HomeMy WebLinkAbout1694 i
by Mort gagee for such purpose shall be deemed to have been
paid to Developer and secured by the Mortgage. For this
purpose, Mortgagors and Developer hereby constitute and
appoint Mortgagee their true and lawful attorney-in-fact,
with full power of substitution to complete the Project in
the name of Developer, and hereby empower said. attorney or
attorneys as follows: to make such additions and changes
and corrections in the Preliminary Site Plans which shall be
necessary or desirable to complete the Improvements in
substantially the manner contemplated by the Preliminary
Site Plans; to employ such contractors, subcontractors,
agents, architects and inspectors as shall be required for
said purposes; to pay,- settle or compromise all existing
bills and claims which are or may be liens against the
Premises, or may be necessary or desirable f.or the com-
pletion of the work or the clearance of title; to execute
all applications and certificates in the name of Developer
which may be required by any construction contract; and to
do any and every act with respect to the construction of the
Improvements which Developer may do in its own behalf. It
is understood and agreed that this power-of-attorney shall
be deemed to be a power coupled with an interest that cannot-
be revoked. Said attorney=in-fact shall also have power to
prosecute and- defend all actions or proceedings in connec-
tion with the construction of the Improvements and to take
such actions and require such performance as it deems
necessary.
(IV) The Mortgagee, with or without entry,
personally or by its agents or attorneys insofar as appli-
cable, may:
(1) institute proceedings for the complete or
partial foreclosure of the Mortgage; or
(2) take such steps to protect and enforce its
rights whether by action, suit or proceeding in
equity or at law for the specific performance of
any covenant, condition or agreement in the Second
Replacement Note or in the Mortgage, or in aid of
the execution of any power herein granted, or for
any foreclosure hereunder, or for the enforcement
of any other appropriate legal or equitable remedy
or otherwise as the Mortgagee shall elect.
6.02. Adjournment of Sale. The Mortgagee
may adjourn from time to t me any sale by it to be made
under or by virtue of this Mortgage by announcement at the
time and place appointed for such sale or for such adjourned
sale or sales; and, except as otherwise provided by any
applicable provision of law, the Mortgagee,_without further
notice or publication, may make such sale at the time and
place to which the same shall be so adjourned.
6.03. -Bar of Redemption. Any such sale or sales
made under or by virtue o th-PARTICLE VI shall operate to
divest all the estate, right, title, interest, claim and
demand whatsoever, whether at law or in equity, of the
Mortgagors and Developer in and to the properties and rights
so sold, and shall be a perpetual bar both at law and in
-24-
x342 P~~E1693