HomeMy WebLinkAbout0954 9. Violation of any of the cavenants, representations and
provisions contained herein shall, at the option of Assignee, be
deemed a default under the terms of the Loan Documents.
10. In order to enable Assignee to fully enforce any and
all such Agreements of Sale, upon the occurrence of any default
under the terms of the Loan Documents:
(a) Assignor will, within five (5) days after notice
from Assignee, do or cause to be done, any or all of the
following, as Assignee may, at its option, request in writing:
(i) Forward to Assignee, by first class United
States Mail postage prepaid, true and .correct, unexecuted copies
(or if Assignee so requests, executed originals) of warranty
deeds to each or any of the purchasers under such Agreements of
Sale, which deeds shall meet all the requirements of such
Agreements of Sale, and unexecuted, true and correct copies (or
if Assignee sc requests, executed originals) of any or all other
papers, floor plans, documents and instruments necessary to close `
each or any of such Agreements of Sale.
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(b) If Assignee, at its option, shall so request,
Assignor will, upon fifteen (15) days notice from Assignee, close ;
or cause to be closed, any or all such Agreements of Sale if so
permitted under such Agreements of Sale upon payment by the
purchaser of all sums due thereunder.
(c) Assignor hereby irrevocably makes, constitutes and
appoints Assignee, or any officer of Assignee, as its true and `
lawful attorney-in-fact for it, and in its name, place and stead,
to execute or file of record, or both, any or alI deeds,
documents, plans, ar.d surveys which Assignee, in its sole
opinion, may deem necessary in order to close all or any such
Agreements of Sale, whether or not they differ from those
forwarded to Assignee by or on behalf of Assignor), and to do any
or all things which Assignee, in its sole opinion, may deem ~
necessary to close all or ar.y of such Agreements of Sale; giving
and granting unto our said attorney by these presents Assignor's
full and complete authority to act as fully and completely as
Assignor might do if personally present and to do all lawful acts =
; requisite for effecting the Premises; ratifying and confirming ~
~ all said attorney may do by virtue of these presents. This Power f
~ ef Attorney is coupled with an interest and is irrevocable. An '
j affidavit made by Assignee or any officer of Assignee that a :
default has occurred under the terms of the Loan Documents shall
~ be sufficient proof of any such default for the purpose of
~ Assignee's exercise of this Power of Attorney.
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~ 11. Assignee's exercise of any right under this Assignment
shall not-preclude Assignee from exercising, or obligate Assignee
to exereise, any other right hereunder.
12. All costs and expenses incurred by Assignee in
~ connection with its exercise, in whole or in part, if any, right,
= hereunder or under or arising from all or any of said Agreements
of Sale, shall be added to the principal sum of the debt
evidenced by the Note and secured by the Mortgage and this
Assignment.
a 13. The full performance of the terms of the Loan Documents
and the duly recorded satisfaction, release or reconveyance of
~ the property described in the Mortgage shall render this
Assignment void. The duly recorded release or reconveyance of
Y any part of the property described in the Mortgage shall render
f this Assignment void as to such part only.
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~ 14. The net proceeds collected by Assignee under the terms
of this Assignment shall be applied in reduction of the entire
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