Loading...
HomeMy WebLinkAbout13010 . ri . --••~~ ~• That iu the event of a wit being iuKitutcu w f ~se thisl/1 rg! tYagee shall be entitled to apply at :ny tiwe duriu such forcrlosure suit to the court having judisdiction thereo or thr appointment of a receiver of all and singular the tuorttagcd property, an of all rys[s, incomes, profits issues and revenues thereof, frQra wh~tpeX~{~~t ~r3~•ed; and thee~apoa tt is hereby ezprnsly covenanted and agreed that the courts all forhwith appoint sueh,,ate~+t vfrL ~r t t I pow •and dutin of re:eiven in lice cue; and said a poinunent shall be atade by the coot as a matter of a r__rght to the Mort~agee, and +,•ithout reference to the adcyuacy or inadequacy of the value of the property hereby tnrsrtgagrd, or to the solvency or insolvency of t e Mortgagor or any other party deftadant to such suit. sfhe btortgagor hereby specifically +caicea the right to object to the appointment of a receiver u aforesaid and hereby t:pressly musents that such appointment shall be tnadt as an admitted equity and as a matter of absolute right to the btortgagee and teat the same may be done +vitk.out notice to the Mortgagor. 6. 'T'hat if any proceedings should be instituted against the property covered by this mortgage upon any other lieu or claim whether superior ar junto- to the lien of thin mortgagq the biortgagce may at its option immediately upon instil^tion of urc6 suit or during the pend- ent; thereof declare this mortgage and t>`e indebtednes secured hereby due and payable forthwith and may at ib op:it.n proceed to foreclose this mortgegt. 7. •1'o pay all and singular the cuv,5 fees, charges and ezpenses of every kind, including the cost c: an abstract of title [o said lands !Quad to be convenient or ezpedient in cunnectiun with any suit for the foreclosure of this mortgagq an6 also including, tchether the Mortgagee is obliga[ed to pay carne or not, reasonable attorney's fees incurred or ezpended at any tune by the Mortgagee becaux of the failure of the btortgagor to perform, comply with and abide by all or any of the covenants, conditions and stipulations of said promissory note, or this uwrtgage, in the foreclosure of this mortgage and !n co~lecting the amount secured hereby with or +vithout legal proceedings, and to reim- burse the hfortgagee for every payment made or incurred for any wc6 ~u;pose with interest from date of every such payment at the rate of eight per cent (890) per annum; such payments and obligatiotu, with rnterest thereon as aforeaid, shall be secured by the lien hereof. 8. To keep the building or buildings no+v or hereafter on said land insured against loss or damage by fire, estended coverage and other perils in a Burn not less than their full insurable value at the cost and ezpense of the btortgagor in a company- or companies approved by the blortgaget, the policy or policies to be held by- the btortgagee, and such policy or policie of insurance shall have affizcd thereto a Stan- dard New Tork Mortgagee Clause, making all loss or losses under such policy or policies payable to the btortgagee as its interest may appear, and to deliver said policy or policies to the hfortgagee when issued With the recrpts for the payment of the premium therefor; and in the evetlt anv sum of rnoncy becomes payable under such poliq oc policies, the btortgagee shall hate the option to receive and apply the same on account of the iudebtcrlnesa secured hereby or to permit the btortgagor to receive and use it, or say part thereof, for other purpme, without thereby waiving or impairing soy equity, lien or right under or by virtue of this mortgage; and the Mortgagee if it dr. ms necessary may place and pay for arch insorancq or any part thereof, +vithout losing, waiving or affecting Mortgagee's option to foreclose for breach of this covenant, or any part thereof, or an)• right or option under this mortgage, and every such payment shall bear interest from date thereof until paid at the rate of eight per cent (890) per annum, and all such payrneats with interest a aforesaid shall be secured by the lien hereof. In the event any lws or damage is suffered btortgagor shall notify btortgagee of such lose or damage within forty-eight (OS) hours after the happening thereof ; the failure to give such notice shall constitute a default and the btortgagee shall Gave the rights herein given for all defaults. 9. To permit, commit or suffer no waste sad to maintain the improvements at all times in a Mate of good repair and condition; sad to do or permit to be done to said premises nothing that +cill alter or change the use and character of said property or in say way impair or weaken the eecuritc of said mortgage. In cue of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the btortgagee may, at its option, make such repairs or cause the same to be made and advance monies in that behalf +vhich sums shall be secured by the lien hereof and bear interest at the rate of eight per cent (E96) per annum. lo. To deliver the abstract or abstracts of title covering the mortgaged property to biortgagec or its designated agent, which shall at all times, during the life of this mortgage, ranain in the possession of the Mortgagee and in event of the forcclos:lre of this mortgage or other transfer of title, all right, title and interne of the btortgagor in and to any atrch abstract or abstracts of title shall pass to the purchaser or grantee. 11. 'T'hat no waiver of say covenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver of any of cue other terms hereof or of the note secured hereby. 