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Home My WebLink About0220 t 6. CONSTRUCTlON ~ I.OAN if this mortgage is givt~ to secure a construction loan. Mortgago~ shall compiete all con- struction within days trom the date oi this mortgage in accordance with thc ' pians and speci~cations filed with Mortgagec. and this morcgage shall be subjcct to the terms and conclitions oi any ; Construction Loan Agreement held by Mortgagee. Said agreement, if any, is available tor inspection at thc office oi ! Mortgagee. ` 7. FSCROW FUND To arovide for the orderly payment oF charges upo~ the mongagcd property, Mortgagor ` shall. if required by Morcgagee. separately pay monthly to Mortgaga in addition to the above payments a sum = ostimated 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 ' payments may at the option of the Mortgagee be (1) Camingied with otha funds; (2) Carried in a~ escrow account and withdrawn by Mortgagee to pay such items. o~ (3) Credited to the unpaid balance of the mortgage indebtedness when receivc~d, provided that the Mortgaga advances upon this obligation sums sufficient to pay said items as they become payable. if the amount estimated to be sufficient to pay said items is insufficient. Mortgagor shall pay the dif- ~ ferena upon demand. If such items are carried in an escrow account, said account shall further secure this in- debtedness. Mortgagce is authorized to pay said items as charged or bilicd without further inquiry. 8. DEFAULT AND ' ACCELERATION That if the Mortgagor faits to make any of the payments pursuant to said promissory note or perform any of the terms or conditions required hereunder Mortgagee may. at its option, make such payments t and make or pay for tht performance of such terms and conditions as in its diuretion it may deem necessary without ~ waiving or affecting its option to foreclose or any rights hereunder; and the full amount th~refor shall be secured by the lien of this mortgage and shall bear interest at the highest rate permitted in the promissory note which this mort- gage secures. [f all the tern?s and conditions of said promissory note and this mortgage art not duly performed, the ag- gregate sum mentioned ia said promissory nate and any other amounts added~to the mortgage indebtedness under the terms of this mortgage shall become due and payable forthwith or thereafter at the option of Mortgagee as futly as if said aggregate sum was originally stipulated to be paid on such date anything in said promissory note or herein to the contrary notwithstanding. _ 9. EMINENT DOMAIN That if any part of the mortgaged property is taken under the power of eminent domain. a!! damages awarded (up to the amount unpaid on this mortgage) for the taking shall, at its option, be paid to Mort- gagee 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 of this mortgage, Mortgagee shall be entitled without 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, issues, and profits thereof. ~ ~ l 1. SUBROGATION Mortgagee is subrogated to the rights of the holders of all liens on the mortgaged property. whieh ate satisfied. in whole or in part, out of the proceeds of this loan; and the respective liens shall pass to Mort- gagee to the same eatent that they would have been hetd by Mortgagee had they bee~ duly assigned to Mortgagee, not- withstanding 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 ot recording this mortgage. 12. M[SCELLANEOUS That time is of the essence of this agreement, but Mortgagee's forebearance to enforce any of the rights or options hereunder shail not be constcued as a waiver of any of the terms and conditions oi this mortgage. That this agreement is binding on and shatl inure to the benefit of the parties hereto and their-respective heirs, legal representatives, successors and assigns; the terms herein shali include either the singular or plural, and the use of any gender shall include all genders. That a[t covenants contained in this Mortgage shali 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. IN WITNESS WHEREOF, the said Mortgago~ has hereunto signed and seaied these pres- ents the day and yeaz first sbove written. - - Signed, sailed snd dellvered ia t6e preseqce of: - '7l'l~`a'`'`''~C (L-s-) r d Du ler _ _ y j~ . WClE COIiMTY FU 1 (L.S.) J c< acc~ ~ ?,~T~As r~c (L.S.) . r : ~ ' ~ ; ^ ~ DU~1 1' (L,SJ Notary Ce~tifrcate - SEP 29 ~U 36 AN ~ V t (lndividual~ STATE OF . COUNTY OF ! HEREBY CERTiFY that on this day, before me, an officer duly authorized in the State aforesaid and in the County aforesaid to take acknowledgments, personally appeared G$~'D g- D~~R ~d i _BiITH~. DtPrgLER. his wife . ~ ~ ~ to me known to be the person_described in and who executcd the foregoing instrument an td hey acknowledged before me that_~e= ,_executcd the same. WtTNESS my hand aqd o~f'iclid~+eal in the County and State last aforesaid this day of 4~ ~ ~ A.D. 19~_. ' ~ ; ~ , ~ ~ ~ ~~4~ ~~R~t•s . ~.o~'='• . : ' , ~ ~ :orNlr~,t~P.tur~~i~a~r~or Noc~y c ' Oh f j , . ~ U R ~ ~ ' . ~ ~ / y _~1i My Commission Expires: „ ~ ' . , . D~~ , - - --.a.r--~.~~ - ~ ~ ' - - _ . , ~ ' ~ ~-t,.3 ~ _ - _