HomeMy WebLinkAbout0233 To permit, cummi~ o~ au8er oo Ksste and mainain ~he ~mp~ocemena st all time• ie a+t~te of ~ood tepait ar.d coadi~ion; and to
do o? pe~m:t to 4e dune to aaid premius nothin` tha~ ~~~II slter or tAsnge the u+e and cAa~_ac~sr of •aid prupe~t~ or in am ~.s> impa~r ur
Nea?en the ~tcuriq o1 IAis mortXa~t. A~d in cs+e of the ~efusal, ~e~lett or ioabilit~ ol ~he Atottt~`or tu ~epsir sed msimain .aiJ ~~rup.ri~.,
- ~Ae \1or~~sRte may, at iis upti~n, mate ~ucA repai~s or cause tAe ssme ~o be maJe- sad ad~ ance mone~• in ~ha~ I+ehal(.
1. To pay all ar.d +inRular the taaes, asseasmenta, le~•ies, tiaAilities, aod obligstii•ns ot ~~•e~r ~ature oa ~aid deu~ihed propertr
e~rh anJ every wAeo due aod payable acco~ding to la~r, t+efo~e ~h-y lxcomc delinyuent, and to deli~er to the i11or.~agee on or l~fo~e 111a~cA
lS~A o( eatA year 1u ~ercipts e~•idenci~R the paymeat of all la~rfully impused a~es for tAe p~eteding calendar rea~; to indemnify ~he ~1ur~-
a~~e upoa its dcmand for all ta:es, a~ussmeaa aad cha~~es that ma~ be aausfed upon tAi~ mo~tea~ on the indeMedocss ~ecuted hertb~~,
and paid by tAe Alon`agee, NitAuut ~t~ard to any la~ heretotore enartcd or h:reafter to be en~cted imposing pa~meot of the N~hole or
am• p~~~ ther~of upon tAe \1ort~atce
i. It ia futther co.-enanted sad s`~ecd b~ said pattics that in tAe eveat of a suit b~ing inatitutcd to fo~eclose this morlea~e. she
Alortea~ee shsll t+e enutled tu spplf at aay timt pendin` suth (orecloaure suit to ihe tourt ha~•iog jurisdittion ther~of for tht appoinimcnt
of a rteei~e~ of ali and sin~ula~ the mort`atcd propertr, and of all ~ents. iacomes. pro6ts, issues snd revcatirs thereof, from wAatsoe~cr
wu~ce derived; and thettupon it is heceby e:ptessl~ covtoaattd aad agreed that the eourt shall [ortAwith appoini auch recei~er witA tAc
uaual powt~s aed dutics of rteeivers in like e~ses; a~id said appoiatmeoc ahall be madt by the court as a matter. of strid ri~ht to t6e Aiort
Ra~ee. aad ~rithuut refe~encr to the adequaer or inade~uaey of 1he ~•alur of the p~opertY heteby morlgaQcd, or to tAe aolvener or inwlvencY
of the Mo?tga~o~s or aar otR~r partY dt(eadaat to seeh suit. Tht Mortgagor here6r ~pecibcaUr vraives tht ri~ht to objcn to the sp~oiatmiat
of a receiver as afo~esaid and Aereer ei~reuly conxnts that such appoinnuent ahall be made aa aa admitted equitr aad as a mstte~ of
abwlute riei?t to tAe Atoztgagec aad that the aame mar be doae vritAout notice to thr Mortgago~.
S. To pay all aad sing~lar..the costs. eharsa and e:penses. ineludiog attoraer s feea aod abst~act eo~ts, reawaablr incurred or paid
at anY time h~• the ~tortga~ee bccause of tAe failure ~f the Mortga~or to perform, complr with, aad abide br each aad everr eAe stipulatious,
a~~eemems. aw~ditions, aad eo~enaon of »id promi~m~f oote aad of this mort~~`e. or eitAer.
