HomeMy WebLinkAbout0968 agreement, condition and covenant of the Notee and of this
deed, then thia deed and the estate hereby created ~hall
cease and be nu11 and void.
To protect the security of this Mortgage, the Mortgagor
further covenants, warrants and agrees with the Mortgagee as
follows: ~
ARTICLE I
COVENANTS AND AGREEMENTS OF MORTGAGOR
1.01 Future Advances. The foregoing canveyance i$ also
intended to be and s a mortgage to secure payment of any and
a11 future or additional advances made by Mortgagee at its ~
eption to Mortgagor, or hie successor in title, ~or any
purpose. All such advances are to be made within twenty (20) ;
years from the date of this Mortgage, or within such lesser ~
period of time as may be provided hereafter by law as a ;
prerequisite for the sufficiency of actuaY notice or record j
notice of the option of future or additional advances as
against the rigtits of creditors or subsequent purchasers for
valuable consideration. The total amount of indebtedness
secured by this Mortgage may decrease or increase from time
to time, but the total mauimum princi~al amount of Three
; Million Dollars ($3,000~004.00) plus interest, and any
~ disbursements made for the payment of taxes, levies or
insurance on the property covered by the lien of this
~ Mortgage, with interest on those disbursements.
1.02 Payment of Secured Obli~ations. Mortgagor ahall pay
when due the
pr
ni cipal of, and the interest on, the
indebtedness evidenced by the Notes, charges, fees and the
principal of, and interest on, any fu~ure advances secured by
this Mortgage and shall otherwise comply with ail the terms
of the Notes and this Mortgage.
1.03 Warranties and Representations, Mortgagor hereby
covenants with Mortgagee that Mortgagor is indefeasibly
seized of said Premiseg in fee simple; that the Mortgagor has
fuil power and lawful right to convey the same in ~ee simple
as aforesaid; that it shall be lawful for said Mortgagee a~
a11 times peaceably and quietly to enter ~pon. hoid, occupy
and en~oy said Premises and every part thereof; that said
Mortgagor will make auch further assurances to perfect the
fee simple title to said Premises in Mortgagee, ae niay
reasonably be required; and that Mortgagor does hereby fully
warrant the title to said Premisea and every part thereof and
wiil defend the same againat the lawful claims of all persona _
whomsoever.
1.04 Leases or Subleases. Mortgagor, at Mortgagor~s sole
cost and expense, sha11 maintain or cause to be performed a11
of the covenants, agreements, terms, conditions and
_ provisions on its part to be ke~t, observed and performed
under any lease, or sublease wbich ~ay constitute a portion
of or an interest in the Premises. 7'he Mortgagor will not,
. without the consent of the Mortgagee, consent to the
modification, amendment, cancellation. termination or
surrender of any such ground Iease, lea~e or sublease.
No release or forbearance of any of Mortgagor's
obligations under any such, lease or sublease, pursuant to
any such, lease or sublease, or otherwise, shall release
Mortgagor from any of its obligations under this Mortgage.
,
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