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HomeMy WebLinkAbout2377 ' BALLOON MORTGAGE 4 Th,s mortgage is ;.•erzonal to the Mortgayor hFrreui. dr~o ito conveyance shall be nidda bti• Mwtyayur of the p•irrit,ses heroin descntzed or any part •~•r•rroi without first obtdimng the prior written consent of rho A•lurtgagee In the ev@nt Murtyayeo gives rhrs written consent. the grantee named tit such con- ..•..,nce shalt assume and agree to pay the obligation evidenced Oy the promissory note secured hereby. Any conveyance of the property hereof described or ~y part thereof in violation of the te: ms of this paragraph shalt entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of ,,ney secured hereby shall. at the option of Mortgagee. become due and payable and m default whether or not the same are So due and payable and in i•.lault by the specific terms hereof Nothing here:n contained shall be construad to constitute a novation or release Mortgagor or any subsequent owner of ,h,!~ty or obligation under the promissory note secured hereby or this mortgage Dy reason of fire aforesaid assumption of the oohgation under the note tired hereby. by a subsequent owner of the property described herern. 5 That in the event of a suit being instituted to foreclose rhrs mortgage. the Mortgagee shall be entitled to apply at any time during such foreclosure ~..~t to the court having ~unsdiction thereof for the appointment of a reserver of all and singular the mortgaged property. and of ail rents. incomes. profits. »ues and revenues thereof. from whatsoever source derived, and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- ,•~,t such receiver with the usual powers and duties of receivers m tike cases. and said appointment shall be made by the court as a matter of strict right to • Mortgagee. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency or insolvency of the ~.;i:rtyagor or any other party defendant to such sort The Mortgagor hereby specifically waives the right to object to the appoirttmant of a reserver as },~resaid and hereby expressly consents that such appointment shall be made as on admitted equity and as a matter of absolute right to the Mortgagee and the same may be done without notice to the Mortgagor. 6 That if any proceedings should be instituted against the property covered by rhrs mortgage upon any other lien or claim whether superior or tumor the Iren of this mortgage. the Mortgagee may at its option immediately upon institution of such swt or during the pendency thereof declare rhrs mortyage r .i the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose rhrs mortgage T To pay all and singular the costs. fees. charges aria expenses of every kind. including the cost of an abstract of title to said lands friund to he con- •ant or expedient in connection with any suit for the foreclosure of this mortgage. and also includuig. whether the Mortgagee is obligated to pay same or reasonable attorney's fees incurred or expended at any trine by the Mortgagee because of the; fa,lure of the Mortgagor to perform, comply with and abide . .,~1 or any of the covenants. conditions and stipulations of said promissory note. or rhrs mortyage. m the foreclosure of this mortgage and .n collecting the ,tit secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in- • . st from date of every such payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesard. shall be ,+red by the hen hereof 8 To keep the building or buildings now or hereafter on said land insured against toss or damage by fire. extendea coverage and other peals. in ,.~t~ng war risk insurance rf available. in a sum not less than their full insurable value at the cost and expense of the Mortgagor in a company or companies ,;:;,roved by the Mortgagee. the policy or policies to be held by the Mortgagee and such policy or policies of insurance s'.alf have Affixed thereto a Standard ~ tiork Mortgagee Clause. making all loss or losses under such policy or porkies payable to the Mortgagee as its interest may appear. and io deliver said or policies to the Mortgagee when issued with the receipts for the payment of the premni:n therefor, and in the event any sum of money becomes . able under such policy or twhcies. the Mortgagee shad have the option to receive and apply the same on account of the mdebtedne~s secured hereby or to ,art the Mortgayor to receive and use it. or any part thereof, for other purposes. without thereby »a:ving or impauirg any equity. Iren or right under or by . ^•,e of this mortgage. and the Mortgagee d it deems necessary may place and pay for such insurance. or any part thereof, without losing waiving or affec- • hlortgayee s option to foreclose for breach of this covenant. or any part thereof. or any right or option under this mortgage. and every such payment shall .:.•,,r ,merest from date thereof until paid at the highest rate authorized by law and all such payments with mterest as aforesard shall be secured by the Iren ec~t In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of suchioss o• damage within forty-eight 148) hours after the happernng ••~of the failure to give such notice shall constitute a default and the Mortgagee shall have the rights herern given (or alt defaults 9 To permit. commit or suffer no waste and to maintain the improvements at all times rn a state o! good repair and condition. and to do or permit to aurae to said premises nothing that will alter or change the use and character of said property or inony way imoair or weaken the security of soot mortgage ase of the refusal, neglect or inability of the Mortgagor to reoarr and maintain said property. the Mortgagee may. at its option. make such repairs or cause ;me to be made and advance monies rn that behalf which sums shat! be secured by the Iren hereof and bear interest at the highest rate authonzeri by (1 To deliver the abstract or abstrac*.s e! title covering the mortgaged property to Mortgagee or its designated agent. whr~h shall at ail :,rues during • nr rhrs mortyage •ernain rn ;he possession of the Mortgagee and ir. event of the foreclosure of th,s mortgage or other transfer of :rtle a! right. t.tle and ~.