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Home My WebLink About0995 11~ortgagee of eny defauli shall ~onstitute a waiver of or eonsent to subsequent defaults. No failure of Mortgagee to exeeatse any optlon hecein given to ac~elerate matucity of the dsbt hereby seFured, no forbearanae by Mort~agee before or aftee the exercisa oi su~h option and no withdcawal ae abandonment oi foreclosure proaeedings by Mol'tg8gee shall be talces! 4!' ~+i~.~t~'~,~ s~ ~t ;ts ~i~h~ te eY~eise option or to aeaelerate the maturity oi the debt hereby secured by reaeon of any psst, present oe future default on the part oi Mortgegor; and, in like mannec~ the procurement of insucance or tAe payme~t oi tax~ or oth~ ller~ or eharges by Mortgagee shull not be taken or construed as a waiver of its right to aecelerate the maturity oi the d~bt heteby secuced. 17. Without affeating the liability of Mortgagor or any other person ~ ~xeept any person ezpressly released in writing) for payment of any indebtedneas secured hereby or for performan~e oi any obligation c~ontained herein, and without aifeeting the rtghts of Mortgagee wlth respect to any security not expressly released in writing, Mortgagee may, at any time and irom time to time, either before a after the maturity of said note, and without notlce or consents _ (e) A8lease any pecson llable for payment oi all or any part of the indebtedness or for performance oi any obligation. (b) Make _ any agreement eatending the time oc oiherwise altering the - terms oi payment of all oc any part oi the indebtedness, or modifying or waiving any obligation, or subordlnating, modifying or othecwise dealing with the lien or charge hereof. (c) Exercise or cefrain irom exercising or waive any. right Mortgagee may have. (d) Accept additional security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, ineluding all o~ any pact of the pcoperty mortgaged hereby. ~ 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be supecioc to the rights oi the holder of any intecvening lien or encumbrance. ' 18. The filing by or against Mortgagor or any Guarantor of eompletion of construction of the improvements herein referred to, of a petition in bankruptcy, or ~ the in4olvency of Mortgagor or any (3uarantoc, or the making by Mortgagor or ~ Guarantor of any assignment for the benefit of creditors, or the filir~ of a petition for relief under the baniccuptey lnw, or the appointment of a ceeeiver or ,e trustee for I Ma~rtgagor or the property eneumbered hereby, or the death or incompetency of any ~ Guarantors shall constitute a default hereunder whieh shall authorize the holder ~ hereoi, at its option, to immediately aecelerate maturitjr of all indebtedness secured hereby provided, however, ii such Bankruptcy Petition or receivership of Mortgagor is involuntary, Mortgagor shall have a period of 30 days in which to finally dismiss the ~ same before the Mortgagee may accelerate maturity of all indebtedness secured ~ . hereby. As to the Guarantor, psregraph 21(g) of the Construction Loan Agreement shall prevail in the event of conflict with this Pacagcaph 19. 20. Any agreements hereafter made by Mortgagor and Mortgagee, including any extensions or modificatior~ hereof, shall be superioc in dignity to the rights of the holdec of any intervening lien or encumbrance. ~ 21. Mortgagoc hereby waives all right of homestead or other exemption in ~ the propecty subject to this moctgage. . - 22. The covenants and agreements herein eontained shall bind and the ~ benefits and advantages shall inure to the respective heirs, executors, administrators, successors and essigns of the pactles hereto. Whenever i~sed, the singular shall include ~ the plural, and the plural the aingular, and the use of any gender shall be applicable to ; all genders. All covenants, agreements and undertakings shall be joint and several. ~ . ~ ~ 23. This is a constcuation loan mortgage, the proceeds of which are being loaned for the purpose of financing the construetion of improvements upon the ~ property herein described and which proceeds will be disbursed during the course of ~ ~ ~ . ~ S~~~ ~ p -5- ,~Y . ~.f . _ _ _ " - - ~ ~ ~g.;r'~