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HomeMy WebLinkAbout03345~~; 4~ rt~E~i~4 z 16at w tht c+u,t ut a suit Lriug inatitutcd to (ureclwe ibis nwrtgage, the hfurtgr6h T~s~l~}~?j(ee 11~dh[ls ~s~{rly ht sn) tune during su~6 turc• lu,urr suit to the court hoeing judisdiction thtrcat far th• apps:inunent of a receiver of-tall t,n sin~U t else +luftgageu properly, and ut all teats, uxunsrs, profiu, i>sucs and revcuucs thereof, fresh wharsoevcr souse den •:ed; a:id thereupon it is hereby expressly cotaunted and agreed that the court sball forthsuh appoin[ such receiver ++ith the usual po+ven and duties of recciven in li-e eases; and said a - puimrunt shall bt made by the saute as ri matter of strict right ns the hlortgager, and wahout reference to the adequacy or inadeq•~acy of the value of the property hereby rnort~r^ged, or to the wlvency or insolvency of the Mortgagor or any other patty defendant to rush wit. TAP ~lurrgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby ezpressly curaenu that sucs appuinuucut shall be made as an adn+ittrd cyuity and as • muter of absolute right to the ~Sortgagee and that the aarnr may he dons without notice to the 4ortgagor. - - a. 7-hat if any pn~ccdiugs should be instituted against the propene courted by this uwrtgage upon sup other lien or claim ++hether ,+,priiur or junior to the lien of this m~~rtgage, the aio~gagte rosy at its option immediately upon institution of n,ch suit ur during the pend- rn,~ thereat dccla+r this n,urtgagc and the IlldeUltdph3 securest hereby due and payable sorthwith and may ^t its option proceed to foreclose chi, uu,rtgage. lu pa+ all anJ singular the vests, fres, charges a.:J expeusn of every kind, iucludiug the erne of an abstract of title :u said lands fuuud to be sunvcnient ur expedieni in cunues'tion with any wit for the fora:osure of this mortgage, r.nd also i+.cluding, schethcr the ~Surtgagee ii ulligatrd to pap same ur rot, rcasouaSlr attunmy'a ices incurrr~or expended at anv time by the Mortgagee because of the failure of the \Inrtgagur to perform, sample ++ith and sbide by ail or any of the covenants, conditions and stipulations of aid pronusson note, or this ,m,:tr;,rt;r, iu ~hr fureclosut•_• of this mortgage and in collecting the arnouut sccureJ hereby t+ith o: without legal proceedings, and to re+m• .,, ,- tier \fa,tgagec fur every payment made or incurred for any wch purpose vita irterrst from date of every such payment at the rate of rvi;ht per cent (8io) per annum; such payments and obligation, with intcrnt thrrcon as aforesaid, shall be secured by the lien hereof. 8. "1'o keep the building or buildings now or hereafter on ssicP land insured against loss or damage by fire, extended coverage and ~rthrr perils in a Burn not Ins than their full inwrable value at the cost and expense of the Mortgagor in a company or cornpanin approved by the ~luugagce, the policy or policies to he held by the Diortgagec, and such policy or policies uF insurance shall have atfi:ed thereto aStan- danl :Ve++ 1•o:k Alnrtgagee Clause, making all loss or losses under wch policy or policies payable to the Mortgagee as in intercat may appear, and u. dclicer said polio or policies to the Dlortgagte when issued with the recants for the payment of the prem,um therefor, and in the eceni .tin swu of money baomes payable under such policy or policies, the 1ortgagee shall have the option to receive and apply the same or. account of the indcbn•dncss scoured hereby or to permit the Mortgagor to receive and use it, or any part thereof, for other purposes, without thereby .+airing vi impairing any equity, lien or right under or by virtue of this mortgage; and the Mortgagee if it deans ncoesup• may place and pay fur such insurance, or any part thereof, without losing, waiy~ing or affecting Mortgagee's option to forttlose Eor breach of this covenant, or any part therrof, ur an))' right or option under this mortgage, and every such payment shall bear interest from date theresE until paid st the rate of eight per scut (8r7o) per annwn, and all such paymenn with interest as aforesaid shall be ae::ured by the Gen 6trcof. In the event any lose or damage is suifrred ~tc•rtgagor shall notify Aortgagee of such loss or damage within forty-eigbt (•F8) hours after the happening therrof; the failure to give such notice wall constitute a default and the Mortgagee shall have the rights heresn given for all defaults. 