HomeMy WebLinkAbout2825 2 fo pr~nu~. r,~u~t~u~ ut .cMt~ u~~ .~a•!e aml :na~n~ain tRe ~n~pto~~::~~ul. ~I ~~I umr. ~n ~ ~:N~ ,•f K.~...1 :~pa~r ~~.A .,,~..f~~~,~n. •nJ
4~. or penn~t tu L~ d,~ne .a~J p~r~nna~ u,~tT~~nK I?~~t i~ill ~Itr~ u~ tAar.~;~ th~ and ~!»i~~sr. ~~t ,ai1 4•e~.yar~~ ue ~n ~n~ ~.a~ ~~u~~~~~
w~altn Ihe .r~.a~ih .~1 ttu. mu~lwaK~ .\u.l ~n ca.e u~ Ifir trfu.~~. ncKl~cl or u~al.il~l~ ~.f ~h~ \1•~~~KaK~~r t,~ ~~pa~t and n~auua~n v~J {.~..~.~~1~
IA~ \~u~~KaKee n:a~ ~t u. upUun, w~?r .~uh ~tp~u. u~ cau.c the ~~tnr t.~ h~ u,~,~r and ~.I~~ti.• ~u•~n~~. m ~hat h~hall ~
I 7 o ps~ all ~uJ +iuKular tha taaa., a.+e.~~n~nt~, le~ ie~, liahelitie~, and ..LI~K~~~~K~. ~~f ~n ua~ur~ un .a~.) dn~ ~ ih~d pn.p~e~~
aach aod e~er~ ~~Acn Jue and pa>al.le acrurJ~nK w la~~, be(ure th~~ h~.ou~c deli.u~4v~t, aud ~u dah~~~ t.. th~ \tu~tK~K~e ~.o ur t.rf.~~.~ \1ariA
IStA of eath ~ear ~a~ ~~t'cip~~ e~~d~nr~u~( the s~a~meul uf all la~~full~ iinj.u.tJ taar. fu~ tAc pta:cJiuK cal~u,l~r ~car, to ind~~uu~f~ ~h~ ~1.~~~
sKee upu~ J~mand f~~r all t~xa~, a•.a..meota aoJ t~arKe• lhal mav be a>•e.~~d upuo tMa mortxage uo th~ inlehtrdnc.. .~car~d ~ere!.a,
and paid M ~At ~1~+rtK~K~t. ~~~Ihuw ~eKard tu an)' la~~ Av~etufu~c ~nactcd u~ Aercaft~r t.. b~ cuu~~d unpo.~nX ya~~nant uf ~h~ ~~hule ur
an~ par~ theraof up.~n ihe \1u~tKaRet.
1 It i+ (u~~her e.~~enaoted and agrced by ~aiJ partita thal in tht ecent ~~f a wi~ t~~~uR im~i~utad to foreclwe ~A~a mortKaKe tAe
\lortgagee ~haU ~e cuti~l~d ro applr at an~ time pending .uch fo~~.lu>ure suit t~~ the n~u~t ha.~uK jun.d~~uon ~hereuf fu~ the appuintmeot
of a reteiver of all and .in~ular the mortKaged pruperh, and of all rente, ion.me~, ptufit+, i••~~. and revenu~~ ~A~reof, (rum wha•wevt~
wurce deri+ed; aad I~trtu~wn it is herehy eapres~ly tvivenanted aod aK~c~d that the cuurt +hall fu~tA~~uh appuint .uch rcceiret w~~h tAt
u•ual puheta a~d dutic. uf receiver. in like ca+es; and said app~intment .hall he made thr ~-.~urt as a matur uf stric~ rigA~ ~o ~he ~turt
Raqce, and Mithuut reterrnt~ to ~h~ adeywcy or inadeyuan of the ~al~c of the propert~ herch~ murt~;akad, or n~ IF.~ +ul~enc~ or in.~crtr~~
of ~he ~tortgagor+ o~ am• other partr defeodao~ to auch suit. -1'he A1ortRaRor here~y ~p~ciAcall~ ~~ai~e. the ~iKht tu ubject ro the appuintment '
o( a recei~er a. afure.a~d and hercby espte.aly cr~asents that ~u.:, a~ p..intmenl ahall tx madc a. an adnuu~d tyuity snd as a matter of
a~wlute right w the ~1urtKagae anJ that the same may be June Nilhuut nutice to th~ ~tortRaKur.
S. To pay at! anJ sinKular the eosu, charges and e:pen+es, includioR atturney's fces and abst~act cust~, reawnablr incurred or paiJ
u aay time hc the ~tortgagee hecau~e of the hilure of the l~lurlgagar to perfurm, eomply ~sith, and abide by each aad every the ~~ipulatioa~,
agrcemcnts, conditiun., anil co.~enann of said promi~aor~ nott and of this mortgaee, or either.
