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Home My WebLink About1230 1QCR~OFII~[ 1~t0 Legibility oi writins, typin~ or ~ printias unastia~e?otory in thia doo~ent ior ~ioroiilains. ~ Thu to t6~ event of a~uit bde~ ia~tituted w foreclae thia mon~a~e, cse btort~agx ahdl be ecatled co appi~ u ae~? time du~ins •uc6 focabsure suit to tDe oourt having ~u~isdictioa tbereqf for the appoiacmeot of a receiver of all and un~ular e6c monQa~cd prope~q?, ssd of all ra?b, inoomes, profit~, usua and ~evenua tbercof, f~om ~shaaocrer sou~ce de~itcd; and thereupoo u i~ 6ercby e:preat~ co~eoaotcd apd a~etd t6at the coutt shtll tonhwit6 sppoint suth receive~ wit6 t6e uaual po~~en and dutits of rectiv;~s. ia lite caaa; aad stid ap- pauemeoc ~6s11 be ~nade by ~he co~rc as a mattet o! suiet ri¢ht to the btortgagee. and Kit6out re:ertote to the sdequuy or iaadequae~ of tM ~alue of t6e pcopert~ hereby mon~ag~or to the solvenc~• or inwivency of tae l~to~tgsgor or aay whe~ party dcfc~dant to suc~ wit. 11e Mott~a~r be~ speci~icallp waiva t e:ight o0 object to t6e appointment of a receiver as aforesaid and hereby e:presaly comeae~ that a~ appdnement shai~ be made as aa admitted eq~ity aad as a maner of rbsolute rig6t to tAe 1?lortga~a and t6at t6e sa~+e may be doae wlt6out ooace ~o tbe MortYs~or. 6. T6at if any prxeediags ihould be imtituted against the property covered by this aar.gage upon sap oc6er licn or claim w6et?er ~upuior or juaior ~o t6e Ueu of tlus mongagG :he Mongaga may at ~a op:ioa immediacely upon insticucion of iuc6 ~uit ar duriag tbe pead- mtp t!?ereof dalue thia mortga~e ac~th,e indebtednas secured sercby due and pa~able forthwit6 and may at ia optioo proceed to fotetloa tbis mottsaaa 7. To pay all and siagular t6e costa, fca, charga aad ezpenses of every kiad, including t6e cost of an abstraet of title to uid laod~ found to be con~mieot or ezpedient in connatioa witR. anJ suit for t6e foreclosure of t6is mo~tgage. and also iaclud'w~ w6r.he~ t6e Mo~t~a i~ obli~ated to pa same or aot, reasonab~e attomey's fea iacurced or expended at any timt by tLe Mortgagee becaux of the fail~ue of t!s Moct~a~or to rm, rnmply witb and abide br all or any of t6e co~eaana. rnnditioas and ~tipulatiwu of said pra:niwory note, ot t6ia rt~a~e~ ~a t e fareclosure of this mortgage and in rnllating the ueouat ~ecund 6ereby witb or witbout legal practedia~,~. and to ceioi- bu~rse tbe Mo~s~ee for every p~yment made or iacurred for aay ~uch ~urpoae with intcrat fcorn date of erery ~uc6 pay~ent at the rate of dt6t per aat (t9fr) per aoaum: such paymenu and obligatioas~ with int~rat thereon u aforaaid, ~hdi be secwred by t6e liea Sereof. To ktep t6e buildiag or buildin~t now or bereafter cn said tand insurrd a~aimt loss or damage by firq ertended oo~en~e aed - ot6er perils. ineludins war risk insunoce if availsble~ in a¢um oot less than t6eir full iwur.:ble calue a: t6e cost and e:pense of tbe Mort- ga~or in a tanpaay or oompania appmved by the Mortgagee, tne polieY or policia to be 6rtd by the 11lortgagee, and sach poliey or poUaa oE imurance shali Aa~e affized thereto a Sta~dard Nevr Yott ;~lortgagce Ciaust~ malcing all loss or iossa under sucL policp or policia papable Io the Moctgagee as ib intecat may appea~. and to deliver