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Home My WebLink About0712 k 12. No perso~ liable for the debt heteby securcd, whel2~er auch liabillty !s primary or secondary, and whether such liabiUty ia cn atM by endoracme~t of the notes or as joint maker of the notes, or guarantor, or having as- ' sumed ihe obli~atlon to pay aaid mortgage deM or otherwise liabla for aaid mortgag~ debt, ahall be mleaa~d or discharged ico~n liabiUty of the afomeald debt by virtue of any extenaion or renewul granted by the Mort~ugce to the mnke~ of ihe notes hereby aecund, or ar~y other person llable for aaid ,debf~ whether primary or accondary. The biortgagee is hereby expmssly graated thr rlght and powee to gra~t auch extenslotss to the makera of the notca hemby aecumd aa aaid ~iortgagee may deem advleable. without iirat obtaining the conaent of any other perswn llable tor anid deb~ whether primary or eecondary, and to tnke euch rnrtewals of the notea and debt here- e by securcd aa aaid 11tArtgagee may deem adviaable, wlthout firat eecuring the oonxnt oi any other person llable for aaid indebtedneas. No delay in the enforcement by the 1ltortgag~~e of any of the rlghta Af said Mortga~ce aris- ing by virtue of this mortgage deed and promiasory notea heteby aecured shall operate aa a releaae or discharge of a~y pcrson liable for the debt hereby eecured, whether primary or secondary. . 13. In the event ot the Mortgagor's default in the perfotmance of any oi the terma and provisiona of ihis mortgage or the promiseory notes h~~^eby aecured, the Mortgagor irnvocably appointa the Mort~agee or ita rep- msentativc as the agent of lhe rtortgagor for the following pur~waca: (a) to entcr upon and take poaaession of, for the account of the Mortgagor, the mortgaged pmmixs and property hemby encumbered 1 fr.cluding but not i limited to the rnnts, profita and income accruing themtrom) untU auch tlme as aaid property, [ncluding renta. profita and income, is taken into actual custody by the court aa providM in Paragrnph 11 hernot, and out of auch renta, profits and income to pay all obllgations of the Mortgagor aa herein derined, in the order which the biort- gngce may determine; such act~ of the Mortgagee ahall not be conatrued as a walver o! detault or eatoppel againat the Mortgagee to exerciae all other rfghts and pHvileges hernin conferred upon the Mortgagee; I b) to take ; posseasion of all tangible personal property hereby encumbered for the account ot the ~iortgagor, and pmvide for the safekeeping of the same unUl ~uch time as said property ls taken into actual cu~tody by the court, as provided ~ in Paragraph 11 hereot. All costa and expenses thua incurred by the ~iortgagee shall be paid by the 11Sortgagor and secured by the lien of thi~ mortgage. s . ~ 14. In the e~ent the jurisdiction o! the U.S. District Court shall be invoked by or against the Mortgagor ~ under any of thc Chapters or provieiona of the Chandler Act_ (71 USC), auch action, whether voluntary or involun- j tary on the part of the Mortgagor, shall automatically, without notice, accelerate the maturity o! all suma ot money { herein described and xcumd, and the same shall thereupon become due and payable forthv~~th as futly as ii the ~ said aggregate sums of money were originally atipulated to be paid on such debt: Such court upon mere motion of the Jiortgagee shall forthwith without delay proceed in a summary manner (the most expeditious way allowable ~ by Ceneral Order 18. 11 USC 94(al (41) to sell the prnperty herein encumbered and apply the procecda of such sale in satisfaction of the debt hemby secured, and if such procecda be insuffIcient to discharge such debt, the Mort- ~ gagee shall have the right to participate in the distribution of other assets of thc :ltortgagor. t 15. The AiortgaRor agrees that it v~hll not direcUy or indirectly, voluntarily or involuntsrily, suffer, allow or ~ petmit any consensital or noncor.~°nsual or statutory or judicial lien to attach to the mal, personal or intangible persona! propeny hercby enct~mbered by this mortgage dced. 16. In the e~ ent the real property encumbered by this mortgage shall be wholly or partially taken by the utilization of poWer of eminent domain, such taking shall sutomatically without notice mat~re the entire debt hercby secumd, and the compensntion awarded the owner in such proceedinga shall be paid to the Mortgagee and applicd pro tanto in pavment of thc ~principal, Intereat, expenses and masonable counsel ices due the Mortgagee ~ as hernin provided. 