|
7. Condemnation. In the event the Property, or any part thereof, shall be taken by eminent domain, the Mortgagee
<br />is empowered to collect and receive all compensation which may be paid for any property taken or for damages to property
<br />not taken, and Mortgagee shall apply such compensation, at Its option, either to a reduction of the indebtedness secured
<br />hereby or to repair and restore the property so damaged.
<br />& Performance by Mortgagee. Mortgagee may, but shall have no obligation, to do any not which the Mortgagor
<br />has agreed but falls to do, and Mortgagee may also do any act it deems necessary to protect the lien hereof. Mortgagor
<br />agrees to repay, upon demand, any sums so expended by the Mortgagee for the above purposes, and any sums so expended
<br />by the Mortgagee shah be added to the indebtedness secured hereby and become subject to the lien hereof. Mortgagee
<br />mall not incur any personal liability because of anything it may do or omit to do hereunder.
<br />9, Default; Assignment of Rents, Time is of the essence hereof, and upon Mortgagor's default in any covaunat
<br />oragreementof this Mortgage, including covenants to pay when due the sums secured by this Mortgage, the Mortgagee shall
<br />be entitled, at its sole option and without notice, to declare all sums secured by this Mortgage to be immediately due and
<br />payable and may commence foreclosure of this Mortgage by judicial proceedings; and, provided further, that upon such
<br />default the Mortgagee, or a receiver appointed by a court, may at its option and without. regard to the adequacy of the
<br />security, enter upon and take possession of the Property and collect the rents, issues and profits therefrom and apply them
<br />first to the cost of collection and operation of the Property and then upon the indebtedness secured by this Mortgagee;
<br />said rents, issues and profits being assigned to the Mortgagee as further security for the payment of the indebtedness
<br />secured hereby.
<br />10. Traaster of Property. If all or any part of the Property is sold or transferred without the express written con-
<br />sent of the Mortgagee, Mortgagee may at its sole option, declare all sums secured by this Mortgage to be immediately due
<br />and payable.
<br />11. Future Advances. Upon request of Mortgagor, Mortgagee may make additional and future advances to
<br />Mortgagor. Such advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes
<br />stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this
<br />Mortgage, not including sums advanced to protect the security of this Mortgage, exceed the original Note.
<br />12. Miacelluuous Provisions.
<br />(a) Any forebearance in exercising any right or remedy shall not be a waiver thereof
<br />(b) All remedies provided herein are distinct and cumulative to any other right afforded by law or equity,
<br />and may be exercised ^oncurrently, independently or successively.
<br />(c) The covenants and agreements contained herein shall bind, and the rights inure to, the respective
<br />successors and assigns of the Mortgagor and the Mortgagee.
<br />(d) All covenants and agreements of the Mortgagor are joint and several.
<br />(e) The headings of the paragraphs of this Mortgage are for convenience only and shall not be used to inter-
<br />pret or define the provisions hereof.
<br />13. Release. Upon payment of all sums secured by this Mortgage, Mortgagee shall discharge this Mortgage and
<br />shall execute and deliver a satisfscto,y release therefor.
<br />IN WITNESS OF, Mortgagor has executed this Mortgage on the 3(Z_ day of _ May , 19 85._.
<br />er C y Jr
<br />(Larry W. FU e)
<br />(J ne J. Ch ) (Barbara A. Fowle) Borrower
<br />State of Neln� Fiat County ss:
<br />On this 30th ..__. day ofMa� 19 85 �
<br />_ ,before me, the undersigned, a Notary Public
<br />duty commissioned and qualified for said county, personally came r w. Fnw i r
<br />_____��.•.Ba rha ra A FnWl�
<br />Sylvester L. Chody,_Jr,.,_ and Joanne J,._Chg_._ to me known to be the
<br />edge
<br />identical persona) whose name(s) are subscribed to the foregoing instrument and acknowld the execution thereof y
<br />lobe— their voluntary act and deed.
<br />Witness my hand and notarial seal atGr xnd I_ flan _Nt,__..._,___..._..___.._._.._ .___..in said county, thl,
<br />date aforesaid .
<br />a My Commbsion MMIM•ItaMrlttrMsla
<br />MANK MUiRT
<br />4 .— Mr ana 4 0& N.» _Notary ftbhc.7Z�
<br />..— .... -- - - . .............._. ,. „.._._._._.. >....... .... .._.._. (5gace Bol ®w This Line Reserved For Lender and Recorder) ---- .....__........._.
<br />CID t4d
<br />Vrl,
<br />N om: 1040 A N ti aoa. xrgti)µ'
<br />
|