ie full c~~nplionc~ with (i) th~ ~puinmN+ri of dl ~ovsrnnNntol outhorititi hoviop juri~dic~ion of th~
Morrpo~ed Prop~?hr, ineludi~ wh~n oppiieobl~. tM V~~ae's Adnanistr~ohon or f~ol Mou~inp Adn~iews~ra~ioa. (ii) tM oppropri.
ah doord of Fire Underwrihn w ofhN siniilor bodr otti~ in ond for IM locolilr in which tM Pnmisq ar~ ~ituot~d, ond (iii) o~r
a9r~emsnb between Mo~popo~ and tM Co~hottw. it onr. in r~ip~ci of th~ tonshuction of tM Imprown~nt, Mo~po~ oprNs
rhul no modificetions of or am~ndm~nta b onr iuch oprkments with fM Canhactor shall b~ nwd~ withoul first obloininQ th~
opp?oval in w,ihn~ of lendtr, lonq T~m Ltnder. and :uth othK p~or~s or ~irmt as lende? sholt despnoN. -
(c) Thot ~he MwqaQor ia i~d~f~oublr ssi~ed of wid p~op~rt~r in fk simpl~, ext~pt at to Cur~Mt Taxu not ~t dw
and poroble, and rest~icere covanonn and r~nrictions contoinin~ no riphf of rerertsr or forfatwe of title in co~ of violotion
thereoi. !n support thereof, the Mortpo9w shall fwnish to the lende? or ;ts oyent, upon reqwst, at the Mo~tqoQor's ~xp~nw, a
moster abstratt~cont~nued ro dote, to become the p~operry of lender so lon~ as the loan remoins unpaid, or in the event ltnd~r
becomes the owner of the property.
(d1 Ths MwtqeQor sholl cause the oriqinol mortpaye to be record~d onwn~ the public records of the counry i~ which
the above dex~ibed propertp is («ot~d, ond tfie title searched subspuent to the dote of the execution ond iecwdotion of the
mortyeQe. Upon such seo~ch beinp complersd, the Nlorrgopor sholt couse to be iuued to the lender, either a titlc insvronce poliry
or binder, wh~chever is required br lender, wit6 insuronce premium full~? prepoid and evidence the~eo: furnished to lendsr,
through o componr or compvnias acceptabte to the lender and usin9 swnda?d latest revised Amcrican tand TiNa Asso~iatan
(ALTA) s~ondord mortgapee poticy fo~m, show~nq the monqege to hava been recorded end inw~inp that said mortgaye is a volid
first lien ond ~hot the Mo?~pogor is rested wirh a fee simple title, f~ee ond clear of all exceprions whanoerer, except wid nwR-
gape, cu~rent taxes not yat due and parable, ond~covenonts ond ~estr~ctions without right of reverter o~ forfeiture of title in case
of violotion thereoi, and thaf the title insurer insures the lendar or its ossi~ns, to the fufl omount of the mortyage and for all
odvonces mode or to be made thereunder, without e~cteptions as to machaniCs or mate~ialmtn's liens, or otherw~se. All costs ond
expenses in connect;on with ti?e issuance of the title insuronce policy or binder sholl be the obligation of the Mongeqor ond not
of the lender. ~
{e) If sa~d tit~e binder o? polic~? or any of the survers shall show the tiMe to the aforeso~d premises to be deiective or
not os warranted abo~r or so entumbered that soid mongoge is not o first lien, the Mort~oqor shal) remove all such d~fects or
objections within tnirry (30) doys ofter the Mortgogee or the title insuring o9ent iuuin~ said policr or binder~, nvlifies the Nbrt-
gagor of said defecrs or objection:, so tlwt the titls wiH be occepfoble to the Mortgapee and i~suroble ai afo~esoid. If the
defects cannot be cured and the encumbrences removed and the tiNe made acceptable and iosuroble os aforesaid within the
time afo~esa~d, th~s Agreement shall, at the option of the Morrga~ee, be null and void and oi no force vnd effect, and in Mat
event, the Mortgagor rxpressly aqrees to reimburse the Mortgogee for all costs ond expe~ses irtcur~ed br if in connection w~th
such moregoge ond th~s Agreema~t, including reosonable ottorne~r's fees ~n connection with the defects or objections of the Devel-
~pment and/or Constr~ction loan, same to be immediotety due ond poroble to Mortgagee ond secured by the lien of wid
mortgo~e. -
~f j To turms~ the Mortpa9ee, os often os requested, (i) current corporate ond personoi fi~ancwl srotements siynea
ond verified by the parnes in such form ond mon~er os moy be required br the Lender, (ii) defaits reloting in onr monner to the
finanCi01 condit;on of the Mongogor, ond (iii) budqets ond revi:ions of budyen of Monpo~o? showing the estimoted cost of con-
struction ond/or derelopment of the projett and the omount of funds required at anr given t~me to complete and poy for wch
construction and/or derelopment.
