HomeMy WebLinkAbout2996' ~.
princ~pal amuunt ui I~r Nute, plus ~nte~est thdttun, and ~n~1 disbursemrnts m:M1e fur the p•rymrnt uf taxes, Irv~c~, ot
inwrao~~e, on the Murtg:+ged Prop~rty, with inierrst un such disbursements. Any wrh fuwtr advances, whcther obligawty ur tu br made a[ ihr
uptiun uf thr Murtg;~re, or utherwise, may be maJe rither priu[ to or aftet the due date of the Nute ot any other nutes secuird by this Nuitga~e.
"llus I~fortgugr ~s g~vtn for the sptcific purpuu uf srcuring eny and all indCbtedness by the Mortgagur to Mortgagee Ibut -n no e~rnt ~!-all the
~ecured ~nJrbtedn~~ss rxcerd at any ume the maximum pi~nripal amuunt set fo~th in this par;~raph) in Khatzver mannCt this irxlebt~Yinrss rnay
br evidcn~ed or reptestnted, until this Mortg•rgr is satislied of recutd. All rovrnants and agterments cunt•rined in thu i~lortgage shaU be appl~cable
to aU futther adv~ncrs m;~Je by Mort~t:-g.c to Atortgaltur utxirt this fuluie advance rlause.
16. No Jelay by Murtgagre in exeirising any nght or remniy hercunJer, or utherwue affurded by I•rw, shall uprr~tr a~ a wai~er thrrcuf
ot preclude U-r rxerr.sr theteof dunng the cunt~nu:-nce ot any default hereunder. No w~aivet by Nortgagc~ af any def•rult sh;ill cunstitute a waiver
uf ot cunsrnt tu ~ubx~yuent defaults. No failurc uf 1lfort~eagee to exercise any option hercin g~r~en tu accrlerate matunty af Ihe debt hereby secured,
~o fu~bearanre by Murtgngre before or attzr the exerc~se uC such option and no w•ithdrawal or ab;uidunment of fureclosute prcneeding by \lort-
g:~re tihaU br takrn or consuurJ a~ a W~ai~et uf its right to Cxercise ~uch option or tu aecelerate the matutity uf tht debt hrteby ucuted by rr;uun
ut any past, present ur iuture default un the part of Nurtg:-gor; and, in like manner, lhe ptocutcmrnt oI insurance or the payment of lnxes uc uthec
lirns ur ctwrg~s by Muitgagre ~hall not be takrn or cunsUued as a waiver uf its nght tu accrleratr the matunry of lhe drbt hereby secured.
17. W~thout affecung ihe IiabiGty of Mortg:~ut or any uther persun (except any pecsun expre~sly relcased in wtiting) fur payment uf any
ineiebtrJnrss serured hereby or foc p~~form;utce of any obligatwn cuntaincd herein, 3nd without rffecting the rights of Nortgagee w~th rr~pect to
any irrunty not expte~sly rek:+s~d ~n wnung, NuttE;ager may, at any time and frum Ume tu time, rithcr befote ur aftct the rnawrity of ~aid note,
arxl withuut noticr or cunsent: .
lal Rrkase an~• person lirbk for paymem uf rll or any part of the indebtednes~ or for prrfunn:.ncr uf any ub6gauon;
Ib- ~fakr eny agrcwnent extonJing.thc timr or uthcrw~se :+ltrr~ng the terms u( payment ul ail ur any part of the indcbtcdne», ur
m~xl~fy~uig u~ Naiv~ng any obl~aiion, or subordinating, mud~fy-ng o- utherw~tse dra6n~ w~th the Grn or charge hereuf;
Ic1 I'.xrrc~se ur retrain from exercising ~~r urrve any n~tht Mortgrgee may havr;
Id1 Accept addiuunal sccunty ol any kind; and
Ic) Kele:+se or uther~~sr dral uith any property, rcal or ~xno~c-1, ~ecunng tht tndcblydnr», ~n~ludtng all ur any part of the Murtgagcd
Pruprrty.
t8. Any sgrrrmen~ hcieafter tn:xle by ~lurtg:~eur snd Mu~tgagee pu~suant tu this murtgaKr ~hali be wperio~ tu the r~hts uf the hulder ut
rny ~nten•enm~ hen or cnrumbrance.
lY. htu~tgagur hrrcby N~i.r~ ali nght of humrstrad exempuun. il any, in ihe Murtga~ed Property.
20. In the event uf cundemnauun procerd~n~es u[ thr Nurtg:~trd Prupe~ty, the award ur cornpensatiun payable the~eunder is hereby ass-gned
tu and shell be paid tu \tottg:~er. \f~rtg:~rr ;hal! be under no abligatiun to question the amuunt qf any wch awud or compensation and may
accept thr ~ame in the amount ~n wh~ch the ~mr ~hall be pahi. In an~• wch cundemnatiun p-ucredinps, Morigagee may be repr~xnted by counsel
tielectrd ty btortgagec. The procred~ uf any rward or cumprnsation s~~ rece~ved si-all, at Ihe option of Mortgagee, either be applied to the ptepay-
ment of thr Not: ;+nd at thr rrte uf intcrest ptuviJed thercin, rcgardless of ihe rate of interest payabk on the award by the cundemning authority,
ur at tGz upuon uf More~aKec, ~uch award ~h~ll tx pe~ci uver tu !lfurtgaXor fur re~to~ation of ihe Mortgaged Property.
