HomeMy WebLinkAbout2829 e. To per[orm, comply with and abide by each sad every ttlpulation, agreement, eoaditroa sad covenant in aid promssory note sad decd
cot forth.
7. In the event Jurisdictloa of the U. S. Dlctriet Court shall be Invoked by or the Mortgagor~~under nay of the provisions of the
Federal IIaakruptey Act, such action, whether voluntary or Involuntary oa the part of the Mortgagor, slwU automatically, without twtioe, no-
celeste the maturity of all sums ~ money herein described sad secured and tba same shall thereupau become due sad payabb forthwith
as fully as II the said aggregate sums of money wero originally stipulated to bs paid oo such date.
8. To deliver to aid Mortgagee m or beforo March 15th of each year, tar reoeipb evidencing the payment of all lawfully imposed farce
for the reording calendar year, and to deliver to said Mo ee, receipts evidencing the payment of all lieru for public improvemenb within
ninety ~!0) days after the same shall become due and payaand to y ~ discharge within nirrcty (90) days after due date, an and all
governmental kvia that may be made on the mortgaged property. on this mortgage or note, oar is nay other way resulting from the Mortgage
indebtedness secured by this age; and if tlrb condition be not complied wtth and
which shall become mo~t~ bear performed, said mortgagee may pay such sum or sums
payable mon i~ of the debt secured by this mortgage, and shall interest at the default me provided in said promissory note
thly until paid or aid Mortgagee may elect that aid mortgage debt thereupon become due and payable forthwith.
9. It Is further ooverwated and agreed by aid parties that in the event of a suit being in:tituted to foreclose this mortgage, the Mortgagee
shall be entitled to apply at any time pending such foreclaatrre suit to the court having Jurisdiction thereof for the appppoointment of a receiver
of all and singular the mortgaged pproperty, and of all the rents, incomes, profits, issues and revenues thereof, from whatsoever source derived•
and thereupon it is hereby e:pcassty covenanted and agreed that the court shall forthwith appoint • receiver of said mortgaged Property. a)i
and sirrg~ular, and of such reab, incomes profits, issues and revenue thereof, from whatsoever source derived, with the usual powers and
auaes aoff receiver: In L'ke cases; and suer appointmenc sluU be erode by such court as a matter of strict righc to the Mortgagee, its :ucc~essors,
legal representatives a assigns, sad without reference to the adequacy or trradequacy of the value of the p hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, and that such read, profits„ in isatres and revenues shall be a~by such receiver to the pay-
ment of the mortgage indebtedness, costs and charges, according to the prier of snd? court.
10. If all or any part of the property ~ an interest therein b Gold air transferred by mortgagor without mortgagee's prior written consent,
excludln (a) the creation of a lien or encumbrance arbordinate to thL (b) the creation of a purchase money security interest for
house appliances, (c) a transfer by devise a detaent, or by operation of Lw upon the death of a Joint tenant, or (d) the grant of any
leasehdd interest of three yyeeaars a lea not containing an option to rchasa, gages may, at tb ~pt~ao, declare all the sums secured by
this mortgage to be immediately due and payable. Mortgagee shall have waived such oaele Ef prior to the ale or transfer,
option to a me
mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that t~e credit of such person is at-
isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such me a: Mortgagee shall request.
11. That in the event the pr+amises hereby mortgaged. or any part thereof. shall be condemned and falcon for public use under the power
of eminent domain, the Mortgagee shall have the right to demand that aIl damagq awarded for the taking of or damages to said premises
:hall be- paid to the Mortgagee up to the amount then unpaid on this mortgage and at the optiar of the Mortgagee may be applied upon
the payments but payable thereon.
12. The mortgagor binds himself not to erect or permit to be erected any new buildings on the. premises herein mortgaged or to add to
or permit to be added to any of the ezisting improvemenb therein or make air changes or altentioru in said improvements which materially
chapge the same or the use thereof, without the written consent of the Mortgagee, andm the event of any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby shall imrrrediately become due and ooDectible at the option of the Mortgagee.
13. It is specifically agreed that time is of the essence of this contract and that no waiver of any obli~;a~ion hereunder or of the obligation
secured hereby shall at any time be held to be a waiver of the terms hereof or of the iastnrment secured hereby.
14. If foreclosure proceedings of any second mortgage or second trust deed or an junior lien of any kind should be instituted, the Mort-
! gages may, at its option, imm rate or thereafter declare this mort yy
may at its o ~ gage end the indebtedness secured hereby due and payable forthwith, and
ption proceed to foreclose this mortgage.
15. To the extent of the indebtedness of the Mortgagor to the Mortg~aagee described herein or secured hereby the 1?iortgaggec is hereby
subroga~ed to the lien or lieru and to the rights of the owcers and holders thereo[ of each and every mortgage lien or other incumbrance on the
land described herein which is paid and/or satisfied in whole or in part out of the proceccls of the ban described herein or secured hereby
and the respective lieru of said mortgages, liens or other incumLrances shall be and the same and each of them hereby is preserved and shalt
pass to and be held by the Mortgagee herein as security Eor the indebtedness to the Mortgagee herein described or hereby secured, to the carne
extent that it would have been preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly
assigned, transferred, sM over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the faM that the svne may
be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record Ly the
holders thereof at or shout the tune of the recording of this mortgage.