17. The debt evidenced and secured by this mortgage deed is also evidenced by promissory notes more par- ~ ticularly described ag follows: A description of said promissory notes is hereby deemed adequate. The btortgagor ~ does hereby Maive the attaching oi copies oi safd promissory notes to this mortgage. Note ~i~ted 10/9~75 -~150 000 - On Demand at 10$ interest 1 n order to m re fully protec~ the security of U?Is mortgage, and to assure the btortgagor's com- ; pliance with covenanta 2 and ; hercof, the ~fortgagee may at any time rnquire that the btortgagor, together with, and in addition to, the monthly payments under the terms of the note aecured hernby, until the said note is fuily ~ paid, K'lII pAy LO the aiortgagee the foUowing aums: (a) A sum equal to the estimated annual taxes and assesamenta next due on the mortgaged property. plua ~ the pmmiums that will next become due and nayable on poBcies oi fire and other hazard insurance covering the mortgaged pronertp ~all as estimated by the Mortgagee, and of which the Mortgagor is notified), leas sU sume already paid therefor, pa}able monthly, in equivalent proporilons divided by the number ot months to elapae be- fom one month prior to the date when such prnmiuma, taxes and assessments will become delinquent, such aums to be held by ~iortgagee in trust to pay said premiums, taxes and aasessments. Ibl The aggregate. of the amounts payable pursuant to sub-paragraph (a) and those payabie on the note secured hereby, shall be paid in a single payment each month, to be applied to the following items in the order statcd: I. Ta~ces, assessments, fire and other hazard insurance premiums. ~ II. Interest on the note secured hereby; and III. Amortization ot the principal of said note. ~ ~ ~ ' My deficiency in the amount of said aggregate monthly paytnents shall, unless made good by the btort- - ! gagor within 15 days follow-ing its due date, constitute an event ot default under this mortgage. ` s s ~ 19. Ii the total of the payments made by the l~fortgagor under (a) of paragraph 18 preceding ahall exceed ~ g the amount of pa~Tnents actually made by the 1?tortgagee !or taxes and assesaments, and inaurance prem[ums, as 3 ~ the case may be, such excess shall be credited on sub~equent payments to be made by the Mortgsgor for such ~ items. If, however, such monthly payments ahall not be aufftcient to pay such items when the same ahall become t due and payabte, 'Qien the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency. C Such payment shall be made within 15 days after written notice from the Mortgagee, stating the amount o! the ~ deficiency, which notice may be given by maii. I!, at any time the biortgagor shall tender the Mortgagee, in ac- cordance with the provisions of the note secured hereby, full payment of the entire indebtednesa mprnsented there- i by, the Mortgagee shall, in computing the amount oi such indebtedness, credit to the account of the btortgagor ` any credit balance remaining under the provisions of (a) of said paragraph 18. If there shall be a default under ` any ot the provisions ot this mortgage msulting in a judicial sale o! the premises oovered heteby, or i! the Mort- x • gagee acquires the propetty otherw~ise after defauit, the ]?fortgagee shall apply at the time oi the commencement ` 3 ot such proceedings, or at the time the property is otherwise acq~ired, the a~hount then rnmaining to credit to ~ ; lfortgagor under fal of paragraph 18 preceding, as a credit on the interest accrued and unpaid and the balance ~ z to the principal then remaining unpaid on said note. 20. Sitoultancously w~th the execution of this mortgage, the Atortgagor has executed in favor of the biort- ~ gagce a Construction Loan Agreement, rclating to impro~ements to be made by the liortgagor, on the above de- ~ scribed property. All of the terms, covenanis and conditions of said Construction Loan Agreement shall be and ~ ` are herewith mude a part of this mortgage, as though set forth herein, and the bmach of any of the covenants ' containcd in ~id Construction Loan Agrecment shali constitute a breach o! this mortgage. ~ k 21. To further srcure payment of the indebtedness of the ~tortga~;or to the ~tortgagce, the 1liortgagor does hereby sell, assi~n, transfer and srt over unto the :liortgagee all of the rents, issues and profits of the mortgaged pr~mises, and this assi~nment shall bcrome. operatit•e upon any d~fault being made by thc ~Sortgagor under the terms of this mortga~e or the note sr~cura~d hereb}~, and shall remain in full force and effect so long as any default ~ continnes to exist in the makinR of any of the pa}•ments or the performance of any of the covenants of this mortRage or the note secund hereby, and the ~tortgagce shall have the right to enter upon thc premi~s and col- ; lect same dirccUy trom pt•r.sons in possrssian. ` 22. In th^ Fvc~nt of the acct~leration of Lhis mortgage and the note secured hereb~• by reason of any default ~f there:n. any pr~~patd ar,d ur.rarned interrst and points in excess of the Iegal rate oi intcrest to the date of enforce- I ' me~nt or pa~-ma•nl, shall tn~•rc~i~n t~e rnfnndni to the ~tort~;a~or, automaticaily by thc crcditin~ of samc a~ainst ; the sum thc a due, but ~uch cre~dit a`~ail no: cure or ~vaive the d~~fai~lt oczasioning accei~ration. ~ # ~ Bo~~K F,,~~ 7l1 ~ s ~ ~ _ r~ . , - ~ _ ~ ~ . ~ ~ ~ ~ . ~~:t~."~. 4~~- N