HomeMy WebLinkAbout0274 deerr~ed ~iven at tt~e expiration of the third day after the date
of mailing. IVotices mailed from distances in excess of 400
miles shatl be by air mail.
47. It is ft.,rther conv~er~anted and agreed by the parties
he rcto that tfiis Mortgage also secures the payment of and includes
all fubure or tu~fier advances as shatt be made by thc Mortgagee ~
herein or its successors or assigns, to and for the bencfit of ~
the Mortgagor, its heirs, successors, personal repr~esentatives ~
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or assigns, within Ten (l0) years from t~e date hereof, to tiie ~
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same cxtent as if such future advances were made on the date of {
the exGCUtion of this Mortgage. The total ar~ou~t of indebtadr~ss
#~t r!~?~y ~~~c_~r~ by this Morterage may decr~ease or increase
from time to time, but tfie total unpaid balance so secured at any ~
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one tim~ shall not exceed the maximum principa! sum of TH IRTEEN €
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MI LLION FIVE HUNDRED TH~USAND AND 00/100 ($13, 500, 000.00) ~
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DOLL~4RS, togett~er with irrterest thereon and ar~y and all disburse-
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me~ts made by the Mortgaget for the payment of taxes, lcvies, or
insur~ance on tfie property covered by the lien.of this Mortgagc with
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ir~terest on such disbursements at the e~ate specified in the Note ~ ;
referrcd to i~ this Mortgage, and for reasonable attornay's fees
and court costs incurred in the collection of ar~y or all o~ such sums
of money. Such furttier or fvfi~.ire advances sha11 bear interest at
the same rates as specified in the Note referred to her~in, unless said
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interest nate shalt be modified by s~bsequent agreement. 1
48. This Mortgage is made pursuant to a Constr^uction Loan
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Agreement (herein called the '=Constrvction Loan Agreement") i
between Mortgagor and Mortgagee or its assigns, a ful2y executed
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copy of which is maintained at tt~e office of the Mortgagee, or ~
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its assigns, and tfie Loan Commitrnerrt of Atison Mortgage Investment ~
Trust, a California Business Trust, dattd May 2nd, 1973, and '
this Mortgage is subject bo att of the~ provisions af such Construction
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