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Home My WebLink About0012 !:~reby until this mortgage is fully discharged or Mortgac,~o~ is fo~mally released by an instrumer.t in w~iting duly execuiea t>y the Mo~tgagee. 7, Alortga3or, ai the option of Mortgagee, shall pay a"late cha~gc~" not exceedin9 two per centurri of any said' agyreyate monthly installments including any i~stallment for payme~t of taxes and insura~ce when paid mo~e than ten days ,~r~e: ~Fe due ~ate the:eot (provided that in no event shall said '"late charge' retult in the payment o~ inte~est in excess of rr,~: r~ x~mum interest permitted by law), b cover the exlro expense invo~ved in handling delinquent payments. Such '~lare Zharge" shall not be payable out of the p~oceeds of any ssle made t<, satisfy the indebtedness secured hereby, unleu s~~h p~ocec~~s are first sufficient to discharge the entire indebtedness and all prope~ costs and expens~s secure.i thereby. A ~easoiiable minimum "late cha~~e" will be charged as custornarily fixed by Mortgagee from t~me to time, and Mortgagor ~arees to Qay said minimum "late charge", if incu~red. 8. To pcrmit, commit or suffet ~w wasto and to maintain the improvements at alt;,tim~~ ~n a state of good reoair and :o~~diiion; and to cb or perniit to be done to said premises nothing that will alter or chanye +re ~nd charade~ of said prope~ty vr i:~ any way impair or weaken the securiry of said mo~tgage. In case of the refu~~:~, n~glect ~r inability of the h~r aoera d dvance moni~e.nsta~ that~behalf rtwhichesu^mst8hali be secured by the~l en^hes~f nd 1b~arriMesesf at ihe aie ct ten per cent (1096) per annum. 9. To deliver any abstract or a~stracts of title or title insurance policy or policies covering the mo~tgageci property ro ~~lortgagea or its designated agent, which shall at all times, during the life of this mo~tgage, remain in the possess~on of rt~e ~Jbrtgagee and in event of the foreclosure of this mortgage all ~ight, title and interest of the Mortgagor in and b any such abstract or abstracts of titlc shall pass to the purchaser at foreclosure, howeve~, all mo~tgaQ~s tit!° i^suronce policies shai; rema~n the propcrty of Mortgagee. . 10. That no waiver of any cow3nant herein or in the obligaYwn secured he~eby shat! at any time hereafter be hetd ro be a waiver of any of the other terms hereof or of the note secured hereby, nor may Nbrtgagor rely on any course of conduct by Mortgagee not specifically required by this instretment. That the Mor*gagee, without notice, may agr~e with a; ef o~ a ment ofo~n sa~drt or al of he~nde~tedness secured he ebysw trhoutan anyway effect ng e ther he I en hereof _ PY YPa or the liability of any other party. 1 l. That in order to accelerate the maturity of ihe indebtedneu hereby secured because of the failure of the Mort- yagor to pay any tax assessment, liability, obligation or encumbrance upon said properry as herein provided, it shall not ; necessary nor requisite that the Mortgagee shall first pay the same. + 12. That if ihe Mortgagor shall fail, neglect o~ refuse for a period of ten (10) days fully and promptly to pay t:~e ~mcunts required to be paid by the note hereby secu~ed or the interest therein specified or any of the sums of money ! ~rein referred to or hereby secu~ed, or othervvise duly, fully and promptly to perform, execute, compty with and abide by ~a;h, every or any of the covenants, conditions or stipulatwns of this mortgage, the promissory note hereby secured and/or : ha construction loan agreement, if any, then, a~d in either or in any of such events, without ~otice or demand, the said a39re~ate sum mentio~ed in said promissory note, less previous payments, if any, and any and all sums menYwned herein or sscured hereby shafl become due and payable forthwith or thereaft~~r at the oontinuing option of the Mortgagee as ~ully and completely as if said aggregate sums were originally stipulated to be paid at sudr-time, anythir.g in said promis- sory not~ or herein to the contrary notwithstand~ng, and the Mortgagee shall be entitled therEUpon or thereafter without ~ot;ce or demand to institute suit at law or in equity to enforce ths rights of the Mortgagee he~eunder or under said promis- ;ory nose. 1~ the event of any defa~lt or breach on she pari of the Martgagor hereunder or under s~id promissory note. AAorlgagee shal! have 'he mntinuing optan to enforce-paymeni of a11 sums secured hereby by action at !aw or by suit _:,vity to fQreclose this mortgage, either or both, concurrently or otherwise, and one action or suit shall not abate or be ::ar to or ~viiver of !tie Mongagee's right to institute or maintain