6. TAat tAe \1ortKaRor +vill teep all real aad pcrwnal p~operty noN or hereafter eocumAered Ay the lien o( thia mortgage insured
a~ may be ~equired frum time tu ~ime by the Plortgagee againat losa by lire, windstorm and other Aa:arda, eaaualties and rnntingeacies for
such periods and for not lesa than such amouata as may Ix required br the 111ortgagee aod to pay promptly whca due all premiuma for ~uch
insurance. The amounts of insuraace cequi~ed br the ~lortgagee ahall be the minimum amouot~ for wAich aaid insu~aace sAall be wriu~n
•ad it ahall be incumbcnt upoa the lllortgagor to maintaia ~ucb additioaa) in~uranee as may be actessar~ t~ meet and complY fully with
all rn-insuranee requirements eontained in said polieiea to the end that said ~tortgagor ia not a rn-insuror thereunder. In~urancr shall be
~rritten b~• a compaap or eompaaies approvtd or de~ignated br the :~lortgagee and all polici~s anA reacvral~ thcreof shaU bt held by the ~1ort•
eaget. ?111 detailed designations b~ the Atortgagor which are aecepted by thc Atortgagee and all agreemeats bet~ccen !?lortgagor and ~tort-
agee relating to insurance, now e:isting or hereafter made, ~Aall be in nriting and shall be a part of lhis mortgage agrermcnt aa full~ as
though set forth cerbatim herein aod shall gorero both parties hereto and their succeasors and as~igos~ i\o lien upoa any of ~aid policies of
insu~aoce or upon aay re(und or retura premium Hhich map be paya~le oa the cancellation or terminatioa thereof, sl~all be gi.en to uther
rhan the ~tortRa~ee, e:cept br proper endorsement a~=ed to such polity and appro~-ed by 111ortRagee. Each pulic~ of insurance shall hs.e
afh~ed thereto a~nodard :~ew 1'ort Mortgagee Clause without Coatribution, making all loss or lossca under such policY payable to the A1ort-
R~6« »~n interest may appear. In the e~eot aaY sum or auma oi money beeome payable thereunder thc ~tortgagee ~hall haa•e the option
~o recei~e and appls the same oc accoua~ of ~he indeb~~daess herebr ~eeured, or to permit the hlort~tgor to recei~•e and use it, or any part
thereof, vsithout thereb~ wai~~ing or impairing aar equity, lien or right uoder aad by virtue of this mortgage. In e~~ent of loas or ph~sical
damage to the mortgagcd propcrt~ the Mortgagor ~hall give immediate notice thereof by maii to the Alortgagee and ~he ~tortRaR~e mar~ make
proof of los~ if tAe aame is aot made prwnptly by the Ntortgagor. lo event of foreclo~ure of this mortgage or otAer transfer of title to the
mortgaged property in e=tinguishment of tAe iadebttdnes~ aeeurtd hereby, all right, title and interest of the Atortgagor in and to any insur-
ance poli~i~s thea in force shalt pass to the purchaser or grantee.
7. TAe Alortg~Ree ma~ at ia option, and vsithout vsai~•ing its right to aceeleratc the indebtedness hereby seeured and to fo:eclose
the .ame, pa~ ei~her hefore or after delinquency anr or all of thoae eertain obligationa required br the terms hereof to be paid by the \tort-
R~Ror tor the protection of the mortgage securitY or for the rnllettioa of the indebtednes~ hereby ~eeured. All suma w adcanced or paid bv
~Ae ~tortRagee shall !x eharged into the mortgage aceount and beeome ao iategra) part thereof, subjeet in all respeets to the tcrme. tondi-
tinn., and co.enant~ of the aforesaid promiswrv note, and thie mortgage, as fullr and to the same t:teot aa though a part of the original
indehtedneas e~id~nted b~ ~aid nott and xcured by thia mortgage, e:cepting, hoKerer, that said sums shall bt repaid t6t Mortgaqet forth-
..ah upon its d~mand and be in ac~dition to tAe regular munthlr installmeats provided br the mortgage 110tG
That the ahstract or abstracts of title covrring the mortgaged propertp shall at all timea, during the life of this mortgage, remain
in ~he E.o.~e•.ion of ~Ac :?tortgagee a~d in e~-ent of the foreclosure of this mortgage or other tnosfer of tidt to the mortgaqed propert~ ia
citinqui•nmrnt oi tne indebtedncss sccured hereby, all tight, title and interest of the ~tortgagar io aad to any such abatrat~s uf title ahail pa»
to the purchaxr or grantee_
~ 9. That no Maicer of any corenant hereia or of the obligatioa secured herebY shall at aoy time hereafter be held to be a a~aiver
~ of the t~rm. hereof or of the note ~eeured hereby.
i l0. That in order to accelerate the maturity of the indel+tedness herel~}• secured beeaust of the Eailure of the liortgagor to pay any
~ ~a~ a••e•~ment, liabilit~~, obligation or encumbraace upon aaid property as herein pro~•ided, it shall ~ot be neteaaar~ aor requisite that the
~ ~IortRagee shall first pa~ the same.
