The URL can be used to link to this page

Home My WebLink About0918 3 'his mortyage ~s persortal ro the Mortgdgor hRtem and no ~ oi~vayance shd~l be matle o~• Mortgayur uf thn uren~:sus he~a~n i:c~cr~b~.l ur e~1y p,:: t without (ust obta~n~ng the prior wntten co~sa~~t of the Mortgayae In the event Mortgagee g~vns t~~s wr~tten wnsant tha g~antae ~,an~ed ~n such .~.:~:e shall assume a~d agree to pay the obl~gaUOn ewdenced by the promissory note sec~red heraby Any cunveyai~ce ot the property i~ercr;n duscric,ed ur .;,~rt thereol ~n v~olauon of the terms ot lh~s paragraph shall enUtle Mon~agee to accete~ate ihe payment o( tha obl~gahon securetl neic;Gy and au sums of seCUred he~eby SheH. et the Optrort oi MortgagBa. become due and payabfe and ~n de(eult whethe~ or not tne same are so due a~d payabte and ui '.+.,~t by tAe speciAc teims Aereof. Noth~~g hsrein contained st~all be construed to coi~st~tute a novat~on or retease Mortga~or or an~~ subseq~ent owner of '~~v ur obf~gaUOn unde~ the prom~ssOry nOte Secur@d hereby 4r th~s mo?tgege by reason o( th@ afo~esaid assumphun ol ihe ohhgation unQer the nute _ rd hereby, by a subsequent owner ol ths piope~ty desCnbed herem 5 That ~n the ovent of a suit bein~ inst~tuted to Ioreclose th~s mortgage. the Mortgagee shatl be ent~tled to apply at any t~me dur~ng such foreclusu~e tl~e court having ~unsdict~on thereof for the appo~ntment of a receiver o~ all and singula~ the mortgayed property, and o( aU rents. ~ncomes. prof~ts. and revenuas thereof, from whatsoever source derwed: and thereupon it is hereby expressly co~venanted and agreed that the court shall torthwrth ap ; s:,ch rece~ver wrth the ususl powers a~d duties of recervers m I~ke cases, and sdid appo~ntment shaN be made by the court as a matter af str~ct n~1u to ~.7ortgagee. and wnhout ~eterence to the adeQuacy or madequacy at the value of t~e property hereby mortgaged. or to the soivency or insolvency oi the ~cyagor or any other party de(endant to suCh swt The Mortgagor hereby spec~hcatly warves the nght to obiect to the appo~ntment oi a rece~ve~ as ~~~sa,d and heroby expressly consents that such appointment shalt pe made as an admRted eqwty and as a matte~ ot abso~ute nght to tne Mo,tyagee and ~.~~ne same may be done wrthout nouce to the Mortgagor. o That any proceed~ngs should be ~nstrtuted agamst the properry covered by th~s +norigage upon any other l~en or cla~m whether supanor or ~umur ~ ~~en of tAis mortgage. the Mortgagee may at rts opuon immediately upon insUtutw~ ot such swt or dunng the pendency thereof declare th~s mortyage ~`~e ~ndebtedness seCUred hereby due and payable forthw~tA and may at ~ts opt~on praceed to for~lose th~s mortgage ~ 7 To pay all ar?d singular the costs. faes. charges and expenses ot every M~nd. ~nclud~ng the cost of an abstract oi t~de to sa~d tands (ound to t,e ~o~~ . r,~ or exped~ent ~n connection wrth any swt for the (oreclasure o( th~s mortgage and also mclud~ng. whether the Mortgagee ~s ob~~gated to pay san~e o~ ~,•t~asonable attorney's fees ~ncurred or exRended at any time by the Mort~agee because oi the fadure o( the Mortgagor to perfocm compty wrth and ab~de , ~ or any oi the covenants. condit~ons and sLpulauons of said promissory ~ate or th~s mortgage the ioreclosure ot th~s mortgage and m coltect~ng the :~t s~cured hereby w~th or w~thout legal proceedings. and to reimburse the Mortgagee tor every ~aLment made or mcurred fo? any such purpose w~t~ ~n .,r from date ot every such payment at the h~ghest rate author~red by law. such payments and obhgaUOns. w~th mterest thereon as aforesa~d. shaU be - .•.rd by the I~en hereof 8 To keep the bwld~ng or buildings ~o~v or hereatter on sa~d land ~nsured aga~~st loss or damage by f~re. extended coverage a~d other pe~~is ~n- g war nsk insurance :f ava~lable, in a sum not lass than their ful~ ~nsurable va~ue at the cost artd expense of the f,Aortgagor in a compa~y or compa~~+es d by the Mortgage3e. the pol~cy or policies to be held by the Mortgagee, and such pohcy or pol~c~es oi ~nsurance shall have affixed thereto a Standerd '~"c~rk Mortgagee Clause. mak~ng all loss or losses under such pol~cy ar pol~c~es payable to the Mortgagee as ~ts ~nterest may appear. and to del~ver sa~d ; or pohcies to the Mortgagee whe~ ~ssued wrth the ~ece~pts tor the paymer.t of the p~emwm there(or. and ~n the event any sum of money becomes .