HomeMy WebLinkAbout1938Nbrtgagee may at any time, without notice to any person, release any
portion of the property described in this Nbrtgage or any other col-
lateral, or any portion of any other collateral which may be held as
security for the payment of the indebtedness hereby secured, either
with or without any consideration for such release or releases, with-
out in any manner affecting the liability of the Mortgagor, all
endorsers, if any, and all other persons who are or shall be liable
for the payment of said indebtedness, and without affecting, disturb-
ing, or impairing in any manner whatsoever the validity and priority
of the lien of the Itbrtgage for the full amount of the indebtedness
remaining unpaid, together with all interest and advances which shall
became payable, upon the entire remainder of the mortgaged property
which is unreleased, and without any manner affecting or impairing to
any extent whatsoever any and all other collateral security which may
be held by the Nbrtgagee. It is distinctly understood and agreed by
the Mortgagor anti the Nbrtgagee that any release or releases may be
made by the Nbrtgagee without the con.9ent or approval of -any other
person or persons whomsoever.
Zfie mailing of a written notice or demand addressed do the
Owner of record of the mortgaged premises or directed to the said
Owner at the last address actually furnished to the t~brtgagee, or if
none, directed to said Owner at said mortgaged premises, and mailed by
the United States mail, certified mail, return receipt requested,
postage prepaid, shall be sufficient notice and demand in any case
arising under this instrument and required by the provisions hereof or
by law.
18. Mortgagee shall be entitled to receive any suns which
have been or may be awarded tD the present and all subsequent owners
of the mortgaged premises by any governmental or other lawful authori-
ties for taking or damaging by eminent domain the whole or any awards
for any changes of grade of streets, or for damage caused by public
works or construction on or near. the mortgaged premises, which said
awards are hereby assigned tto the Mbrtgagee, who is hereby authorized
to collect and receive the p~rooeeds of any such awards from such auth-
orities and to give proper receipts and acquittances therefor, and ~
apply the same toward the payment of the aanotmt awing on account of
this mortgage and its accaip~anying rate, notwithstanding the fact that
the amount awing thereon may not then be due and payable; and the
Mortgagor hereby covenants and agrees, upon request, to make, execute
and deliver any and all assignments and other instruments sufficient
for the purpose of assigning the aforesaid awards to the Mbrtgagee,
free, clear and discharged of any and all encumbrances of any kind or
nature whatsoever. Any award or awards received by the Mbrtgagor
shall be delivered immediately to Mortgagee in the form received and
prior to the date of delivery, shall be held in trust for Nbrtgagee.
For purposes of this paragraph, the term "award" shall mean and in-
clude any amount paid upon a taking ar a voluntary conveyance in lieu
of or in anticipation of a taking of all or any part of the mortgaged
property or any interest therein in exercise of the right of condemna-
tion or eminent domain. Provided, however, the foregoing provisions
contained in this paragraph shall not be applicable to any federal ar
state grant for the construction of water or sewage treatment plants
and facilities. Mortgagor shall use any such grants for the intended
pub.
19. Zhe Nbrtgagor, his successors and assigns shall not
sell, assign, transfer, alienate nor encumber the property secured by
the Pbrtgage nor the chattels thereon belonging do the mortgagor with-
out the written permission of the Irbrtgagee. Violation of these cove-
nants shall constitute a default under the terms of this Pbrtgage.
20. At the time this loan is purchased by Ebert Wilmoth
Associates, Inc., Ibbert Wilmoth Associates, Inc., its successors or
assigns shall have the first and last right of refusal on financing
future phases of the center to be constructed on the real property
securing this Nbrtgage and described in E~chibit "A" attached hereto
and made a part hereof. If Mortgagee, after proper written notice
-~- g~344 P~~E~~38
~ LEW15, VEGOSEN AND ROSENBACN, P.A., ATTORNEYS AT LAW