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HomeMy WebLinkAbout2358~ooK _ 28 P~E227 = . as be etttitled b appv u a•7 time durit~ S. 'That is the went of a suit beitls imdeuesd b foncl~~ Mp~~~~~~ all asd ~ ~ henbezgreMb'~~esiaanoddaod w~! .,rec ate coif b the court b lwladietba theresf foe ~~ of all rettec inooma. PcoBb~ 'i+wa ate Mt°ua ehee+of' Eras w-ateorrer eoura r and agnsd chu t-e eonrt I forthwit- appoint sttch t'sosiver with the wool pesvera sad dudes of ceaivees is lib era: andw sgal~ aP- pointmmt ahdl bs made by the oaurt r a sautes of etriet right a tM tad wiebat athec to tM b auohp stir. t.~a~e slue of the propeeV~ )! or So the t~lveaq ee iwdvenq at aa~~~ ~pal7 eau t-at wxh Mortgagor hereb • fiuW wacra tae risht eo objKt M eM appsisemeaR of a ter r aforesai ~ ~ t~ u~ ~, be done without appointment ahtl~ be made r as sdmittad egniq rod r a matter of aibsolute right b the Mortpget nOtle! b the MOrepgot. ~. Thu if aq ProceedinP ~O11kd be iasdtuad against tit ~rV esveced b7 this mort~sse °P°O and other dm or claim whether superior or junior a the lien of t-b mo*!~~t~h~e~,Mottsa~r my u iu option immediaseb tcPoa iosdtntion °f ouch snit ar~~ foree~lase eocy thereof declare this mottggc anti tK ~°D0m ~~ tine and pgable faethwlth and may u is option P this mortgage. iaeladlog ~ ooK of as abstract of title b said lands 7. To pay all and unn~~!u~lar the aostti fees, eharga atld e:pearea °f e•en ktad, found b bs oooveoieot or ezpcdieat L easmeetioa with say suit i+or the foreelaure of thin mortgage, anti abo Including, whether the Mortgagee is obligued to pay same or not. rcasooable attorney's fen incurred or ezpeoded u any tint by tM Mortpste bteaur of the failwe of tbs Mortgagor b rfocW, comply with and abide by ail or any of the mvrnana, oonditioaa anti adpulatioos of said promissory aotd~ro ram- mortgagq in the foreclawe of thin mor~a~s and to collecting the amount seeueed herby wide or without legal Proceeding, for every pgment made or incurred for aq7 we- ~urpae `dth Interest from date of every such payment at the rats of burn the Mortgaaggeeee with rn-.erest thereon r aforesaid, shall be secured by the lim hereof. tight Per cent (t91r) Pn annum; such payments anti obliguioos, >L To keep t building or building now or hereafter oo said land iowred agdrt loss or damage by fire, eztrnded coverage other perils in a sum not lea than their full imunble value at the cost and a:pease of the Mortgagor in a oompao7 or companies aPP the Mortgagee. the policy or raa ro be held' by t Mortgagee. and such policy or polities of iwuratrrc shall have afSzed thereto a Stan- dard Ne~v Yort Mortgagee Clause. making all lots or loses under such policy or polices payable b the Mortgagee s• is interest may appear. and to deliver said policy or Policies b the Mortgagee when iaucd with the receipt for the payment of the premrum therefor; std in the went any sum of money becomes payable under such po t~or polities, the Mortgages shall Gave the option M receive and apply the same oa account of the indebtednes secured hereby or b permit the ortgagor b raeive and we it, or any pert thereof, for other purposes, without therebl waiving or impairing any equity lien or right under or virtue of this mortgage; and the Mortgagee if it deem necessary may Place and pay for such imurance, or my part hereof, without laio~, waiving or affecting Mortgagee's option to foreclose for breach of,this oorrnant. or any part thereof. or an right or option order this mortgase.wl 6 I ~~ rh iford shill be secured by the lien 6ercoff oat event so ba or eight per cent (_~) per atoum, rod all such payml;o damage is suffered Mortgagor shall notify Mortgagee of sutir loss or damage within forty-eight (43) boon after t happening thereof; t failure ro dive such notice shall eoosdtute a default and the Mortgagee shall have t rights 6erdn given for all defaults. 