Loading...
HomeMy WebLinkAbout03571 ~ 4i5 ST, IUCIE COMITY. FIA. ' S. That in the event of a suit bring itssdtuted b loceclose tW taoetgrigc,-the Iifoetgagee shall be ettdtled b apply at any time dutin~ such foralaure suit b the court havins juriadit:don thereof for the appoinlameot ei a r ver of all and r~ingttlu the mortgaged property, and of all rents, inoomss, profits~iawea and revearsss thereof, ftem wbaleoever source derived; sad thereupon tit hereby expressly covenanted and agreed that the court • 1 forthwith appoint sari tetxirer with the meal powses atad dada of retxlven is like cases; and said a pointmrnt shall be made by the court as a mattes of atriet fight b tM Mortsa and without refsrenet b the adequacy or Inadequacy of the value of the property 6ereb mortgaged, or b the oolvsocy x iaahmq of theg l~or or aqy other parq defendant to such suit. The Mortgagor hereby speeifiu~ly waves the right b object b the appointment of a vtr as aforesaid and hereby ezpresaly enoatnq that such appointment shall be made s• w admitted sanity and • a ttsatsar st nbsoltsa right b the Mortgagee and that the same may be done without notice to the Mortgagor. 6. That if any proceedings should bs imdetued agtsimt tht ptopsrty covered by this taaetgsgt upon m et-er lien or claim whether superior or junior ro the lirn of this raortgagq the Mortgagee may at ib option immediately upon ittsdtudon o~aue6 suit or during the petd- cncv thereof declare this mortgage and the Indebtedness secured hereby due and payable forthwith std may at its option proceed b foreclose thin mortgage. 7. To pap ?!1 and singular the cants, fees= chasga sad ettpenses of rrery kind. ineludieg tht cast of as abstract of dtk to said lands fLu ~u to ~ cflnrr,:rn; o. ev..!•IiMt in .y+•+n..•tion with any suit for the fortclrrR:!e of this reertgagt. st•d elan irrcltidin~ whether the Mortgagee is obligated to pay carne or trot. reasoaablc stbraey's fees itxurred or ezprnded at any darts by rite Mortgagee because of the failure of the Mortgagor '•+ perform, comply with and abide by all or any of clue oorrnanb, eondidora and sdpulatiorts of said promiswry ootq or thi• mortgaRc. m the foreclaure of this mortgage and io oolleeting the amount secured hereby with or without legal proceedings, and b rsias- bune the Mortgagee for every payment made or itsenrrtd for say troth purpose whit interest from daa of every sui:h payrusiii ai iue a::e of tight per cent (f96) Per annum; sneh payments and abligatbos, with Interest thereon as aforesaid, shall be secured by the lirn beroof. t. To teep the building or buiWinp now or hereafter oa sold land inwred against bsa u damage by fire, eztendtd coverage and other perils in a sum not less than their fnll insurable value u the oat sad e:petsae of the Mertgyoe in a oompw or companies approved by the Mortgagee, the policy or abbe Geld by the Mortgagee, sad cud policy or polities of iosuranoe still ~ave affized thereb a Stan- dard New York Mortgagee Claws, making all tics or Iw•ea under and pONey or poliefp payabl! b the Mortgagee ar+ Ib Interest ma7 aPP~. and to deliver said policy or polices b the Mo when isstrsd with the receipts for the payment of the premium therefor; and in the event any sum of money becomes payable under sad po m PntWa, the ld'°rt~Ree shall have the option b recdre and apply the acme oa arxount of the iedebtednesa secured hereby or b permit the b rewire and use it, or say part thereof, for other purposes, without thereby waiving or impairing any equity. lirn or nght order or by virtue of this mortgage; atsd the Mortgagee if it deans necessary may plate and pay for such imurancq or soy part thereof. without losing, waiving or affecting Mo a option b forcebse for breach of this covenant. or say part thereof, or an~y right or option under thin mortgage, std every and payment shall bear interest from date thereof until paid u the rate of eight per cent (i96) per amwa, and all and paytnmb with itstettast as aforesaid shall be aecrored by the Lm hereof. In the event any bees or damage is suffered Mortgagor shall notify MoRgagee of and less or damage within forty-eight (4t) 6onrs after the happening thereof ; the failure to give such notice shall evostitute a defauh sad the Mortgagee aball bare the right herein given for all defautb. 9. 