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Home My WebLink About1868 l'o pe~mit, commit or +uller no waste and to main~ain the impro~•ement+ st all ~imes in a state of~~ood ~~pair ar~d tondition~ and +o do or permit to (x done to said prcmiss+ nothin~ ~hat will alter or cAanRe the u+e and character of said prbpert~ o? in aay ~~s~ ~psi? or weaken the secu~itr of this mot~`a`e• And io esse of the ~efu+al, neeleet or ioa~ility o( the Atort~a~or to repsir snd msintain ~aid pruptr~~, tAe Aiorlsa~et mar, st its option, malce sucA tcpairs or cause tAe ~ame to be made: and ad~•aece moneys in ~hat behal(. l. To pay all snd singular tht tases, assc~s~nents, Ic~•ies, liabilities, and oblieations of ~~•e~y natu~e on said desc~ibed property eath sad erery whea due and payabte accordin~ to law~ betore they become dcliaqucat, and to deliver to thc Mor~`agcc on o~ bctore Alarch lSth o( each year t~: receipu e~•idenci~s the payment ot all lawfully imposed taxes for the prcceding calendar vea~; to ind~mai(y the Mo~t- s~ee upoa its dem~nd Eor sll u:es, aa~csuaea~s and thar~cs that mar be asu~aed upon this mortga~e oa the indcbtcdaess ~eeured hertby, aad paid by tke Mortgagee, Nithout reQard to aay law heretofore enacted or hereaftcr to be enacted impo+in~ paymeat o! the whole or aar pa~t tAereof upoa the Mortgagee. 1. It is further COVtlliOttd aad a~reed br •aid parties thu ia thc eveat of a suit beint inatituted to ioreclox thia mongaec, tAe Afo~tea`ee shall be eati~led to applr at aar time peading such foreeloaure suit to the court having juri~dictioa thereof tor the appuintmcat of a receir•er af all aud singular the mortgaaed propertr, and of all reats, income~. proC~ts, issues and revenucs thereof, f~om wha~soevcr wu~ct derived; aad thereupon ic is he~ebr espresaly ooveaiatcd aad a~reed tha~ the oouct s6a11 forthwith appoiot sucA receiver with the uaual powe~s aad duties of reteivers ia lite cases; aad ~aid appoiotment shall be made br the court as a matter of atriet rigAt to the Mort- `a`et. aod without reference to tht adequaer or iaadcquacy of the value of the property herebr mortgaged, or to the wlrener or inwlvener of the Mort~asors or aay other partr defendaat to sueh suit. The Mortgasor hercb~ speei6cally waives the right to objeet to the appointmeat of a retcirer as aforesaid and hereby e:presslr COtlftlltf 1~1~~ such appoiatmeot ~hall be made a~ an admitted cquity aad ss a matter of abaolute ri~6t to the Mortgsgee and that the samc may be doae without notite to tbe Mortgagor. S. To pay all aad singular the eosts, charges and e:peases. includin` attoroej a fces and abstract costs, rcawcably iacurrcd or psid st any time br tAe Mortgagee ~eeause of che failure of the Mortgagor to perfo~m. comply vrith, aod abide by eac6 and everr the atipulation~. ssreemeab, conditioas. and eovea~on of aaid promiswry note aod of this mort~a~e, or either. 6. That the Mortgagor will keep all real and perwaal propertr oow or hereaher eoeumbered bp the lien of this mortgage iosured aa may be required from time to time br tde Mo~t~agec againu loss by 6re. winduorm aad ot6er hasard~, ca~ualtiea aod rnntiagencies for such periods aod for not lesa thao such amounn as mar bc requircd b~ the Mortsa~ee aad to par promptlr when due all premiums for such io~uraaee. The amouats of ia~u~aace required by the Mortgagee ahal! be t6e miaimum amouats tor which said in~urance shall be written ¦ad it shall be iacwabent upon the Mottgagor to maiatain sueh additional insurante as may be necessars ro meet and eomplr fully with all eo-io~uraace requiremeats rnataioed ia aaid polieics to the ead tl~at said Mortgagor is not a rn-insuror thereuader. lasurance shall be wrineo br a compaay or eompaaies app~oved or deaignated br the Mortgagee and all polieie~ aod renewals thercof a6a11 be held by the Mort- ~agee. All deailed deiigoatiom br the Mortgagor which are aceepted b~ tbe MortQa~ee and all agrcemeats between Mortgagor and Mort- agee relatiag to iasuraoce, nowr e:istiug or 6ertafter made. ahall be in writing and s6a11 be a part of this mortgage agreement as fully as tAoush set forth verbatim hereia aod a6aU govero both parties hercto aad tbeir suceeawra and asaigns. No liea upon any of aaid policies of ia~u~aoce or upon anr refuad or rctura prcmium whieh mar be.parable on the eaocellatioa or termination thereoE, shall be givea to other thaa tAe Mortgagee, ezcept by proper endorumeot ai:cd to sucb policr and approved by Mortgagee. Each policp of insurance shall have a8i:ed thertto a Standard New York Mortgatee Clause witlwut Cootributioa, matiog all los~ or losaea uader suc6 polic7~ payable to thc Mort- gagte a~ its iaterest may appear." {n the eveat anY sum or suins of moner bernmt parable thereuoder thr Mortgagce shall have the optioa to receive and ~pply the aame on accouat ot the indebtedneu herebr sceuted, or to permit t6e Mortgagor to reeeive and use it, or any part thereof~ MI[IIOYI [Ilt~tbr Ni1V10g O[ impairing snr equitp. liea or right under aod by virtue of this mortgage. Ia event of loa~ or physical damage to the mortgaged pwperty the Mortgagor shalt give immcdiate ootiee thercof br mail to the Mortgagce and the Aiortgagee may make proof of b~a if the ~ame is oot made promptly b~ the Mortgagor. In event of foreclosure of this mortgage or other traasfer of tide to the mortgaged property ia c:tioguiahmeo~ of the indcbtedness secured 6ereby, all rig6t, title and ioterest of t6e Mortgagor ia and to anq insur- ance polieies then in force shal) pass to t6e purc6a~er o~ graatee. 