HomeMy WebLinkAbout2321 a party or participating (including reasonable counsel fees)
shall on notice and demand be paid by Mortgagor, together
with the interest thereon at the Interest Rate and shall be a
lien on the Mortgaged Property, prior to any right or title
to, interest in, or claim upon, the Mortgaged Property, sub-
ordinate to the lien of this Mortgage, and shall be deemed
to be secured by this Mortgage and evidenced by the note.
14. After the maturity date of the Debt, by ac-
celeration or otherwise, interest on the Debt shall be payable
at the rate.of three percent (38) per annum over the Interest
Rate (or the highest lawful rate if it shall not be lawful
to collect the aforesaid rate) until the Debt is paid in
full.
15. This Mortgage and the provisions thereof can-
not be modified, released or waived except in a written in-
strument executed by Mortgagor and Mortgagee.
16. Notwithstanding any taking by eminent domain,
alteration of the grade of any street or other injury to or
decrease in~value of the Mortgaged Property by any public or
quasi-public authority or corporation, Mortgagor shall con-
tinue to pay interest on the entire Principal Balance until
any such award or payment shall have been actually received
by Mortgagee and any reduction in the Principal Balance re-
sulting from the application by Mortgagee of such award or
payment as hereinafter set forth shall be deemed to take ef-
fect only on the date of such receipt. Said award or payment
may, at the option of Mortgagee, be retained and applied by
Mortgagee toward payment of the Debt, or be paid over wholly
or in part to Mortgagor for the purpose of altering, restor-
ing, or rebuilding any part of the Mortgaged Property which
may have been altered, damaged or destroyed as a result of
any such taking, alteration of grade, or other injury to the
Mortgaged Property, or for any other purpose or object satis-
factory to Mortgagee, but Mortgagee shall not be obligated to
see to the application of any amount paid over to Mortgagor.
If prior to the receipt by Mortgagee of such award or payment
the Mortgaged Property shall have been sold on foreclosure of
this Mortgage. Mortgagee shall have the right to receive said
award or payment to the extent of any deficiency found to be
due upon such sale., with legal interest thereon, whether or
not a deficiency judgment. on this Mortgage shall have been
sought or recovered or denied, and of the'reasonable counsel
fees, costs and disbursements incurred by Mortgagee in con-
nection with the collection of such award or payment.
17. Mortg agee and any persons authorized by Mort-
gagee shall have the right to enter and inspect the Mortgaged
s Property at all reasonable times.
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_ 18. The whole of Debt or any part thereof remain-.
ing unpaid shall become due and payable, at the option of the ~
Mortgagee, if the Mortgagor shall convey, transfer or other-
wise divest itself of title to the Mortgaged Property.
19. Mortgagee shall have the right from time to
_ time to sue for any sums whether principal or interest, dam-
ages for failure to pay taxes, or any other sums required to
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5 B~Ji~K rACE 2316
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