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Home My WebLink About2750 z S. Tdat in t6~ evcnt of a ~uit beia~ inuiiutcd to Eoralae thi~ mon~a~e, t6e Mott~a~ee t6al1 be entitled to spplr at say tiroc du~n~ ~ucb foreclosure suit to the rnurt having jurisdiction the~eqf for tAe appointmcat of a receivet of all and ~in~ula~ the roon~a~ed poope~~ and of all nat~. iacomea~ profib, iasua and revenua t~ueof, from Rhatsoever wurce derived; and thereupon ~t is Sucby e:p~essly rnreuanted and syrced that t6e court ssall forth~~it6 appoint ~ucb raeiver wit6 t6e u~uai powen and dutia of receiven, in like cascs; and aid ap- poiatmeat s6a11 be made by tDe coun as a maner of urict ~ig6t to t6e Mortgagee, aad without refere~ce to the adequacy or iaadeQuacp of tse value of the propecty 6ereby mo~cYaged, or to the wlvertcy o~ insolveacy of t6e Monga~or o~ any otAec pany dsfc.-~3ast to auc6 ~uit. 1be Mort~a~o~ 6ucby specificalty eraiva the tight to object to t6e appoinemeat of a raeive~ as aforeuid aod hereby e:presaly ooiuec?b tE:t wcb noincment shall be made u aa admincd equit~ and u a matter of absolute ri~6t to che Morega~ee and that ~Lt same may he done without notice to t6e MortQsgo~. 6. TLat if aay pcoceedings s6ould be instituted against tst property oo~ued by this mortgsge upoo any ot6er lien or claim w6etLer ~upuior or junior to the lien of tlus roo~tgaQe. t6e Mongagee may at iq optioo immediately upon institutiou of suc6 suit or duriag t6e pead- ency tse~eof declare this mortga~e and the indebtednas ~ecured Aereb~ due and payable fonLwith aad auy at its optioo procad eo foralae t6is mort~agc. 7. To pay all and siagular t6e costt~ fees, c6arga and ezpeoses of every kind. iocludiag the coat of aa abstract of title to stid laads fouad to be convenieat or e:pedieat in connation wit6. any suit tor tbe foreclo~ure of thi~ mo~agq and ala iacludin~ whether tse Mort~ee is obli~attd to pay tame or ~wt. reasonable attorae~s 4tes iacurred or .:peaded st anr cime br c6e MortgaQee because of t6t failure of t6e Mo~aQor tope rforin. canply witb and abide by all or any of the coaeaants, conditioas wd stipuiations of said praniasory note. o~ thia mortga~e~ in tde foreclosure of t6is mortgage and in collating the amount secured 6ereby with or witbout legal proceedings. and to ~eim- bune the Mortgagee for every psy~ment made or iacurred for .pr .~e vrit6 interat trom date of evcry sucA payment at t6e rate of per annum; such paymenb aad obligatiow. with ~cterat thereon a~ afaraaid. ~hall be secured br the Gen 6ereof. f. To keep t6e buildiaQ or butldingi aow or 6ereafte~ oo said iaad iwured sYaiast Wis or damage br fi~ c~cnded co~ersge and other perils. iocluding war risk insurance iE available, in a pum not lesa thao t6eir fult insurable value at the coet sod ezpense of t6e Mort- gagor in a caopu?y or compaaia appmved by t6e Mortgagee~ the policy or policia to be held by the Mortgagee. aad auc6 policy or polieia of insurance shall bave af~:ed t6ereto a Staadard New 1'ork Mortgagee Clause~ makiag all loa o~ lasse~ under sucb poticr or policies pa~abie to the Mortgagee u its interat may appear, aad to deliver said poliey or policia to the Mortgagee w6en issued wit6 the recepa for the pay- ment of the premium therefor; and in t6e event aay sum of money bccoma payable under such policy or policia. the Mortgagee sball ha~e t6e optioo to recave and apply the aame oa aceouat of the iodcbtednta~ secu~ed hcrebp or to permit the Mortgagor to raeive and use iy or any part thereof. for other purposes~ wit~out dureby waiving or impairing any equity, lien or nght under or by virtue of this mortgage; and the Mortgagee if it deems necasary may place aad pay for such insuraneq or any part t6ereof, <<it6out losiug, waiving or affecting Mort- gagee's optioa to foreclose for breach of t6ia covenant. o~ any "part thereof. or aay r~ght or option under t6is mortgage, and every such par- rneat sdall Dear interat fm+n date t6ereof until paid at t6e ratE oP~x7~2[~Op7p~ per anoum, and all suc6 pay-menn wit6 iaterat a~ aforesaid shali be secured bq the lien heceof. In the event any losa or damage is ~uffered Mongagor ahall notify Mortgagee of sucb loa or duaage within fort~--eig6t (4s) laura aher tLe happeniag thereof; tbe failun to give suc6 notice s6a11 rnmtitute a default aad the Mort~a- gee a6n11 6ave the rig6ts herein given for all defaulb. 