said policy or policie~ to the Mortgagce v~hen iastud witb the recapts for the pay- ment of t6e premium t6erefor; aod in the ev~nt any sum of nwney becomes payr.ble under suc6 policy or poticies, t6e 111ortgagte s6ali htve t6e optioo to eaceine aad apply t6e sa:ne oa aooount of the indebtedna~ sccurcd hereby or to permit the Mongsgor to receive aad ux it, or say part tbereof. for other purposes, Kittiout t6ereby waiviag or impniring any equity, Gen or ri~6t ueder or by vietue of t6i~ mcr~t8sge• aod tke Mortgagee if it dee~m necessary may place aad pay for such insurancq or auy part t6ereof, ~vithout :osing. waiving ot affatin~ ~M~t• ga~ce'~ option M foreclase for bre:cb of thiy covenane, or any asrt t6ereof~ or aay ng6t or opaon under thia morcgagq aad evety snc6 pap- meat ihall bea~ interat from date thereof until pa~d at tbe r.:te of eight per cent (!9b) pcr annura, aed all ~uc6 pay-menes wit6 iuterat aforaaid shali be sauced by the lien hercof. In t6e event aop Wa+ or damage ia euffercd biortgagor ~6a1! notifv Mortgagee of sue6 loa oe damage RltWll foetf-eigAt (1E) 6ours after the happeniag thereof; t6e failure to give such notice shall rnostituce a defauh and tbe Mo~a- gee s6a11 bave the rig6b 6e~eia given (or alt defaults. 9. To permiy oommit or suffer no nute and to miintain the improvemenq at all tima ia a state of good repair and ~ooditioo; ~d to do o~pe rmit to be done ro said premisa nothing that wJl alter or change the use and e6aracter of uid property or in any, w~r impsir e~ ~?eakep the security of said mortgage. In cue of the refusal, negitct or inabilitq of t6e btortgagor to repair and maintain aa~d propcrq. tbt Mort~agee maj. at ib opEio~, mske suc6 repain or cause the same to be made and advance mooia in tAat behalf which awro ahail be saured by t~e lim hereof and bear ioterat at the rate of eight per ccnt (896) per annum. 10. To delive~ the <bst~act or abstracb of title covering the mortgaged property to I~fortgagee or its designsted agent, ~v6ich shall at all times. dutiag tbe life of this mortgage, ranaia in the possessioo of t6e Mortgagee and ie eveat of the foreclo~ure of this morigage or otber tramfer of titlq all rig6~ title and interest of the lltortgagor ~n and to aoy :uch abatract or abstrarn of title ahali pass to the purchaser or ~rantee. fl. TLat oo sraiver of any rnvcnaat 6erein or in t6c obiigatian eecured herebp a6a11 at any time 6ereafter be beld to be a~sai~er o1 any of t6e at6er terms hereof or of the note s.~cured 6erebp. 12. ~at in order to ucelerate t6e maturitp of tLe indebtedacss hercby aecured becau;e of t6e failure of t6e 1?Tortgagor to pay aar tss assp~mmt, liabiliqr. obGgation or eocumbrance upoa aaid propcrt~ as herein provided, it shal) aoe be ncceuary nor requisite t6at t6e Mott~a~ee sLsil f'int pa~ t6e same. 13. T6at if tbe Mortgagor sLall fail, ncglect or refwe !or a period of thias (30) day~s fully and ptanptly to pay t6e amounts re- quirsd ta be p~id by the note 6ereby secured or tht iotereat thercin specified or any of the suma of moneq 6eran referred to or beeeb~ ~e- cured. or ot6erwise du1T. f~Qp and promQtly to perform. e:ecute. oomp}y witL and abide by cach, every or any of the oorenann~ rnoditioa~ or uipulations oE tDis mort~a8e~ t6e pmm~swry