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Home My WebLink About0919 i z 5. '!'hat ia t6e event of a suit bein~ inetituted to Eorecloss tEis martQa~e, the Mort~agte ~hrll bt entitted to apply at any ume durio~ such foreclosurt auit to the court 4a~•ing jurisdiction thercof for the appointruent of a recei~er of .;l and ain~~ia~ the mortgsgtd pruperry, aad of all renro, incomes, profit~, issurs and rtva~ues then-of, from ~.~hstaoever source derived; and thereupoa it i~ hereby ezpres~ly covenanted and agreed that the court shall forthwith appoint such ~ecei~~er asich the usual poH•en snd dutiee of rcreiven, ia lik~ case~; and •aid ap- pointment ahall be tnade b}~ the court as a ma~ter of strict right to t6e Murtgagee, and without rrference to the adequacy or inadeqwcy of t6e value of the property 6ereby mortYaged, or to the solvene~• or insolvenc}• of the Mortgagor or any other party defeadant to euc6 •uit. 'I'be biortgagor hereby specifically waives the right to objert to :?+e appointment of a rccei.•cr a aforcaaid aad hrrcby exprasly consenty that suc6 appointment shall be made as an admitted equity and as a mact•c of absolu~e right to the Mort~agee and that the same may be do~e withour nohce to the l~lortgagor. 6. T6at if any proceedings ~hould be iuatituted aga~nst the property covsrrd by thi~ motig:gt ugnn any other lien or claim whethe~ wperior or junior to the lien of thie mortgagr, the 1lortgagee may at ia optiou imraediatdy upon inuitution uf auc6 euit or during the pend- ency therrof declsre thia mortga6e and t?~e indebtednesa atcur~d hereby due sqd payable fort5with and may at ita option proceed to forcclare this nw~tgage, To pay ail and sin~ular the costs, fers, c6arges and ezpensa of every kiod, including the cott of an abst~act of tide to said lands found to be convenient or expedient in connection with.any auit for the foreclosure of this mortqase~ and alao iacluding, w5nher the Mortgagee ie obligated ro pay s~me or not, reasonable attorney'ti fcn incur~od or expendod at any tim+e by the Mongsgee because of tht failure of the 141ortbn~or ta perform, compi~• ~vit6 and abide by all or an~• of the covenants, conditions aad ~tipulationa of atid promiasory note, or this mortga~,e, in the forcclos«re of this mortgage and in collectins the amount serured hereby with br wit6out 1ega1 proceedings, aad to reim- burse Ihe l~iorrba~;re Eor ev~ry pa~ment made or incurred for any such purpo~t with iaterest from date of erery wc6 payment at the rate of cight p•r cent (8%) per annuro; nuch payments aad obiigatioas, with interat tt~erraa as afore~aid, sball be eecurrd by t6e lien 6ereof. 8. To kcep the building or buildinga now or 6ereafter on said land iasured tgtiaat laas or damage by fire, e=tended coverage and other perils, incl~ding ~car risk insurance if availabte, in a pum not Iess than their full insurab7e valut at the coat and szpsnse of t6t Mort- g~gor in a company or companies approved by the l~iortgagte, the policy or policie~ to be held by t6e Mortgagee, and suc6 policy or policir~ of insurance shall have affixed thereto a Standard New 1"ork bfortgagee Ctause, making alt loss or lo5ses under such policy or policirs payahlr ro the 4lortgagee as its inttcest may appear, and to dtliver ~aid poiicy or policia to the Mortgagee whtn iesucd veith the reteipta for the pay- mrnt of the prcmium therefor; and in the event any s~m of money beroma payable under such policy or pulicies, the Mortgaget shali havt the option to receive and apply the same on account of t6e indebtM!;,c„ ~rc~rz~ ,creb~- or to permit the Mortgagor ro receive and use it, or anp part therrof, for other purposes, nithuut thereby waiving or impairing aay tquity, I;rn or rig6t under or by vinut of this mongage; aad t6e Mortgagee if it decros necessary may place and pay for suci~ insunnce, or any part thereaf, wit6out to~ing, waiviag or affecting Mort- gager's option to foreclone for breach ot thii covenant, or any part tbereof, or any right or option under thia mortgage, and every iuch pty- ment shall bear interest from date thereof until paid at t6e ~ate of eight per cent (8%) per annum, and all •ach pay~nenes wit5 interest ~ aforesaid shall be sccured bv the [ien herrof. In cbe evtnt tny ]v~s or dar~age ia auf:fered Morcgagor ahall aotify Mortgagee of ruc6 loaa or damage ~~ithin fortr~-eight (i8) houn after the happening t6ereof; the failure to give such notice shall constitute a default a~nd the Mortga- gee shal! h~~•r the rights herein given for aU defaults. 