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Home My WebLink About0179 z S. 'fhat ia t6e evcnt o! a tuit bcinQ inuituted to toralwe thi~ monQa~e, the I~tortYaQee ~Sall be entiticd to spply at aoy time duriu~ sucb toreclosure suit to tAe court havi~g juriadiction t6crcqf fo~ ~he sppointment of a rative~ of all snd siogula~ the mortgagcd pcopcrty, ~ud of ali rcnn, iacomes, profia~ i~sua and ~eveiiua t6ercof, from «haaoever sourcc derivcd; aad thereupoo it ia hcce~y exprasly coveaaatcd and agreed that t6e cou~t shall forth~~ith appoint such rccei~er Kit6 the usual poNen and dutia of raeiven.ia like cascs; and said ap- pointment shall be made b} the coun as a rt:acter of atrict rig6t to t6e 1ltortgasa. and without reference to the sdequacy or inadequacy of ese value of t6e propettr Sereby mortYaged, oc to the sol~enc~• or insolvency of the I?lortgagot or aay otser yarty defendaat ~o sucb suit. The MortQa~o~ heceby specifically «aivn ~6e tigbt to objat to tbt appoentment of a racivec aa aforesaid aad hereby e:p~es~ly mnxna that sueb appointment shall be made ta an aJmitted equity and as a ma~ter oE abwlute right to the riortga~ee and t6at the sune may be done witAout notice to the I~fortga~or. 6. Tbat if any proceedinga should be iostitutcd agaiast tbe property rnvercd by t6is tnortgage upoo aay ot6er tien or claim whethe~ ~upe~ior or ~unior to the lien of this mortgage, tse `iortgagee may st ia option immediately upon iwtituuoo of such suit or duriag t6e pend- cacy tLereof decla~e thia mortga~e and tht indebtednas secured herebr due and payable forthviit6 and may at ia option procecd to foreclwe • this mortQage. } 7. To pay all a~d singula~ t6e cost~ fees. c6arga and ezpensca of every kiod. including t6e cost of an aDstract of title to said lands found to be convenicnt or ezpedient in connatioa vcith.any auit for t6e forcclosure oE tAis mo~tQage, aud alw including. w6ethcr tbe Mortgaget i~ obli~ated to pay same o~ not, reasonable attoraey's tees iacurred o~ e:peaded at any dme by tLe Mortgagec becaux of t6e failure of t6e I?lortgagor to perforn?, cwaply ~eit6 and abide by ali or an~• of t6e covenaats, rnaditiom aod stipulation~ of said prorai~sory note. or t6is mortgage. in the (oreclosu~e of t6is moctgage and in collating tAe amount securcd hercby wit6 ot witLout legal proccedings, aod to reim- bu~x tde blortgagee for every pa~•ment made or incurred for anr such ~urpoee with iatcrat frwo date of every sucb pa~Tnent at the rate of tep per teat (1096) Per anautn; suc6 paymcnts and obligations. wit6 interat thercon u aEorqaid, shall be setu~ed by tbe lim 6ereof. f. To Iceep the building or building~ now or beroafter on said land imured against lou or dunage by fire, eztendcd cove~age and ot6er perils, including ~var risk in~urance if available, in a Aum aot lesa than thar full insurablt value st the cost aad c:pense of the Mort- gagor in a canpany or companies approved by the Mortgagce, t6e policy or policita to be hcld by the Mortgagee~ and suc6 policy or policiea of insurance shall have affi:ed thereto a Standard Nevv 1'ork Atortgagee Clause, malcing all bss or losscs under sucb policy or policica papable to tAe Mortgagee u its interat ma~• appear~ and to deliver said policy or policiea to the I?iortgagee w6en i~sued with the raeipb for the pay- ment of the premiur?2 t6erefor; and in the event an}~ sum of money bccomp payable under such policy ot policies, t6e !?lortgagee a6a11 bave t6e option to receive and apply the same on aaount of t6e iodcbtednas secured hereby or to permit the Mortgagor to receive and use it, or any part thereof. for ot6er purposes. Kit~out tAcreby waiving or impairing any equity. lieo or rig6t under or by virtue of this mortgage; and t6e Mortgaga if it dcems naeuary may place and pa}• for such insuraoce. or any pan tAereof, a~•ithout losiag. viaiving or affccting Mort- gagec's option to forcclwe for breact~ of thi~ rnvenant, or any part thereof. or an~• nRht or opteon under t6is mortgage, and erery sucA pay- mcnt shall bear interest from date thereoE until paid at the rate of tep per cent (10`~0) per annuro. aod aU suc6 pa~-menb wit6 iaterat as aforaaid shall be saured by the lien hercof. In the event any losa or damage ia auffered Mortgagor s6a11 notify Mortgagee of aucb bsa oc damage Kithin forty-eig6t (4E) laur3 after the happcning t6ereof; t6e failure to give such nocice s6a11 constitute a default and t6e Mortga- gee ~hall h•rve t6e righn herein given for all defaults. 