21. 11 Nortg:~ee, pur.urnt tu a cun,trucuun I:~rn agreemrnt or luan comm~tmeat made by Mortgrgee with Mortgagor, agrees to make con-
~tiuct~un luan ad~~;u~irs up tu the princi~sal amuunt of the Nute, lhen Mortgagur hereby cuvrnants that it will comply w~th al! of the terms, pro
vi~u,ns anii co~rn~nb of ~a~d cun~tructiun lasn aRrremrnt or luan camm~tment, adl dil~gently construct the improrements to be built pursuant
to thr (l'1I11) lI1CICOf, JII of the terms thereuf which nre incorporated herein by referenc~e as thuugh set forth fully here-n and w•dl permit no dr-
faults ro a~crur thereunJrr and if r def:~ult shaU occur thereunder, rt shall cumututr a defa~lt under this Mottgage and the Note.
22 At the upuun of ~1oriEa~re, ~lurtgaKur .hell prutidr Mort~agre wuh pen~xl~c crrhfird audtted statemrnts of the uperatiuns uf :-nd tF-e
finanr~rl conduN~n uf \toTt~~~ur.
23. If aU ur any part of the ~lottK.-grd PruExrty, or any intrre~t thrrein, u suW,.umrycd, U;uufcrred ur turther encumbrred by Mottga~tur
wuhuut Murt~:a~re's priur w ntten cuncent, exclud~ng 1~1 a Irsmirr of the Aton~aged P!o~~ty by merger or runsohda!ton of Mo:l~gor, iI Mon-
g:~oi is a corporaUun, w~th enuther corpoeauun he~ing a nrt worth of not leu ihan the net worth of ~lortge~ur, or Ui1 the gant of any Ieace-
hold interest in the ~fort~a~ed Pruperty not containing an opuon to purrhaie, w hich lease is made ~n the ordinary course of Mottgagor's businrss,
then and ~n that e~ent, Nortgagee may~ declare all sum~ ~e,ur~l by thic Mortgr~ to br immedieeely due ancl pa;~abk. ~tortgagee shall have waived
wch upti~~n to accelerate if, preor to the ~ale, tranckr or cunve}•ancl, blortgagee and thr person or entity to w•hom the Mortgaged Property is to be
Su1J or transferred rcach agreement in wnung that the credit of such person or ent~ty ic saticfactory to Mortgagee and that the -nterest payable on
the cums eecured by this Mottga~e shal! be at such rate as 31ortKagre shall requrst. If Nartgagee has weived this opiton to accelerate as provided in
th~s Para{ttaph, anJ ~f \1urt~:~or's ~ucre~sor in in[crect has rzecuted a w ntten auwnpuon egrcrment, accrpttd in wr~ung b~~ Mort~3ee, Mott~ee
shell release !1lortgagor from all obl~gat~ons urxlct thts Martgage and the Ni~te.
24. ~fu:tga~ur ~cprrunte end warrants that d a corp~~rauun. ~t ~s Jul~ urEam~.eJ and ca6dly r~~sttn~, in ~CUi~d ~tand~ng undrr thr !nK's of the
,trtc ~~f ~tti mcurpu~anun, he~ ctorA ~~ut~tanil~n~ w h~ch ha> bern dul} ~nd ~r6dly ~ss~rd, rnd ~s qua~fird tu du bus~nes~ and u in g«~d starxiing in
th~ State uf I lunda, wrth tull p~nrer and authurr.y tu cnmummate the lu.ui c~~ntrmplated hrreby; and, d 3 psnner.hip. ~t ~s duly formed and
~aliJly r~i,Un~., and ~s tull} quaLfird U~ d~r bu~inrs~ tn thr State of I londa: w~th full p~~Kec and auth~:::ty ic. c:~nsummate thr loan cuntemplated
hrreby~.
2>. In thc event any une ur mure of the ptucaiuns cunteined tn thts !Nott~:ige ur ~n the Note shrll fe~r an~~ reason be hrld tu be in~alK1,
~Ile~rl or unenfurctabte in rny rc.{nct, ~uch ~n-~liJit}~, ~Ilegaly~p or unrnfurceabtLty ~hell, at the up!ion of the ~fort~:~gre, not affect rn~~ ~~ther pto-
vu~um uf th~~ ~tortKegr, but thic ~lottgage shall be ~unstrues ati ~f sucF in~a~d. ~lle~al or unenforceable pru~ision had never txrn conta~ned heretn
ur there~n. The total imere~t pryable pursuan? to the rutc or this NuttE.~e shall n~~t in an~~ one ye.-r excecd the hir,hrst IaNiul rate of ~nterest
:,Iluwrd by the law uf the State uf 1 luriJa.
26_ The cosen:-nts and ;~:rrrments hcrein conta~nrd ,hall bind and the benefits :+nci a~ivantages shall ~nure to the respecuve he~rs, executur~,
adm~nntrate~r~, wcceisois, rnJ assigm of the prtttes hrtetu. Whetever uscd, the sin~ular numbet sha11 itx:lude the plutal, the plural the singulat,
and the u~c af rny ~endcr shall be applicable to ell Eeruiers. All wvenants, :rgreements and undertak-ngs shall be joint and setieral In the rvent
adJ~uunal numbrred wvenanri or parr~raphs are for convenience inserted in this Nortgage, such add~tional covenants shall be ceaJ and given
ef(ect as'.huugh foUowmg th~s covenant ~n cunsecutn~e order.
, :.~~~ •35.~. 'r!L# l~'~i.
•3-