HomeMy WebLinkAbout1802 ARTICLS IY ~~,$(3ATI~ OF THB MOYtTGAGOR
6ection 4.1 ~R~~.. ~~eitiQos. otc.
The Mortgt~qor will not, without the prior written consent
of tho Mortgaqee, 8emolish, or cause, permi,t or suffer to be
demoliahed, the impravements or any portio~ thereof or make any
alterations of, a8ditiont~ to or other improvementa~ in or to thc
Mortyaqed Property.
Section ~ . Z g~ris.~i.~
The Mortqagor will not, without the prior written consent
of the Mortqaqee, initiate, ioin in or consent to any change in
eny privato restrictive covertent, decl8r~?tion of conCominiurn,
zon~nq or~linance or other public or privnte restr~ction
limitinq or 6efininq the usea which may be made of the
Mortq~qed Property or any pert thereof.
, Section 4.3 ConvoYance of Title
~
` The Mortqagor repreaents and aqrees that the Secured
' Indebtednes~ is made and extended by the Mortqagee in reliance,
in part, on the financia~l backg~cound and abiliti.ea of the
Mortqagor and any comakers, quarantors or endorsers to, jointly
and severally, pay any a~nd ell amounts payable by virtue of the
~ Note and this Mortqage. The Secured Indebtednea~ is understood
` and aqreed to he made and eztendad ko the Mortqaqor only. Zt
i~ neither presumed, expressed or implied thet the obligations
created hereundsr may be as~umQd or performad by any garty
` other than the Mortqaqor, wheth~r or not upo~ the sale or
~ conveyance of the Mort9ag~d Property or any part thereot
~ includinq any leggl, equitablw ~r bQnefic.ial intereat the~din.
~ If all or any part of the Martgaqod property or any legal,
equitsble or beneficial interest in it ia sold or transferred
without the prior writtor~ c:OnB~Dt ~f tht Mort.y~~ec, (wiiich
~ con~rnt may be withheld arhitra~rily or granted on terms
~ ~elected by the Mortqag~e inc~u9ing en increase in the interest
~ rate et its sole discrotion rnQ without a shvwlnq by ttie
~ Mortqbqee of an impa~irmont of its security) then, at the option
~ og the Mortgagee and without notice to the Mortqagor or to any
other party, the Secured Indebtedness shall immedia~tely and
concurrently and upon such conveyance become due and payabl.e
and in default whether or not the seme are otherwise due and
payable or in default by the specific terms herwpf. The
foreyoing option ahall be exerciaed by the Mortgeqee at its
, sole and complete discretion. T~?e aforesaid consent of the
Mortqegee may be either grant~d Qr withheld without ~ny
requirement of the Mortg~gee disclosiny any re~son therefor.
Notwithstanding the foreqoinq, if th~ ownerehip oi the
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