12. "That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the btortgagor to pay say taz aseessmeat, liability, obligation or encumbrance upon said property ~ herein provided, it shall not bt necessary nor requisite that the hfortgagee shall fiat pay the same. 13. That if the blortgxgur shall fail, neglect or rcfwe for a period of thirty (30) days fully and promptly to pay the amounts re- quired to be paid by the note hereby secured or the interest therein specified or any of the corns of money htcein referred to or hereby se- cured, or otherwise duly, fully and promptly to perform, ezecute, comply with and abide by each, even• or say of the covenann, conditions or stipulations of this mortgage, the promissory note hereby secured and/or the construction loan agreement, if any, then, and in tither or in any of such events, without notice or demand, the said aggregate sum mentioned in said promissory note, lea previous paymenU, if any, and any and a!1 sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fullt• and complete)} as if said aggregate sums were originally rtipulxted to be paid at such time, anything in said promisson nutY or herein to the contrary noh+ithstanding, and the btortgagee shall bt entitled thereupon or thereafter +vithout notice or demand to in- stitute wit at lacy or in equity to enforce the rights of the Mortgagee hereunder or under said promiswry n~rc. In the event of any default or breach on the part of the btortgagor hereunder or under said promissory note, the Mortgagee shall have the continuing option to enforce payment of all sums secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, concurrently or otherwise. and one action or suit shall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other, provided said blort- gagce shall Gave only one pa}moot and satisfaction of said indebtedness 1~. That in the event that Mortgagor shell (1) consent to the appointment of a receiver, trustee or liquidator of all ar a substantial parr of Mortgagor's acacia, ar (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy, or admit in writing ib inability to pay its debts as they become due, or (3) make a general assignment for the benefit of creditors, or (4) file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insoh•ency law, or (S) file an answer admitting the ma- terial allegations of a petition filed against the btortgagor in any bankruptc}•, reorganization or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing, or (7) any order, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a roar[ of compctcnt jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the biortgagurb assets and such order, judgment or decree shall continue unstayed :.nd in effect for any period of thiry (30) consecutive days, the btortgagee may declare the note hereby 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 die and payable as if all of the said sums of money were originally atipulatcd to be paid on such day; and thereupon the btortgagee without notice or demand may prosecute a suit at Ir:+c and/or in equity as if all monie secured hereby bad matured prior to ?b institution. 15. That the btortgagee or any person autLorized by the blortgagte shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. 16. That anv sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within ten (10) years from the date of this indenture, together with intereu thereon at the rate agreed upon at the time of such loan or advance, shall be equally se- cured with and have the same priority as the original indebtedness and be subject 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 one hundred and f~fn• per cent (150`/x) of the principal amount origiaslly secured hereby. 17. That, if required by hfortgagee, the said Mortgagor will pay unto the `lortgagee, on the fiat dap of each and every consecutive month, a s m egos! to ono-twelfth of the annual amount necessary to pay all faze and assessments against the said mortgaged premise, said monthly sum to be estimated gird calculated r;, the amount of fazes assesed -agaimt said mortgaged premises for the previous year, and if further required by btortgagee to pay- all insurance premiums in manner sad form as provided herein for the payment of tazcs and assessments. I8. That in the event the loan <+hich this mortgage is given ro secure is made for the purpose of financing either she construction of new building. or the construction of improvements andior additions to ezisting buildings, the !Mortgagor, if revolted b_< the btortgagee, czpresh~ agrees to d-eposit with the blortgagte or in designated agent an amount of money egos! to the difference between the net proceeds of the loan and the total arrxront, as determined M the titortgageq required to folly complete said constn,nion in accordance with the plans and specifications heretofore submitted by the Mortgagor and approved by the hfortgagee. Said amount of mones~ shall be pL•^ed by the blorts;agce in a '•fw,anc in Pn,ces< Account" in the name of the Mortgagor, and the same shall be used bs the btortgagee to pay the costs, charges and expenses incurred in tonnes [ion with said con<truction prior •o disbursing of this Iran. It is further agreed that in the event >aid eonsvicetion is not fuller completed on er before the date slated in the Construction Loan Agreement ur in the event that the work on •,aid constriction shall cease before fell co:nplction and such cessation shall continue for a period of ten (10) days, or if substantial continuous pngress shall not hr made in scch can<tnrction, then and in anv such event the said aggregate Burn, principal and interest, mentioned in said prornissorr note, and all monies sec ,rJ Luet.~, .hall ba:ome due and payable forthwith or thereafrer, at the option of said hfortgagee; and in the eti•tt,t of such cessation of work ~.pon said construction fora period of ten (10) days, or if substantial continunes pregres+ shall not be :wade in s,.rh roes;ruction, as aforesaid, the blurtgagee may st its option enter into and upon the bfortgaped premises and complete said ccn- <tructinn in wch manner as it dec:ns advisab!c v:ithmit any interftrenet from the Mortgabor; the said \;.• ,gagor hereby giving sad granting to the btortgagrr full power and d.nhority to tires>.c scch coin' into and upon: said mortgaged premise., m enter into each rontracrs or ar- :dogrulrnts di Ina• Lt ^fit53dr. R, .o.nplrtc said r~rstnrctiou, and to ezprnd anv nrorie rem::ining in said "Loans in Process Acunmt" and :n addition dn: >,s;:s of money nr;e~sdr: w complete said vmstnlction; and dn: ar.d al' monies rzpended Lv the btortgagee in ronncction rcith s_•-h compleuon of construction in ezecss of the monlei in said "Loans in Prcxes Acrocnt" shall be adued ro the said prirr_ipal debt ant' aces!! dra:c interest at the rate provided in said promissory rota and shall be snouted !,p this inongage, and shall bt paranlc br the ?~1ortQagor err demand.