6. 7'hat the Mortgagor rill kecp all rcal aad perwaal propertY aow or hereafter eacumbered bY the lien of this mortgadc ia~urcd
as m~r be rcqui~ed from time to time br the Mott~agee aeaiaat losa by 6re. windstorn~ ~ad othar hasards, easualtics end contingeacics for
such periods and for aot less tAao auch aroounts as mar be required br the Mortsatte and to par promptl~ wi~ea dut all premium~ for ~uch
iosuranee. 7'Ae amouats of iasuraaee re3uired br the Mortgagee ~hall bt tAe miaimum sraouats for wnich •aid iasu~ance sAall be w~itten
•.~d it shall 1x incumaent upon the Mortsa~or to mainain sueh additiooal ia~urance as mar be ntte~sarr to mcet and rnmply fully rsith
al~ co-iasurance ftQUlft1IlCIl[! l'0011111tA in aaid polieies to tAe end tAat aaid Mortgagor is not a co-insuror thereuader. Ia~urance shall be
writtea br a companr or eompaaits approred o~ desituated bY tAe 111ortaagte aod all policies and reoewals the~eof ahall be held A~ the Mott-
eagce_ All detailed designatioos by the Mortsator Mrhieh are :eceptcd by ehe Mortgsgee and a{) agreemeab brtvreen Mortgagor and Mort-
agee relatiag to iasur:ace, now e:iuias or hereafter made. s6all be in writing aad shall be a psrt ot thia mongage agreement aa fullr a~
thou~A xt Eorth cerbatim Aerein aad s1uU ~orero Eoth pertia bereto aod tAeir sutceswrs aad auigns. No lien upoo aa~ ~f ~aid polieies of
inaurance or upoa anY re[und or ~etura premium v~hieh mar be parable on the eaneellatioa or termination thereof, shall be gi.•en to other
thao the !?tortgagee, e:cept bY proper cudorument a6i:ed to aueh polie~ aod approved br Alortgagee. Eacl~ policy of inaurance ahall have
ad~:ed thereto a Standard Ne~s 1 ork Mortgasee Clause witlwut Contributioo, making all loss or loa~es uoder sucl~ policY payable to the Mort-
gsgce as it~ intereu may app~ar. la the e~eat ae~ aum or sum~ of aaner become parable thereunder the Alortgagee ahall have tde ~ptioa
to rcceive aod apply the same oo aceouot of the iodtbtedaess 6etebr ~etured, a• to permit the Mortgagor to reeeive aad use it, or aor part
thereof, ~sithout the~eby wai~•ing ot impairins aay equitr, lien or ritht under and b~ virtue of this m~+rtgage. la event of loss or phrsical
damage to the mortgaged pro~erty-the Mortga~or a6a11 ai~e immEdiate aosice thereof by mail to the Mortgagee and the A1or~gagee may mate
proof of lo~s if the aame ia not made p~anptlr br the Mort~a6or. la eveat of foreclosure of this mortgage or other transfer ot title to the
mortgagcd ptoptttr in e:tiaguisl~meat of tl~t iodebtedness seeured hereby, all right~ title and iatereu of the Mortgagor in and to aar iasur-
ance policies theo in forte ~hall pxsa to the purchaser or grantee.
7. The 1?tortgaRce may. ac ia option, and Rithout vraiving ib ri6ht to aceelerste the indebtedae~s hercby aeeured and to foreclose ~
thc same, pay cither t?efore or after delinqueaey ~a. or all of thou eertain obliRationa required by the tetm~ htteof to be paid by tAe :~tort-
R~Ror for tAe protection of 1he mortgage uturiq or for the rnlleetioo of the iadebtedness hereby seeured. All sums w adcanced or paid ~y '
the 1?lortgagee shsll be cl~arged into the enortgase activunt aod beeome an integtal part thereof, ~ubjett in all tespeets to the terma, rnndi- _
~ion., aRd M~•enann of the aforesaid promiswrr aott. and this mortgage, aa fully and to the same e:tent aa though s part of the original
~ndebtedne•~ e~~ideneed br sa+d note and secured by this mortgage, e:eepting, hovrerer, tAat said sums aAal) be repaid the Mortgaget forth- i
with upon its dcmand aad be ia additioo to the resular moathly installmeata pravided by the mortgage note. }
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t. That the abstract or abstratts of title eavering the mortgaged property ahal) at all times, during the life of this mortgage, rcmaio 3
in ~he pos~ession of the *:artgagee and in event of the foreelosure of tAis mortgage or other traa~fer of title to the mortgaged propcrt~ in S~
ea~ingui.hment of the iadebtedne~s seeured hertby, all rig6t, title and intere~t of the Mortgagor io aad to any auch abstraeb of title shall paas ~
~ to the purchaser or grantee.
