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Home My WebLink About0168 Z S. "!'Lat in t6e event of a suit bein~ inuitutcd to foreclase t~i~ moctQa~e, the lltortgaQee ~bsU be catitied to apply at aay time durin such foreclosure suit to the court having jurisdiction t6ercqf tor thc appointmcat of a raeiver of aU and ~ingular the moneagcd propecty~ aa~ of all rents, iacomes. profits. issua and ~eveuua thereof, irom «hatwever source derival; aad tee~cupon u i~ hercby e:prrssly covenaated aod ag~eed that the coun shall fo~th«it6 app~»nt ~uch raei~•er ~sit6 tse usual po~~en and dutia of recciven. in iite cases; and :aid ap- poiatmeat shall be made by the court u a matter ot st~ict rigbt to t6e 111o~tgagee, and witbout refc~ence to t6e adequacy or ioadequacy of t6e value of t6e propertr hercby morcYagcd, or to cAe solvenc~ or insolve~c~ of the Afongagor ot any ot~et pany defendant to suc6 suit. Tbe MonYagor hereby ~peciticall~ waivea t6e rig6t to object to thc appointment of a rrceiver u afore~aid sod 6ercby e:pressly cocuenb that sucb ~ppoincmertt shsll be made as •n admittcd cquity artd u a matter of abwlute rigAt to the Mortgaece and that t6e same may be dooe ~[jtbout ~otice to. the hlonQago~. 6. T6at if aay ptoteedings ~6ould be iostituted ~gainst the p~operty rnvered by t6is mortgage upoo aay ot6er lien or claim w6ether ~upcrior or juniot to the lien of thi~ mortgage. t6e riortgagee may at ib option immcdiatcly upoa io~titutioo of auch auit or duria~ t6e pend- ency t~ereof declare thi~ mortgage and t?~c indebtednesa saured herebr due and payable forthwith and may at ia optioa proceed co forccia~e this raonQage. 7. To pay all and singular t6e cost~ ftes, c6arga and e:penses of every kiad, includiag t6e cat of an abstcaa of title to said lands found to be convenient o~ e:pcdieat i~ connation vrith.aay auit for the foreclosure of t6is mo~tgage, aod alw iacluding. w6etLer t6e Mortga~et is obligatcd to pay same o~ not, ~easonable attorney's fen iacurrcd ot e:pended at aar time by t6e Mortgagee because of the failure of tbe Mortgagor to perfom?, comply ~~its and abide by all or an~• of tse covenants. rnaditioas and stipulatiau of uid pranis~ory notc, or t6is mortga~e, in the foralosu?e of this mo~tgage and i~ collecting the amount secured 6eceby witb or aithout legat Qracediags. and to aim- buru t6e Mortgagec for cvery pa~~ment made or incurred for any such ~urpose wit6 iate~at fran date of evcry auc6 paymeat at the rate of tta pet cent (!0%) per aaaum; such paymeats and obligadona, NitL ~oterat thereon u aforaaid. s6a11 be xcured by tDe lien 6ereof. t. To keep the building or buildiags aow or 6ereafter on said laad io~ured a~aiost loss or damage by fire. ezteaded cove~age and other pe~ils, inc[uding war rislc in~urance if availabie, in a~um not ta~ than their full insurable value :t tLe mst and e:pense of t6e Mort- gagor in a canpany o~ companies approved by the Mortgagee. the policp or policia to be bdd by t6e Mortgagee~ atid suc6 policy or policin of insurance sLall have affi:od thereto a Standard New 1'ork Mortgagce Clause, matiag all loas or tosses under sue6 policy or policies pa~•able to the 1lfortgagee :s its iaterest may appear~ and to delivcr aaid policy or policiea to tht Mortgagee ahen issued wit6 t6e receipb for thc Par- ment of the premium t6erefor; and in the event any sum of money becoma payable under such policy or policies, t6e Mortgagce s6a11 6ave t6e optioo to raeive aod appiy t6e same oa account of t6e iodebtedneat securcd 6ereby or to permir the Mortgagor to receive and ux it, o~ any part thereof, for other purposes. Nittiout therebp ~saiving or impairing any equiry. lien or right under or by vi~tue of t6is mortgage; and t?~e Mortgagee if it deems naessary• may place and pay for ~uch insurancq or any part t6ereof, ~••it6out losing, kaiving or afEating Mort- gaga's optioa to foreclose for breach of t6is covenant. or any ~part thereof, o~ any ng6t o~ option undcr this mortgage, and evcry such pay- ment shall bear interat from dste thereof until paid at the rate of tep per cent (1096) pcr aonwn, aod all sucb pa~~ments wit6 interest as aforaaid shall be secured bp the tien hereof. In t6e event any lo~a or d:mage ia suffered Mortgagor ~hall ootif~ Mortgagee of suc6 loo or damage ~cithin forty-cight (3E) hou~a after the happening thcrtof; the failure to gire sucA ootice s6a11 eonstitute a default and the Mortga- ~;ee shall have the rights 6erein given for all defaulb. 