|
'"�.+� , . , .., ...': . "
<br /> . � < ' `' . , - :;��:°�-
<br /> . . . y�,_�.....__.� j,,�y�
<br /> , � .i... . . . . �4.�y �,w 4.nJYlGryswql�1'.nll��"_'__�-.... ..T. ."_'_' --'_
<br /> o'�'R , 'ah�,v_.. .yq� n
<br /> .� �•r _ . .. . . . .. ..- _. . � _ . . . . . . �...�..�
<br /> ��:��:
<br />����r�r" �_r-
<br />" ' • .-=r.'=-
<br />- ��-
<br /> S• .,—
<br /> 2.0498 File No. 958 ' �
<br /> � ( 98� �t`,1�:.15
<br /> .,
<br /> ' 1�, �gys�atorv Broviai�n. Notwithatanding the execution of the ��
<br /> • � Promieaory Note by the Borrower, following lien free completian of thQ w�«•--
<br /> � �'improvementa,' as defined in tlie Building Loan Agreement ex�cuted by and between .•,.,x_,
<br /> : -�°u�' �� Borrower and Lender of even data herewith, Lender ahall have no recourse againat _
<br /> �..
<br />_ ,�,�r�l!' Sorrower, and eorrower shall not have any personal liabiLity for tha payment of _
<br /> .��u.,.+r�' the Promiaeory Note, or for the performance or observance of any of the terms, __
<br />-- conditions or proviaiona of any of the Loan Documenta, except ae hereinafter set _-
<br /> .�_
<br /> forth in this Paragraph 17, at which time: °
<br /> . i -
<br /> � (a) No attachment, execution, writ or other pzoceae ahall be - --
<br /> � � � sought, and no judicial procaeding shall be inAtituted by, or on behalf
<br /> • of, the Leader againat Borrower or Borrower's aucceesora or assigns, as a
<br /> reault ot any breach or default under the Promiasory Note or. any of the
<br /> Loan Documents, unlese auch attachment, execution, writ or process shall
<br /> be necessary to enforce (1) any of the rights, remedies or recoursea of
<br /> Che Lender againat, or w3.th re,£erence to, the property securing the �
<br />' Promisaory Note or (2) personal liabili�y of Sorrower not exceeding �,
<br /> $2,975,000.00.
<br /> � f:
<br /> (b) In the ovent that any auit is brought under the Promieaory
<br /> Note or any of the Loan Documenta, whether before or after the maturity of
<br />-. the Promiseory 2�7ote by acceleration, passage of time, or otherwise, that -
<br /> _ portion of any judgment obtainod in, or as a reeult of, sueh auit in
<br /> excess of $2,975,000.00 ahall be enforceable and enforced solely against
<br /> . the property securing the Promisaory Notej
<br /> --------`— pro•rided, howe�er, *hat thP Lender ahall have full recourae against the Borrower
<br />- �• � and Sorrower shall be jointly and aeverally personally liable and promptiiy
<br /> acaount to the Lender £or:
<br />`� ' .. (i) Any security Depoaits from Leases o£ space in the Real
<br /> Estate given as collateral in this Assignment of Rents and Leases
<br />- depoaited with Borrower to the extent that the same hav� n�t been
<br /> � properly applied pursuant to the terms of appl icable Leasest
<br />- � (ii) All rents, isauea, prof�ts and income derived from the
<br /> property aecuring the Promiasory Note collected for more than ona
<br />-." , "' :. " (1) month in advance j
<br /> -...,�.",, ,w
<br /> ` � (iii) All renta, isaues, profits, products and income of the
<br />_ � � property aecuring the Promissory Note received following any Event __
<br /> ' of Default and not applied to payment of principal and intereat due _
<br /> ' under the Promissory Note;
<br /> ' &
<br />�,r; x (iv) All apecial assesamente applicable to the "Mortgaged -
<br /> ..._ � Property," as defined in the Dc�ed of Trust, levied and assesaed
<br /> before the Mortgaged Property is acquired by Lender; and real eatate
<br /> and personal property taxes whioh become delinquent prior to the
<br /> � date the Mortgaged Property is aaq�sired by Lender.
<br /> (c) Nothing contained in this Paragraph 17 shall be conatrued to: =_
<br /> E::
<br /> - (i) Be a release or impairment of tYae indebtednesa evidenced
<br /> by the Promisaory Note or any other obligation secured by the lien
<br /> of any of the Loan Documents;
<br /> (ii) Prevent the Lendar from exercieing and enforcing any
<br /> other remedy allowed at law or in equity or by any statute ar by the
<br /> terms o£ the Promissory Note or any of the Loan Documents;
<br /> _. r;i i� Ar�avant rt,P r.Pnder from recovering from the Borrower any
<br /> . � funds, damages or costs (including, without 1 imitation, reasonable -
<br /> artorney's fees) incurred by the Lender as a reault of any fraud or
<br /> � intentional misrepresentation by, or on behalf uf, Borrower,
<br /> ; including, but witYiout limitation, any intentional misrepresenta- I
<br /> ! tions or false statementa made by Borrow�r upon w2iich the Lend�r
<br /> � relied in making the loan secured hersby; or p revent the Lender from I
<br /> 1 _�_
<br /> i
<br /> I
<br /> � �
<br />
|