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HomeMy WebLinkAbout0934 shall be maintained in an escrow account with Mortgagee and shall be disbursed from such account only (i) to be applied to Release Prices, or (ii) to be refunded to unit purchasers lawfully entitled thereto in the event of unconsummated sales, or (iii) to be released to the Mortgagee in the event the Mortqagor is lawfully entitled thereto by reason of the default(s) of the unit purchaser(s) under the contract(s) of sale, or (iv) to be released to the Mortqagee upon the Mortgaqor's posting of a bond in the amount of such down payments and in_form and substance satisfactory to the Mortgagor. (g) The Mortgagee shall receive from the Mortgagor detailed monthly written reports of sales of units, construction t budgets and schedules, status reports with respect to construction on the Premises, and cash flow projections, all containing such facts as the Mortgagee may request. (h) So long as the loan secured hereby is outstanding, , the Mortgagee shall review, and approval of the Mortgagee shall a be required of, any managing agreement for operation of the Association and all operating and capital budgets. The Mortgagee shall have the right to receive notice of and attend all meetings of the managing board of the Homeowners Association. 28. Mortqaqee's Right of First and Last Refusal: Mortgagor shall give Mortgagee the f irst opportunity, on adequate and reasonable submission, to provide any and all future development and constr-uction financing on all properties owned or controlled by Mortgagor or its principals, adjacent to the Mortgaged Property, and proposals for such financing shall not be submitted T to any lender other than Mortgagee until Mortgagee shall have, ? after a reasonable time for consideration and study of such submission, declined to make such financing available; and, further, in the event Mortgagee shall so decline to make such financing available, Mortgagor shall not thereafter apply for such construction financing to any lender(s) other than Mortgagee unless, simultaneously with such application(s) to such other lender(s) Mortgagor, acting by an officer having authority therefor, certifies to Mortgagee, in writing, that the subtnission (s) to such other lender (s) is being made on the same basis and with the same disclosures as were offered and/or exhibited to Mortgagee. Should any lender other. than Mortgagee agree to make such financing available on different terms than those submitted to Mortgagee, then Mortgagor covenants and agrees that, before accepting such financing, Mortgagee shall be given ~ the ~opportunity to make such financing available on the same ~ terms and conditions as offered by such other lender. i 29. Loan Commitment: Mortgagor agrees that all terms of E the Loan Commitment, under which term this loan is made, are ; ~ hereby incorporated by reference, are made a part of this ~ Mortgage hereby, and shall survive the closing of this loan. s 30. Communications: All communications required under this ~ ~ Mortgage, the Note or any of the other Loan Documents shall be in ~ writing, and shall be sent by registered or certified mail, ~ s postage prepaid, addressed to Mortgagor and Mortgagee at the ; address set forth in the heading of this Mortgage, or to such ~ other address as eithet party may designate from time to time by ~ ~ notice to the other in the manner set forth herein. F 31. Amendment: This Mortgage cannot be changed or amended ~ except by an agreement in writing duly executed by the party against whom enforcement of the change is sought. ~ 32. Definitions: Whenever used in this Mortgage, unless ~ the context clearly indicates a contrary intent: ~ e 6 ~ rg $ ~ ~3 9 A t~/ f y~'~r] 5 . ~ 1 S ~ ~U I~ ii • i AVG ~`~'Y ~I a ~ . . ~ ~ . .t ~ „ .._.~»-..~.,e.~~'w.~ - ~ ~ .