oote herebp saured andlor the conatruction twn agreement, if any. thco, wd in dtber or ia ,ny of „x~, e.enh, witbouc noeice or d«nand. the said aggregate sum mentioaed in said promissory note, lesa pre~nous pa~menb. if ao~, aod sny ~nd all sums meationed herein or socured hereby s6a1! beaome due and payable fort6wit6 or t6eresftcr at t6e oonnnuieg opt~on of ttie ei be ome ~ Mottja~ee as fuilr and oompletely as if said s~gregue iums were originallf sdpulated to be paid at sucb time~ anything in said pnmi~ot~ note oc hereio to the wattary aotwithstandin~ aad thc IV!ongagee ahall be entitled thereupon or t6ereafter wit6out aotice or demand to io- tdtote wit at law or ineq mt? to enforce the rig6n of tht Mortgagee hereunder or under sa~d promiuory note. Ia the evmt of an~ ddanh ~ or breaeh ao tbe part ot t6e Mort~a~or 6ereunder or under ~aid prnmis~or~ note, the Mortgsgee ~haU ba~e the continuing opdoa to eaforoe f pa~neot of a11 suou ~eeared 6erebT b~ aaion u law or by suit ineq uic~ to foralwe this mort~age. ei:her or botb, concurreatlT or ot~awi~ ~ and aot aetloo oc wit tAall not abate or be a bu to or waivcr of tbe Mortgaga's riaht to insdtute or mnint~n t6e aher~ prorided ~aid Moet- p~ee i6a11 ~~e aoir ooe pqmeat and ~adtfaetion of said indebtedneM. j 14` Th~t (a tb~ sant that r shall (1) eoaeot to the appotnmaent of a raeirer, truuee or Gquidator of all o~ t~ubiaodd ~ o! Mor~~~ aweb~ or (Z) be ad u eand • bantru;~t or insdrent, or ~ie a toluntaq petitioa in biakruptcT or admit tn wridos 11~ ~Iiq b pq-; d~bq ~ tbnr become ue. or (7) mak~ ~~eaerd uri~unent for the benefit ot crediton, or (4) ~ile a pedtim or aorw~e ~ N~s~dan oearran~anent .etth credicon, or to take ~dvaataQe of anr imolvencr la?~ or (S) Sle ao w~wer admitdns the ae~ ~p{v v ot a ppidoo filed ~~ata~t t6e Mort~or in any baakruptcr. roorQaaiution or inaotvencr praeedin~ or (6) aetion ~6aU b~ ates br Mor~r ke the purpae of dfectins aaY of the foreg?in~ or any order, jud@meot or daree all be entered upoe se ~ppt;e~tios of ~ erediror or MortQa~or b~ a cou~t of oaapetent urisdiction approvie~ a petidon uekieg appoinanent oE a raei~er or truKee o! all er a wbundd patt of tbe Mort~asor'~ a~eu and ~uch o~er, judQmeat or dtcree shall ooatinL~ ~nsta7ed aod in effat for aa~ period of eb{~q (f9) oometud~e da~ t6e Mortg~~ce mq declare t6e oote 6ercb~ secured forthwith due and payable, whereupon tbe prindpsl o~ and ebe iateswt ~eerued on t6e uote and all aher ~wni 6creb~ sccured aL~ll hecaae fwt6wit6 due aad ps~able ai if all of t6e stid sum~ of mone~ wert od~iualll ~pnl~ted ~o be paid oo such dar; and tbereupon the Mort~aQee witboat notice or dwand ma~ prosecute • suit at l:w and/o~ ia eq~ a~ if all moaia ~eenred 6ereb~ 6ad matured pri~ eo ib in~ticution. 1S. 'I~at t6e Mortp~ee or anp penoa ~utLorised br the Mort~a~ee shall 6a~e the ri~6t to mter upon and impect t6e mortp~ed premiu~ u alt renooabis dma. lf. Tbat ~n~ swn or ~wm wLich may be b~aed or advanced b~ tbe Mortsagee to the btortgagor at aar time wit6io ten (10) ~tan from tLe dste of thi~ iodeatn~e. wsether wit~ interat thereoa u t6e r~te ~greed upoo st tbe rime of ~uch loan or advance. sball be equsll ~ cared wit~ and ra~e t1t ~amt priority n t6e oriQinal indebtedneu aad be sub~at to a!1 