168-204 - Laserfiche WebLink

Browse

The Mortgagee may collect a "late.charge" not to exceed Five Cents' (5c) for each dollar (81.00) gf each:total monthly payment more than. 15'(lays in arrears to cover the extra ;expense involved in handling delinquent accounts. 1Y It is further agreed that; in case any suit is begun to foreclose this mortgage, the Mortgagee, its representatives or assigns, shall at office be entitled to the 'possession of said premises, and upon application -therefor; the court in which. suchaction shall he brought or any judge of such court, either in term time or vacation, is hereby authorized to appoint a receiver to take posses- sion of said. -premises, or to collect the rents' therefrom; and to do and perform such other acts as may be required by the order of the court making the appointment; and said Mortgagor hereby waives any notice of such application, and consents to the ap- poihtment of a receiver upon the production of this' mortgage, without other:evidence. - It is expressly agreed and understood that the Mortgagor shall proceed with"the construction of a building on said premises with all reasonable dispatch, and due diligence and shall pay for any and all extras or modifications that he may. make in said building, direct to the Mortgagee to be disbursed, together with the money loaned or advanced by said Mortgagee in connection with this loan. And it is further agreed .and understood that if the construction of said building be, at any time; discontinued or not carried on with reasonable dispatch in the judgment of the Mortgagee, the: Mortgagee or any holder of the said note and Mortgage may purchase materials and employ workmen to protect said building, so that the same shall not suffer from depreda- tion or the weather; or to complete said building, so that it may be used for the purposes for which it is designed, under the said plans and specifications; that all the sums so paid, or expended, shall be deemed to be advances to the Mortgagor, and secured by the said note.and mortgage and may be applied, at the, option of the said Mortgagee, or any holder of said notc�and mortgage to any advances thereafter becoming due. But in no event shall the Mortgagee be liable in any, way to.complete said building or to pay for the costs. of construction beyond the: advances of the amounts deposited for said purposes or loaned by the Mortgagee for the construction of this building. And it is further expressly agreed and understood that if the Mortgagor shall fail to complete said building in accordance with the agreements, Blue prints and specifications filed in connection with this loan or shall neglect, fail or refuse to pay -for the costs and expenses in connection therewith, or shall fail 'in any other of the covenants herein set forth, • then, at the option of the Mortgagee or of the holder of the note and mortgage herein referred to, the Mortgagee may declare said loan to be in default"and the entire amount loaned shall immediately become due and payable and the property herein referred'to shall be security for all of the advances and expenses incurred and made by the Mortgagee in connection with this provision. . Without limiting the generality of the foregoing, the Mortgagee shall have the right to declare that default has been made and the entire indebtedness hereunder to be due and payable at once upon the happening of any one of the following conditions: (a) The filing of any lien against the property, whether claimed to he prior to the first mortgage or subject thereto; (b) The entry of any judgment against the Mortgagor; ' (c) The failure to comply strictly with zoning regulations, the provisions of the city building code, -or "if any stop order is issued by public authorities; (d) Any misstatement in the loan application; (e) Any material change in the plans and specifications not first approved in writing -by the Mortgagee; (f) If work be delayed or suspended for a period of thirty (30) days without cause satisfactory to the Mortgagee, or should the Mortgagor fail to cause work to be prosecuted vigorously. If the Mortgagee declares the loan to be 'in default under any provisions of this provision, the Mortgagee shall be under no obligation to advance any further moneys hereunder either for payment, of work performed and materials already furnished, or those to be furnished later by the Mortgagor. It is understood and agreed that the Mortgagor will use all advances made under this mortgage to erect .a building on said premises in accordance with the plans, specifications and general agreements filed in connection therewith, and heretofore approved by the Mortgagee: It is understood and agreed that all materials delivered upon said premises for the purpose of being incorporated in the building shall be considered a part of the building.; Mortgagee agrees to make advances under this loan for the construction -of said building from time to time as agreed between the parties hereto. AND IT IS EXPRESSLY AGREED AND UNDERSTOOD:ahat said advances shall be paid only when in the judgment of the Mortgagee all wort: usually clone at the stage of construction when the advance is made payable shall have been done in a good and workmanlike manner,, and all materials and fixtures usually furnished and installed at that time shall have been fur- nished and installed; but the Mortgagee may advance parts, or the whole, of any installments before they become clue, if the Mort- gagee shall believe.it advisable to do so, and all such advances or payments shall be deemed to have been made in pursuance of this agreement, nothing, however, in this agreement sliall be construed as a determination of the quality of the. work, labor ar materials furnished by the Mortgagor or contractor and the Mortgagee shall he under no duty or obligation to make such determination. The Mortgagee shall be subrogated to all of the rights, privileges, priorities, and equities of any lienholder whose Hefi may have been discharged from the proceeds of this loan, or by any funds hereby paid or furnished by the Mortgagee. IT IS EXPRESSLY AGREED that if the Mortgagor shall sell, convey or alienate said property, or any part thereof, or any interest therein, or shall be divested of his: title or any interest therein in any manner or way, whether` voluntarily or }nvoluntarily, without written consent of the Mortgagee being first had and obtained, Mortgagee shall -have the right, at its option, to declare any indebtedness or obligations secured hereby, irrespective of the maturity date specified in any note evidencing the same, immediately due and payable without notice, and said debt shall thereupon become absolute. If the ownership of the mort- gaged property becomes vested in a person other than the Mortgagor, the Mortgagee may, without notice to the Mortgagor, deal with such successor or successors in interest with reference to this mortgage and the debt hereby -secured as with the Mortgagor, and may forbear to sue or may extend time for the payment of the debt hereby secured without discharging or in any way affecting the liability of the original. Mortgagor hereunder.or upon the debt secured. In this instrument.. the singular includes the plural and the masculine includes the feminine and the neuter and this in- slrument shall be binding,u);on the undersigned, his heirs, personal representatives, successors and assigns. IN WITNESS WHEREOF, we have hereunto set our hands and 'seal, the day and year first above written. -In the presence of: Thom;, V�Ihts N. ��tc r Grid R 1l ivvl'n.Rlat_ . a�..%�L ..... ........... ', D.... Theasme ... .� . Delbe t JJ 8TA7E•-Or a\EBRts1, : . ' t OO =�f.45f0 Y �r•� �,�L! ............................. -� October 18, 1:iZs . t (/ Loi.s.A. Theasmeyer. --