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HomeMy WebLinkAbout1135 s 3. If any mortgage superior to that of Mortgagee is increased yr amended, then this mortgage and the Indebtedness which it secures, shall tie immediately due and payable. 4. !f .tire real property described above is sold, or if t/re title to the property is transfeaed or_ otherwise encumbered or assigned in any way, then the mortgagee may, at it's opttcrr, declare the entire unpaid prindpal balance of this mortgage to tie due and payable. 5. 11 this mortgage is wborrlinated to any construction mortgage Man, it shall become due acid payable in four installments to tie paid proportionately from the construction draws. A failure to make payments con- currently with the construction draws, constitute a default in this mortgage deed. _ - b. Mor~agor 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. Mortgagor agrees to pay all taxes, assessments, Bens, liabilities and other oWig:bons of any nature levied against the described real property. If these items are not promptly paid, Mortgagee, iCs.sucressots, 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 attorney's feet paid at any time 6y . the Mortgagee, iCs successors, legal representatives or assigns including. reasonable actor ~eys fees in the event of an appeal by either party because of the.Mortgagor's /allure to comply and abide by the terms of the Prom- ' issory Nola and this mortgage or eithe? of them. _ . •9. Mortgagor agrees to keep all bui!a%ngs ks~-atcd on the wbject real propery iruured for a sum of not less than the. HIGHEST INSURABLE VALU,E~ hots fire and extended coverage, in a company approved •by Mort gagee and the policies held €nd pa~•able 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 albw the Mortgagor to receive and use it or any part o/ it /or other purposes, without waiving or impairing the euity or.rights of the Mortgagee set forth here. Mortgagee may glace and pay such insurance without waiving or-effecting iCs option to foreclose. • 10. If the Mortgagor permits the pr+nper[y encumbered by this mortgage to detediorate or inteirtional/y 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 payah/e within live 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 /or[h in the Promissory Note. - 12. If any wch sums of money are not promptly paid within fIFTEEN days after tfrey 6ecome~ due and payable or if any of the provisions of this mortgage and/or Promissory Note secured 6y it, are not fully per- - formed, the aggregate sum mentioned in the Promissory Note sha116e due any payable immediately or thereafter at the option of the Mortgagee it's 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. Arry and all payments made under the terms and conditions o/ this mortgage by Mortgagee to protect rrx~rtgagees security shall bear interest at the highest legal rate provided for by law. - 14_ If 1rreclosure 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 recPrver 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 Ccurt may direct. 15. The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property encum- 6ered hereunder. - 1b. ~ Mortgagor hereby, pledges assigns, bansfers, and set due unto tfre mortgagee- all rents leases and profits lrom the property encumbered ?rreunder as additional =security for the payment of this mortgage aril note, mortgagor_hereby covenants and promises to collect said rents, leases and profits and to apply them to the mortgagee payments d,:e hereunder as soon as they become due. • ~ ~~324 P~~.34