HomeMy WebLinkAbout0914 ~
This instrument constitutes an absolute and present assignment of the i
rents, royalties, issues, profite, revenue, income and other benefits from
the Mortgaged Property, sub~ect, however, to the conditional permission
given to Borrower to collect, receive, take, use and en~oy the same ae pro-
vided hereinabove; provided, further, that the existence or exercise of such
right of Borrower shall not operate to eubordinate this assignment to any eubsequent
assignment, in whole or in part, by Borrower, and any such subsequent assignment
by Borrower shall be sub~ect to the rights of Lender hereunder.
(F) FIXTURES, PERSONAL PROPERTY AND CROPS. TOGETHER WITH a security
interest in (i) all property and fixtures affixed to or located on the property
described in paragraphs (A), (B) and (C) hereof which, to the fullest extent
permitted by, law shall be deemed fixtures and a part of the real property; (ii)
all articles of personal property and all materials delivered to the property
described in paragraphs (A), (B) and (C) hereof for use in any construction
being conducted thereon, and ow:led by Borrower; (iii) all contract rights,
general intangibles, actions and rights in action, including all rights to in-
surance proceeds as all of the same may relate to the property described in Para-
graphs (A), (B) and (C) hereof; (iv) all crops, whether annual or perennial,
whether planted or growing or to be planted or grown on the Land described in
Paragraph (A) hereof~ and (v) all proceeds products, replacements, additions,
substitutions, renewals and and accessions of any of the foregoing. Borrower
(Debtor) hereby grants to Lender (Creditor) a security interest in all fix-
tures, rights in action and personal property described herein. This Mortgage
is a self-operative security agreement with respect.to such property, but
Borrower agrees to execute and deliver on demand such other security agreements,
financing statements ~and other instruments as Lender may request in order to -
perfect its security interest or to impose the lien hereof more specifically
upon any of such property. Lender shall have all the rights and remedies in
addition to those specified herein of a secured party under the Uniform Commer-
cial Code.
Everything referred to in paragraphs (A), (B), (C), (D), (E) and (F) here-
of and any additional property hereafter acquired by Borrower and sub~ect to the
lien of this Mortgage or intended to be so is herein referred to as the "Mort-
gaged Property". _
TO HAVE AND TO IiOLD the same, together with all and singular the tenements,
hereditaments and appurtenances thereunto belonging or in anywise appertaining,
I and the reversion and reversions, remainder or remainders, rents, issues, and
( profits thereof, and also all the estate, right title, interest, homestead, dower
and right of dower, separate estate, possession, claim and demand whatsoever, as
~ well in law as in equity, of the said Borrower in and to the same, and every part
thereof, with the appurtenances of the said Borrower in and to the same, and
every part and parcel thereof unto the said Lender in fee simple.
And the Borrower hereby covenants with the Lender, that the Borrower is
indefeasibly seized of the Land in fee simple; that the Borrower has full
power and lawful right to convey the same in fee simple as aforesaid; that it
shall be lawful for the Lender, at all times peaceably and quietly to enter upon,
hold, occupy, and enjoy the Land, and every part thereof; that the Land is and
will remain free from all encumbrances except taxes for the current year; that
said Borrower will make such further assurances to prove the fee simple title to
the Land in said Borrower as may be reasonably required, and that said Borrower
does hereby fully warrant the title to said land, and every part thereof, and
will defend the same against the Iawful claims of all persons whomsoever. ~
PROVIDED ALWAYS, that if the Borrower shall well and truly pay said indebtedness
unto the Lender, and any renewals or extensions thereof, and the interest thereon,
together with all costs, charges and expenses, including a reasonable attorney's
costs, charges and expenses, including~a reasonable a.ttorney's fee, which the Lender
may incur o,r be put to in collecting the same by foreclosure, or therwise, and
shall duly, promptly, and fully perform, discharge, execute, effect, complete, and
. comply with and abide by each and every the stipulations, agreements, conditions,
and covenants of the Note and of this Mortgage, then this Mortgage and the estate
hereby created shall cease and be null and void. ~
~
. ~
~
~
-3- ~
;
e~OS30 P~6E0913 '
~
_ _ _ - . _ .
_ _ . .
_ _ _ ~ _ _ _ -
_ ~..~.b-- , _