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HomeMy WebLinkAbout1718 otherwise specifically required, notice of the exercise of any option granted to the Mortgagee herein, or in the note secured Hereby is not required to be given. 24. Deed in Trust. In the event title to the premises is now or hereafter becomes vested in a trustee, any prohibition or restriction contained herein upon the creation of any lien against the premises shall also be construed as a similar prohibition or limitation against the creation of any lien or security interest upon the beneficiAl interest under such trust. 25. Uniform Commercial Code. To the extent that this instrument may operate as a security agreement under the Uniform Commercial Code, Mortgagee shall have all rights and remedies conferred therein for the benefit of a Secured Party (as said term is defined in the Uniform Commercial Code). 26. De its. With respect to any deposits made with or held by Mortgagee or any depositary pursuant to any of the provisions of this Mortgage, or the Loan Agreement in the event of a default in any of the provisions contained in this Mortgage or in the Note secured hereby, Mortgagee may, at its option, without being required to do so, apply any monies or securities which constitute such deposits. on any of Mortgagor's obligations herein or in the Note contained, in such order and manner as Mortgagee may elect. When the indebtedness secured hereby has been fully paid, any remaining deposits shall be paid to Mortgagor or to the then owner or owners of the premises. Such deposits are hereby pledged as additional security for the prompt payment of the Note and any other indebtedness hereunder and shall be held to be irrevocably applied by the depositary for the purposes for which made hereunder and shall not be subject to the direction or control of the Mortgagor. 27. Ca tions. The captions and headings of various paragraphs are for convenience only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. ' 28. Binding on Successors and Assigns. This Mortgage and all provisions hereof shall extend and be binding upon Mortgagor and all persons claiming under or through Mortgagor, and the word "Mortgagor" when used herein shall include all such persons and all persons liable for the payment of the indebtedness or any part thereof, whether or not such persons shall have executed the Note or this Mortgage. The word "Mortgagee" when used herein shall include . the successors and assigns of the ;1ortgagee named herein, and the holder or holders, from time to time, of the Note secured hereby. Whenever used, the singular number shall include the plural, the plural the singular and the use of any gender shall include all genders. 29. Inspection of Premises. To permit Mortgagee and its representatives and agents to inspect the premises from time to time at normal business hours and as f frequently as Mortgagee considers reasonable. i 30. Inspection of Books and Records. To keep and maintain full and correct books and records showing in detail the income and expenses of the premises { and within ten (10) days after demand therefor to allow Mortgagee or its representa- tives to examine such books and records and all supporting vouchers and data at any time and from time to time on request at its offices, hereinbefore identified, or at i such other location as may be mutually agreed upon. 31. Illegality of Terms Hereof. That nothing herein or in the Note contained nor any transaction related thereto shall be construed or shall so operate either presently or prospectively: (a) to require Mortgagor to pay interest at a rate ~ greater than is now lawful in such case to contract for, but shall require payment of interest only to the extent of such lawful rate, or (b) to require Mortgagor to make any payment or do any act contrary to law, and if any clause and provision herein contained shall otherwise so operate to invalidate this Mortgage, in whole or in part, • then such clauses and provisions only shall be held for naught as though not herein contained and the remainder of this Mortgage shill remain operative and in full force and effect, and Mortgagee shall be given a reasonable time to correct any such error. t 32. Subrogation. In the event the proceeds of the Loan made by the Mortgagee to the Mortgagor, or any part thereof, or any amount paid out or advanced by the Mortgagee, be used direcxly or indirectly to pay off, discharge, or satisfy, in whole or in part, any prior lien or encumbrance upon the premises or any part thereof, then the Mortgagee shall be subrogated to such other lien or encumbrance and to any additional security held by the holder thereof and shall have the benefit of the priority of all of same. -13- ,r 33z P~9~ 17IS , - . L~ ~ ~ ~'r .