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HomeMy WebLinkAbout0937 i the tenas and provisions of this Mort~gage to be performed by the Mortgagor. Neither the Mortgagor nor any other person now or hereafter obl igated for the payment of the whole or any part of ~ the sums now or hereaf ter secured by this Mortgage shall be ~ relieved of such obligation by reason of the failure of the Mort- gagee to comply ~ith any request of the Mortgagor or of any other ~ person so obl igated to take action to foreclose this Mort~gage or other.wise enforce any of the provisions of this Mortgage or of ~ - any obligations secured by this Mortrgage, or, by reason of the , release, regardless of consideration, of the whole or any part of ~ the security held for the indebtedness secured by this Mortgage, ~ or . by reason of any agreemen t or s tipula tion be tween any subse- , quent owner or owners of the Mortgaged Property and the Mortgagee ~ extending the time of payment or modifying the tarms of the Note or this Mortgage, with~ut first ha~•ing obtained the written con- ~ sent of the Mortgagnr or such other person; and, in the last men- tioned event, the Mort~gayor and all such other persons shall con- tinue liable to make such payments according ko the terms of any such agreement of extension or modification, unless expressly released and discharged in writing by the Mortgagee. The Mort- gagee may release, regardless of consideration, any party liable upon or in respect of the Mortyage Note or any part of the secur- ity held for the indebtedness secured by this Mort,gage without, as to any other party or as to the remainder of the security, in aoywise impairing or affecting the lien of this Mort~gage .or the priority of such lien over any subordinate lien; and the Mort- gagee may resort for the payiaent of the indebtedness secured by this Mortgage to any other security therefor held by the Mort- ~ gagee, in such order and manner as the Mortgagee may elect. 15. Non-Fzclusive Re~aedies. No right, power or remedy con- ferred upon or reserved to Mortgagee by the Note, this Mortgage or any other instrument securing the Note is exclusive of any other right, power or remedy, but each and every such right, ~ power and remedy shall be cumulative and concurrent and shall be in addi tion to any other right, power and remedy given hereunder or under the Note or~ any other instrcunent securing the Note, now or hereafter existing at law, in equity or by statute. 16. Successors and Assi ns e4und; Joint and Several Liabi- lity and Bene ts. Whenever one of the parties reto is named or referred to herein, the heirs, successors and assigns of such party shall be included and all covenants and agreements con- ~ tained in this Mortgage, by or on behalf of Mortgagor or Mort- yagee, shall bind and inure to the benefits of their respective heirs, successors and assigns, whether or not so expressed. The obliyations of benefits granted hereunder shall be join~t and several among mul tiple Mortgagors and Mortgagees. 17. Future tidvances. This Mortgage is given to secure not only existing indebtedness, but also such ~ future advances, whether such advances are obligatory or are to be made at the option of Mortgagee, or otherwise, as are made within fifteen (15) years from the date hereof, to the same extent as if such future -advances were made on the date of the execution of this Mortgage. The total amount of indebtedness that may be so secured may decrease or increase from time to time, but the total unpaid balance so secured at one time shall not exceed twice the face amount of the Note, plus interest thereon, and any disburse- ments made for the payment of taxes, levies or insurance on the Mortgaged Property, with interest on such disbursements at the Defaul t Rate as hereinafter defined. - 7 - BUOK ~~O vACE i7e~~ _ ;4.~ . . - r ~,-"='r~'~~.s