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HomeMy WebLinkAbout2190 2. To permit, rnmmit or culler ao waste cad to maintain the improvements at all times is a state of good ltpsir and condition; and to do or permit to be done to said premises nothing that will slier or chsnge the use and character of said propcrty or in sny s~sy impair or weaken the security o[ this mortgage. Aad in case of the refusal, neglect or inability of the Mortgagor to repair and maintain .aid prupert~, the Alortgagee may. at its option. make such repairs or cause the same to be made, and advance moneys is that behalf. 1. To pay all and singular the to:es, assessments, levies, liabilities, and obligations of every nature oa said described property each and every when due and payable according to law, before they beeorae delinquent, cad to deliver to the Mortgagee on or before March Ifth of each year taz receipts evidencing the payment of all lawfully imposed tszes for the preceding calendar year; to indemnify the blort- agee upon its demand for sll fazes, assessments cad charges that may be assessed upon this mortgage oa the indebtedness secured hereby, and paid by the Mortgagee. without regard to any law heretofore castled or hereafter to be enacted imposing payment of the whole or say part thereof upon the Mortgagee. It is further rnveaanted cad agreed by said psrties that is the event of a suit being instituted to foreclox this mortgage, the Mortgagee shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property. and of all rents. incomes, profits, issues and revenues thereof, fray whatsoever source derived; and thereupon it is hereby ezpre»ly eoveaaated cad agreed that the court shall forthwith appoint such receiver with the usual powers and duties of receivers io like cases; cad »id appointment shall be made by the rnurt as a matter of strict right to the Mort- gagee, cad without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the solreaey or insolvency of the Mortgagors or say other party defendant to such suit. The Mortgagor hereby specifically waives the tight to object to the appointment of • receiver as aforesaid cad hereby ezpre»ly couxnts that such appointment shall be made as as admitted equity and as a matter of absolute right to the Mortgagee and that the same may be done without notice to the I?fortgagor. S. To pay all cad singular the costs, charges and ezpeases, including attorney's fees and abstract costs, «asoaably incurred or paid st say time by the Mortgagee because of the failure of the Mortgagor to perform. eaaply with, and abide by each cad every the sripulatioos, agreements, conditions, and eoveaaats of said promissory note and of this mortgage, or either 6. That the Mortgagor will keep all real and personal propcrty now or hereafter encumbered by the lien of this mortgage insured as may be required from rime to time by the Mortgagee against lo» by Ere, windstorm and other hazards, casualties and eontiageacics for such periods cad for not less than such amounts as may be required by the Mortgagee and to.pay promptly when due all premiums for such insurance. The amounts of insurance required by the Mortgagee shall be the minimum amounts for which said insurance shall be written and it shall be isKUmbeot upon the Mortgagor to maintain such additional insurance as may be accessary to meet cad comply fully with all co-insurance requirements rnntained in said policies to the cod that »id Mortgagor is not a eo-insuror thereunder. losurancc shall be written by a company or rnmpaaies approved or designated by the Mortgagee and all policies and renewals thereof shall be held by the Mort- gagee. All detailed desigoationa by the Mortgagor which are accepted by the Mortgagee and sll agreemeota between Mortgagor cad Mort- agee relating to insurance, now ezistiag or hereafter made, shall be is writing cad shall be a part of this mortgage agreement as fully as though xt forth verbatim herein and shall govern both parties hereto cad their successors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be payable oo the caaccllatioa or termination thereof, shall be given to other chats the Mortgagee. ezcept by proper eodorxmeat affized to such policy and .approved by Mortgagee. Each poligr of insurance shall have a8ized thereto a Standard New York Mortgagee Clause without Cootributioq making all loss or losses under such policy payable to the Mort- gagee as its interest may appear. In the event say sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and spply the same oa atxouot of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or say part thereof, without thereby waiving or impairing say equity, lien or right under and by virtue of this mortgage. Ia event of loss or physital damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee cad the Mortgagee may mate proof of loss if the acme is as made promptly by the Mortgagor. In eveat of foreclosure of this mortgage or other transfer of title to the mortgaged propcrty in eztinguishmeat of the it?debtedaess soured hereby. all right, title and interest of the Mortgagor is and to any insur- aaee policies then is force shall pass to the purchaser or grantee. 