•;t of the Mortgagor in and to any such abstract or abstracts of title shalt pass to the purchaser or grantee That no waiver of any covenant herein or in the obbgatwn secured hereby shall at any time hereafter be held to be a waiver of any of the ocher • ~••s nsreof or of the note secured hereby. or future waiver of the same covenant 1 2 That in order to accelerate the maturity of the ,ndebtedness hereby secured because of the {allure o` the Mortgagor to pay any tax assessment. ,.y obhyation or encumbrance upon said property as herein provided. rt shall not be necessary nor regwsrte that the Mortgagee shalt fast pay the same ~ 3 That if the Mortq~yor shall fail. neglect or refuse for a period of thirty 130! days fully and promptly to pay the amounts regwred to be paid by the • - ••rreby secured or the mterest therein specified or any of the sums of money herern referred to or hereby secured. or otherwae duty. Fully and promotty to ,•rn execute. comply with and abide by each every or any of the covenants. conditions or stipuiatio~s of rhrs mortgage. the promrssory note hereby I! eat and or the construction loan agreement. rf any. then and m either or m any of such events. without notice a demar•.d. the said aggregate win men • ~ eo .n sa,d promrssory note. less prevrous payments, d any. and any and all sums mentioned herein or secured hereby shall become due and payable ~`~.v~t1i or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were onyrnally stipulated to be paid at t me. anything m Sant promissory note or herern to the contrary notwrthstand,ng and the Mortgagee shall be entitled thereupon or thereafter without f .r or demand to rrstitute suit at law or m equity to enforce the rights of the Mortgagee hereunder or under said p•omissary note In the event of any •-•~a.;it or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shall have the continuing option to enforce payment • ~ . wins secured hereby by act+on at taw or by suit m equty to foreclose this mortgage either or both. concurrently or otherwise. and one action nr sort • •~~:,t abate or be a bar tc or waiver of the Mortgagee s right to •nstitute or maintain the other. provided Bard Mortgagee shat! hale only or•e payment sad • ~fact:on of Bard indebtedness € 14 That ,n the event that Mortgagor shall 111 consent to the appointment of a receiver. trustee or hqurdatcr of all or a substant:at part of Mortgagor's -.•-ts or 42) be adtudicated a bankrupt or insolvent. or file a voluntary petition ,n bankruptcy. or admit in writing its mabrhty to pay its debts as thoy become ur !31 make a general assignment for the benefit of Creditors. or 14) L.e a petition or answer seeking reorganization or arrangement with cred,tors or to . advantage of any insolvency law. or 151 file an answer admitting the material altegatrons of a petition filed against the Mortgagor in tiny bankruptcy. .;an,zation or insolvency proceeding. or 16! action shall De taken by the Mortgagor for the purpose ~f effect:rg any of the for~yoiry pr !7s any order. tudg- -t or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent tunsdichon approving a petaon seeking appointment • r~;:eiver or trustee of all or a substantia? part of the Mortgagor s assets and such order. lodgment or decree shat! continue unstayed and ,r• effect for any • of thuty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the prin,apai of and the in- •:;t accrued on the note and ail other sums hereby secured shalt become forthwith due and payable as if a!I of the said s„ins of money were originally • :,,rated to be paid on such day. and thereupon the Mortgagee wahout notice or demand may prosecute a sort at law and%or ia-equity as rf all monies rod hereby had matured prior to its institution , i 5 That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon acid inspect the mortgaged premises at all • ahle trines 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Morryagor at any time within twenty (201 years from the date a ` t•,~s indent!rre. together with interest thereon at the rate agreed upon at the time of such loan or advance. shall be equally secured w,th and have the same •~ty as the original indebtedness and he sub ect to al' the terms and provisions of rhrs mortgage provided that the aggregate amount of pnncrpal outstan- -_.r at any time shall not exceed tS _ N~~ . _ _ or ii the preceding b1anY. rs not completed, then an amount eq~a: to one hundred and fifty per cent of the pnncrpal amount originally secured hereby shall appal s 1 7 That. rf required by Mortgagee. the sa,d f4lortgagor w.l. pay unto the Mortgagee. on the first day of each and every consecutive munch. a sum _ :.ai to one-twelfth of the annual amount necessary to pay all taxes and assessmems against the said mortgaged premises. said monthly sum to be es- • ,fed solely by Mortgagee and calctaated to be an amount not less than the amoum of taxes assessed against said mortgaged premises for the previous a , ••ar and rf further requued by Mortgagee to pay all insurance premwms m manner and form as provided herein for thu payment of taxes and assessments 18 That rf this mortgage is in connection with r_castru~tion loan finanang. then rhrs mortgage rs sub;ect to the COnStfUCtiOh loan Agreement ,t.~d N~A between the Mortgagor and the Mortgagee. an executed copy •of •,vhich is rn the possession of the :'r rtgagee and is incorporated herein by reference and made a part hereof. any default by Mortgagor under said agreement shat! corsGtute an event of !e`ault under this mortgage 3 19 That the Mortgagor will tin the request of the Mortgagee furnish a written statement of the amount owing on the obligation which this mortgage ores and therein state whether or not Mortgayor cia,ms any defenses or offsets thereto 4 r 2 ~ BALLOON F10P.T(;AGF P~~~ }