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~ 11. To ~he eitcnt of the iadebtedness of the Mortgagor to the blortgagee dexribed herein or seeured hcrebr, the 1lortgaget is hereby
~ui+roRat~d to the lien or liens and to tAe rigl~b of the owners aad holders thereof of each and e~ert mortgage, lien or other incumbraoce
un the land dcxribcd herein rshich is paid anG/or satis6ed, in whole or in part, out of the proeeeds oE tht loan dexribed herein ot aeeured
hcr~b., and the re.pecti.e liens of said mortgage~, liens or other incumbnnen, shall be and the aame and each of them hereby ia preserved,
and •hall pa•s to and br held bY the lfortgage~ herein as seeurity for the indebtednes~ to the Mortgaqee herein dexribed or hereby aecured.
~u ~h~ ~ame ~itcnt thu it would ha~~e been preservcd and would ha~e beco paseed to and been held by the Mortgagee had it bten dulr aod
r,-~;s:iarly a~-iKned, srim(trrtd. ~H ov~r, and dcliver~d unto the ~1or~gagee by xparate de~d of avignmcnt, not.~ith~unding the fact that
~h~ ~ame ma~ hr ~ati.Aed and eancelled of reeord, it being the intention of t6e parties hereto that the same vc~il be sati~ticd anA eancelled
uf rccord h~ thc holders thereof at or ahout the time of tht recording of this mortgagc.
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12. If ao~' of rh~ .ums of money hcrein referred to tx not promptly and full~ paid within tAirty (30) days ne:t after the ~ame se~er-
all. c.~mc du~ and pa~abtc, or if each and e~ery the stipulations. ~greemenb, conditions and rnvenants of said promissory note and ~hi~ mort-
~ K~R~ o. e~~her, are not duh performed, complied vrith and abided b~, the aggregate ~um mentioned in said promiswry note or otherwise
~ -ac~~red hercl.~ •hall becume due and pa~ahle forth~cith or thereafter at the option of the ~tortgagee as full} and completeh a~ if ~aid aKR«-
~ xatc •~em uf rnonc~ ~~a~ originally stipulated to he paid on such day, am~thing in said promiswry nott or herein to the :ontrary nottivith~unding.
y 1; TA~ ~1ortKaRur, it• .ucce~~r• or a..iRn., i. to rnmph with the term~ and rnnditions o( a con~truc~ion loan agreement h~tNern the
~1~.rtRaKor a~d th. \lortqaR~c, an ~:~cuscd copy of Nhich i~ in the po.se.•ion of 1he ~lortgagte and said construction loan aRr~cmcnr i.
~ hu~h~ ~ncor~ir~t~d httcin i.r r~f~rence and made a part hereof, and an~- d~fault hy ~lortgagor under ~aid rnmtruetion loan agrtement
~ .M1~11 hr cuneidcrcd an e~ent of default undcr thi+ murtgage.
~ 1~ It i• hvraM ~apre•.h ~Kr~~d ~hat th~ ~1ortKaRce, it. ~uctessora and a..iKn. ~~ill release from the Iien of thi• mortRaAe anc of the
~ l~.t• d~•criF~~d h~r~~n upon ~+hi~h th~r~ ha• hr~n cun.uuct~d a buildin~ upun ~he p~~mrnt M the ~1ortKaKor to the ~1urtRaRee of auch sum• a.
~ ha~ ~ lxen adt anc~d b} thr ~1~rtKaKte on the lot or lot. to be rrlea.ed. ~~.K~ther ~~ith ~ccru~d intere•t, pro~ ided that the ~1or~RaKor, it.
y ~u~~r•.~.r• or a•~~Kn• ar~ nut in Jef~uh under an~ of the t~rm. or ~~•cu:c:::::: !hi. mo~tKaK~ ur anc ut.liKatiun or liahility .~eur~d hrrrh~.
~ and ha~r fullc cumpl~~J ~~ith th~ trrm. and ~nnd~ti~~n. uf ~hc (~omtructioo Luan .~Krc~r:xnt brtN~cn ~hc ~1urtKaKur and the ~1ortKagtt.
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