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HomeMy WebLinkAbout1043 i c~cu~r ~fn~u nua ~~w~~yoyQ ~a .v..~ ............=y...~ a . the Mortgagee. 7. Mortgagor, af the option of Mortga9ee, shali pay a"late char9e" not exceeding two per centum of any said aggregate monthiy instaliments including any instaliment for payment of taxes and insurance when paid more than ten days ~rrar the due ~ate thereof (provided that in no event shall said "late charge" ~esult in the payment of interest in excess of ri,~ maximum inte~est permitted by law), to cover the extra expense involved in handling delinquent payments. Such "late charge" shall not be payable out of the proceeds of any sale made W satisfy the indebtedneu secured hereby, unless ~uch proceeds are first sufficient to discha~ge the entire indebtedness and all proper costs and expenses secureii thereby. A ; reaso~able minimum "late charge" will be charged as customarily fixed by Mortgagee from time to time, and Mortgagor { agrees to pay said minimum "late charge", if incur~ed. ~ 8. To permit, commit or suffer no waste and to maintain the imp~ovements at all times in a state of good repair and condition; and to do or permit to be done to said premises nothing that will alter or change the use and charoder of said p~operty o~ in any way impai~ or weaken the securiry of said mortgage. In case of the refusal, neglect or inability of the , 1~1orrgagor ro repair and maintain said property, the Mortgagee may, at its option, make such repai~s or cause the same to i~.: ma~e and advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the rote ot ten per cent (10%) per annum. 9: To deliver any abstract or abstracts of title or titte insurance polity or policies covering the mortgaged property ro Mortgagea or its desig~ated agent, which shall at all times, during the life of this morigage, remain in the pouession of ~ tr~e 1~Aortgagee and in event of the foreclosure of this mortgage all ~ight, title and interest of the Mortgagor in and to any T such abstract or abstracts of title shall pass to ihe purchaser at foreclosure, however, all mortgagee title insurance policies s~~all remain the prope~ty of Mortgagee. 10. That no waiver of any cove~ant herein or in the obligation secured hereby shall at any time hereafter be held ~ !o be a waiver of any of the other terms hereof or of the note secured hereby, no~ may Mo~tgagor rely on any course of ; canduct by Mortgagee not specifically required by this instrument. That the Mortgagee, without ~otice, may agree with ; any party obligated on said indebtedness, or having an inte~est in the security described herein, to renew or extend the ' r~me for payment of any part or all of the indebtedness secured hereby, without in any way affecting either the lien hereof cr rhe liabiliry of any other parry. . 11. That in order to accelerate the maturiry of the indebtedness hereby secured because of the failure of the Mort- gagor to pay any tax assessment, liabiliry, obligation or encumbrance upon said property as herein provided, it shall not .:c necessary nor ~equisite thet the Mortgagee shall first pay the same. 12. That if the Mo~tgagor shall fail, neglect or refuse for a pe~iod of ten (10) days fully and promptfy to pay the ~m~.unts required to be paid by the note hereby secured or the interest therein specified or any of the sums of money ~.::rein referred to or hereby secured, or otherwise duly, fully and promptly to perform, execute, comply with and abide by each, every or any of the covenants, conditions or stipulations of this mortgage, the promissory note hereby secured and/ar ;r~~ :.onstruction loan agreement, if any, then, and in either or in any of such events, without notice or demand, the said a~gregate sum mentioned in said promissory ~ote, less previous payments, if any, and any and all sums mentioned herein or s?~u~ed hereby shall become due and payable forthwith or thereafter at the o~ntinuing option of the Morigagee as ~ iu!ly and completely as if said aggregate sums were originally stipulated to be paid at such time, anything in said promis- ~ sory not~ or herein to the contrary ~otwithstanding, and the Mongagee shall be entitled thereupon or thereafter without nosice or demand to institute suit at law or in equity to enforce the rights of ihe Mortgagee hereunder or under said promis- sory note. In the event of any default or breach on the part of the Morigagor hereunder or under said promissory note, Mortgage~ shall have the continuing option to enforce payment of all sums secured hereby by adion at law or by suit ~n ~quity to foreclose this mortgage, either or both, concurrently or otherwise, and one adion or suit shall not abate or be a;:ar to or waiver of the Mortgagee's right to institute or maintain the other, provided said Mortgaee shall have only one ~ p~yment and satisfaction of said indebtedness. 