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of principal and all other sums and charges payable under
any Construction Mortgage. Developer will promptly perform
and observe all of the terms, covenants and conditions
required to be performed and observed by Developer under
each Construction Mortgage, within the periods (exclusive of
grace periods) provided therein, and will do all things
necessary to preserve and keep each Construction Mortgage
free fray default.
4.02. Notice of Default. Developer will promptly
notify Mortgagee n writ ng o t e receipt by Developer of
any notice of default under any Construction Mortgage and
will promptly cause a copy of any~such notice to be de-
livered to Mortgagee.
4.03. Certificates. Developer will, within ten
(10 ) days after wr~ten
demand from Mortgagee, request from
any Construction Lender a certificate stating whether the
Construction Mortgage held by such Construction Lender is
in full force and effect, the outstanding interest and
principal due thereunder, and stating whether or not there
are any defaults thereunder, and, if so, specifying such-
defaults.
4.04. Additional Instruments. Developer shall
execute and deliver to Mortgagee,~promptly upon request,
such instruments as Mortgagee may reasonably require to ~
permit Mortgagee to cure any default under any Construction ~
Mortgage or permit Mortgagee to take such other action as ~
the Mortgagee considers desirable to cure or remedy any such
default.
~ 4.05. (a) Default Under Construction Mort a e;
Remedies. If Developer shal fail to pay any interest or
prin
pal or other payment under any Construction Mortgage,
or if Developer shall fail to perform or observe any other
term, covenant, condition or obligation required to be ~
performed or observed by Developer under any Construction
Mortgage prior to the expiration of any applicable grace
period, without waiving or releasing Mortgagors or Developer
from any of their obligations, Mortgagee shall have the
right, but shall be under no obligation, to pay any such
interest, principal, or other payment, and may perform any
other act or take such action as may be appropriate to cause
such other term, covenant, condition or obligation to be
performed promptly or observed on behalf of Developer, to
the end that Developer's rights in, to and under any Con-
struction Mortgage shall be kept unimpaired and free from
default, and Developer shall permit Mortgagee to enter upon
the Mortgaged Property with or without notice and to do
anything thereon or thereto which- Mortgagee shall deem
necessary or prudent for such purpose.
~ ~(b) Additional Remedies. If Mortgagee shall make
any payment or per orm any act or take any action in accor-
dance with Section 4.05(a), Mortgagee, within sixty (60)
days thereafter, will give to Mortgagors and Developer
written notice of the making of any such payment, the
performance of any such act or the taking of any such
t
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