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Home My WebLink About0940 . . ~j ~ ~ ~ ; ARTIGLE i s ~ TM Loan i ~ ~ The indebtedness secured by this Mortgage is the result of a loan of money in the principa! amoun! of s ~ 4,?~ ~ ~ ' t.2 Tt~e Loan is made in accarda~ce with tha terma ot a loan ag~eement between Borrower end Lender date Apr i~~ 7. 19 $ 7 _ ~the "Loan Agreement"?. on the loan will be in acco~dance with the Note, which Note and this Mortgege ~equire payment in full on the Loan on demand of Lender. ' 1.5 Lender ia making the Loa~ to Borrower fo~ the purpose ot fine~ci~g the construction of certain lmprovememts on fhe land described herein. t.6 This Mortgage secures all p~esent and future loan diaburoementa made by lende~. The amount of the preaent diabu?aement secu~ed hereby is Zero Dollars (50.00), and the amount of future disburaementa fa equal to the ptincipal amou~t ot lhe Loan as atated in Section 1,1 heteof. The time petiod within which such future disburseme~ta are to be m&de is the pe~iod between the dete he~eof a~d one year irom the date hereof, provided, however, that said perlod may be extended by lender up to,but not more ihan twently (20) yeara t~om the date hereof. ARTICLE 11 ~oROw~~ Ptwnbes, R~pnssntatlons Md /1qr~nb ~ •°~r=~::~.• •Q~*plAM• A~~ nr~mis~s th~t it fs sei=ed o1 the Propeety in tee and hea the riqht to comey the aame. that the title to the Property is iree end clear of all encumbrances and that it will warrant end defend the title to the Property againat the claims ot a11 peraons or pariiea. 2.2 Bo~rower will punctually repay the Loan p~incipal and intsreat end ail other suma aecured hereby at the man~er speciited in the Note. 2.3 Borrower wil! pey or relmburse Lender for all reasonable sttomey'a fees, costa and expenaes incur~ed by lender in any action, legel proceedt~g or dispute ot a~y kind which aNects the Loan, the interest created herein, or the Property, includtng, but not limited to, eny foreclosure oi this Mortgage, entorcement of payment of ihe Note, by any condemnaNon action involving the Property or any action to protect the secutity hereof. Amounts ao Incurred by Lender shall be added to the loan indebtedneas and secured hereby. 2.4 Borrower will not convey as loan security or oiherwise, the Property. any part thereof, or any inte~est therein without the prior written conaent of fender. 2.5 Borrower will do, or cause to be done, all auch things as may be requl~ed by law in order fully to protect the aecuriry a~d eil righta ot Lende~ under thia t~iortgage. Borrower shall not cause or permit the lien of thia Mortga~e to be tmpaired in any way. ARTlCLE Ill Ewnb of DNwlt The occurrence of any ot the foltowing eventa ahall oonstitute a detauit under the terma of this Mortgage: 3.1 Failure by Borrowe~ to pay as and when due end payable any inatallment ot p~tncipal or interest; 3.? Faii~re by Borrower to duly observe any promise, representaion o~ agreement tncluded in thia Mort~age: 3.3 A detault by Borrower under the terma of the Note, the Loan Agreement or any other dacuinent submitted by Borrower ta Lender in conneclia~t with the Loan; 3.: Cammancemant by sny govemmentel aQency or authority of any proceedings tor the demolition of any buildinga or structurea comprising the Property or commencement ot any proceedings to condemn or otheMrise take all of the tand oompriaing the Property. ARTICLE IV Fondo~un 4.1 Upon the occurrence oi a detault, the entire principal betance of the loan, inciuding all accrued interest, ahall, at the option of lender and without notice to Borrower, become immediateiy due and payable. Thereupoo Lender may toreclose thia Mortgage by judiciat proceedings. 4.2 tn a judiciat proceeding tor foreciosure oi thFs Mortgepe, Lender shall be entitlsd to col{ect ell expen~es ot torecloaure, including but not limited to, reasonabie attornsy'a fees and costa of documentary evidence, abstracts and title reports, all of which shall be additionai suma secured by thts Mortgage. ARTICIE V AddiNawl RIpMs sne! R~nNdNs oi L~r 5.1 Upon the occurrence of a defeult, Lender, immediately. wlthout noNce and without liability theretore to borrower except tor gross ne~ligence, may do or cause to be done any or all of the following: (1) take phyalcal possession oi the Property: (b) exerciae ita right to collect the renta and protits derived f rom the Prope?ty: (c) enter into contracts for the completion, repair, or maintenance of the improvements thereon: (d) expend Loan h+nda and any renta, income and protita derived irom the Property for payment of any texes, aaseaamenta, insurance premiuma, utility charges or chargea tor the maintenance or , preservation of the improwementa on the Property or the lien of thia MoRgege: (s) enter into leaaes demiaing the Property or any part thereoi: (n take such steps to protect and entorce ihe apecitic perio~mance of any promise, condition or agreement in the Note, this MoRga~e or the Loen Agreement, or to aid tha ' execution oi any power herein granted; or (g) generally, supervise, menage end contract with refere~ce to the Property as if Lender vrere the equitable owner thereof. 5.2 Any Loan tunds disbursed by Lender pursuant to Section 5.1, together with interast thereon at the rais se! forth In the Note, shail be secured hereby. 5.3 No waiver of any default shatl at any time the~eafter be hefd to be a waiver ot any rights of Lender stated anywhere in ihe Note, this Mortgage or ihe Agreement nor ahall any waiverof a prior default operate to waive any subsequent default or detaulta. All remedies provided in thia Mortgage, in the Note or in ! the Loan Agreement are cumulative and mey, at the election of Lender, be exercised elternatively, successively or in any other manner and are in eddition to any other righls provided by law. i ARTICLE V! tisn~~al Con+dR~ons 6.1 The ain~ular used herein ahall be deemed to include the plural, the masculi~e deemed to include the femini~e and neuter and the named parties deemed to include their heiro, successoro and assigns. 6.2 All notiCes required to be given hereunder shail be in writing and shail be deemed served twenty-four (24) hburs after depoait in registered, certified or ~ first-clasa United States meil, postage prepaid, and eddressed to the parties at the addresses indicated on !he lirat page hereot or such other addresses aa may irom time to time be deaignated by written aotics given as herein required ~ ~ 6.3 Invalidation ot any one or more of the provisions of this Mortgage shall in no way aNect any ot the other provisions hereof, which shail remain in fuil f force and eNect. ~ 6.4 The captions end headings herein ere inse?teA onlyas a matter ot convenience end for reterence and in no wey define, iimit and describe thescopeof ~ this Mortgaye nor the intent of any provision hereoi. i 6.5 The title insurance intormation, it eny, steted at the top of the fit~t page he~eof is !or reteten,e and information purposea only and is not to be considered to be a pah of this Mortgage. ~ ~o,~ s3 q- 93 ~ ~A-