HomeMy WebLinkAbout2342 in payment of all other notes, at the option of the mortgagee.
Each future advance shall be an integral part of the mortgage
obligation and shall be secured by lien of this mortgage as fully
and to the same extent as though the same were a part of the
original indebtedness. However, nothing contained herein shall be,
deemed an obligation on the part of the Mortgagee to make any
future advances.
22. It is further agreed by the Mortgagor that in the event t
the construction of the improvements to be erected on the premises
hereby mortgaged in accordance with the plans and specifications
submitted to the Mortgagee herein are nat completed on or before
September 1, 1979, or if work shall cease or remain abandoned for .
a period of fifteen days, then and in either event the entire
principal sum that has been disbursed by the Mortgagee on account ~
of the note shall at once become-due and payable with all accrued
interest thereon at the option of the Mor-tgagee .
23. The Mortgagor is to comply with the terms and conditions
of a construction loan agreement between the Mortgagor and the
Mortgagee, an executed copy of which is in the possession of the
Mortgagee, and said construction loan agreement is hereby
incorporated herein by reference and made a part hereof, and any
default by Mortgagor under said construction loan agreement shall
be considered a default under this mortgage. -
The acquisition of this mortgage and the note which it
secures by the CROWN LIFE INSURANCE COMPANY shall serve to
terminate the provisions of this covenant.
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