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HomeMy WebLinkAbout0715 .1 . T . ' r'~ . 14. No person Uabie for the debt herby secured. whether such 1lablUty V prlraary or secondary. aced wh•.ihes such 1labWty >s created Dy endorsement of the notes or as joint maker of the notes, or guarantor, or havlee~ as- sumed the obUgatk?n to pry said mortgage debt or oWerwise Usble for ss,id mortgage debt, shall be released or discharged from UabWt}n of the aforesaW debt by uterus of any extension or renewal granted by the Mortgagee to the maker of the notes hereby secured. or aqy other person Uab)e for said debt. whethee primary or secondary. The Mortgagee is hereby expressly granted the right and pot+v~ to groat such extenebns to the makers a[ the notes hereby second as said Mortgagee may deem advisable. without first obtaWeeg the consent of any other person Uable for said debt, whether primary or geoandary, sad to take such renewals of the notes and debt here- + by secured as said Mortgagee may deem advisable, without l1rsR securing the consent of any other person liable for said indebtedness. No delay 1n the enforcement by we Mortgagee of any of the rights Of said Mortgagee aris- ing by virtue of this mortgage deed sad promissory notes hereby secured shall operate as a release or discharge ; d any person liable for We debt hereby secured. whetber primary or secondary. + 13. In the event bf U?e Mortgagor's default in the performance of any of the teens and provWons of this mortgage or the promissory notes hereby second. the Mortgagor irtevocaDly appoints the Mortgagee or its rep- resentative as the agent of We Mortgagor for the followng purposes: (a) to enter upon and take possession ot, for the account d the Mortgagor, the mortgaged presreises and property hereby encumbered (Including but not Umited to the rents, profits and income accruing therefrom) unW such time as said Property. including rents. profits and income, is taken into actual custody by the court 8a provided in Paragraph ii hereof, and out d such rents, profits and income to pay sU obligations of the Mortgagor as herein defined, 1n the order which the Mort- gagee may determine; such acts d the Mortgagee shall not be construed ea a waiver o! default or estoppel against the Mortgagee to exercise all other rights and privileges herein ooaterred upon the Mortgagee; (b) to take possession of all tangible personal property hereby encumbered !or the account d the Mortgagor. and provide for the safekeeping of the same untU such time as said property is taken into actual custody by the court. as provided to Paragraph 11 hereof. All costa and expenses thus incurred by the Mortgagee shall be paid by the Mortgagor and secured by the lien of this mortgage. 14. In the etient the jurisdiction of the U.S. District Court shall be invoked by or against the Mortgagor under any of the Chapters or provWons d the GReandler Act (11 USC), ouch action, whether voluntary or involun- tart' on -the part d the Mortgagor, shall automatically, without notice, accelerate the maturity d all sums d money herMn described and secured, and the same shall thereupon become due and payable forthwith as fully as it the said aggregate soma of money were originally stipulated to be paid on such debt. Such court upon mere motion of the Mortgagee shall forthwith without delay proceed in a summary manner (the moat expeditious way allowable by General Order 18, 11 USC 94(a) (4)) to sell the property herein encumbered and apply the proceeds d such sale in aatis[action d the debt hereby secured, and tt such proceeds be insufliclent to discharge such debt, the Mort- gagee shall have the right to participate in the distribution d other assets d the Mortgagor. 15. The Mortgagor agrees that it wW not directly or indirectly, voluntarily or involuntarily. sutler, allow or permit any consensual or noneonsenaukl or statutory or judicial Uen to attach to the real, personal or intangible personal property hereby encumbered by this mortgage deed. 16. In the event the real property encumbered by this mortgage shall be wholly or partially taken by the utilization of power o! eminent domain, ouch taking shall sutomatfcaUy without notice mature the entire debt hereby secured, and the eompensaUon awarded the owner in such proceedings shall be paid to the Mortgagee and appUed pro lento in payment d the principal, interest, expenses and reasonable counsel fees due the Mortgagee as herein provided. 