HomeMy WebLinkAbout1984 a
4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thereof.
S. To pay all and singular the costs, charges and expenses. including reasonable lawyer's fees and cost of abstracts of
title. incurred or paid at any time by said Mortgaget because and/or in the event of the fiilure on the part of the said
Mortgagor to duly, promptly and fully perform, discharge, execute. effect, complete, comply with and abide by each and
every the stipulations, agreements, conditions and covenants of said promissory note, and this mortgage, any or either, and
said costs. charges and expenses, each and every. shall be immediately due and payable, whether or not there be notice, de
mand. attempt to collect or suit pending; and the full amount of each and every such payment shall bear interest from the
date thereof until paid at the rate of ten per centum per annum; and all said costs, charges and expenses so incurred or paid,
cogeeher wieh such interest, shall be secured by the lien of this mortgage.
6. That (a) in the event of any breach of this mortgage or dttault on the part of the Mortgagor, or (b) in the tvent any of uid
sums of money herein referred to be not promptly and fully paid within ten days next after the same severally become due and
payable, without derrund or notice. or (c) in the event each and every the stipulation, agreements, conditions and covenants of said
promissory note and this mortgage, any or either,are not duly, promptly and fully preformed, discharges, executed, effected, .
completed, complied with and abided by, then, in either or any such event, the said aggregate sum mentioned in said promissory
note then remaining unpaid, with interest accrued, and all moneys secured hereby, shall become due and payable forthwith, or
ehereahei, at the option of uid Mortgagee, as fully and completely as if all of the uid sums of money were originally stipulated to be
paid on such day, anything iri-uid promissory note, and/or in this mortgage to the contrary notwithstanding; and thereupon or
thereafter at the option of said Mortgagee, without notice or demand, suit at law or inequity, theretofore, or thereafter begun,
may bt prosecuted as if all moneys secured hereby had matured prior to its institution.
7. That in the event that at the beginning of or at any time pending any suit upon this mortgage, or to foreclose it,
or to reform it, and/or to enforce payment of any claims hereunder, uid Alortgagee shall apply to the court having jurisdiction
thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of uid mortgaged property all and
singular, including all and singular the rents, income, profits, issues and revenues from whatever source derived, each and every
of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and
habtndum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted by a
court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said
Alortgagee. and without reference to ehe adequacy or inadequacy of the value of the property mortgaged or to the solvency or
insolvency of uid Mortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by
such Receiver according to the lien and/or equity of said Mortgagee and the practice of such court.
8. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the Afortgagor under any of
the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntary on the part of the Afortgagor,
shall automatically, without notice, accelerate the maturity of all sums of money herein described and secured and the ume
shall thereupon become due and payable forthwith as fully as if the uid aggregate sums of money were originally stipulated
co be paid on such date.
9. To deliver to said Mortgagee on or before March 1 S th of each year, tax receipts evidencing the payment of all lawfully
imposed taxes for the preceding calendar year, and to deliver to uid Alortgagee, receipts evidencing the payment of al) liens
for public improvements within ninety (90) days after the ume shall become due and payable, and to pay or discharge within
ninety (90) days after due date, any and alt governmental levies that may be made on the mortgaged property, on this Atortgage
or Note, or in any other way resulting from the Atortgage indebtedness secured by this Mortgage; and if this condition be not
complied with and performed, uid Alortgagee may pay suchsum or sums which shall become part of the debt secured by this Mort-
compliedwith and performed, uid Mortgagee may pay such sum or sums which shall become part of the debt secured by this A1nrt-
_gageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid or said Alortgagee may
elect that said Mortgage debt thereupon become due and payable forthwith.
10. If all or any part of the property or an interest therein is sold or transferred by Mortgagagor without Mortgagee s
prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
purchase money security interest for household appliances, (c) a transfer by devise or descent, or by operation of law upon the
death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Alortga-
gee may, at its option, declare all the sums secured by this Mortgage to be immediately due and payable, Mortgagee shall have
waived such option to accelerate if, prior to the sale or transfer, Mortgagee and the person to whom the property is to br sold
or transferred reach agreement in writing that the credit of such person is utisfactory to Alortgagee and that the interest payable on
the sums secured by this mortgage shall be at such rate as Mortgagee shall request. _
11. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use
under the power of eminent domain, the Alortgagee shall have the right to demand that all damages awarded for the taking of or
damages to uid premises shall be paid to the Alortgagee up to the amount then unpaid on this Atortgage and at the option of the
Mortgagee may be applied upon the payments last payable thereon.
12. The Afortgagor 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 existing improvements thereon or make any changes or alterations in said
improvements which materiallychange the same or the use thereof, w ithout the written consent of the Alortgagee, and in theevent
of any violation or attempt to violate this stipulatcon. this Atortgage and all sums secured hereby shall immrdiatelybecc~me due and
collectible at the option of the Atortgagre.
13. It is specifically agreed that time is of the essence of this Atortgage and that no waiver of any obligation hereunder or of
the obligation secured hereby shall at any time he held to be a waiver of the terms hereof or of the instrument secured hereby.
14. •lfforeclosureproceedingsofanystcondmortgageorsecondtrustdeedoranyjuniorlienofanykindshouldbrinstituted
the Alortgagee rnay, at its option, immediately or thereafter declare this Atortgage and the indebtedness secured hereby due and
payable forthwith, and may at its option proceed to foreclose this mortgage.
1 S. To the extent of the indebtedness of the Afortgagor co the Alortgagee described herein or secured hereby the Alortgagee
is hereby subrogated to the lien of liens and to the rights of the owners and holders thereof ofeach and ever} mortgage lien or other
encumbrance on the land described herein which is paid and/or utisfied in whole or in part out of the proceeds of the loan des
cribed herein or secured hereby and the respective liens of said Atottgages, liens or other encumbrances shall be and the same and
each ofthem hereby is preserved and shall pass to and be held by the Alortgagee herein as security for the indehttdnrss to the
Alortgagee herein described or hereby secured. to the ume extent that it would have been preserved and would have hrrn pasted
to and been held by the Atortgaget had it horn du{y and regularly assigned, transferred, set over and delivtred unto the Alortgagee
by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of record, it being the
intention of the parries hereto that the same will hr satisfied and cancelled of record by the holders thereof at ~?r shout the
time of the rernrd~ng of this Atortgage.
of?~x 327 P~c~ 1~3
,is= ~