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HomeMy WebLinkAbout0689 ~ ~ -3?-- - - - - - - _ . 4. Thb mortgage b personal to tM Mortgagor herein, and no oorweYanoe shsN be made by Mortgagor d the premises herein described or arty part thereof without feat obtaiiw3g tlti prior writtsrt consent of thi Mortgages. ht the strastt MOrtgsget Mb written cor:ssnt. Ztse grartlee named in such cor?- veyanq shah aswme and aptea to pay tM Obligatior? widartoad by the prontiesory rwte seWrod hereby. Airy oonwyana d tM property herein described or any (part theroof in violation d the tsrrns d fhb paragraph shah entitN Mortgagee to aooabgb tM payment d tM oblpation arxrred hereby and aN sums d nwrtey secured hereby Mra{I, at tlra option d Morsgagee. baconta due and payabb and in dNatrlt whetltar or not the Mme aro eo des and payabb and in default by the spacillc terms hereof. Nothirtg hsroirt oorrtairred NtaM ba oorrstrwd to oortstituta • rtovation or roleaee Mortgagor or arw wbaegrrertt owner d IiabiNty a obligation under tM promissory nob secured hereby a 11th ntortgega by mason d tM aforesaid aswmptiort d tM obligstiort urtder tM rwb secured hereby. by • strbaegtrsrrt owrrsr d tlts property described heroin. 6. That in tM event d a suit being irtetituted to foreclose thb ntortgege. the Mortgagee ahaN be entitkid to apply at any tints durirp such foreclosure wit to tM court having jurisdiction thered for the appoirtment d a roceiwr d atl and singular tM mortgaged property. and d aN rona. incomes. profits. issues and reverttres thereof. from whatsoever source derived: and tlterotrpon it b haroby expreMq? oor?wrranted and agreed tMt tM court shall forthwith ap- point such receiver with the usual powers and duties d teaivers in l'ke canes: and said sppointnrant shall be made by tM court es a mater of strict right m the Mortgagee. and without rofaronee to tM adaptracy or inadequacy d tM valor of tM property hereby ntortgsged, a to the solvency or imoh!ency d tM Mortgagor or arty otha? party dsfsrtdant to such suit. Ths Mortgagor harobtr apacifioaW waives site right to object to tM appointment d • roaiwr a atoressid and hereby expreply oonants that wch appoirttntant shall be made as an admitted puny and as a mater d absolute right to tM Mortgagors and that the same may be done without notiq to tM Mortgagor. 8. That ii any proceedings should be instituted agsirat the property otiwred by thb nartgage upon any other lien a claim wMther wperior or junior to the Tien d this mortgage. tM Mortgagee may at its option immediately upon institution d sud? suitor during the pendsrtcY thereof declaro thb rrwrtgage and tits irdebtedness secured hereby des and payabb forthwith and may at ib option proceed to Mreclose this mortgage. 7. To pay sp and singular the coats. fees. charges end expartses d every kind. including the cost d an abstract of tiW to said lands found to be con- venient or expedient in cortrrection with srry suit fa the iorecbwro d fhb martgaga. attd also indtditrq. wMther the ft.!ortgsgae is obligated to pay same a no:. raasorrsble attorney's fees incurred or expended at any time by tM Mortgagee because d the tailuro d the Mortgagor to psrfortrt. comply with and abide by all or any d the covenants. oorrdrtiorts and stipulations d said prombaory note. or this mortgage. in tM Mrodowro of thb mortgage and in coNecting tM amount securod heroby with a wiMout bgal proceedings. and to reimburse the Mortgages for every payment made a incurred for any such purpose with in- terest from date d every such payment at rite highest rate authorised by law: such payments and obligations. with interest theroon es aforossid, shsU be ;o~:::~ by site lien ltas'8o!. 8. To keep the building or buildings now or hsreatter on said land insured agairwt bes or damage by fire. extsrdad coverage and other perib, in- cluding war rbk irrwrsrrce if availabb, in a wm not lees tMn their fuN inwrabls valve at the cost and expsnes of tM Mortgagor in a company or oompsrties approved by the Mortgagee. the policy or policies to be hskd b1? the Matgagss. and such policy or policies of inwrant:e shall have affixed tMroto a Standard New York Mortgages Clause. malting ell loss or bases under such policy a policies paysbb to the Mortgages es its interest may appear. and to dslivar.said policy or pobcies to the Mortgagee when issued with the receipts for tM payment d tM premium tMrotor: and in the event any sum of money becomes payable under such policy or policies. the Mortgagee shall haw the option b receive and apply the same on account d the indebtedness scarred hereby or to permit the Mortgagor to roceive and use it, a any part thsroof, for other purposes. without thereby waiving or impairing any equity, lien a right under or by virtue of this mortgage: srd the Mortgages if it deems necessary may place and pay for such imuronce. or any part thsred. without bairq. waiving or effec- ting Mortgagee i option to foreclose for broach d thb rroverrant. or any part therod. or any right or option unde? this mortgage. and every such payment shah bear interest from date thsrsd until Wb at the higl+est rats authorized by law. and aN wch payments with interest es aforesaid shall be searrod by the lien hereof. In the event srry loss a damage b wlbrsd Mortgagor shad notify Matgagss of such loss a damage within forty-epht (481 hours after the frappsrwq thereof: the fsiluro to give such rrotics shall constitute a deisuh and tires Mortgages shall have the. rights herein given for all defaults. y. 10 permit. COnrmlt O< w8er rio weals mill iu mwwiiwin ii w' iii`~~iTvi.'i~iris 3i sr. t:s:.r ~ ~:a:~ a,: ~~~.s a:._ . be done to said promaes nothing that will alter or change the use and character of said property or b any way impair or weaken the security d said mortgage. Incase of the refusal, neglect or inability d the Mortgagor to repair end maintain said property. the Mortgages may. at its option. make such repairs or cause the same to bs made and advance monies in that behaN which wms shall bs ascurod by the lien hereof and bear interest st the hphest rats authorized by taw. 1 O. To deliver tM sbatract a abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shall at alt times. during the I~te of this mortgage. remain in the possession of the Mortgages end in event of the foreclosure of this mortgage or other transfer of titb. all right, title and interest of the Mortgagor in and to any such abstract or abstracts of titb sfrall pass to the purchaser or grantee. 