7. The MortgaRee may: at ia optioo, and wit6out waiviag ib rig6t to aecelerate the indebtcdaes~ hereby secured aad to forcclose the aame, pay eithcs before or after delinqueeer ~ay or all of those tertain obligatioos reQuired by the terms hereof to bt paid by the ~1ort- gsqor for the protection of the mortgage aecuriqr or for the rnlleetion of the iodebtedocas hereby sccured. All sum~ w adaanced or paid b~ the Mortgagce shall be charged into the mortgage aooouat and bernme ao integral part thereof, subject in all respects to the terrr.a, rnndi- tions, and co~•ensna of the aforesaid promisaor~ oott, and tt~is mortgage, af fullr and to the same t:tent aa though a psrt of the original indebtcdne~s e~•ideoced br said note and aecured by this mortgage, ezcepting, 6owever, that ~aid auma shall be repaid the Mortgagee fortfi- with upon it~ demand and be in additioo to t6t regtelar mont6ly installmenb provided by the mortgage aote. f. That the abstract or abstract~ of title rnveriag t6e mortgaged properry ~hall at all timea, duriag the life of this mortgage, remaia in ~he possession of the Mortgagee aad in eveat of tbe foreclo~ure of this mortgsge or other transfer of title to the mortgaged propzrtp io c:tingui~hment of the indebtedness secured 6ereby, all right, title and iaterest of the Mortgagor in and to any auch abstracts of title shatl pass to the purchaser or grantte. . ~ . . i 9. That no waivcr of any rnreoaot herein or of t6e obligation aecured 6crcby shall at any time hereafter be hdd to be a wai~er of the terms hereof or of the aote setured hereby. ~ 10. That in order to accelerate the maturity of the iodebtedaes~ herebq secured because of the failute of the Mortgagor to pay any i ~ax a•.c.sment, liability, obligation or cncumbraoce upoo said property as herein provided, it ~haU not be neceseary nor requi~ite that the i t Atortgagee ahall fint pay the same. : ~ 11. To the c:tent of the iadebtedne~s of the Mortgagor to the Mortgagee de~eribed herein or seeured hereby, the Mongagee is hereby ~ ~uhrogated to thc lien or licas aad to the rights of ttre owners and holders thereof of each and every mortgage, lien or ot6er ineumbraoee ~ on the land dexribed hercia which is paid and/or satis6ed, in whole or in part, out of the proeeeds of t6e loan dexribed herein or setured her~hy, and the respective lieas of aaid mortgagea, lieas or other iacumbranees, s6a11 be aad the aame and each of them hereby i~ preserved. and ~fiall pas~ to and be hcld br the Mortgagte herein as seeurity for the indebtedoesa to tAe Mortgagee herein described or heteby secured, ~ to the ~ame e:tent that it would have beca preurved aad would have been pasxd to and been keld by tht Mortgaget had it betn duly and rcgularly a}±~gned, transferred, set over, and delivcred unto the Mortgagee br ~eQatate deed of as~ignment, notvcithstanding the fact that thc .ame may be aatisficd and caacelled of record, it beiag the intention of the partie~ hereto that the aame will be satisfied and eaneeiled ~ of record by the holdero thereof at or about the time of the reeordiog of thi~ mortgaga ~ 12. If any of the auma of moner herein referred to bt oot ptomptly and fully paid within thirty (30) days nezt after the ~ame serer all~- come du~ and payable, or if each and e~•err the atipulations, agrecments, cooditioo~ and eoveaant~ of said promiswry note aod thi~ mort- '2 KaRe or either, are not duly performed, eomplied wi~h and abided by, the aggregate ~um mentioaed in ~aid promiswry note or otherwise ~ ~ccured hcrchy shall become due and payable forthwith or thereafter at the option of t6e Mortgsgee: as fully and rnmpletely aa if eaid aggre- Kate ~um of money wss originallr stipulated to Ix paid on auch dar, aoythiog io aaid promiswry note or herein to the rnotrary notwithsqnding. ~ a 13. The hlortgagor, its successors or assigna, is to tomply with the terms and conditions of a construction loan agreement Ixtween the " ~tortqaRor and the Alortgagee, an e:cc~ted copy of v?hich is in the possession of the Mortgagee and said rnnstruction loan agreement ia hereby incorporated herein by reference ~nd made a part hereof, and any default by Alortgagor under said rnnstruction loan agreement s?hll be rnnsidered an evcnt of default under this mortgage. < r' 14. It is F.ereby expre»ly agreed that the Atortgaqee, its sutteswrs aod aseigns will release from the lien of this mortgage sny of tht - lot. de•cribed herein upon which there has been constr~cted a huilding upon the pa~~ment by the Mortgagor to the 1lortgagee of sueh sums as ha~•e been advaneed by the Mortgagte on the bt or lots to be released, together with accrued interest, pro~ided that the Mortgagor, ita z:' succeswrs or aa~igm are not in default under any of the terms or conditions of this, mortgage or any obligation or liability seeurtd herehy, and ha~~e fully rnmplied with the terms and conditions of the Construction Loan Agrcement between thc Atortgagor and the Mortgagee. ~ ~ ~ ~ ~ R 2z1 ~sse BOU~ FAi,: ~