9. To permit~ commit or suffcr no waste aad to maintaia t6e improvemcots at all tima in a state of good repair aad:coadition; aod m do o~ permit to be done.to said premiscs aothing t6at wJl alter or change t6e use and ehsncter of said pmperty or in aay wa~ impair or v~eaken the security of said mortgage. la cue of the refussl~ neglat or inabiliq of t6e Mortgagrr to repair aad maintain said propertp. tbe Mortgagee ma}. at its optioo. make such repain or cause t6e same to be made and ad~ance monia in that behalf se6ies ~uw ahall be secured b}• t6e lien hereof aad bea~ interat at thr rate of r annurn. 10. To deliver the abstract or abstraca of title eo~eriog the mortga~ed pmperty to Mortgagee or its designated agent. whicb sLall at all times, during tbe life pf tltis mortgage, remain in t6e poaxsaion of t6e Morcgagee and io event of the foreciosure of tbis ~rig:ge or a6er ~ traasfer of title. all rig6t, title s~d interest of the bfortgagor ia and to any such abatract or abstracts of title sha11 prn to the purchaur or ~antee. 11. T6at no ~saiver of any eorenant 6srein or in t6e obligation aecured 6ereby sball at anr time Lereaftec be 6eld to be a Rairer ot any of t6e other terms hereof or of :he note secured hereby. 12. That ~ order to accelcrate tbe maturity ~f t6e indebtednes~ 6creby ~ecured baause of tLe failurc of t6e Mortgagor to pay sn7r tu assessmrnt. liability. obligation or rncumbrance upon said pwperty as 6erein pmvided. it shall not be necessary nor requi~ite t6at t6e Mortga~ee > ~hall fint pay the ume. ~ 13. T6at if t6e Mortgagor shall tail~ neglecc or refuse for a period of t6irty (30) days fully aad promptly m pay tbe amounb re- f quired to be paid by t6e aote 6ercby secund or the interea tLereia specificd or aar of the s~ms of moncy 6ernn rcEerred to or 6ereb~ ~e- i curcd, o~ ot6erwise dulr~ full~ and pmmptly to pe~form. e:ecute. canply with aad abide br exh. e~ery or an~ of the covenant~ condition~ or stipulatiom of this aartgagq the pro+nisson note hercbp secured and/or the constcuccioa ban agreement. if any. then. and in either or in any of sucb evrnb, without notice or demand~ the said aggregate ~um mentioaed in said promissory aote, laa previow paymenn. if anr~ and any and all sums mrntioncd herein or secured hereby s6a11 becorne due and payable fort6vrit6 or thereaher at the oontinuiog opaon of t6e beco a Mortgagee as fullp and canpletely n if said aggregate sums were originallf sdpulated to be paid at suc6 time, anyt6iag in said promis~ory note or 6erein to the contnq notwitLstanding, aad the I?iortgagee shall be rntitled tbereupon or thereafter wit6out aotice or demand to ia- stitute suit at la~r or in equicy to enforce the rigbts of t6e Mortgagce hereunder or under said promis~ory aote. In the event of iny dcfault or bresch on the part of the Mortgsgor 6ereuuder or uoder s~d pmmisaory note, the Mortgagte sLall ha~e the continuiog option to mforct 'i pa~meae of all sums xcured hereby by action at law or by suit in equiq to foreclose this mortgage. eit6er or both, coacurrrntly or ot6erwise, ; and one aaion or suit a~ali aoc abate or be a bu m or waiver of the Mortgaga's rig6t to imticute or maiatain the aher. pmvidcd said Mort- ~ gagee shall have oaly oae payment and satisfaction of said iadebtednm. ~ 14. T6at in 16e event that Mortga~oc shall (f) oonsent to t6e appointrneat of a cecri~er. trustet or liquidator of all or a substmda) ~ Part of Mortgagors a~aets. or (2) be ad~udicated a bankrupt or insol~rnt, or file a~oluntarr pedtioa in baakrupecp, or admit in writin~ ib inabilit~ to pag ib debn ss the~ beeane due, or (3) make a gmeral as~igummt for ebe benefit of crediton, or (4) file a petition or ~nswes ~etking reorganization or arrangement wit6 crediton. or to take advantage of anT imol~tncy 1aw~ or (S) file an answer admitting t6e ma- ~ terial allegatioaa of a petition filed again~t the Mortgagor in any baakruptcY~ [!Of$illt2it100 Of IOfDIYlDCY pfOCl~d10$. or (6) actioo ~6a11 be ~ taken by the Mortgagor for t6e purpose of effecang anr of t6e forcgoing, or (7) anr order~ jud~aent or dccree aball be cr.tercd upon ao s aPplicatioo of a creditor or Mortgagor by a rnun of compecmt juri~diction spprovins a pedaoa ~eekin~ appoiaaneat of a recei~er or trustee ; of ~ll or a suMtantial part of tLe Mortgago~a aasea and sucb ordtr~ judgmeat or decree sball ooatinue nnstayed aod in effect for an~ period of ~ thirty (30) consecuti~e days. the Mortgagee may declare t6e note 6ereb~ secured fort6witL due aad payablq