HomeMy WebLinkAbout0953 i
amount of T~~renty Million Dollars (}20,000,000.00) plus int~rest
thereon and any disbursements made Eor the paymenc of taxes,
levies, or insurance on the ~~roperty covered by the lien of the
ilort~~aye with interest on such disbursenients; ~nd ~rovided -
Further that it is understood and agreed that Chis future advance
provision shall not be construed to obligate the ,~fortyayee to
ruake any such adc~itional l~ans ~r a~vance~. It is further agre~:~ ~
that any additional note or notes executed and delivered under
this future advance provision shall be included in the word
"Note" wherever it appears in the context oF this inortgage.
'Phis mort~age and the property described herein are ~
also given as security for any and all other s+.ims, indebtedness,
obligations and liabilities of any and every kind now or
nerearter durin~ ~he terr~ hereof awing and ta become c~ue fr~~ t~e ~
,•S~ri.yayar t;, t~~ `;~rtga3°e ~r ~hP hn1~?ar nf r_he Note, to the
assignees thereof, howsoever created, incurred, ev~denced,
u~yu~«~ a~a~i.^.7, ',--,~hP~hfar „~~Ar ~,~rt~a.~nr'~ ~r~~R~issory note
aforesaid or under this mortgage, as amended or mudiFied or
supplemented from time to time, and whether direct, indirect,
pr in~ary, seconc3ary, Fixec~ or contingent, and any and al l
renewals, modificatians or extensions of any or all of the
Eoregoing; provided, such sums, indebtedness, obligations, and
liabilities shall not exceed, in the aggregate, the sum oF Twenty
r:illion llollars ($20,000,000.00}.
AND ~10i2TGAGOR EURTHER COVENAN'PS AND AGREES WITH
;iORTGACEE as follows; j
;
1. Mortgayor shall pay to Mortgagee the Secured ~
Inde~tedness with •interest thereon as in the idote and this
~aortyag~. :
2. t•iortgagor shall pay, when due and payable, (a) alI
r~xP~; assPSS:nents. aener~l or s~ecial, anC other charyes levied
or., or assessed, placed or made ayainst the Premises, this
instrunent or the 3ecured Indebtedness or any interest of tne
t~lortaagee in t:~e Premises or the obligations secured hereby;
(b) premiums on policies of public liability, fire and other
hazard insurance coveriny the Prerrises, as reyuired in Article 3 ,
herein; (c) premiums on all collaterally pledged life insurance,
it this mortyage and the Note are so insured; and (d) ground '
rents or other lease rentals, if any, payable by Mortyagor. ~
i~iortgagor shall ~rornptly deliver to Mortyagee receivts showing
~ayment in full of all of the above items and no Iater than ,
January 10 of each y2ar, Mortgagor shali furnish to idortgagee
paid receipts evidencing ~ay~nent of all real pro~erty ac~ valorem
taxes and special assessments assessed against the premises f~r
tne prior year.
Jpon notification from t+lortyagee, Mortyagor snall pay
to t4ortgagee, together with and in addition to the pay~r~ents of
interest payable under the terms oF the t~ote secured 'nereby, on
the dates ~anen any payment ~f interest must be made by the terr~s
oE t7e t~ote, until said Note is fully paid or until notification
~ tro~c [dortgayee to the contrary, an amount reasanably sutficient
! (as estimated F~y hiortgagee) to provide Mortgaqee with funds to
pay such taxes, assessments, insurance premiums, rents and other
charges next due sa that hSortgagee will have sufficient funds on
nand to pay same thirty (30) days before the date on wnich they
become past due: In no event shall tdortyagee be liable for any
interest on an amount aid to it as h r
Y p e ein re uired, and the
9
~noney so received may be helc3 and cor~mingled with its own funds,
~enciing ~ayment or application thereot as herein provided.
In the event a tax escrow is established, Mortgayor
shall iurnish to Mortgayee, at least thirty (30) days before the
tiate on wnich the same will become subject to any interest,
del inquency charye, penalty, f ine or cost, an o~f icial statement
of t~e amoant of said taxes, assess~ents, inssrance premiums and
~
6~~K 572 ~a~E ~53
~