9. To permit, commit or suffer nu waste and to maintain the improvements at all times in a state of good repair sad condition; and to do ur permit to be done to said premises nothing that will alter or change the use and chara_ter of said property or in any way impair or s+c•aken the securin of said mortgage, In case of the refusal, neglect or inability of the Mortgagor to repair and maintain said propert}•, the Mortgagee may, at its option, make such repairs or cause the carne to be made and advance monies in that behalf which sums shall be secured be the lien hereof and bear interest at the rate of eigbt per cent (8%) per annum. tD. •I'u deliver the abstract or abstracts of title covering the mortgaged property to Dortgagee ur its designated agent, which shall at all tin,cs, during the -ife of this rnortgagq remain in the possnsion of the Mortgagee and in event of the foreclosure of this mortgage or other tr:n+ster uE title, all nght, title and intcrnt of the Aortgagor in and to any wch abstract or abstracts of title shall pus to the purchuer or grantee. ll. "That uo waiver of any covenant herein or in tht obligation secured busby shall at aey time hereafter be held to be a waiver of an. of the other terms hereof or of the note scoured k tby. ' l2. "That in order to accelerate the maturity of >ht• indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assc~smcnt, liability, obligation or encumbrance upon said' property as hr+cin provided, it shall not he ncceuary nor requisite that the Mortgagee shall first pay the ^uae. 13. "That if the tilortgagor shall fail, neglect or refuse for a period of thirty (30) days fully and promptly to pay the amours re- ~ui+ed to be paid by the note hereby secured or the interest therein specified or and of the sums of money' herein referred to or hereby ae- currd, oe othen+ise duly, fully and promptly to perform, execute, comply +vita and abide by each, every or any of the covenants, conditions ur s:ipulatinta of this mortgage, the promissory note hereby secured ^nd/or the construction loan agreement, if any, then, and in either or in ass of such events, without notice or Demand, the said nggregate sum mentioned in said promissory note, ins previous payments, if any, and auc and all sums mentioned herein or secured hereby shall become due and payable furthsvith ar thereafter at the continuing oPlion of the \loitgagee as fully sod completely as if said aggregace sums were originally stipulated to be paid at such time, anything in said promissory nutc• ..r hcr~in to the contrary notwithstanding, and the Mortgagee shall be retitled thereupon or thereafter without notice or dcmasd to in- stir;ur suit at las+ or in equii>' to enforce the rights of the Mortgagee hereunder or under card promissory note In the event of any default ur hrcu;h on the part of the bt~rtg~gor hereunder or under said promistoory' note, the ~Sortgagee shall have the continuing option to enforce paymcut of all sums secured hercLy by action at law or by' suit in equity to foreclose this mortgage, either or both, concurrently or othenvisc, and one action or suit shall not abate or be a bar to or waiver of the fsiortgagce's right to institute or maintain the other, provided said hlort- gagce shall have only one payment anJ satisfaction of said indebtednns. 14. •I'hat in the event that Mortgagor shall (1) consent to the appoinuncnt of a rcccivcr, trustee or liquidator of all or a substantial part of blortga6ror's asseb, ur (2) be ad)'udicated a bankrupt or insoh•tnt, or file a voluntary petition in bankruptcy, or adroit in writing in inabiliq• to pay its debts as they become due, or (3) make a general assignment for the benefit of creriitoa, or (4) file a petition or answer seeking reotgnnization or arrangement with creditors, or to take advantage of any insolvency lase, or (S) file an ansver adm;Ction shall be aerial allegations of a petition filed against the Mortgagor in any bankruptcy, reorganizatio^ or insnh'encv proceeding, or (6) taken he the Mortgagor for the purpose of effecting any of the foregoing, or (7) nny order, judgment or decree shall be entered upon an application of a creditor or bfort¢agor by a coot. of competent jurisdiction approving a petition seeking appointment of a receiver or truster of all or a substantial part of the !stortgagor's assets and n,ch order, judgment or decree shall continue unstayed and in effect far any period of thirty (30) consecutive days, the ~fortgagte may declare the note uereby secured forthwith due and payable, whereupon the principal of and the interest accrued on the note and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecute a suit at lase and/or in eyuin• as if all monin secured hereby had matured prior to its institution. 