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HomeMy WebLinkAbout0904 port,thKwf.'wMr~vN enotted, eow o? of o~r /in+~ hKwhtr in force. whicF~ rnoy aH~ct th~ covenants cnd terri?s of perlornwnc~ of this Nkxpap~, ncr cbim, tok~ ot insist upoo onr b~ntRt or adwo~ro~s of onr law now or he~eai~e. io fo~ce providiny fw th~ • voluotion or appraisol of the Mo?t9oQad Propert~r, o? ony po~f the~eof, prior to any sola o~ soles tha~eof which mor be mod~ pw• ' suont w onr provision herein, w pursuant to th~ decr~e, jtidyment or wder of anr tourt of tompetenl jurisdiction; nor, ohe~ oer such sol~ w sales, tloim o~ exsrtiss onr ri~ht unde~ ony ttotute he~eto~ore or hsreoker snotted. by onr Govetnmentol A~thotitr ` or othe~wise, to redeem the prope~t~r so sold o? anr poh thareoi; ood the Mortga~or he~eby expressir woives oll benefit o~ odvon- toge of anr such low o? lows, ond covenanK not b hinder, delay or impeds the ezecutio~ of ony powe~ he~ein g~anted or deleyated to 1he Mortpugee, but fo suAer ond permit the exxution of every power as though no such law or laws hod been ~ made or e~octed, The Mortyagor. for itself and all who cbim uoder it, waires, to the exte~t that it low;ully mor, all riyht ro have the Matgoqed Propert~? morsholed upon onr foreclosure hereof, ~ 30. To the extent of Ihs indebtedneu oF ~he Mortgagw to the Mortgagoe deuribed he~ein or secu~ed herebr, the Mo?t- gagee is hereby subro~oted to the lien or liens ond to the rights of ihe owners and holden thereof of each o~d every mortgaQe, I~en or other encumbrance on the iand deu~ibed herein which is poid ond/or satisfied, in whote o~ in pon, out of the proceeds of the (oan described he?ein or secured hereby, and the ~espedive lians of said mortgages, lians or other encumbrantes, sholl be and the some and eech of them he~eby is preserved and sholl pass to ond be hefd by the Mortgogee herein os seturit~r for the indebfedness t~o fhe• Mortqogee herein described or hereby secured, ro the some extent that it would hove been preserved ond would hove been paued to and been held br the Mortgagee had it been duly and regularly auigned, transfe~red, set over, ond deiive~ed unro the AAortgagee by separate deed of auignment, notwithstanding the fod that the same may be satisfied and can- . celled of reco~d, it being fhe intent+on of the parties hereto thot the wme will be satisfied and concelled of record br the hotden thereof at or obout the time of ihe ~ecording of this Mortgage. 31. In the eveot any one w more of the provisions contained ia this MoAgoge or in the Mortgage Note or in the Looin Agreement shal) fo~ any ~eoson be held to be inapplitable, involid, illegol or unenforceabie in any respecf, such inopplitabilit~?, cnvalidiry, illegality ar unenforceabilily sholl, at the option of the Mortgagee, not ofiect ony othe~ provision of this Mortgoge, but this Mortgage shoii be construed as if such inopplicable, inralid, illegal or unenforceoble provision hod never been contoined herti~ or therein. 3Y. All ootices hereunder shop be in writing and shall be deemed to have been sufl5ciently given or scrved for oll pur- poxs when presented personolly or sent by telegraph or by registered or certified moil wiih ~eturn ~eceipt requested to any port~? hereto at ih address obove sioted or ot suth other address of which writte~ notificution hos been giren to the other party. 33. All of the grants, covenants, terms, p?ovisions ond condi6ons herein shall run with the land and shall apply to, bind and inure to the benefit of, the succeuo~s and assigns of the Mortgcrgor ond the succeuors aod auigns of the Mortgagee. 34. That, iF required by Mortgagee, the wid Mortgagor wiil pay unro the Mortgagee, on the first day of each ond every consecutive month, a wm equaf to one-twelfth of the anreua) amount neceswry ro pc~y oU taxes and assessments against the said mort9aged premises, said monthly sum to be es6mated soteiy by Mortgogee end culculoted to be an amount not less than the amount of taxes ossessed against said mortgaged premises for the previous year, and if further required by Mortgagee to pay oll insurance premiums in manner ond form as provided herein fo~ the poyme~t of taxes and assessments. 35. That, in the event the loan which this Mortgage is given to secure is made for the purpose of finoncing the construc- t~on of new bvildings or the conshuttion of improvements and/or additions to existing buildings, or the development of the . Mortgoged Property, the Mortgagor, if required by the Mortgagee, expressly agrees to deposit with the Mortgagee or its desig- noted agent an amount of money equal to the dif~erence between fhe net proceeds of the loan ond the total amount, cs determ- ~ned by the Mortgagee, reqvired to fullr complete wid construction or derelopment in occordante with the plans and specifications heretofore submitted by the Mortgagor and approred by the Mortgagee. Sdid omount of money shall be placed br the Mortgagee ~n a loan fund as designated by the Mortgagee, ond the sc~me shaN be used by the Mortgogee to poy the costs, chorges