HomeMy WebLinkAbout1074 3. II any mortgage superior to that of Mortgagee Is increased or amended, then this mortgage and the
Indebtedness which it secures, shall be Immediately due and payable.
4. 11 the real property described above is sold, or it the title to the property Is trans/erred or otherwise
encumbered o? assigned in any way, then the mortgagee may, at iCs option, declare the entire unpaid principal
balance of this mortgage to be due and payable.
S. If this mortgage is subordinated to any construction mortgage loan, it shall become due and payable
In lour Installments to be paid proportionately from the construction draws. A failure to make payments con-
currently with the rnnstruction draws, constitute a default in this mortgage deed.
6. Mortgagor agrees to pay the principal and Interest and ail other sums of money payable because of the
Promissory Note ar?d mortgage or either, promptly on the day respectively the same, they severalty become due.
'7. Mortgagor agrees to pay all taxes, assessments, liens, liabilities and other obligations of any nature levied
against the described real property. If these Items are not promptly -paid, Mortgagee, iCs 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 rnsts and expenses including reasonable attorney's fees paid at any time by
the Mortgagee, iCs successors, legal representatives or assigns including reasonable attorneys fees in the event
of an appeal by either party because of the Mortgagors /allure 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 VA[UE both fire and extended coverage, in a rnmpany approved by 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 iCs 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 wch insurance without waiving or effecting iCs option to foreclose.
10. If the Mortgagor permits the property encumbered 6y this mortgage to detediorate or intentional
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 suffered by the Mortgagee shall be
~ secured by the lien of this mortgage.
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11. Mortgagor agrees to abide 6y the specific terms set forth in the Promissory Note.
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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 by it, are rrot 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 wccessors, Legal representatives or assigns as fully and mmplete?y as if the
aggregate sum were originally stipulated to 6e paid on such day, anything in the Promissory Note or herein to
the contrary notwithstanding.
13. Any 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 account 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 contro? the property, without notice, pending /oreclosure proceedings, for the purpose of protecting
and preserving the property and apply the net inonme therefrom to preservation of the premises and to the
1 payment of the mortgage indebtedness in such manner as the Court may direct.
15. The mortgagor hereby assigns and trans/ers to mortgagee the abstract of title to the property encum-
bared hereunder.
16. Mortgagor hereby, pledges assigns, t?ansfers, and set due unto the mortgagee all rents leases and ~
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.
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