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. 14
Mortgagor, as amended by letter dated November 15,
1973 (the "Commitment"), including but not limited
to the provisions of paragraph 11 of said Con~initment;
or _
(k) if the Mortgagor defaults under any of the payment
terms or defaults under any other material conditions or
agreements executed in connection with any construction
loan given by the Mortgagee to the Mortgagor pursuant to the
provisions of paragraph 11 of said Coa~unitment; or
(1) if, i~ the opinion of the Mortgagee, there is
any material change in the financial condition of .
GOREDCO; ~dYers~-
then and in every snch case : ~ ~
- I. Darin~ tl~e continn:~nce of ~ny siich ~~ent of Defanlt, the .
~ Mort~agcc, Us ~ritten notice ~i~•en to tLc ~Iort~a~or, may dccllre •
j the entire rrinciPal of tlie \ote tl~cn outstanclin~ (if not thcn dne
; and pa~ablcl, and all ~ccrned and nnraid interest thereon, to be
i diic t~nd pa~ aLle immedi~tcl~, :~nd nron an~ snch declaration the
~ principal oY the \Tote and sai~l accrucd and unpaid intcrest sh~ll
:
F _ bccome And be iinmedistelp dne and pa~ahle, ansthin~ in tLo Notc
~ . or in this ~tortd:iac to lhc cuiilrary noL~~•itL~l~u~lino;
R
~ II. Durina tLc continnlnco of ~ny snch ~rent of Default,
~ thQ 11Lo~'ta~~ee pcrSO1~111p, or by its ane~its or nttoruc~~s, may
~ ~enter in~o znd ni~on all or any Part of the Premiscs, nnd each ~
and every Part tl~crcof, a~~d m1y e~c«icie tl~e ltort~~~or, it~ ~
agents und scrvants nhollp tlicrcfrom; and Lavin~ :~nd Lol~lin~ ~ ~
~ thQ sanie, u?ay t~: e, operate, t?riua~c ~u?cl coiitrol tLc 1'remi~es ;
~ _ and conduct tLc bu~inc~s thcrcol', ciilicr ncrson111p or by its =
~ snperinten~lcnt~, Tll:iTl:l-^.,'CTc~ :~on~ltg~ en~ 1t?t.~ ~ ttpr~r~tg ~r re_ ~ ~
ceivers; and upon evcrg stich cntr~, tlie J[urt~.i~e~•, ~it tlie ~
~ eapense of tlic .ltoct,a'cd Propcrtr, fro~n tinic to tinic, cither by
~ pnrchase, rePairs or construction, may maintain and restore the
~ ~fortg~aCtl 1'ro~~crty, ~ch~reot it ~L,ill Ueconic possessed as afore-
~ ss~tid; and likc~:•i: froni tii~~c to time, at tLe expci~se of the ~
3fortgaged I'ruZ~crt3, tLc _llort~.:~ce n?ay ninke all necessary or ~
- propcr repairs, renc~rals ar.cl replacci~~ents ai~d snch usefnl altcra-
'~u • tions, udclitions, l,ettcrn~ents a~ul in~pro~-emcuts thereto 1nd thcrcon -
as to it n:ay see~n advis;ible; and in c~ers such c:ise the ~[ort~a~ee -
shall have thc ri~lit to i:ian:i~c ai~d oPerate tl~e ~tort,Z~.:ed Prop-
<< erty und to clrrv oti tl~e bnsiness t}~ercof a»d etercise all ri~l?ts
~ 8nd powers of the ~tort~a~or ~ciiL respect thereto cither in the
nume of thc 1lort~a~or or otticr~~ ise as it s1k111 dcem Lest; and ,
~ the Dlort~a~ee shall lue entitlecl to collect and receire all eainin,s,
- revenues, rents, issnes, profifs :~nd inco~nc of tlie llortga~ed
• ~ Property and ecery part th~rcof, all of ~~•hich ~hall for all pnr~oses
~n:
~
° R 222 a~ 325
BOOK
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