202106436 - Laserfiche WebLink

Browse

202106436 D. accept additional security of any kind; and E. release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any part of the mortgaged property. SECTION SEVENTEEN. SUBSEQUENT SUPERIOR AGREEMENT Any agreement made later by mortgagor and mortgagee pursuant to this mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance. SECTION EIGHTEEN. WAIVER OF HOMESTEAD EXEMPTION Mortgagor waives all right of homestead exemption, if any, in the mortgaged property. SECTION NINETEEN. CONDEMNATION In the event of condemnation proceedings of the mortgaged property, the award or compensation payable is assigned to and shall be paid to mortgagee. Mortgagee shall be under no obligation to question the amount of any such award or compensation and may accept it in the amount in which it shall be paid. In any such condemnation proceedings, mortgagee may be represented by counsel selected by mortgagee. The proceeds of any award or compensation received, at the option of mortgagee, will either be applied to the prepayment of the note and at the rate of interest provided in it, regardless of the rate of interest payable on the award by the condemning authority, or at the option of mortgagee, the award shall be paid over to mortgagor for restoration of the mortgaged property. SECTION TWENTY. CONSTRUCTION LOAN ADVANCES If mortgagee, pursuant to a construction loan agreement or loan commitment made by mortgagee with mortgagor, agrees to make construction loan advances up to the principal amount of the note, then mortgagor covenants that it will comply with all of the terms, provisions and covenants of the construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms of the construction loan agreement or loan commitment, all of the terms of which are incorporated in this mortgage by reference as though set forth fully and will permit no defaults to occur and if a default shall occur, it shall constitute a default under this mortgage and the note. SECTION TWENTY-ONE. CERTIFIED AUDITED STATEMENTS At the option of mortgagee, mortgagor shall provide mortgagee with periodic certified audited statements of the operations of and the financial condition of mortgagor. 7