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HomeMy WebLinkAbout1631 S. LITIGATION EXPENSES To pay bll the expenses, including reasonable attoroey's fres rcsult~ng frum Mo?igagu~'s faiiu~e to prwnptly ~xrf.~cm the terms ~nd ~anditions oi said promissury note and this mortgage; or rewiting f~~~m iet~hng ur remuv- ~ng ~ny cloud on the title of ~he mortgaged p~ope~ty purporting ta be supe,~ior to the lien of this morEgage ur otherw~ise. t?. COhSTRUCTION LOAN In the event this mortR~ge is given to s~ecure a constructan loan, the Mortgage is wbject to the terms, provisiuns. and conditions uf that artain Const~uction Loan Agreement of eren date an~ said Const~ucteoa /~grament is by referonce ineorpapted herein and made a Part hereof Default in the terms of the Constcuction Loan Agreement shafl constitute a detault under the Mortgage, Said Agreement, if any, is available Cor inspeclion at the al~'ice of the Mo~tgagee. 7. ESCROW FUND• To provide for the orderly payment of charges upon the mo~tgagrd propetty Mo~tgagor shall pay monthly tu l~fortgagee in addition to the above payments~ a sum estimated to be i ll2 uf the taxes, insurance premiums, .~nd other charges upon the murtgaged ptope~ty, vrhich ~ayments may. at the aption of the Mortgagee, be (1) Co-mingled with uther funcis; ('_2 Carried in an es~;row accuunt and withdrawn by Mortgagee to pay such items; or, (3) Credited to the unpaid balance of the mortgage indebtedness when received. provided that the Mortgagee advancrs upon this obligation sums wff'r cient to pay said items as they become payable, !f the amount estimated to be suff:cient to pay said items is insuCficient . ~iortgagur shall pay the diffe~ence upon demand. If such items are carried in an escrow account. said accuunt shall further secure this indebtedness. Mortgagee is authorized to pay said items as charged or billed without further inquiry. ti DE~AULT ANn ACCELERATION That if the Mortgagor fails to make any of the payments, punuant to said promissory note. or perform any of the terms or conditions require.i hereunder, Mortgagee may. at its option, make such payments and make or pay for the performance of such terms and co:~ditions as in its discretion it may deecr~ qecessary without waiving or aff'ecting its optiun to foreclose, or any rights her~under, and the fuli emouAt, there~'or. shaq be secured by the lien of this mortgage snd shaU bear interest at the rate of nme (9~"ro) per cent per a~inuin, or if the Mortgagor is a corpora~eon at the rate of 1496 per annum. !f any of the sums referred to are not paid within fdteen (15) days after being incurred by Mortgagee or after the same severaUy become due and payable, or if all the tenns and conditions of said promissory note in this mortgage are not duty performed. the aggreg,ate wm mrntioned in said promissory note and any other amourtts added to the mortgage indebt- edness under the terms of this mortgage shall become due and payable forthwith or thereafter, at the option of Mortgagee, as fully as if said aggregate sum was originally stipulated to bt paid on such date; anything in said promissory nute or herin io the contrary notwithstanding. E~tlNENT DOMAIN That if any part of the mortgaged property is taken under the power of eminent dumain, nll damages awarded (up to the amount unpaid on this mortgage) for the taking shall. at its option, be paid to ~lortgagee to be appiied pro tanto to the full amourtt of the mortgage indebtedness. 10. RECEIVER i'hat upon a Jefault in any uf the terms and cortditiuns of this mortgage, ~fortgagee shaU be entitled. without nothe to the :?lortgagor and witt~out regard ~o the adequacy or inadequacy of the p~operty as seeurity for the mortgaged debt. to the immediate appointment of a receiver o~ the mortgaged property, and the rents, issues, and profits " the~eot. , 11. SUBROGATIO\ `iortgagee is subrogated to the rights of' the holders of all liens an the mortgaged property ~4i~ich are satisfied, in whulr or in part, out o( the pra;eeds of this loan; and the respective liens shall pass to iiortgagee tu the s~me extent that they wuuld have been hetd by :ltortgagee had they been duly assigned to ~tortgagee, notwithstanding the fact that the rame may be satisfied of record; it being the intenteon of the parties heretr that these liens will be satisfied of record by the holders thereuf at or about the time ef recording this mortgage. 1'. ~lISCELLA~IEOUS That time is of ihe essesh.e of this agreement, but Mortgagce's forebearance to enforce any c~f the rights or options hereunder shall not be construed as a waiver of any of the temu and conditions of this mortgage. That this agreement is binding on and shall inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors and assigns; the terms herein shalt include either tt~e singular ar plural, ~nd the use of any gender shali include all genders. That ali covenants contained in this Mortgage shall run with the land and the t'act that any ~uccessor in interest takes possession of this mortgaged property shall constitute conclusive evidence of their agreement to be hound thereb~~. - IN- Wl"fNESS WHEREOF, the said ~tortgagor has he?eunto signed and sealed these precents the day and year first above «~ritten_ Signe sealed and delivered in the presence nf: , Ro L. Wahl ~ _ ~ ~ . / " L.S. ) c eline M. Wahl (Cotporate Name) BY ( L.S.) President P,tfest: L.S.1 Secretary ~c urpuratc Sral~ ~ SGGX o ° ~1~. fa~.1~z~ ~ -r - - - - ~ ~ - = - ~ ~ ~ ~ ~ . ; : ~~.~*3"~ 3 ~ ~ . _ .r. i ` , c zx~