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HomeMy WebLinkAbout0500 hereby until this mortgage is fully discharged or Mortgagor is fo~mally relessed by an instrument in writing duly executed by the Mongayes. 7. Mongagor, at the option of Mortpagee, shall Pay a"late charge" not exceeding rivo per centum of a~y ssid aggrepate monthly installme~ts including any. iastallment for payment of taxes and insuronce when paid mo~e than ten deya aftar the due ~ate the~eof (provided that in no event ahall said "lab d~arge" result in the payment of interest in excess of the maximum interest permitted by law), t~ oover the extra expe~ae involved in handlin~ delinquent paymenis. Such "late charge" shall ~ot be psyable our of the proceeds of a~y sale made ro satisfy the indebtedness secured hereby, unless such proceed~ a~e first sufficient to discharge the enti~e indebtedness and all p~oper oosts and expenses secured thereby. A reasonable minimum "late char9e" will be charged as customa~ily fixed by Mortgagee from time to time, and Mo~tga~or agrees to pay said minimum "late cha~ge", if incurrod. 8. To pe~mit, aommit or suffe~ no waste and to maintain the improvements at all times in a state of good repair and condition; and to do or permit to be do~li to said premises nothing that will altei or change fhe ute and cha~~cte~ of'said prope~ty or in any way impaic_or w.eaken.the security of said mortgage. In case of the refu_s`al, neglecf or inability of the Mortgagor io repair and maintain said property, ti~s~lu~ort9a9ee mey~ 8i if~ f1Pii~ii~ iii~~?$ 3\Ji~ii ~C~iii iii ~~-s€ lt~s ~ar~s !c~ be made and advance monies in that behalf which sums shall be secured by the lien hereof and bear inte~est at the rote of te~ per cent (1096) per annum. 9. To deliver any abatract or abstracts of title or title insurance poliry o~ policies covering the mortgaged propeNY to Mortgagee or its designaied agent, which shall at all times, during the life of this mongage, ~emain in the possession of the Mortgagee and in event of the foreclosure of this mortgage all right, title a~d interest of the Mortgagor in and b any such abstrad ar abstracis of title shall pass to the purchaser at foreclosure, however, all mortgagee title inwranoe policies shall remain the properry of Mo~tgagee. 10. That rw waiver of any aovenant herein or in the obligatron secured hereby shall at any time hereafter be held to be a waiver of any of the other terms hereof o~ of the ~ote secured he~eby, nor may Mortgago~ rely on any oourse of condud by Mortgagee not specifically required by this instrument. 7hat .the Mortgagee, without notice, may agree with any party obligated on said indebtedness, or having an interest in the security desuibed herein, to renew or exte~d the time for payment of any pa~t or all of the indebtedness secured hereby, without in any way affecting eithe~ the lien hereof or the liabiliry of any other party. 11. That in order to accelerate the maturity of the indebtedness hereby. secured because of the failure of the Mort- ~agor to pay any tax auessment, liability, obligation or encumbrance upon saici properiy a5 iieia~i ~r~r?i~~. st sha'.! stit Le necessary nor ~equisite that the Mortgagee shall first pay the same. 12. That if the Mortgagor shall fail, rteglect or refuse for a period of ten (10) days fully and promptly to pay the amounts required to be paid by the note hereby secured or the interest therein specified or any of fhe sums of money herein ~eferred to or hereby secured, or otherwise duly, fully a~d promptly to perform, execute, comply with and abide by each, every or any of the oovenants, oonditions or stipulations of this mortgage, the promissory note hereby secured and/or thz construction loan agreement, if any, then, a~d in either or in any of such events, without notice or demand, the said aggregate sum mentioned in said promissory note, less previous payments, if any, and any and all sums menYwned herein or secured hereby shall b~oorne due and payable forthwith or thereafte~ at the aontinuing option of the Mortgagee as fully and oompletely as if said aggregate sums were originally stipulated to be paid at wch time, anything in said promis- sory nots or herein to the o~ntrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suit at law or in equity to enforce the ~ights of the Mortgagee hereunder or under said promis- sory note. In the event of any default or breach on the part of the Mortgagor hereuncJer or under said promissory note, . _t _n I.