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ARTICLE 7
DEFAULT AND FORECLOSURE
?.1 REb1EDIES. If an Event of Default shall occur and be continuing,
Mortgagee may, at its option, exercise any, some or all of the following
remedies: ~
7.1.1 ACCELERATIOl~i. DeC11I'@ the unpaid portion of the Indebted-
ness to be immediately due and payable, without further notice or demand .
~ (each of wbich hereby is e.~cpressly waived by D4ortgagor), whereupon the
indeotedness shall become. immediately due and payable anything in the
l~ote or in the Security Documents to the contrary notwithstanding.
~ 7.1.2 SAFEGUARDING AND/OR COMPLETION OF IMPROVEMENTS; AU-
i pITIONAL FUTURE ADVANCES. TO Llle IT1~I17UITI extent permitted under
? the laws of the state in which the Mortgaged Property is situated, Mort-
gagee sliall have the right, but not the duty, to enter into possession of the
' hiortgaged Property and perform any ~nd all work and labor, supply all .
¢ materials and incur any costs and expenses including attorneys' fees neces-
~ sary to protect and/or secure the Improvements and/or to recommence con-
~ strucdon and/or complete the Improvements substantially in accordance
with the Plans and Specifications therefor (the "Plans and Specifications°)
= with such changes in the Plans and Specifications as Mortgagee may deem
~ desirable and/or employ watchmen to protect the Mortgaged Property. If
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Mortgagee undertakes any, some or all of its rights in the first sentence of
~ t;~is paragraph 7.12, 1liortgagor ag:ees that on account thereof (i) l4iort-
~ gagee may continue to make future advances of the unadvanced portion of
~ the principal of the Note ~~hich need not be in accord with the Loan Agree-
- ment but in such mai~ner and for such purposes as 1~'Iortgagee deems
_ advisab:~ and ~ u)~~~rtgagee may make additional future advances ( the
"Addidonal Future Advances" ) in such manner and for such purposes as
~ ;~'Iortgagee deems advisable not to exceed the original principal amount
- of the i~otc. The Additional Futu:e Advances shail bear interest at the
rate specified in the Note from date o~ disbursement and the Additional
Future Advances and interest thereon shall be payable in accordance with
the terms of the Note and this Mortgage, l~~ortgagor agrecs that all of the
advances made under the provisions of the second sentence of this para-
- graph 7.12 shall be dcemed to hav°e been advanced by Mortgagee to blort-
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