HomeMy WebLinkAbout2259 15. If the indebtedness secured hereby is now or .
hereafter further secured by chattel mortgages, security
interests, financing statements, pledges, contracts of guaranty,
assignments of leases, or other securities, or if the Mortgaged
Property hereby encumbered consists of more than one parcel
of real property, Mortgagee may at its option exhaust any one
or more of said securities and security hereunder, or such
parcels of the security hereunder, either concurrently or
independently, and in such order as it may determine.
16. This Mortgage shall secure not only existing
indebtedness, but also such future advances, whether such
advances are obligatory or to be made at the option of Mortgagee,
or otherwise, as are made within twenty (20) years from the
date hereof, to the same extent as if such future advances were
made on the date of the execution of this Mortgage, but such
secured indebtedness shall not exceed at any time the maximum
principal amount of two times the amciunt of the Note, plus
interest thereon, and any disbursements made for the payment
of.taxes, levies, or insurance, on the Mortgaged Property, with
interest on such disbursements. Any such future advances,
whether obligatory or to be made at the option of the Mortgagee,
or otherwise, may be made either prior to or after the due date
of the Note or any other notes secured by this Mortgage. This
Mortgage is given for the specific purpose of securing any and
all indebtedness by the Mortgagor to tortgagee (but in no event
shall the secured indebtedness exceed at any time the maximum
principal amount set forth in this paragraph) in whatever manner
this indebtedness may be evidenced or represented, until this
Mortgage is satisfied of record. All covenants and agreements
contained in this Mortgage shall be applicable to all further
advances made by Mortgagee to Mortgagor under this future advance
clause.
f 17. No delay by Mortgagee in exercising any right or
remedy hereunder, or otherwise afforded by law, shall operate
as a waiver thereof or preclude the exercise thereof during
the continuance of any default hereunder. No waiver by Mortgagee
I of any default shall constitute a waiver of or consent to
~ subsequent defaults. No failure of Mortgagee to exercise any
option herein given to accelerate maturity of the debt hereby
secured, no forbearance by Mortgagee before or after the exercise
of such option and no withdrawal or abandonment of foreclosure
proceeding by Mortgagee shall be taken or construed as a waiver
of its right to exercise such option or to accelerate the
maturity of the debt hereby secured by reason of any past,
present or future default on the part of Mortgagor; and, in
like manner, the procurement of insurance or the payment of
taxes or other liens or charges by Mortgagee shall not be taken
or construed as a waiver of its right to accelerate the maturity
of the debt hereby secured.
18. 4iithout affecting the liability of Mortgagor or
any other person (except any person expressly released in
writing) for payment of any indebtedness secured hereby or for
performance of any obligation contained herein, and without
affecting the rights of Mortgagee with respect to any security
not expressly released in writing, Mortgagee may, at any time
and from time to time, either before or after the maturity of
the Note, and without notice or consent:
- 6 - ~+mK 321 PacE 2256