+r~'e under such pohcy or pohcies, the Mortgageo shall have the opt~on to recerve and apply the same on account of the ~ndebtedness secure~ hereby or to *!he Mortgagor to rgceive and use ~t. or any part thereof. for other purposes. wrthout !hereby waiv~ng or ~mpamng any eqwty. hen or nght under or by c,i th~s mortgage. and the Mortgagee ~F it deems rtecessary may place and pay tor such ~nsurance. or any pan ;hereof, wnhout los~ng wa~v,ng or aNec- • ;`,?ortgagee~s opuon to foreClos@ tOr breach of thls covenant. or any part tnereo(. or any nght ar opt~on under th~s mortgage. and every such payment shati -~zerest from date thereof until paid at the h~ghest rate authonzed by taw. and ati.such payments wi.h mterest as aforesa~d shatl be secureci by tne I~en tn the event any toss or damage ~s suHered Morigago~ shall notrfy Mortgagee of such loss or damage wrth~n torty e~ght t48! hours aftes the happer:~ng the fa~ture to g~ve such noace shall consUtute a default and the Mortgagee shall have the nyhts hece~n grven for al1 delaults 9 To permrt. comm~t o? suffer no waste and to maintain the improvements at all times ~n a state ot good repair and condilron. and to do or perm~t to ~~e to said prem~ses noth~ng that wdl alter or change the use and character of sa~d property or m any way ~mpan or weaken the securrty of sa~d moriyaye :~e of the refusal. neglect or inab+hty of the Mortgagor to repa~r and ma~ntam sa~d propeny. the Mortgagee may. at ,ts opt~on. make such repars or cause ~arne to be made and advance mornes m that behalt which sums shall be secured by the l~en hereoi an~ bear ~nterest at the h~ghest rate author~zed by To del~ver the abstract or aDstracts of Utle covermg the mortgaged property to Mortyayee or rts des~ynated agent. which shall at all Umes dunr.g ,~f th~s mortgage. ~emam m the possesswn of the Mortgagee and ~n event oi the toreclosure of th~s mortgage or other ;ransfer of uue at~ r~ght c~tte a; d of the Mo+tgagor m and ro any such atrstract or abstracis of ude shall pass ro the purchaser or grantee € f That no wa~ver ot any covenant herein or ~n the ob!,gat~on secured hereby shatt at any ume hereafter be held to be a wawer of an,~ ot tne ~,rne~ ,`~.e~eot or of the note secured hereby. or future waiver of the same covenant A 7 f ' 2 That m order to accetera;e ihe matur~ty of the ~ndebtedness hereby secured beca~se of the fa~lure o! the Mortgagor to pay any tax assessrnem ; ,-.~bl~gat~on or encumbrance upon sa~d propeTty as here+n prov~ded rt shaU not be necessary nor reqwsrte that the Mortgagee sha11 first pay the sarne i ¢ ' 3 ~ hat rf the Mortgagor shall fa~l, negtect or refuse for a penod of th~rty (30) days fully and promptly tc pay the amounts requued to be pa~a by the E ~~•eby secured or the interest therein spec~f~ed or any oi the sums ot money here~n referred to or hereby secured. or otherw~se duty. fully a~d promptly to ~ . execute. comply wrth and ab~de by each, every or any of the covenants. cond~UOns or sUpulahons of th:s mortgage. the p+am~sso.~• note hereby ~e:f and~or the cortstructiort loan agreement, rf eny, then, and m either or in any of such eve~ts, wrthout noUCe w demacid. the sa~d aggregate sum men s ! n sa~d promissory note, less previous payments. rf any. and any and all sums menUOned here~n or secured hereby shall become due and payab~e ~ ±h or thereaher at the conimuing option o~ the Mortgagee as tully and completely as rf sa~d aggregate sums were or~g~natly st~pulated to be pa~d at ~ me anything in said promissory note or here~n to the contrary notwrthstand~ng. and the Mortgagee shall be entrtled thereupon or thereafter w~thout o. demand to mstrtute swt at law or in eqwty to enforce the rsghts ot the Mortgagee hereunder or under sa~d prom~ssory note In the event o( any ` ' or breach on the part of the Mortgagor hereunder or under 58+d prom~ssory note, the Mortgegee sha~l have the contmwng opUOn to entorce payrnent t s..;ms secured hereby by action at !aw or by suit ~n equity to (orectose ihis mortgage, erther or both, concurrently or othervvise. and ~ne acUOn or surt ~ ~ abate or be a bar to or warver of the Mortgagee~s nght to ~nstitute or ma~nta~n the other. prov~ded sa~d Mortgagee shalt t~ave only ane paymert and Y ~ .!