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HomeMy WebLinkAbout0989 8. To perform, oanply with ttmd abide by each and ovary stipulatbn. agreement. coodiUom and atvetunt in said promissory note and deed set forth. 7. In the event the jurisdiction of the U. S. District Court shall be tmvoked by or a east the I?lortgagor~~under any of the provisions of the Federal Bankruptcy Act, such action, whether voluntary a involuntary oa the part of the Mortxagw, shall autouuticaUy. without notice, no- celerate the maturity of all sums of morKy herein described and secured and the same shall thereupw booonre due and payable forthwith as fully as if the said aggregate sums of wooey were originally stipulated to be paid on arch date. 8. To deliver to acid Mortgagee om er before Marcb 1Sth of eacb year, tar rrceipb evidencing the payment of all lawfully imposed tun for the preceding calemciar year. and to deliver to said Mort Magee, rcceipb evidencing the payment of all lierss Eor public improvemeab within r?inety (90) days after the saute shall become due and Qayab~, and to pay or discharge within nicety (90) days after due date, anr and all - Aovernn?ental levers that uray lee made on the mortgaged Property, on this mortgage or note, or in any other way resulting from the I?iorigage indebteclrreaY secured by this mort}~,age; and if this cornlitia? l,e not complied with acrd perfomred, said mortgaKee maY paY such sum or sw?u which shall become part o[ the debt secured by this mortgage. and shall bear interest at the default rate provided in said promissory mote payable monthly until paid or said I?lortgagee cony elect that said mortgage debt thereupon became due and payable forthwith. 9. It is furtl?er cmenanted and agreed by acid parties that in the event of a suit being instituted to foreclose this mortgage, the Mortgagee shall l,e entitled to apply at any time pending such forerlnaure suit to the court having jurisdiction thereof for the appimtrnemt of a receiver of all and singular the mortgaged property, and of all the nuts, ipcoun•s, profits issues acrd revenues thereof, from whatsoever soune derived- aud thereupon it is hereby expressly covenanted and agreed that the court shah forthwith appoint a receiver of said tnorigaged property, a)i and singular, std of sucL rents, incomes, profits, issues erect revenue thereof, Iran whatsoever source derived, with the usual powers and duties of receivers in like cases; and such appointment shall he rn:tdr by such court as a matter of strict right to the I?tortgagee, its successors, legal representatives or assigns, and vvithont referetxr to the adequacy or imadegwcy of the value of the property hereby nartgaged, or to the j soleency or iruohertcy of the Mortgagor, and that such rent, profits, income, issues and revenues shall be applied by such receiver to the pay- ment of the mortgage inclebteclness, costs and charges, acconling to the order of such court. !0. if all. or any part of the property or an interest therein b sold or transferred by mortgagor without mortgagee's prior written consent, ezchding (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) tlto creation of a purchase nwney security interest for horuehold appliattces, (c) a trarufer by devise or descent, or by operation of law upon the death of a pint tenant, or (d) the grant of any leasehokf interest of three years or leis not containing an option to purchase, mortgagee may, at its option, declare all the sums secured by this narigage to be immediately due and payable. Mortgagee shall have waived such option to accelerate if, prior to the sale or trarufer, mo~tgagc*e and the person to whom the property is to be sold or transferred reach agreement in writing that the credit of such person is sat- isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as I?torigagee shall request. 11. That in the event the premises herel.y mortgaged, or any part thereof, shall be condemned and taken for public use under the power o} eminent domain, the 1?iortgagce shall have the right to denrard that all damages awarded Eor the taking of or damages to said premises shall be paid to the Mortga¢ee up to the amount then unpaid on this mortgage and at the option of the Mortgagee may he applied upon the payments last payable thereon. 12. The mortgagor birds himself not to erect or permit to be erected any crew buildings on the premises herein mortgaged or to add to or pc•nnit to be ad~ed to any of the existing improvements thereon or make any changes or alterations in said improvements which materially chance the carne or the use thereof, without the written consent of the Mortgagee, and in the event of any violation or attempt to violate this stipulation this mortgage and all stuns secured hereby shall immediately become due and collectible at the option of the 1?tortgagee. 1:3. It is specifically agreed that time is of the essence of this contract and that no waiver of any obli •ation hereunder or of the obligation secured hereby shall at any tune be held to be a waiver of the terms hereof or of the irutrumtent secur~ hereby. l4. If foreclosure proceedings of any second rrarttage or second trust deed or any junior lien o[ any kind should be instituted, the ~tort- cacc may, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, aril may at its option proceed to foreclose this mortgage. j l5. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgagee is hereby -uhroggatecl to the lien or liens and to the rights o[ the owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby and the respective liens of said mortgages, liens or other encumbrances shall be and the same and ead? of them hereby is preserved and shall paw, to and be held by the Mortgagee herein as security for the indebtedrtess to the Mortgagee herein described or hereby secured, to the same extent that it would have been preser•ecl and would have peen passed to and been held by the Mortgagee had it born duly and regularly assi_nccl, transferred, set over and delivered unto the 1ltortgagee by separate <lecel of assignment notwithstanding the fact that the same may h.• satisfied acrd carxrll•d of record, it being the intention of the parties hereto that the same will be satisfied and caacellexl of recrnd by the holders thereof at or about the time of the recording of this mortgage. 