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HomeMy WebLinkAbout1628 ~halt bec rnne absolute and the whole indebtedness secured hereby shall imnediately become ~iue and payable, at the option of the ;lortgagee, and this mortgage r~ay thereupon be fore- closed for the whole of said money, inecrest and costs; or Mortgagee may foreclose only as to the sum past due, without injury to this mortgage or the displacement or impairment ot the remainder of the lien thereof, and at such foreclosure sale the property shall be 5old subject to all remaining items o£ indebtedness; and btortgagee may again foreclose, in the same manner, as often as there may be any sum past due. 8. That in case of default or the happening of any event which would enable the '•:ortgagee to declare the whoZe indebtedness secured hereby itmrnediately due and payable, the Mortgagee shall be entitled to the appointmen* of a receiver of all the rents, issues and profits, regardless of the value of the mortgaged property and the solvency ~,r insolvency of the rtortgagor and other persons liable to pay said indebtednes5. 9. Mortgagor further agrees that any awards at any time made for any taking of or injury to said premises throu~h eminent domain or otherwise all of which awards or damages are hereby assigned to the mortgagee and may be collected by it. Any amounts SJ applied to principal shall be applied to the principal last maturing on the note tiereby secured. 10. The undersigned mortgagor hereby represents and warrants that a11 property, fixtures and equipment described herein will be fully paid for and free frc?~ all liens, ~ncumbrances and title retaining contracts when delivered and installed upon the pre- r:lises, and it is agreed that such property, fixtures and equipment shall be deemed to be realty and a part of the freehold. i1_, 'I'he undersigned mortgagor further agrees that in the event the mortgaged ~remises sliall 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 ternis and conditions of a construction loan agreement between the mortoagor and the mortgagee, an executed copy of which is ~n 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 August 2, 1974 , or the date said note is due in full, whichever is sooner, or if work on said construc~i~:a ;.~r~~ hPf~re 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 accrued interest thereon at the option of the mortgagee. 13. The total ~nount of indebtedness secured hereby may decrease or increase from time to time, but the total unpaid balance so seeured at any one time shall not exceed i the principal sum of $ 38,250.00 (150;' of amount of mortgage note) plus insur- ance an the property covered by the lien of this mortgage, with interest thereon; and ` this mortgage shall secure any and all additional or further monies whic~i may be ad- vanced by the mortgagee to the mortgagor, or any one of them if there be more than one, 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, i to the mortgagee bearing such rate of interest and with such maturities as shall be ~ determined fram time to ti.me, but any and all such future advances secured by this mort- ;;age shall be made not more than twenty (20) years after the date hereof. Nothing here- ; in contained sha11 be deemed an obligation on the part of the mortgagee to make any ~ future advances. : 14. In the event of ~he acceleration of the note hereby secured, the total charges £or interest and in the nature of interest shall not exceed the maximum amount allowed s by law, and ariy excess portion of such charges that may have been collected or prepaid sh311 be refunded to the makers thereof at the time of-acceleration. Such refund may - be made by application of the amount involved against the sums then due hereunder, but - :uch crediting shall not cure or waive the defanZt occasioning acceleration. ~ ~ 15. That the words "Mortgagor" and ";iortgagee" when used herein shall be taken to include singular and_plural number and masculine, feminine or neuter gender, as may fit i t'tie case, and shall also include the heirs, administrators, executors, successors and assigns of the parties hereto. Each and all of the terms and provisi ns hereot shall ; extend to and be a part of any renewal or extension of this mortgage. ~ ~ , - 3 - { aocx~~~ ~ _ . - ~