Loading...
HomeMy WebLinkAbout1959 sha12 become absolute and the whole indebtedness secured hereby shall itnnediately become due and payable, at the option of the Mortgagee, and this mortgage ma_y thereupon be fore- closed for the whole of said money, interest and costs; or Mortgagee raay foreclose only as to the siun past due, without injury to this mortgage or the displacement or impairment of the remainder of th,e lien thereof, and at such_foreclosure sale the property shall be sold subject to all remaining items of indebtedness; and rtortgagee may again foreclose, in the aame manner, as often as there may be any s~n past due. 8. That in case of default or the happening of any event which would enable the Mortgagee to declare the whole indebtedness secured hereby immediately due and payable, the Mortgagee shall be entitled to the appointlnent 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 Mortgagor and other persons liable to pay said indebtedness. 9. Mortgagor further agrees that any awaxds 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 c~llected by it. Any amounts . so applied to principal shall be applied to the principal last_maturing on the note hereby secured. 10. The undersigned mortgagor hereby represents and warrants that all property, fixtures and equipment described herein will be fuZly paid for and free from all liens, encumbrances and title retaining contracts when delivered and installed upon the pre- mises, and it is agreed that such property, fixtures and equipment shall be deemed to be realty and a part of the freehold. ' I1. The undersigned mortgagor further agrees that in the event the mortgaged premises shall be sold, transferred, assi~ned, 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 mor~gagee, 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 an~~pecifications submitted to the mortgagee herein are not completed on or before , or the date said note is due in full, whichever is sooner, or if work on said construction shall cease before campletion and said work shall re- i main 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 I b due and_ a ab le with 1 accrued in r st thereon at the option of the mortgagee. ~ P~ mont~zs ~+'oc~' c~te t,ss~c~~ t-3se t~ si:a~1P1 Pi~e dt~ ar~d ~yat~lo i 13. The total amount of indebtedness secured hereby may decrease or increase from ~ time to time, but the ~~~id balance so seCured at any one time shall not exceed the principal sum of ~ (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 all additional or further monies which 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, to the mortgagee bearing such rate of interest anc~ with such maturities as shall be determined from time to ti~, 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 acceleration 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 shall 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 ; such crediting shall not cure or waive the default occasioning acceleration. ~ 15. That the words "Mortgagor" and "Mortgagee" when used herein shall be taken to ~ include singular and plural number and masculine, feminine or neuter gender, as may fit . ~ the case, and shall also inelude the heirs, administrators, executors, successors and ~ assigns of the parties hereto. Each and all of the terms and provisions hereof shall ~ extend to and be a part of any renewal or extension of this mortgage. } a r . ~ - 3 - eo~ 225 ~ 1956 .r _ _ ..'3~~""°~.x'' r,.-,xf`3.~-~^v, x _ . . . . '7..r-2--W-,~.~.s~ , s e w.- a,.~ :V9 . a'~ ~ ia , N ' ~ ~ ~ ~ ~ _..a.. - a . a. - . ~ . . . . . _ Y . . r . .