11. That no waiver of any covenant heroin or in the obligation securod hereby shall at any time hsroafter be held to be a waiver of any of the other terms hereof or of the note secured hereby. or torero waiver d the same a~venant. 12. That in order to socelerate ttrs maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. tiab~liry, obligation Or encumbrance upon said property as herein provided. it shall not bs necessary nor requisite that the Mortgagee shall first pay the same. 13. That if the Mortgagor shah fad, neglect or refuse for a period of thirty 1301 days fully and promptly to pay the amounts roquired to bs paid by the Hate hereby secured or the intsrost therein specified or any d the wms of money herein referred to or hereby securod, or otlrerwiss duly. fully and promptly to perform, execute. comply with and abide by each. every or arry d the coverants. conditions a stipulations of this mortgage. the promissory nob hereby C secured and/or the construction loan agreement. if any, then. and in either or in any of wch events. witftout rwtice or dsmsrd, the said aggregate wm men- tioned in said promissory note. kiss previous payments. if any. and any and all wms msntiatsd herein or sscurod hereby shah bscorne des and psysbb forthwith or thereafter st the continuing option of the Mortgages es fully and oomplately es if said aggregate wms were orpinally stipubted to be paid at i such time, anything in said promissory rwte or herein to the oorftrary notwithstanding, and the Mortgages shell bs en6tkrd thsroupon or thsrsaher wiHaut I notice or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hsroundsr or under said promissory note. In the event d any default or breach on the part d the Mortgagor Mrsunder or order said prombsory nob. tM Mortgages shah haw the continuing option to enforce payment of at1 wms secured hereby by action st law or by wit in equity to foreclose this mortgage. either or both. concurrently or othsiwise, and one action or wit shall not abate or bs s bar to or waiver of the Mortgagee's riatt to institute or maintain the other, provided said Mortgagee shall have ordy one payment end satisfaction of said indebtedness. 14. That in the event that Mortgagor shall I1) consent to the appointment of a receiver. trustee or liquidator of ell a s wbstantisl pert of Mortgagor s assets. or 121 bs adjudicated a banlwpt or insolvent, or file a voluntary petition in bankruptry. or admit in writing its inability to pay its debts es they become due, or 131 make a general assignment for tM benefit d creditors. a 141 fib a petition or answer seeking rsoryanization or arrsrrgsmsnt with creditors. or to take advantage of any insolvency law, or (fi) fib an answer admitting the material allsgatiorrs d a petition filed against the Mortgagor in any bankruptcy, rearganization or insolvency proceeding. or (8) action shah be bkan by the Mortgagor for the purpose of stfectirrg any d the foregoing or 171 any order. judg- o :sags shall bs entered upon an application of a creditor or Mortgagor by a court d competent jurisdiction approving a petition seeking appointment of a receiver or trustee of aN or a wbsbntial part d the Mortgagor a aeseb and such order. jtrdanant or decroe shall continue unstayed and in effect for any period of thirty (30) consecutitrs days. the Mortgages may declare the rests hereby securod forthwith due and payabb, whereupon the principal d and the in- terest accrued on the note and su other wms hereby escurod shah become forthwith due and payable es if aU of the said wms d money wero originally snpulated to be paid on such day: and thereupon the Mortgages without notice or demand may prosecute a wit at law and/or in equity es if all monies secured hereby had matured prior to its institution. 15. That the Mortgagee or any person authorized by the Mortgagee shall haw the right to enter upon and inspect the mortgaged premises at all reasonable times. 16. That any wm or wms which may bs loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 1201 Years from the date of this indenturo, together with intsrost thereon at the rob agreed upon at the time d such loan a advance. shall be equally secured with end haw the same priority as the original indebtedness and be wbject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ding at any 6me shall not exceed IS 1. or if the preceding blank is not compbted, then an amount peel to one hundred and fifty per cent t t 5096) of the principal amount originally secured hereby shall apply. ` 17. That, if roquired by Mortgages, the said Mortgagor will pay unto the Mortgages. on the first day of each and awry consecutive month, a win equal to one-twelfth d the annual amount necessary to pay ell taxes and essessrnrents against the said nrortgsgsd promises, said monthly win to be es- timated solely by Mortgages end calarlated to be an amount not bes than tM amount of taxes assessed against said mortgaged premises for the proviotrs year, and if further required by Mortgagee to pay all irtwrartcs premiums in manner and fomn es pravidsd heroin fa the payment of taxes end assessmsnb. 18. That if this mortgage b in axrnsction with construction ban firHrrcirrg, then this mortgage is wbject to th0 Construction Loan Agreement dated N A bttwesn the Mortgagor and the Mortgages. an executed Dopy d which a in the possession d the Mortgages and is irrborporeted herein by rsfererrce and made a part hereof: any dsfauh by Mortgagor under said agreement shat) constitub an event d. defauh order this mortgage. 19. That the Mortgagor will on the request of the Mortgagee famish a written statement of the amount owing on the obligation which this mortgage secures end therein state wfrstMr or not Mortgagor claims any defenses a offsets thereto. t { 2 t~