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HomeMy WebLinkAbout0926 rebuilding any part of the Mortgaged Property which may have been altered, damaged or destroyed as a result of the taking, altera- tion of grade or other injury to the Mortgaged Property. ib) If prior to the receipt of such proceeds by MortgageP the Mortgaged Property shall have been sold on £ore- closure of this Mortgage, Mortgagee shall have the right ta receive the proceeds to the extent of: (i) any deficiency found to be due to Mortgagee in connection with the foreclosure sale, with legal interest thereon, and (ii) reasonable counsel fees, costs and disburse- ments incurred by Mortgagee in connection with collection of the proceeds and the proceedings to establish the deficiency. (c) If the amount of the initial award of damages for the condemnation is insufficient to pay in full the indebtedness secured hereby with interest and other appropriate charges, Mortgagee shall have the right to prosecute to final determina- tion or settlement an appeal or other appropriate proceedings in the name of Mortgagee or Mortgagor, for which Mortgagee is hereby appointed irrevocably as attorney-in-fact for Mortgagor, which appointment, being for security, is irrevocable. In that event, the expenses of the proceedings, including reasonable counsel fees, shall be paid first out of the proceeds, and only the excess, if any, paid to Mortgagee shall be credited against the amounts due under this Mortgage. (d) Nothing herein shall limit the rights otherwise available to Mortgagee, at law or in equity, including the right to intervene as a party to any condemnation proceeding. 16. Construction: Mortgagor agrees to complete the con- struction of the buildings and improvements to be erected on the Mortgaged Property in accordance with the Articles of Incorpora- - tion and the By-Laws of any owners' association now or hereafter existing with respect to the Mortgaged Property and any require- ments which may be set forth in any Declarations of Condominium with respect to the Mortgaged Property (all of which are collec- tively referred to herein as the "Condominium Documents"), and ' the plans and specifications to be submitted to and approved by ~ Mortgagee (the "Plans and Specifications"), and in accordance ~ with all of the terms and conditions of a"Loan Agreement" ' executed simultaneously herewith. Mortgagor further agrees not ; to discontinue such construction before completion and not to 4 abandon such work or interrupt such work for more than fifteen I (15) consecutive working days, unless such interruption is caused ~ by strikes, labor troubles, inability to procure materials, riots or other reasons of a similar nature not the fault of, or under ~ the reasonable control of Mortgagor, it being understood and ` agreed that notwithstanding any interruption by any cause, Mortgagor shall be obligated to fully complete all work by the Completion Date specified in the Loan Agreement. The term "completion of construction" and like terms used herein shall s mean and include, but shall not be limited to: (i) presentation ~ to Mortgagee of full and complete releases of liens satisfactory ~ to Mortgagee from all contractors, subcontractors, subsubcontrac- ; tors, laborers and materialmen in connection with the work to be perfarmed and Iabor and materials to be supplied on the Mortgaged . Property; (ii) receipt by Mortgagee of a writing signed by the architect engaged by Mortgagee and by Mortgagor's architect ' certifying that the buildings and improvements have been comple- ted in accordance with the Plans and Specifications, strictly in accordance with all applicable statutes, laws, resolutions, agreements, and ordinances, and in accordance with the rules, ; regulations and requirements of all regulatory authorities having ~ jurisdiction, and in conformity with the requirements of the ~ ~ ~ € ~ - ~ - 417 P~ ~25 Y'. ~ • , , _ ~ ~ ~+T y . = 3.- ^~t - _ - _