HomeMy WebLinkAbout0626 (d) Nothinq herein shall limit the riqhts otherwise
available to Mortqagee, at law or in equity, includinq the
riqht to intervene as a party to any condemnation proceeding.
18. Construction: Mortqaqor aqrees to complete the~
construction o t e uildinqs and improvements to be erected
on the Mortqaqed Property in accordance with the plans and
specifications therefor heretofore submitted to Mortqagee
(the "Plans and Specifications"), and in accordance with all
of the tenas and conditions of the Loan Agreement of even
date herewith between Mortgaqor and Mortgagee. ~ortgagor
further agrees not to cease such construction before complet'ion
and not to abandon such work or interrupt such work for more
than fourteen (14) days without cause beyond the control of
Mortqagor. The tena "completion of construction" and like
tenas used herein shall mean and include, but shall not be
limited to: (i) presentation to Mortqagee of a release of
liens satisfactory to Mortqagee from the General Contractor
enqaged bj Mortgagor in connection with the work to be
performed on the Mortgaqed Property and all other contractors
or subcontractors as Mortgagee may require; (ii) receipt by
Mortgagee of a writinq signed by the architect engaged by
Mortqagee and by Mortgagor's architect certifying that the
buildinqs and improvements have been completed in accordance
with the Plans and Specifications, strictly in accordance
with all applicable statutes, laws and ordinances, and in
accordance with the rules, regulations and requirements of
all regulatory authorities having jurisdiction, and in
conformity with the requirements of the Association of Fire
Underwriters or comparable body havinq jurisdiction over the
geographic area in which the Mortgaged Property is situate,
or any other body now or hereafter constituted exercising
similar functions, wholly within the building restriction
lines (however established), and~do not violate applicable
use or other restrictions contained.in prior conveyances,
zoning laws or requlations, or elsewhere, and do not encroach
{ upon or over-hang any easements, rights-of-way, or land of
` others, and are ready for use and occupancy for the purposes
; for which they are intended to be used; (iii) delivery to
; Mortgagee of such other documents and assurances as Mortgagee
' may reasonably require, in form and substance satisfactory
to Mortqagee. In the event that Mortgagor shall commence
~ any additional construction on the ,sortqaged Property at any
~ time during the term of this Mortqage, Mortgaqor shall
~ complete such construction and, within a reasonable time,
s pay all costs incurred in connection t::erewith. -
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~ 19. Conveyance: Without the prior written consent of
~ Mortgagee, Mortgaqor will abstain from and will not cause
~ or pe=mit any sa~le, exchange, transfer or conveyance of the
~ Mortgaged Property oz any part thereof, voluntarily or by
y operation of law (other than by execution on the Note or
~ foreclosure under this Mortqage or by sale of completed
~ condominium units ia accordance with Section 7 hereof), or
~ any transfer of partnership interests in Kortgagor, whether
~ by sale, exchange, conveyance, merger, consolidation or
otherwise. r~ny violation of the foregoing li:nitations, at
~ the option of Mortgagee, shall be deemed an Event of Default
~ hereunde:.
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