HomeMy WebLinkAbout0176 3. Il any mortgage superior to that of Mortgagae is increased a amertck¦d, then this mortgage and the
Indebtedness whidf tt secures, snail oe` immru~ai~ry vuC uw ~,:r:..~.:. , _ - .
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4. If the real property described above is sold, or if the title to the property is transferred or otherwise
encumbered or assigned in any way, then the mortgagee may, at iCs option, declare the entire unpaid principal
6aiantae of -this mortgage to oe aue• and. ~ywle. -
S. !f this mortgage is subordinated to any construction mortgage loan, it sha116ec~ome due and payable -
ln four lnstaUments to be pa/d proportionately from the construction draws. A failure to make payments 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 rrwrrey payable because of the
Promissory Note and mortgage or either, Promptly on the day respectively the same, they severally become due. -
7. A~(ortgagor agrees w pay atf taxes, assessments, liens, liabilities and other obligations of any nawre levied
against the desuibed real Property. if these items are cwt promptly paid, Mortgagee, iCs successor, legal rep-
resentatives -and assigns: may at arty time pay them without waiving their option- to foreclose or-any right-under _ - _
this mortgage. - _ _ -
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8. Mortgagor agrees to pay all costs and expenses including reasonable attorneys fees paid at any time 6y
the Mortgagee, iCs successors, legal representatives o? assigns including reasonable attorneys fees in the event
of an appeal by either party because of the Mortgagors failure to comply and abide by the terms of the Prom-
. issory Note and this mortgage of either of them.
9. Mortgagor agrees to keep aU buildings kxated on the wbject real property insured for a wm of not _ _
less than the HIGHEST 1NSUltAB1E VALUE both fire and extended coverage, in a company 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 whfch this nwrtgsge securers and bo allow the Mortgagor to receive
and use it or any part of It for other purposes, without waiving o~ mpaifing the euity or rights of the Mortgagee
set forth here. Mortgagee may -place and pay such insuranE+e withobt'M?aiving or effecting iCs option to foreclose.
- 10. /f the Mortgagor permits the Property encumbered by this mortgage to detedlorabe or intenilonally
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 fu11 amount of each and every wch payment
shah be due and payable within fire days after demand and any expenses suffered bK the Mortgagee shall be
secured by the _lien of this mortgage.
11. Mortgagor agrees to abide by the specific terms set forth in the Promissory Note.
12. !f arty such sums of money are not promptly paid within FIFTEEN days after they become due and -
payable or if arty of the provisions of this mortgage and/or Promissory Note severed by it, are not fully per-
formed, the aggregate sum mentioned in the Promissory Note shall be due any payable immediately or thereafter
at the option of the Mortgagee iCs 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 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 Jaw.
74. !f foreclosure proceedings are instituted under this mortgage on account of the breach or violation
of any of iCs temu, 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
payment of the mortgage indebtedness in such manner as the Court may direct.
15. The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property encum-
bered hereunder.
16. Mortgagor hereby, pledges assigns, transfers, and set due unto the mortgagee all rents leases and
profits from the property encumbered hereunder as additional security for the payment of this mortgage and
-----note,-mortgagor-hereby--covenants-and_ptomises_tps4ll~ct said rents ~eases_and profits and to apply them to
the mortgagee payments due hereunder as soon as they become due. ~ - -
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