HomeMy WebLinkAbout2921 2. To permi~, commit or su(fcr no waste and maintain the impro~emeots at all times in a state of eood tepsir ard cundition; and tu
do or permit to Le done to ~aid premi~rs notAing tha~ ~~ill alter or chanQe the use and char.acter of s~id property or in am ~~a~ impair or
wealen the ~ecuri~y ot this mortgage. And ia case of the refusal, neglect or inaAili[y of the RtorteaYor to repair and msineain .siJ nruprr~>,
the Ato~tgagee may, at its uptiort, make sueh repairs or caute ~he ~ame to Ae made, and advance money+ in ~hat Aehalf.
7. To pay sl) and ~ingular the ta~ces, asses~ments, le~•ics, lisbilities, anQ obligation~ of ~~•ery nature on +aid desc~ihed properey
each and every whea due and psyable according to law. before thcy bernme delinyuent, and to deliver to the Mortgagee on o~ beforc Alarch
IStA ot eath ycar tax ~ectipts e~•idtnting ~ht payment of all lawfully imposed ta:es for tht precediog calendar yea~; to indemnify ~he ~1ort-
agce upon its demand for all axes, as~essmeats and chargc~ that may be aase~scd upon this mor~gaQe on the indebtedness secured here~~~,
and paid by thc Mortgagee, without regard to aay law heretofore enacted o~ hcreafter to be enactcd impoaing payment oI ~he whole or
any pa~t thercof upon ~he Hlortgagce.
it is (u~ther covenaotcd and agretel br ~aid parties that in the eveat of a suit bei~g inatituted to foreclo~e this mortgsge, tAe
Alortga~ee ahall be e~titlcd to apply at a~y time pending such (orecloaure suit to the court having ju~isdiction thereof for the appointmeot
of a rcceiver of all aad singular the mortgagcd property, and of all rent~, inrnmes. pro6n, issues and revtaue~ thereof, from whatweve~
wu~ce dcrived; aad thereupon it i~ hereby s:pres~ly rnvensnted and agreed that the rnurt iAall forthwith sppoint such recei~er with the
u~ual powe~~ and duties of recriven ia like eases; and said appointment ehall be made by the rnu~t as a matte? of strid right to the Mort-
qsgee, aad without refereace to thc adequaep or inadequaey of the value of the ptoperty hereby mortgaged, or to the aolvener or inwlvency
of the Mortgagora or any otAer partr defendant to ~ueh suit. The Mortgagor heredy speci6cally waives the rigAt to object to the sppoiatment
of s reetiver as aforesaid and hereby eapressly rnnsents that such appointmeat shall be made as an admitted equity aod as a matter of
abwlute right to the h1ortgagee and that the aame may be done without ootiee to thc Mortgagor.
S. To pay all and aingula~ the rnsts, chargea and e;penus, iacluding attorney's fees aad abatract costs, ressonably incur~ed or paid
st any time bc the Mortgagee becauae of tht failurt of the Mortg~gor to perio~m, comply with, aad abidt by each ~oa ~~~.,r ~e~ s~~P~i~~;oA~,
agrcementa, rnndition~, and'rn~•enaets of asid promi~wrr ao~e and of thia mortgatt. ot either.
6.-.That tfie Mortgagor will keep all real and personal p~operty aow or hereafter encumbered by the lien of thi~ mortgagc insured
aa may be required from time to time by ehe Mortgagee againat loaa 6y 6re, wiodstorm and other hazards, ca~ualties and eontingencics for
such perioda and for aot lesa than such amounta as may be required br the Mortgagee aad to pay promptly whea due all premiums for auch
ia~urance. The amouats of iasuraoce required by the Mortgagee ehalt be the minimum amounts for which said ineurance ~hal! be written
and it ahall be iocumbent upon the Mortgagor to maintsin aueh additional insuranee aa may be necessary to meet a~d rnmply fully with
all co-iasurance requiremena eontained in ~aid polieiea to tAe end that aaid l~tortgagor is not a rn-iasuror thereuader. Insurance shall be
written by a rnmpany or tompaaies approved or deaignated by tAe Mortgagee aad all policies and reaeH•ala thereof shall be held by the Mort-
gagte. ~All detaeled designations by the Mortgagor which are acceptcd by t6e Mortgagce and all agreements betweea Mortgagoc and Mort-
agee relating to iasuraoce, now e:i~tiag or hercafter made, shall be ia writing and shall be a part of this mortgage agreement as fully a•
thougb ~et forth verbatim hereia and shali govern both parties dcreto aad their auctesaors and aasigas. No lito upoa aay of said policies of
inaurance or upon any refuad or return premium which may be payable on the caocellation or termiaation thereof, shall be given to other
than tAe Mortgagee, ezcept by proper eadoraemeot a~:ed to suc6 policy aad approccd by Mortgagee. Each poticy of imurance shall have
aAizcd thereto a Scandard New York Mortgagee Clause without Coutribution, msking all loss or lossca under such poliey payable to tAe Mort-
gagee as its iaterest ruay appear_ In the eveot aay aum or suma of moaey beoome payable thereunder the Mortgagee shall have the optioa
~o receive and apply the aame on aeeount of the iadebtednesa herebr sccurcd, or to permit the Mortgagor to ieceive and use it, or any part
theteof, without thertby waiviag or impairing anr equity. lien or right under aad by virtue of t6ia mortgage. In e~ent of losa or physical
damage to the mortgaged property the Mortgagor shal) give immediate notice tAereof by raail to the Mortgagee and the :?tortgagee may mate
prooE of loas if che ~ame i~ noc made promp~ly by che Mor~gagor. in event of foreclo~ure of this mortgage or other t~ansfer of title to the
mottgaged property in eztingai~hment of the indebtednea~ aeeurcd hereby, all right, title and interest of the Mortgagor in and to aay insur-
ance policiea then ia foree shall pasa to the purchaser or grantee.
