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HomeMy WebLinkAbout2738 - • ~ ~o~K 28 r~cFS07 i` s. Thu is t-t srgt of s coif bring tnstituesd a fora-t..eee *1ds mortgap, tM llartgaga sbatl b. stMitled a appb at aqy time during noel foreclwure suit a the court barb ludisdictioD thereof for the appoiaamestt of a t~eeelees of all acrd t-e mortgaged PeePaVr aDd _ of all tcDa, ioootneer Pcofia,, lwtces noes eweDwe tYeresf. fr°°t wbateoerer t~otsta dasred: std tbereupea it L Mnbp apeacb aoreDatued wd agreed that eke court abail fordn-it- appoint web tsairer 'rkb tN uwal pwen aDd duties of rt+odren ii like aces; anti t ~ ap- pointmeDt shall be made br the court e. a matter of style! ~ a ehs atsd wttboue retaetwe a the sdequaer w inadequq the ralne of t-e ptopwtr ~~ a< a ebe solrmq e< insolretser d er aqy Drier pae~ defendant a such wit. The Mortgagor bereb7 cpeeitiu~y w rw tisbt a objeu a tb appoiwnert at a rxsirer Y aforesaid aDd bertbr e:preccb aoncena that web appafadsent call be lade M an admitted eQutU' asd ac a taatar of ttbwloee tisbt a tb! ldoetgape and toot the oaote mar be done witbtwt rgtiet a tM 1loetga~sf. r -4. Tot tf W p[oeeedttts. should bt irtsdtuted agasasr tors prperty oowred y this mortgage upoD asr otbu hen or claim whether superior or junior m tM lien of t-ie tit bl<ettgagae tear ea is aptioi ismeiiaab upon institution of web suit or duttng ebe pend- esey thereof declare this mortgage and the seeural basbr dtse and parable fartbwlth and mq at its option proceed a foreclose this mortgage. 7. To par all and singular the oath fen. cbaries aDd ezpeaae of erect' kind, iDCludiog the oat of as ttbKraet of tick a sdd lands found a be ooDremsst or cut in eoDOeetios with nor suit for tM foteelowre of this mortgage, and ahw itsduditsg. wbet-er the Mortp~e is obUgaced to par Dams or Da. tYasoDabk adorns)rs fen iarcttrred or e:pesdcd at wr time 6r tbs Moctpga becawe of the failure ad Mortgagor wpe r[orn4 comply with and abide br all or~aatD~r of tbs ooreDanar eooditioas and edpulatiow of said promitsoq Dots, oc this mortgage. iD the toreelosure of this mortgage and io oollacdDg t-s amopuunt secured 6ettsby wit- or without kgsl eroceedinp, at the rate of horse the sus for crap paymeDt.ma or iscurrcd for W with in rest tbereoD aforesaid, shah be s~eetturedt6 bpj ~ lieD 6eraoE. eight per eeat (i9fr) Per amum: such paT•nma aDd obligations, >L To keep the building or buildings Dow or hereafter on said laud inwrcd against kris or damage by fire. ascended oorerage and other perils iD a sum Dot Iws thtD thdr full imutxble slue at the oat rod ~ of t-e Mortgagor is a Dom or companies approved by the Mort~age~ the polio or sds a be held by the Mortgagee. anti ouch poli:.p a: policies of imuranee sbal~re affizcd thereto a Stan- dard Ne.r Yort Mortgagee Clause, making all loo ar leaser under such policy or polkies parable a the Mortgagee as is inarat mar appear. and ro de8rer said policy or po4des a the when issued with the receipts far the payment of the premium therefor; attd in the west anj sum of money beoomee parole under eueb or poUeies, t'sc Mortgsga shall bare t-e optics a reeeire and apply the ssme oo account _ of the iadsbtedDew stxuced hereby or w permit the a reaire ad nee it. or car ppuat thereof. for other purposes. without thereby a~'iiring or impairiDg any egniq lien or right under or b7 rirtne .! this mortgage: atsd the iMortrtg.,gee if it deems nassary mar place and par for such imuraDec, or arty part hereof, without icing. wailing or affecting Mortgagee's optsoo a foreclae for breach of this oorenaDy or wt' part thereof, or an right or optics utsder this moetgege, and crew cosh payment shall beu interest from date thereof until paid at the rate of eight per cent (i~) per anDnm, and all each paymata with interest ar atoreaid shall be ctenrea by the lies hereof. In the t.eDt nest' low or damage is suffered Mortgagor shall Dotifr orcgagee of such low or damages within forty-eight (4t) born after the bappeniDg thereof; the failure to give such ttotiee shall oomtitute aMddauh anti the ll~ortgagee shall ba`n the dgbb herds pren for all defaults. 