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HomeMy WebLinkAbout2407 aad pay the overplus, if any, to said ~ortgagar. The ~ortgagee shall also have an option to aell the premises in parcels or in one urtit. 16. Wheaever used in this instrument, unless the context shall otherwise clearly require, the term "Mortgagor", shall include the legal representatives, succes- aora and assigns, of Mortgagor, and all persons claiming by, through or under Hortgagor; the term "Mortgagee" shall include the legal representatives, suc- , cesaors and assigns of Mortgagee; the term "note" shall refer to the promissory note evidencing the indebtedness hereby secured; the term "person" shall in- clude any individual, partnership, corporation, trustee, or unincorporated association; the term "premises" shall include the real estate described here- ia, together with ~11 buildings, structures, and improvemeats thereon, and all fixtures, mactiinery, apparatus, equipment, and articles of personal propertq referred to herein, aad any and all other right, property, or Ynterests at aay time subject to the lien of this Mortgage; the singular shall include_ the plural, and the plural, the singular; the gender used shall include the other ~ geaders. . 17. All of the terms, covenants, conditions, and agreements herein set forth shall be biading upon aad inure to the benefit uf tt~e respective successors and assigas, of the parties hereto. 18. Upoa the commencement or during the pendency of any action to foreclose this Mortgage, the court in which such action is brought may appoint a receiver of mortgaged premises, and may empawer said receive to collect the rents, issues aad Qrofits of said premises during the pendency of such foreclosure actioa, aad until the confirmation of sale made under any judgmeat foreclosiag this Kortgage, aad may order such rents, issues and profits, when so collected, to be held and applied, as the court shall from time to time direct. 19. Kortgagee shall be subrogated for further security to the lien, although re- leased of record, of any aad all encumbrances paid out of the proceeds of the loaa secured by this Mortgage or any advances made by Mortgagee hereunder. 20. Ia the event the loan secured hereby is obtained to assist in financiag buildiag coaetruztion or remodeling, or other improvements to the premises and: (a) ~ If such improvement shall not, in accordance with plans and specificatioas ap- proved by Mortgagee, be completed prior to the expiration date established by Hortgagee, or (b) If work on such improvements shall cease before completion ` , and remaia abandoned for a period of thirty consecutive days, the existence of I either circumstance shall constitute an event of default under the terms of ~ t6is iastrument, and at any time the~eafter, the said note and the whole in- indebtedness secured hereby shall, at the option of the Mortgagee and without ao- tice of Mortgagor (such aotice being hereby expressly waived), become due and collectible at once by foreclosure or otherwise. In the event of such cessa- tion or abandonmeat of work as aforesaid, Mortgagee may, at its option, also enter upoa the property and complete the improvements aad Mortgagor hereby gives to Mortgagee full power and authority to make such entry and to eater ia- to such coatracts or arrangements as it may consider necessary to complete the same.. All moneys expended by Mortgagee in connection~With completioa of said improvements shall be added to the indebtedness hereby secured and shall be payable by Mortgagor i~ediately and without demand, with interest at the rate apecified ia the note secured hereby. Mortgagee shall have the rfght to eater upon the property at any and all times to icspect the premises. . , ~ 21. That any s~mm or s~s which may be loaaed or advanced by the mortgagee to the ~ Kortgegor at any time within tea (10) years from the date of this indenture, ~ . ~ together with interest thereon at the •:ate agreed upon at the time of such loan ~ or advaace, sha11 be equally secured with and have the same priority as the i ~ ~ origiaal indebtedness and be subject to all the terms and provisions of this s} mo r t g a ge; p rov i de d, t h a t t tie agg reg a te amoun t o f p r i n c ip a l o u t s t a n d i r~ g a t a n y ! , time shall aot exceed an amouat equal to one hundred and fifty per ceat (1507.) ~ of the priacipal amount originally secured hereby. r , . ~ ~ ~ ~ ~ - ; 3~7 ~rcc 2341 - 6- ~OL~(~~~ f~i . f.Y'~` N V. _ . - Y~~~ yr v ary'~ Y rrF ~ °'~3- y.af sc ..5~ .