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Home My WebLink About0545 S. LITIGATION EXPENSES To pay all the expenses, including rcasonable ,ttorney's Cees rewlting irom Mortgagur's tailuce to promptly pe~form the lerms and conditions of said promissory note and this mo~tgage; or tesulting [rom settling or rcmov- ing any cloud on the title of 1he mortgaged property purporting to be superior to the lien of this mortgage or otherwise. 6. CONSTRUCTION ~ LOAN In the event this mortgage is given to secure a construction loan, the Mortgage is wbject to the terms, provisions, and conditions of that certain Construction Loan Agreement o[ even dste and said Construction Agreement is by reference incorponted herein and made a part hereof. Default in the terms of ths Construction Loan Agreement shal~ constitute a default under the Mortg,ige. Siid Agccement, if any. is ~vailable for inspectio~ at the o[fice of the Mortgagee. 7. ESCROW FUND To provide Cor the orde~ly payment of charges upon the mortgaged property Mortgagor shall ~ pay monthly to Mortgagee in addition to the above payments. a sum estimittd to bt 1{t2 of thc taxe5, insuraacs prtr:tsus~s. and other charges upon the mortgaged property, which payments may. at the option of the Mortgagee. be (1) Camingled with other funds; (2) Curied in an escrow account and withdrawn by Mortgagee to pay such items; or, (3) Credited to the unpaid balance of the mortgage indebtedness when rcceived. provided that the Mortgagee advances upon this obligation sums sutfr • cient to pay said items as they become payable. If the amount estimated to be sulYicient to pay raid items is insu[iicient. Mortgagor shall pay the difference upon demand. lf such items are carried in an escrow account, said account shall further : secure this indebtedness. Mortgagse is authorized to pay said items u charged or billed without further inquiry. s 8 DEFAULT AND ACCELERATION That if the Mortgagor fails 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 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 toreclose, or any rights hereunder, and the full amount, therefor. shall be ~ecured by the lien of this mortgage ~ and shall bear interest at the nte of nine (9;6) per cent per annum, or if the Mortgagor is a corpontion at the rate af 14% per annum. If any of the sums referred to are not paid within fdteen (15) days after being incurred by Mortgagee or after the ~ame severally become due and payable. or if all the terms and conditions of raid 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 mortg,age shall become due and payable furthwith or thereaiter, at the option of Mortgagee, as fully as iC said aggregate sum was originally stipulated to be paid on wch date; anything in said promissory note or herin to the contrary notwithstanding. 9, EMIhENT DOMAIN 1'hat 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 mortgage) for the taking shall, at its option, be paid to Mortgagee 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 ihe Mortgagor and without regard to the adequacy or inadequacy ot 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 thereoG I 1. SUBROGATION Mortgagee is wbrogated to the rights of the holders of all liens on the mortgaged property which are s~tisfied, in whole or in part, out ot' the proceeds of this loan: and the respective liens shali pass to Mortgagee tu the same extent that they would have been helc~ by Mortp,agee had they heen duly assigned to Mortgagee, notwithstanding the t'act that the same may be satisfied of record; it being the intention of the parties hereto that thex liens will 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 o( this agreement, but Nortgagee's forebearance to enCorce any of the rights or options hereunder shall not be construed as a waiver of any of the temu and conditions of this mortgage. That this agreement is binding on and shall inure to the benefit of the partiei hereto, and their resp~ctive heirs, legal representatives. wccessors and assigns; the terms herein shall include either the singular or plural, ~ and the use of any gender shall include all genders. That all covenants contained in this Nortgage shall run with the land and the fact that any i successor in interest takes possession of this mortgaged property shall constiwte condusive evidence ot their agreement to be ; bound thereby. i r ~ IN WITNESS WHEREOF, the said Mortgagor has hereunto signed and sealed these presents the day and year lirst above written. } Signed, sealed and delivered in the presence of: ~ ` ~ ~ - •S-) ~ 1 n . Harden ~ - i~ ~ L.S.I ~ e ' ti ~ '1 s ~ (Corporate Name1 ~ gy ( L.S.) President _ ] Attest: ~ L.S.1 ; Secretary ~ ICorpo~atc Seall ~ a a ~ ~ E ~ ~ i " J G R~ ~ , 5~~ ; 3~,~ ~0 . ~ . ~ _ 4 ;