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of foreclo'ure, or any other action~ for e default or default~
by Mortgagor existing at the time ~uch earlier action was
commenced.
3.09 Right~ of MortRa,gee. The right9 of Nortgagee~
granted and ariaing under the olauses ~nd cove~ant~ ~ontained
in thie Mortgage and the Note~ ahall be separate~ d~stinct and
cumulative of other porrera and right~ herein granted and all
other r~ght8 rrhich Mortgagee may have in law or equity, and
none oP them shal.l De in exclu~ion ot the other9; and al~ of
them are eumu2ative to the remediee i'or eollection of
indebtedne9s, enforcement of righLs under mort$ages~ and
preservation of securlty as provided at 18W. No act of
Hortgagee shall be consLrued as an ele~tion to procced under
any one provision herein or under the Note ta Lhe exclusion of
any other provision, or an election of remedies to the bar of
~ any other remedy alloWed at law or in equ~ity, anything herein ~
or otherrrise to the contrary notwithstanding.
m~ 3•10 Covenants of Mortgasor. The eovenant,~ of Mortgagor
~ herein are covenants~running with the land and the title of the
Mortgaged Property and touch and concern the Mortgaged
Property.
3.11 N twithstandin an of the lan a e contained in th's Mort a e
and Security ~greement to ~he ~ontrary , an~p~rsuant to the Rea~ Estat~ ~ale
and Purchase Contract, Mortgagor has demolished and removed, or will be*
ARTYCLE FOUR
LENDING PROVISIONS
u.01 Futurs Advance~, Thi~ in~trument is given to secure
not only existi~g ir~debtedness evidenced by the Note, but also
such future advances, wheLher such advances are obligatory or
are to be maCe at the optio~ of Mortgagee, or otherWise~ as are
made vithin tWenty years from the date hereof, to the same
extent as if sueh future advances Were ~oade on Lhe date of the
~ execution of thia instruc~ent~ and ahall be ineluded in the
t Secu~ed Indebtedness. The total aa?ount oF indebtedness that
3 may be so secured may decrease or i.ncrease from time to time,
~ but Lhe total unpaid balance so secured at one time shall.not
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2 exceed TWO MILLION TWO HUNDREp THOUSAND AND NO/100 DO[.LARS
~ (52,240,000.00) plus interest thereon, and any di.aburseoaents
made for the payroent of taxes~ levies or insuranee on the
° Mortgaged Property~ With interest on sueh disbur~e~ents at the
~ Default Rate.
A
t
~1.02 Performance of Gabor or Furnlshin of Material.
Nothing in this instrument ahall: i oonetitute a~y consent or
req~eat by the Hortgagee expresa or implied, for the
perfar.mance of any labor or services or the furn~sbing of any
materials or other property in respect oP the Mortgaged
Properties or any part thereof, or (li) give Mortgagor any
right, po?rer or authority to Qontraet for or perm~,t the
performance oP any labor or servioea of the furnishing of any
materials or other property in suoh Paahion as Would permit the
mak~ng of any claim against the Mortgagee, or the holder of the
Note in respect thereof or any ctla~tn that any claim af lien
based on the performance of such labor or 8ervices or the
furr~3.shing of any aueh materi$~a or other property is prior to
Lhe lien of this instrument.
* demolishing or removing from the mortgaged real estate certain out-buildings.
The removal of these out-buildings will not constitute a default or a breach
; of this Agreement.
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~ooK 674 P~1556
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