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HomeMy WebLinkAbout2844 - ~ - - - ~ ~ i ~ ~ .t 2 i f 3. Marry mortgage wperior to that ~ Moue ~ Increased or anrertded, Men this mortgage and the 6debtednas whkh i< sevens, shall be immediately due and payable. i - 4. K the real property described above is sold, or H the title to the property is transferred or otherwise enaumbered or assigned in any watt', that, the mortgagee may, at iCs option, dedar~e the entiro unpaid principal baHrroe of this mortgage to be due sod payable 5. ff this mortgage Is subordinated to any construction mortgage loan, it shall become due and payable in lorry irrstallrrrents b be paid proportionately from the eorrstruction draws. A failure to make payments onn- currently vridr the eorrstruction draws, eorrstigrte a default in this mortgage deed. z g- M~aBo? to Ply ~ P~P~ and Interest and all other sums of rrrarey payable because of the Promissory Note and mortgage or either, prorgpth? on the day respectively the same, they severally become due. 7. Mortgagor agree to prty elf taxes, atsessrrrents, liens, liabilities and other obligations of any nature levied against the described real property. H these iterrrs are not Promptly-Paid, Mortgagee, iCs successor, legal rep- resentath~es and assigns, may at art' time pay them without waiving their option to foreclose or any right under this Inor[gage - 8. Mortgagor agrees to pay all costs and acpenses inducting reasonable attomeys fees paid at any time 6t' the Mortgagee, iCs srra~ssors, legal representatives a assigns including reasonable attorneys fees in the event of an appeal by-either party--bepurse~f_t/re _Mort~agor's failure to comply and abide 6t' the terms of the Prom- . issory Note and this mortgage oc either of there. _ _ _ 9. Mortgagor agrees to keep a~ buildings located on the wbject real property insured for a sum of not less than the HIGHEST IfYStlRABLE VALUE both fire Ord-extended coverage, in a company approved by Mort- gagee and the polities held and payable ~ Mortgagee and in the event that any wm of money becomes pay- a61e under the polities, the Mortgagee a iCs legal representatives sha?1 have the option tD apply to receive these monies on aoaorrnt of the tirde6iedgess which this mortgagr secures and to aJbrv the Mortgagor to receive and use it or arty part of it fob o~rli ~lrlrpdaes, without waiving or impairing the euity or rights of the Mortgagee - set forth here. Mortgagee may platoe and pay such insurance without waiving or effecting iCs option to foreclose. 10. H the Mortgagor permits the property encumbered by this mortgage to detediorate or lntentionaJ/y causes damage m it, then in that event, the Mortgagee h authorized to make such necessary repaia"that it deems necessaq? so as m protect the severity in the property and the full amount of each and .every wch payment sha/1 be due and paya6M within five days after demand and any expenses wffered by the Mortgagee shall be secured 6t' the lien of this mortgage. ~ ` 11. A~tortgatgor agrees to abide 6t' the speafic terms set forth in the Promissory Note. 6eco due and 12. ff any wch wms of money are rat Promptly Paid wrthrn FIFTEEN days after they me payable or if any of the provisions of this mortgage and/or Promissory Note severed by it, are rat fully per- formed, the aggregate sum mentioned in the Promissory Note shall be due any payable immediately or thereaker at the option of the Mortgagee iCs successors, legal representatives or assigns as fully and completely. as if the aggregate wm were originally stipulated to tie paid on such day, anything in the Promissory Note or herein to the contrary notwidutarrding. - i 13. Any and all payments made under the temu and conditions of this mortgage by Mortgagee to protect - f mo?tgagees security shall bear inten>st at the highest legal rate provided for by law. 14. ff forerbsure proceedings are instituted under this mortgage on account of the breach or violation of any of iCs tams, 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 paynrerrt of the mortgage indebtedness in such manner as the Court may direct. 15. The mortgagor hereby assigns and transfers to mortgagee the abstract of tide to the property encum- tiered hereunder 16. Mortgagor hereby, Pledges assigns, tranufers, and set due unto the mortgagee all -rents leases and profits from the property encumbered lrererarder as atdditiotral security- for the payment of this mortgage and note, mortgagor hereby covenavrts and ~p?orMses tQ toBect'said rents, leases and profits and to apply them to the mortgagee payments due hereunder as soon as they become ~ue. - - t f~- ~ o PNiE ~