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HomeMy WebLinkAbout1381 If Mortgagee exercises such option to accelerate, Mortgagee shall mail Mortgagor nonce of acceleration by depositing said letter in the United States Mail, postage prepaid, to the following address: Such notice shall provide a period of not less than thirty (30) days from the date the notice la mailed, within which Mortgagor may pay the sum declared due. If Mortgagor fails to pay such sums prior to the expiration of such period, the loan shall be In default and Mortgagee may, without further notice or demand on Mortgagor, Invoke any remedies as provided for herein upon the event of default. ~ i Any waiver of any payment under the Note or Mortgage at any time shall not, at any other time, be taken to be a waiver of the terms of the Note or Mortgage, and the acceptance of payments upon said indebtedness shall not constitute a waiver of tho option of the Mortgagee to accelerate the indebtedness as provided for herein. _ 12. If a conveyance should be made by the Mortgagor of the premises herein described, or any part thereof, and should the grantee or any subsequent grantee under said conveyance, who has assumed the mortgage and indebtedness, bA In default by virtue of a breach of any of the provisions of this Mortgage or the provisions of any assumption agreement with the Mortgagee. whether or not said assumption agreement modified the terms of tt?e mortgage and Indebtedness. then and therefore, the Mortgagor hereby consents to assumption and the provisions of any assumption agreement with the Mortgagee, and to any modifications of the terms or provisions of the mortgage and indebtedness occasioned by said assumption agree- ment and does further hereby grant the Mortgagee the right to grant extensions of time to said grantee without Wolff ication of, without the consent of. and without affecting the liability of the original- Mortgagor, or any subsequent Mortgagor. 13. When 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 other terms. provisions or conditions of this Mortgage. then in that case the Mort- gagee 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 improvement thereon, and to glue proper receipts and acquittances therefor, after paying all commissions of any rental agent collecting the same. and any reasonable attorneys' fees and other necessary expenses incurred in collecting same, to-apply the proceeds of such collection 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. 1d. That in the event the premises hereby mortgaged. or any part thereof. shall be condemned and taken tor. public use under the power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Mortgagee up to the amount-then unpaid on this Mortgage and at the option of the Mortgagee may be applied upon the payments last payable thereon. - 15. The Mortgagor binds himself not to erect or permit to be erected any ne~{r buildings on the premises herein mortgaged or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said im- provements which materially change the same or the use thereof, without the written consent of the Mortgagee. and in the event of any violation or attempt to violate this stipulation this Mortgage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. 16. It is specifically agreed that time is of the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby. 17. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be insti- tuted, the Mortgagee may, at its option, immediately or thereafter declare this Mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose this Mortgage. 18. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mort- gagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of (he proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances shall be ' and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the in- debtedness to the Mortgagee herein described or hereby secured, to the same extent that it would have been preserved and ~ would have been passed to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over and ~ delivered unto the Mortgagee by separate deed of assignment notwithstanding the tact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this Mortgage. 19. To pay all and singular the costs, charges and expenses, including lawyer's fees, reasonably incurred or paid at any time by the Mortgagee. because of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions, and covenants of the Note and this deed, or either, and every such payments shall bear ;nterest from date at the same rate as the mortgage note. IN WITNESS WHEREOF, the said Mortgagor hereunto sets his hand and seal this the day and year first above written. Signed, sealed. and delivered in the presence of: J/ / ~ Jl ' u SEAL ( ) - atriczi avilio P . ~ ~ - ? (SEAta e e gin (SEAW a (s~?u e t X341 P~i379 - - - n.-. ~ - ~ - t :FAY-';.~~. _ - s„ : ,