~on of sa+d rndebtedness ~ _ ' 4 That ~n the event that Mortgago! shail (1) consent to the appo~ntment o( a rece~ver, trustee or I~qu~dator af ati or a substant~al part of Mortgagnr s - 12) be adJuduated a bankrupt or msolvent. or file a voiuntary pet~uon +n bankr~ptcy. or adm~t m wr;ung ~ts ~nab~hty to pay rts debts as they oecome - 31 make a general assignment for the benefit of credrtors, or (41 fiie a pet~tion or answer seek~ng reorgan~zation or arrangement w~th cred~tors o~ to a~vantage of any msolvency (aw, or (5) fife an answer admrtung the matenat altegahons ot a pet+t~on lded aga~nst the Morigagor rn any bankiuptcy. ~ ~zauon or msolvency proceedmg. or 16) acuon shall be taken by the Mortgagor for the purpose of effecung any of the forego~ng or ~7~ any order iudg ~ o~ decree shall be entered upon an apphcaUOn ot a credrtor or Mortgagor by a court o( competent ~unsd~cUOn approwng a peUt~on seek~ng appantmer~t ~ ' ~cewer or trustee of all or a substanbal part of the Mortgagor's assets and such order. ~udgment or decree shall cont~nue unstayed and ~n effect for any -i o( th~rty (30i consecut+ve days. the Mortgagee may declare the note hereby secured forthwrth due and payable. whereupon the pnnc~pal ~f and the ~n a~crued on the note and all other sums hereby sewred shall become forthw:th due and payable as ~t ait of the sa~d sums et maney were onc~~naHy . ated to be pa~d on such day. and the~eupon the Mortgagee w~thout not~ce or demand may prosecute a su~t at law and or m equ~ty as ii al! mnn~es -~;t here~y had matured pr~or to its i~siitut~on ~ ' S That the Mortgagee or any person authonied by the Mortgagee shatt have the r~ght to enter upon and ~nspect the mortgaged pr~m~ses at at! hmes - ' 6 That any sum or sums wh~ch may be loaned or advanced by the Mortgagee to the Mortgagor at any t~me w~th~n twenty (20> years from t~t~ date • ~ ~~dentufe, together w~th mterest thereon at the rate agreed upon at the t~me of such toan or advance shall be eaually secured w~th and have the sam~ as 1he ongina~ mdebtedness,.~r}~ ~ ec o at1 tne terms and p~ov~swns of th~s mortgaye. prowded that the aggreyate amount of pnnc~pal o~:tstan- : ~+t any t~me shal! not exceed (Sfa11SL or ~f the preced~ng biank ~s not completed lhen an amount egu01 to one hundred dnd f,!ty per reni ~ of the pnnapal amount ongmally sacured hereby shall appty 7 Th~t. ~f reqwred by 1Aortgagee. the said Mortgagor w~ll pay unto tt~e Mnrtgagee. on the f~rst day of each and every consecut,ve rnof~th a surn ~ : } to one-twelhh oi the annuat amount ~ecessary to pay al: taxes and assessments aga~nst the sa~d mortgaged prem~ses. sa~d month'y sum to be es ~?ed sotely by Mortgagee and caiculated to be an amount not less than the amount ot tazes assessed aga:nst sa~d mortgaged prem~ses for the prevw~:s ~ and rf furtheF requued by Mortgagee to pay atl msura~ce prem~ums m manrier and form as prov~ded hereen tor ihe payment of taxes and assessments 8 That ~f this mortgage ~s m connect+on wrth construct~on loan financ~ng, then this mortgage ~s sub~ect to the Construct~on Loa~; Ayreen~e+~t between ihe Mortgagor and the Mortgagee. an executed copy of wh~ch ~s ~n the possess~on ai rne _ .•~gagee a~d is incorporated here~n by refersnce and made a part hereot. any default by Mongagor urde~ sa~d agreeme~t shall const~tute an event ~t - u~der th~s mortgage i 9 That the Mortgagor wdl on the request of the Mortgagee furrnsh a wntten statament o( the amount ow~ng on the obl~gaUOn wh~ch th~s ~norly3g? :~es and th~re~n state whether or not Mortgagor ciaims any defenses or u~isets the~ero 2 ~o~K2$U ~~,cf i - - - - - - ~ { _ - ~ . _ - ~