HomeMy WebLinkAbout0918 .A.~ w p~oc~.~i.~..M.M b. ~io.1 by onr r~rse~ alr. ~Mn ~.1~«~?. a,rwd oaiow « N.~+..iM. ~A. t~. ~
~~i ~~w~r a in wNcl~ it dwM ~w a~csrory w i~~d a~i~ii ~M iM ~f tl~ t+M+i~r'a ~40~ a~ p~~o,ri~iMS ~11i~b
Lew~ hrM~w~t. oll w~ Mid a M~aR?~d br ~M t~~d~r far wid ~ap~. Mdudi~ Maonabl~ o~wnwy'~ h~ ~IwN w MN
bp th~ ~onro~w~~. bp~MNt ~h inlwMt IM~on ot IM d~IwqwM ~alOo~~ eoN roM. a~d e~? wch W~ ond tM in~?~N 111MM~
r~oN b~ o doi~ upon 11~'rop~h? dMC~b~d haran. and ony wch ~ ihoU b~ d~M»d a b~ ~c~nd bp IM n~alooo~ nl~n~
b Mt~i11 ~ by IM nol~ fhof it ~cwa: Th~ wn?s poid o. ~ncurnn~i b)I N» t«~. in oaa~dona wi~h tM t~na~ d thi~ pora~rpb,
~hOll b. poid br ~h. eonow« ~o +h. iand« wi~+~~ f+fw.n (1~ da~n ofa. d.ewnd fa ~ad po~r~n.n~ br l«+d.r a ionowK, a~d
tM fallun a omi~ion of tM bnowK b do w sholl ~n~ th~ IM+dK b odd wd~ wnes ~0 1M pri~eipol irid~bt~dnw oi Ht ~ort-
ood ~ot~ ai o p.opM cha~ opai~q th~ d~v~lopnwnt o~d/w co~lruction loon fund, o?, of ifs oplion. to d~clo~~ if~ ~nat-
poq~ ond noro b be in d~iouh, tl+~nupon nwturin~ oll of tM u~poid iod~bt~deMSt includiep tM wmt odvo~c~d MhundK.
T. 1'iw~ Aq.~iewnt iodud~t onr ond a!I d~v~lopmw~t ond/or eomtruetion loon ~atpop~s and no1~s httd by l~ndw, or ib
auiQ+a. ~~h.nnp to o~r of th~ pro~.t~r hu~in dbuib~d. ond aQ ~xt~miwn ond ewdifiootiais of said Aq?Mn+ent, ~~pop~ a~d
no~, d~d fh~ tern+s of ~his Aqree~n~nt shall b~ conmwd as b~inp o po?t of ~M n~orpop~ ii~n N+cue~inp tM prop~qr h~r~-
inobov~ d~xrib~d in actadoncs~ w~th tM prorisions of anr ond oll d~wlopnsnt ond/a con~ructioe loan mor~s MW b~?
l~ndK ~ncumberin9 anr of toid duc?ib~d properties. M is undKStood ond op~eed that oll porti~s to this Apro~m~nf ond b 1FN
moilqoQe ond note obli~ations he~ebr tonsenl that 6om time to liene, without ~+otice ro th~ underti~ned, said note moy be exl~nd~d
o~ ~eoew~d in whole or i~ port o~ the rate oi interest thereon map be chonped or fees in coosiderotion of loon exte~sion~ mor
be imposed. ond any reloted riyht a~ security therefor moy be woived, exchooqed. suirsedersd or othtrwis~ dwh with ond emp
of th~ acfs mentione~i in soid note ro~? be done, all without afFeclin~ the liobilitp of the 6or?ower and oll othar oblipon w~d~r
+oid opreement, mo~tgoges ond notes. The releaK of any port~? liable upon w in ~tspect of sad noro shall n~ ~etease onr otMr
such porly.