the terrw snd pro~iaions of this mort~s~e; pm~ c ~u ~e a~ue a~ao„nc of pr;ocipal o„acaadin~ :c any c;ms sh.11 noc tscted an araount equst to one hund~ed and fifty per emt (IS0~16) t~e priaeipal moust ori~inaly ~ecurcd hereby. , § ~ 17. T6st, Il reqdred by Mort~ce. the said Mort~a~cr will par uoto t6e MortQa~ee. on t~e fint dav of euh aud erery aoo~etud~rs mo~ a w~pw 1~o oe~twelftb of anaual amooat oaasary eo par dt tua aad iltOt~tOti A$IIiAft the s;id mort~sed Pnrniw, w!d ~ m~o~ly ~u~ to be e~eimated alelT by Mo~t~asee and ulculated to be an smounc not la~ than the amount of tua u~ered a~aio~t ~aW sott~ ~ ~ p~aaius for t~s pre~iow yea~. u~d if furt6rr required b1 Mongagee co psj all insurance praaiums in manner a~d fons r pro~id~i ~ a!ot e~e pymeot of. t~a wd arermena. lt. Tdat 1a t~e e?mt t~ ian whItb thb mo~t~ L pren to saure I~ ~aadt for t6e por of finaaclns dther tbe ootittwxla~ oi ~aw buildlnP or ttie oomerueeioo o! imp~aaeoa er ~dditi~~ eo duins buildiap. tie D~~r, if requued b~ t~t ~oe~ ~paa eo de~otir witb the Mortpiee or ia dat~n~ated a;sae an aeaount oi iaooq ~qu~l ~o tbe fhrence bawsea tbs n~t ~ ef~eM iou aaa t6t ~oal ~moun4 ~ determlaed b~ t6~ ~iortpjs~ nquirtd eo fnll~ oomplset ~aid oo~erucdaa in aowraaace witr t i s * I W asl ~dAe~ioo~ Mereo~or~ n~b~tte~ by el~e Mo~ttapr ~ad a~pco~ed b~ cht ~sp~. aaid amount of monef ssdl be pl~ced bp ttis l~ e e~ t~ e t ia a" i, w a io Pe~oeeN A c o o n o t" i a c he namc o f c h e M o r r~~o~~ aa d s b e w a e ~ I l b e n s e d b r t h e M o rt p~ e e a p q t l e o a i~ diar~w md ~ iaeurred ia oooneetiao wich uid ooauroctioo prior e~ dt~burda4 of tbis loan. It b Iurther asrad e6n i~ tbe e?st u{ d e o o~ t r u c t i o n i ~ not f u 1 1r caep k t e d on or b e f ors t 6 t d a t e n ated io tbe Construct~oa Loan A~reemen~ or in t6e e~eot tbat the wort ea aid ooe~troetio~ d~all eease bcfo~e full oom~lehoa aad sueL teratioa sball ooatinue fot ~ period o f ceo (10) da or if e~Mtand~t ooadoue~r peo~r~ ~6~11 ~ot bt oede in soc~ cartrnu~o0. thm and in ~af ~ucb s~sot tbe ~aid anre~ate •um. Principal ~ interar, meodooea ia aW ~i~or~ m~e„ aod s!1 mooia ~cured 6ereb~, ~baU beoane due and payable forc~.:i~? or ehereahr?. u che optiaa of ~said asa L eM N~nt oE pxY pMatloa of work a uid con~t~nct~ for s~eriod of tm (10) ds~ a if wb~aaaal oootieaeus pro~res~~al~ aet be ~n ~~dt ie we~ eea~tr~eien, a aforaaI t6e Mortp~ss mq ~ ib optka a?tsr iato aad upon tbe eoortqa~ed yremisn u~d oornpkt~ ~aN aor ? ~Rre~d~s Ls wcr aueaer ar it deeaa sd.isabk witbouc ao~ iacetfereac~ fsaa :be Mort~a~or: e6c wd Z~tortss~or here?7 d~i ~~i Ia tM ~loet~,yee full pv~e~ ~ed aut6orit~ to make tuc! tatr~ iato wd upoo said mortp~ed Qtemisa, co cnter ia : sueL eootr~ets at u? na~eseab M ea,~ be oea~arr to aomplett s~:d comtruetioo~ tad eo e:peod anj monies ruaaimo~ io taid °'I.our io Pr_ta~ Aooa~ ~ed V ~Miti~s ~r wms of a,oneT o:cessar~ to eornpirt~ uid oonxruct'wo; aod anr and ail maua e:peaded b~ tde Mort~a~ct ia eomeedw w{t! we~ ~qp{dtien o! ooaanKtion in e~cea of che ma?ies ie said "i.oam in Pr«es Aaount" slull bc added to tbe ~aid priecipa) dabt ~ M Il~d~ iaterat at tie rate pro~ided io •aid pr~niaorr nae~ Rd abatl be .ec~rrd br ee~ mo,rts.~e, snd ~hsil be pa~salt b! tk l~ior~ ~ 1?3 P~~;?21