HomeMy WebLinkAbout0231Mortgagor warrants that Mortgagor has yood and marketable fee
simple title to the Premises, and is lawfully seized and possessed
of the Premises and every part thereof in fee simple, and has the
right and authority to mortgage and give security upon all the Prem-
ises; that the Premises are unencumbered subject to the Permitted
Title Exceptions and except as may be herein expressly provided;
and that Mortgagor will forever warrant and defend the title to the
Premises unto Mortgagee against the claims of all persons whomsoever.
It is the intent hereof to secure payment of the Note and the
indebtedness evidenced thereby, whether the entire amount shall have
been advanced to Mortgagor at the date hereof or at a.later date
(all of which are collectively referred to herein as the "Secured
Indebtedness"). The foregoing conveyance is also intended to be
and is a mortgage,to ~ecure payment of any and all future or addi-
tional advances made by Mortgagee at.its option to Mortgagor, or
any successor in title to the Premises orily for the purpose of ac-
quiring and constructing improvements upon Premises or for making
disbursements on behalf of Mortgagor otherwise permitted to be made
by Mortgagee under this instrument. All such a~vanc~s and any other
transactions in which any indebtedness secured hereby is incurred
are to be made within twenty (20) ye ars from the date of this mort-
gage and security agreement, or within such lesser period of time
as may be provided hereafter by law as a prerequisite for the suf-
ficiency of actual notice or record notice of the option of future
or additional advances as against the rights of creditors or subse-
quent purchasers for valuable consideration. The total amonnt of
indebtedness secured by this mortgage and security agreement may
decrease or increase from time to time, but, notwithstanding any
prbvision to the contrary herein, the total unpaid balance so se-
cured at any one time shall rot excee~ the maximum principal amount
of SEVEN MILLION AND NO/100THS ($7,000,000.00) DOLLARS plus interest
and any disbursements made for the payment of taxes, levies or in-
surance on the Premises, with interest on those disbursements. Sub-
ject to the limitations contained in_the two immediately preceding
sentences, all of the~aforesaid future or additional advaMCes, with
interest thereon at the rate agreed upon at the time of each addi-
tional loan or advance, shall be equally secured with and have the
same priority as the original indebtedness secured hereby and be
subject to all of the terms and provisions of this mortgage and se-
curity agreement, whether or not any such additional loan or advance
is evidenced by a promissory note of the borrower and whether or nat
identified by a recital that it is secured by this mortgage and se-
curity agreement, provided that it is understood and agreed that
this future advance provision shall not be construed to obligate
Mortgagee to make any such additional loans or advances. It is fur-
ther agreed that any additional note or notes executed and deZivered
under this future advance provision shall be included in the word
"Note" wherever it appears in the context of this mortgage and se-
curity ag reement.
~ AND MORTGAGOR FURTHER COVENANTS AND.AGREES WITH MORTGAGEE as
follows:~ -
1. Mortgagor shall pay to Mortgagee the Secured Indebtedness with
interest thereon as in the Note and this mortgage and security
agreement provided. .
2. Mortgagor shall pay or cause to be paid, when due and payable,
(i) all taxes, assessments, general or special, water rates, sewer
rents, and other charges and any prior liens levied on, or assessed,
placed or made against the Premises, any part thereof, this instrument,
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