9. To permit, commit or suffer oo ~~ute and to maintain t6e improvemcnp at all tima ia a state of good repair :ad coodition; and to do or permit to be done to said prcmises nothing that RiIT alter or ehange the usc aad c6aracter of taid property or ia aoy war impair or ~ceakeo t6e security of said mortgage. Ia cue of t6e refusal, neglect or iaabititr of the 111ortgagor to repair and maiatain ~aid pmpertp~ tae htortgagee ma~•. at its option, makc auch repain or tausr t6e ~ame to be made and sdraace moaia in that bchalf ~vhich sums shall be secured b.- t6e lie~ hereof a~d bear iaterat at the rate of ten per cent (10%) per annum. 10. To dcliae~ the abstract or abstracro of dtle rnvering the mortgaged property to Mbrtgagee or its desigoatcd agcnt, ~~6ic6 s6a11 at all tima, Juring the lite pf thia raortgage, remain in the poexssion of t6e Mortgagee and in event of t6t foreclosure of tLis mortgagt or ot6er crarofcr of titte~ al! rig6t, title and interest of the lllortgagor in and to any suc6 abstraet or aMtrsrn of title shall pas~ to the purchaser or grantcc. 11. T6at no ~taiver of any covenaat 6crein or ia the obligacion secured hercbr s6a11 at any time hereafter be 6etd to be a«aiver o! 's any oE t6e a6er terma hereof ar of :he note secuted hereby. f2. That in order to accelerate t6e m+turity of t6e iadebtednes~ 6etebr secured because of the failure of the Mortgagor to pay any tu t auasment, liability, obligation or encumbrance upon said pmperty a~ herein pro~ided. it shall aot be naessary nor requi~ite ~hat t6e Mortgagee ~hall fint pay c6e same. 13. That if the i?lortgagor s6a11 fail, aeglect or refuse for a period of thirtq (30) days fully and procnptly to pay the amounts cc- quired to be paed by tbe note Lercby secured or t6e interest thercin •pecified or anp of the ~ua» of mc,ney 6erein refer~ed to or 6creb~ ~r cured. or otheraise duly. fully and promptly to perform. e:ecutt, camptr with ~nd abide by eu6. e~ery or soy of the corenaots, oonditiow or uipulationa of thia mortgage~ the promiuory note hereby secursd and/or t6e con~truction loan agrcement~ if any. theo. and ia eit6er or in any of suc6 e~ ents, ~sithout notice or demand, the aaid aggrcgate sum mentioned ia said promissorp note, laa previow paymcat~, if any~ aod any and all sums mentioned 6ercin or sccured herebp s6afl become due and Qapable fortLwith or thertafter at tbe oontinuing option of t6e I?tortgagee as fuUp and completely as if said aggregate sume were originally stipulated to be paid at such time. anythiag ia said promirory note on c~rein to the contrary aotwithstanding. and the ~iortgagee shall be entitled t6ereupon or thereafter without notice o~ demand to in- stitute suit at la~c or in equity to enforce the rigba of lhc Mortga~ 6ercunder or uadcr said promiseory oote. In the evcnt of aoy default or breach on the part of t6e 1liortgagor hereunder or under ~aid promis~ory note, the Mongagce shalt have t6e rnntinuing option b rnforee paymene of all sum~ secured herebp by action at taw or by suit io equity to forccio~e t6ia mortgage~ atber or botiy rnacurrently or otherwiae, and one action or auit ahall na abate or be a bar to or waiver of the Mortgagee's right to institute or maintain t6e ot6er~ pro~idcd said Mort- gagee ihall bave o~ly one payment and satufaction of uid iadcbtcdness. l4. T6at in the eveot that Mortga~Cor s6a11 (1) conxnt to tl~e appoiounent of a receiver. tnntee or liquidator of all or a substandal part of Mortgagor's aa~etr, or (2) be adjudicsted 1 biDkN~ or insolvcnt, or file a ~otuntap petition io baakruptcy. or admit in writiaa its inability to pay id debp ss the~ bccane duq or (3) make a general a~signanent for t6e beoefit ot cteditors. or (4) ~le a petition or answa ~ccking reorganization or arrangemeat witb creditors, or to take advantage af any inwlrencr law, or (S) file an answcr admittiag t6e ma- mr;~l allegadoaa of a pctition filcd againat the 1liortgagor io anp bantruptc~~ reorganization or insolveocy praceeding. or (6) xtion sLall be taken by tDe rlortgigor for t6e purpose of effectiag any of t6e fo~egoing. or anr order, judgnent or daree sLall be entcred upon an application of a creditor or Mortgagor by a court of canpeteot jurisdiction appmving s petition seeking appoiatmeat of a recei~er or trustee of all or a suMtantial part of the Mortgago~'a assets and suc6 order, judgment or decree shall contiaue unstayed and in effect for anr period of thirty (30) consecutive day~s, the Mortgagee may declare the uote 6ereby secured forthwit6 due wd payable, whereupon the principal of aad t6e interat accrued on the note and all other suma 6ereby secured s6a11 beeome fort6witb due and payable aa if all of the ~aid swm of mone~ were origiaally uipulated to be paid on suc6 day; and t6ereupon tLe Mortgaget without aoace or dcm:nd msy proucute a suit at la?