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ARTICLB 16
Cortsttvction Loan Agreement -Future Advances
SBCTiON 16.0E This Mortgage is subject in aII respects to the terms and
provisions of the Agreement, bearing even date herewith, by and between Mortgagor
and Mortgagee, as now in force and as hereafter amended, supplemented or modified,
which said Agreement is incorporated herein by reference. All advances and indebtedness
arising and accxuing from time to time under the Agreement shall be secured hereby
to the same extent as though the Agreement were fully incorporated in this Mortgage
and the occurrence of arty event of default trader the Agreement as said term is therein
defined, shall eon.4titute a default under this Mortgage entitling Mortgagee to all of the
rights and remedies conferred upon Mortgagee by the terms of this Mortgage or by law,
as in the case of any other default.
SECTION 16.02. Tn addition to the ;6,889,700 indebtedness evidenced by
the Note and to all other indebtednesses seared by the lien of this Mortgage, this Mort-
gage shall secure also and constitute a lien on the Mortgaged Property for all Future
Advances made b the Mort a to the Mort r wi
reo to the same extent as if such Future Advances were made on the date of the exe-
cution of this Mortgage whether or not made under the Agreement. Any such advances
may be made at the option of Mortgagee. The total amount of the indebtedness that
may be secured by this Mortgage shall not exceed a maximum principal amount of twice
the principal amount stated in the Note plts interest thereon and any disbursements
made by the Mortgagee for the payment of taxes, levies or insurance on -the Mortgaged
Property with interest on such disbursements.
ARTICLE 17
Subordinate Financing
SECTION 17.0E Mortgagor covenants and agrees that it will not further
encumber or mortgage the Mortgaged Property, or any part thereof, or any interest there-
in and will not execute, deliver or take bade any mortgage or mortgages, unless such
mortgage or mortgages (hereinafter referred to as "Subordinate Mortgage") shall contain
provisions to the effect that upon foreclostre of sudti Subordinate Mortgage; (i) no tenants
~ trader leases of all or any part of the Mortgaged Property will be made parties defendant
nor will arty other action be taken with respect to such tenants which would result in
the termination of their leases or tenancies without prior written consent of Mortgageee;
and (ii) the rents, income, revenues, issues and profits issuing from the Mortgaged Pro-
perty, or from any lease of all or any part thereof, shall not be collected, e~acept through
a Receiver appointed by a cotrt after notice of application for such appointment has
been given to Mortgagee; the money collected by the Receiver shall be first applied
and used for the payment of interest and principal due and owing under this Mortgage
and the indebtedness seared hereby, real estate taxes, water rates, sewer rates, assess-
ments or other governmental charges affecting the Mortgaged Property and all other
maintenance and operation charges and disbursements inctrred in connection with the
operation and maintenance of the Mortgaged Property, and if dtring the pendency of
any such mortgage foreclostre proceeding, action is instituted for the foreclosure of
this Mortgage, and an application is made by Mortgagee for an extension of such Receivership
i for the benefit of Mortgagee, any and all ftrads collected by the Receiver prior to the
date of such application shall be held by such Receiver and applied solely for the benefit
of the Mortgagee hereunder and the holder of such Subordinate Mortgage shall not be
800K
°315 PA~E16'39