HomeMy WebLinkAbout0927 Association of Fire Underwriters or comparable body having
jurisdiction over the geographic area in which the Mortgaged
Property is situated, or any other body now or hereafter consti-
tuted exercising similar functions, wholly within the building
restriction lines thowever. established), and do not v~olate
a~plicable use, development or other restricti~ns of record,
zoning laws or regulations, or elsewhere, and do not encroach
upon or overhang any easements, rights-of-way, or land of others,
and are ready ~or use and occupancy for the purposes for which
they are intended to be used; (iii) delivery to Mortgagee of such
other documents and assurances as Mortgagee may require, in its
sole and absolute discretion, all of which shall be in form and
substance satisfactory to Mortgagee. In the event that Mortgagor
shall commence any additional construction on the Mortgaged
Property at any time during the term of this Mortgage, Mortgagor
shall complete such construction and. within a reasonable time,
pay all costs incurred in connection therewith.
17. Leases and Purchase Agreements: Mortqagor hereby
represents that there are no eases, agreements to lease, pur-
chase agreements or agreements to sell all or any part of the
Mortgaged Property now in effect. Without the prior written
consent of Mortgagee, which consent Mortgagee may grant or
withhold in its sole discretion, Mortgagor shall not enter into
any lease or leases covering all or any portion of the Mortgaged
Property.
18. Conveyance: Without t~e prior written consent of
~ Mortgagee, which consent Mortgagee may grant or withhold in its
sole discretion, Martgagor will abstain from and will not cause
or permit any sale, exchange, transfer or conveyance of the
Mortgaged Property or any part thereof or any interest therein
(including, without limitation, easementsl, voluntarily or by
operation of law (other than by execution on the Note or fore-
closure under this Mortgage or by sa~e of completed condominium
units in accordance with Paragraph 26 hereof), or any transfer of
any partnership interests in Mortgagor, or any corporate assets
or interest in assets or a controlling majority of shares of
stock of any Partner of Mortgagor, whether by sale, exchange,
II conveyance, merger, consolidation or otherwise. Any violation of
the foregoing limitations, at the option of Mortgagee, shall be
I~j deemed an event of default hereunder.
19. Right to Remedy Defaults: In the event that Mortgagor
I
f should fail to pay real estate or other taxes, assessments, water
and sewer rents, charges and claims, sums due under any prior
; lien or insurance premiums, or fail to make necessary repairs, or
~ permit waste, or fail to complete construction of the improve-
~ ments within the time period provided for in the Loan Agreement,
~ Mortgagee, at its election and without notice to Mortgagor, shall
have the right to make any payment or expenditure and to take any
action which Mortgagor should have made or taken, or which
Mortgagee deems advisable to protect the security of this
Mortgage or the I?~ortgaged Property, without prejudice to any of
Mortgagee's rights or remedies available hereunder or otherwise,
at law or in equity. All such sums, as well as costs, advanced
by Mortgagee pursuant to this Mortgage shall be due immediately
from Mortgagor to Mortgagee, shall be secured hereby, and shall
bear interest at the Default Rate specified in the Note from the
date of payment by Mortgagee until the date of repayment, and
~ Mortgagee shall be subrogated to any rights, equities and liens
~ so discharged.
; 20. F.vents of Default: Each of the following shall con-
stitute an event of default ("Event of Default") hereunder:
i
F (a) Mortgagors noncompliance or nonperformance of any
t term; covenant or condition contained in any Loan Document, or
~
~
E
~
~ ~r
~ ' 8 ' 3tirK~~ ! P»GE ~
~
~ _ :.w, r:r. ~ ~ .
: ~ -
~