HomeMy WebLinkAbout1510 ' 16. Q/hen any amount of money to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in default, or
should the Mortgagor default in any of the terms, provisions or conditiotu of this Mortgage. then and in that case the Mortgagee
shall have the right, without notice to the Mortgagor. to collect and receive from any tenant or lessee of said mortgaged premises
the rents, issues and profits 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 same, and any reasonable attorney's
fees and other necessary experu~ea incurred in collecting same. to apply the proceeds of such collectiotu 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 right or rights granted the Mortgagee in this Mortgage.
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17. That in the event that this Mortgage is given to secure a construction loan. failure on~the part of the Mortgagor or the
Mortgagor's contractor, architect. engineers. or subcontractors to comply with the terms of the Construction Loan Agreement
dated ~il_- Z _1980 _ _ _ _ _ _ _ _ _ _ _ _ which is by reference incorporated herein, shall, at the option of
the Mortgagee, constitute a default hereunder.
18. In the event that theMortgagor makes payment bycheck 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-
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 t
returned for insufRcient funds or any other reason so that the Mortgagee is unable to collect its money, then the Mortgagor t
hereby authorizes the Mortgagee to add said sum to the principal balance of this Mortgage and said sum shall be secured by said t
Promissory Note and Alortgage as though it was an additional advance under the terms and conditions of this Mortgage.
19. IT IS MUTUALLY CONVENANTED AND AGREED by snd 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 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
Mortgage, and for reasonable attorney's fees and court costs incurred in the collection of any or all of such sums of money.
THIS IS A BALTAQJ M7~iC>A(~ AMID Tim FINAL PA~TP OR T~ BAIAN(~ D~ iJPQ~1 MAZURITY IS
$19,096.00, 10C~~~t WTIli AO(~tTkID IlJIF.[tEST, IF ANY, AMID AIL AI7VAN(~'@TI5 MADE BY THE
THE TE~~LS OF THIS 1~iCaAl;~ .
IN WITNESS WHEREOF, the said Mortgagor has executed this moregage under seal on the day and year herein '
first above written.
Signed, sealed and delivered in the prese_nce/of:
` J
1990 APR 30 t'ti ~ 47
filEO ar GUkOf 0
STATE OF ~'lOr1dS 485~~ s
jlk~ER
POITRAS~
COUNTY OF ~ >ZLf.At CI1tCUli COURT
pliEfll'tE~_ ~
Before me personally appeared ViOlB E. Nleld slid Sheriy Lee Fisher
I~i
to me well known and known to me to hr the individual S described in and who executed the foreRoinR instrument, '
j and acknowledged before me. that t hem executed the same for the purposes therein expressed. 3
. ` l
~I't'lKESS my hand and official seal this ~J day of A~1
z, rs Z 4
j - % ~ , ~ Nuts- ry
b in and for -
~ ~ the County and State Aforesaid.
-
'f' A1y commission r`T~ -
> s.sh.1C SiA7t OF R(]RIOA At LMl#
~ OF ~ /i ! : ~ 1/.7 `.t~itA7l:tc iFj i'X9!KP. I~Pt: tft i433
~tr MW+++ ~ q R.3
Before rsonally appeared
and , to me well known and
s -
t
known to mr to he the President and Secretary
I respectively of ,the corporation
named in the foreRoinR instrument. a nown to 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 acknowiedRr before me that said
` instrument is the free act and deed of said corporation them respectively executed as such officers for the purpose
therein expressed; that the seal thereunto attached is the con ate seal by them in like capacity affixed; all under authority
in them duly vested by the Board of Directors of said corporation.
WITNESS my hand and official seal this day i9_ {
3 ~
Notary Public i d for i
the County and Sta foresaid.
t
t My commission expires:
This instrument prepared by:
First National Bank dt Trust Lo. of Stuart
1
Sharer K. Welker
8~~30 p•~150i
P() I~ra~rf 2;,(, x
.