7. The Mortgagee may, at its option, and without waiving its right to accelerate the indebtedness hereby secured cad to foreclose the same, pay either before or after delinquency any or all of those certain obligations required by the terms hereof to be paid by the Mort- gagor for the protection of the mortgsge security or for the eollectioa of the indebtedness hereby secured. All sums ao advanced or paid by the Mortgagee shall be charged into the mortgage account and become an integral part thereof, subject io all respects to the terms, rnndi- tions, and covenants ofx3he aforesaid promissory note, cad this mortgage. as fully and to the same eztent as though a part of the original indebtedness evidenced by said note and secured by this mortgage, ezceptiag, however, that said sums shall be repaid the Mortgagee forth- with upon its demand and be in addition to the regular monthly installments provided by the mortgage note. E E- That the abstract or abstracts of title covering the mortgaged propcrty shall at all times, during the life of this mortgage, remain in the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in eztinguishmeot of the indebtedness secured hereby. all right, title and interest of the Mortgagor is cad to any such abstracts of title shall-pa» to the purchaser or grantee. 9. That no wsiver of say covenant herein or of the obligation secured hereby shall at coy time hereafter be held to be a waiver of the terms hereof or of the note secured hereby !0. That is order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay coy taz assessment, liability, obligation or encumbrance upon s:id property as herein provided, it shall cot be aeeeesary nor requisite that the Mortgagee shall first pay the same. ( 11. To the eztent of tht iadebtedaesa of the Mortgagor to the Mortgagee described herein or secured hereby, the Mortgagee is hereby suhrogated to the lien or liras cad to the rights of the owners and holders thereof of each and every mortgage, lien or other ioeumbraate on the land described herein which is paid cad/or satisfied, io whole or is part. out of the proceeds of the loan described herein or secured hereby, and the respective liens of asid mortgagee, liens or other iacumbranees, shall be cad the same sad each of them hereby is preserved, and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same eztent that it would have been preserved and would have been pasxd to and beta Geld by the Mortgagee dad it been duly and regularly assigned, transferred, set over, cad delivered unto the Mortgagee by separate deed of assignment, notwithstanding the fats that the same may be satisfied snd eaocelled of record, it being the intention of the Partin hereto that the same will be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 12. If any of the sums of money herein referred to be not promptly sad fully paid within thirty (30) days next after the same sever- all~~ come due and payable, or if each and every the atipulatioas, agreements, rnoditions and covenants of said promissory Dote cad this mort- Kane or either, are not duly performed, complied with and abided by, the aggregate cum mentioned in said promissory note or otherwise secured hereby shall become due and payable forthwith or thereafter at the option of the Mortgagee; as fully and Completely as if said aggre- '53 Ratc sum of money was originally atipulatcd to be paid oa such day, anything is said promissory note or herein to the contrary notwithstanding. 13. The Mortgagor, its successors or assigns, is to comply with the terms snd conditions of a construction loan agreement between the ~K Mortgagor and the Mortgagee, an ezecuted copy of which is in the possession of the Mortgagee and said rnnstruction loan agreement is hereby inrnrporated herein by reference and made a part hereof, and any default by Mortgagor under »id eoostruction loan agreement sltfll be rnnasdercd as event of default under this mortgage. ~ 14. It is hereby ezpressly agreed that the Mortgagee, its successors and assigns will release from the lien of this mortgage any of the Iota dreribed herein upon which there has been rnnstructed a building upon the payment by the Mortgagor to the llfortgagee of such sums as have been advat?eed by the Mortgagee on the lot or tots to be released, together with accrued interest, provided that the Mortgagor, its successors or assigns are not in default under any of the terms or rnnditions of this mortgage or any obligation or liability secured hereby, and have fully complied with the terms and conditions of the Construction Loan Agreement between the Mortgagor and the Mortgagee. 'i 88