8. The borrower herebr ogrees thet in the erent wid improvemenn are not completed in accorddnce with soid plons and
speaficetions on or before the date stipuloted, or if work on said coostruclion or davelopmeet shall ceose befwe completion, ond
said work ihall remain abondoned for the period of ten dors, then ond in either erent the eotire p~incipol sum thet hos been dis-
bv~s~d br lender on occount of soid note and mon4age, leu any omounb thot mar have baen repaid br fhe 8o~rower, shall, ot
the option of the tender, el once become due and poroble with ell occ~wd interest thereon ot the rate p?ovided i~ ~oid nob;
and in the event of.abandonmenl of work upon tfie construction of soid improvements for a period of ten dars os oforesaid, ths
lender may, a~ in option, also enter into ond upon the above destribed premises ond complete the construction or develop+~~nt of
~aid impaovements, tAe Borrower herebr giving to the lender full power and authority to make such enhy ond to enter into such
controcts w crrongements os moy be necessory to complete the said improvements. If, upon the happening of eithtr event afore-
s4id, the lender enlers upon wid premises and undertokes the completing oF construttion o? development os ofwesoid, the Le~dtr
shotl be enti~led to ha~e onr of the loan funds disbursed to it or under its direcNon in the poyment of bills theretofore qr thare-
afte? tontrocted in connection with said tonstruction or development work or in protection ond preservation of the prope~ty. In
oddilion it is a9reed that the tender may, at its option, expend money in comple6n~ aaid construction or dtvetopment work and
protMing ond preserving the propertp, which sholl be over and obore the tota) amount of the funds placed in exrow to_the mox-
imum e~etent permitted by the !ow of the opplicable jurisdiction, ond said moner when w expended sholl be odded ~o the principol
of so;d loan and the same, together with interest thereon at the delinquent rote specified in scid note shall be secured by the lien
of the loon ond mortgage obove provided for ond oll principal indebtedness secu~ed br said mortgage, whether more or less than
the foce omount of said note together with interest as aforesaid, shall be poyoble br the Bo?rower on demond. For this purpose,
Borrower hereby constitutes end oppoints lender its true and (awful onorney-in-fatt with full power of subsritution to complete the
projett in the name of bo~rower or lender, and hereby empowers said ottorner or attorners os follows: to use ony funds of Bor-
rower including any balance which mar be held in escrow and ony funds which moy remain unadvanced herevnder for the pwpose
of completing the ImQrorements in the monner called for by the Plons ond to protect ond preserve the property; to moke such
additions and changes and toriecfio~s in the Plans whith shall be necessory o? desirablt to complete the Improvements in sub- -
stontially the manner contemplated br the Rlans; to empby suth contractors, wbcontrarrors, agents, architects ond inspectors os
shall be requircd for said . purposes; to pay, senle or compromise alt existing bills and claims whith are or mey be lient ogoinst
soid premises, or as moy be necessory or desirable for the completion of the work, or the clearance of title; to execute oll vppli-
cations ond certificotes in the nome of Borrower or lender whith nwr be reqvired by any tonshuttion tootroct and to do anr and
every atl which dorrower nwy do in iri own behalf. It is unde?stood and a~reed that this power of ottorney shall be deemed to
be a power coupled with an interest which cannot be revoked. Soid atro~ner-in-lad shall also hove power ~o p?osecute ond defend
olt actions or proceedings in coo~ection wifh ihe construction and/or derelopment of the Imp?ovements of the Premises ond to take
such oction and requi.e such perfotmance as is deemed necessory_ Borrower hereby assigns ond quitclaims to lender oll sums
odvanced hereunde~ ond all sums in escrow conditioned upon the use of said wms, if anr, for the tomple6on of the improvements.
9. In the erent ony of the parties singularly or collectively refened to herein as the Borrowe~, or any of the parties
speciFied in the permonent loan commitment os mwtgogors or endorsers, die, thange their morital status or become under legol
disability before the closing of the permonent mortgage with the tonq Term lender, tbe lender sholl hore the right, at its option,
not to moke further disbursemenb of the construction ond/or development (oon proceeds until a new pe~manent mortgoge com-
mitment, bosed upon the changed status of said porties, is obtoined.