• and/or in equity as if all moniea seeured hereby 6td matured prior to ib iwRitution. 1S. ~at t6e Mortgagec or an~ penon authorized by tLe Mortgagce ~hall ha~e the rig6t to enter upon and inspect t6e mort~aeed premises at aU reuonable time~. 16. That any sum or sums Khic6 may be loancd or advanced by tbe Mortgagce to t6e Mortgagor at any time wit6in teo (10) years from the date of thia indenture. toget6er srith interat t6ereon at the rate agretd upon at tbe time of such loan or advance~ shall be tqually u- curcd with and 6ave the ~ame priority u the origioal indebtednas and be subjeet to all the tertm and pmviaions of this mortgage; provided. that the a~regate amount of principal outstanding at any cime shall not uceed ao amount equal to one hundred and fift~ per nnt (1S4%) of t6e principal araount originally xrured hereby. 1~. Tbat, if required by Mortgagee, tbe said Mortgagor v?ill pa~ uato t6e Mortga~ee~ oa t6e first day of eac6 and every• consccutive montb, a sum equal to onc-t.selft6 of t6e annual amouot neceuary to pa~ all tua and a~sea~ments agaimt the said mortgsged pranises~ said monthly sum to be estimatcd solely by Mortgagee and calculated to be :re amouat not !as tban tbe amount of tua awessed against said mort- gaged premises for the previous y~ear~ and if furt6er required by Mortgagee to pay dl insuranee praniums in maaner and form as pro~ided herein for the pa~•ment of tazes aad asseasments. lE. That in the event t6e loan w6ich this mortgage ia gi~en to secure is made for the purpwe of financing eit6er t6e construction of aew buitdings or the construction of impmvemenn and/or additions m rristing buildings, tLe Mort~agor~ if required by tbe Mortga~tt, upressl~ agreee to deposit wit6 t6e Mortgagee or iq daignated agent an auwunt of monry equal to tbe differenee between t6e net proceeds of t6e loan ind the total amouat, as determined by the Mortgagte~ rtquired to full~ oomplete uid oonstructioo in aaorduxe with tbt plans ~nd ~pecification~ 6eretofore submiaed by the Mortgagor and sppro~ed by t6e Mortgaga. Stid amount of moner s6a11 be placed by the Mortgagee in a"I.oan~ in Proce:s AcrnunP' in the name of the Mongagor~ and the sune ~hatl be used by t6s Mortgagte to pay tLe cosb. ebarga and ezpensa incurred in rnnnection with said coo~truction prio~ to di~buaio~ of this Iwa It is tun6er agreed tbat ia the e~eat said construction is not fully completed on or before tLe date stated in t6e Constructioa Loan Agreement or in t6e erent that t6e work o0 •aid conatruction shall ceue before futl complaion and iucb ces~ation shall eontinut for s period of tm (10) daps or if suMtant;al oontinuow progress shall not be made in such construction, then and ~n any •ueh e.eot c6e said aggregate sum, principal an~ interat, menticned in said prorni~sory note, and all monies secured 6erebp, shall become due and paqable fort6wit6 or t6ereaher, :t the e~tion of said Mortgsgee; and in t~e event of ~uc6 cea~ation of aork upon aaid constructioa for a period of ten (10) days. or if substantial rnntinuous progres~ s6a11 not be made in suc6 construction, as aforesaid, the Mortgaga may st in option enter into and upon t6e mortgaged premius and comptete said con- struction in such manner as it deems advisable without arty interference fmm tbe Mortgagot; the said Mortgagor 6ereby gi~iog and grantieg to the Mortgagee full power and authority to make soc6 entry into and upoo s:id mortgaged premisa, to enter into suc6 contracts or ar- rangements a~ may be neca~ary to complcte said constructeoo, and to ezpend m~ monia remaioiag in said "Loans io Praes~ Aocount" and in eddition any aum~ of money naes~ary to complcte said construction; and aay and all monia e:peaded by t6e Mortgaga ia conneetion wit6 such completion of construction in e:cas of tbe monies in .aid '2oans in Prcee~ Account" shall be addtd to t6e said principal debt and s6a11 draw interat at the rate providcd in ~aid promiuotr Rote, and sball bt secured by t6is mortgage, u~d ~hall be payablt by t6e Mort~agor on a~mand. ~ ~3~QK ; ; . ; .r f _ ; z ~`a ~y"~~ ,..,.»tf.~~ . ~ ,s..r ^s.~~ti _ _ . . . . . , ~--;i`~''s -~•,~-~s