1'o permit, arotnmit or wffer rso waste and b mnnwn the improvettsrnb at all rimes in • state of good repair and condition; and to do or permit to be done to said premises rsothiag that will esker or ehaags the rue and character of said property or in ao}• way impair or weaken the security of said mortgage. In ease of the refusal, aegket or inaMliq of the Mortgagor b repair and maintain said property. the Mortgagee ma}•, at is option, make such repairs or cave the same b be made and advance monies in that behalf which wens shall be secured r_ ~ j...~ b}• the lirn hereof and bear iaterest at the race of tight p:r sxr:E {E, y.-= •~_. In :s,~ ,i.iir.. r„e .si•ar or is-.tr3Czi 6f »::: tnscri^g ~~`: ~trti'•£cd Prai"=?t+'- ~` ~nre= v_w nr its dhignatetl agent. which (hall at -. ~ .--- .~_ •:c_ ..t .i.:._ mortgage, remain iP ale : -°_.__:=° of i>:e Mc,:•=R~EE a`.3 is svettt of tut tom~urt of tni. mc•rrRsge or caner aii tiii,c~, ..:.. ~ w .if ;~~ «*~' ~ .ntere~t 4f the Mortgagor in sad to any sad abstract or abstracts of title shall pass to the purchaser or irintier ~f iii~e, was +;~,..~ >•„_ rrantK. 11. That no waiver of any eovrnant herein or in the obligation secured hereby shall at say rime hereafter be held to be a waiver of am- of the caber terms hereof or of the Dote aecnred hereby. 12. That is order to accelerate the maturity of the indebtedness hereby secured bequae of the failure of the Mortgagor to pay any tat assessment, Lability, obligation or ettetrmbrattee npoo said property a. herein provided, it shall riot be necessary nor requisite that the Mortgagee shall first pay the acme. 13. That if the Mortgagor shall fail. neglect or refuse for a period of thirty (30) days full sad promptly to pay the amouob re- quired to be paid by the nee hereby secured or the interest therein specified or say of the sums o~raoney herein referred b or hereby se- cured, or otherwise duly, fully and promptly ro perform, astute, comply with and abide by each, every or any of the covenants, rnnditions or stipulations of this mortgage, the Promissory note hereby secured and/or the construction loan agreemrnt, If any, then, and in either or in any of such events, without notice or daaand, the said aggrepte sum mrntioned in said praaissory note. less prcviom paymrntr, if arse, and an}• and aii sums menri••ncai .`,ercin a: --c::r~! bert!=.° *hall beerome fine and payable forthwith or thereafter at the continuing option of the Mortgagee as fully sad completely as if said aggregate soma were originally stipulated to be paid u such time, an}.thing in said promissory note i,r herein to the contrary pot~vithstanding, sad the Mortgagee shall be entitled thereupon or thereafter without notice or demand to in- stitute suit at la~~ or in equity to enforce the riQhb of the Mortgagee hereunder or under card promissory note. In the event of any default or breach on the part of the Mortgagor hereunder or order acid promiaory note. the Mortgagee shall bare the rnatinuing option to enforce payment of all sums secured hereby by anion at law or by suit is tqusty to foreclose this mortgagq either or both, coaeurrently or otherwise, and one action or wit shall not abate or be a bar to or waiver of the Mortgagee's right to imdtute or maintain the other, provided said Mort- RaRee shall have Daly one pa}•ment and satisfaction of said indebtedness. 1;. That in the event that Mortgaaggoor shall (1) consent b the appointment of a receiver, trustee or Lquidator of all or a substantial part of Mortgagor's assets, or (2) be ad'udieated a bankrupt or insolvrnt, or file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts ss they become ~ue, or (I) make a general assignment for the brnefit of creditors, or (4) file a petition or am«er seeking reorganization or arrangement with creditors, or b take advantage of say insolvency law, or (S) file an awwer admitting the ma- terial allegations of a petition ivied against the Mortgagor in any bankniptcy, reorganisation or insolvency proceeding, pr (6) action shall be taken b}• the Mortgagor for the purpose of effecting any of the foregoing, or (7) any order, judgment or decree shall be entered upon an a placation of a creditor or Mortgagor b}• a court of rwmpetrnt juriadItaon approving a petition seeking tppointmrnt of a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue umtayed and is effect for say period of shirt}• (30) consecutive des}•s, the Mortgagee may declare the rsote hereby secured forthwith due and payable, whereupon the principal of and the interest accrued on the note and all other sums hereby soured shall brooms forthwith due sad payable u if all of the said sums of money were origiaall}• stipulated ro be paid on such da}•; and thereupon the Mortgagee without ttodee or danand may prosecute a suit at la.r and/or in equity as if all monies secured hercb}• had matnrtd prior b its iasdtutioo. 