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HomeMy WebLinkAbout1855 i t i 1 19. Notwithstanding anything otherwise contained herein or Inferred herefrom to the contrary, in the event of default hereunder or under the promissory note(s) secured hereby, the MORTGAGEE shall only be entitled to recover the outstanding principal balance of said promissory note(s), together with any and all Interest, costs, advances or other expenses properly collectible under this Mortgage and said promissory note(s), solely from the collateral then encumbered by this Mortgage, whether In kind or from the proceeds of a foreclosure or other sale thereof, and there shall be no continuing personal or "deficiency" liability to MORTGAGOR, its partners, principal agents, stockholders or their successors or assigns, after any and all remaining collateral encumbered hereby has been applied i toward the obligations secured hereunder. 20. Provided, however, that in the case of an occurrence of an event of - - default, as specified herein or in the promissory note(s), if such event of default i shall be cured, or any foreclosure or other action instituted by any other mortgagee is dismissed or judicially determined in favor of MORTGAGOR prior to entcy of a judgment of foreclosure on this Mortgage, and no other event of default shall be continuing under this Mortgage, and MORTGAGOR shall have paid to MORTGAGEE all costs and expenses incurred by MORTGAGEE in enforcing its rights under this - ~ Mortgage, including, without limitation, reasonable counsel fees, search fees, advances to protect the mortgaged property and any other sums MORTGAGEE is ' t authorized by the Mortgage or -by law to expend, then and in such event, f MORTGAGEE will reinstate this Mortgage and the promissory note(s) and dismiss any proceedings commenced under this Mortgage or promissory note(s) secured ~ hereby. - 21. (A) MORTGAGOR intends to develop the property described on Exhibit "A" attached hereto by dividing it into three (3) parcels and to develop three (3) separate high-rise residential condominiums and other improvements, all as shown on the Preliminary Site Plans prepared by Buigas do Associates Architects, € Inc., and referred to herein as the "Ocean View Site Plan". (B) By acceptance of this Purchase Money Mortgage, MORTGAGEE agrees to subordinate this Mortgage lien or release same if required by the construction lender to the same extent required of all other mortgagees of ~ record on the same property to the lien and provisions of a construction mortgage placed by MORTGAGOR- as to that portion of the property taken under mortgage by the construction lender, upon the following terms and conditions: f t i (1) MORTGAGEE shall not be obligated for the payment of any such construction loan or any part thereof. (2) The declaration of a default under the construction note and/or mortgage shall automatically be a default under this Purchase Money Mortgage. (3) MORTGAGOR herein covenants and agrees that the proceeds -8- . 80~~42 P~~~1854 ,