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HomeMy WebLinkAbout2569 3. !1 any moffgag~e superior to that of Mortgagee. !s increased or arrrerrded, then this mortgage and the Indebtedness which It secures, shall be immediately due and payable. 4. fi the real property described above !s sold, or if the tide to the property is transferred or otherwise encumbered or assigned in any way, then the mortgagee may, at iCs option, declare the entire unpaid prinNpal balance of this mortgage to be due and payable.. 5. ff this mortgage is subordinated to any construction mortgage loan, it shall bernme due ar?d payable in four installments to be paid proportionately from the construction draws. A lailure to make payments con- currently with-the construction draws, constitute a default in this mortgage. deed. 6. Mortgagor agrees to pay the principal and interest and all other sums of money payable because of the Promissory Note and mortgage or either, promptly on the day respectively the same, they severally become due. 7. Mortgagor agrees to pay all taxes, assessments, liens,- liabilities and other obligations of any nature levied against the described real property.- ff these items are not promptly paid, Mortgagee, lCs successors, legal rep- resentatives and assigns; may at any time pay them without waiving their option to foreclose or any right under this mortgage. - 8. Mortgagor agrees to pay all costs and expenses including reasonable attorney's fees paid at any time by the Mortgagee, iCs successor, legal representatives or assigns including reasonable attorneys .fees in the event of an appeal by either parry because- of the Mortgagors failure to comply and abide by the terms of the Prom- issory Note and this mortgage or e j r .of; tf fpm. 9. Mortgagor agrees to keep all 6uildfngs located on the subject real property insured for a sum of not less than the HIGHEST INSURABLE I~i1LUE both fire and extended coverage, in -a company approved by Mort- gagee and the policies held and payable to Mortgageee and in the event that any sum of money becomes pay- able under the policies, the Mortgagee pr fi's legal representatives shall have the option to apply to receive _ these monies on account of 'the indebtedness which this mortgage secures and to alknv-the Mortgagor to ?eceive and use it or any part of it for other pu?poses, without waiving or impairing the euity or rights of the Mortgagee set forth here. Mortgagee may place and pay such insurance without waiving or effecting iCs option to foreclose. 70. !f the Mortgagor permits the property encumbered 6y this mortgage 'to detediorate or intentionally causes damage to it, then in that event, the Mortgagee is authorized to make such necessary repairs that it deems necessary so as to protect the security In the property and the full amount -of each and every such payment shall be due and payable within five days after demand and any expenses su_ ffered by the Mortgagee shall be secured by the lien of this mortgage. 11. -Mortgagor agrees to abide by the specific terms set forth in the Promissory Note. 12. !f arey such sums of money are not promptly paid within FIFTEEN days after they 6ernme due and - payable or if any of the provisions of this mortgage and/or .Promissory Note secured 6y it, are not fully per- formed, the aggregate sum mentioned in the Promissory Note sha116e due any payable immediately or thereafter at the option of the Mortgagee iCs successoa, legal representatives or assigns as fully and completely as if the aggregate sum were originally -stipulated to be paid on such day, anything in the Promissory Note or herein to the rnntrary notwithstanding. 73. My and all payments made under the terms and conditions of this mortgage by Mortgagee to protect mortgagees security shall bear interest at the highest legal rate provided for by law. 14. If foreclosure proceedings are instituted under this mortgage on acrnunt of the breach or violation of any of iCs terms, the Mortgagee shall have the right to apply for and to have a receiver take possession to manage and control the property, without notice, pending foreclosure proceedings, for the purpose of protecting - and preserving the property and apply the net income therefrom to preservation of the premises and to the payment of the mortgage indebtedness in such manner as the Court may direct. 15. The mortgago? hereby assigns and transfers to mortgagee the abstract of title to the property encum- bered hereunder. . 16. Mortgagor hereby,- pledges assigns, transfers, and set due unto the mortgagee all -rents leases and profits from the pro~rert~,epcumbered ~f?ereunder as additional security for the payment of this mortgage and note, mortgagor hertby'fos!e~?~rrts promises to collect said rents, leases and profits and to apply them to the mortgagee payments due hereunder as soon as they become due.