HomeMy WebLinkAbout0053 11 ta tbe eveat that an~ detault shalt be a~ade b~ che ~a~or in tAe pqeaent of an~ o/ ~sid wms ofrtw~~ bereia «fared to, o~ aor
part the~eai, at tl~e iime vhm the saiae sevrnlly become due ~and payabk, o~ in ihe eveat that an~ default be a?ade b~ the Mortas~o~t io tbe
pertormanoe of euh and efery tl~e uipulauons, a?aretmt+~ts. caoditioas~ snd mvrnu?b of said promi:wq note and this mataa~ aod sucb delsult .
shall coatiaue fat aper iod oi thirtr ( 30) day~ tlKO and in adxr or anl •uch event, the said ce sum. principal aad interest, meatio~~d ia ~aid
promissorp note, and all a~oeet secur~d l~ercbr, shall becane due anci pay~ble fo~th~ith. o~ac+fter. at the optioa of said !~[o . w~ttaut
dea~and or aoticr, as tult~ aad ranpkeelr u i( all of the uid sums of mone~ ~vere oriainall~ uipula~ed to be paid on wch dar. a~n~' ia said ~
promiuory nwe ot in this mortaaae to che toauatp notaithstaading: and thereupoa, or thereafter. ~t the optioa of said Mott~ee, ~vitlaut ootice •
o~ demaod, sui~ at laa ot ia cqwt~. thereto(ote or tbercafta beguo~ ma~ be pwsecuted as if al) money aetured betebr had m~tared ptioc to iet
institution.
I2. !f ~he U(o~t~s~o~ shall have aui~aed a awed to be usigKd to the Mortgaaeq no~r o~ I+erea(tet. aa~ polic~ o~ po4cia of life ios~uance
ai addiciaul collatersl (or. or in connection ~ritlti the i~de6tedaess t~peb~ srcured and this mott the !?[o~tga~or so loua as aa~ of
u
uid indebtedness shall nYain unpaid. ehat he .iU. fram time w tiwne. as and ..6en the san+e shal ~ due and pq ~nd befoce an
period pcovided ia sa~A polu~ or po~~tus siuii iu•e e:pue.i~ w~ t;,~ ~:::w~::a u~ ~..!tg ~t ;^!ici*_t !+s 1~/~ ~nwr.r+c+r_ and othei~ri e
uid policies in (uU fone u~d effect. And ie is a~eM~ aai is s condition hen~of. that should the I?to~t~s~o~ fail or aralect w to do,
de/ault ~ad negiect shail be a dreach of a coodieioa af ehis a~ort6s~e and shall sccelente this moresa~e and cause the .rlak oE the indebeedaess
sccyr~d hercb~r ro(occn,rich immediscelr bec~ane due aad parable. to~ether .ri~h iaterest thereoa~ u though the w~lak term ~hereof had nu~, aod
chis mo~cgaae slv!! thenwpon be subjcct ro imraediate toml~iure at che option of the Mortaa6ee. The Mo~tsaac~e shaU have t!rc ria1N, at in optioq
to ps~ ~n~ such premium or p~e+niumt~ but such ps~a~rnt ~T made shaU not constitute a w~aiver of an~ condit;on in ehis nwrt6aae or an~ optiae.
Iicn, equitp. oc riaht Mhich the Mortgaace ma~ M.e under the tams ~nd conditioas l~ereof. ud the aawunt so ~aid shall be a~d~d co che prinapal
dcbt aad shall dra~r intcrest at the ntt pm~ided in said oote aod sl~all be ttcvted br this mort~e.
~
t l. Wheo au~r amount of nw~xp co be paid b~ the MoRSsaor to the MortRasee under the terms he~cof slull be ia defaul~ ot should
the Mo~s~or default ia aap of the other terms, pco~isioos~ or cooduioeu of this mongs~e, thea and in that c~e the Moet6aaoe sln!! ha~e t6e
ngh~ .r~thout ootice w the Mort~a~gor, to collect aod rcceire from uy tenant or lessee of said aartaaacd pmnises the no~, iss~es, and pro6ts of
the ral esate heceb~ mortgaged and the improreaKnu tlrcreon, and to aive proper raeipu and acquiaanees elrcce[or, and after pa~i~ aH com-
miuaas o( anr renW agmt mllecti~g the same, and aa~ reasonable attor~ s fees and dthtr necessaq e:peases incurred in colleaioa suae~ to
applr the proa~eds of such mllettiot~s upon an~ indebcedneu, obligatioq o~ liabilitp of the Mortgaaor hereunder. The ria6t gmtcd d+e ~Ia~aaee
uodec this para6nph slWl be in addition to, and shall aot limit or res~rict~ an~ other riaht or rights gnnted thc Mott~a in this a~ortWe.
la. That in order more fullr to protett the securit~ of this mortaa~te the Mort~or~ tosether w~ith snd ia additioo to Uie awntbl~ pq•
menb uader the ternu of the note securcd hneb~, and o~ the same da~ of each month u the paymenK under said aote arc due. aad until uid note
is (uU~ paid. if w requind bp the Mortaa shall ps~ to the Morcgasee an insnllment of the ta:a and assesstnents aact to becwne due aad •
levicd or to be le~ried agairtst the mo~eg~properq aod ~ inuallment of tfie premium or premiums oext to btcome doe and pa~aWe on the ;
policies of bre and other huard insurance covenna the mortgaged Propertf. Such i~+staltmrnts shall be equsl mpectir~l~ to such estimated ta:es ~
and assessments and bre and other haiard insunnce premiwns (aif u atirtuted br tbe MortRagee), !as a!! sums slre~d~ paid tharon and di~ided ~
br the numbet of months thst are m elapse before one month priot to the date wrhea such tua. asscssments, or premiums ~rill become delioqucnt '
such sums to be held b~ tl~c Mort~aqec ia uust to pa~ uid pn~niums, nrzes, and asxssmmts.
