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HomeMy WebLinkAbout2951 and pay tt~e overplus, if any, to said Mortgagor. The Mortgagee shall alsu h~vc an option to sell the premises in parcels or in one u~it. ~ 16. Wt~enever used in this instrument, unless tlie context shall othecwise cle~rly * require, the term "Mortgagor", shall include the legal representatives, succes- f sors and assigns, of Mort~a};or, and all persons claiming by, throu~;ll or undcr ' Mortgagor; ti~c term "Mortga~;ee" shall includ~ the legal represent~tives, suc- ~ cessors and assi~;ns ot Mortga~;ec; tl~e term "note" shall refer to the promissory ~ note evidencing the indebt~~dness hereby secured; tl~e term "person" sliall in- clude any individual, partnership, corporation, trustee, or unincorpor~ted ' association; the term "premises" shall include ti~e real estate described here- in, toKether with all buildin~s, structures, and improvecnents thcrron, and ~11 fixtures, machinery, apparatus, equipment, and articles of personal propert;~ referred to herein, and any and all other right, pro~erty, or interests at ~eny ~ time subject to the lien of tfii-s ~t~lortgage; the sin~ulai shaTlinclude~~he-" 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 he binding upon and inure to the benefit of the respective successors and assigns, of the parties hereto. 18. Upon 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 said receive to collect the rents, issues and profits of said premises during the pendency of such foreclosure action, and 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 and all encumbrances paid out of the proceeds of the loan secured by t6is Mortgage or any advances made by Mortgagee hereunder. 20. Ia the event the loan secured hereby is obtained to as~ist in financing buildi~~ construction or remodeling, or other improvements ~o the premises and: (a) ! 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 # j aad remain abandoned for a period of thirty consecutive days,.the existence of ~ , _ either circumstance shall constitute an event of default under the terms of ~ this instrument, and at any time thereafter, the said note 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 wai~ed), become due and ~ collectible at once by foreclosure or otherwise. In the event of such cessa- ~ tion or abandonment of work as aforesaid, Mortgagee may, at its option, also en[er upon the property and cvmplete the improvements and Mortgagor hereby gives to Mortgagee full power and authority 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 of said improvements shall be added to the indebtedness hereby secured and shall be payable by Mortgagor ic~nediately and without demand, saith interest at the rate ~ specified in the note secured hereby. Mortgagee shall have the right to enter ~ upon the property at any and all times to inspect the premises. ~ ~ 21. That any s~an or sums ~hich may be loaned or advan~ed by the mortgagee tc+ the ~ Mortgagor at any time with~n ten (10) years €rom the date of this indenture, i ! or advance, shall be equally secured with and have the same priority as the ~ ~ original indebtedness and be subject to all the terms and provisions 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 (150%) ~ ~ of the principal amount originally secured hereby. ~ ~ i ,x~ 1 ~ 4 ~a . ~ ~ -6- tooK2i8 ~AC~2947 ~ - Y } ~ _ , +`8 ~ d . _ _ . . . ~ .-.,s.. .