~ 9_ That no vsaiver of aoy rnvenant herein of t6e obligation secured hereb~ shall at any time hereafter be 6eld to be a viaiver
~ of tRe tcrms hereof or of t6e note setured 6erebr
10. That in order to aaelerate the maturity of the indebtedne:a 6ereby seeured beeauu of the failure of the Mortgagor to pay aar 9
~ai a~•e.~ment, liabilit~, obligation or encumbraaee upon aaid propert~ as herein provided, it ahal) not be netessary oor requisitt that the `
~lorfgagee shall hrst pay tht samt. ;
1 t. To the e:tent of the iodebtedness of t6e Mortgagor to the Mortgagee described hsreia or secured herebT, the Mortgasee es hercby ~
.u1.roRated to the liea or liens aad to the rigAb of tlte owners and 6olders thereof of each and everr mottgage, lien or other incumbrauet t
un the land dexribtd hereia which is Qaid aad/or satis6ed, in whole or in part, out of the proceeds of the (oao destribed 6eteip or seeured
hercl.., and the re~pecti~e lieas of ~aid mortgages, liens or other iaeumbraoces, ssall be and the same aod each of t6em herebY is prexr~eA.
and ~Aall pa~s to and bt htld bY Me yfortgagee herein as seeuritY for tAe iodebtedness to the Mortgagee hereio de~cribed or hereb~ aecuted, ~
to th~ ~ame eiteat that it vrould have beeo preur~ed aod would have been pssxd to aod been deld by the Mortgsgee had it bten dulr and •
r~Kulsrly a•>iRncd, transferred: xt over, and deli~ered unto the Mortgagee br xparate deed of as~ignmcnt, aotvcithstaodiag the fact t6at
~h~ .ame may he aatisfied aod eaneclled of reeord, it beiog the intention of the parties hereto that the aamt vri!1 be satis6ed and cancelled
uf r~cord M the holders thereof at or about the teme of the reeording of this taortgage.
!2. If any of the sum~ of moaey hereiu referred to be not proroptlr and fullY paid wit6in thirty (30) dars ne=t after the ~ame sever-
all. come due snd payablc, or if each and e~~ery the atipulations, sgreemenb, eonditioos and co~•enants of said promiswry note and thia mort-
kaRe or either, are not duly performed, eomplied witA and abided br, the aggregate sum mentioned in said promiswry note or otherwise :
•~curcd here:~~ ~hsl) hceome due and psyable forth~rith or Ihereafter at rht option of the Mortgagee as (ullr and tompletely as if aaid aggre- ~
Kat~ •um of mone~ wss originallr atipulated to he paid on such day, anythins in said promiswry note or hereio to the contrsry aotwithstanding. ~
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13. 7'he NortRaRor, its succeswn or aa.i~ns, is to eompl~ vrith the terms and condi~ion~ of a tonstruction laan aRreement 1et~cen the 4
~tortRaKor and the ~tortRaRer, an exccut~d copy of which is in, the possession of the blortgagee and. ~sid cvnstrurtion loan agreem~n~ i. ~
hercb. inr,rporated hercin h.• r~(ercnce and made a part hereof,-and any default by Atortssgor und?r said eonstruction loso agreement
slffll be consid~rcd an evaot of defsut~ under thia morigage. %
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li It i• herehy eapr~••Iv sRreed thar the tlortRaRre, its successor~ and a..iRn+ Nill release from the lirn of this mortgaRe ao~ of Iht
lut. d~•crit.rd herein upon Nhich Ih~re ha~ bcen rnnat~uct~d a buildinR u{n.n ~he ps~m~nl b~ the lllurtgagor to the l11or~~sRte of such sums a~
hati•e ixtn ad~-anced by the vortRagee on tht lot or lota to bt rel~aacd. toRether wi~h acerue~ :ntereat, pro~id~d that ~he !11ortRaRor, it.
.urc~.wn ur a•e~gn• sr~ no( in default und~t aoy of the rarm• or ~~.ndi~inn• of thi~ moregaKe or am' c+bligation o~ li~bilita .eeurtd A~tth~.
anJ ha~~ (~Ily c~xnpG~d wilh ~he I~rms artd ~undi~ion+ u! tht ('u~struc~ion Luan :\Rr«mant between 1ne 1lortgagor and the AlortgaRee_
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