HomeMy WebLinkAbout1716 (a) The improvements to be erected on the premises shall be completed
in accordance with the provisions of the Loan Agreement of even
date herewith by and between Mortgagor and Mortgag~1e and this
Mortgage for all purposes is subject to the terms, provisions and
conditions of said Loan Agreement, which Loan 'Agreement is by
reference incorporated herein and made a part hereof in the event of
any conflict in the terms and conditions of this Mortgage and the
Loan Agreement, the Loan Agreement shall prevail. Said Loan '
Agreement is available for inspection by all parties in interest at the
office of the Mortgagee.
(b) Upon default in any of the terms, provisions, or covenants in the Goan
Agreement contained, the holder of the Note may (but need not):
(1) declare the entire principal indebtedness and interest thereon
due and payable.
(2) complete the construction of said improvements and enter into
the necessary contracts therefor. All monies so expended shall
be so much additional indebtedness secured by this Mortgage,
and any monies expended in excess of the Note, shall be payable
on demand with interest at the default interest rate set forth in
the Note.
The holder of said Note may exercise either or both of the
aforesaid remedies.
(3) Notwithstanding anything in this Mortgage, and the Note
secured hereby, to the contrary, it is further agreed by the
Mortgagor that in the event the building or buildings to be
erected on the said premises are not completed in accordance
with Plans and Specifications submitted to the Mortgagee
herein, or that work on said construction shall cease before
completion and said work shall remain abandoned for a period
exceeding 21 days, then and in either event the entire sum that
has been disbursed on account of the Note secured by this
Mortgage, less any amounts that may have been repaid by the
Mortgagor, shall at the option of the Mortgagee, at once
become due and payable with all accrued interest thereon at
the rate provided in said Note; and in the event of abandonment
of work upon the construction of said building or buildings for a
period exceeding that allowed in the Loan Agreement as
aforesaid, the Mortgagee may, at its option, also enter into and
upon said premises and complete the construction of the
building or buildings, hereby giving to the Mortgagee full power
and authority to make such entry and to enter into such
~ contracts or agreements as may be necessary to complete the
said building or buildings and money expended by the Mortgagee
~ in connection with such completion of construction shall be .
added to the principal amounts of the Note secured hereby and
such added amounts shall be secured by the lien of this
Mortgage and shall be payable on demand with interest at the
rate specified in said Note.
(c) All advances and indebtedness arising and accruing under the Loan
Agreement from time to time whether or not the total amount
thereof may exceed the face amount of the Note, shall be secured
hereby and said Loan Agreement is fully incorporated in this
~ _ Mortgage to the same extent as if fully set forth herein. The
occurrence of any event of default under said Loan Agreement shall
constitute a default under this Mortgage entitling the holder of the
Note to all of the rights and remedies conferred upon the said holder
by the terms of this Mortgage (including those set forth in sub-
paragraph "(b)" of this Paragraph), or by law, as in the case of any
other default. In the event of the conflict between the terms of this
bortgage, the Note and the terms of the Loan Agreement, those of
the Loan Agreement shall govern and prevail over those of the
Mortgage and the Note.
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