HomeMy WebLinkAbout0220 th~~ Mc~rt~aKee. its succ~•sse~rs, le~al rrpr.~st•lli3tlvt~s or c'iSSI~,?Ilti~ shall hav~
the aption to recei~•e and apply ti~c~ sante on acc~~unt of th~~ ii~debtedness herc~by
st cured or to permit tht~ Aiort~;a~;or to receivc• and usr it or any part thereof
for other purposes, ~t•ithout th~>rc•by waivin~; or impairink any c~quity, lien or
ri~;ht undt: r or b~~ ~~irtue ~f this m~~rtKage, and n~ay place and pay for such
insurance or any part thereuf without waivinK or affecting the option to fore-
~clost or any right hereunder. and each and every such payment shall bcar
interest from date OC p3y111E'Rt at the rate oi 15°,o per annuii~.
T~ permit, conlmit ~r suffer na ~vaste, iii~pairment or deterioration of
said property, or any part thereof.
y. To perforni, co~~iply ~~•ith and abide by each and every stipulations, aKree_
tzzents, conditions and covenants in said proniissory note, and in the deed set forth.
Thi~ ~iort~age shall secure not only existin~ indebtedness of "Borrov?~er"
but also such future adva~ces. ~t~hether such advances or obligations a: e to be i
made at the option vf the "Borrov~•er", or other~~~ise as are made within
*.~rentv f20) years from the datc hereof to the same E:xtent as if such future
advances to "Borro~a~er" were n:ade on the date of the execution of this Mort-
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~a~e and althou~h there may be no advance aP t~i.rtime of the execution of this
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' '~~iortgaee and althou~h tht•re niay be no indebtedness outstanding at the time
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~ any adt•ance is n~ade *,o ''R~rro~rer". The t~tal amount of indebtedness that
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! is secured hereunder i~ia}' decrc•ase or increase fr~~m time to time but the
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? total unpaid balance so securc:d at any one ti~ne shall not excer:d the maxiitzum
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` principal amount of $300, 000. 00 Dollars plus interest thereon, and any
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s disbursements made f~r the payment of xaxes, levies or insurance on the
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s Qruperty covered by this MortgaQe with interest on such disbursements, and
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atturneys fees, court costs and expenses.
~ THAT if at any tin~e, in the opinic>n of the Mc~rtKa~;ee a re~ceivc~rship
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= rz~.ay be necessary t<~ protc:ct the i~~ort~;a~ed pr~perty or its rents. issuc•s,
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prc~fits, pr~~duce or revenues, whether bef~rr• ~~r after i~~aturity ~f the
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