9. To permit, commit or euffcr no ~vaate nnd to maintain the iroprovements at att tima in a state of gcwd repair and conditioa; and to do or p~rmit to be done to said premista notbing that will alttr or change t6e u~r and c6aracter of faid property or in any way i?npair or weaken the secarity of said mortgagr. In case of the refusal, ntglect or inability of tht Mortgagor to repair and maintain said property, the Mortgaget may, at its opfion, make ~uch repairs or cause the ~ame to be made snd advance monie~ in t6at behalf which aums shall be securtd b}• the l;en hereof and bear interest at t6e rate of eight per cent (8%) per tnnum. ]t'.. 'I'o delicer the abstract or abstracts of 6de covcring the mortgaged propert~ to Mortgagee or its deeignated agrnt, ~~hith s6ail at all times, during the life of Yhia mortgage, remain in the pos~asion of t6e 11-Sortgagce and in event of t6e foreclo~ure of thi~ mortgsge or othtr tranefer uf ritle, alt right, title and eniertst of the l~iortga~ot in and to aoy such aMtraa or abstract~ of title a5aq p~ss to the purcha~rr or brantee. 1!. T6at no ~~~aiver of any covensnt herein or in the obligation ~ecured hereby shall at any cime hereafter be 6etd to be a«si~~er oi an~~ o£ the other term~ hereof or of t6e note secured hereby. t2. 'That in or~er to accelcrate ths maturity of t6n indebCedarsa hereby :teurcd beeause of ths failure of tbe Mortgagar co pay any tu ssyessmcnt, liability, obligation or enc~~brance upon said property aa 6e~tin provided, it ~hall nat be neceesary nor rrquiaite t6at t6e Mortgaeee ahall first psy the sarae. t3. That if the Mortgagor aha11 fail, neglcet or refuae for s period of thirty (30) dape fulty and promptty to pty the amounb rr quired to be paid by t6e oote Lereby eecured or t6e ioterest t6ereita ~peci~~d ar any nf the auma of money herein referrtd to or hertbq ~ cured, or otherwise duly, fully and promptly to perform, executt, comply with and abide by each, every or soy of the co~~enanta, conditiom or s~ipuiations of thia mottgage, t6e promisu,rr• note hereby secured amd/or the conmtruction loan agrecroont, if any, then, and in ~ither or in any of su:b events, rvithout notice or demand, the eaid ag,grcgate sum men6oned in aaid promiasory note, less previous pxyment~, if aay, and any and all sums mentioned 5erein or aecured hereby s6a11 become due and payabte forthvcit6 or thcreafter at the continuing opiioo o# tbt Mortgagee aa fully and completely as if aaid aggresate aums were originall}• seipulated to be paid at such time, anyt6iag in said promiaory note or herein to the contrary nottiiith~tai~ding, and the Mortgagee ehall be entitled thereupon or thereafter without notice or demand to in- stitute suit at la.v or in equit~ to enforce the rights of the Mortgagre 6ereunder or under said promisaory note. In the event of aay default ~ or breacb on the part of t6e Aiortgagor 6treundar or under said promiaaory pote, the Mottgagse shall 6ave t6e cantinuing option to enforce pa}•ment of al! siims secured hereby by action si law or by ~uit in equiry to foreclase t6is tnortgage, either or both, concurrently or otbtrwise, ~ and one action or suit eha!! not abate or be s har to or waiver of t4e Mortgagee'e right ro:natitute or maintain the ot6er, provided aaid Mort- gagee shall have only one payment and satiafaction of ~aid indebtednaa. 1~4. T6at in the event that Mortgagor aba? (U cnn~rnt to the appoio:ment of a receiver, tru:tee or liquidator of aii or a substantial ; put of bSortgagor's aweb, or (2) 1x adjudicated a banlcrupt or insolvent, or file a roluntary petition in bankruptcy, or admit in wridng ib inability to pay iq debtf as ehey become due, or (3} make a genetal assignmtnt far the bcnefit of crediton, ar file a pe4tion or anawec , tesking rcorganization or •rrangement wit6 credisora, or to take advrntage cf any insolveacy law, or (5? file an anawer admitting the ma• te:ial alfegatione of a petition filed again~t the :~4or,gagor in an;• bankruptcy, rmrganisation o~ in~olvency proceeding, or (6) action ~hall be taken 5y the Mortgagor for the po~pose of effectiog an}~ of thr foregaing, or (7) any order, judgment or daree s6att be entered upon aII application of a creditor or Mortgagor b5• a court af comptttnt jurisdiction approviag s petition aee{cing appointma~t of a raeiver or trustee ` af all or a substantial part of t6e Mortgagor's asseta and such order, judgment or dreree ahall continue uoatayed and in effect for any perial of thirty (30) consecutive da}•e, the Mortgagee may declare the note 6ereby secured fort6a?ith due and payable, whertupan the principal of and ' the ;nteresr sccrGed on the notr and a!1 other sums hereby sxcured ah~ll btcome forthwith due and payable aa if all of the aaid aums of maney were originally etipulated to be paid on ~uch day; and t6ereupon the Mortgagee without notice or demand roay pros~cute a suit at lacv and/or in equit}• as if atl roonia stcuted hcreby had maturcd prior to id institution. 