HomeMy WebLinkAbout1759 ~o ~iaue and to Mold f~a• wnu•. Uyfrd~rr? u•it~r I~u• lenr•mrvrt<, ~u•?er~ilnmwtft har~ upprute
{ nunrr•s (~u•n•tu ~,e~ur,ffin~t, (uu~ I~u• ?r•ufc. i~.urs unto tuu~its I~u•rrv,l, unto l~rt• murt!fu(lee• in lee simple.
end l~rr rnurlffuyur t•overumis u•iflr (~u• nrrr?tflu~lrv I~rut I~u• mu?tryufp,r is inr~eleasi~,~y st•izer~ of sair!
~anr~ in lee simple; I~ruf 11u• murtltngo? ~rnc ~p,r"j ri!t~rt nur~ ~uu,lu~ nul~rarify to rnnuey saic~ ~anr~ as afore-~
i suir~; Kral Ire murfyufp,r u•i~~ mar cur'~r lurl~,rr u.vrrunr-r. lu pr•?~rt l 1~rr• leo sinq?~r life la sair~ ~uat~ in f~tn
mortrlayet• as may reu.una~r~y f,e myuircr~; I~utl I~u• ntu?fyugor ~uve~,y lu!(y urunanls tote lifle to said ~anc~
anr~ u•:~~ r~r•lenr~ fete suna• afptinsl f~u• ~au•lu~ claims of a~~ perwrrs u•~u,rnsoeoe?; anr~ t~rat sait~ dart<~ is free
anr~ c~car of a~~ encumlrraucrs
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f The i`brtgagees agree and will subordinate the lien of this Mortgage too the
lien of
(a) Institutional lenders making construction loans to the Nbrbgagor
for the construction of ir~rovements on the described property, and
(b) Institutional lenders making construction loans to the Nt~rtgagor
r for the oanstruction of impravenents on other lards owned by the
1?brtgagor not mort~age~d hereby, and
i~
(c) Institutional lenders making short team working capital loans to
the Pbrtgagor;
PFaDVII~.D ti~at all such loans shall first be approved by tt~ Board of Directors
of the t~iort~gagor, and provided further that there shall not have occurred any
defau?t by the Nbrtgagor in the payment of principal, or premiun or interest or
any s_:nking fund obligation or any. other charges however d-^nominated, on or in
respect to any indebtedness of the :brtgagor or any breach with respect to any
term of any loan agreement, mortgare, indenture, security agreement, instnrnent
or other agr~~anent evidencing or securing indebtedness of the Hbrtgagor if the
effect: of such default or breach is to cause such indebtedness to become due
and payable prior to its maturity or to permit any holder or holders (or any
trustc~^ acting on behalf of such holder or holders) to declare such indebted-
~ ness t4 becane due and payable prior to its maturity. The term indebtedness
shall mean any indebtedness of the N,ortgagor (a) for burro?.r`d money (including
indebt=edness represented by the promissory notes secured b}r this Mortgage} or
(b) incurred to finance the oust of construction or (c) incurred to finance
the purchase price of property and which by its teams in the case of indebted-
; ness referred to in clause (c) may be payable over a period in exeess~of 12
r.~onfhs, including indebtedness represented by leases wfiich are required to be
capitalized under generally accepted accounting principles. Nbreover, any such
suborclinatia-~ will relate solely to the lien of this Mortgage and shall not
apply to payments of principal and interest on the promissory notes secured
by tt s Nbrtgage which pay-nents shall continue to be due and payable in ac-
oordaiice with the teens of such notes.
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{~rou~ded ~lw~ys, furl iJ .uirl nurrtyngrrr s~ur~~ pay unto said ntorfnugc•e t~re certain promis- f
sure Hole {re•reina~trr sn~,.frrrrfin~~y r-olrirr~ or irlenli~irv~, fo-u•il:
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T See :'ote(s) attached hereto as Exhibit "A".
E'
(IR
r BROK 332 PacE 1755
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