HomeMy WebLinkAbout1314 and pay the overplus, if any, to said Mortgagor. The Mortgagee shall also have
an option to sell the premises ir. parcels or ic~ one unit.
16. Whenev~r used in this instrument, unless the context shall othe n~ise clearly
require, the term "Mortgagor", shall include the legal representatives, succes-
sors and assigns, of Mortgagor, and all persons claiming by, through or under
Mortgagor; the term "Mortgagee" shall include the legal representatives, suc-
cessors and assigns of Mortgagee; the term "note" shall refer to the promissory
aote evidencing the indebtedness hereby secured; the term "person" shall in-
clude any iadividual, partnership, corporation, trustee, or unincorporated
association; the term "premises" shall include the real estate described here-
in, together With all buildings, structures, and improvements thereon, and all
fixtures, machinery, apparatus, equipment, and articles of personal property
referred to herein, and any and all other right, property, or interests'at any
time sub~ect to the lien of this Mortgage; the singular shall include the
plural, and the plural, the singular; the gender used shall include the other
genders.
~ 17. All of the terms, covenants, conditions, and agreements herein set forth shall
be biading upon and inure to the benefit of the respective successors and
- assigns, 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 empower ~aid receive to collect the rents, issues
and profits of said premises during the pendency of such foreclosure action,
aad until the confirmation of sale made under any judgment foreclosing this
Mortgage, and 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. Mortgagee shall be subrogated for further security to the lien, although re-
- leased of record, of any aad a12 encumbrances paid out of the proceeds of the
loan secured by this Mortgage or any adv.ances made by Mortgagee hereunder.
20. In the event the loan secu~ed hereby is obtained to assist ia financing building
I construction or remodeling, or other improvements to the premises and: (a)
f If such improvement shall not, in accordance with plans and specifications ap-
~ proved by Mortgagee, be completed prior to the expiration date established by
~ Mortgagee, or (b) If work on such improvements shall cease before completion
aad remain abandoned for a period of thirty.consecutive days, the existence of
either circumstance shall constitute an event of default un3er the terms of
this instrument, and at any time thereafter, the said aote and the whole in-
indebtedness secured hereby shall, at the option of the Mortgagee and without no-
tice of Mortgagor (such notice being hereby expressly waived), become due and
collectible at once by foreclosure or btherwise. In the event of such cessa-
tion or abandonment of work as aforesaid, Mortgagee may, at its option, also
eater upon the property and complete the improvements and Mortgagor hereby
~ gives to Mortgagee full power and suthority to make such entry and to enter in-
to such contracts or arrangements as it may consider necessary to complete the
same. All moneys expended by Mortgagee in connection with completion oi said
improvements shall be added to the indebtedness hereby secured and shall be
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~ payable by Mortgagor immediately and without demand, with interest at the rate
specified in the note secured hereby. Mortgagee shall have the right to enter
~ upon the property at any ar,d~all times to inspect the premises.
21. That any sum or s~uns which may be loaned or advanced by the niortgsgee to the
~s Mortgagor at arey time within ten (10) years from the date of this ~ndenture,
together With interest thereon at the rate agreed upon at t:~e time of such loan
or advance, shall be equally secured with and have the same priority as *_he
~ original indebtedness and be s~bject to all the terms and provis~ions of this
mortgage; provided, that the aggregate amount of principal outstanding at any
~ time shall not exceed an amount equal to one hundred and fifty per cent (15Q7ej
of the principal amount originally secured hereby.
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