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HomeMy WebLinkAbout2912 . - --.T-- • ~ r 4. This mort~aps is personal to the Mortgagor herein. and no oonwYaoa shall be made by Mortgagor of tM premises heroin dNCtibed or any part thereof without lust obtainirq tIN prior written consent d the Mortgagee. In tl+s event Mortgages gives this written consent, tits grantee namedar such oon- wysnw shah assume and auras M pay tM obNgation evidenced by tM promissory mote aewred hereby. Any conveyance of tM property heroin described or any part theroof h violation d tM tarns d this paragraph shah entiW Matgsgee to ao0elerob tM payment d tM obligation second heroby and aN sums d money eswrod hereby NtaN. at tM apebn d Mortgages, become dos and payable and in default wMtMr o? not tM saute aro so dw and payable and in default by 1M spaciAc bans hared. ftlelltirtp hareirt oontairtad sltaN be oortsuued to twnstitute • novation or release Mortgagor a any aultaegtrent owttsr d liability or obNgation under iM pamisaory nob secured hereby or this mortgage by rwson of tM aforesaid aswmption d tM obligation under tM rwb second hsroblr, by a wbsegtrertt owner d tM property described herein. 6. That in tM event d • fait being instituted to foreclose this mortgage. the Mortgagee shah be entitled to apply at anytime during such forodostue suit to rite nowt having jurbdiction theroof for tM appointment d e roceiver d aN and singular tM rrtortpeged property. and d aN rents. irtoornes. profib. issues and rowrttras thsrod. from whatsoever scums derived: and tMreuport it is hereby sxprossty oonwnanted and agreed that tM court shah MrtMNith ap- point such reviver with tM usud powers and duties d receivers in like cases: and said appointment shah be made by tM court as • matter of strict ripltt to the Mortgagee. and without rsthronoe to tM adequacy or Madegwcy d the valor of tM property hereby mortgaged, or to tM solwrtcy of insolvertCy d tM Mortgage or any other party debrtdaM to such suit. TM Mortgage hereby spscifiglly waives tits right to obMct to tM appointment d a receiver as aforesaid and hereby exproeely CoMertb that ouch appointment shall be made is an admitted equity and as a matter of absolute right to the Mortgagee and that the aunts may be done vridtotrt rtotioe to tM Mortgagor. 8. That if arty proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether superior or jwtior to the lien d this mortgage. tM Mortgagee may at its option immediately upon institution of such wit or during the psrtdsncy thereof dsdaro this mortgage and the ir:dsbi secured hsroby due artd payable forthwith and may at its option proceed t0 toreclwa this mortgage. 7. To pay sM and ttlflgulal the Doers. fees. charges and expenses of awry kind. including the cost Of an abstract of title to said lands found to be con- venient aexpedient in oortrtection with any wit for the forsclosuro of this mortgage. and also inckrdirtg. whether the Mortgages is obligated to pay same or not, resaonattN attorrtsy's fees incumd a expended at any time by the Mortgages because of the fsikrro of the Mortgagor to perform. comply with and abide by all or any d tM covenants, conditions and stipulations of said promissory note. or this mortgage. in the toroclosure of this mortgage and in collecting tM amount secured hereby with or without legal proceedings. and to reimburse the Mortgages for every payment made or incurred for any such purpose with in- terest front date d awry such payment at the highest rots authorized by law: wch payments and obligations. with interest theroon as aforesaid, shsN bs secured by the lien hsroof. 8. To keep tM building or Duiklirtgs now or heroahsr on said land insurod against loss or damage by fin. extended coverage and other perib, in- cluding war rak in:urartos it awilabN, in a sum not fees than their full inwreble value st the cost and expense of the Mortgagor in a company or oompsniss _ approved by the Mortgages. tits poacy or pdicies to bs hskf by the Mortgages. and such policy a policies of insurance shall haw affixed theroto a Standard New York Mortgegee Clause. makaq all loss a ktssss under such policy or polictes payable to the Mortgages as its interest may appear. and to dekver said policy or policies to tM Mortgagee when issued with the receipts for the payment of the promium therefor: and in the swot any sum of money beownss payable under such policy or poKroes, the Mortgages shah haw the option to receive and apply the same on account of the indebtedness searrod hereby or to permit the Mortgagor to receive and use it, or arty pert therooi, for other purposes, without thereby waiving a impairing any equity, Bert a right under or by virtue of this ntortgags: and tM Mortgages if it deems necessary may place and pay fa such inwrancs, or any part thereof, without being. waiving a affec- ting Mortgages s option to foreclose for broach of this covenant, or srry part thereof, or any right or option under this mortgage. and avsrytuch payment shah bear interest from date thsred until paid at the hpMst rate authorized by law, and all such payments with interest as aforesaid shall bs second by the lien hereof. In the ewrtt arty ktss a damage a suffsrod Mortgagor shah notify Mortgagee of such ktss or damage within forty-eight (48) hours after the happening thereof: the hilure to give such notice shah constitute a default and the Mortgagee shall hew the rights herein given for aN defaults. 9. To permit, commit or suffer no wears and to maintain the improvements at all times in a state of good repair and condition: and to do or psnnit to be dons to said promises nothing that wdl aksr or change the use and character of said property or in arty way impair or weaken the security of said mortgage. 