whereupon tLe principal of and the interat accrued oo tbe note aad all other suma 6ereby sccured shall became fortLwit6 due and pa~able as if all of t6e said sums of mone~ ~ were origiaally ~ripulatcd to be paid on such day; and thereupoa t6e MortgaQee witlwut notia or ~emand ma~ proucute a auit at law and/or ; in equity as if alf monia saured 6ereby 6sd matured prior to ib iwtitutioo. j IS. T6at the Mortgagee or any penon autborized by tLe Mortga~te s6a11 6a~e t6e rig6t to enter upon and inspect t6e mon~ed premisea at all reasonablc time~. tF1eIIt~1 ~20~ 16. T6at any sum or sums vr6ic6 may be loaeed or advanced by the Moct~agee to tLe Mortgagor at any time witLi~X7ti~ ~ from the date of this indenturq together with interex t6ereon at t6e rate agreed upoo at the time of such loan or advance, shall be equall~ se- ms curcd with and have the sune priority as t6e origioai iadebtedaat and be subjat to all tbe terms and prorisiona of this mortgage; pm~ided, that the aggregate unouat of principal ouutandiog at anq time s6a11 not areed an amouat equal to one 6undred and 8fty per cmt (15096) of ~ che priocipal umuat originally xcured 6ercb~•. ~ 17. T6at. if r uirsd b Mort the aud Mort r viiU s nnto tse Mort oo tLe first da of eac6 and cvc oomecutive ~9 7 R~BK. B~8'~ ~ P 7 8~~. Y ~ mont6, a sum cquat to one-twelk6 of t6e annual amaunt necasary to pap sll tazet and aaeistnents aQaimt t6e uid mortgaRed Praaise~, raid ~ monthly sum to be estimated sotelp by Mortgagte aod calcalated to be an amouat not las than tLe amount of tua awaatd agaiost said moR- - gaged premises for the previow year, and if furt6er rcquired br Mortgagee to pa~ all irouranee premiums in manner aad form as pm~ided herein for the paymeat of taza and a~seaaments. 5 1E. That in the e~ent t6e loan ~s6ich t6is mortgage is gi~es to ~ecure is made for tbe purpae of ~nancing ather tbe ooostmctioo ; ~ of oew buildings or the construction of improvement~ snd/or additions to esisting baildin~, the Mortµ~or, if rtquired b~ t6e Mortgatee, s ~ ezpressl~ agrcea to deposit wit6 t6e Mortgagee or ia daignated ageat aa amount of monty equsl oo t6e differena betwcen the nd proeetds a of t6e loan a~d the total uaount. as detcrmined br the Mortgagee, rcquired to full~ aomplett taid eomtnrctioo in aeoordaace wit6 the plam ~ and specifications heraofore submitted by tbe Aiortgagor aad appro~ed by t6e Moct~a~ee. Said amount of moaey s6a11 be plsced by the ~ Mortgagce ~n a"Loans in Procas AccouaP' in the name of t6e Mortgagor, and tLe same ~bal) be used br t6e Mortgagee to pay t6e cats. ~ charga and espeasa iacurred in eonaectioo with said oomtnxtion prior to di~bursins of tLis lotn. It is furt6er agrted that ia t6e e~eot •'id construcrion is not fullr complacd on or before tbe date stated ia t6e Con~tcuctioa Loaa Agreaneot or in tLe e~mt that t6e work on ~ ~aid rnnstruction shall cease bcfore full oompletion and such casatioo s6a11 condnue for t period of ten (10) dap or if substantial oontinuo~s s progress a6a)1 not be made in sueh construction, then and in aoy suc6 e~ent t6e »id aggregate sum, priocipal and interest, mentioned ia uid premissory note, aad all monia secured hereby, s6a11 become due and payable fottbwith or t6ercaher~ at tbe optioe of said Mortgagee: aad in the errnt of suc6 ca~ation of work upon said coastruaion for a period of ten (10) days, or if iubuantial oontiauous progres sball not be ~ made ia sucb construction, a~ aforaaid. t6e Mortgagee msy at iq opdon enter into and upon t6e mortgaged premises and coruplete uid coo- ~ strucrion in such manner s it deems advi~able wit6out an~ interfcrence from the Mortp~or; the sa;d Mortgagot berebr priag and graotins to tbe Mongagee full power and authority to make sucb entry into and upon wd mortQsged pranisa, to enter into such contracb or ar- ~ raogemena sa may be nccasary to complete said conuruction. and to e:pend aay monia remaiaoa in aid "Loam in Procas AcoounP' aad ~ in addition an~ sum~ of money necaaary to complete ~aid oon~cractioo; and aa~ and all monia t:pended br the Mortgaga ia conaection ~ with ~uch completion of oonstruction in ezcas of t6e monia in eaid '2oam in P~oces Aocount" sh~ll be added to t6e said priocipal debt anA ~ s6a11 draw interat at the rate provided in ~aid promissory note, and shall be seeured by tbi~ mort~~a~ aod ~hall be psyable b~ the Mortp~or ~ on AemanQ. * fourCeen per cent (149'a) } ~oo~ i8~3 2747 ~ _ _ - __v . . . . _ , ~