15. 'T'hat the Mortgagee or any person authorized by the Mortgagee shall have the right to cuter upon and inspect the mortgaged prrrniscs at all reasonable times. 11;. "Chaff snc sum or sums which :: ~• be loaned or advanced by tae Aortgagee to the Mortgagor at any time within ten (10) year! true: the date of this indenture, together +cith•inte:at thereon at the rate agreed upon at the time of such soar. er advance, shall a: equally sr cured +cith and have the same priority as the original indebtedness and be subject to all the terms and provision of this mortgage; provided, that the aggregate arno,,nt of principal outstanding a; any time shalt not ezceed an amount equal m one hundred and fifty per cent (ISO%) of the principal amount originally secured hereby. 1.. •That, if required by bfortgagte, the said Mortgagor will pay unto the ?.iortgagce, on the fine dad of each and every conecutive niunth, a sum equal to one-twelfth of the annual amount necessary to pay all taxes and a+rsessmenta against the said mortgaged premises, said monthly sum to be estimated and calculated on the amount of tazn a;ccaca sgaiust said mortgaged premises fur the previous car, and if further required be Mortgagat to pay all insurance premiums in manner and form as provided bereio for the payment of taxes and assessments. I8. That in the event tae luau tshich this mortgage is given to sceu:e is made for the purpose of financing either the comttuetion ..f nr.+ buildings or the construction of improvements and/or additions to ezisting buildings, the Aortgagor, if required by the Mortgagee, cxprcssl+ agrees to deposit .with the bfortpagee or its designated agent an amount of money- equal to the difference between the net Pr«-snr rf the loan and the total amount, as determined by the ~Sortgagee, rtq~ired to fully complete said construction in accordance with the p an:1 specifications heretofore snhmitted by the Mortgagor and approved by the Mortgagee. Said amount of money shall be paced be the Slortgagce in a "Loam in Process :account" in the name of the Mortgagor, and the same shall be used by the biortgsgee to pay the costs, rharres and expensca incurred in connection w'it6 said construction Pier to disbursing of this loan. It is further agreed that in the event <aid corutn;cron is rot fulh• coarpleted on or before the dzte stated in the Construction Loan Agreement or in the event rbat the work on s:,iA construction shall cease before full completion and such cessation shall continue for x period of tan (ID) days, or ~f substantial continuous progress shat) not be made in such consruction, then ar.d in any`tach event the said aggregate sum, principal and interest, mentioned in sold prornnsory note, and all monies sec•+rrd hereby, shall become due and payable forthwith or thereafter, at the option of said Mortgagee; and in tae event of such cessation of n'ork •+pon said construction for a period of ten X10) days, or if wbsrantial cOOmisesuandoom leteasaidocon~ made iu s,;oh construction, as aforesaid, the Mortgagee map at its option enter into and upon the Mortgaged p - P >tructio~ ir+ such moaner as it deems advisable withota anv inter(erencr from the Mortgagor; the said `fortgagor_herrby giving and grsntinE to the ~iortgat;er Enll potcer and authotit to make such entry into and upon -aiJ mortgaged premise., ro enter into ~uch contracts or ar- ranguncnts :+s mar be ncce~sai, r, ~•umpletc siiA r onstntctinn, and to a-.prod tun' n:on+rs rrrnInning in saiA "Loans in F ror'ess Account" and n a+lA~rion .ur: tuns r.f moor: ntccssarv to ronrplete said construction; and snc and all monies expr:rdcA b+• the '~turtgagee in conncctior: ,.vith _..• 6 romplrtion of cons:rucriun in assess of the ,ponies in said 'rL.oans in Process 9cca:nt" shall br added to the said principal debt and .nail dra+. i ;retest at the rate provided in said promissory note, and shall hr ucured by this mortgage, arrd shall be payable by the Mortgagor ,u demand.