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HomeMy WebLinkAbout2942 _ _ ; v " ~ 1" t 3. N any mortgage superla b thu d Mortgagee h increased a amended, tlkn this mort~e and the lndebtedneu which it setures, sha!! be Immediately due and payable 4. Ii the real property described aboHe is sold, or if the title to the pnopergr is baruferred or otherwise encumbered or assigned in any way, then the mortgagee may, at iCs option, declare the entire unpaid prinapal balance of this mortgage eo 6e due. and payable. S. If this mortgage is subordinated to any rnnstruction mortgage ban, it shall become due and payable fn four installments to be Paid proportlona~Gefy from the txxutruction draws. A /allure on rrraloe payrrKntr 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 Noce and mortgage or either, promptly on the day respectively the same, they severally ba~oorne due. 7. Mortgagor agrees to pay ap razes, assessments, liens, liabilities and other obligations of any nature leveled against the described real Property. If these it+erra are not Promptly Paid. Mortgaigee, ICs wooessors, legal reP- resent:tives and assigns, may at any time pay them without waiving their option b brecbse or any right under this mortgage. 8. Mortgagor agrees M pay all costs and expenses including reasonable auomeys fees paid at arty time by the Mortgagee, iCs wccesson, legal representatives or assigns including reasonable attorneys lees 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 ap buildings bcabed on the wbject real property inwred for :sum of rat less than the HIGHEST INSURABLE VALUE both fife :and exterxfed coverage, in a conyaany approved by Mort gages and the policies held and payable, Mortgagee and ~ the event that any sum of money 6~ee~omes pay- able under the policies, the Mortgagee o? iCs -legal representatives shall have the option eo apply m receive these monies on account of the indebtedness which this mortgage secures and id albw the Mortgagor to receive and use it or any part of it for other purposes, without waiving or impairing the salty or rigiKs of the Mortgagee set forth here. Mortgagee may Place and pay ~widi ~ hutiiranee without waiving or ellfeecting iCs option to br+ecloae. 70. If the Mortgagor permits the property encumbered by this mortgage to detedaraee or intentiorully . causes damage to it, then in that event, the Mortgaigee is authorized to make such necessary repairs that it deems necessary so as to protect the-security in the properly and the fu11 amount of eacfi and every such payment shall be due and payable within five days after demand and any expenses suffered by the Mor~agee shall be severed by the Iien of this mortgage. 11. Mortgagor agrees to abide by the specific terms set forth in the Promissory Note_ ?2. if arry such sums of money are not P~'?PUY P~ within FIFTEEN days after they become due and payable or if any of the provisions of this mortgage and/or Promissory Note se~oured by it, are not fully per- formed, the aggregate wm mentioned in the Promissory Note shat/ 6e due any payable imrnediatety or diereafeer at the option of the Mortgagee it's wccessors, legal representatives or assigns as tu11y and corr~letely as if the aggregate wm were originally stipulated to be paid on such day, anything in the Promissory Note or herein m the contrary notwithstanding. 73. My and all payments made under the terms and conditions of this mortgage by Mortgagee to protect mortgagees security shall bear interest ai the highest ~ rate provided for 6y law. 14. If forec/owre proceedings are instituted under this mortgage on account of the breach or violation of any of iCs perms, the Mortgagee shall have the right to apply for and to have a receiver take possession b manage and control the Property, without notice, pending forecbwre proceedings, for the purpose of protecting and pr+esenring the Property and apply the net inrnme therefrom to presenntion of the premises and to the payment`of the mortgage indebtedness in wch manner as the Court may direct. - 15. The mortgagor hereby assigns and bansfers to mortgagee the abstract of title to the property erxum- bered hereunder. 16. Mortgagor hereby, Pledges assigns,- traruters, .and set due unto the mortgagee all rents loses and profits from the property encumbered hereunder as additional security for the payment of .this mortgage and note, mortgagor hereby oovenanfs and promises m ov/lect said rents, leases and profits and to aPpty them !o the mortgagee payments due hereunder as soon as they become due. t e, fT t.