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HomeMy WebLinkAbout1127 i ' ~ ~r : r - 2. To permit, commit or sulier no waste and !o maintain thc impro~emeots at sll ~imes in a state of Qood repair sr.d cundi~ion; aod ~u do or pe~mit to l~c done to said premises nothing that ~vill alter o~ change the use snd charuur of said pr~peny or in so~ ~~a> impair or wesken ~he aecurity o( thie mortgage. And in tase of the refusal, ocglect or inadility of the Ntortga~or to repair and mainiain .aiJ prupert~, tAe lllortgagce may, at its option, make such repairs o~ cause ihe same to A~ made; and ad~ ance moneys i~ ~hat h~hal(. 3. To pay all and singular the u:es, assessments, le~•ies, liabilities, and obligations of ~~•ery nature oo xaid desc~i~ed property each and every when due and payable atcording to law, beforc they become deliaQuent, and to deliscr to the lllortgaqee on or ixfore 111arcA lith of tach year 1az ~eceipts t~•idcocing the pa~•ment of all la~rfull~ imposed tsxes (or the precediog talendar ~ea~; to indemnify Ihe ~1urt- agee upon its dtmand for all taxea, assesameaa and charge~ t~at may be aasessed upon this mortgagc oo the indebtedncss .au~ed hereb~•, a~d paid by the 111ortgagee, Nithout re~ard to any law heretofore cnacted or hereaftsr to be enactcd impoaing payment of the whole or any part tAereof upon the ~lortgagee. lt is further co~•cnanted and sgreed br ~aid partie~ that in the event of a suit being inatituted to forecloee this mortgage, the Alortgagee shall be entitled to applr at aay time pending such foreclosure ~uit to the eourt ha.•ing juri~diction thereof for the appoiotment of a receiver of all and singular the roortgaged property, a~d of all rents. incomes, p~o6ts, issuc~ and revenues thereof, from whataoever sou~et derived; and thereupon it ia hereby e:pres~ly covenanted aad agreed that the court ~hsl) fotthwith appoiot such rcceiver with tht u~ual po~ven and duties of receivers in like cases; and said appointment aAall be made ~y the rnurt a~ a matter of strict right to the ;~1ort- gagee, aad without reference to the adequacy or inadequaey of th~ ~~alue of the property hcreby mortgaged, or to the wl~•ency o~ inaol.•eney of tht Mortgagon o~ any other party defeodant to auch suit. The Mortgagor hereby speci6cally waives the right to objcct to the appointment of a recei~•er as aforesaid and hereby e:pressly rna~enta that such appointmeat sAall be made as an admittcd equity and aa a matter of abwlute right to the Alortgagee aad that tht same may be doae without notice to the Mortgagor. S. To pay al) and singular the eosts, ehargca aod e:penses, includiog attorney's feea and abstract eosta, teawnablp iacurred or paid u any time b~• the ~lortgagee because of the failure of the btortgagor to perform, comply with, aad abide by each and every the atipulatioa~, agreemena, eonditions, and rnvenant~ of said promiswrr note aad of this ~nortgage, or either. 6. That the Mortgsgor will keep all real aad per~onal property now or hereafter encumbered by the lieo of this mortgage insured a~ may be required from time to time by the Mortgagce againrt losa br 6re, windstorm and other ha:ards, casualtiea and mntingenciea for such periods and for twt less than such amouuta as may be required br the Mortgagee and to par promptlr whea due al) p~emiums for auch imurance. The amouab of ia~urance required br the Mortgagee shall be the miaimum amouata for which said iaaurance ahall be written and it ahall be incumbent upoo the Mortgagor to maiotaio such additional iaauranee aa may be necessary to meet and rnmply fully with all rn-insuranee reQuirements rnatained in ~aid policiea to the end tnat said Mortgago~ ia not a eo-iasuror thereuoder. lasurance shall be writteo by a coropaay or oompanies approved or deaignated by the Mortgagee a~d all policics and reoewala thereof ahall be held by the Mort- gagee. All detailed desigaations by the Mortgagor which are accepted br the Mortgagee and all agreements between Mortgagor and Mort- agee relating to iasuraoce, no~+ esisting or hereafter made, shall be io writing snd shall be a part of this mortgage agreement as fully as thouah xt forth verbatim hereia sad shall govero both partia heteto and their successors aod assigns. No lien upon any of said policies of insuraoce or upoa any refund or return premium which may be payable on the cancetlation or terminatioa thereof, shall bc gi.•en to ot6cr than the INortgagee, e:cept by proper endonement aized to •ucA politr and approved by 1Nortgagee. Each policy of in~urance shall have aRi:ed thercto a Standard New York Mortgagte Claux without Coat~ibution, making all lo~s or losses uader such polic~ papable to the Mort- gagte as its interc~t may appc~r• la the eveot aaY aum or suma of money beeome pa~ablt thereunder the hiortgagec shall ha~•e the optioa to reeeive and apply the same oo acrouat of t6e indeAtedne~~ 6ereb~ ~etured, or to permit t6e Mortgagor to receive and use it, or any part thereof, without thereby wairiog or impairiag aay equiry. licn or tight uader and br ~•e~tue of thia mortgage. In ecent of loss or physical damage to the mortgaged property the Mo~tgagor shaU gi~e immediate aotice thertof by mail to the Morlgagee and the l~tortgagee may mate j proof of loss if the samt ia not made promptly by the Mortgagor. In