9. To permit, commit or suffer Do waste and co maitrtaiD the imprortmetus ac all times in a slats of good repair and oosditioo; aDd to do or permit to be dope a said premises aothiDg that will after or tbaDge the use aDd character of said property or in any war impair or - weaken the security of said mortgage. ID case of the refusal, Dt~ or IDabiUq* of the Mortgagor to repay aDd mrtincaiD said pproperty, the Mortgagee mar. et is option, make such repairs a cause the same a bt made and adra»a Dwmes iD that behalf which sutra eball be secured by the lien hereof and btu interest at the rue of eight per CeDt (f%) per annum. 10. To deGru the abstract or abstnea of title eoreris~ the mid property a Mortgagee or is designated agent. which shall at all times, during the life of this mortgage, remaiD iD the possewson of tie Nloregagee aDd iD rreDt of the forecbure of this morKage or other tranfer of title, all right, title aDd interest of the Mortgagor in cad to nest' nosh abstract or abstraca of title shall pass a the purchaser or grantee. 11. Tbu Do wairu of an ooreaaDt berdn or iD the obligation secured hereby shall st atry time bereaher be Geld to be a waiver of any of the other terms hereof or of the Dote secured hereby. 12. That iD order a aotxlente the maturity of the iDdebeednw hereby secured because of the failure of the Mortgagor a par am ~ asassmeD; liabiliq, obligation or encumbratsa epos said property d herein provided, it shall not be Deeessaq trot requisite chat the Mortgagee shall first par the came. IS. Tbu if the Mortgagor shall fail, treglect or refwe for a period of thirty (SO) days fully and promptly to pay the amounts rt- yuired to be paid by the sae hereby secured or the interese therein cpcdfied or aDy of the sutra of mossy barrio refemd to or hereby so- cured, or otherwise duly. fully and prom~tiy eo perform, ezecute, twmpl with and abide by each. every or am of the oorcnata, ooodrtiom or stipulation of this mortgage, the prorruwory Doe hereby secured a~or the ooattructioD loan agreemeay if aDy, rhea, and iD tither or is any of such arena, without Douce or demmd, the said to sum mentioned in said promissory note. lea pre-iow paymma, if any, and any and all sums mentioned herein or secured hereby 11 btoome tine and payable forthwith or thereafter at the continuing optioD of the Mortgagee as fully and completely sa if said aggregate sums were originally etip~rlaced a be paid at such time, anything iD said promiswry note or herein to the twotnry Dotwithstanding~ and the Mortgagee slWl be entitled tbereupm or thereafter wrtbout notice or demand to in- stitute suit at law or iD eq~i~y a enforce the righa of the Mosfgaga hereunder or under sard promisary Doe. In the ermt of any default or breach oD the part of the Mort~agur hereunder or uodsr sdd promiaory Doe. tit Mortgsgce shall bare the eontiDUiDg option to enforce payment of all sums secured hereby by action u law or br stir iD equity to foreclose this mortgage. tither or both. oooeurrestly or otherwise. and one action or suit shall Dot abate or be a bar to or wailer of the Mortgagee's right so imtitute or maintaiD the other, prorided said Mort- gagee shall bare colt' one payment and utisfaetioD of said indebtednew. 14. That in the ermt that Mortga~or shall (1) eoneat a the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagor's atrea, or (2) be ad+u sated a bankrupt or tmdretu. or file a voluntary petition iD bankruptcy, or admit in writing is :nobility to pay is riches w they become due, or (S) make a general arsigoment for the benefit of creditor, or (4) file a pstitioD or amwer seeking reorganizatioD or arraagemcnt with ertditors, or to take adraotage of any imolreney law, or (S) file an answer admitting the ma- terial allegation of a petition filed agaiDSt the Mortgagor in any bankruptcy. reorgaaisatioD or insolretscy proeecdiag; or (6) action shall be takrn by the Mortgagor for the purpose of effecting any of the foregdDg, or (y) car order, judgment or decree shall be entered upoD as application of a acditor or Mortgagor by a court of oanpeteDt lurisdktioD approving a petitioD sesking appoiDaaatt of a reeeirer or trustee of all or a substantial part of the Mortgagors asses and such order, judgment or decree shall continue unsnred and in effort for any period of thirty (SO) coosecutire daytti the Mortgagee may declare the Dote hereby secured forthwith due and parable, wbcreupoo the