(g) To provide bwlders' oll•risk completed volue, non-reporti~ form insurance, and other adequate ho:ord iniuronce
to cover oll development ondlo? construction work, buildings, improvemenn and ofF-site ond on-s~te materials on p~operties cov-
ered by tAe mortgage ond thi: AyrNment, th~ough o companr w componies acceptable ~o the lertder, and in on amount equal
to the fuN insuroble value of the build'engs a~d imptovements. Loss under such irisurante shall be poroble first to the Mortpopee
to the extent oF its interrst and lien. The original policy sholl be in the possession of th~ lender no loter thon the commencement
of development, ar commencement of construction if solely o construction loan, and the mortgogor siwl( par tfie premium fhereior
before, or simultoneousty with, the porment of the Rrst Development ond/or Construction loan Advonce. M insuronce binder or
other equivalent insuronce coverage prorisions moy be svbstituted for the above when such olte~note provis~on is tons~dered by
the lender to be acceptable. ' '
(h) To commence soid derelopment a~d~ or construction not later than th~rry (30) dars from dote hereof, ond to ca?ry
same on continuovsly, diligenNr, ond expeditiously, without cessation or stoppoge of work, 6~d wiMout impedi~g either the usual
ond normal progres~ thercof, or the tonstruction of said buildings and improvemenn, to be tompleted not fater tnan 30 days prior
to the due do~e specified in the mortga9e note obligotion.
(i) To remo~r by parment or bond of a surery companr acceptoble to lender, enr mechonic's or loborer's claim or
f~en filed ogo,nst the ooove described proparry within fi~a (S) days from dme of filing the~eof.
(j) To keep end maintoin the development ond!o? consnuction nwngage of Le~der os a first lien at oll tim~s vpon
th~ propert~r oF Mo~gogor encumbe~ad therebr.
(k) To moke no assi~nmeat for benefit of creditors; ond to psrmit no Petition in donkruptcy, Arron~ement w R~orpan-
ization proceedings to be 61ed ogoinst or Reteiver to be oppointed for the Mortgagot, or the properry encumbered by tfiis D~v~lop-
menf ond/ar Construcnon toan, extept ihat this provision shall not be conshued as limiting lender's right to appoinf o Rsceiv~r.
(I) To por oll roxes and ossessments ogo~nst soid properry when due.
(m) AN neceswry buildi~ permi~s the~efor hore been obtoined a will hove been obtomed from soid outhwitiss b~fore
the mokin~ of ~he first odvonce und~t this /?yreerr~nt.
(n) The Mortyo~ed Propertp is not now donwqed or injurtd os o rfsult of anr fi~e, e~cplosion, occident, Aood o? othN
cawaltp.
(o) No condemnotion or snwn*nt domoin proceediny hos been commenced o~ to the knowled~e of Mon~opor thr~vt-
•~~d o4oinst tM Mo~tqo~ed PropKfr.
j !P) AAwtpopo? has no k~owbdp~ of onr ~iobtwns o~ nolic~s of ~iolotions of Fed~tol law or Munitipol Q?dnoncN or
~ Ord~rt o~ Rtquiremtnb of ti~ StaM in which th~ Pinnw~ ore locol~d or anr Mu~icipol Dtpornn~M w oth~r GovMnnNnql
Aufhoril~r hovi~q jwisd'id'an a1F~c1in0 th~ Mafyop~d prwperfy.
I (qI If AAortpaqo~ pwports to b~ a torporotion, (i) A i• a torportolion duir ac9anized, ex~sdnq ond in pood pondin0
' unda fh~ lowt of the srvtt in which A i~ inco?porvt~d. (ii) it is dufy quoiifitd, if a io?Nqn corpaonon, ond in pood d~pndirp in
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