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HomeMy WebLinkAbout2760 1 38. That Mortgagor will perform, comply with and abide by each and every one of the stipulations, agreements, conditions and covenants contained and set forth in a certain Mortgage Loan Commitment (as the terms of said document have been amended or extended by waiver related to the indebtedness secured hereby, which Commitment was executed by Mortgagor and Mortgagee (or which Mortgagee acquired by assignment), an executed copy of which is in the possession of Mortgagee. Said Commitment is incor- porated herein by reference, and any default under, or breach of said Commitment shall, at the option of Mortgagee, be a default under this Mortgage. 39. That Mortgagor will perform, comply with and abide by each and every one of the stipulations, agreements, conditions and covenants contained and set forth in a certain Construction Loan Agreement between Mortgagor and Mortgagee (or which Mortgagee acquired by assignment), an executed copy of which is in possession of Mortgagee. Said Construction Loan Agreement is incorporated herein by reference, and any default thereunder by Mortgagor shall, at the option of Mortgagee, be a default hereunder. 40. That in the event Mortgagor shall fail to carry on or complete the construction of improvements in accordance with the Construction Loan Agreement referred to herein, or in the event of any other default by Mortgagor either under said Construction Loan Agreement, the note, or this mortgage, and whether or not Mortgagee shall cause the indebtedness secured hereby to become due and payable, Mortgagee, without notice to Mortgagor, is hereby invested with full and complete. authority to enter upon the premises, to employ watchmen to protect the improvements and to preserve and protect the personal property therein, to continue any and all outstanding contracts or enter into new contracts for 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 liabilities incurred thereby, and to advance any funds, even if in excess of the amount df said note, f which in Mortgagee's sole determination may be necessary to complete said improvements in accordance with the Construction 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 l 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 incurred 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 incorporated 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. v 43. That Mortgagor shall not further encumber the property encumbered by this mortgage without the express written consent of Mortgagee. Zn the event Mortgagor shall sell the property encumbered by this mortgage 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. -9- a~'~z P~cf 2~6