HomeMy WebLinkAbout1698 • '
-
i
t
t
thereof which may be made pursuant to any provision herein, ?
or pursuant to the decree, judgment or order of any court of
competent jurisdiction; nor, after any such sale or sales,
claim or exercise any right under any statute heretofore or '
hereafter enacted to redeem the property so sold or any part
thereof and the Mortgagors and Developer hereby expressly
waive all benefit or advantage of any such law or laws, and 1
covenant not to hinder, delay or impede the execution of any ~
power herein granted or delegated to the Mortgagee, but to j
suffer and permit the execution of every power as though no
such law or laws had been made or enacted. Each of the
Mortgagors and the Developer, and for itself, and all who
may claim under them, waives, to the extent that it lawfully -
. may, all right to have the Mortgaged Property marshalled
upon any foreclosure hereof.
ARTICLE' VII _
MISCELLAiJEOUS
7.01. Limitation of Personal Liability. Mort-
gagee shall not have recourse for the payment of the Second ~
Replacement Note, any other sum payable under the Mortgage, -
or any obligation under the Mortgage, against Developer,
or any successor or any incorporator or any past, present or
future subscriber to-the capital stock, shareholder, officer
or director of Developer, or any limited or general partner
- of Developer, except to the extent that any such party shall
have appropriated monies advanced by any Construction Lender
for purposes not authorized by Section 4.06, and then only
to the extent that Mortgagee has been damaged thereby.
Nothing herein contained shall constitute a waiver of any
indebtedness evidenced by the Second Replacement Note or
secured by the Mortgage or shall be taken to prevent re-
course to or the enforcement against the security for the
Second Replacement Note described in the Mortgage of all
obligations contained in the Second Replacement Note and the
Mortgage. If an Event of Dafault has occurred hereunder,
Mortgagee shall have the right to recover judgment against
Costa inc., the Costas and Ocean on the Second Replacement
Note either before, after or during the pendency of any
proceedings for the enforcement of the Mortgage.
7.02 Subordination. Mortgagors hereby agree that
the lien of~the Purc ase Money Mortgage and all rights in
and to the Mortgaged Property, including any vendee's lien
which may exist in Iaw or in equity, are hereby subordinated
in all. respects to the lien of the Mortgage, to_all advances
made by the Mortgagee thereunder and to all sums from time
to time secured thereby. Mortgagors further agree that
nothing contained in the Mortgage shall give rise to any
claim or cause of action against Developer.
7.03. Transfer of Title. If no Event of Default
hereunder shall have occurred and be continuing, Developer
may sell or otherwise transfer its entire interest in the
Mortgaged Property subject to the Mortgage to a Permitted
,Transferee, provided that by instrument in form and sub-
stance satisfactory to Mortgagee, such Permitted Transferee
-28-
- ~K342 Px~Ei697