the other, provided said Mortgaee shall have only one oayn,ent and satisfaction of said indebtedness. I3. That in the event shat Mortgac~or shalt (1) consent to the appointment of a receiver, trustee or liquidator of all o; a su5stantial part of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or fite a voluntary petition in bank- •;~,r,tcy, or admit in writing his inability to pay his debts as they become due, or (3) make a generat assignment for the benefit ~"r cr~Qirors, or (4) fiie a petition or answer seeking reorganizatwn or arrangem~nt with creditors, as !aks ac~Yantage nf j an~ insolvency iaw, or (5) file an answer admitting any of the material allegatwns of a petition-fJed against the Mortgagor in ~ anv bankr~ptcy, reorganization or insolvenq proceeding, or (b) acfion shall be taken by the Mor~gagor for the purpose of ef- :ecting any af ihe foregoing, or (7) any order, judgment or decree shall be eniered upon an app~ication of a creditor or Mort- ~ ga ~or by a court of competent jurisdictwn approving a petition seeking appointment of a receiver or t: ustee of all or a 3 su~:,;tantial gart ef the Mortgagor's assets anci such order, juc~gment or decree shall continue unstayed and in effect for any ~ o;: r;od of thirty (30j consecutive days, the Morigagee may declare the note hereby secvred fortfiwith due and payable, ~ ~,vhzreupon the principai of and the ~nterest arcrued on the note and aU other sums hereby secured shall bec~ome forthwith due and payabie as if all of the said sums of money were originally stipulated tu be paid on such day; and thereupon ihe tgagee without notice or demand may prosecute a suit at law and/or in equity as if ail monies secured hereby had r^atured prior to its institufion. 14. That the Mortgagee or any person authorized by the Mortga,~ee shall have the right to enter upon and inspect rhe mortgaged premises at all reasonable times. 15. That in the event that at the beginnirtg of or at any tirne pending any suit upon this mortgage, or to foreclnse or to reform it, andlor to enforce paymenfi of any claims hereunder, said Mortgagee shall apply to the cour~ having juris- di;tion 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 whatever source derived, each and ~very of whici~, it being expressly understood, is hereby mortgaged as if specifically set forth and desaibed in ihe granting and habendum clauses hereof, or any exhibits hereto, and such Receiver shall have all the broad and effective functions and :>owers in anywise entrusted by a caurt to a Receiver, and s~ch appointment shall be made by such coun as an admitted --:vity and a matier of absoiute right to said Mortgagee, and without reference to the adequacy or inadequacy of any remedy ar ~a:~ or of the adequacy of inadequaty of the value of the property mortgaged or to the solvency or insolvency of saief ;.+.~r*gagor or of any or all of the defendants, and that such rents, profits, income, issues and revenues shall be applied by su~l, Receiver according to the lien anc:,./or equity of said Mortgagee and the pradice of such court. 16. ~o pay all and singular the costs, charges and expenses, including reasonable {awyer'3 fees and cost of abstracts ~ ~f t~tiz, in:urred or paid at any t~me by said Mortgagee because and/or in the event of the failure on the part of the said '~±ortgacyor to dul~, promptly and fully perform, distharge, execuie, effect, complete, compiy with and abide by each and ;,-~:y ;he s~ipuiations, agre~ments, conditions and covenar.ts of said promissory note, and this mortgage, any or either, and ~ai~_i costs, charg^s an~ sxpenses, each and every, shall be immediately due and payab~e, whether or not there be notice, :~,--~and, attempt to colle:t ur s~it pending; ar.d the full amount of each and every such payment shall bear interest from ~at~ th~reof untii ~aid at the rate of ten pe~ centum per annum; and a!I said costs, charges and expenses so in~u~red or ~~:;ia, together wit0i such interest, shall be secured by the lien of this mortgage_ 17_ That Mortgagor ~vili not permit any oth~r liens, mortgages or encumbrances against the said premises and if s~ch liens, mort3ag?s or r_ncumbrances are ~nc~rred, wheihec paramount or subor~l+natc !o this mor!gage, 1~lortga~or :•,~'i have er cause to be had said liens, mortgages or encumbrances discharged imme~iately. i 8. Mortgagee shall have the right to charge any of Mortgagor's accounts with Mortgagee fo: any sum~ ~ayable as F-r,:vided hsrein or in the promissory note as such becomes due in accordance therewith. BG~K ~ PACE ~ _w~ .~..~~.i ~ k-~ r- ~ ~ ~ j ~ ~ . T ~~-~~°~'~~~~-~-~~'F -1 ~ x r__ r~ x - _ F _ . ~ _