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HomeMy WebLinkAbout0099 f ~ 6. CUNSTRUCTION ~ ~ LOAN If this mortgagc is given to srcure a conttructi~n loan, hlortgagor shall completc atl a~n- struction within days from lhe datr of this mortgagc in arr~~rdancc with thc plans anJ spcciCrations filcd wi~h htortgagce, and lhix mortgage shall bc subjec~ to the terms and conditions of an~ Construct~on Loan Ag~ecment hcld by Mortgagee. Said agreemcnt. if any. is available for inspection at the offire uf Mortgagee. 7. ESCROW FUND To c~{ovide for thc orderly payment of charges upon the mo~tgaged property. Mortgagor shall. if rcquired by Mortgagec. ~~s,~tely pay monthly to Mortgagcc in addition to thc abovc payments a sum estimated to be 1/12 of the taxes~ insurance premium~. and other charges upon the mortgagcd propcrty. v?hich payments may at thc option of the hlo~tgagec be (1) Co-minglcd with other funds; (2) Carried in an escrow account and withdrawn by Mortgagee to pay such items, or (3) Creditcd to thc unpaid~balance of the mortgage indebtcdncss when received, provided that the Mortgagee advances upon this obligation sums sufficient to pay said items as ~hcy bccome payable. 1( ihc amount estimated to be sufficient to pay said items is insufficient. Mortgagor shall pay the dif- ference upon demand. If such itcros arc rar~ied in an escrow account. said account shall furthe~ secure this in, debtedness. Mortgagce is authorized to pay said items as chargecl or billed without furthcr inquiry. 8. DEFAULT AND ' ACCELERATION That if the btortgagor fails to make any of the payments pursuant to saicl promissory ' note or perform any of the terms or conditio~s required hereunder Mortgagee may, at its option, make such payrpents ~ and make or pay for the performance of such terms and conditions as in its discretion it may deem ner.essary withaut ; waiving or affecting its option to foreclose or any rights hereunder; and the full amount therefor shall be secured by ` the lien of this mortgage and shall bcar interest at the highest rate permitted in the promissory note which this mort- ~ gage secures. 1 f all the terms and conditions of said promissory note and this mortgage arc not duly performed. the ag- ; gregate sum mentioned in said promissory note and any other amounts added to the mortgage indebtedness under thc terms ot this mortgage shall become due and payable forthwith or thereafter at the option ot Mortgagee as fully as if said aggresate sum was originally stipulatcd to be paid on such datc anything in said promissory note or herein to the contrary notwithstanding. 9. EMINENT DOMAIN That if any part of the mortgaged property is takcn under the powcr of eminent domain. all damages av?arded (up to the amount unpaid on this mortgage) for the taking shall, at its option, be paid to ~tort- gagee to be applieci pro tanto to the full amount of the mortgage indcbtcdness. . 10. RECEIVCR That upon a dcfault in any of the tcrms and ronditions of this mortgagc. titortgagcc shall be entitled without notice to the Mortgagor and w~ithout regard to the adeyuacy or ina~leyuacp of the properly as security for~the mortgaged debt to the immediate appointment of a receiver of the mortgaged property and the rents, issues. and proCts thereof. ~ . 11. SUBROGATION Mor~gagee is subrogated to the rights of the holders of all liens on the mortgaged proper~y which are satisfied. in whole or in part. out of the proceeds of this loari; and the respective liens shall pass to ~1ort- gagec to the same extent that they would ha~e been held by f~rlortgagee had they been duly assigned to Mortgagee. not- withstanding the fact that-the same may be satisfied of record; it being ~he intention ot the parties hereto that these liens w~ill be satisfied of record by the holders thereof at or about the time of recording this mortgage. 12. MISCELLANEOUS That time is of the essence of this agreement, but Mortgagee's torebea~ance 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 bene~it of the parties hereto and their respective heirs. legal representatives. succcsso~s and assigns; the terms herein shall include either the singular or - plural. and the use of any gender shall includc all gendcrs. . That all covenants contained in this t~tortgage shall run with the land, and the fact that any successor in interest takes possession of this mortgaged property shall constitute conclusi~•e e~~idence of their 'i agreement to be bound thereby. . I ~ ` IN VVITNF:SS VVHEREOF. the said Mortgagor has hereunto signed and sealed thesc pres- ents the day and year first sbove written. . i ~ Signed, sealed and delivered in the presence of: ~ /~/LLI~f~ L_~• (L.S.) ~ Gerald Duthler _ (L.S.) ~\.L~L,. ~ ~t:~--- _ ~ (L.S.) H CukUE~ ~j ST WCSE tQUMTr F~~ ~ • Duthler f.OrF;; ~ ;ita~e ~ IL-S.) : - , j~* CCU~ r: - r'~ No~ary Cerlificate ' nnd;,.~~uo~, SEP 18 2 5~ PM'78 STATE OF ~ COUNTY OF 418496 ~ ~ 1 HF REBY CERTIFY that on this day, bcfore mc, an officcr duiy authorizcd in thc Statc aforesaid and in thc County ~ GERALD f.,, DUTHLER and a~oresaid to take acknowledgments. personally appeared R ~ RUTH Y DUTHLER, his wife ~ ~ to me known to be the person_described in and who executed the foregoing instrument andthey acknowledged x before me that thP~v _executed the same. ~ WITNFSS my hand and offi~ipk;eal i~ti't~he County and State tast aforesaid this_.~_day of ~ A.D. 19~. . 't%'' ~ ~ (~YA ~t ~f ~ . . - ~ Y iq i . ~ vo+y..G~:~ _ - ' J ~ _ . F PU8`-ti ~ ~ , Notary Public ~ ~ ~ l~(;~ 2~ ~p~ ~ , ~ ~ My Commission Expires: ~X AAh a AA~IO~A up~A~ M ~SIpf1 EI~IIK S@'T. N ~ ~~o!'p /Mlu ~ I+is . ~Q~iiY9~ , _ - - _i~ ~ ~ ~ ~ ~ ' , ~ : .