HomeMy WebLinkAbout0408 ."10 Tna! Mortgagor wd1 not permd any othe~ hens to be hted aga~nst the sa~d prem~ses and ~t any such he~s are I~led, whether paramount or subor-
a~~ate to in~s mortgafle, Mortgaq~r w~f~ have or cause t~ be had sa~d Gens d+scharged ~mmed}atefy
2 t Mortqagee snaN have the r~qAt to charfle Mortflagcrs accounl v?i1h Mortqaqee tor the ~nterest anA pr~nc~pal payeble es prordecf ~n the prom~ssory
note as such Decomes due ecCOrdance therewrth.
22. If tne Mortflapee repuests, Mortpaqor nereby covenanta and ~qrees that Mortpegor w~11 furn~sh the Mo~tqa~ee annuslly Irom the date of the
mortfla~e ~nsl?ument, unbsS some Othe~ date isapreed to between the paAies in wntiny, a ce?tif~ed audited fmancial statemsnt al Ihe MoApepor ~nd a~nual
completa operat~n9 statements of MortqaQa. lf tne Mortqapora f~xal o? calendar year shell not coincide with the date herain apacitied, lhen the date wh~ch
tna MortpaQee shall spec~fy sna11 be co~trolhnq. Mortqa~or s~a11 suppy Mortpa9ee with such othar financial statemente ss Mortpapee msy trom time to time
request.
23. N~s aflreed tnat notn~n9 hare~n conta~ned nor any transachon related thereto shatl be construed or ao opente as to require the Mortqagor to pey
~n~erest at a rate flreater tAan it is now tawFul 1n such case to contract for, or to make any payment or to do any act contrary to I~w; thet it any cleuses or
c~~o~~swns nere~n conta~ned operate or would prospectwery operate to mval~date thia Mortpape o~ said Note in whole or in pen, ihen euch clauses and
prov~swns ony ~nall be Aeld tor nauflht, as thoupA not herei~ conta~ned, and theremainderot tAis Mortpaqe ahatl remsinoperetive end in fullforce end effacl
2i. If a1i or any part ot tAe mortflaqed property st?all be damaqed or teken throuph condemnat~on (which term wAen used In this mortgaqe ehell in-
ciude any damaqe or tak~ng by amr povernmenta~ authority, and any tranafer by private sale in Iieu thereoq, either temporenly or parmenentry, the entire in-
dabtedness secured hereby shal~ at Me option d tRe Mortgagee, become ~mmediatey due and payable. the Mortpaflee shall be enlitled to sll compensation,
awards, ~nd otner payments or reliet therefor and ia hereby authonzed, at ita option, to commence, appear in end proaecute, in ite own or the Mortgaqor's
name, any act~on or proceed+nq relating to any condemnat~on, and to aettle or compromise any claim in connection thetewilh. AH such compensalion,
awarOs, dameges, claims, rphts of action and proceads and the rphl thereto are hereby asaipned by the Mortqapor to the Monqeqee, who, after deduclinQ
theretrom e11 ~ts expenssa, includinp attomeya fses, may release sny moniea so received by it without ~ffectinp Ihe lien of thfs mo?tgepe or may epply !he
same 1n such manner u the Mortpa~ee shaN detarmine, to tAe reduction of the sums secured hereby, and to eny prepayment tharpe herein provided. and any
baiance of such mon~es t~en remaininq shall be paid to tne MortgaQor. T~e Mo?tgagor agrees to execute auch further ssnipnments of any compenaaUons,
awards, damafles, cla~ms r~ghts of action and proceeds as the Mortpayee may require.
25. In tne event this mortflpe ~s junior and infenor to any other mortQage and/or I~en on the a~ove-descnbed real property, end this mo~tgage is given
w~th tull knowledge of such superwr mortpage and/or lien, that said superipr mortpaqe and/or lien wiil be peid by Mortqepor in accordance wilh fhe lerms and
conditwns t~ereof w~thout repard to any grace period as Contained therein and failure to make said payment will conslifute an automafic defeult in Ihis mort-
Qage and the whole ot sa~d principal sum aecured hereby shall ~mmed~ately become due and payable at the option of the Mortgayee. Additionelly, the default
~n the performance ot a~y ot tAe terms, provis~ons, covenants, or agreements contained m any superlor mo~tga9e and/or lien, or the commencemenl of eny
actrOn tOfOreClose any sa~d superior mortgage a~d/or lien. shall COnstitute en eutomat~t defeult in th~$ mortgege and the whole of said Dri~c+pal sum aecured
'~e+eby shaU ~mmed~ately become due and payable at the opUOn of the Mortgagee
26. Th~s mortgage shall be construed as a secunty agreement under the Flonaa Umform Commercral Code.
27. Otner pro~~s~on5
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IN WITNESS WHEREOF. tne Mortgagor has executed these presents under seal tna Aay a~d year hrsl above wntten. .
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~ ' RUSSELL A. ~IITE - ~ - ~ e~ -
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JANIC WHITE :~O}9,~re?"
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INDIVIDUAL ACKNOWLEDGEMENT
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~ 5?ATE OF VA. ~
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~ COUNTY O
4 JANUARY
F The foregomg fnstrument was acknowledged before me th~s ____1 day of , T
~ ,~_90 bY RUSSELL A. WHITE and JANICE WHITE h~~ ,
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~.iy Commission expires~ - ~ -
OTARY PUBIIC '
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~ CORPORATE ACKNOWLEDGEMENT . . ,
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STATE OF ) _ •
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The foregomg instrument was acknowleQged betore me fhis day of .
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~espectively _ President and 5ecretary ot !
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~ a _ corporahon. on behalf
ot said corporation
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r,iy Commiss~on exp~res: B00!( ~~~3 PAG: `~U(7
NOTARV PUBLIC
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