HomeMy WebLinkAbout2937 3. 1l any mortgage superior to that of Mortgagee h lnueased aamended, -then this mortgage snd the
Indebtedness wh/fir 1t secures, shall be immediately due and payable.
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4. If the real property desulbed above Ls soW, or if the title to the Property & transferred o? otherwise
encumbered or assigned in any way, then the mortgagee may, at it's option, dedare the entire unpaid prindpat
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
!n four installments to be paid Proportionately from the construction draws. A failure to make payments con-
. currently with the oonstructlon drsws, constitute a de/cult in this mortgage deed.
~ 6. Mortgagor agrees to pay the prindpai 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 severally become due.
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7. Mortgagor agrees to pay al! taxes;'atsessments, liens, liabilities and other obligations of any nature kwled
against the desuibed rent prope?ly. M these items are not promptly paid, Mortgagee, iCs successors, legal rep-
- resentatlves and assigns, may at any time pay them without waiving their option to foreclose or any right under
this mortgage.
8. Mbrtgag~or agrees to pay alt costs and expenses including reasonable attorneys fees paid at any time by
the Mortgagee, iYs successors, legal representatives or assigns including reasonable attorneys fees in the event
of an appeal 6y either party because of the Mortgagors 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, aU buildings lopted on the su6Jed real property insured for a sum of not "
less than the HIGHEST INSURABLE VALUE both fire and extended coverage, in a rnmpany approved by Mort-
. gages and the polides 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 ~ receive
these monies on account of the indebtedness; Whjch. ~ls mortgage secures and to allow the Mortgagor to receive
and use it o? any pall of ft 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 i/re security in the p rty and the full amount of each and every such payment
shall be due and payable within five days after d and and any expenses suffered by the Mortgagee shall 6e
secured by the lien of this mortgage.
11. Mortgagor agrees to abide 6y the s fic terms set forth in the Promissory Note.
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1?. Jf any wch sums of money are~Qt'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-
/ormed, the aggregate sum mentioned in the Promissory Note shall be due any payable immediately or thereafter
at the option of the Mortgagee it's wccesson, legal representatives or assigns as fully and rnmpletely as if the
aggregate sum were originally stipulated to be paid on such day, anything in the Promissory Note or herein to
the contrary noiwithstanding. .
13. My and all payments made under the terms and conditions of this mortgage 6y Mortgagee to protect
mortgagees security shall bear interest at the highest legal rate provided for by law.
1~. if foreclosure proceedings are instituted under this mortgage on account of the breach or violation
of any of it's temu, the Mortgagee shall have the fight 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.
75. The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property encum-
bered hereunder.
16. Mortgagor hereby, pledges assigns, t?ansfers, and set due unto the mortgagee a!f rents Maser and
profits from the property encumbered hereunder as addidorial security for .the payment of this mortgale and
note, mortgagor hereby covenants and promises to collect said rents, leases and profits and to apply them to
the mortgagee payments due hereunder as soon as they become due. '
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