HomeMy WebLinkAbout5324 hereby until this mortgage is fuily discharged or Mortgagor is formafly released by an instrument in writing duly executed
~by rhe Mongagee.
7, Mortgagor, at the option of Mortgagee, shall pay a'late charge" not exceeding two per cen+um of any said
aggregate monthly installments inciucling any installment for' payment of taxes and insurance when paid more than ten days
arter the due date thereof (provided that in no event shall said "late charge" result in the payment of interest in excess of
ihe maximum interest permitted by law), to cover the extra expense involved in handling delinquent payments. Such
"Iate charge" shall not be payable out ot the proceeds of any sale made to satisfy the indebtedness secured hereby, unless
;u:h proteeds are first suffi~ient to ~'ischarge Ihe entire indebtedneu and all prope~ costs and expenses secured thereby. A
~easonable minimum "late charge" will ba charged as customarily fixed by Mortgagee from time to time, and Mortgagor
agrees to pay said minimum "late charge", it incurred.
8. To permit, commit or suffsr ~o waste and to maintain the improvements at all times in a state ot good ~epair and
candition; and to do or permit to be done to said premises nothing that wil! alter or change the use and character of said
A~~ w?~ ~~,~a;~ weaken the security of sa;d mortaaae. In case of the refusal, negle:t or inability of the
,"r,ortgagor to repair and ma~ntain said property, the Mortgagee may, at its option, make such ~epa~rs or cause rne same io .
be made and a.a•vance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the rote
of ten per cent (1096) per annum.
9. To deliver any abstract or anstiacts of tiiie or title insurance policy or policies covering the mortgaged property
r~ Mortgagee or its designate~ agent, whi~h shal! at al) times, during the life of this mortgage, ~emai~ in the possession of
Mortgagee and in event of the foreclosure of this mortgage all right, title and interest of the Mortgagor in and to any
such abstract or abstracts of ~itle shall pass to the purchaser at foreclosure, however, alt mortgagee title insurance policies
shali remain the property of Mortgagee.
10. That ~o waiver of any covenant herein or in the obligation secured hereby shall ai any time hereafter be held
to be a waiver of any of the other terms hereof or of the note secured hereby, nor may Mortgagor rely on any course of
~or.duct by Mortgagse not specifically rec~~ired by this instn~ment. That the Mortgagee, without notice, may agree with f
any party obligated on said inu~ebtedness, or having an interest in the security described herein, to renew or extend ihe
~~me for payment of ar~y part or all of the indebtedness secured hereby, without in any way affecting either the lien hereof ~
or the liability of any other party. `
i i. Thaf in order io acceierate ihe n~asurity it-,a tr,~~bse~r.ess h~reb~~ secu.•~ betause of the failure of the Mort-
:~agor to pay any tax assessment, liability, obligation or encumbrance upon said property as herein provided, it shall not
t~~ necessary nor requisite that the Mortgagee shall first pay the same.
12. That if the Mortgagor shall fail, neglect or refuse for a period of ten (10) c~ays fuily and promptly to pay the
arnou~ts required to be paid by the note hereby secured or the interest therein specified or any of the sums of money
~~~rein refe; red to or hereby secured, or ot~srwise duly, fully and prompfty to perform, execute, comply with and abide by ;
~ach, every or any of the covenants, mnditions or stipulations of this mortgage, the promissory note hereby secured and/or r
rhe consiru~tion loan agre~ment, if any, then, and in either or in any of such events, without notice or demand, the said ;
aygregate sum mentioned in said promissory note, less previous payments, if any, and any and alt sums mentioned herein
of secured t~ereby sF~all be:ome due and payable forthwith or thereafter at the continu+ng option ot the Mortgagee as :
fully artd completely as if said aggregate sums were originally stipulated to be paid at such time, anything in said promis-
sory note or herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon or the~eafter without ;
noi~ce or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promis-
sory note. In the event of any d~~autt or breach on the part of the Mortgagor herevnder or under said promissory note, j
rhe Mortgagee sha!! have ihe cont:nuing opi;on to enforce payment of all sums secured hereby by action at law or by suit ;
~n equity to foreclose this mo:igage, eithe; or both, concurrently or otherwise, and one action or suit shall not abate or be ;
3 rar to or waive.• of the PJlo~tgagee's right to institute or maintain the other, provideci said Mortgaee shatl have only one
rayment and satisfaction of said ir~debtedness.
