|
<br />(a) Tttat in t'~ta event the Mortgagors fail to pay nn e•' ~ a ~r-, f:- er 1~ H ~ r~ t ~~ -+
<br />main Win insurance as ;terelnDeiore prorlde^ o^ '?_i - _ gay e _ ~. i- c ~....~ .^- a ~~~ ~ w ~,
<br />permit. licenso., or privilege; or Mortgagee is reAulred to 1;_ar -_r.~e.ruB_ .. `r.,..,_.L -@~a.,. .,,,o^•u y o,: t,'>,
<br />expanses, and other charges in cannecLirn wf th It ti gatinn, Hort~tgee hay r. -ke - ayment •:r ^rov e ;u su
<br />or incur such abllgation, and ate amounts ^aid there..*cr shall .,ec^^e par - deDte sstser_- ph~~ rarce
<br />^~'~ '^ due .jr d ".~refiri .
<br />aid payable lmmediat~ly, and sha12 bear interest fray t-.:_ date e.* pay;~ent a„ ~,el~sa:~ :ste as provided for de*.=gilt
<br />is the note.
<br />(5) That Sn th2 event any awards are made *_o the rortgagors c their = - -- taking ~'-r ~1ar.;agi:,a_
<br />by the exercise oT eminent domain the whole or esy part c' the mortgaged'; w^.ises~cr ar~'~~emen*_ ttteret,^,, '.he said
<br />awards are hereby assigned to the Mortgagee; the Mortgagee 1 hereby au'.harized celiecL. receive, and receipt
<br />therefor and to apply the same in Fayment of at~y lndebtedness,~:natured or •~~ atured, sec;:reC ty tt:.s mortgage.
<br />(ej That in the event Mortgagors default Sn the yaymen`_ of said ^rinclpai sum, ,r o any i stall^er.*. thereof, •_
<br />of atyy interest thereon, at the time when *.he same shall be due, ~r with respect to ary covenant ^.dStion here-
<br />of, then, at the option of Mortgagee, the entire indebtedness secured ':ereby shall forthwith becbmePdue nd payable,
<br />shall bear interest at the default rate described in sold note, and the Mortgagee nay immediately _*oreclose tDis
<br />mortgage or pursue a[>,y other available legal remegy.
<br />(^•) That in the event action 1s brought to foreclose this mor*gage, the Mor*.gagee shall to entit'_ed to lmmedl ate
<br />possession of the mortgaged premises, and the court may appoint receS~er to take pessession of said premises, with
<br />the usual powers aI receivers in like cases.
<br />(8) That failure or delay of Mortgagee to exerr-ise any o.* !*_s rights rr privileges shall not be cerstn:ed as a
<br />waiver thereof; that any act of Mortgagee waiving nay specific default of Mor?gagors shall rot be corn trued as a
<br />waiver of any future defaults; that in case of default in the payment of any amortization installtr~ents ar Interest,
<br />or Sn case of payment by Mortgagee of ary lien. Judgment, cox, irsuranee, cost or expense, or rents. _*ees or charges,
<br />said Mortgagee shall have the privilege, without declaring the whole indebtedness due and payable, to _*oreclose on
<br />aeeaunt o1 such specific default _*or such gums as are ir. default and such foreclosure proceedings may be had and
<br />the land described herein may be sold, subJect to the unpaid indebtedness hereby secured, and this mortgage sha21
<br />continue as a lien for any unpaid balance.
<br />(9) That the Mortgagee may extend and defer the maturity of and renew and reamortlze said indebtedness, release
<br />from liability any party liable thereon, and release Irem the lien hereof portions of the property covered hereby,
<br />without affecting Lhe priority hereof nr the liability of Mortgagors or any other party for the payment of said
<br />indebtedness, all such extensions, defermenrs, renewals, and reamorLizations to be secured hereby.
<br />(]-O) Transfer of Security. It is agreed between the parties hereto, their heirs, legal representatives and assigns,
<br />that the Integrity and responsibility of the Mortgagors constitutes a part of the consideration for the note secured
<br />hereby, and that in the event the Mortgagors shall sell, transfer, or convey the property described herein, the
<br />Mortgagee may at iLS option declare the entire indebtedness immediately due and payable and may proceed in Che en-
<br />forcement of its rights as on aqy other default in the terms of the note and mortgage.
<br />(!/ords and phrases herein, includinF the aclmowledgment hereof <hall 5e construes as in the sirzgutar or plural
<br />mabers and as !w.scultne, feaeinine, br Hoofer gander, acs ordtinq {o the con*.ext.l
<br />~n
<br />(SEAL) 1»~` ~• ~`M-~~(SEAL)
<br />/~/7/` ich 1 D La~nd~h/o]'1Il
<br />(SEAL ) 7 [ ~~~r~~/.:_1525_~~ ( SEAL )
<br />Joyce E. Landholm
<br />(SEAL)
<br />:SEAL)
<br />(SEAL) (SEAL}
<br />STATE DF ~ rr Gh~a c.rg
<br />ss.
<br />COUNTY DF ~i~A ~ ~ f // C~,, ~/
<br />OIl thls_pc(p_day of --r .r /~.a r' A.D.. 14.!31_.. before me, e Notary YuDl1^ ~._ ~_~ _~__aid ~e~~^t;'
<br />state, personally appeared Aiichael D. L~ dholm and Joyce E. Landholm, husband and ;vife,
<br />to me known to be Lhe persons named in and vrho executed the foregoing instrwment, antl aciu!owledged chat they executed ~ '
<br />the same as their voluntary act and deed. /~
<br />tb commission exp ices ~6r~ Gr f9rY'/ 4rl..w~ ~ ~~
<br />(Type ur pn int namd cn~~rei
<br />Notary "uDlir in ~ind for said i`ounty and State
<br />Mp hl ~~
<br />_. tT-_
<br />m °i
<br />~ y ~ ~
<br />N 9 m
<br />r~lry u 4,
<br />Y m ( E
<br />K x ~ ti x~ ~!
<br />C ~. u p n H
<br />a I A '~ J a~ p ~ -
<br />~ m N o ^ ~ !il L•
<br />V ~
<br />.~ Y d o ~ .-, .~i -
<br />W ~ N ` .~.
<br />o ~ ( '~ ~ a `.' ~ b m a~ a
<br />m
<br />m H t°- i o= ~ 1 4 J a
<br />~ obi ~ I V ~ I
<br />Z ~ ~ N
<br />~ d N m L D 4.
<br />LL
<br />O LL ~ ~ V ~ ~
<br />~ Z N t. ~ aI N
<br />V s v~ c, v ~
<br />°a ~ ~ ~ o x
<br />~ 2 ~ D O c7 I ~p -
<br />~ "
<br />F Z GS ~ ~ ~ - - -
<br />--.--Tom.-__.._..__ - __~.__-_-r. -
<br />
|