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~ 2327~333
26. This Mortgage is not only security for the Note, but also
secures any and all loana heretofore or hereafter made by Mortgagee to :
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Mortgagor (the "Other Loans"). Any default by Mortgagor in the payment or
performance of any of the covenants contained in the Note, this Mortgage, or i
any of the Loan Documenta shall, at the option of Mortgagee, constitute a y~
default not only with respect to the Note, this Mortgage and the Loan $ j
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 default not only with respect to the ~
provisions contained in the Other Laan6, but al~o 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 paytnent 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 4
within twenty years €rom the date of this Mortgage, may make Fature Advances
to Borrower. Such Future Advances, with interest thereon, shall be secured by
this Mortgage when evidenced by promissory notes stating that esid notes are
secured hereby. At no time shall the principal amount of ~he indebtedness .
secured by this Mortgage, not including sume 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 equal 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 Mort~age, 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 Mortgage
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, and to 3oin in a legally sufficient _
declaratian of condominium acceptable to Mortgagee so long as such
subordinations and ~oinder are required in connection with the development, ;
use and enjoyment of Che property in the manner demonstrated by the plans and
specifications on file with Mortgagee.
29. The real property sub~ect to the lien and operation of this
mortgage is intended by Mortgagor to be developed by it for condominium use;
such intended development being agreeable with Mortgagee. So long as Mortgagar
is not in default under the terms and conditions of this mortgage, Martgagee
will, at the request and at the expense of Mortgagor, execute and deliver
partial releases of individual condominium units from the lien and operation
of this MortgaAe upon prepayments of principal by unit to be released. A
Schedule of Partial Release Values per unit is on file at the offices of both
Mortgagor and Mortgagee and is available for inspection thereat by parties
having an interest.
30. Whenever the context of this Mortgage so admits or requires, the
terms Mortgagor and Mortgagee shall include the heirs, personal representa-
tives, auccessors and/or assigns of the respective parties hereto; the use of
the singular number shall include the plural, and the plural the singular; the
use o£ 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 provides for in and by said Note ar 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
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.
IN WITNESS WHEREOF, the Mortgagor has hereunto set their hands and seals
the day and year first above written. _
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~oRx 548 ~1.~~ 9?5