9. To pcrmit~ canmit or suffcr oo «utc and to maintain t6e improvemeaa at all tima in a state of good repair and condition; aad to do or permit to be done to said prcmiscs not6ing c6at ~rill altcr or cha~ge t6e use and c6aratter of said property or io aay way impair or «eaken the security of said roortgage. Ia case of t6e refusal, neglect or inability of t6e 1?iortgagor to repair and maintain said pmpcrtp, t6e Morcgagee ma~•~ at its option, make such repairs or cause t6e samc to be made and ad~aace mooia in that behalf sr6ic6 sums ahall be aecured bv t6e lien hercof and bcar iaterest at t6e rate of ten per cent (10%) pcr annum. 10. To delicer ~he abstract or abstraccs of title.coveriag the mortgagcd pmperty to Mongagee or in designated agent, ~sbich shall at all times, Ju~ing the life ~f thia mongage, remain in the poasession of the Moctgagee and in e~cat of the foreclosure of this mortgage or other transfcr of title, ail rig6t. title and interest of the riortgagor in and to any suc6 aMtract or abstrarn of title ~6a11 pasa to the purchaser or gnntee. il. T6at oo aaiver of any rnvenant 6erein or in tLe obligation secured 6ereby shall at any time Lereafter be held to bc a~saiver ot an~- of the ot6er tcrms hereof or of :he note securcd hereby. 12. That in order to accelerate t6e maturity of the indebtednesa 6ereby secured bccause of t6e failurc of the 21lortgagor to pay any tu assaxnrnt. liability. obligation or encumbrante upon said property as herein pmrided, it s6a11 aot be nccessary nor requisite that tbe Mortga~ee shaU fint pay the same. 13. T6at if t6e l~iongagor shall fail. neglect or refuu for a period of thirty (30) days fully and proroptly to pap thc unounts rc- quired to be paid by the note 6-reby securcd or the ioterest therein spccified or anr of the sums of money hetcin referred to or hetebr ~r , cured~ or ot6en~ise duly. fully s~nd promptly to per[orm. ezaute, comply with and abide by eacb. every or sny of the rnrenanta. conditiom or stipulatiom of thi~ mortgage. t6e pranissorp oote hereby saured and/or the comtnxtion losn aBreement, if anp. t6en. and ia either or io any of such e~cnta~ ~cithout ~atice or demand, the aaid sggregatt ~um mentioned in said promissorq note, las prcvious paymmt~, if toy. and any and all sums mentioned 6crein or secured hereb~ s6a11 become due and parable forth~ith or thereafter at the oontinuing optioo of tbe ; biortgagee as fullr and completely u if stid aggrcgate ~ums were originall~ stipulatcd to be paid at s.uch• time, anyt6iog in said praniaory i note or herein to the contrary aa~cith_•tanding~ and t6e Mortgagee s6a11 be entitled thercupon or thereafter wit6out notice or demand to in- ~ stitute suit at la~~ or in cquity to enforce the rig6b of the Mortgagee Aercunder or under ~aid promisaory aote. ln t6e event of aoy default ~ or breacb on t6e part of the Mortgag~or hereunder or under said promis~ory notq the Mortgagee shall 6ave the continuing option to toforce ; payment of all s~uns secared Aereby by ution at 1aw or by swt in equitr to foreclose t6is mortgagq eit6cr or botb~ concurrendy or ot6erwise. k and one action or ~uit shall aot abatt or be a bar to or waiver of the MoRgagee's right to irotitute or maintain the otber. provided said Mort- { gagee s6a11 6ave only one payment and sacufaccion of said indebtednas. 1+. TLat in the event t6at Mortgagor s6a11 (1) mosent to tbe appoinunent of a receivcr. trmtee or liquidator of all or a substantial j part of Mortgagor's ascb. or (2) be adjudicatcd a bankrupt or imolvent, or file a~oluntsp petition in bankruptcp, or admit io writiag ib € inability to pap ia debts as t6e~ become due, or (j) make a general assignment for tbe benefit of crcditon. or (i) file a petition or :aswa ~eeking reorganization or arrangement wit6 creditoa, or to take advantage of any inwlrcncr law~ or (S) fle an answer admittiag t6e ma- ~ terial allegationa of a pctition filed againat t6e btortgagor in anp bankruptc~. reorgani:ation or imolvency procceding. or (6) action s6a11 bt taken by t6e Mortgagor for t6e purpose of effatiog any of the foregoing. or (7) an~ order. jud~neat or darce e6a11 be cntered upon an ` application of a creditor or Mortgagor by a court of competent juriadiction approviog a petition seeking appointmeni of a recei~er or trustee ? of ail or a substantial part of tbe Mortgagor's a»ets and auc6 order~ judgment or decree shall continue uostared and in effcct for any period of z thirty (30) consc~utive da~•~, the l~iortgagee maY declarc t6e