1 S. It is he~ speci6ca11~ agreed tlu~ anr sum or sums wrhich ma~ be baned or ad.anced b~ the Mortqaaee to the Mortassor et an~ time
after the rccordina of this iidmture, together .vith intrrest tlrereon at the nte agreed upon at the time oE such loa~ or ad~aace~ shall be equallp
sccured writh snd have the umt prioriq u the original iodebtedness and be subjett to all the terms and pm~isions of this mottaage: Ptwided, thu ?
the s~regate aiaount of principal outstandina at anr time shall nat ezcerd an amount equal to two hundred pcr cent (20096) of the priocipal
amouat oriainallr securcd trcreb~.
16. !f at an~ tiree all oc anr portion of the abo~e described ptopcrtr shall be takm or dama~ed b~ mndemnatan proaedings under the
POMK Of eminent domain, all comprnut~on a.varded or ahenvise paid, at the option of Morcaaaee, shall be paid dieectl~ m ehe Mortg~e~e and ap-
ptied on the indebtcdness hereb~ serurcd. 6eing applird oa t!u payments last P:1abk hereundec. '
1 In tl+e e?eat that the loan w~hicb this rmttgaae is giren to secure is nude fot the putpose of boancing eitber the conuructioo of new~
buildings ot tbe coestruction of improvcmrnts and/or additiorts to e:isting buildin~ts, the Mortaagor expressl~ agrees, if required bp Mortaagee,
to deposit writh the Mortgagee an amount of mone~ equa! to the di(fetmce betarcrn the ntt proceeds of the loan and rhe total amouec u determincd
b~ ihr Mortasgee, mqu~rcd to [ull~ crnmplete c»nstructioa in accordance with the plans and specifitations heretoEore submitted b~ the Mortgagor and
~PProvcd b~' th~ Mortgagee. Said amount of mone~ together .vith the net proceeds of ttie losn shall be placed b~ the Mon~gre in a specia!
account, aad the same shall be used b~ ehe Mortgagee to ps~ the costs~ charges and e~penses ~ncurccd in coonection .vith uid co~struction. It is
furtirer agreed that ia the o.ent said constructioo is na fullr rnmpleced on or befor~ ~++onths after the date heceoE in ac-
rntdance w~ith said plans aud spccifications, or in tbe evwt that the wotk on said constcuction shall cease beforc (ull completion artd such cessation -
shall continue foc a petiod of 6fteen ( I S) days, or if substantial continuous proqress shall ~ot be made in such construaion,• thrn and in anr such
evrnt, the ssid a~gregate sum, principal and ,nterest. mrn~oned in said promissorp note, and all mon~es secu~ed hereb~, shall become due and par- r
able forth~rith, or tt~eafter, ae che option of said Mongagee; and in the evrne of such cesution of ~nork upon said constmttion for a period of
6fteen ( t S) daps. w if substanti:l rontinuous pmgress shsll not be made in such" constiuc~ion. as aforcsaid, ihe Mortsagee roay~ at ~ts option.
eoter into and upon the mortgaged premixs and complete said mnswction in such rrunner u it deems adrisable w~ithout anr intetference from
the Mortgagor; the said Mortgagor hereby giving aad gnoting to the Mortgagee full Ewver and authoriq to rtuke such eotry into and upon sa~d
mortgagcd premises, to enter into such contrads or urangert~en[s u rtu9 be necessaep to complete u~d construction, ~nd to expend an~ monia
rrnuining in its hanJs in u;d special account and in additioe any sum of money naessery eo comptete uid torutruct~o~ ; and an~ and aU mon~a
ezpmded br the Mong~get eo corinettion vith such completion of construction ?n e:ctu of the monies in sa~d special account shall bt added to
the said printipal debt aad shaU dnw~ interest at tht ratt prorided in said promiuory note, and shall be secured by this mottgage, and shtll be
payable by the Mortgagor on demand.
IN WI"i'[~1ESS WHEREOF, this mortg~ge has bern e:t-cuted undet sea! b~ Mortgigor the day and year 6n~ above wrrittrn.
S~gned, sealed and delirercd in the prcsence of~
(SEAI,)
' ~ ~ ~ ' ' J ' L.~~e%f~. J ' y ~/1.~~
~ ' ~ (SFA1-)
D. MERRELL
i
~ _ _ (s~.)
cs~.~
j • ~ ..c i ~ .
.
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adD,K 1 f.aU_