35. T6at tht Mortgagte or an}• persan aut~torized by ihe ?.4oKgagee shall 6sve the rig6t to enter upon and insptct t6c moKgaged premises ai all raasonable tima. 16. That any sum or sums w•hich may bc luaned or advancsd by the Mortgagei to the Mortgagor at any cime within ten (10) pearu from the date of this indenture, togcther with intereec thereon ae tho rate sgreed upon at the rime of ~ucb toatr ar advance, shal) bt equally se- cu~ed ~•ith and 6ave the same prior4ty as the origina] indebtcdnsa~ and be ~ubject to all the terme and provieions of fhis mongage; provided, that the aggregate amouot of principal outstanding at any time shall not exceed aa amount eque! to on~ hundred and fifty per cent (ISO`7'o) of tho principal amuuat origina(ty secured hertbr•. 17. That, if required by MortRagee, t6e said Mortgagor ~i11 pay aato tht Mong~ger, oa the first day of each and every consccudve month, a aum equal to one-t~selfth of the annual amount necesaary to pay all tues and aaeea~meats against the said mortgaged premiaes, eaid monthl~~ sum to Ue estimated wlely b~~ Mortgagee and calculate~ to be an unoum aot teaa than the aznount of tares assessed againec aaid mart- gaged premises for the prevrous }~rar, and if furrher requirou by Mortgagee to paq a11 insutauce pretniums in manner and ferm as provided her~in for the pay~ment of tazes and asseesments. 18. That in the event the ioan which ±his mortgage i: given tu secure i~ made for t~e purpose of financing eit6er the construction of new buildings or tht conatruction of improvemente snd/or :dditiona to chcisOng buildinge, the Mortgagor, if required by t6e Mortgagee, expre~sly agrecs to depoait with the Mortgagee or it~ deaignated aReat an amount of moaey equal to the differenee betaee~a the net procoeds of tbe loan a~d the total smount, as determined by tht Mort~sgre, rrquired to fully canplete ~aid canstructioa ln accvrdance wit6 t6e pl~~ and specificatione heretofoze aubmitted by the Mortgagor and appmve~ by the Mnrtgt~ee. S~id amount of moneq a6a11 be plsced by the Mortgagee in a"Loana in Peocesa AccounP' in the name of the Mortgagor, and the same ~hall he nted bq the Mortgagee to pay the cosa, charga and ezpenses incurred in cont?ection with said conatructian priar to diibunia6 ot thi~ loan, It is further agrted that in the event said construcrion ia not fully completed on or before the date u:ted in t6e Construction Isan Agreement or in the event t6at the work oa ~sid construction ahall cease before full completioa and auch ceuation ~hall coaaaue for a period of ten (IO) day~ or~if nnb~tantial coadnuoin prog~eso ~hail nat be made in auch construcrion, then and in any auch event the uid aggregate sum, principal and interest, mentioned in said prAmiasory note, and all mon6a xcured hzreby, shall become d~x and paqable forthwith or theresftar, at the option of said Mortgagec; and io the even, of auch ce~sation of w•ork upon iaid coaetrunion far ~ period of tea (10) day~, or if subetautial continuoua pragres~ thall not be made in auch construction, a~ aforaai~, the M~rtqagee may tt its optlon enter into and upon the roortgaged premi~e~ and complete •aid con- ttruction in such manner aa it deems mdvi~able without a~y ieterferenee from tbe Mortgagoe; t6e aaid l~iortgagar hereby giving ind graatia~ to t6e ~fortgagee full poroer and authorit}~ to make svrh eniry into and upon said mottgaged prcmises, ta enter into auch contracta or ar- rangementa se may be occaeary to complete aaid conetruction, xnd to expend anp roonia remaining in ~aid "I.oana in Praras Account" and in addition any aums of money necesssry to complete eaid tonstructiaa; and any- and all mor.iea expended by the Mortgagee in connection wit.'-, aach completion of constructi~n in excess of the monies in ~aid 'Z.oana ia Prxeee Accuunt" 3ha11 be added ta tht said principal debt and shali draw intertst at the rate provided in said promiason~ note, and shaU br aecured br t~i~ mortgage, and thall be ~apable by t6e Mortgagor on d~mand. ~a~K~~9