HomeMy WebLinkAbout0993 buildings i~ an amount not in excess of the amount
of the Construction Loan obtained for such build-
ings.
(v~ In the event of a default under the
Construction Loan, the first mortgage shall
provide that the mortgagee ~ under the first
mortgage shall advise the Mortgagee under the
Mortgage as hereby amended, of any such default
and afford it an opportunity to cure such default
within 30 days.
(vi~ The payment of funds advanced under the
~ Construction Loan agreement shall be due no sooner
than 20 months from the date of the Construction
Loan Mortgage, and the Construction Loan shall
close and funding commence thereunder no later
than September 1, 1981.,
5. Paragraph 10 of the Mortgage Rider is hereby
; deleted, and the following is substituted therefor:
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6 It is agreed by and between the parties hereto
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~ that any default in any mortgage prior to the Mortgage,
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~ as hereby amended, shal! be ~eemed a substantial de-
~ fault under the Mortgage, as hereby amended, and there-
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~ upon the indebtedness secured by the Mortgage, as
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~ hereby amended, and all interest accrued and unpaid
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~ thereon shall accelerate and be due and payable without
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E notice or demand, at the option of-Mortgagee.
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; 6. Mortgagor warrants and represents that the
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~ Mortgage, as hereby amended, is and will be a first lien on ;
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~K 355 P~GE 993
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