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HomeMy WebLinkAbout1721 pa?t_thereof,'whe~ever e~acted, now o? at ony time hereaher in fwte, which mor afFect the covenonts ond terms of per(ormonc~ of this Mortgoge, ~ cloim, take o? insist upao o~y beneBt or advontage of o~y low ~ow or he~ea~ter in force prqvidin9 far the • valvation a cppraisol of tha Mortgoged Property, o~ an}~ part the~eof, p~io~ to o~y sale o? sole: thereof which moy be mode pur- suont to any p~ovision herein, or pu~suant to the dec~ee, judgment o~ order of ony couri of competant jurisdiction; no?, oher ony such sale or soles, claim or exerciss ony right u~der any statute he~etofore or he?eofte~ enacted, by any Governme~tol Autlwrily or otherwise, to redeem the property so wld or any port thereof; and the Mortgogor hereby expressly woive: all benefit o? odron- tage of anr such law or lows, and covenants not to hinde~, delay o? impede the exetufion of onr powe~ herein g~anted or delegoted to fhe Mortgagee, but to suffe? and permit the execution of every powe~ as though no such low o? lows hod been ; made or enacted. The Mortgagor. for itself and all who claim under it, woires, t8 the extent that it lawiully rtroy, of) right to ~ hove the Mortgaged Property morsholed upon anr foreclosure hereof. ~ , 30. To the extent of the indebtedness of the Mortgagw to the Mortgcgee desc~ibed he~ein or secu~cd hereby, the ~ Mort. ? gagee is he~eby sub~ogoted to the lien o~ liens and to the rights of tho owner: and holden thereof of each vnd every mortgoge, ~ lien or other e~cumbrance on the land destribed herein which is paid and/or sotis6ed, io whote or in part, out of the proceeds ~ of the loan desaibed herein or secured hereby, ond the respective liens of said mortgages, liens or othe? encumbrantes, shall be ~ ond the same and each of them hereby is preserred and sholl pass to and be held by the_Mortgagee herein oi security for the ~ indebtedness to the Mortgagee herein deu~ibed or he~eby secured, to the some eatent that it would have been preserved and ~ would hove been passed to aod~ been held by the Mo~tgagee had it been duly and regularly ouigned, transferred, sef over, aod delivered unto the Mortgogee by sep$rote deed of assig~ment, notwithsronding the fatt that the same mar be satis6ed ond con- ceiled of record, it being the imention of the parties he~eto thot the seme will be setisfied and concelled of reto~d by the holden thereof at or about the time of the recording of this Mortgage. 3~. !n the event any one or more of the provisions cantained in fhis Mortgoge or in the Mongoge Note or in the Loon Agreement shall for any reason be held to be inopplicable, invalid, itlegel or unenforceabte in any ~espect, wth inopptitability, : ~nvulidity, illegolity or unenforceabilily shafl, at the option of the Mo?tgogee, not aiiect any othe? provision of this Mortgoge, but i this Mortgage shall be construed os if such inopp{icable, invalid, iliegoi or u~enforceoble provision hod never bect? co~tained herein or the~ein. 32. All noNces he~eunder sholl be in writing and shall be deemed to hove been suPficie~tly given or. se~ved fw oN pur- poses when presented personaily or sent by telegraph or by registered or certified moit with retur~ receipt requested to ony porry hereto at its address above stated or at such other address of which wriHen noti~cation hos bean given to the other porty, 33. lUi of the gronts, covertants, terms, provisions and condifions herein shall ~un with the land and sholl epply to, bind and inwe to the benefit of, the successors and assigns of the Mo~tgogor and the succeuors and auigns of the MoHgagee. 34. That, if required by Mortgogee, the said Mortgagor will pay unto the Morigagee, on the.first day of each and every consecutive month, a sum equal to one-twelfth of the onnuol amount neceuary to poy all toxes ond assessments against the soid mortgagea premises, soid monthly sum to be estimated solely by Mortgagee and calculuted to be on amount not leu tha~ the amount of taxes assessed against said mortgaged premises for the previous year, and iF further required br Mortgogec to poy oll insurance premiums in manner and form as provided herein for the poyment of toxes ond assessments. 35. Thot, in the event the loon which this Mortgoge is given fo secure is made for the purpose of financing the construc- tion of new buildings or the conshuttion of improvements and/or addifions to existing buildings, or the development of the Mortgaged Property, the Mo.tgagor, if required by the Mortgagee, expressly ogrees to deposit with the Mortgagee or ih desig- - noted agent on amount of money equal to the difference between the net proceeds of the loan and the toto! arriount, os determ- ~ned by the Mortgegee, required to fully comptete said construdion or development in occordonce with the plans and specifications heretoEore submitted by the Mortgagor and approved by the Mortgagee. Said amount of money shall be pleced by the Mortgagee in o loan fund as designoted by the Mortgagee, and the same shall be used by the Mortgagee to