HomeMy WebLinkAbout2539 - S 1. ~ - ~ ~ -V+. - _ - ~ vim:. -
• - • ~ a a. ..mow
' era
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 Cw~itment related to the indebtedness secured hereby, which
Oommitmsnt was executed by Mortgagor and Mortgages (or which Mortgages acquired by
assignment), an executed copy of which is in the possession of Mortgages. Said
Commitment is incorporated 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 perfona, comply with and abide by each and every one of
the stipulations, agresmsnta, conditions and covenants contained and set forth in a
certain Construction Loan Agreement between Mortgagor and Mortgages (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 in~rovements in accordance with the Oonstruction 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 awn 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 of said note,
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
increase from time to time, provided, however, that the total unpaid balance secured
i 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 3n 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.
43. That Mortgagor shall not further encumber the property encumbered by this
mortgage without the express written consent of Mortgagee. In 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. -
E
-9- r
~ 325 P~ ~i33