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HomeMy WebLinkAbout1047 :~:~r claim, take or insist upan any benefit or advantage of any law now or here- :jfter in force providing for the valuation or appraisal of the Mortgaged Property, or any part thereoF, prior to any sale or sales thereof ~hich may be made pur- suant to any provision herein, or pursuant to the decree, judqment or order of any court of competertt jurisdiction; nor, after a~y such sale or sales, claim or exercise any right under any statute heretofore or hereafter enacted by any covernmental Authority or otherwise, to redeem the property so sold or any part thereof; and the Mortgagor hereby expressly waives all benefit or advantage of any such law or laws, and covenants not to hinder, delay or impede the execution of any power herein granted or delegated to the Mortgagee, but to suffer and permiC the execution of every power as though no such law or laws had been made cr enacted. The Mortgagor, for itself and all who claim under it, waives, to t~e extent that it lawfully may, all right to have the Mortgaged Property marshal- ed upon any foreclosure hereof. 30. To the extent of the indebtedness of the Mortgagor to the Mort- gagee described herein or secured hereby, the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of ~ each and every-mortgage, lien or other encumbrance on the land described herei~ which is paid and/or satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said mort- gages, liens or other encumbrances, shall be and the same and each of them here- by is preserved and shall pass to and be held by the Mortqagee herein as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same extent that it would have been preserved and would have been passed to and ~een held by the Mortgagee had it been duly and reqularly assigned, transferred, set over, and delivered unto the Mortgagee by separate deed of assignment, not- wit~standing the fact that the same may be satisf.ied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof at or about the time of the re- cording of this Mortqage. 31. In the event any one or ~ore of the provisions contained in this ~ '~iortgage or in the Mortqage Note shall for any reason be held to be inapplicable, invalid, il2egal or unenforceable in any respect, such inapplicability-, invalidity,: illegality or unenforceability shall, at the option of the Mortgagee, not affect 3ny other provision of this Mortgage, but this Mortgage shall be construed as if such inapplicable, invalid, illegal or unenforceable provision had never been contained herein or therein. 32. All notices hereunder shall be in writing and shall be deemed to riave been sufficie~tZy given or served for all purposes when presented personally or sent by telegraph or by registered or certified mail with return receipt requested to any party hereto at its address above stated or at such other address: ~f which written notification has been given to the other part. " 33. All of the grants, covenants, terms provisions and conditions herein shall run with the land and shall apply to, bind and inure to the benefit of, the successors and assigns of the Mortgagor and the successors and assigns of the Mortgaqee. 34. That, if required by Mortgagee, the Mortgagor will pay unto the ~~lortgagee, on the first day of each and every consecutive month, a sum equal *_o one-twelfth of the annual amount necessary to pay all taxes and assessments (referred to above in Paragraph 12) against the said mortqaged premises, said ~onthly sum to be estimated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous year, and, if further required by Mortgaqee, bo pay all insurance premiums in manner and forcn as provided herein for the payment of taxes and assessments. 35. That, in the event the loan which this Mortgage is given to secure is made for the purpose of financing the construction of new buildinqs or the ~onstruction of improvements and/or additions to existing building, or the ; development of the Mortgaged Property, the Mortgagor, if required by the Mort- ; gagee, expressly agrees to deposit with the Mortgagee or its designated agent = an amount of money equal to the difference between the net proceeds of the loan a~d the total amount, as aetermined by the Mortgagee, required to fully complete ~ said construction or development in accordance with the pYans and specifications heretofore submitted by the Mortgaqor and approved by the Mortgagee. Said amount of money shall be placed by the Mortgagee in a loan fund as designated by the ~~tortgagee, and the same shall be used by the Mortgagee to pay the costs, charges and expenses incurred in connection with said construction and/or de4elopment ~rior to disbursing of this 2oan. It is further agreed that in the event said construction or development is not commenced and fully completed on or before ~ the dates stated in the Loan Agreement or in the event that the said construction or development work shall cease before full completion and such cessation shall continue for a period of the (10) days, or if substantial continuous progress - 9 - GREENE AND lnrNE Pw . AT10iiNEvS ~?T ~~W, 320 N E~8'^ STQ,EF.T,~~wy~i~ORi~`.l~ V ~t ~f 1 1 d 8001t 1 : ~16f ~ i ~ - ~ _ _ . . ~ - = ~ _ _ _ - .