HomeMy WebLinkAbout0955 ~
. ~
~
~
. ~
Mortgagor covenants that Mortgagor is lawfully seized and ~
possessed of the Mortgaged Property as aforesaid, and has good
right to mortgage, grant and convey the same, that the same are `
unencumbered except for those matters (hereinafter referred to as
the "Permitted Encumbrances"? expressly set forth in Exhibit "B"
attached hereto and by this reference made a part hereof, and
that Mortgagor does warrant and will forever defend the title
thereto against the claims of all persons whomsoever, except as
to the Permitted Encumbrances.
This Mortgage is given to secure the payment of the
following d~scribed indebtedness (hereinafter referred to
collectively as the "Secured Indebtedness"):
(a) The principal of, and the premium, if any, and
interest on, the Bonds (the "Bond Indebtedness");
(b) All amounts now or hereafter owing by Mortgagor to
Bank'under the Reimbursement Agreement (the "Letter of
Credit Indebtedness"); and
i
(c) Any and all additional advances made by ldortgagee
to protect or preserve the Mortgaged Property or the ~j
security interest created hereby on the Mortgaged Property, ;
or for taxes, assessments Ar insurance premiums as !
~ hereinafter provided or for the gerformance of any of •
Mortgagor's obligations hereunder or for any other purpose
provided herein (whether or not the original Mortgagor
remains the owner of the Mortgaged Property at the time of
such advances). ~
t
The foregoing conveyance is also intended to be and is a
mortgage to secure payment of any and all future or additional
adv~nces made by Mortgagee at its option to Mortgagor, or its
successor in title, for any purpose. All such advances are to be
made within twenty-five (25) years from the date of this
Mortgage, or within such lesser period of time as may be provided
hereafter by law as a prerequisite for the sufficiency of actua?
notice or record of notice of the option of future or additional
advances as against the rights of cred~itors or subsequent
purchasers for valuable consideration. The total amount of
indebtedness secured by this Mortgage may decrease or increase
from time to time, but the total unpaid balance secured at any ,
one time shall not exceed $16,586,137.99 [three times the
initial, aggregate stated amount of the Letter of Credit] plus
interest, and any disbursement made for the payment of taxes,
levies or insurance on the proper~y covered by the lien of this
Martgage, with interest on those disbursements.
-6-
B~QK573 ~A~E 955