HomeMy WebLinkAbout0880 16, When any amount of money to be paid by the I?lortgagot to the Mortgagee under the terms hereof shall br in default, ar
should the Mortgagor default in any of the terms, provisions or conditions of this Mortgage, then and in that case the AlorcgaKre
shall have the tight, without notice to the Mortgagor, to collect and receive from any tenant or lessee of said mortgaged premises
the rents, issues and profiu of the real estate hereby mortgaged and the improvements thereon, and to give proper receipts and
acquittances therefor, and after paying all commissions of any rental agent collecting the ume, and any reasonable attorney's
ices and other necessary expenses incurred in collecting same, to apply the proceeds of such collections upon any indebtedness,
obligation or liability, of the Mortgagor hereunder. The right granted the Mortgagee under this paragraph shall be in addition to,
and shall not limit or restrict any other tight ur rights granted the Mortgagee in this Moctgage.
17. That in the event that this I1lortgage is given to secure a construction loan, failure on the part of the Aortgagor ar the
btortgagoi s contractor, architect, engineers, or subcontractors to comply with the terms of the Construction Loan Agreement
dated _ _ N/A _ _ _ _ _ _ . _ which is by reference incorporated herein, shall, at the option of
the Mortgagee, constitute a default hereunder.
18. In the event that the Mortgagor makes payment by check or checks that the I?iortgagor has failed to property endorse, the
Mortgagor does hereby appoint the Mortgagee as its attorney-in-fact to supply on behalf of the Mortgagor any and all rndorse•
ments necessary to negotiate said check or checks and the Mortgagor agrees to hold the Mortgagee harmless from any liability
whatsoever for supplying said endorsement.- In the event the Mortgagee shall cash a check for the Mortgagor and same shall be
returned for insufficient funds or any. other reason so that the Mortgagee is unable to collect its money, then the 1liortgaRar
hereby authorizes the Mortgagee to add said sum to the principal balance of this Mortgage and said sum shall be secured by said
Promissory Note and Mortgage as though it was an additional advance under the terms and conditions of this hiortgaRe.
19. IT IS MUTUALLY CONVENANTED AND AGREED by and between the parties hereto that upon request of the
Mortgagor, the Mortgagee may hereafter, at it option, at anytime within ten (10) years from the date hereof and before full pay-
ment ofthis Mortgage and Note(s) secured hereby, make further advances to the I?fortgagor and any such further advances, with
interest, shall be secured by this Mortgage and shall be evidenced by an additional Note then unpaid, and the total amount of
indebtedness that may be secured by this I1lortRage may decrease or increase tram time to time, but the total unpaid balance xr
secured at any one time shall not exceed the maximum principal sum off N~A , together with
interest thereon and any and all disbursements made by the Mortgagee for the payment of taxes, levies, or insurance on the peer
perry covered by the lien of this Mortgage with interest on such disbursements at the rate specified in the date referred to in this •
Mortgage, and for reasonable attorney's fees and court costs incurred in the collection of any or all of such sums of money.
IN WITNESS WHEREOF, the said Mortgagor has executed this mortgage under seal on the da}• and year herein
first above written.
Signed, sealed and delivered in the presence 1af:
~ / l~'~-.'t^__ _ .VAN C~
-
- J:
STATE OF
COUNTY OF -MaY'Ciri ~
Before me personally appeared ~rY L• Vail Calf acrd Dawl:la J • Van -his Wlfe
to me Weil ~know•n and known to me to be the individual. described in and u•hu executed the furrRoin~ instrument.
and.-~1~ewdlHged before me that ~he.~L executed the same for the purposes therein expressed.
'li~,~~'~- NESS my hand and official seal this day of _ l / ~`h-~- ~
're - - t9~0 t~ ~ 3 A~ ~ 04 lotary Public it and for
s.' -
the County and Starr Aforesaid.
F 1L~j~Q(giTY.F1 A. \ty commission expurs~„~~ YL18ilfw SIA7F of RORIQA /1Y tAliC~
TE~UF ~ ST.I G~~ER ppttRA Mt rµ~I~yc~rt t7~st;PS /APR. t9 tvx;,
COU1` OF CItR~ ~iR~.:iT C(•t<i'cTr.~ ~ .i ~~y~ r..s . , r t . ,?r~ ~ u ~tv •r ~ ~.1>
CgR? \'E4i1F?E0 _.--e~ ~L- - F/ I
Before me sonally appeareF(~
and to mr wet! known and
known to me to he the President and Srcrrtarv
respectively of ,the corporatior.
named in the foregoing instrument, and know me to he the persons who as such officers of said corporation, rx~cuted
the same; and then and there the said and the said
did acknaw!edge before mr that said
instrument is the free act and deed of said corporation by them rc ctiveh• executed as such officers for the purpose
therein expressed; that the seal thereunto attached is the corporate seal b~ em in like capacity affixed: all under authority
,n them duty rested by the Board of Direcmrs of said corporation.
V('(TNESS my hand and uffirial seal this day of • ~e~
tiotan• Public ,n and for
the County and Starr Aforesaid.
~1y commission expires:
This instrument prepared by:
First rational Bank 6c Trust Cc,. of Stuart n
Sharer K. Welker BOOK 3z7 PEGE 879
P.O. Draw•rr 2116
et.,.,rr. F1„r•~!, ~ 3a~,.t