~.~L... 1... ,.~f~.,.. ~t Iww nr hv suit tne iY~ortgagee snaii nave tne aoniinuit~g opii~~ i~ e~lifi~CE (iDyiiitiii vi a+i ais~+w di~~.Vii:Y ...:...~j ~+j - - s in equiry to foreclose this mortgage, either or both, ooncurrently or othervvise, and one action or suit shall not abate or be a ~ar to or waiver of the Mongagee's right to institute or maintain the other, provided said Mortgaee shal) have only one payment and satisfaction of said indebtedness. 13. That in the event that Mortgagor shall (1) oonsent to the appointment of e receiver, trustee or liquidabr of all or a substantial part of lV~ipv~a~or's assets, or (2) be adjudicated a bankrupt or insolvent, or file ~t v.oluntary petition in bank- ~ ruptq, or admit in writin~hSs i~ability pay his debts as they beaome due, or (3) make a general essignmer~t for the benefit ~ of creciitors, or (4) file a petitan or answer'.see~king reorganizaYwn 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 Retif'wn filed against the Mortgagor in any bankruptcy, reorganization or insolvency prQcceding, or (6) adion shall be taken by the Mo~tgagor for the purpose of ef- ~ fecting any of the foregoing, or (n any order, judgment or deuee shall be entered upon an application of a creditor or Mort- gaaor by a court of eompetent jurisdidion approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagors assets and such order, ~udgment or dec~ee shall oontinue unstayed and in effect for any oeriod of thirty (30) oonsecutive days, the Mortgagee may declare ihe note hereby secured forthwith due and payable, whereupon the principal of and the interest accrued on the note and all other sums hereby secured shall become forthwith due and payable as if alt of the said sums of money were or'iginally stipulated tu be paid on suth day; and thereupon the A~~ortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies secured •herebY had matured prior to its institut'an. _ 14. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. 15. That in the event that at the beginning ot or at any time pending any suit upon this mo~tgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having juris- diction thereof for the appointment of a Receiver, such court shall forihwith appoint a Receiver of said mortgaged property all and singular, including ail and singular rents, income, profits, issues and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting . and habendum clauses hereof, or any exhibits hereto, and such Receiver shal) 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 ~quity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of any ~emedy at law or of the adequacy of inadequacy of the value of the property mortgaged or to the solvency or insolvency of said lVlartgagor or of any or all of the defendants, and that such rents, profits, income, issues and revenues shall be applied by ~ such Receiver according to the lien and/or equity of said Mortgagee and the pradice of such court. 16. Zo pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and cost of abstracts of tit{e, in:urred or paid at any tlme by said Mortgagee because and/or in the event of the failu~e on the part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note, and this mortgage, any or eiiher, and said costs, charg~s and expenses, each and every, shall be immediately due and payable, whether or not there be notice, ~emand, attempt to collect or suit pending; and the full amount of each and every such payment shall bear interest from th^ date thereof until Faid at the rate of ten per centum per annum; and all said costs, charges and expenses so incurred or paid, togeiher with such interest, shall be secured by the lien~of this mortgage. 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the said premises and if any such liens, mortgages or encumbrances are incurred, whether paramount or subordinate to this mortgage, Mortgagor will have or cause to be had said lie~s, mortgages or en~umbrances discharged immediately. i 8. Mortgagee shall have the right to charge any of Mortgagor's accou~ts with Mortgagee for any sums payable as provided herein or in the promissory note as such becomes due in accordance therewith. ~ 800K ~ / PAGE 499 _ _ _ _ - ~ ~ ~ ~ _ a".~ ~ ~