13. That in the event ihat Mortgagor shall (t) consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petitwn in bank- ruptcy, or admit in writing his inability to pay his debts as they become due, or (3) make a general assignment for the benefit or cr~dirors, or (4) file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency law, or (5) file an answer admitting any of the material allegations of a petition filed against the Mortgagor in ~ any bankruptcy, reorganization or insolvency proceeding, or (6) adion shall be taken by the Mortgagor for the purpose of ef- 'i :~cting any of the foregoing, or any order, judgment or decree shall be entered upon an`application of a creditor or Mort- ~ ga~or by a court ot competent jurisdiction approving a petition seeking appointment of a receiver or t:ustee of all or a ~ ~ suLstantial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for any ; o::r~od of thirty (30) consecutive days, the Mo~tgagee may declare the note hereby secured forihwith due and payable, i ~h-~~ereupon the principal of and the interest accrued on the note and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated tu be paid on such day; and thereupon the ~.',ortgagee without notice or demand may prosecute a suit at law andjor in equity as if all monies secured hereby had matured prior to its institulion. 14. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspett ~ the mortgaged premises at all reasonable times. 15. That in the event that at the beginning of or at any time pending any su~t upon this mortgage, or to foreclose ~t, or to reform it, and; or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having juris- - dict~on thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all - and singular, including all and singular rents, income, profits, issues and revenues from whafever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting ana habendum clauses hereof, or any exhibits hereto, and such Receiver shall have all the broad and effective fundions and : oowers in anywise entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted ~ ` ~r:uity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequaty of any remedy at law or of the adec~uacy of inadequacy of the value of the properry mortqaged or to the solvency or insolvency of said '.lcrtgagor or of any or all of the defendanis, and that such rents, profits, •ncome, issues and revenues shall be applied by ~ su:h Receiver ac-cording to the lien and/or equity of said Mortgagee and the predice of such court. ~ ~ 16. To pay all and singular the costs, charges and expenses, including reasonable lawyer s fees and cost of abstracts ~ ~f titie, in:urreJ or paid at any time by said Mortgagee because and/or in the event of the failure on the part of the said 'A~rtgagor to duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and ~ ~~-~:y the ssipuiations, agre~ments, conditions and covenanfs of said promissory note, and this mortgage, any or either, and ~ ~a~~; costs, charg~s and expenses, each and every, shall be immediately due and payable, whether or not there be notice, r-r - ~ 'n^~and, attempt to collect or suit pending; and the full amoun't of each and every such payment shal) bear interest rom ~ •h, dat~ thereof until ~aid at the rate of ten per centum per annum; anc! all said costs, charges and expenses so in~urred or :;aici, together with such in'erest, shall be secured by ihe lien of this mortgage. ~ ~ 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the said premises and if ~ 3ny s~ch liers, mort3ages or encumbrances are inc~rred, whether paramount or sU~orclinate To this mortgage, blortgagor :~;i~i have or ca~se to be had said liens, morigages or encumbrances discharged immediately. ~ ~ i8. Mortgagec shall have the right to charge any of Mortgagor's accounts with Mortgagee for any sums payable as p~ovided hsrein or in the promissory note as such becomes due in actordance therewith. ~ aoo~225 P~E1041 ~ _ , - ~ ~ -r~~ f L3 _~~~'~~e.,"y"'v ' d F 'p"~." ~G °~~f . # _ . . . .a. - Wlfi"~` _-z} _ -i"~.~..