10. M shall be an ere~t of defoulf under this Agreement, if without lende~'s written tonsent, Borrower executes anr tondi-
i t~onal bill of sale, cha~el mortgoye or other securitp instrume~t cov~ing anr materials, fixtures or or6cles used in the construction
; of the Improvements or oppurtenant thereto, or orticles of personol property ploced in the Improvemenn, or if anr of such materiol~,
i fixtures or articles be not purchased so that the ownership the~eof wil! vest unsonditionollr in Borrower, free f~om encumbronce,
4 ort delirery ot the Premises, or if Bwrower does not produc~ to Lender upon denwnd the contrads, bills of sole, statements,
~ receipted rouchers or agreemenK, or anr of them, under whech Borrower claims title to such moterials, fixtures and articles.
~ 11. Should the Borrower default, violate, breocfi, or fail to tomplr with and perform eoch or anr one or more of the
~ express covenants, conditions, oRd provisions of this Agreement, (including onr ond all Derelopment ondior Construction loan
; Mortpo~es and notes referring to anr of the properties herem dexribed) then the Lender sholl hove !he absolute right, ot its
: option ond eledion, to: (1) cancel this Agreement by written notece to Borrower; (2) institute eppropriote proceedings to specific-
a ollr enfwce performance hereof; (3) withhold further advances hereunder; (4) take immediote poueuion of the properry entumbered
~ by tht devebpment and/or construction mwtgage, as well os all other property ro which title is hela by Borrower as is necessary
; to fult~l complete oll on-site ond oif-site improvements contemploted tq be developed ond/or constructed under th+s Ag~eement; (Sj
eppoint o Receiver, os o matter of stritt right without rego?d to the solvency of 8orrower, for the purpose of prestrving the prop-
; ertp obove dexribed, preren6ng woste, ond to protect oll rights occruing to lende~ by virtue of this Agreement and of the devel-
R op~nent ond/o~ conshuction loan mo~tqa~ge executed in connettion with this Agreemenl and tonstruction and/o? deretopment
s p?oj~tt, ond expresslr to moke onr ond all further improvements, whether o~-site or ofF-site, os m~y be dete~mi~ed br tender for
? tht purpose of compfeting Me devefopment in octordonce with this Ag.eement. All expenses incurred in connection with the appoint-
~ rr+snt of soid Receiver, or in protecting, preserving, w improving the subject propert~r, shall be chorgeoble ago~nst the Borrower oed
~ sholl be enforced os a lien ageinst Borrower's propertp; (61 accelerote moturity of soid Developmertt.,on~ ~~r Construction Mort-
~ qoge ond Note ond demond payment of the principat sums due thereunder, with interest, advances, ane costs, ond in defoult of
~ so~d par~,e~~ or ar,r pa~ rhe.eof, to foreclose ered enforce collection of wch poyment by foreclosure and/or other oppropriate
~ attion in onr court of competent jurisdiction. The said remedies and righfs of lender shall be cumulotive and not exclusire, /he
~ Lende~ b b~ privileged ond have H~e obsolute riyht to reso~t to any one or nwre, or oll of soid remedies, neither to the limited
~xtlwion of the other in th~ eveM of a~r such defoult or breoch of soid agreement w provisio~s br the dorrower. The tender sholl
how tM obsolute ~ight to applr onr balortce of de~elopmtnt ond/or construction loon funds es o poyment toward the Develop-
menf ond/or Construttion loan Mortgoye ood Note, and no other port~r, whether tonnactor, motenolmen, loborer, sub-controctor, ~
or wpplie?, sholl hove onr intuest in the development ond/or consnuction loan funds so opplied ord sholl not heve enr riqht to ?
pornithtt, reqwre, or tompe) porment ihereof toword diuhorge or wtisfottion of onr clo~m or lien which thtr or anr o~ fhem i
iw~t or nwy have for work perfwmed or moterials suppl+ed to the dtrelopment ond/or construcno~ pro~ect. Rnr odditiona) funds ~
S 60GK ~1~ PACf 918
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