HomeMy WebLinkAbout1939from Mortgagor, and after this Nbrtgage has been assigned to Robert
WiLnoth Associates, Inc., its successors or assigns, elects rot to
finance the additional construction, Nbrtgagee shall provide to Mort
gagor the necessary releases and other required documents including,
but not limited to, cross easements for ingress and egress, utilities,
and parking for the subsequent additional amstruction. Release of
ground urxier this provision shall be restricted to areas designated
Major B (40,000 s.f.) on site plan prepared by John Aleksich Asso-
ciates on November 10, 1978 and revised December 8, 1978.
21. 'Ihe oryvenants contained herein shall bind and the bene-
fits and advantages shall inure to the respective heirs, executors,
administrators, successors and assigns of the party hereto. Whenever
used, the singular number shall include the plural, the plural the
singular and the use of any gender shall include all genders, and the
teen "Nbrtgagee" shall include any payee of the indebtedness hereby
secured or any transferee thereof whether by operation of law or
otherwise.
It is agreed, if the rental achievement, as set forth in the
Note, has been met, that in the event of any default in the payment
when due of any sums owing under the germs of the loan documents, the
Holder shall neither seek nor take any deficiency or monetary judgment
against Borrower or against any property of Bon.~ower other than the
property described in the loan documents. It is further understood
and agreed, however, that nothing in this paragraph shall in any man-
ner or way release, affect or impair:
a. ate existence of the debt evidenced by the Note
referred tb herein;
b. The enforceability of the lien and security inter-
est created by the Mortgage and other security instruments referred to
herein;
c. Zhe right of Holder of said Note after an occur-
rence of an event of default under any of the loan documents too re-
ceive from Borrower any rents or other income received by Borrower
from and after said event of default from tenants of the security
property;
d. ~e right of the Holder after the occurrence of
such an event of default too recover from Borrower an amrota:t necessary
to repair any damage to the security property caused by the willful
or wanton act, or omission which constitutes cannon law waste, of Bor-
rawer;
e. The right of the Holder to recover from Borrower
of any sums expended by the Holder in performance or compliance of all
provisions of any assigned lease which is so expended by reason of
Borr~otiaer's neglect or refusal too so perform said obligations or to
prevent the Holder from recovering any rentals lost as a result of
Borrower's failure to so perform said obligations;
22. In the event of the enactment, after this date, of any
law of the state in which the premises are located deducting from the
value of the land far the purpose of taxation the amotmt of any lien
thereon, or imposing upon the Holder of the Security Instrument the
payment of the whole or any part of the taxes or assessments or
charges or liens herein required to be paid by Borrower, or changing
in_any way the laws relating to the taxation of mortgages or debts
secured by mortgages or the Beneficiary's interest in the premises, or
the manner of collection of taxes, so as to affect this mortgage or
the debt secured hereby or the holder thereof, then, and in any such
event, the eorr~o~rer, upon demand by the Holder, shall pay such taxes
or assessments, or reimburse the Holder therefore; pYpvided, however,
that if, in the opinion of counsel for the Holder, (a) it might be
unlawful bo require Borraaer to make such payment or (b) the making of
such payment might result in the imposition of interest beyond the
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Boox 344 PaCE~„939
~EWIS, VEGOSEN ANO ROSENBACH, P. A., ATTORNEYS AT LAW
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