HomeMy WebLinkAbout0793 3. 1f 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. 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
balance of this mortgage to be due and payable. -
5. If this mortgage is subordinated to any construction mortgage loan, it shall bernme due and payable
in four installments to be paid proportionately from the construction draws. A /ailure 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 money payable because of the
Promissory Note and mortgage or either, promptly on the day respectively the same, they severally 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 casts 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 6y 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 all buildings kxated on the .subject real property insured for a sum of not -
less than the HIGHEST lIYSURABLE 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 yvhitrh this mortgage secures and to a!?ow 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 such insurance without waiving or effecting iCs aption to foreclose. -
?0. If the Mortgagor permits the-prope?ty encumbered 6y 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 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 shag 6e
secured 6y the lien of this mortgage.
11. Mortgagor_agrees to abide by the specific terms set forth in the Promissory Note.
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 andjor Promissory Note secured 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 ssccessors, legal representatives-or assigns as fully and completely as if the _
aggregate sum were originally stipulated to be paid on such day, anything in the Promissory Note or.-herein to
the cont?ary notwithstanding.
13. Any and a1/ 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 6y law.
. ~ ~ ~ 14.`:!IE.Yoreclosure proceedings are instituted under this mortgage on account of the bre-th or violation
~,Vof" of .iCt terms, the Mortgagee shall have the right to apply for and to have a receiver take possession to
' t¢,m~~ and,-control the property, without notice, pending foreclosure proceedings, for the purpose of protecting
+~.~r~ serving. the property and apply the net income therefrom to preservation of the premises and to the ; _
~s lrnettt . of the mortgage indebtedness in such manner as the Court may direct. _ ~
'f 1
15.• The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property encum- -
bered hereunder.
16. Mortgagor f~ereby, pledges assigns, vansfers, 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 promises to collect said rents, leases and profits and to apply them to
the mortgagee payments due hereunder as soon as they become due.
_
~ r
- - . - ox3i7 P~f 7gz
- -e~~