HomeMy WebLinkAbout1715 laws, or any so-called "Moratorium Laws", now existing or hereafter
enacted, in order to prevent or hinder the enforcement or foreclosure
of this Mortgage, but hereby waives the benefit of such laws.
Mortgagor, for itself and all who may claim through or under it,
waives any and all right to have the property and estates comprising
the ~pr8mises marshalled upon any foreclosure of the lien hereof and
agrees that any court having jurisdiction to foreclose such lien may
order the premises sold as an entirety.
16. Future Advances. Upon request of Mortgagor, Mortgagee may, at its
sole option, from time to time before full payment of all indebtedness secured hereby,
make future advances to Mortgagor; provided, however, that such advances are made
within twenty (20) years from the date hereof and that the total principal secured
hereby and remaining unpaid, including any such advances, shall not at any time
exceed the aggregate outstanding principal sum cf Seventy^^. Million Five Hundred
Thousand Dollars (517,500,000.00). Mortgagor shall execute and deliver to Mortgagee
a note evidencing each and every such future advance which Mortgagee may make, and
such documents as Mortgagee may require to reflect that such note is secured hereby,
such note to be payable and to contain such terms as are required by Mortgagee at
that time. Mortgagor shall pay all such future advances with interest provided
therefor, and the same, and each note evidencing the same, shall be secured hereby. -
All provisions of this Mortgage shall apply to each future advance as well as to all
other indebtedness secured hereby. Nothing herein contained, however, shall limit the
amount secured by this Mortgage if such amount is increased by advances made by
Mortgagee, as herein elsewhere provided to protect the security or pursuant to the
Loan Agreement. Nothing herein contained shall obligate Mortgagee to make any such
future advances. The word "Mortgagor" as used in this paragraph, includes any
successor in ownership of the premises or part thereof.
17. Releases and Waiver. Without affecting the liability of Mortgagor or
any other person except any person expressly released in writing) for payment of any
indebtedness secured hereby or for performance of any obligation contained herein,
and without affecting the rights of Mortgagee with respect to any security not
expressly released in writing, Mortgagee may, at any time and from time to time,
either before or after the maturity of said Note, and without notice or consent:
(a) Release any person liable for payment of all or any- part of the
indebtedness or for performance of any obligation.
(b) Make any agreement extending the time or otherwise altering the
terms of payment of all or any part of the indebtedness, or modifying
or waiving any obligation, or subordinating, modifying or otherwise
dealing with the lien or charge hereof.
(c) Exercise or refrain from exercising or waive any right Mortgagee
` may have.
i
(d) Accept additional security of any kind.
(e) Release or otherwise deal with any property, real or personal,
~ securing the indebtedness, including all or any part of the property
mortgaged hereby.
18. .Mortgagee's Superiority. Any agreement hereafter made by
~ Mortgagor and Mortgagee pursuant to this Mortgage including extensions or modifica-
lions hereof or of the Note hereby secured shall be superior to the rights of the holder
of any intervening or subordinated lien or encumbrance. Mortgagee shall be t
subrogated to the rights of the holder of any existing mortgage or other lien ~
encumbering the premises hereby which is satisfied by application of any portion of
the proceeds of the loan evidenced by the Note secured hereby as though said
mortgage or other lien had been purchased by Mortgagee by assignment to Mortgagee,
even though said mortgage or lien has been satisfied of record and the Note thereby
secured cancelled.
19. Disbursement of Loan Proceeds for Construction of Im rovements.
1~lortgagor acknowledges that a portion o the proceeds o the Note are intended to
finance the construction of improvements on the premises described in Exhibit A-1,
and further covenants and agrees that:
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~C~ ~3~ 1712