9. To permit, eommit.or suffer oo waste and to maintain the improvements at all times in a state of good repair and condition; and to do or permit to be done to said Premises rlothiag that will Cher or change t use and character of ~d P%drtma;4taiu raid aropertyrthe weakrn the security of said mortgage. In case of t refusal. neglect or inability of t Mortgago psi Mortgagee may. at is option, mate such repair or cause the same b be made and advanlx monies io that behalf which sums sha 1 be secured by the lim hereof and bear interest at the rate of eight per Dent (i96) per annum. 10. To deliver the attract or abstracts of title covering the mortgaged property to Mortgagee or ib designated agent, ~chic6 shall at all tunes, during the life of Chia mortgage, remdn in the possession of the Mortgagee and in event of t foreclasurc of this mortgage or other trarofcr of title, all right. title and interest of the Mortgagor in sad to any such abstrart or abstract of title shall pas to the purchaser or grantee. 1 i. Thu oo waircr of any eovrnaat herein or is t obligation secured hereby shall at any tune hereafter be held M be a waiter of soy of the other terms hereof or of the Dote secured hereby. 12. That in order to accelerate the maturity of the iade~edaesa hereby secured bemuse of t failure of t Mortgagor ro pay any ttz assessment, liability. obGgatloo or encumbrance npoa said property r herein Provided, it shall not be necessary nor requisite that t Mortgagee shall fiat pay the same. 13. That if the Mortgagor shall fail, neglect or refwe for a Period of thirty (30) days full and promptly to pay the amounts re- quired to be paid by the Dote hereby saurcd or the interest erei~pplctidirr~ and ibide D~ e~h,~t~oryr an~of the ooreo na, rnadl'ytioos cured. or otherwise duly. fully and promptly b Perform, eseeate, rf any, then. and in either or in or stipularioos of chic mortgage, the proauaory note hereby secured and/or t eoostructioa loan agreement, ' rn if any, and any of such events, without notice or demand. the said arm mentioned in said promiaory note, lea prcvrow Paln°, cs. any and all sw>a mrntioned herein or soured hereby all beeaae due and payable forthwith or thereafter at the oontinwng option of the Mortgagee as fully and completely r if said aggregus rims were ottginally atiFulued to be paid at such time, anything in said promissory note or herein to the cootnry notwrthstandiag; and t Mortgagee shall be mntled thereupon or thereafter without notice or demand to in- stitute wit at law or io equity to enforce the rigLts of t Mortgagee hercundcr or under Bald promiaory note. Ia t event of say default or breach on the part of the Mortgagor bercunedtr or under said promiaory Dote, t-e Mortgagee shall have t eoatmwng option to enforce paylnrnt of all sums secured hereby by action u law or by suit in pity to foreclose this mortgage. tither or both. eoaeurrmtly or otherwise, and one action or wit shall not abate or be a bar ro or waiver of t Mortgaga's right to irotitute or maintain the other, prorided said Morc- gagee shall Gave only one payment and satisfaction of said iodebtcdnea. 14. That io t event thu Mortgaggoor shall (1) consent to the aPPointmtnt of a receiver, trustee or lignidator of all or a substantial dart of Mortgagor's assets. or (2) bt ad)udruttd a bankrupt or imolvmt, or file a voluntary petition in bankrnptey, or admit in writing is liability to pay is debts as they become due, or (3) make a general assignment for the benefit of aediror, or (~) file a petition or answer seeting reorganiution or arrangaoeot with creditor, or ro take advantage of any imohenty law, or (S) file an answer admitting the 1na- cerial allegations of a petition filed agdnt the Mortgagor in any bankruptcy, reorganisation or insolvmcyrpdroeeedi s~hdlrbe mtercd upon an cakrn by t Mortgagor for t purpose of effecting any of the foregoing, or (7) any order, judgmen a plication of a creditor or Mortgagor by a court of eompetrnt jurisdiction approving a petition seeking appsntmmt of a receiver or trustee of all or a substantid part of t Mortgagor's asses and such order judgment or dxrce shall continue nnstayed and in effect for any period of thirty (30) consecutive days, the Mortgagee may dcelarc the Dote hereby scented forthwith doe and payable, whereupon t rincipal of and t interest accrued oa the note and all other somas hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated to bt paid oo such day; anti thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies secnred hereby had matured prior b is iaedtutioa. lS. That the Mortgagee or any person authorised by t Mortgagee shall Gave t right b enter upon and irpeet t mortgaged premises at all rcaaonable times. 