1S. That the Mortgagee or any person authorised by the Mortgagee shall bare the right to enter upon sad impact the mortgaged premises at all rcasonabk times 16. That an}• sum or sumo whkh may be loaned or advaoad by the Mortgagee b the Mortgagor at any time after the reoordiag of this indrnture, together with interest thereon at the rate agreed upon at the tune of sari ban or adrancq shall be equally soured with ;~,d have t.'•.c sv_c Fratir, •• tt!~ ^^t n,l in±lehtedness and be subject b all the terms and provisions of this mortgage; Provided that the aggregate amount of ~tiueipal outstanding at snr time shall rrut eai~.eu ansn=u:;:.t ey::-: ro a^.c hz.:.drsd std f:fiT ~ "-"`t {_'' °% =r tk° principal amount originally secured 6ereb}•. 17. That, if required by Mortgagee, the said Mortgagor will pay unto the Mortgagee, as the first day of each and every cor»ecutire month, a sum equal to Doe-twelfth of the annual amount nernsary to pay aii taus and assessments agaimt the said mortgaged premises, said rtionthl}~ sum to be estimated and calculated on the amount of razes. assessed against said ttsortgaged premises for the previous ear, and if further required by Mortgagee to pay all insurabe premiums is mamer and form as provided heron for the payment of razes an sssesataenb. IE. That in the event the ban which this ma is given to secure is made for the purpose of financing either the ooostruction of new buildings or the construction of improvanrnp arse/or additloas to tziati°g buildings. the Mortgagor, if required by the Mortgagee, ezpressly agrees to deposit with the Mortgagee or id designated agent an amount of money equal to the difference between the net pproceeds of the loan and the total amount, u determined by the Mortgagee, n aired to fully complete said construction in accordance with the plans and spec::ications heretofore submitted by the Mortgagor and approved by the Mortgagee. Said amount of money shall be placed by the Mortgagee in a "Loam in Process Account" in the name of the Mortgagor, and the same shall be used by the Mortgagee to pay the costs, charges and ezpenses incurred in coaacction with said acostrucdea prior ro disbursing of this ban. ~ It is further agreed that in file evrnt said rnmtrur•tion u not fully completed on or before the date stated In the Construction Loan Agreement or in the evrnt that the work o0 said rnnstruction shall cease before full com~letioo and cud cesation shall oontiaue for a period off tea (f0) desys~ or if substantial emttinuous progress shall not to made in such construction, rhea and in any such event the rid agpegate strm, prlnapal rod Interest, mrntiooed in said promissory note, and all monies secured hereby, shall become due and payable forthwith or thereafter, at the option of tail Mort~agec, and is the event of such ceaatioo of work apoo acid eonstrtscdon for a Period of too (10) days, tx If substantial continuous Progress shall cot be made in such construction, as aforesaid. the Mortgagee may at Ib option enter into and epos the Mortgaged pranises and complete said con- struction in such manner es it fiestas advisable without any Interfuenee Fran the Mortgagor; the said Mortgagor hereby giving and granting to the Mortgagee ,'all power and audwriq b make such entry lab and upon acid mortgaged premises. to inter into such wntracta or ar- rangements as may be necessary b complete said eonstrutxloo, and b eapend any monies remaining in acid "Loans in Procea Aoooutst" and in addition an}• sums of money necessary b complete said eonatruetioo; sad say and alt monies ezprnded by the Mortgagee in conaertioo with such oanpletioa of comtructioo in e:eesa of the monies Ia sold "Loans in Procew AooounP shall bees dds~hslbbe ~ibk b the Mortgagor shall draw interest at the rata provided in acid promLsory irttes, sad shall be secured by thb morepge, Pal y on dcmaed.