1T. The debt evidenced and secured by this mortgage deed is also evidenced by promissory notes more par' ocularly described as follows: A description d said promissory notes is hereby deemed adequate. The Mortgagor dcea hereby waive the attaching of copies d said promissory notes to this mortgage. ~~In the amount of ~3S 00 (~0 18. In oraCer to more twit' ~rotec~ tie se~~~ t~iasmblrYga~~nd~~' ae~i~~bttgPg2b~s~on Or pUance with covenants 2 and 4 hexed, the Mortgagee may at any time require that the Mortgagor. together with, and !n addition to, the monthly payments under the terms d the note secured hereby, until the wed note is fully paid, will pay to the Mortgagee the following sums: L, modifications thereto." (a) A sum equal to the estimated annual taxes and aasesaments next due on the mortgaged property. plus the premiums that wW next become due and payable on policies of fire and other hazard insurances covering the mortgaged property (all as estimated by the Mortgagee, and d which the Mortgagor is notified), leas all suers already paid therefor, payable monthly. in equivalent proportions divided by the number d months to elapse be- fore one month prior to the date when such premiums, taxes and aaaeasments will become delinquent. such sums to be held by Mortgagee in trust to pay said premiums, taxes and aaseasments. (b) The aggregate of the amounts payable pursuant to sub-paragraph (a) and those payable on the note secured hereby, shall be paid in a single payment each monW, to be applied to the following items in the order stated: I. Taxes, asseaa:tcents, fire and other hazard insurance premiums. II. Interest on the note secured hereby; and III. Amortization d the principal d saW note. Any deficiency in the amount of said aggregate monthly payments shall, uNeaa made good by the Mort• gagor within 15 days following Its due date, constitute an event d default under this mortgage. 19. If the total o! the payments made by the Mortgagor under (a) o! paragraph 18 preceding shall exceed the amount of payments actually made by the Mortgagee for taxes and asaeaamenta, and insurance premiums, as the case may be, such excess shall be credited on subsequent payments to be made by the Mortgagor for ouch items. If, however, such monthly payments shall not be auflicient to pay such items when the name shall become due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency. Such payment shall be made within 15 days after written notice from the Mortgagee, stating the amount d the deficiency, which notice may be given by mall. It, at any time the Mortgagor shall tender the Mortgagee, in ac- cordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented there- by, the Mortgagee shall, m computing the amount d ouch indebtedness, credit to the account d the Mortgagor any credit balance remaining under the provia[ona o! (a) of said paragraph 18. I! there shall be a default under any d the provisions of thfa mortgage resulting in s judicial Bale d the premises covered hereby, or if the Mort- gagee aoquirea the property otherwise after default, the Mortgagee shall apply ai the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the aihount then remaining to credit to Mortgagor under (a) of paragraph 18 preceding, as a credit on the interest accrued and unpaid and the balance to the principal then remaining unpaid on said note. 20. SLnultaneously with the execution of this mortgage, the Mortgagor has executed in favor d the Mort- gagee a Construct[on Loan Agreement. relating to improvements to be made by the Mortgagor, on the above de- scribed property. All of the terms, oovenanta and conditions of said Construction Loan Agreement shall be and are herewith made a part of this mortgage, as though set forth herein, and the breach d any of the covenants contained in said Construction Loan Agreement shall constitute a breach d this mortgage. 21. To further secure payment of the indebtedness d the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, trander and set over unto the Mortgagee all of the rents, issues and profits of the mortgaged premises, and thin assignment shall become operative upon any default being made by the Mortgagor under the terms of this mortgage or the note secured hereby, and shall remain in full force and effect so beg as any default continues to exist in the making of any d the payments or the performance of any d the covenants o! this mortgage or the note secured hereby, and the Mortgagee shall have the right to enter upon the premises and eol- lect same directly from persona m possession. 22. In the event of the acceleration of this mortgage and the note secured hereby by reason of any default therein, any prepaid and unearned interest and points in excess d the legal rate d interest to the date denforce- ' meet or payment, shall thereupon be refunded to the Mortg~sgor, automatically by the crediting of name against the sum then due, but each credit shall not cure or waive the default occasioning acceleration. s~332 P~ 714 r__.~. '1~ F - I