HomeMy WebLinkAbout1678 . .
1
2.03. Extension of Second Re lacement Note. If
(a) no Event of Defau t hereunder shall have occurred
and be continuing and (b) Mortgagee shall have received
an aggregate sum of not less than 5700,000 as principal
payments of the indebtedness evidenced by the Second Re-
placement Note, then, in such event, the maturity date of
the Second Replacement Note shall automatically be extended
from June i0, i982 to and including June 10, 1983, provided,
however, that during such extension all terms and conditions
contained in the Second Replacement Note and- the Mortgage
shall remain in full force and effect, except that during
such extension period the Mortgagors and Developer shall pay
interest on the outstanding principal balance secured by the
Mortgage at a rate equal to two percent above the Overdue
Interest Rate.
ARTICLE III
PARTICULAR COVENANTS OF THE MORTGAGORS
3.01. title to Mortgaged Property. Developer
warrants that it has good and marketable title to an in-
defeasible fee estate in the Mortgaged Property subject
to no lien, charge or encumbrance except such as are listed
on Schedule "C" annexed hereto; and that this Mortgage is
and will remain a valid and enforceable first lien on the
Mortgaged Property, except to the extent such lien may be
subordinated to a Construction Mortgage pursuant to the
provisions of Article V. Developer will preserve such
i title, and will forever warrant and defend the same to
the Mortgagee and will forever warrant and defend the
validity and priority of the lien hereof against the claims
of all persons and parties whomsoever. Developer will not
j permit or suffer to exist, and will promptly discharge of
i record, any lien, charge or encumbrance upon the Mortgaged
Property except such as are listed on Schedule C, Permitted
Encumbrances, the Purchase Money Mortgage and any-Construc-
tion Mortgage.
3.02. Further Assurances. Developer will, at its
cost, and without expense to the Mortgagee, do, execute,
acknowledge and deliver all and every such further acts,
deeds, conveyances, mortgages, assignments, notices of
assignment, transfers and assurances as the Mortgagee shall
from time to time reasonably require, for the better as-
suring, conveying, assigning, transferring and confirming
unto the Mortgagee the Mortgaged Property and rights hereby
conveyed or assigned or intended now or• hereafter so to be,
~ or which Mortgagors or Developer may be or may hereafter
become bound to convey or assign to the Mortgagee, or for
carrying out the intention or facilitating the performance
~ of the teems of the Mortgage, or for filing, registering or
~ recording the Mortgage.
3.03. Recording: (a) Developer forthwith upon
~ the execution and delivery of this Restated Mortgage, and
thereafter from time to time, will cause the Original
Mortgage, the Collateral Mortgage, the Consolidated Mortgage
and this Restated Mortgage to be filed, registered or
recorded in such manner and in such places as may be
required by any present or future law in order to publish
-8- sooK342 P~cE16T7
T
~~~.~C~~. _ - - _ _
..a ~-'S•i_•xr-41'J6[~`Y. .x~L.-~C.S~.rx - .max -~E »