HomeMy WebLinkAbout2036 16. When any amount of money to be paid by the Mortgagor to the Mortgagee under the terms heteo[ahall be in default, or
should the Mortgagor default In any of the terms, provisions or conditionu of this Mortgage, then and in that cue the Mortgagee
:hall have the tight, without notice to the Mortgagor; to collect and receive from any tetunt or lessee of aid mortgaged premise:
the tents, issue: and profits of the real caste hereby mortgaged and the improvements thereon, and to give proper receipts and
acquittances therefor, and after psyittg all commitioru of any rental agent collecting the ame, and any reasonable attorney':
tees and other necessary expenses incurred in collecting ame. to apply the proceeds of such collections upon any indebtedness.
obligation of liability. of the Mortgagor hereunder. The right gtanttd the Mortgagee under this paragraph sluff be to addition to,
and shsU not limit or restrict any other right or righu granted the Mortgsgee in this Mortgage.
17. That in the event that this Mortgage is given to secure a construction loan, fitlure on the part of the Mortgagor or the
Mortgagor's contractor, architect, engineers, or sub•contractora to comply with the terms of the Construction Loan Agreement
dated ~~A which is by reference incorporated herein, shall, at the option of
the Mortgagee, constitute :default hereunder.
18. In the event that the Mortgagor makes payment by check or checks that the Mortgagor has failed to properly endorse, the
Mortgagor does hereby appoint the Mortgagee as its attorney-in-fact to supply on behalf of the Mortgagor any and all endorse
meets ntcesury to negotiate said check or checks and the Mortgagor agrees to hold the Mortgagee harmless from any liability
whatsoever for supplying aid endorsement. In the event the Mortgagee shall cash a check for the Mortgagor and same shalt be
returned for insufficient funds or any other reason so that the Mortgagee is unable to collect its money, then the Mortgagor
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 Mortgage.
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 dace hereof and before full pay-
ment of this Mortgage and Note(s) secured hereby, make further advances to the Mortgagor 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 Mortgage may decrease or increase from time to time, but the total unpaid balance so
secured at any one time shall not exceed the maximum principal sum of = 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 pro•
perry covered by the lien of this Mortgage with interest on such disbursements at the rate specified in the Note referred to in this
Moctgage, and for reasonable attorney's fees and court costs incurred in the collection of any or ail of such sums of money.
IN WITNESS WHEREOF, the said Mortgagor has executed this mortgage under seal on the day and year herein
first above written
Sign 'sealed and delivered in the presence oL• r ~
1
~ L CFAUL
- - ~
BEVERLEY FAUL
19~ Nl1R pl ~ 0~
STATE OF - ~ ~ 4'79912
COUNTY OF
VEI(IfKE -r
Before me personauy appeared_ Orliff McFaul and Beverley McFaul, his wife
to me well known and known to me eo be the individuate described in and who executed the foregoing instrument.
and acknowledged before me that ~he.~ executed the same for the purposes therein e1xpressed. ~
WITNESS my hand and official seal this day of - • -J r9- ~ v
~
Notary Public in and for -
the County and State Aforesaid: ~ ~ -
• r `
• Iffy commission expires:
STATE OF ~
ss. L~ " .
COUNTY OF -
Before me personally appeared
and , to me well known and
known to me to be the President and Secretan•
respectively of .the corporation
named in the foregoing instrument, and known to me to be the persons who as such officers of said corporation, exicutrd
the same: and then and cheer the said and the said
did acknowledge before me that sail
instrument is the free act and deed of said corporation by them respectively executed as such officers for the purpose
therein expressed: that the seal thereunto attached is the corporate seat by them in like capacity affixed; all under authorize
in them duly vested by the Board of Directors of said corporation.
WITNESS my hand and official seat this day of , 19-
Notary Public in and for
the County and State Aforesaid.
11iv commission expires:
Thi+ mstrumrnt prcpaicd hy:
First ,'tauon.tt Bank Q Trust Cc?. of Stuart
~{:oK327 Pa~E2035
P.f7. Drawer 2116