event of foreelosure of this mortgage or other tranefer of title to the mortgaged property in e:tioguiahment of t6e iodebtedaesa secuted hereby, all right, title and interest of the A9ortgagor in and to any insur- ance policies then ia foree shall pasa to the purcha~er or grantee. The MortgaRee may: at ib option, and without wai~ing its right to aceeleratt the indebtedness hereby eeeured and to forcctose the ~ame, pay either bcforc or after deli~queaep •oy or all of those tertaio obligatioas required by tht terms.hereof to be paid by the Atort- gag4- for the protection of the mortgage security or for t6e tolleetioa of the indcbtedaeas hereby sceured. All eums w ad~anced or paid by tAe ~lortgagee shall be ehargcd into the mortgage acoount and become an integral part thereof, subjett in all respects to the terms, condi- tion., and co~•tnants of the aforeaaid promissory note, aod thia mortgage, as fully and to the same e:tent as though a pa~t of the original indebtedne.s e~~idenced by said note and secured by thif mortgage, e:cepting, however, that said sums ahall bt repaid the Mortgagee forth- with upon its dcmand and be in additioo to the tegular moathly installmeab provided by the mortgage note. Ii i. That the abstrsct or ab~tracts of tide coveriog the mortgaged property shall at all time~, duri~g the life of this mortgagq remaia ; in the porse»ion of the Mortgagre and in evmt of the foreclosure of this mortgage or other transfer of tide to the mortgaged property in ! extingui.hment of the indebtedntss secured 6ereby, all right, title aod intere~t of t6e Mortga~or in aod to anr such abstracts of title shall pass ` to ~he purchaser ot grantee. i ~ 9. That no waiver of aoy covenant herein or of t6e obligatioo secured hercby shall at any time hereafter be held to be a waiver ~ of the terms hereof or of tAe note secured hereby. r ~ !0. That in ordcr to acrclerate the maturity of the indebtedae~a hereby secured becauee of the failure of the ~tortgagor to pay any ` ~a~ a..e.smcnt, liability, obligation or encumbrance upoa said property ae hertin provided, it ~hall aot be aeeessary nor requi~ite that the # 5 !?tortgagee ~hal) 6rs1 pay the same ~ € ; ~ 11. To the estcnt of the iodebtedne~a of the Mortgagor to the Mortgagee described hertin or aecured hereby, the Mortgagee ia hereby i ~ >uhroRated to the lien or lieas and to the righb of the ownen aad holders thereof of each and every mortgagt, lien or other ineumbranee un the land dexribed hercin which is paid aod/or satisfied, ia whole or in part, out of tde proceeds of the loan destribed herein or aeeured ; hcrcb~~, and the respectice liens of said mortgages, lieas or other ineumbtaoees, shall bt and the same and each of them hereby is preserved, ~ and .hall pass to and be held by the :~lortgagee herein as seeurity for the iadebtedne~s to the Mortgagee herein dexribed on c~rcby sccured, ~ to the ~ame c:tent that it would ha~•e becn preserved aad would have beeo psased to aod been held by the Niortgagee had it been dulr aad ~ rcKularly a..igned, transferred, set over, and deli~cred unto the Mortgaget br sepsrate deed of assignment, notwithstanding the fact ~6at ~ the .ame may t~e satisfied and tantelled of reeord, it being the intention of the parties hertto tAat the aame w~ill be aatisfied and eancelled ~ uf ncord by the holden thereof at or about the time of the recording of thia mortgsge. ~ = I2. If any of the sums of moaey hereio referred to be not prompdy and fully paid within thirty (30) days ne:t after the same sever- ~ all. come due and payahle, or if each aod e~•ery the etipulstions, agreements, conditiom and rnvensnt~ of said promiswry note and thia mort- ~ KaRe or cither, are not duly per(ormed, rnmplied with and abided bY, the sggregate sum mentioned in said promiswry note or otherwise ; .~curcd htreln shall become duc and pa~•able forthwith or thcreafter at the option of the Mortgagee as full~ and completely as if uid aggre- i Kat~ ~um of mooe~ ~ras originally ~tipulated to he paid on such day, anythin6 ~n said promiawry note or herein to the contrary notN i~hstanding. ! 1~. 7'he AtortRaqor, its aucce~sors or a~.igns, i. to compl~• Mith the terms and conditions of a con~truction loan aRreement b~tween the ~1orlRaRor and the ~1ortKaRee, an esecuted copy of which is in the po.session of the 111ortgagee and ~aid construction loan aRreement i~ ~ hcreM incorporat~d hercin hy reference and madt a part hereof, and any default by Atortgagor under said con~tn:ction loan agreement ahffl be con~idered an evcnt of default under thie mortgage. 1+. It is her~b~- e:prea.h- aRreed thnt the :1lortgaRee, its ~ucce~sors and a~siRm will releaee from the lien of thi. mortRaRe anr of the ~ Int• drerib~d hrrcin upon Nhich thert has bcen conatruct~d a building upon tht pacment by the ~lortgaRor to the 1ltortgagee of such sum~ a. ~ hace been adcaneed by the :~tortgagee on the lot or lots to be relra~ed, toRether ~~i~h accrued intercs~, pro.ided that the hlortgaRor, it• ~ wcce.wrs or a~sign. are not in default under am of the term. or condition+ 04 this mortRage or am• obligation ot liability aecured hercby, i ;F and ha~ e fully complied with the terms and condition. of th~ Construction l.oan Agrcement bctwern the AtortgaKor and the ~tortgagea 'y ~ ~ ~ 4 ~ t ~ goox 1~~ s ~ . _