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HomeMy WebLinkAbout0785 • LiTIGATION EXPENSES To pay all the expenxs, including reasonable attorney's kes rewlting Gom Mo~tgagur's failure to promptly perform the terms and conditiuns of said promissory rtote and this mor~gage; or rewlting Gom settling ur remov- ~~g any cloud on the title af the mortgaged property purporting to be wpe~ior to the tien of this mortgage or otherwise. 6. CONSTRUCTION ~ ~ ~ ` ' LOAN In the event this mortgage is given to secure a construction loa~i, the Mortgage'lsbubject to the terms. provisions, and conditions of that certain Construction Loan Agreement of even date and said Construction Asreemsnt is by reference incorpor~ted herein and made a part hereof. OeCault in the terms of ths Construction i.oan Ag~reement shall constitute a default under the Mortgage. Said Agreement, if any, is available for inspection at the oftice of the Mortgagee. 7. ESCROW FUND To provide for the orderly payment of charges upon the mortgaged property Mortgagor shall pay monthly to Mortgagee in addition to the above payments, a sum estimated to be I/ 12 of the taxes, insurance premiums, and other charges upon the mortgaged property, which payments may. at ihe option of ihe Mortgagee. be(1) Camingled with other funds; (2) Carried in an escrow account and withdrawn by Mortgagee to pay such items; or, (3) Credited to the unpaid balance of the mortgage indebtedness when received. provided that the Mortgaga advances upon this obligation sums suffr cient to pay said items as they become payable. !f the amount estimated to be sufficient to pay said items is insufficient, Mortgagor shall pay the difference upon demand. If such items are curied in an escrow account, said account shall further secure this indebtedness. Mortgagee is authorized to pay said items as charged or billed without further inquiry. 8 DEFAULT AND ACCELERATION 'fhat if the Mortgagor faits to make any of the payments, pursuant to said promissory note, or - perform any of the terms or conditions required he~eunder, Mortgagee may. at its option. make such payments and make or pay for the performance of such terms and conditions as in its discretion it may deem necessary without waiving or affecting its option to foceclose, or any rights hereunder, and the full amount, therefor, shali be sec~red by the lien of this mortgage and shall bcar interest at the rate of nine (9~1G6) per cent per annum, or if the Mortgagor is a corporation at the rate of 1496 per annum. lf any of the sums referred to are not paid within fdteen ( l 5) days after being incurred by Mortgagee or after the same severally become due and payable, or if all the terms and conditions of said promissory note in this mortgage are not duly performed, the aggregate sum mentioned in said promissory note and any other amounts added to the mortgage indebt- edness under the ternts 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 be paid on such date; anything in said promissory note or herin to the contrary notwithstanding. 9. EMINENT DOMAIN That if any part of the mortgaged property is taken under the power of eminent domain, ~ ~ all damages awarded (up to the amount unpaid on this mortgage) for the taking shall, at its option, be paid to Mortgagee to be appGed pro tanto to the full amount of the mortgage indebtedness. 10. RECEIVER That upon a default in any of the terms and con ~i~uQ of~hi~~ ~~e~ Mortgagee shall be entitled, without notice to the Mortgagor and without regard to the adequa~Mr ih~deqifacy of t~e property as security for the mortgaged debt, to the immediate appointment of a receiver of the mortgaged property, and li~eTeiSts. issues, and profits thereof. . " 11. SUBROGATION Mortgagee is subrogated to the rights of the holders of all liens on t4e mortgaged property which are satisfied, in whole or in part. out of the proceeds of this loan; and the respective liens shall pass to Mortgagee to the same extent that they would have been held by ~iortgagee had they been duly assigned to Mortgagee, notwithstanding the fact that the same may be satisfied of record; ir being the intention of the parties hereto that these liens wiU be satisfied of record by the holden thereof at or about the time of recording this mortgage. lti. MISCELLANEOUS That time is of the essence of this agreement, but blortgagee's forebearance to enforce any of the rights or options hereunder shall not be construed as a waiver of any of the ternu and conditions of this mortgage. That this agreement is binding on and shall inure to the beneGt of the partie3 hereto, and their respective heirs, legal representatives, successors and assigns; the terms herein shall include either the singular or plural, and the use of any gender shall include all genders. ; • That all covenants contained in this Mortgage shall run with the land and the fact that any ~ successor in interest takes possession of this mortgaged property shall constitute conclusive evidence of their agreement to be ~ bound thereby. ~ IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day and year first above ~ writtea $iglled. SCSICd dC~ri ~1L..L~IG;~rPCpnce oC: - " L.S.) R ERT SILS ~ /C~ L.S.) E ~ HOBE SOUND NATIONAL BANK (Corporate Name) ~ ~ ~ gy (L.S.) President ~ Attest: ~ L.S.1 Secretary . ICorporatc SeaU BOGK 213 PAGE 704 -~m~ s ~ r~ s - -~.~~~,~f~