HomeMy WebLinkAbout1623 ~tiall become absolute and the whole indebtedness secured hereby shzll inmediately become
due and payable, at the option of the rlortgagee, and this mortgage may thereupon be fore-
closed for the whole of said money, interest and costs; or riortgagee may foreelose only
as to the si.un past due, without injury to this mortgage or the displacement or impairment
of the remainder of the lien thereof, and at such foreclosure saLe the property shall be
sold subject to alZ remaining items of indebtedness; and Mortgagee may again foreclose,
in the same manner, as often as there may be any stan past due.
8. That in case of default or the happening of any event which would enable the
'•tortgagee to declare the whole indebtedness secured hereby inmlediately due and payable,
the Mortgagee shall be entitled to the appointment of a receiver of all the rents,
issues and profits, regardless of the value of the mortgaged property and the solvency
or insolvency of the rtortgagor and other persons liable to pay said indebtedness.
9. Mortgagor further agrees that any awards at any time made for any taking of
or injury to said premises through eminent domain or otherwise all of which awards or
damages are hereby assigned to the mortgagee and may be collected by it. Any amounCs
so applied to principal shall be applied to the pr2ncipal last maturing on the note
i~ereby secured.
10. The undersigned mortgagor hereby represents and warrants that a11 property,
fixtures and equipment described herein will be fully paid for and free from all liens,
encumbrances and title retaining contracts when delivered and installed upon the pre-
~ises, and it is agreed that such property, fixtures and equipment shall be deemed to
;>e realty and a part of the freehold.
11. The undersigned mortgagor further agrees that in the event the mortgaged
premises shall be sold, transferred, assigned, conveyed or encumbered without prior
written consent of the mortgagee, the mortgagee, at its option, may.declare the in-
debtedness secured hereby to be due and payable in full together with interest due
thereon. _
12. The mortgagor is to comply with the terms and conditions of a construction
loan agreement between the mortgagor and the mortgagee, an executed copy of which is
in the possession of the mortgagee, and said construction loan agreement is hereby
incorporated herein by reference and made a part hereof, and any default by mortgagor
under said construction loan agreement shall be considered an event of default under
this mortgage.
It is further agreed by the mortgagor that in the event of construction of the
improvements to be erected on the premises hereby mortgaged in accordance with plans
and specifications submitted to the mortgagee herein are not completed on or before
~a~uSt 2. 1974 , or the date said note is due in fu 11, whichever is sooner,
or if work on said construction sha11 cease before completion and said work shall re-
~ain abandoned for a period of fifteen days, then and in either event the entire prin-
cipal sum that has been disbursed by the mortgagee on account of the note shall at once
' become due and payable with all acerued interest thereon at the option of the mortgagee.
13. The total amount of indebtedness secured hereby may decrease or increase fram
~ time to ti.me, but the total unpaid balance so seeured at any one time shall not exceed
the principal sum of $L~Q,SpQ,QQ (150% of amount of mortgage note) plus insur-
ance on the property covered by the lien of this mortgage, with interest thereon; and
this mortgage shall secure any and aIl additional or further cnonies whicti may be ad-
I vanced by the mortgagee to the mortgagor, or any one of them if there be more than one,
E after the date hereof, which future advances of money, if made, shall be evidenced by
~ a note or notes executed by the mortgagor, or any one of them if there be more than one,
~ to the mortgagee bearing such rate of interest and with such maturities as shall be
3 determined from time to time, but any and all such future advances secured by this mort-
; gage shall be made not more than twenty {20) years after the date hereof. Nothing here-
~ in contained shall be deemed an obligation on the part of the mortgagee to makE any
~ future advances.
; 14. In the event of ~he accel~ration of the note hereby secured, the total charges~
for interest and in the nature of interest shall not exceed the maximum amount allowed
by law, and ariy excess portion of such charges that may have been collected or prepaid
_ sh:~ll be refunded to tlie makers thereof at the time of acceleration. Such refund may
t be made by application of the amount involved against the sums then due hereunder, but
such crediting shall not cure or waive the default occasioning acceleration.
15. That the words "~iortgagor" and "~fortgagee" when used herein shal2 be taken to
- include singular and plural number and masculine, feminine or neuter gender, as may fit
= tt~e case, and shall also include the heirs, administrators, executors, successors and
s
assigns of the parties hereto. Each and all of the terms and provisi ns hereof shall
extend to and be a part of any renewal or extension of this mortgage.
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