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Home My WebLink About0128 ~ ' N ~ • 5. LITIGATION , , ; ~ EXPENSES To pay all the expenxs, including reasonable atturney's fees resuit~ng frum Nortgagur's la~lure ta promptly perform the terms and condit~ans of said promissory note and this mortgage; ur resulting from uttling or remov- ~ng any ~loud on the title of the mortgaged property purporting to t~e superiur to the lien af this mortgage ar otherwix. b. CONSTkUCTlON LOAN In the event this mortgage is given to xcure a construction loan. the Mortgage is wbject to the te~ms, provisions, and conditions of that certain Construction L~oan Agreement of even dste and said Construction Agreement is by re[erence incorpanted herein and made a part hereof. Default in the terms of the Construction Loan Agreement shall constitute a default und~r the Mortgage. S~id Agreement, if any. is available for inspection at the office of the Mortgagee. 7 ESCROW FUND To provide for the orde~ly payment of charges upon the mortgaged property Mor ~iF?all pay mont ee in addition to the above payments, a sum estimated to be I/12 u~~f th ~ urance premiums, and otherchargesupon the m u erty. which payments may, at the o t' ~!h oerlOrrtgagee, be~(1) Camingled with other funds; (2) Carried in an escrow accou ' hdrawn to pay wch items; or, (3) Credited to the unPaid batance ot the mongage indebtedneu when r , he Mortgagee advances upon this obligation sums su[fi- cient to pay said items as the payable. If the amount estimate ficient to pay said items is insufficient . Mortgagur shal ~ etence upon demand. lf such items are carried in an escrow a id account shall furiher ~n ebtedness. Mortgagee is authorized to pay said items as charged or billed without further inq x DEFAULT AND ACCELERATION That if the Mortgagor fails ro make any of the payments, pursuant to said promissory note, or perform any of the terms or conditions required hereunder, Nortgagee may, at its option. make such payments and make or ~pay for the performance of such terms and conditions as in its discretion it may deem necessary without waiving or affecting its option to foreclou. or ~ny tights hereundar, and the full amount. therefor. shall be ~ecured by the lien of this moitgage and shall bear interest at the rate of nint (9r/o) per cent per annum, or if the Mortgagor is a corporation at the rate of 14% per annum. If any of the sums referred to are not paid within fifteen ( l51 days after being incurred by Mortgagee or after the samc severally become due and payable, or if all the terms and conditions of said promissory note in this mortgage are not duly performed, the aggregate sum 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 thereatter, at the option of Mortgagee. as fully as i[ said aggregate sum was originally stipulated to be paid on such date; anything 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 mortgagel far the taking shall, at its option, be paid to Mortgagee to be applied pro tantu to the full amount of the mortgage indebtedness. - 10. RECEIVER That upon a default in any o[ the terms ;~nd conditions of this mortgage, Mortgagee shall be entitled. withuut notice to the Mortgagor and without regard to the adequacy or inadequacy of the property as security for the mortgaged debt, to the immediate appointment of a receiver of the mortgaged property, and the rents, iswes, and profits thereof. 1 I. SI.~BROGATION Mortgagee is subrogated to the rights of the holders of all liens on the mortgaged property which arc satisfied, in whole or in part. out of the proceeds of ~his loan: and the respective liens shat! pass to Mortgagee tu the same extent that they would havt been hetJ by Mortgagee had they been duly assigned to ~lortgagee, notwithstanding the fact that the same may be satisfied of record; it being the intention of the parties hereto that these liens will be satisfied of record by the holders thereof at or about the time of recording this mortgage. ~ I 2. MISCELLANEOUS That time ~s of the essence of this agreement, but Nortgagee's torebearance to enforce any of the rights or options hereunder shall not be construed as a waiver of any of the terms and conditions of this mortgage. That this agreement is binding on and shall inure to the benefit of the parties hereto, and their respective heirs, legal representatives~ ruccessors and assigns; the terms herein shall include either the singular or plural, and the ux of any gender shalL include all genders. ; 'Ihat all covenants contained in this ~fortgage shall run with the land and the fact that any successor in interest takes possession of this mortgaged property shall constitute conclusive evidence of their agreement to be ; bound thereby. ! f IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day and year first above ~ written. ~ gned, ed deG he sence of: ~ ~ ~ L.S.) ~ - e exa . even ~S'~ ~ ~ ~ (Corporate Name) ; - BY ( L.S.) ~ . President ~ ~ ~ i Attest: ~L.S.) ' Secretary ~ ~ ~ . ~ (Corpuratc SeaU ~ ~ ~ ~ BOOK PACE 1z8 • ~ ~'C ~ ,s.. ; - . _ ..._:".r.` . - - ~c' 'f F ''~r - x`~-y~..~ ~ r.«i C+~/~, , p'' S : ~y ~F x ' ~ eA•~.~ ~ ~ ' - . ~ , . - - _ £ E'n+~r~.~z°2s'"~ r` , ' ss-' ~'fr',a ;