note hereby ~ecured fortLwitb due aad parable, whereupon the pri~ipal of aod the interat accrued on t6e note and all other eum~ hereby secured shsll beaome foct6wit6 due and payable aa if all of the ~~id suma of mooer ~ were originally ~tipulatcd to be paid on auch day; and thereupon t6e Mortgaget wit6out ootice or demand may prosecute a suit at law and/or ~ in equity as if all monia secured hereby 6ad matured prior to ib in~tiwtion. ~ IS. That the Mortgagee or an}- penon aut6orized by tLe MortgaQee s6a11 6s~e t6e rigLt to enter upon and inspect t6e mort~aQed ~ ~ premises at all reasonabk times. z ~ 16. That aay sum or sums w6ich may be loaned or advanced by tbe Mortgsgee to the Mortgagor at any time withio tm (10) pean ~ from the date of this indcnture, together wit6 interat thermn at the rate agreed upon at the time of aurh loan or advance~ shall be equallr se- curcd with and hare the ~ame priority u the original indcbtedoas aad be ~ubject to all t6e tetms and prori~ion~ of this roortgage: provided, a that the a~regate amount of principal outstanding at any eme shall noc escted an amount equal to one hundral and fifty per cent (15096) of ' t6e principal amount eriginally xcurcd hercb~•. r 17. T6at, if required by Monqagee, the aaid Mortgagor ~*ill pay unto tLe Mortgagee, oo t6e fint day of each and e~ery• coasocuti~e moat6. a sum equal to one-t~~elfth of t6e annual amouat necessary to par al) tua and a~meon sgaitt~t t6e said mortgaged premi~es„ said monthly sum to be estimated solclr by Mortgagee and calculated to be an smowt not las than tht aruount of.tua asessed against ~aid raort- ~ gaged premisn for the previous year, and if further required by Mortgagee to pa) aU imurance premiums in manner snd form as provided herein for the payment of ts:a and assessmena. = tE. That in the event the lwn whic6 this mongage is ~ren to secure i~ made for the pur of financing eit6er the conser~ction = of aew buildings or t6e oonstruction of impro~ementa an6/or additions to esisting buildings. tbe ort~agor. if required by t6e Mortgagee, = e:praslv agrcee to deposit wit6 the Mongagee or its daignated ageat aa unount of mooer equal to tbe differe~e betwan the net proceeds of t6e loan and t6e total amount, aa detertnined by the I?iortgagee. required m fullr oomplete raid eonstructioo in aecardu~ce wit6 t6e plans and specifications 6eraofore ~ubmitted by the Mortgagor aad ~ppro~ed by the Mortgaget. Said unount of mooer sball be plued by tLe Mortgagee in a"Loam in Process Account" in the name of the Mortgagor, and t6e same shall be uscd br t6e Mortgagee W pay the casb. c6arga and ezpensa iacurred in coonection wit6 said coaatruction prior to di~bunio~ of t6i~ loan. It is furt6er agreed t6at in the e~mt said conseruction i~ not fullp completed on or before t6e date stated ia the Constnxtioa Loan Agreement or in t6e e~ent t6at t6e work ou •aid conatruction shall cease before full completion aad such cessatioo shall conrioue for a period of ten (10) daps, or ~if suMtantial eonaauous progress ahall not be made in such construction, t6en and in ao~ sucb eveat t6e said aggregate ~um. priacipal and ioterat, mcntioned in uid - promissory note, aad a11 monia secured 6ereby, shall become due and payable fort6wit6 or thereafter. at the option of said Mortgaga; aad io the event of suc6 cesaation of ~ork upon ~aid construction for a period of ten (10) days, or if substantial continuou~ progrta sball not be :ti made in such construction, a~ aforesaid. the Mongagee may at ib option rnar ioto and upon tbe mortgaged premius and complete said con- struction in such manner aa it deems advi~able wit6out any interference from tbe Mortgagor; c6e said Mongagor hereby gi•ing aad ~andng ~ to the Mortgagee full power and autlwrity to make such entry into ~nd upoo uid mortgaged prunisa. to enter into ~uc6 contraca or ar- rangements as msy be naessary to complete said construction, and to ezpead an~ monies remaining in said "I.oaro in Proeeu Aeeount" and - in addition any auma of rnonry oaes~ary to complete said rnnnruction; and any and all monia ezpeaded by the Mortgagee ia connectioo witL such coroplction of cotutruction in euess of tbe monia in ~aid "I.oans in Procae Acoount" shall be added to the said principal debt aod shall draw interat at t6e rate provided in said promissory note, and shall be ~aured by thu mortgage. and shall be payable br the Mort~a~or ~ on Qemand. O ~ ~ i B~~_r ~U~ ~~rE ~ ~~7 . t ~ - - ~ - - ,~F ~ _ - ~ ~ ~ :a.,-~::~ ~ s ~ ~ ~ _ ~