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Home My WebLink About0465 . , ~ . 5. LITlGAT10N ~ EXPENSES To pay all tl~a expenses, including reasonable attorney's fees rewiting from Mortgagur's failure to promptiy perfo~m the terms and conditioas of said promissory note and this mortgage: o~ resulting frum xttling uc remov- ing ~ny cloud on the title of the mortgaged property purporting to be superior to the lien of this mortgage or otherwise. 6. CONSTRUCTION r ~ LOAN - !n the event this mortgage is given to secure s constructaa l~~ ~ortgage i~ ~ct to the terms. provisions. and cundPtions oi that certun Construction L~n ~Agreermnt of even date and sai~ Construction Agreement is by reference inoorponted herein and made a part he~eof. Uetault in the term: o( ths Construction I.oan Agreement shall constitute a default under ihe Mortg~ge. Said Agreement. if any, ia available Cor inspcction at the ottice of the Mortgagee. . 7. ESCROW FUND To provide for the orderly payment of chsrges upon the mortgaged pioperty Mortgagor shall . ~ pay monthly to Mortgaga in addition to the above payme~ts. a wm estimated to be 1/12 of the taxes, insurance premiums. and other charges upon the mortgaged property, which payments may, at the option of the Mortgagee, be ) Camingled with ! other funds; (2) Curied in an es~xow account and withdrawn by Mortgaga to pay such items; or, (3) Credited to the unpaid ~ balance of the mortgage indebtedness when received~ provided that the Mortgagee advances upon this obUg,ation sums suffi- cient to pay said items as they become payable. If the amount estimated to be suf'ficient to pay said items is insu[ficient. Mortgagor shall pay the difference upon demand. !f such item: are carried in an escrow account, said account shall further secure this indebtedness. Mortgagee is authoriud to pay said items u charged or billed without further inquiry. _ 8 DEFAULT AND ACCELERAT[ON That if the Mortgagor fails to make any of ihe payments, pursuant to said promissory no[e, or ~ perform any of the terms or conditions required hereunder, Mortgagee may. at its option. make such payments and make or : pay for the performance of such terms and conditions as in its dlscretion it may deem necessary without waiving or affecting its option to foreciose, or any ~ights hereunder, and the full amount, therefor, shall be secured by the lien of this mortgage and shall beu interest at the rate of nine (996) per cent per annum, or if the Mortgagor is a corporation at the rate of 1496 per annum. If my of the sums referred to are not paid within fdteen (15) days after being incuned by Mortg,agee or after the same severally become due and payabie, or if all the terms and conditions of said promissory note in this mortgage are not - duly performed, the agg~egate wm mentioned in said promissory note and any other amounts added to the mortgage indebt- : edness under the terms of this mortgage shall become due and payable forthwith or thereafter, at the option of Mortgagee. as ~fully as if said aggregate sum was originally stipulated to be paid on wch date; ariything in said promissory note or herin ` to the contrary notwithstanding. _ 9_ EMINENT DOMAIN That if any part of the mortgaged property is taken under the power of eminent domain, all damages awarded (up to the amount unpaid on this mortgage) for- the taking shall, at its dption, be pai~ to Mortgagee to be applied pro tanto to the full amount of the mortgage indebtedness. _ ~ 10. RECEIVER That upon a default in any of the terms and conditions ot this mortgage, Mortgagee shall be ~ntitled, without notice to the Mortgagor and without regard to the adequacy or it?adequacy of the proQerty as security tor . the mortgaged debt, to the immediate appointment of a receiver of the mortgaged propert~, an~ the rents*Sssues, and profits ~ thereof. ~ ~ 1 I. SUBROGATION Mortgagee is subrogated to the rights ot the holders of all liens on the mortgaged property ~ which are satisfied. in whok or in part, out of the proceeds of this loan; and the respective•liens shal! pass to Mortgagce to the ? same extent that they would have been held by Mortgagee had they been duly assigned to Mortgagee. notwithstanding the ~ fact that the same may be satisfied of record; it being the intention of' the parties hereto that these liens wiU be satisfied of ~ : record by the holdea thereof at or about the time of recording this mortgage. , 12. MISCELLANEOUS That time is of the essence of this agreement, but Mottgagee's forebearance to enforce any i oi the rights or options hereunder shall not be construed as a waiver of any of the temu and conditions of this mortgage. ~ , That this agreement is binding on and shall inure to the benefit of the partie3 hereto. and ; their respective heirs, legat representatives, successors and assigns; the terms herein shall include either the singulu or plural, ; and the use of any gender shal! include all genders. ~ That all covenants contained in this Mortgage shall run with the land and fhe fact that any ~ ~ successor in interest talCes possession of this mortgaged property shall constitute conciusive evidence of their agreement to be ~ ~ bound thereb ~ ~ ~ • ' - 1 f ~ IN WI'FNESS WHEREOF. the said I?fortgagor has hereunto signed and sealed these presen~s the day and year first above ~ ' written. Signe , sealed utd deG in t nce f ~ ~ ~ L.S.) D~nis L. cher - v al , ~ L.S.) Diane Aamsche . i orporate Na e) ~ • gy (L.S.) ~ ~y . r President i ~ . ; • -JIJ • s ~ - %s eo~. ~ - Attest: LS.) ~ ~ z ~ f "c p.. ~ Secretary ; ~ = ~ ~ ~ ~ 3`! '+~t ~ ~ % ~ .••~1'~.~ ~ (co~~ ~ ~ . ~ ~ ~ ~ ~ ~ ; ; ~ g~ox 287 463 ' ~ , , , , 7 ' ~ - - ~ . - ..~~s~,,,~:=`~;.°' M~ r " - _ ~ - _ _ - k "i . . _