HomeMy WebLinkAbout0981 ~ 23253139
26. This Mortgage is not only aecurity for the Note, but also
secures any and all loans heretofore or hereafter made by Mortgagee to
Mortgagor (the "Other Loans"). Any default by Mortgagor in the payment or
performancE of any of the cavenants contained in the Note, this Mortgage, or
any of the Loan Documents shall, at the option of Mortgagee, constitute a
default not only with respect to the Note, this Mortgage ~nd the Loan
Documents, but also with respect to the Other Loans; and any default by
Mortgagor in the payment or performance of any of the Other Loans shall, at
the option of Mortgagee, constitute a defaul~t not ~nly with respect to the
provisions contained in the Other Loana, but also with respect to the Note,
this Mortgage and any of the Loan Documents, and, in any of such events,
Mortgagee shall be entitled to accelerate payment of the Note and/or the Other
Loans, so that they or it, as the case may be, shall be and become immediately
due and payable.
' 27. Upon request by Mortgagor, Mortgagee, at Mortgagee's option
within twenty years from the date of this Mortgage, may make Future Advances
to Borrower. Such Future Advances, with interest thereon, shall be secured by
this Mortgage when evidenced by promissory notes stating that said notes are
secured hereby. At no time shall the principal amount of the indebtedness
secured by this Mortgage, not including sums advanced in accordance herewith
to protect the security of this Mortgage, exceed the original amount of the
Note plus U.S. $ , or if the preceding blank is not completed, then
an amount eqaal to one hundred and fifty per cent (150X) of the principal
amount originally secured hereby shall apply.
28. Provided there is no default under this Mortgage, the promissory
note secured by same, or the other documents referred to herein, Mortgagee
~ agrees with Mortgagor to subordinate the lien and operation of this Mortg~ge
to necessary easements for utilities, drainage and roadways; including,
without limitation, gas, telephone, electric lines and conduits, sewer and
water lines, lift and pumping stations, so long as such subordinations are
required in connection with the development, use and en~oyment of the property
_ in the manner demonstrated by the plans and specifications on file with
Mortgagee.
- 29. Whenever the context of this Mortgage so admits or requires, the
terms Mortgagor and Mortgagee shall include the heirs, personal representa-
tives, successors and/or assigns bf the respective parties hereto; the use of
the singular number shall include the plural, and the plural the singular; the
use of any gender shall include all genders, and if used, the term Note or
Promissory Note shall include all notes herein described if more than one.
PROVIDED ALWAYS HOWEVER, that if the Mortgagor shall pay unto the said
Mortgagee the moneys p*ovides for in and by said Note or Notes and this
Mortgage and shall well and truly keep, observe and perform, comply with and
abide by each and every the stipulations, agreements, conditions and covenants
E, thereof as and when required thereby then this deed and the estate thereby
created shall cease and be null and void, otherwise the same shall remain of
binding force and effect.
ti:
f IN WITI3ESS WHEREOF, the Mortgagor has hereunto set their hands and seals
~ the d~~d year first above written,
~ Si,gned, Sea e~ nd De re ~ WWH CORPORATION, a F1 ri a "
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_ 4? th~:~re e e of: corp r~a~ion,
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~ ( BY : .
x ~ Warren M. Heim, Jr. , Pres~den~', ~ _
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(COP.PORATE SEAI,) - '
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