7. The MortgaRee may, at ia optioa, aad without wairing its right to accelerate the indebtedaess hereby secured and to foreclose
the same, pay either be(ore ot after delinqueney aay or all of tho~e tertain obligations required br the terma hereof to be paid by the rlort-
Ragor for the protection of the mortgage aeeuriry or for the collettion of the indebtednes~ hereby teeurtd. All sums w ad~ anced or paid by
~he Mor~gagee shall be charged into the mortgage aocouat and bccome aa integrai part theteof~ aubjeet in all respccts to the terms, condi-
tinna, and co~•enante of the aforesaid promiswry note. s~d thie mortgage, as fully aad to the same e:tent as though a part of the original
indebtedne~~ e~•idenced by said note and seeured by this mortgage, t:cepting, however, that said sums ahall be repaid tht Mortgagee forth-
with upon its d~mand and be in additioa to thr regulsr monthly installmeon provided by the mortgage note.
E_ That the abstraet or abstracte of litle rnvering the mortgaged property ~hall at all times, duriag the life of this mortgage, remain
in ~he {wssessioo of the ltTortgagee and in eveot of the foreclo~ure of this mortgage or other transfer of title to thc mortgaged property in
extingui~hment of the indebtedne~s aetuted hereby, all right, title aad intereat of the Mortgagor ip aad to any auch abstracts of title sh~ll pass
to the purchaser or grantee.
9. Tl+~no waiver of any covenant hereie or of the obligation ~eeured hereby shall at any time hereafter be held to be a wai~•er
of the tcrms hereof or of the aote secured hereby.
10. That in order to accelerate the maturity of the indcbtednc~~ hereby secured because of the failure of the Mortgagor to pay any
tax a.x.~meot, IiabiGty, obligatioa or encumbtaace upon aaid property as hereio provided, it shall not be acces»ry nor requisite that the
:11or~gagee ihall firat pay the same.
11. To the e:tent of the indebtedne~~ of the Mortgagor to the Mortgagee described herein or secured hereby, the Mortgagee is hereby
.uhroRated to the lien or licns and to thc rights of the owaers and ho(ders thereof of each and every mortgage, tieo or other incumbrance
' on the land dcscribed herein which ia paid and/or satisfied, in whole or in part, out of the proceeds of t6e loao dexribed hereie or secured
i hercl~y, and the reapecti~•e liena of ~aid mortgagcs, liens or othcr intumbrances, shall be and the eame and each of them hereby ie preserved,
; and ~hall pas~ to and be held by the Mortgagee herein aa security for the iadebtedneas to the Mortgagee herein described or hereby aecurtd,
` co ~he .ame extent that it would h~ve been preserved and would have been pasaed to and been held by the Mortgagee had it beea duly and
~cKularly a••igned, transferred, set over, and delivered uoto the Mortgagee by separate deed of assignment, not~cithstanding the fact that
j ~he .ame ma}• be aatisfied and cancelted of retord, it being the intention of the qartita ~ereto th:t the eame will be satie6ed and cancelled
~ of ?ecord b~• the holders thereof at or about the time of the recording of thia mortgage. .
' 12. If any of the aums of money hereip referred to be not promQtiy and fully paid within thirty (10) da}s next after the aame aever-
ail~ com~ due and payable, or if each and erery thr stipulations, agreements, rnnditions and rnvenants of said promissory nott and this mort-
~ KaRe or either, are not duly performed, rnmplied with and abided by, the aggregate sum mentioned in said promiswry note or otherwise
~ ~ccured Aerel~~• ±hall become due and payable forth~vith or thereafter at the option of the Mortgagee, as tulty and rnmpletely as if ~aid aggre-
! Katc •um of mon~y was originally ~tipulsted to he paid on such dar, anything in ~aid promiswry note or herein to the rnntrary notwithstandinq_
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13. The ~1ortRagor, its wccesw~s or assigns, is to eomply Kith the terms and conditions of a construction loan agreement betwern the
\ioriKaKor and the 1lortgaQee, an executed copp of which is in the possession of the htortgagee and said construction loan agreement i.
hercb~• incorporated herein by refcrence and made a part hereof, and any default by Tfortgagor under said rnnstruetion loan agreement
shfll be coneidcred an e.•cnt of default undcr this mortgage.
I;. It is htreby txprcssh agreed that the 2~tortqagee, its successors and assiqns N•ill release from the licn of this morlgage anr of the
lot. dercritxd A~rein upon Nhich there ha~ been con.tructed a building upon the payment by the btortgagor to the Afortgagee of sueh sums a~
ha~e Aten ada•aneed by tht ~tortgagee on the lot or lots to be relensed, together with accrued interest, provided that the MortRaRor, it.
~ucces.on or a»iqne are not in default undcr any of th~ terms or conditions of this mortgage or any obligation or liability secured hereb~,
and ha~e fully complied with the terms and conditions of the Construction Loan :lgreemcnt betN~etn thc l~tortgagor and the :1lortgagee.
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