HomeMy WebLinkAbout2346 the erection and completion of such improvements, to make and enter into
any contracts whenever necessary, either in its own name, or in the name
of Mortgagor, and to pay and discharge all debts, obligations and liabili-
ties incurred thereby, and to advance any funds, even if in excess of
the amount of said note, which in Mortgagee's sole determination may be
necessary to complete said improvements it, accordance with the Construc-
tion Loan Agreement, which sums shall also be fully secured hereby. All
sums so advanced by Mortgagee shall be added to the principal of the
indebtedness secured hereby and shall be secured hereby, and shall be due
and payable on demand, with interest at the same rate as that set forth in
the note .
41. This mortgage shall secure not only existing indebtedness, but
also such future advances, whether such advances are obligatory or to be
made at the option of Mortgagee, or otherwise, and (whether for purposes
of development, construction, or otherwise), as are made within twenty
(20) years from the date hereof to the same extent as if said future
advances were made on the date of the execution of this mortgage,
although there may be no advance made at the time of the execution of
this mortgage and although there may be no indebtedness outstanding at
the time any advance is made. It is intended that the lien of this
mortgage shall be valid as to all such indebtedness and future advances
from the time this mortgage is filed for record. The total amount of
indebtedness that may be secured by this mortgage may decrease or
increase from time to time, provided, however, that the total unpaid
balance secured at any time shall not exceed a maximum principal amount
equal to double the amount of said-note plus interest thereon, and any
disbursements made by the Mortgagee for the payment of taxes, levies of
insurance on the property covered by this mortgage, together with
interest thereon,. plus reasonable attorney's fees and court costs in-
curred in the collection of any or all of said sums of money. To the
extent that this mortgage may secure more than one note, a default in
the payment of one note shall constitute a default in the payment of all
other notes.
42. This mortgage shall secure not only the promissory note incor-
porated or referred to herein but also any and all prior or subsequent
obligations or liabilities of Mortgagor to Mortgagee. The total amount
secured by this mortgage may increase or decrease from time to time but -
the maximum amount secured hereby shall not exceed the aggregate of
double the amount of said note, exclusive of interest, costs, or
attorney's fees. Any default on the part of Mortgagor, or by any entity
in which Mortgagee has a beneficial interest, with respect to any other
~ obligation~or liability of Mortgagor to Mortgagee shall constitute a
default under this mortgage and Mortgagee may, at its option, accelerate
any sums secured by this mortgage without notice or demand.
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43. That Mortgagor shall not further encumber the property encum-
bered by this mortgage without the express written consent of Mortgagee.
In the event Mortgagor shall sell the property encumbered by this mort-
gage or further encumber the same without the written consent of Mortgagee,
Mortgagee may at its option accelerate the entire unpaid balance and the
same shall thereupon become due and payable forthwith without notice or
demand.
x 44. Mortgagee, upon request of Mortgagor and so long as no default
shall then exist under the terms of the Mortgage, the Note, and Construc-
tion Loan Agreement or any other agreement between Mortgagor and Mortgagee
and at such time as Mortgagor desires to sell and immediately record con-
veyances of a unit in one of the buildings to be constructed by Mortgagor
on the real property described in Schedule A hereto, will release said
unit and related undivided interest in the appurtenant common area, if
t; applicable, from this Mortgage upon payment of $41,071.00 or payment to
Mortgagee at closing of not less than 90$ of the purchase price; pro-
vided, however, that said purchase price shall have been previously
a approved by the Mortgagee, whichever figure is greater. Provided
further, however, that Mortgagee, shall previously have approved in
writing all documents pertaining to the sale of such unit being released.
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