and expenses incw~ed in connection with said construction ond/or development prior to disbursi~g of thii loan. !t is further agreed thot in the event soid construction o~ development is not commenced and fully completed on or before the dates stoted in the loan Agreement or in the event thot the soid construction or development work shall cease before full completion and wch cessation- shall continue tor o period of ten (10) days, or if substantiel continuous prog?ess shall not be made in such construction or develop- ment, then and in any such event the said agg?egate sum, principol ond interest, mentioned in said Promissory Nofe, and all monies secured hereby, shall become due and payable forthwith or thereofter,.at the option of said Mortgagee; ond in the event of such cessotion of work upon said construction or development for a period of ten (10) days, or if substantiol continuous progress sholt not be made in such construction or development, os aforesaid, the Mortgogee moy ot its option enter into ond upon the mortgaged premises and complete said tonstruttion or development in such manner as it deems udvisable without any interFerence from the Mortgagor; the said Mortgagor hereby giving and granting to -the Mortgogee full power and outhority to make such entry into and upon said mortgaged premises, to enter into such contracts or arrangements as mdy be necessory to complete said construction or development, and to expend any monies remaining irt said Loan fund and in addition any sums of money necessary to complete soid construction or development; and any and all monies expended by the Mortgagee in con~ection with such completion of con- struction or development in exceu of the monies in soid Loan fund sholl be added to the wid principul debt ond sholl draw interest at the delinquent rate provided in soid Promiuory Note, and shall be secured by ihis Mortgoge, and shalt be payabte by the Mort- gogor on demand. The Mortgagee sholt have the absolute right to apply ony batance of devefopment and/or construction Ioan funds os o payment toward the development and/or conmuction toan mortgage and note, and no other porty, whether tontractor, moterivlmen, loborer, sub•contractor, or supplier, sholl hove any interest in the development and/or construction loan funds so applied and shall not hare any right to garnishee, ~equire, or compel payment thereof towo~d dischorge of satisfaction of any claim or lien which they or ony of them hove w moy hove for work performed or materiols supplied to the development ond/or construction projecL 36. Thot the Mortgagor will on the request of the Mortgogee furnish a w?itten statement of the omount owing on the obli- gotion which this Mortgage setures and the~ein state whether or not Mortgagor ctaims any defenses or ofisets ihereto. 37, The Mortgagor tovenants, that in the event ihe ownership of wid property or any part thereof becomes vested 'in a person other tha~ the Morigagor, the Mortgagee moY, without notice to the Mortgagor, deal with such successor or successors in in~erest w+th ~eference to this Mortgage and the debt hereby secured in the some manner as with the Mortgagor, and may forbeor to sue or moy extend time for poyment of fhe debt, secured thereby, withovt discharging or in ony woy offecting the liability of the Mortgagor hereunder or upon the debt hereby secured. 38. that this Mortgoge cannot be changed orolly. 39. Thot if this Mortgoge is in connection with multiple construction or development laon 6rtancing, the Mortgogee agrees it will refease from the lien of rhis Mortgoge ony one or more of the lots described herein upon payment by the Mortgagor of the sum or sums specified in the xhedule of lot releoses ondched hereto and approved by Mortgagor and Mortgagee; provided, how- ever, thot the Mo?tgogor has ful{y complied with, and is not in defoult under ony of the terms ond conditions of the Mo?tgoge, Mortgage Note or the Loan Agreement ot !he time the payment ~ue for soid releose is tendered to the Mortgagee, or its ossigns, as the cose moy be, who ot that time is the owner ond holder of record of said Mortgage and Note. 40. Morigagor atknowledges that any payments made by it in parfial or complete dixharge of the loon ta ony Agenf other than the owner and hoider of the Mortgage and Nole of ~ecord, as recorded among the Public Records of the jurisdiction in which the Mortgaged Properry is situoted, shalt constitute u payment to fhe Mortgogor's Agent and not to the owner and holder of soid Note or its agent. In this regard it is understood thot until said puyment is actually in the possession of ihe Mortgagee or its ossigns, os the case moy be, who at that time is the owner and hu~der oi record of said Mortgoge ond Note, said payment sholl be deemed not to have been properly made, and Mongvgee sholl not be ~equi?ed to releose or discha.ge the Mortgage in sotisfoctio~ oF the obligation pursuant to the provisions of said Mortgage ond Note. - ~ f S. ~ BOGK ~1~ VAGE ~O~ ~ ::,y ~ , ` ~ ; r ` - ~ ~~~ta~~ .~;~s=- - - " ~;m~.'` 'vf ~ _ry _