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85004553
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Last modified
10/18/2011 1:01:12 AM
Creation date
4/1/2008 5:00:30 PM
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DEEDS
Inst Number
85004553
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851 <br />004553 <br />such rents, issues and profits and the application or re- <br />lease thereof as aforesaid, shall cure or waive any default. <br />Said rents, issues and profits may be applied upon any <br />indebtedness and /or obligation secured hereby as provided in <br />the Indenture. <br />Section 13. Compliance with Laws. The Borrower <br />shall comply with all the laws, ordinances, regulations, <br />covenants, conditions and restrictions affecting the Project <br />and not to suffer or permit any act to be done in or upon <br />the Project in violation thereof. <br />Section 14. Advances. If the Borrower shall fail to <br />comply with any of -the terms, covenants and conditions <br />herein with respect to the procuring of insurance, the <br />payment of taxes, asse:aments and other charges, the keeping <br />of the Project in repair, or any other term, covenant or <br />condition herein contained, the Trustee may make advances to <br />perform the same and, where necessary, enter the Project for <br />the purpose of performing any such term, covenant or condi- <br />tion on behalf of the Borrower, and the Borrower hereby <br />agrees to repay all sums so advanced, on demand, with inter- <br />est thereon, from the date advanced at the rate contained in <br />the Notes, and all sums so advanced with interest as afore- <br />said until paid by the Borrower shall be immediately due and <br />payable and be added to and become a part of any indebted- <br />ness or obligation secured hereby in such manner or order as <br />the Trustee may desire or determine, having the benefit of <br />the lien hereby created as a part thereof, and of its prior- <br />ity, but no such advances shall be deemed to relieve the <br />Borrower from any default hereunder or impair any right to <br />remedy consequent thereon, and the exercise of the rights to <br />make advances granted in this Section shall be optional with <br />the Trustee and not obligatory, and the Trustee shall not in <br />any case be liable to the Borrower for failure to exercise <br />any such right. <br />Section 15. Failure to Complete. If Borrower at any <br />time prior to the completion of the Project abandons the <br />same or ceases work thereon for a period of more than thirty <br />(30) consecutive days or fails to complete the construction <br />of" the Building substantially and in accordance with Plans <br />and Specifications for the Project, or fails to construct, <br />or acquire or install all other facilities necessary in <br />connection with the Project, then the Trustee, at its op- <br />tion, and at any time thereafter, may enter into possession <br />of all or any portion of the Project and perform any and all <br />work and labor necessary to complete the Building substan- <br />tially and in accordance with the Plans and Specifications <br />for the Project, may construct, acquire and install all <br />other facilities necessary in connection with the Project, <br />and employ watchmen to protect the Project from injury. For <br />-13- <br />l <br />
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