pay the costs, charges and expenses incurred i~ connection with said construction and/or deve(opme~t prior to disbursing of this loon. It is further ag~eed that ~n the event said construction or development is not commenced and fully comple~ed on or before t6e dates stoted in the loon Agreement or in the event that the wid conshuction or development work shall cease before full completion and wch ceuotion sholl conti~ue for a period of ten (10) days, w if substentio! continuous progress shall not be made in such const~uction or develop- ment, then and in any such event the wid aggregote sum, principol and interest, mentio~ed in said Promissory Note, ond all monies secured hereby, shail betome due and payable forthwith or thereafte~, ot the option of said Mo~tgagee; and in the event of such cessation of work upon wid tonstrucfion or development for a period of ten (10) days, or if substantiol continvous progreu shaN not be mode in such construction or development, os oforesoid, the Mortgogee may ut ih option enter into and upon the mortgaged premises ond camplete said construction or development in such manner as it deems odviwble without any interference from the AAortgogor; fhe said Mortgogor hereby giving qnd gronfi»g fo the Mortgogee full power and authority to make such entry into ond upon said mortgaged premises, to enter into suc6 contracfs or arrongements as moy be necessory to comptete said construction or develapment, ond to expe~d any monies remaining in said Loan fund and in addition any sums of money necessary to complete soid coostruction or development; and any ond all monies expended by the Mortgogee in connection with such completion of con- s struction or development in exceu of the mo~ies in said loan fund sha(f be added to the said principo) debt and shall draw interest ~ at the delinquent rate prorided in said Promissory Note, ond shall be secured by this Mortgage, and shall be payable by the Mort- gagor on demand. The Mortgagee shall have the absolute right to oppty any balonce of development and/or construdion toon funds as a payment toword the development and/or canst~uction loan mortgage and note, and no other party, whether contractor, materiafinen, laborer, sub-contractor, or supplier, sholl have any inte~est in the development ond/or construction loan funds so applied ond sholl not h6ve ony ~ight to garnishee, require, or compel payment thereof toward discharge af wtisfoction of any cloim or tien which they or anr of them hove or moy hove for work perfo~med or motereols supplied to the development and/or construction project. - 36. That the Mongogor will on the request of the Mortgagee furnish a written statement of the omount owing on the obli- ~ gation which this Mortgage secures and therei~ stote whether or not Mortgogor claims dny defenses or ofisets thereto_ 37. 7he Mortgagor tovenants, fhof . in the event the ownership of said property or any port fhereof becomes vested in a person othe~ thon the Mortgagor, rhe Mortgagee may, wi~hout notice to the Mortgogor, deal with such s~ccessor or succeuors in interest with reference to this Mortgage and the debt hereby secured in the same monner os with the Mortgagor, and may fo~bear to sue or may extend time for poyment of the debt, setured tAereby, without dischurging or in any way afFecting the liabitity of the Mortgogor hereunder or upon fhe debt hereby secured. , 38. That this Mortgoge cannot be changed oralty. 39. Thot if this Mortgage is in connedion with multiple tonstrucdon or development loon finoncing, the Mortgogee agrees ~r will releose from the lien of tF~is Mortgoge ony one or more of the lots described herein upon payment by the Morigogor of the sum or sums specified i~ the schedule of lot releases ottached hereto and approved by Mortgagor and Mortgagee; provided, how- ever, that the Mortgagor has ful(y complied with, and is not in defoult under any of the terms ond conditions of the Mortgage, Mortgage Note or the Loart Ag?eement ot the time the payment due ior soid release es tendered to the Mortgagee, or its ossigns, os the cose may be, who at thot time is the owner and holder of record of soid Mortgage and Note. 4U. Mortgago? ocknowledges thot anr poyments made bY it in port;a! or complete d~scharge of the loan to any Agent other than the owner and holder of the Mortgage and Note of record, as recorded among the Publec Records of the jurisdiction in which the Mo~tgaged Property is situated, sholl constitute u payment to 1he Mortgogor's Agent ond not to the owner and holder of so~d Note or its agent. In this regard it is understood that unti) soid puyment is actuallr in tlie Qossession of the Mortgagee or irs ossigns, os the case moy be, who ai thvt lime is the awner and ho;der of record of sa~~~ Mortgoge and Note, soid poyment sho11 be deemed not to have been properly mode, ond Mortgagee shaii not be required to release or diuhorge the Mortgage in zot~sfoct~on of the obligation pursuant ~o the provisions of soid Mo?tgage ond Note. S. 0 R ? i~ R PAC~ ~~'3 .V @CQK~~~ fAl.~~~ 6GOK~~~ - ~ r _ _ - _ . .