18. To pay all and singular the costs, charges and expenses, including la er's fees, reasonably incurred or paid at any time by the \fort-
g:,gee, because of the failure of the I?tortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions,
and covenants of said promissory mote and this deed, or either, and every such payment shall Lear interest from date at the default rate pro-
vided in said promissory note.
17. When any amount of to be paid by the Mortgagor to the Mortgagee under the terms hereof shall be in defarilt, or should the
~tc~rtgagor default in any of ther terms, pprovisions or rnnditions of this Mortgage, then and in that case the Mortgagee shall have the
right, without notice to the Mortgagor, to coAect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
paving all commissions of any rental agent collecting the same, and any reawnable attorneys fees and other necessary. expenses incurred in
collecting same, to apply the proceeds of such collcrtions upon env indebtedness, obligation or liability, of the Mortgagor hereuruier. The
right granted the Iltortgagce under this paragraph shall be in addition to, acrd shall not limit or restrict, any other right or rights granted the
i ??mrtgagce in this Ilfortgagc.
18. If the Mortgagors at the time of making this Mortgage or subs.~qvent thereto take out life insurance designating the Iliortgagcr. licrein
as Ix•neficiary with a company approved by the I1lortgagce or assigns policies to the Mortga ee for the purpose of securing d,e moriga ~e loan
beech secured, then the Mortgagee shall have the right to pay any premirrrrr accruing u~er said policies, and all sums so expcndecl s~iall he
ad,led to and become a part of the principal indebtedness secured by thiss Mortgage and shall be paid by tlu~ lliortgagor to the AtortgegAc
in twelve ~ r,al consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment
i due under ~is hlortgaRe in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate
~ at which interest is payable upon said principal indebtedness and the lien of this Mortgage shall extend to and secure the sums so expended
together ~~~th interest thereon as hereinhefore provided.
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19. At mortgagee's option, together with and in addition to the monthly payment of principal and interest payable under the terms o[ the
note: secured hereby, Mortgagor shall pay to Mortgagee each month until said note fs fully paid, orre-twelfth (1/12) of a sum ec ual to the.
auroral premium due for fire, extended coverage, and other hazard iruurance including flood insurance, covering the mortgaged property,
ph,s taxes and assessments next due on the mortgaged property (a11 as estimated by 1ltortgagee) less all sums already paid therefor, and to I,e
divided by the number of months to elapse prior to the date when such tares and assessments shall become delinquent. Said sums shall 1,e
i held by ittortgagee in trust or credited to the principal of the loan, to pay said insurance, taxes, and assessments and shall be applied on the
payment thereof when due. Any excess held in trust by ;Mortgagee when said loan is paid in full shall be paid to Mortgagor, or his assigns
g or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any costs of damages srrstaineci
in connection with the collection of the note secured hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
its oopption waive, and after any such waiver, reinstate any or all provisions ~rereof requiring such deposits, by notice to lliortgagor in writing.
~~'hile any such waiver is in effect, Mortgagor shall pay tares, assessments and insurance premiums as herein elsewhere provided.
20. Mortgagor shall comply with. the provisions of any lease, if this mortgage is on a leasehold. If this mortgage is on a condominium unit,
mortgagor~ha perform all of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulations of
the condominium project and rnnstitueot documents. Mortgagor further Covenants that he and the associatfon responsible !or the operation
of the condominium will observe all of the provisions of the said declaration, and any amendments thereto, and of the Condominium law of
the state, and will perform all obligations thererrnder• and a failure to do so which is not cured within 30 days after notice given by the Mort-
¢agec to the mortgagor and the said association shall corutitute a default Hader this mortgage. Mortgagor further specifically covenants, but not
by way of limitation, that he and the association will observe all of the provisiors of said declaration of condominium relating to insurance
coverage. z
21. bortgagor further covenants and agrees that at the request of Mortgagee to famish a standard termite bond insuring a ainst damage
Ly infestation on the buildings now or hereafter located on the mortgaged property, in such amounts and terms, and with such company as
approved and required by Mortgagee; and in the event Mortgagor does not comply with this covenant Mortgagce shall have the same rights
~ to obtain same as insurance coverage under covenant Jt3 hereof.
22. That in the event that this mortgage is given to secure a oonstnrction loan failure an the part of the 11Eortga or or the Mortgagors
contractor, architect, engineea, or sub-contractors to comply with the terms of tie Construction Loan Agreement ~ even date herewith,
which is by reference incorporated herein, shaD, at the option of the Mortgagee, oorrstitute • default hereunder.
23. If the mortgaged premises b other than a one to four family dweWng, the Mortgagor oovenanb and agrees that he will. not Later
than thirty (30) days after the end of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and bss
statement reflecting the Mortgagors liabilities as welj as profit and loss for the fiscal ,and such balance sheet and profit and leas state-
meet shall be prepared by a certified public accountant licensed is the State of Fbrid~
arnd :hall be certified as being correct by such oert!-
fied public aotwuntarii.
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