HomeMy WebLinkAbout1815 l~ 1111 advances and indebtedness'arising and accruing from time to time under tlie d~:v~~l~~t~~~~ent
lo~n agreen~ent shall be secured hereby to the same extent as though the develop~nr_~~~: loan
agree~?ient were fully incorporated in this mortgage and the occurrence of any event c~f
default under the development loan agreement, as said term is therein defined, shall
constitute a default under this mortgage entitling the Mortgagee to all of the rights
and remedies conFerred upon the Mortgagee by the ternis of this mortgage or by law, as
in the case of ar~y other default. In such event any provision for the giving of notice
of default contained in the development loan agreement shall prevail over any
requirements for the giving of notice contained herein.
2p, Tl~e ~tort~agor heretofore executed and will hereafter execute certain other mortra~teS
i n acldi t~ on to tl~i s mortgage, i n connecti on wi th hi s devel op~rent of the mortga~~e~
~~re~~~ises or the acquisition thereof. If any event or occurrence or any other default
si~all occur which would entitle the holder of any of the said other mortgages to
to accelerate the payment of her defaultashall c nstitutesa default hereundera,~y suc1~ ;
event or occurrence or any ot ~
Ti~is mortgage and each of the sai~ other mortgages shall be and remain separate ancf ~
inctependent security for the obligation thereby secured, and each mortgac~e shall
i~e separately enforceable according to its terms. The holder of any suci~ mor1~l~~e
,:,,?y institut~ separate proceedings with respect to _its obligation and e~ch (1141"~:~,~~~~~~ ,
i~~~~~1 t.~~neously or in such order and at such tin~e :~s .uch hold~r m~iy el~~ct. ~
~~~~~~~I~~ncy of ;~ny proceedin~~ with respect to'any sucl~ uic~rl:c~tt~~r. sh~ll noL bc ~~rcnm~{: i~~r :
i.l~~~ .~I~~~~cyncnC of or tor hindcrin~~, delaying or preventing any proce~:Jin~Is wi~h r~,.;~,~•~:~. ~
~I~c iwLe or ai~y such oi:her nbrtgage. Defaul~ under thc note and e1ci~ n?~~rl~l.,~l~r
~.I~.~il ~ivc rise to a s~parate cause of~action and the institution ot' procce~lim): ~~1~'~~~
I~•~.: I.h~~n all of said wort~~a~es shall not bc construed as a splittinc~ of c~1us~~ ~~f .?ct.-inn
t~y ~.I~r. i~older instiLut9nc~ such proccedings. In addition, should Lhe tlort~~a~Wr ~I~~I~.~~~I~•
i~~ ,~ny otlier o~l iga~ion, wl~ethcr or not: securc~ iicrcby, in favor of the ~tort~~~~~~~~~
t~1C Mortgage Investors,~shall constitute a default hereunder.
~~s
~~~~~VIDED, NEVERTHELESS, that if M'~ortgagor shall pay to Nortgagee the said sums of money
~'~~:crihed in the note secured hereby and the interest thereon, in the manner and at t{~c
~~~~c~s ~~~entioned in said note, and any and all other sums which may become payable by
;:~,~•t~~agor hereunder, and Mortgagor to be kept and performed, then this mortgage and thc
~•~.~.,~I.c i~ereby granted shall cease, determine, and be void, and said mortgage shall tii~re-
~,;~~,n I~e released by the ~tortgagee at the cost and expense of Mortgagor (all clain~s for
_.'.~?i.utory penalties, in case of Ptortgagee's failures to release, being hereby waived).
; i„ l!IT~IESS WHEREOF,.the said Mortgagor has caused these presents to be duly ~xecuted and
~ ~~~~1 ivered the day and year first above written.
i
~ 1
~esen~e of : -
,
4
t •
~ Jarren A. McFadden ~
' , ~ ;I
-z1 ~
- ~ Mary nn ~ Fadden ~ ~
,S ~F
Rotary P~:;i:~, C^'• ~.:a. ~
, ~
~TATE OF GEORGIA Mr ~~~;::.~~j, ~ Y;~~~ ~ , ~
. 'I' y ;
COUNTY OF FULTON
I HEREQY CERTIFY that on this day before me, and officer duly authorized in
!~~e State and County aforesaid to take acknowledgments personally appeared 4JARREN
i`~. i4cF/tDDEN and M11RY aNN McFADDER, his wife, to me known to be the persons described
~ i~? and who executed the foregoing instrument, and acknowledged to and before n~e
~ ~.i~at they executed the same for~the purposes therein expressed. ,
~ day of
WIT ESS my hand and official seal in said County and State.this ,
, 197~. . • ~.;.t . : i
~ . , ,~~r
No y Pub1~c in and for t e County ~.-4~'~"
an State aforesaid. = ~ Y ` ` ~ ~ ~
: ~'bi 4, ' ° - i
61y Conmission expires: • = ~ _ -
- >o•. s ~ ~ .
: `
' ~
f?i.•`.'i~ Pu:Jl+C, C°:i~.~~ $•ttn•~ Y-/+~~... ''Q
c,.
R My Go~+:~~.,~~~„~ :.r.;;i::3 2f; I~.V
~~225 ~i812 ~
- ~ § ~ . _ . . _ . . . . 4 f~+z'.}3l
~~'.,r.
i.;~
_ _
"
. _ . . . _ e.. . . . ~ : . _ ~ . '