prindpal of cad the interest accrued on the Dote and all aher sums hereby encored shall become forthwith due and payable u if all of the said sums of money were originally stipulated a be paid oD such day; and tbereupm the Mortgagee without rnotice or demand may prosecute a suit at law and/or in equity as if all monies soured hereby bad matured prior a ib imdtution. iS. That the Mortgages or aDy persoD authorised by the Mortgagee shall bare the right to toter upon cad impact the mortgaged premiss at all reasonable times. • 16. That any sum or sums which may bt loaned or adraaoed by the Mortgagee a the Mortgagor at any time within tea (10) yan from the date of this iodeDture, together with interest tbcreoD at the rate agreed upon at the time of such loan or advance, shall be equally se- cured with cad bare the same priority as the original iDdebtedDas aDd be subject to all the terms cad prorisiom of this mortgage; provided, that the aggregate amount of principal oubtanding at any time shall trot ezcetd as amount equal to one hundred and fifty per Beat (1S0%) of the pritnapal amount originally soured hereby. 17. That, if required by Mort ogee. the said Mortgagor will pay unto the Mortgagee. on the first day of each and every comecutive month, a sum equal to one-twelfth of the annual amount Dccessary a pay all fazes and aasewmcsa agaimt the uid mortgaged Premiss, said rDOnthlc sum to be estimated and calculated oD the amount of lass assessed agairat said mortgaged Premiss for the previom eu, and if further required by Mortgagee ro pay a!I inurance premiutm in manDer atsd form u provided harries for the payment of tats rm~assessrDeats- It. That in the event the loan which this mortgage is giveD to secure is made for the purppoossee of financing tither the eontnttxioD of Dew buildings or the construction of improvemeoa and/or sdditicrs to ez;sciDg buildings. tSye Mortgagor. if requited by the Mortgagee, espresslp agrees to deposit with the Mortgagee or is designated agent aD amount of rmney equal to the diffcreoce between the net ptroeeeds of the loan and the total amount, u determined b.• the Mortgagee. rrttgqwred a fully oorspkte said eoDStruction in sornrdance with the plaD: and ppecificatioDS heretofore submitted by the Mortgagor aDd apppproved by the Mortgages. Said amount of money shall be placed by the Mortgagee in a "Loan iD Process Accoum" in tit tome of the INortpguq and the same shall be used by the Mortgages to pay the noes, charges and asperses incurred iD connection with said caMtrrtctioD prior to diaburtirr~ of this loaD. It is further agreed that iD the ermt said comtructioD is not fully oompieted on or before the due stsx iD the ContnrenoD Loan Agresmeot or iD the treat that the work oa .aid oonstructioD shall cease before toll eomppletiee tat such «ssatioa shall ooatinae for t period of tea (10) desyyss~, or if substantial contiDUOm Progress shall nor be made in such rnsstructiOD, then end iD any each erero the said aggregate sum, principal aDd interest, mentioned in said praaissory nae, and all moois secured hcreb~, shill become due atsd payable forthwith or thereafter, at the optioD of said Mortgages; atnd is the event of such cessatioD of wort upon said contrut:tioD for a period of ten (10) days, or if substantial oootiDUOm progress shall nor be made is such ooostruaiaa, u aforesaid, the Mortgagee mar u is optbD corer into atsd upon the Mortgagad preDiiss aDd canplete said eoD- structioa in such maDner as it deems advisable without any interferwee fraD the Mortgagor; the said Mortgagor hereby giviDg and granting to the Mortgagee full power and authority to make such entry itra and upon said mortgaged premises, to enter into each coDtraca or u- rangemena as mad be accessary ro complete said ooostrut:tion, cad a esptnd and monies remaiDiDg in said "Loam in Process Atxrount" and in addition am sums of mosey necessary m complete said construction; and any and all modes espended by the Mortgagee is connection with such coropletias of constructioD in cuss of the moms in said "Loses in Process Accoutnt" shall bt added to the said priDCipa1 debt and shall draw interest u the rate provided iD said ptorDiaory Dote, wd shall be secured by this mortgage, and sbtli be payable by the Mortgagor on demand.