13_ That in the event that Mortgagor shafl (1) consent to the appointment of a ~eceiver, trustee or liqvidator of all '
or a subsiantial part of Mor~gagor's assets, or {2) be adjuditated a bankrupt or insolvent, or file a voluntary petition in bank- ~
~~ptcy, or admit in writing his inabilitx t4pay, his debts as they become due, or (3) make a g~neral assignment for ihe benefit ~
or creditors, or (4) file a petition ot'ansv~er saek~og-ieorganization or arrangement with aeditors, or to take advantage of
a;-,y insolvency law, or (5) file an ans~ver admitting any of the material al!egations of a petition filed against ih~ Mortgagor in
sny bankruptcy, reorganization or insolvertcy proceeding,.or (6) action shall be taken by th4 Mortgagor for the purpose of ef-
~ecting any di the foregoing, or (7) any order, jucigment or decree shall be entered upon an application of a creditor or Mort-
ya~or ~y a court of comp~tent iurisdiction approving a petition seek~ng appoinimer,t of a receiver or .trustee of ail or a
suostantial part of the Mortgagcr's assets and such order, judgment or decree shall ~ontinue unstayed and in effect for any
~~-iod of thirty ;30} cor+sefutive ciays, ihe Mor?ga~ee may declare the note hereby secured forthwith due and payable,
~•:!-,ereupor #he principal of ana the interest accrued on the note and all othe~ sums hereb~• secured shai! betome forthwith
:~ue and payable as if all of the said sums of money were originally stipulated to be paid on such day; and thereupon the
'1,ortgagee with~vt notice or rlemand may prosecute a suit at law and/or in equity as +f atl monies secured hereby had
na+ured prior to iis in5titutio~.
14. Thaf the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect
~he mortgaged premises at all reasonable times.
15. That in the event fhat at the beginning o` or at any time pending a~y suit upon this morigage, or to foreclose
:t, or to reform it, ana,'or 1o enforce Fayinent of any daims h~reunder, said Mortgagee sha~l apply to the court having juris-
d~ction thereof for the appoirtment of a R~ceiv~r, such court shatl forthwith appoint a Receiv~r ef said mortgaged property all
and singular, inciu~ir.g a!I and singular rents, income, p~ofi;s, issues and ~evenues Trorn wF~at~ver source derived, each and
~~very of which, it 6eing expressty ur,ierstood, is hereby mortgaged as if specifical{y set forth and dssc?ibed in the granting
a~c b~abendum dauses h~reof, o- am~ exhibits hereio, and s~~ch Receiver shall have all the broad and effective functions and
r,owers in anywise entrustod h~r o cou-i +.o a Rec~iver, and such appointment shall be made by such court ~s an admitted
e:~uity and a matter of a~~ol;~te riaht t~ sa~d Mo~tgagee, and witho~t refarence to the aCequacy or inadeqvacy of any .•emedy #
at !aw c• of th~ adequar~ of ina_:~qva:y of thr_ ~-a~ue of the property morigaged or to ~he solvency or insolvency of said
',~ort,a3er or of any er al! of 1he c'-~~endants, and that such rents, profits, income, issues and revenues shall be applied by
~u:.h Receiver according to the lien and ~or equir~ of said Mortgagee and the practice of such court.
16. To pay a!I and sir.guiar the cosis, charges and expenses, inciu:3ing reasonorle lawyer's ~ees and cost of abstracts
~`!i;{e, in~urred or paid at anv ;im~ by :,aid ~`Jlortgagee because and or in the event of the failure on the part of the said
'Ao~fgagor to ciu:y, promptiy asid fully oe~form, di~,harge, exe_ute, effect, compfete: :omr~y wiah and abid~ by each and
_vary the s;i~~iaiions, agreemenfs, con :i!ior,s and covenants of said promissory note, an~ this mortgage, any o~ either, and -
~a+! costs, cha~~cs and exper,ses, each anr nvery, shall b~ imm~diately due and payable. •f~hethsr or not th~re be notice,
cam.and, attemp? to co~~~ct or su~t p~nding; anu~ the fu!I amount of each and everr such oaym-~nt shall ~ear interest from
tn~ oarz th^reof untii ~aid at the ratA of t~n F-ar cent;~m per annum: and a~! said cost~, charqE~ ~nd expenses so intu?red or
;:~id. 'oaether with sucn in;ersst, ;ha~l he sc:ure~+ by the lien of this mort~~ge.
17. That Mortaancr ~v:il no' pe•mit an;~ ~tn.-r I:~nc, morfga~~s or ana~mhra:xes against the said premises and if
j'1`i such li;ns. mo•~~an•S p~ •:.^.iU:T~~~~d.*l~t.", 3'C~ :•-,-~;rr~+" .r~l,.~f~.nf ~,8•c~'1CJR1 ~C ~U"Ot"::t~dt^_ '~1t5 mort~a?e, ~~OItg3~Or
;'t have or ~ ause to b° ~;3''~ ;3i!~ 1'Arti, MrJf1~3J~ 5 Cf aI1~~Jr1'~5'aRC'~5 dis'harn~ ~ iftt~leC:'dtE~y. .
18. h'.or!gagce sha!I ~ave t4~P right to ~ha-~e any of Mor~gagc~'s oc.ount~ ~vith ~V~ortgugee for any sums payable as
~~ovid~d herein or in the promis<_or~ note as such becomes due in accordance ths~ewith.
~ ~U9 Y«t ~316
d9~~
~
; , - _ ; -y,
- - _
. _