16. That any swn or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within ern (10) year from the date of this indcature, together with interest thereon at the rate agreed upon at the time of such ;can or advance, shall be equally se- cured with and have the same priority as the original indebtedness and be aubjett to all the terms and provisions of this mortgage; provided, that the aggregate amount of principal outstanding at any time shall not ezceed an amount equal to Doe hundred and fifty per cent (tS09'o) of the principal amount originally secured hereby- 17. TAat, if required by Mortgagee, the said Mortgagor will pay unto t Moregage4 0o t first day of each and every~oorrccu~rde month, a sum equal to one-twelfth of the annual amount ne-canary to pay all cases and asasmena agaImt t aid mortgaged p monthly sum to be estimated and calculated oo the amount of fazes assessed tgaimt said ma~~g~d for the previots r. and if further required by Mortgagee b pal dl imuraace prpniums in manner and form Y provided ~eedn foe tde Payment of tam and as.asmma' IE. That in the event the loan which this mortgage is given to seenre le made for the pn of fiaaating either t oonstructioa of new buildings or t eoostruetioo of improvemtats and or addition to ezatiag building, the b ortgapor, if required by tl:e Mortgagee, exprealy agrees to deposit with t Mortgagee or its designated agent ao amount of money equal to t difference between the net pproceeds of the loan and the total amount, as determined by t Mortgagee, toq~ired b fully complete said oontructioa to alxordanee with the plain and specifications 6eretoforc submitted by t Mortgagor and approved by the Mortggee. Said amount of money shall be placed by the Mortgagee in a "Loans in Proeea Aa'outrt" is the name of the Mortgagor. and t same shall be used by the Mortgagee b pay ,the axes, charges and ezprnaa incurred is alnneccion with said coostructiett or b disbursing of this loan. It le further agreed that in the evrnt said construction is not fully completed oa or before t date stated in the Cotutruetion Loan Agreement or in the errnt that the work on said construction shall cease before full oompktioo and such easatioo shall continue for a period of ten (10) desys, or if anbstantial continuous progrea shall not be made in snch almtn,cttoo. then and in any such event t said aggregate arm. Principal and interest, mentioned io said promissory note. and all monies secured hereby, shall become due sad ptyabk forthwith or trcafter, at the option of said Mortgagee; and in the evrnt of such cessation of wort a slid ooostrtraieo foe a period of ten (10) days. or if subattmiti alotinlaw progres shall not be made in such contrnedoo, a. tforad~tbe Mot~~se may u It! option corer into and npoa the premiss sad rnmpiete said ooa- struction is such manner r is deems advisable wr any interfercaet from the Mortgagor: the said hereby giving sad granting to the Mortgagee full power and authority b make sneh entry lab tad apoo said meetpged prima, b enter iMO st11:h alotraas or ar- rangemma as may be necessary b complete add ooestnw.tke, sad b spend say mooia remaining in said "Isar in Proeea Aa~ouat" and in addition any sums of monaf necssary b complete add eomanetioa; sad say tad dl monies expended by the Mortggs In aoaeecdoa with such almpletioo of eoostruedao in ezeess of t monies in edd "Loan is Process Account" shag beard aSdi be payable by the Mortgagoe shall draw inarest at the rate prorided in add promissory note, sad shall be scented by this aorepgt4 0o dcmaad.