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HomeMy WebLinkAbout0719 S- 14. No person liable for the debt hereby secured. whether such 11abWty V primary or secondary, and whether such lisbWty b created by endorsement of the notes or as joint maker of the notes, or guarantor, ac having as• ruined the obligation to pay said mortgage debt or oWerwise ]fable for said mortgage debt, shall be seleassd or discharged from liabWty of We aforesaid debt by virtue of any extendon or renewal granted by We Mortgagee to the maker of the notes hereby secured, or say other persona liable for acid debt. whetb~ primary or secondary. The Mortgagee b hereby expressly granted the right and power to grant ouch extensions to the makers of the notes hereby secured as ssW Mortgagee may deem advisable. without brat obtaining the oansent aZ any other person lie?ble for said debt, whether primary or .secondary, and to take such renewals of the notes and debt here- by secured as said Mortgagee may deem advisable, without first securing the consent of any older person liable for said tndebtedaesa. No delay in the enforcement by the Mortgagee opt arty of the rights 0? said Mortgagee aris- ing by virtue a[ this mortgage deed and promissory notes hereby secured shall operate ss a relea3e or discharge of say person liable for the debt hereby secured. whether primary or secondary. 13. In the event of the Mortgagor's 4efault is the performance of any of the terms and provbions of thin mortgage or the promissory notes hereby secured. We Mortgagor irrevocably appoints the Mortgagee or its rep- resentative as the agent of the Mortgagor for We following purposes: (a) to enter upon and take possession of, for the account of the Mortgagor, the mortgaged premises aM property hereby encumbered (including but not Wetted to the yenta, profits and income accruing Weretrom) untU such time as said property, including rents, profits and income, V taken into actual custody by the court as provided in Paragraph it hereof, and out of such rents, profits and income to pay all obligations of the Mortgagor sa herein defined, in the order which the Mort- gagee may .determine; such acts of the Mortgagee shall not be construed ss a waiver of default or estoppel against the Mortgagee to exercise all other rights and privUeges herein conferred upon the Mortgagee; (b) to take possession of all tangible personal property hereby eacumh~+red for the account of the Mortgagor. and provide for We safekeeping of the same untll Such time as said property >s taken into actual custody by the court, as provided to Paragraph ii hereat. All coats and expenses thus incurred by the M_ ortgagee ahaA be paW by the Mortgagor and secured by the lien of this mortgage. 14. In the event the jurlsdictton at the U.3. District Court shall be invoked by or against the Mortgagor under any of the Chapters or provisions of the Chandler Act (11 USC), such action, whether voluntary or involun- tary on the part of the Mortgagor, shall automatically. without notice. accelerate the maturity of all soma of money herein described and secured, and the same shall thereupon become due and, payable forthwith as fully as it the said aggregate soma of money weir originally stipulated to be paid on such debt. Such court upon mere motion of the Mortgagee shall forthwith without delay proceed in a aummaty manner (the moat expedlUoua way allowable Dy General Order 18. 11 USC 94(a) (4)) to sell the property herein encumbered and apply the proceeds of such sale in satistact3on of the debt hereby secured. and if such proceeds be inauffieient to discharge nosh debt, the Mort- gagee shall have the right to participate in the distribution of other assets of the Mortgagor. 15. The Mortgagor agrees that it wW sot directly or Indirectly, voluntarily or involuntarily, softer, allow or permit any consensual or nonconsensual or statutory or judicial Item 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 of eminent domain, such fskiug shall automatically without notice mature the entire debt hereby secured, and the compensation awarded the owner in such pt+oceedinga shall be paid to the Mortgagee and applied pro Lento in payment of the principal, Interest, expenses and reasonable counsel fees due the Mortgagee as herein provided. ' 17. The debt evidenced and secured by this mortgage deed b also evidenced by promissory notes more par- ticubrly described as follows: A description of said promissory notes b hereby deemed adequate. The Mortgagor a he by waive the atta of id romtasory notes to this mortgage. "`~n tie amount o~`~3~~~~ 0~` ~ated S-S-80 anti ana~rere~e~ls ~xtensi ns 18. In order to more fully protect the security of this mortgage, an to a ortgs'.gor a oom- pllance with covenants 2 and 4 hereof, Lhe Mortgagee may at any time require that the Mortgagor, together with, and in addition to, the montlily payments under the terms of the note secured hereby, unW the said note b fully L pa3a, will pay to the Mortgagee the following soma: and modifications thereto . " (a) A sum equal to the estimated annual taxes and aaseaaments next due on the mortgaged property, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property (all as estimated by the Mortgagee, and of which the Mortgagor b notified), Less all sums already paid therefor, payable monthly, in equivalent proportions divWed by Lhe number of months to elapse be- fore one month prbr to the date when such premiurna, taxes and aasesaments wW become delinquent, such sums to be hekl by Mortgagee in trust to pay said premiums. taxes and aaeeasrnenta. (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 month, to be applied to the following itEma in the order stated: I. Taxes, aaseasmenta, fire and other hazard insurance premiums. II. Interest on the note secured hereby; and III. Amortization of the principal of said note. Any deficiency in the amount o! said aggregate monthly payments shall, unless made good by the Mort- gagor within 15 days following its due date, constitute an event of default under this mortgage. 19. If the total of the payments made by the Mortgagor under (a) of paragraph 18 preceding shall exceed the amount of payments actually made by the Mortgagee for taxes and aaaessrnenta, and insurance premiums, as the case may be, ouch excess shall be credited on subsequent payments to be made by the Mortgagor for ouch items. If, however, such monthly payments shall not be sufficient to pay such items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up tyre deficiency. Such payment shall be made within 15 days after v+r(tten notice from the Mortgagee, stating the amount of the deficiency, which notice may be given by mail. If, 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, We Mortgagee shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance remaining under We provisions of (a) of said paragraph 38. If there shall be a delault under any of the provbiona of fhb mortgage resulting in a judicial sale o! the premises covered hereby, or if the Mort- gagee acquires the property otherwise after default, the Mortgagee shall apply at the time of the commencement of such proceedings, or at the time the property b otherwise acquired, the arhount then remaining to credit to Mortgagor under (a) of paragraph l8 preceding, as a credit on the interest accrued and unpaid and the balance to the principal then remalt?ing unpaid on said note. - 20. Simultaneously with the execution of this mortgage, the Mortgagor has executed in favor of the Mort- gagee a Construction Loan Agreement, relating to improvements to be made by the Mortgagor, on the above de- scribed property. All of the terms, covenants and oonditlons of said Construction Loan Agreement shall be and are herewith made a part of this mortgage, sa though set forth herein, and the breach o[ and of the covenants _ contained W said Construction Loan Agreement shall constitute a breach of this mortgage. 21. To further secure payment of the Indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hereby sett, assign, transfer and set over unto the Mortgagee all of the rents, issues and profits of the mortgaged premises, and this 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 of the payments or the performance of any of the oovenante of this mortgage or the note secured hereby, and the Mortgagee shall have -the right to enter upon the premises and col- lect name directly from persons in 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 of the legal rate of interest to the date o! enforce- ment or payment, shall thereupon be refunded to the Mortgagor, sutomatlcally by the crediting of same against the sum then due, but such credit shall not cure or waive the default occasioning acceleration. a0~332 P~ 718 - x v