Loading...
HomeMy WebLinkAbout2960 ~ 1? gagor and all such advances shall be a portion of the Indebtedness and shall be secured by the lien of this Nlortgage. For the purpose of exercising its rights under the first sentence of this pazagraph 7.12,11~Iortgagor hereby constitutes and appoints Mortgagee its true and lawful Attorney-in-Fact with full power of subsdtution and empowers said attorneq or attorneys as follows: to use any funds of Mortgagor including any balance of Aiort- gagor s funds which may be held in escrow and any funds ~vhich hiortgagee has the right to advance as provided in the second sentence of this para- graph 7.12 on account of any, some of or all of the rights of Mortgagee under the first sentence of this pazagraph 7.12; to make such additions and changes and corrections in the Plans and Specifications which shall ' be necessary or desirable to complete the Improvements in substantially ! the manner contemplated by the Plans and Specifications; to employ such . ~ attorneys, contractors, subcontractors, agents, architects and inspectors as ; shall be required for t6e exercise of said rights by biortgagee; to pay, setde ~ or compromise all existing bills and claiYns wluch are, or may or appeaz to ~ be liens against the Mortgaged Property, or may be necessary or desirable ~ in the opinion of h~ortgagee for the compledon of the ~vork, the pmtection ~ of the Improvements or the clearance of dde, without inquiring into the ; accuracy or validity of any thereof; to execute all applications and certifi- cates in the name of ~iortgagor ~chich may be required by any construcdon ~ contract; and to do any and every act «~ith respect to the construcdon of ~ the Impro~ements which i~iortgagor may do in its own behalf. It is under- ~ stood and agreed that this po~ver of attorney shall be deemed to be a power coupled with an interest ~vhich cannot be recoked. Said Attorney-in-Fact ~ shall also have po~ver, but not the duty, to pmsecute and defend all actions ~ or proceedings in connection ~4-ith the construction of the Improvements and to take such acdon and require such performance as it deems neces- sary. Aiortgagor hereby assigns and quitclaims to 1liortgagee all sums = ad~•anced hereunder and all sums in escro~v, subject to the condition that ~ said sums, if any, be used in connection w ith any, some or all of the rights of ~lortgagee set forth in the first sentence of this paragraph 7.12. Th2 ' Event of Default giving rise to the rights of ~iortgagee under this para- graph 7.12 shall be a continuin~ E~'ent oi Default and e~•en ihough ltortgagee has elected to exercise its rights und~r this para~raph 7.12, such an Event of Default and any other Events of Default thereafter _ occurring sha11 continue to exist and ;~tort~~gee, at its op:ion and ~vithout • :~yY ~.a • ~ ' - = ~ ~?`~i~ ~2~i8 - ~ . ~ _ - - - - r:~ ~ ~ . _ ~ _ _ . e -