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HomeMy WebLinkAbout1069 ..w ~ ____~________.___-_r._ 3. li any mortgage superior to that o/ Mortgagee 1s increased or amended, then this mortgage and the Indebtedness which it secures, shall be Immediately due and payable. 4. If the real property desuibed above is sold, or if the tlt/e to the property is transferred or otherwise encumbered or assigned in any way, then the mortgagee may, at it's option, declare the entire unpaid prindpal balance of this mortgage to be due and payable. _ S. if this mortgage is subordinated to any construction mortgage loan, It sha116ecome due and payable in four installments to tie paid proportionately from the conswction draws. A failure to make payments con- currently with the corutrucGon draws, mnsdtute a default in this mortgage deed. 6. Mortgagor agrees to pay the principal and Interest and all other sums of money payable beause of the Promissory Note and mortgage or either, promptly on the day respectively the same, they severalty bernme due. 7. Mortgagor agrees to pay all taxes, assessments, liens, liabilities and other obligations of any nature levied against the described real property. 11 these Items are not promptly paid, Mortgagee, it's successor, 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 attomeys fees paid at any time by = the Mortgagee, it's successors, ?egal representatives or assigns including reasonable attorneys fees in the event of an appeal by either party because of the Mortgagor's failure to comply and abide by the terms of the Prom- issory Note and this mortgage or either of them. 9. Mortgagor agrees to keep all buildings located on the subject real property insured for a sum of not less than the HIGHEST INSURABLE VALUE both fire and extended rnverage, in a rnmpany approved 6y Mort- - gagee and the policies held and payable to Mortgagee and in the event that any sum of money becomes pay- able under the policies, the Mortgagee or it'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 receive and use it or any part of it for other purposes, 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 it's option to foreclose. 10. If the Mortgagor permits the property encumbered by 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 tie due and payable within five days after demand and any expenses suffered by the Mortgagee shall tie secured by the lien of this mortgage. G 11. Mortgagor agrees to abide by the specific terms set forth in the Promissory Note. f 12. If any such sums of money are not promptly paid within FIFTEEN days after they. become 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 wm mentioned in the Promissory Note shall tie due any payable immediately or thereafter at the option of the Mortgagee ICs successors, legal representatives or assigns as fully and completely as if the aggregate sum were originally stipulated to tie paid on such day, anything in the Promissory Note o? herein to the contrary notwithstanding. 13. 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 fo? by Jaw. 14. If foreclosure proceedings are instituted under this mortgage on account of the breach or violation of any of iYs terms, the Mortgagee shall have the right to apply for. and to have a receiver take possession to manage end 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' ih 'sudi ~ manner as the Court may direct. t ~ 15. The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property encum- tiered hereunder. or r here led es. assi ns, transfers, and set due unto the mortgagee all rents teases and 16. M tgago 6y, p g g prolits from the property encumbered hereunder as additional security for the payment of this mortgage and note, mortgagor hereby covenants and promises to collect said rents, leases and prolits and to apply them to the mortgagee payments due hereunder as soon as they become due.