VI. That the lender may cause said loan to be made by some other person or corporation. That the Bond and Mortgage shall then run to said person or corporation. That the provisions of this Agreement shall apply to such Bond and Mortgage, and, if the loan be so made, it shall be deemed a compliance by the lender with this Agreement. That the lender may assign said Bond and Mortgage and cause the assignee to make any advances not made at the time of the assignment, and all the provisions of this Agreement shall continue to apply to said loan and Bond and Mortgage.
VII. That the lender or any holder of said Bond and Mortgage may extend the payment of the principal secured by said Bond and Mortgage, and any extension so granted shall be deemed made in pursuance of this Agreement? and not to be a modification thereof.
VIII. That the lender or any holder of said Bond and Mortgage may employ a watchman to protect the buildings from depredation or injury, and the expense of so doing shall be deemed an advance to the lender, and secured by said Bond and Mortgage.
IX. That if the construction of said buildings be at any time discontinued or not carried on with reasonable despatch in the judgment of the lender, said lender or any holder of said Bond and Mortgage may purchase materials and employ workmen to protect said buildings so that the same will not suffer from depredation or the weather, or to complete said buildings, so that they may be used for the purposes for which they are designed, under the said plans and specifications.
X. That all the sums so paid or expended shall be deemed advances to the borrower and secured by said Bond and Mortgage, and may be applied, at the option of said lender or any holder of said Bond and Mortgage, to any advances thereafter becoming due.
XI. That in the event of the death of the borrower while still holding title to the premises hereinbefore described, the lender will, in case the work upon the said buildings is continued as provided in this agreement, continue to make advances under this agreement and subject to all its terms and conditions to the borrower's Executors or Administrators; and all sums so advanced by the lender shall be deemed advances under this agreement, as if made to the borrower in his lifetime, and shall be secured by said Bond and Mortgage.
XII. That in the event of the borrower's parting with or being in any way, except by death, deprived of his title to the premises described in this agreement, the lender may at its option continue to make advances under this agreement, and subject to all its terms and conditions, to such person or persons or corporations as may succeed to the borrower's title; and all sums so advanced by the lender shall be deemed advances under this agreement, and shall be secured by said Bond and Mortgage.
6. The borrower covenants and agrees not to do any act or thing prohibited by the terms of this Agreement, and it is expressly agreed that in any of the following events all obligations on the part of the lender to make said loan or to make any further advance shall, if the lender so elect, cease and terminate, and the said Bond and Mortgage shall at the option of the holder thereof become immediately due and payable, but the lender may make advances without becoming liable to make any other advances.
II. If the loan is to be advanced in more than one payment, and any payment be requested, and the attorney of the lender shall not approve of the payment requested because of some act, incumbrance or question arising after the making of the preceding payment.
III. If the borrower assigns this contract or said advances or any interest therein, or if said premises be conveyed or incumbered in any way without the consent of the lender.
V. If the borrower does not take the loan or the advances within thirty days after they are made payable, or in case where the payment of advances is dependent upon the erection of a building, the building be not fully enclosed within........
months from date, or fully completed and ready for occupancy within........months from date.
VI. If the improvements on said premises be, in the judgment of the lender, materially injured or destroyed by fire or otherwise.
VII. If the makers of said Bond and Mortgage shall fail to comply with any of the covenants therein contained.
VIII. If any materials, fixtures or articles used in the construction of the building or appurtenant thereto, be not purchased so that the ownership thereof will vest in the owner of the said premises free from incumbrance, on delivery at the premises.
IX. If the borrower do not erect said building in accordance with plans and specifications satisfactory to the lender and plans that have been approved by the Department of Buildings of the City of New York, and, if said building be affected by the Tenement House Law, by the Tenement House Department of the City of New York.
X. If the owners of said premises do not permit the lender, or a representative of the lender, to enter upon said premises and inspect the building thereon at all reasonable times.
XI. If the construction of said building be at any time discontinued or not carried on with reasonable despatch in the judgment of the lender.
XII. If, by reason of the death of any owner of said premises, the heirs, devisees or legal representatives of such owner shall permit or allow said construction of the building to be discontinued for a period of thirty days.
XIII. If the borrower make any conditional purchases of, or execute any chattel mortgage on any materials, fixtures or articles used in the construction of the building or appurtenant thereto.
XIV. If the borrower fail to comply with any requirement of any Department of the City of New York, within thirty days after notice in writing of such requirement shall have been given to said borrower by the lender.
7. And it is mutually understood and agreed by and between the parties hereto on behalf of themselves and their respective legal representatives that the Bond and Mortgage contemplated to be executed, acknowledged and delivered pursuant to this Agreement shall be made subject to all the conditions, stipulations, agreements and covenants contained in such Agreement, to the same extent and effect as they would be if fully set forth and made part of such Bond and Mortgage: and it is further expressly understood and agreed that, if the borrower fail to keep, observe or perform any of the stipulations or covenants contained in said Bond and Mortgage, or in this Agreement, that, at the option of the holder of said Bond and Mortgage, the amount secured thereby shall become at once due and payable, anything to the contrary notwithstanding.