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80005186
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Last modified
1/13/2010 10:56:53 PM
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1/13/2010 10:56:18 PM
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80005186
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<br />$Q_' {~ C151. S 6 <br />Further, Mortgagor shall furnish annually withir. three and <br />one-half months of the end of its fiscal year a full financial state- <br />ment, which statement is to be in acceptable form to the Mortgagee. <br />13. Notwithstanding anything to the contrary contained herein, <br />the Mortgagor may: <br />a. expand the existing mall provided the expansion does not <br />adversely affect the value of the shopping mall and the Mortgagee has <br />approved the said expansion; <br />b. obtain wraparound mortgage financing for up to a 78,000 <br />square foot addition, which addition would be at the rear of the <br />shopping mall, provided, however, the teens and conditions of the <br />wraparound mortgage financing are approved in writing by the <br />Mortgagee; <br />c. obtain financing subordinate to the lien of this Mortgage <br />and to a certain second Mortgage given by the Mortgagor herein to the <br />Mortgagee of even date herewith, provided the terms and conditions of <br />said financing are approved in writing by the Mortgagee; <br />d. lease portions of the unimproved premises provided the <br />terms and conditions of the lease are approved in writing by the <br />Mortgagee and all requirements of authorities having jurisdiction <br />thereof have been complied with end satisfied. <br />Continuation <br />5{fl any default in a certain Note or Mortgage of even <br />date hereof in the amount of 5700,000 given by the <br />Mortgagor herein to Asset Management Corp. or any <br />default under a certain Loan and Fund Agreement <br />dated April 23, i9B0, as amended, by and between <br />Peter M. Cassidy, as Buyer and united Jersey <br />Mortgage Company, now known as Asset Management <br />Corp., which Loan and Fund Agreement, as amended, <br />was assigned by Peter M. Cassidy to CM Associates <br />arm aras further assigned by CM Associates to Crand <br />Island Mali, Ltd., ail such assignments being dated <br />as o-f September 1, 1980. <br />
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