84005448 - Laserfiche WebLink

Browse

84-005448 r equipment contracted for by the Issuer or the Company whether or not previously incorporated into the Improvements, (iv) in connection with any construction of the Improvements ~ndertaken by the Bondholder pursuant to the provisions of this paragraph, (1) engage builders, contractors, architects, engineers and others for the purpose of furnishing labor, materials and equipment in connection with any construction of the Improvements (2) pay, settle or compromise all bills or claims which may become liens against the Premises and/or the Improvements or for the discharge of liens, encumbrances or defects in the titleocf the Premises and/or the ImprO'l,ements and (3) take or refrain from taking such action hereunder as the Bondholder may from time to time determine. The Issuer shall be liable to the Bondholder for all sums paid or incurred to construct and equip the Improvements whether the same shall be paid or incurred pursuant to the provisions of this paragraph or otherwise, and all payments made or liabilities incurred by the Bondholder hereunder of any kind whatsoever shall be paid by the Issuer to the Bondholder upon demand with interest thereon from the date of payment by the Bondholder to the date of payment to the Bondholder and shall be secured by this Mortgage. For the purpose of exercising the rights granted by this paragraph, the Issuer hereby irrevocably constitutes and appoints the Bo~dholder its true and lawful attorney-in-fact, with full power ,)f subst'-l.tution, to execute, acknowledge and deliver any ir.s' ~"i2nts aT,d to do and perform any acts in the name and 0" behalf O~ the Issuer. (c) Anything to the contrary herein notwithstanding, it is specifically understood and agreed that all funds advanced and furnished by the Bondholder and utilized in ~he performance of the cbligations of the Issuer or the Company herein shall be deemed obligatory advances by the Bondholder regardless of the identity of the persons or entities to whom such funds are furnished or advanced. ~_TlY and all sums advanced by the Bond- holder in the exercise of its judgment that such advances are needed to protect or complete the Improvements or any part thereof or to protect its security shall be deemed obligatory advances under this Mortgage and considered a part of the Issuer's indebtedness to the Bondholder, and, notwithstanding that the aggregate of all advances made by the Bondholder shall exceed the principal amount of the Bond, the entire amount of such advances shall be considered as principal of the Bond and secured by this Mortgage. (d) If the Issuer shall fail to payor cause to be paid any real estate tax or assessment or if the Issuer shall fail to perform or observe any other term, covenant, condition or obligation required to be performed or observed by the Issuer under this Mortgage, without limiting the generality of any other provision of this Mortgage and without waiving or releasing the Issuer from any of its obligations, the Bondholder shall have the right, but shall be under no obligation, to pay any such tax, assessment or other payment, and may perform any other act or take such action as may be appropriate to cause such other term, -20- L L L -.J ! '--