1 n case of the refusal. neglect of inability of the Mortgagor to repair aril maintain said property. the Mortgagee may. st its option. make such repairs a cause the same to bs made and advance monies in that behaH which wms shall be secured by the lien hereof and bear interest at the highest rate authorized by law. 10. To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shall at ell times, during the life of this mortgage. remain in the posssssiort of the Mortgages and in event of the foreclosure of this mortgage or other trensfe? of titb. ell right, titb and interest of the Mortgagor in and to any such abstract or abstracts of titia strait pass io th8 purchaser or $raniss. 11. That no waiver of any covenant herein or in the obligation secured hereby shalt at any time hereafter be held to be a waiver of any of the other terms hereof or of the note second hereby, or future waiver of the same covenant. 12. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. Lability, obligation or encumbrence upon said property as herein provided. it shall not be necessary rtor requisite that the Mortgagee shall first pay the same. 13. That if the Mortgagor shall hit, neglect or refuse for a period of thirty 130) days fully and promptly to pay the amounts required to bs paid by the note hereby second or the interest thereiA specified or arty of the sums of money herein referred to or hereby secured. or otherwise duly, fully and promptly to Ik perform, execute. comply with and abide by each. every or any of the covenants. conditions or stipulations of this mortgage, the promissory nob hereby secured and/or the cortstructiort ban agreement. if arty. then, and in either or in any of such events, withotrt notice or demand. the said aggragate sum men- boned in said promissory note. less ptwious payments. if any. end any and all sums mentioned herein or secured hereby shall become due and payabk ` forthwith or thereafter at the continuing option of the Mortgages as fully and compktsly as ff said agprogats wms were originally stipulated to be paid at f1 such time, anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shall bs entitbd thereupon or thereafter without notice or demand to institute wit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the swot of arty default or breech on the pert d the Mortgagor herourdsr a under said promissory note. the Mortgages shah haw the continuing option to enforce payment of all wms secured hsroby by action at law or by suit in equity to foreclose this mortgage, either or both. concurrently or otherwise. and one action or wit shall not abate or bs a bar to or waiver d the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and satisfaction of said irtdsbtedrtsss. 14. That in the street that Mortgagor shall 111 consent to the appointment of a receiver. trustee or liquidator of all or a substantial part of Mortgagor s assets. or 121 bs adjudicated a bsnluupt or insolvent, or file a voluntary petition in bankruptcy, cr admit in writing its inability to pay its debts as they become due. or 131 make s general assignment for the benefit of creditors, or 14) fik a petition or answer seeking reorganization or arrongsment with creditors. or to take advantage of any irtsolvertcy law, or 15) fik an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy, reorganization or irgohrertcy proceeding, or (81 action •ltall be taken by the Mortgagor for the purpose of effecting arty of the foregoing or 17) any order, judg- ment or dscros shah bs entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving s petition seeking appointment of a receiver a trustee of aN or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for arry period of thirty rmraecutivs days, the Mortgages may dsclaro the note hereby secured forthwith due and payabb. whereupon the principal of and the in- terest accrued on the hots and aN other sums hereby secured shall become forthwith dos and payable as if all of the said sums of raortsy wen originaNy stipulated to bs paid on such day: end thereupon the Mortgages without notice or demand may prosecute a suit at law and/or in equity as if sU monies secured hereby had maturod prior to its institution. 15. That the Mortgages or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. ~ / 6. That arty sum or wms which may bs loaned or advanced by the Mortgagee to the Mortgagor st any time within twenty (201 Years from the date of this indenturo, together with interest thereon at the rate agreed upon at the time of such loan or sdvartcs, shall be equally secured with and have the same priority as the original indebtedness s~ s ct t II the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ding at any time shall not exceed ( 1. or if the preceding blank is not completed. then an amount equal to one hundred artil fifty per cent (15096) of the principal amount originally secured hereby shalt apply. 17. That. if required by Mortgagee, the said Mortgagor will pay unto the Mortgages. on the first day of each end every consecutive month. a sum equal to one-twelhh of the annual amount necessary to pay all taxes end assessments against the said mortgaged premises, said monthly sum to bs es- t~mated solely by Mortgages and calculated to be an amount rtot Isss than the amount of taxes assessed against said mortgaged premises for the previous year, and if further required by Mortgages to pey all insurance premiums in manner and form as provided herein for the payment of taxes and assessntsrtts. 18. That if this mortgage is in connection with construction loan financing. then this mortgage is subject to the Construction Loan Agrsemertt dated - - - - - - - - - - - - - - - - - - - - - between the Mortgagor end the Mortgages. an executed copy of which is in the possession of the Mortgagee and is incorporated heroin by rofsrence and made a part hereof; any default by Mortgagor under said agreement shall constitute sn event of defsuh under this mortgage. 18. That the Mortgagor will on the request of the Mortgagee famish a written statement of the amount owing on the obligation ~yltich this mortgage 'r secures and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 a~3z5 P~z9os