HomeMy WebLinkAbout0749 incom~, proAfs, iswes nnd r~v~nu~s a~~ h~~~br na~t9ap~d as if sp~ci&olip iN fo?th ond dex~ibed in th~ ~ronfinp and hob~ndwn
dcus~s M~eof, and wth nt~iv~r shal) hav~ oll Me broad aod ~ffectiv~ fw~ctions a~d pow~n i~ any wi:..ntrvsred by a oou~t ro o t
r~iv~r, ond wch oppointn~f sholl be mode by wd~ oou~f os on odmifted ~quity ond a nwtter of cbsolut~ ri~ht In th~ Mo~t9ap~~, ~
a~d wiM~ouf nf~~~na 1o fM adequacp or inadsquoty of the valw oi the prop~rfy n+o~t9aped, or ro the solv~nhr or ir~solv~nc~r of
fh~ Mort~a~o~ ond/o? IM defendont ond wd~ ?~nb, proAh, incom~, isswi and revenues shnil b~ opplied by the nc~iv~~ ocaordino
ro ~h. li.n and/or .quiti of ~his nw~~o~• and M~. p~onic• of such oou??, ond wch appointm~nt of receiver sholl b~ witi~out notic~
to ony obli~or M~~unde~.
N~1TH: The Mort9a~o? harebr waives oll ri~hh of homestwd ond exemption 9ronted br the Cantitution and lows of
Fbrido. If is specifitallp c~reed that tims is of Ihs euencs in this aontract and thot n~ woiv~~ by the Mo~t~aqee of aey obliqotion
Mrwnder or of 1hs oblipatio~ secvred herebr shall ot onr time Hareoft~r be held 1o be a waiv~~ of 1he te?ms hereof or of the
obli~ation s~cured Mreby.
TBrTH: Upon any sale, tramfe~ o? aomerance of the propsrty herein d~scribed and oovered by 1Ms mort~o9e to anr
penoA, Arni or aorpo~atioo, not previovslr approved in writiip br Ihe holder of this nart~a~e, fhe Mort~a~ee o? holde~ shall have
the ri~ht fo oa~lerate the naturiry of Ihis nartpaye as ihou9h it wero due and parabk on 1he dar of wd~ tronsf~r and ro demond
paynNnt in firll of Ihe said mort9ape omount or ornr unpoid balante fhereof, and to exe?ase oll fhe ri9hts a~d remedie: herein or
br law nse~ved to said MortpoQes the same as in any eve~t of defoult he~eunder, anyMin~ in the promissory eote sacured
hereby o? hemin to 1he aonMary nothwifhstandin~.
BEVENTH: Ff forecbsure proceedin~s of anr seoond mortpa~e or seca~d Mist deed or any junior lien of ony kiod should
be instituted,lhe Mo~tpopee nwy, at its option immediatel~r o? thereafter dedare this nw?tQaQe ond ths indebtedness sacured
h~rebr due and payable. ~
TWafTM: Thot in Ihe eve~d 1he premises hereby nwrt~a9ed, or any part thereof, shall be condemned and taken for public
use under ths power of emi~eM donwin, 1he Mort~a~ee shall have the ri~ht ro demand that oll dama9es owarded for fhe takinq
of or doma~es to said premises sholl be paid to the Mortqo~ee, up to ths amo~rnt lhen unpaid on this nwrt~age and the obli9ation
seared herebr and may be opplied upoe the porments lost payable w~der Hws mortQape and the obliqation secured herebr.
THIRTEBdTH: That irotallmenh, poyable under the terms hereof and the note sewred herebr, not poid when due, shall be
wbjed, aher flNeee (15) daps from the due date thereof, to, and it is a~~eed Mort~a~ee shall oollect thereon and therewith, a
"late thar~e" i~ the amount of four per ceM (4~ of the irutallmeM due upon ead~ wch delinquent i~ataltment, ond wd~ "late
darqes" am ssa~red by the lien hereof.
fOURTE9JTH: Wifhout impairing the obliqatioos of Mort~o~or oomained in pa~a~~ophs SECOND, THIRD ond FOURTH ~
hereof, and for application to the purposes thereof i~nofur as the seme shol) be wffident, Mort~a~or shap, in addition to the
n+oMhlr parments of principal ond irderest as stated in the oripinal note (and in ihe note or notes secured herebr) provided to be
made, por o moethlr sum and amount equal to one•twelfth (1/lZ) of the estimated amual taxes, assessments ond i~urance
premiums upon the real estate seaurity, as the anaunt thereof is deternaned fran time ro time br the Mort~ogee.
fl~fTH: Thof the Mortya~ shall fumish amuallr, ot the ~equest of the Mo~tga~ee, Ana~ial statements in form cnd
I~ certified in a nwnner saNsfecfory to 1he Morfqa~ee.
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j SIXTEEMH: This mortyoQe also sewres ony ond all renewoh and extensian of the promissory note refe~red to herein ond
seared herebr, ond oll installments thereof, and olso ar~? oM~e~ naes whid~ hove been or moy be 9iven ro ~he Morrga~ee by ~he
~ Mort~apor, and onr other i~debted~ess of the Mort~a~or to the Mort~a~ee which, however, shall not eueed at anr one time
~ the a~~re~ate unpaid principal sum of FOUR HUNDRED THOUSAND drld n0/100---------------------------
Dollan(S 400~000.00 1.
it beirp the speoific iMention that further advonces may be made by the Mort9o~ee at its option ro the Mortqe~or, either prior to
or aRer 1he due dotes of the above referred lo proerssory note herebr secured; and this nartqa~e is qiven for the specific
purpose of seouri~ anr and all indebted~ess by 1he Mortga~ M the Mort~o~ee in whatever monner the same may be evi- F
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denced or represented, ~mm/il this mortya9e is sotisfied of record: and all oovenoMs ond a~reemenh oontained in this mort~a~e
shall be opplicobk ro all fu~ther and future odvances made br the Mortyaqee ro the Mortpa~or aed all other indebtedne:s of
Mortpaqor to the Mortqaqee, and ony and ol) renewals or extensions thereof.
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FUBANCO M2