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Mortgage and the promissory note secured hereby. Said
escrow money shall not otherwise be subject to withdrawal,
attachment or garnishment by any party, but shall be applied
and paid out in accordance with this provision.
The Mortgagee may, at its sole discretion, commingle
the escrow money with other escrow monies held by it, and
allocate or reallocate escrow money for the payment or
prepayment of any sum secured by this mortg~ge, ancluding
the payment of interest charges for late payment and tran-
sfer fees. If there shall be a default under any of the
provisions of this mortgage, resulting in a public sale of
the premises cover~d hereby, or if the Mortgayee acquires
the property otherwise after default, the Mortgagee shall
apply, at the time of the commencement of such proceedings,
or at the time the property is otherwise 'acquired, the
balance then remaining of the funds accumulated under this
paragraph as a credit against the indebtedness then secured
by this mortgage.
15. Thirty years from the date of the final advance of
loan proceeds evidenced by the promissory note, the balance
of the mortgage obligation then unpaid shall mature and be
forthwith due and payable without demand.
16. If all or any portion of the real property subject
to the lien of this Mortgage is sold, transferred, conveyed,
leased or encumbered, other than by leases of individual
apartments to tenants or in connection with the replacement
of fixutures, furniture or equipment of equal or greater
value owned by Mortgagor free and clear, without Mortgagee's
prior written consent, or if without the prior written
consent of Mortgagee there is a transfer of an interest in
Mortgagor, except that no written consent shall be required
for the addition removal or substitution of limited or
general partnership interests then Mortgagee may at its
option declare ali G~~mc ~P~~~e~ hy th;~ M~r~~w~o ~~ ~~
immediately due and payable. It is expressly agreed that
the loan secured by the Mortgage was made in reliance upon
Mortgagor's expertise and ability in the area of construction
and management of residential rental apartments, whether by
Mortgagor directly or through management companies employed
by it. It is further expressly agreed that the continued
ownership and management of the project by the Mortgagor is
an important part of Mortgagee's security and an occurrence
of any of the events set forth in this section ~ithout
Mortgagee's approval shall constitute a material impairment
of such security.
17. Mortgagor shall keep and maintain accurate books
and records of the earnings and expenses of the premises and
shall within ninety (90) days after the close of Mortgagor's
fiscal year deliver to Mortgagee an annual audit of the
operation of the premises showing in reasor_able detail the
rents and profits received from and disbursements made in
connection with the premises together w,ith annual balance
sheets and profit and loss statements as may be required by
Mortgagee. In addition to the foregoing financial inform-
ation regarding the operation af the mortgaged property,
within sixty (60) days after the close of Mortgagor's
fiscal year, Mortgagor sh~ll provide Mortgagee with a fi~
ancial statement accurately depicting and detailing assets,
liabilities, and r.et worth of Mortgagor at the end of the
preceding fiscal year. Failure to provide Mortgagee with
the aforementioned information shall constitute an event of
default. The provisions hereof may be varied only by a
written waiver of Mortgagee.
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