Loading...
HomeMy WebLinkAbout1048 :c~,~ll not be made in such construction or development, `th~n and in .u~y such event ci~~ said aggregate sum, Nrincipal and interest. mentioned in said Promissory .~te, and all monies secured hereLy, shail become due and payable forthwith or c.i~r~reafter, at the option of said Mortgagee; ~nd in the event of such cessakion ~~t work upon said construction c,r d~:velopment for a period of ten (10) days, or ~r substantial continuous progre~,s shall not be made in such constructi•~n or ~i~v~lopment, as aforesaid, the Mortg.~gee may at its option enCer into and upon c7:~ mortgagec premises and complete said construction or development in such ~:.~:lner as it deems advisable without any interference from the Mortgagor; the ;~~id Mortgagor hereby giving and granting ta the tlortgaqee full power and author- :ty to make such entry into and upon said mortgaged premises, to enter.into such ~:,.,~tracts or arrangements as may be necessary to complete said construction or .i,~velopment, and to expend any monies remaining in said Loan fund and in addition _~:~y sums of money necessary to complete said construction or developm~ent; and .~~ly and all monies expended by the Mortgagee in connection with such completion ~r construction or development in excess of ~he monies in said Loan fund shall added to the said principal debt and shall draw interest at the delinquent :ate provided in said Promissory Note, and shall be secured by this Mortgage, a~ld shall be payable by the Mortgagor on demand. The Mortg~yee shall have the :lisolute right to apply any balance of development and/or construction loan funds ~s a payment toward the development and/or construction loan mortgage and note, ?c1d no other party, whether contractor, materialmen, laborer, sub-contractor, ~r supplier, shall have any interest the development and/or constuction loan ~unds so applied and shall not have any right to garnishee, require, or compel ;~syment thereof toward discharge of satisfaction of any claim or lien which they ur any of them have or may have for work performed or materials supplied to the i~velopmer,t and/or construction project. 36. That the rlortgagor will on the request of the Mortgagee furnish ~~ti~~ritten statement in recordable iorm of the amount owing on the obligation .;i~ich this biortgage secures and therein state whether or not Mortgagor ~laims sny defenses or offsets thereto. . 3i. The Mortgagor covenants, that in the event the ownership of said ~~ronerty or any part thereof becomes vested in a person other than the Mortg.~gor, rne Mortgagee may, without notice to the Mortgagor, deal with such successor o: successors in interest with reference to this Mortgage and the debt hereby secured in the same manner as with the Mortgagor, and may forbear to sue or :~ay extend time for P aY~nt of the debt, secured t;.~reby, without discharging or in any way affecting the liability of the Mortgagor hereunder or upon the ~iebt hereby secured. 3$. That this Mortgage cannot be chanqed orally. 39. That if this Mortqage is in connection with multiple construction ~r development loan financing, the M~rtgagee agrees it will reZease from the lien of this Mortgage any one or more of the lots described herein upon payment ~y the Mortqagor of the sum or sums specified in the schedule of lot releases attached hereto and approved by Mort9agor and Mortgagee; provided, however, that the Mortgagor has fully complied with, and is not in default under any of the terms and conditions of the Mortgage, i~lortgage Note or the Loan Agreement at the cime the payment due for said release is tendered to the Mortgagee, or its assign: as the case may be, who at that time is tha owner and holder of record of said ~iortgage and Note. 40. t4ortgagor acknowledg~s that any payments made by it in partial or complete discharge of the loan to any Agent other than the owner and holder of the Mortgage and Note of record, as recorded among the Public Records of the jurisdiction in which the Mortgaged Property is situated, shall constitute a payment to the Mortgagor's Agent and not to the owner and holder of said Note or its agent. In this regard it is understood that until said payment is actuall in the possession of the Mortgagee or its a~ .gns, as the case may be, who at that time is the owner andholder of record of said i4ortgage and Note, said pay- ment shall be deemed not to have been properly made, and Mortgagee shall not be ; required to re2ease or discharge the Mortgage in satisfaction of the obiigation ~ pursuant to the provisions of said t4ortga:,a and Note. ~ ~ a 41. It is further covenanted and agreed by the parties hereto that > this Mortgage aisa secures the payment of and includes all future, or further advances as shall be made by the Mortgaqee herein or its successors or assigns, to and for the benefit of the Mortqagor, its heirs, personal represe~~tatives, or assigns, within twen~y (20) years from the date hereof or the maximum period of time permitted by the laws of the state i~ •~hich the Mortqaged Pr~:perty is located, whichever is the lesser, to the saR~~_ extent as if such futuLe advances were made on the date of the execution of this Mortgage. The total amount of ~ndebtedness that may be secured by this Mortgaqe may decrease or increase from - 10 - 8ooK219 P~if 48 G~7EENE wN0 ~w~hE VA ,~TTOf7NE~rS wi ~I?W 320 1~ E~H"' STHEfT Mi~MI <<pq~Dw 33~3Z ,~+.°7t' x , _ _ - ~ - . . . - _