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HomeMy WebLinkAbout1834 3. 1l 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 it's option, declare the entire unpaid principal balance of this mortgage to 6e due and payable. S. If this mortgage is subordinated to any construction mortgage loan, it shall become due and payable in lour installments to be paid 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 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 costs and expenses including reasonable attomeys lees paid at any time by the Mortgagee, iCs successors, legal representatives or 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 or either of them. 9. Mortgagor agrees to keep all buildings located on the subject real property insured for a sum o/ not less than the HIGHEST INSURABLE 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 which this mortgage secures and to allow 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 a/fecting iCs option to /oreclose. 10. If the Mortgagor permits the property encumbered 6y this mortgage to detediorate or intentionally causes damage to it, then in that even[, 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 'i shall 6e due and payable within five days after demand and any expenses suffered by 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. Il 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 Noce shall be due any payable immediately or thereafter at the option of the Mortgagee iCs successors, 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 contrary notwithstanding. 13. Any and all payments made under the terms and conditions o/ this mortgage by Mortgagee to protect mortgagees security shall bear interest at the highest legal rate provided /or by law. 14. If foreclosure proceedings are instituted under this mortgage on account of the breach or violation of any of iCs terms, 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 o/ protecting and preserving the property and apply the net income therefrom to preservation o/ the premises and to the payment of the mortgage indebtedness in such manner as the Court may direct. 15. The mortgagor hereby assigns and trans/ers to mortgagee the abstract of title to the property encum- I bared 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 promises to collect said rents, leases and pro/ib and to apply them to s the mortgagee payments due hereunder as soon as they become due.