HomeMy WebLinkAbout1203 income, prafits, iss~res and revenues o~s hereby mort~o~ed as if speciAtally set forih and dtst~ibed in the 9ro~tin~ ond hobendwn
clauses hereof, ond such ~eceiver sholl hove oll the b~ood ond effecti~e functions ond powen in any wise e~tnisted br o cou~t to 0
receive~, Qi+d such appoi~tment sholl be mcde by such court as an admitted equity and a matter of absolute riyht in the Mo~tQo~e~,
cnd without refe~ence tc the adequccp or inadequacy of the value of the property mortpa9ed, or to the solvency or insolvency of
the Mo?t~oyo? ondlor ths defendant ond wcfi renh, proRt:, income, i:wes and revenues shall be cpplied by the receiver acoordinq
to fhe lien and/o~ equity of this mo~t~a~e and the p?octice of such cou?f, a~d suth appointment of receive? shall b~ without notice
to anY..obtiyor herevnde~. •
NINTH: The Mo?tpa9or hereby woives all ri~hts of homestead ond exemption g~onted by Me Cautitutwn and lows of
Fbridv. N is speciRcally a~reed lhot time is of the essence in this contrad ond fhot no waiver by the Monyo~ee of cny obli~otion
he~eunder o? of the obli~ation secured hereby shall at any time the~eofte~ be held ro be a woiver of the tenns hereof o~ of tha
obliqation :ecured hereby. '
TENTM: Upon anr sale, tronsfer or conveyonce oi M+e property herein described ond covered br this nan~a~e ro any
penon, Arnn or corporotion, not previouslr epproved in writinQ br the holder of this mort~c9e, the Mortqaqee or holde~ si~oll have
the ~iqhf ro aaelercte the maturif~r of fhis mo?tgaqe o: Nwugh it were due and paroble on the day of wd~ tronsfe~ ond to demand
parme+,~ fi,u of N,e :a~d mo~9c~e oma,nt or a~y w+Pa~d baiance ~heraof, and to axercise cll Me ri9hts and remedies hareio or
br lovr ~eserved ro said Mort~ayee the some as i~ any avent of defouk hereunder, onrthirp in the Qromissory note seared
hereby or herein to the oontrary nothwithstaneiin~.
BE1/ENTH: If foreclowre proteedin~s of a~y seaond na~t~a9e or seoond tn~st deed or any junior lien of oer kind slwuld
be instituted, the Mort~agee mar, at its option immediotel~r or thereoRer dedo~e this mort~aqe and 1he indebtedness sesured
herebr due and paYable.
TWaFTH: That in the event the premises herebr nwrt~aQed, or ony paN ihereof, shall be condenw~ed a~d taken for publit
use under the power of eminent domain, the Mort~c~ee shall hove the right ro demand that aH damages aworded for the taki~q
of or domages to said premises shall be paid to the Mort9aqee, up to ths onwunt M~en unpaid on this nart~a~e and the obiipatioe
secvred herebr and moy be applied upon the payments last payoble uoder this morf9a~e and the obliqotion sewred herebr.
THIRTEENTH: Ti~at installments, pQyabk under the terms heroof and the note seared herebr, not paid when due, shall be
subjed, after Rheen (15) doys fron~ the due date thereof, to, a++d it a a9reed Mort9apee shall aollect therea~ ond therewith, a
"lote chorge" in Hee amount of four per ceM (4%) of fhe installmeM due upon each wch delinquent instollmeM, ont! wch "late
chargei' are secured by the lien hereof.
fOURTEENTH: Without impairin~ the obli~otions of Mort~a~ aoMcioed in paroqraphs SKOND, THIRD and FOURTH
hereof, and for application ro the purposes thereof insofar as the same shali be wfficient; Mort~a9or shall, in addition ro the
monthly parments of principal and infa~est as steted in 1he original nots (and in the note or ~ofes ssa~ed herebrl P~ided b be
made, par a monthly swn and amount equal to one-twelfih {1/12) of the estimoted ar~w) toxes, auessmeets and inwrance
premiums upon the real estate sewriiy, as ths anaunt thereof a dNarmined hom time to time by ths Mort~a~ee.
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i HFfEENTH: That the Mort~a~ shcll furrish amually, at the request of the Mortqogee, finantial stotements in form ond
j certified in a manner satisfocfory to the Mort9a~ee.
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f SIXTEBrTH: This mort9a~e olso sewres am? ond oll renewols and extensions of the promissory note refer~ed to herein ond
~ secured heraby, and all installments thereof, and also any other notes vrhich have been or mar bs g+ven to Me Mortqagee by fhe
~ MafgaQor, and anr other indebtedness of the Mortqa~x to the Mort9e~ee whid~, however, shall not exceed at any one time
ttie c99re9ote unpaid printipal wm of 1'~NENTY-FOUR THOUSAND AND NO/100---------------
DoUonti 24.000.00. 1.
it beinp the speaAc intention that further advances mar be made br the Mwt~aqee at its option to the Mortqa~or, either prior to
or afier the due dates of the abovs referred /o promissory note herebr searedj and this mort9a~e is qiven for the speciflc
purpose of securin~ any and all indebtedneu br fhe Mort~a~ to the Mort~a~ee in whatever manner fhe some nwr be evi-
denced or reprosented, until fhis mort9a9e is satisAed of reoordj ond all oovenaMs and a~reemenh contoined 'a~ this nart~aqe
shall be opplicabls to oll further and future advances nwde by the Mort~apee fo the Mort~o~or and all other indsbtedness of
Mortqa~ ro ihe Mortga~ee, and ony and all ren~wals or extensions thereof.
~ SEVENTEENTH: Mortgagors, as a condition and covenant of this mortgage,
~ agree to maintain all of their checking accounts and all of their savings accounts aad
otherwise do all of their banking with the Mortgagee during the lrfe of this mortgage~.
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goo~180 ~~E1200
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