200702331 - Laserfiche WebLink

Browse

200702331 6 the holder of the Mortgage of any other right, remedy, or privilege it may now have under the law to have a receiver appointed. The provision for the appointment of a receiver of the rents and profits and the assignment of such rents and profits is made an express condition upon which the loan hereby secured is made; 14. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or ofthe Note secured hereby; 15. That all payments made by the Mortgagee to remedy a default by the Mortgagor as aforesaid and the total of any payment or payments due form the Mortgagor to the Mortgagee and in default shall be added to the debt secured by this Mortgage and shall be repaid to the Mortgagee upon demand. Any such sum and interest thereon at the rate specified in the Note shall be a lien on the premises, prior to any other lien attaching or accruing subsequent to the lien of the Mortgage; 16. That so long as the Mortgage is insured under the provisions of the National Housing Act or held by the Secretary of Housing and Urban Development, it will not voluntarily create or permit to be created against the property subject to this Mortgage any lien or liens inferior or superior to the lien of this Mortgage, and further it wiII keep and maintain the same free from the claim of all persons supplying labor or materials which will enter into the construction of any and all buildings now being erected or to be erected on said premises; 17. That the improvements about to be made upon the premises above the described and all plans and specifications comply with all municipal ordinances and regulations made or promulgated by lawful authority, and that the same will upon completion comply with all such municipal ordinances and regulations and with the rules of the fire rating or inspection organization, bureau, association or office which are now or may hereafter become applicable to the premises above described; -l-8:- THat the funds to be advaAced herein are to be used ifl tRe COAstruction of certaiA improve meAts to the laRds herein described, in accordaAce with a bHildiAg loan agreemeflt dated as of e'/en date Herewith betv.'een the Mortgagor and the Mortgagee ,>,'hich buildiNg 10aA agreement the mortgagor eoveAaAts to perform, if the constrHetiOA of the improvemeAts to be made pursuaRt to said buiIdiAg 10aA agreemeRt shall Rot be carried on with tRe reasoRable diligence, or shall be diseoRtifll:1ed at any time for any reaSOR otHer thaA strikes or loek Ol:1ts, the Mortgagee, after dl:1e Aotioe to tho Mortgagor or aA)' sl:1bsequent OWAer, is hereby invested with full aRd complete al:lthority to enter HpClH the said premises, employ watchmen to proteet sl:leh improvements from depreda-tioA or inju!)' aAd to preserve aAd protect the persoaal property therein, and to cOfltinue any aAd all ol:1tstandiflg eOAtracts for the ereetion and eompletion of said BHilding or buildiAgs, to make aAd eAter into an)' eOAtraets and obligations wHere'/er AeeeSSB:l)', either in its own name or in the flame of tRe Mortgagor, aAd to pay aAd discharge all debts, obIigatiofls, and liabilities incurred tllereby. All such Sl:lms so advanced by the Mortgagee (exclusive of advaAees oftlle priAcipal of the indebtedFless secured hereby) shall be added to the priAeipal of the indebtedAess seeHred hereby and shall be seeHred by this Mortgage and SHall be due and payable on demaRd ".:ith interest the rate specifiod iA tlle Note, but AO sHeH advances sllall be insured HRless same are specifically approved the Seoretary of H01:1siAg and UrbaA DevelopmeRt, aetiAg by and tHrol:1gh the Federal Housing Commissioner prior to the maldAg thereof. Tho priReipal sum aAd other charges provided for hereiA shall, at the option of tho mortgagee or holder of this Mortgage afld the Noted seemed hereby, beeome due aAd payable OA tHe faill:1re of tHe Mortgagor to keep and perform aAY of the eOyeAants, conditioAs, and agree meAts of said buildiAg lOaf! agreemeFlt. This coveFlaFlt shall be termiAated upon tHe eompletion of the improvements to the satisfactioR of tho M0rtgagee aAd tRe making of the final advuFlee as provided in said building loan Rental. Rider to Mort Rcstr Mtg 09.15-04