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HomeMy WebLinkAbout0476 I.ITIGATIUN EXPENSES To pay all ~he e+cpenses, ~ncluJ?ng reasonable auwnay's t~ees ~e~ulting Irum ~lurtg~gur's fai{u~e ~u prumptly perform the terms ~nd conditiuns of sY~d promissory note and this mortgege; ur resulting fn~m settLng ur temuw mg any cluud on ~he t~tte uf the murtgagcd propt~ty purporung to b~ superior tu the lien of this mortgage or o~herw~se. t?. CONSTRUCTION LOAN In the event this murtg:~ge is givm to secure a c~nstruction loan, the Mortgage is wbject tu the terms, provisions, and conditions of that artain Construction l.oan Agreement of even date and said Co~struction Agreement is by reference incorpo~ated herein and made a part hereof. Default in the terms of ths Const~uction Loan Agreement shaU constitute a default unde~ the Mortgage. Said Agreement. if any, is available Cor inspection at the office of the Mortgagee. 7. ESCROW FUND To provide for the orderly payment oCcharges upon the mortgaged properry Mortgagor shall pay monthly tu Mortgagee in additiun to the above payments, a sum estimated to be 1/12 oGthe taxes. inwrance premiums, .,izd uther charges upun the mo~tgaged pruperty. which paymeMs may, at ihe option of the Mortgagee, be (1) Co-mingled with uther funds; ( 2) Carried in an exrow aca~unt and withdrawn by Mortgagee to pay such items; or, ( 3) Credited tu the unpaid balanc6 of the mortgage indebtedness when received, provided that the Mortgagee advances upon this obligation sums suffi- :~ent to pay said items as they become payable. If the amount estimated to be wfficient to pay said items is insufficient, ~ior~gagur shall pay the difference upon demand. It' such items are carried in an escrow account, said account shall further se~ure this indebtedness. Mortgagee is authurized to pay said items as charged or billed without further inquiry. 2t DEFAULT AND ACCELERATION That if the Murtgagur fails tu make any o( the payments, pursuant to said promiswry note, or perform any of the terms ur cunditions required hereunder, Mortgagee may, at its option, make wch payments and make or pay for the performance of such terms and conditiuns as in its discretio~ it may deem necessary without waiving or affecting its c~ption to toreciose, ur any rights hereunder, and the tull amount. therefor. shall be ~ecured by the lien of this mortgage and shall bear interest at the rate of nine ) per cent per annum, or if the Mortgagor is a corporation at the rate of 14~J6 per annum. If any of the wms referred to are not paid within fif'teen ( l 5) days after being incurred by Mortgagee or aRer the same severally become due and payable, or il all the terms and cunditions 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 p~yable forthwith or thereafter, at the option ot Mortgagee, as lully as if said aggregate sum~was originslly stipulated to be paid on such date;anything in said promissory note or herin t~~ tt~z contrary notwiths[anding. ~i. E~t1~iEhT DOMAIN That if any part o[ the mortgaged pruperty is taken under #he P4ower uf eminent domain, a11 damages awarded Iup to the :~mount unpaid un this murtgage) for the taking shall, at its option, be aaid to ~lortgagee to be :?pplied pro tantu to the full amount uf the murtgage indebtedness. 10. KECEIVER That u~n 3 default in any ol the terms and ~onJitiuns of this mortgage, !1lortgagee shall be entitled, without notice to the Mortgagor and without regard ro the ~deyua~y ur inadequacy of the property as security for tfie mortgaged debt, to the immedi~te ~pEx~intment ot a receiver ol the mortgaged property, and the rents, issues, and profits thereof. ~ ~ 1 I_ StiBROGr1TION ~lortgagee is sub?c>gate~-to the rights of the holders of all liens on the mortgaged property which are satisfied, in whote or in part, out uf the pruceeds ~~f thii luan; and tBe respective liens shall pass tu ~tortgagee tu the ~me ectent that they would have been heW by Mortgagee had they been du~y assigoed to Mortgagee. ~otwithstanding the f;~ct that the same may be satisfied of record: it being the intention oi the parties hereto that these liens will be satisfied of record by the holders thereot at or about the time of recording this mortgage. 1?. ~11SCELLANEOUS That time is of ihe essence of this agreement, but ~lortgagee's furebearance tv enforce any af the rights or options hereunder si?all 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. legat reprosentatives, successors and assigns; the terms herein shall include either the singular or plural, and the use uf any gender shall include all genders. I That all cuvenants rontained in this ~iortgage shall run wlth the land and the fact that any ; suc~essor in interest takes possession of this mortgaged Property shall cunstiwte conclusive evidence of theu agreement to be ~ bu~nd thereby. . . ! f IV WITNESS WHEREOF. the said ~lortgagor has hereunto signed and sealed these presents the day and ~°ear tirst above v?•ritten. a; in the sence of: . , . G• L _ C ~i"' ~ . ~ • L.S.1 ` C, _ . , - - L. OO~t n ( 6 x ' L.S.1 , a . - TTI C. QOOK ~ . ~ ~ ~ A iy . ~ ~ ICorporate tiame) ~ = gy l L.S. ) ~ President 3 ~ Attest: ~L.S.1 ~ Setretary ~ ~ . ~ I( ~IpUfai~ _leall ~ ~ ~ ~ ~o~~ ~97' 4 ~ ~ 1' ~ti. ~ ~ . . S~ _ ~ . 2:- y'- Lr^. 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