1G. To pay all erect singrdar the costs, charges aril expenses, including la Prs fees, reasonably incurred or paid at any tune by the rlori- i II cage, became of the failure of the ltori¢agor tc~ perform, comply with and abide by each and every the stipulations, agreements, conditions, and cYr~-enants of said promissnr}• note aril this deed. or either, and every such payment shall bear interest from date at the default rate pro- s•idc•el in said promissory note. 1 ; . ~~'ben any amount of to be paid by the Mortgagor to the 1lforigagee under the terms hereof shall be in default, or should the i ~fortgacor c!<•fault in any of then terms, previsions or conditions of this 111oricage, then and in that case the 111ortt:agee shall have the ~ ri:;ht, without notice to the \toricagor, to collect and receive from any tenant or lessee e>f~ said mortgaged premises the rents, issues and ! profits of the real estate hereby mortgaged noel the improvements thereon, and to give pro~ter receipts and acquittances therefor, noel after f pavinti; :ell commiaions of any rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurred in i c ~ o(lr•cting same, to apply the proceeds of such collections anon env indebtedrtess, obligation or liability, of the Mortgagor hereunder. The ri~,ht granted the Mortgagee antler this parrgraph shall be in addition to, and shall not limit or restrict, any other right or rights granted the \tort,agee in this Mortgage. 15. If the Mortgagors at the time of making this Mortgage or sulrs~uent thereto take oat life insurance desi¢natinq the lltortgagee herein as iw•neficiar- with a rnmpany approved by the Mortgagee or assigns policies to the Mortgagee for the purpose of securing the mortgage loan h~•rrbv secnrecl, then the Aiortga¢Pe shall have the right to pay any ppremium aeenring under said policies, noel all sums so expended shall be a~!cled to and IrPCOnre a part of the principal indebtedness secured by this Mortgage ant) shall be paid by the Mortgagor to the Mortgagee in twelve e~c)ual rnnsecutis•e monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment due under this 1ltortga¢e in the first calendar month fe>>bwing the expending of said sum. Such sums so expended to bear interest at the rate at which interest is payable upon said prircppa) irxlPhtedncss and the lien of thls Mortgage shaD exterod to and secure the sums so expended taether with interest thereon as hereinbcEore prmided. 19. At mortgagee s option, together with and in addition to the monthly payment of pprincipal and interest payable under the terms of the t note secured hereby, Mortgagor shall pay to Mortgagee each month until said note is fuDy paid, orte-twelfth (1/12) of a sum equal to the ennna) premium dire for fire, extenled coverage, and other hazard insurance including fEllood iruurarrce, covering the mortgaged property, 5 plus taxes noel assessments nett deco on the mortgaged property (all as estimated by Mortgagee) less all sums already paid therefor, and to be di.•idecl by the number of months to elapse prior to the date when such tares and assessments shall become delinquent. Said urns shall be hr•Id by Afortgagce in total or credited to the principal of the loan, to pay said irtsrrrartce, tares, and assessments and shall be applied on the payment thereof when due. Any ezcess held in must by Mortgagee when said loan is paid in full shall be paid to Mortgagor, or leis assigrts, n: personal representatives. In the event of a default or foreclosure, said surrts held in trust may be applied on any costs of damages sustained c in rnnnection with the collection of the rate stcnrcd hereby whether by suet, foreclosure, a otherwise. Mortgagee rosy from time to time at its oplion waive, noel after any such waiver, reinstate any or all provisions hereof requiring such deposits, by notice to Mortgagor in wnitimg. ~t•hile any such asaiver fs in effect, ~terigagor shall pay taxes, assessments and insurance premiums as hevein elsewhere provided. 20. Mortgagor shall comph• with the Provisions of any lease, if this mortgage is on a leasehold. If this mortgage is em a condominium unit, mortgagor shall perform all o~ mortgagors obligations order the declaretion of eondomininm or master deed, the by-laws and regulations of ~ the conclomininm project and corrstihrent documents. Mortgagor hrrther covemanb that he and the association ble for the operation 1 of the condominium will observe all of the provisions of the said declaration, and any amendments thereto, and the Condominium law of e ihr Crate, flncl Will perform all obllgatlORS thPTPlmder; and a failure to do SO which is not cured within 30 days after notice given by the MOrt- f eaee'P to the mortgagor and the said association shall corutitute a elefauk under this mortgage. Mortgagor further specifically rnvenants, but not by way of limitation, that he and the association will obsern sD of the provisions of said declaration of rnndominium relating to insurance coverage. 21. Mortgagor further covenants and agrees that at the request of 1?torigagee to famish a standard termite bond insuring a~n~t damage by infestation on the buildings raw or hereafter located on the mortgaged property, in such amounts and terms, and with such company as approved and rectnired by Mortgaace: and in the event !?fortgaROr does not comply with this covenant Mortgagee shall have the same righb to obtain same as insurance coverage under covenant ~3 hereof. i 22. That in the event that this mortgage is given to secure a construetiom loan, failure on the part of the Mortgagor or the Mortgagors contractor, architect, engineers, or sub-contractors to comply with the terms of the Construction [.can Agreement of even date herewith, xhich is by reference incorporated herein, shall, at the option of the Mortgagee, ear?stltute a default hereunder. a 23. If the mortgaged premises b other than • one to four family dwelling, the 11tort~!agor oovemants and agrees that he will, not later than thirty (:30) days after the end of the fiscal year, famish unto the Association a canplete and accurate balance sheet and profit and leas statement reflecting the Mortgagor's liabilities as well as profit and loss For the fisca) year, and sucb balantce sheet old profit acrd loss state- i 1 _t._u r~ .._._..,.e.t s......,e...:a"t .,..t,tL, s.,.,.,....ro..: 1:.,...~..t r.. el,. c•ee..,F F'4.dr1..,,.I cl.nl) M rwf:fiw,l ie 1„ino rnrr.rt iv e.v.l..w.*:- ?