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such compensation, awards, damages, claims, rights of action and
proceeds and the right thereto are hereby assigned by the
Mortgagor to the Mortgagee, who after deducting therefrom all its
expenses, including attorney's fees, may release any monies so
received by it without affecting the lien of this Mortgage and
may apply the same in such manner as the Mortgagee shall
determine, to the reduction of the sum secured hereby, and any
balance of such monies then remaining shall be paid to the
Mortgagor. The Mortgagor agrees to execute such further
assignment of any compensation, awards, damages, rights of action
and proceeds as the Mortgagee may require.
Eleventh: CONSTRUCTION LOAN AGREEN~NT. The aggregate
indebtedness secured.hereby is being advanced by the Mortgagee ~
pursu-nt to the provisions of a Construction Loan Agreement (the
"Construction Loan Agreement") of even date herewith, between the
Mortgagee as Lender and the Mortgagor as Borrower. A default
declared by Mortgagee under the Construction Loan Agreement shall
constitute a default hereunder.
ARTICLE ZI
First: EVENT OF DEFAULT. The term default or event of
default wherever used in this Mortgage and Security Agreement,
shall mean any one or more of the following events:
(a) Failure for the space of 10 days to pay
as and when due and payable any installment of
principal, interest or escrow deposits;
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