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HomeMy WebLinkAbout2480 ..r. 4 Thrs mortgage ,s personal to the Murtilagor harem and ro conveyance shall be mach lJy Mortgagor of tt•.e premses he•ern described or any part ~•~c~reof wrthout first obta,ning the prior written consent of the Mor:gages In the event Mortgayee gives this wntlen Consent. the grantee named rn such car .,•yance shall assume and agree to pay the obligation evidenced by the pranissory note secured hereby Any conveyance of the property herein described or ~ w pan thereof ,n violation of the terms of this paragraph shat: snarls Mortgagee to accelerate the payment of the obligation secured hereby and all sums of +,,,ney secured hereby shall, at the option of Mortyagee. become due and payable and in default whether or rt~t the same era so due and payable and in i+efault by the specific terms hereof Nothing herein contained shall be construed to constitute a novatron or release Mortgagor or any subsequent owner of rhn,ty or obligation under the promssory note secured hereby or this mortgage by reason of the aforesaid assurnption of the obligation under the note „red hereby. by a subsequent owner Of the property desCnbed herein. 5 That rn the event of a suit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any time during such foreclosure ~,,:t to the court having lunsdiction thereof for the appointment of a receiver of ail and singular the mortgaged property. and of all rents. incomes. profits. slues and revenues thereof. from whatsoever source darned, and thereupon rt rs Hereby expressly convenanted and agreed that the court shall forthwith ap- ;u,;nt such receiver with the usual powers and duties of receivers in like cases; and said appointment shall be made by the court as a matter of strict right to ;!+e Mortgagee. and wrthout reference to the adequacy or ,nadequacy o1 the value of the property hereby mortgaged. or to ttre solvency or insolvency of the ~'c,rtyagor or any other party defendant to such evil The Mortgagor hereby specfically wa,vns the right to object to the appointment of a receiver as -,i,resa,d and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter o1 absolute right to the Mortgagee and ~i+.,t the same may De done wrthout notrce to the Mortgagor 6 That if any proceedings should be instituted agarnst the property covered by this mortgaye upon any other Iran or clam whether super,or or lunror the hen of this mortgage. the Mortgagee may at its option rmmedrately upon institution of such suit or during the pendency thereof declare this mortgage .,n~i the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgage. 7 To pay all and singular the costs. fees. charges and expenses of every kind. including the cost of an abstract of title to sa,d lands found to be con- . rn~ant or expedient rn connection with any suit for the foreclosure of this mortgage. and also including. yvhether the Mortgagee rs obligated to pay same or reasonahle attorney's fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform. comply w,th and abide ,ail or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. rn the foreclosure of this mortgage and in collecting the nuunt secured hereby with or wrthout legal proceedrngs. 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 aforesaid. shall be tired by the hen hereof 8 To keep the building or buildings now or hereafter on lard land insured against toss or damage by fire. extended coverage and other perils. rn~ .:+1~ng war risk insurance rf evadable. rn a sum not less than rhea full insurable value at the cost and expense of the Mortgagor in a company or companies +:~uroved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or policies of rnsurance strall have affixed thereto a Standard '~a crw Vo?k Mortgagee Claase. making all loss or losses under such policy or policies payable to the Mortgagee as its interest may appear, and to deliver lard >i y or policies to the Mortgagee when issued with the receipts for the payment of the premium therefor, and in the event any sum of money becomes able under such policy or policies. the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to ,~c••mit the Mortgagor to receive and use rt. or any part thereof. for other purposes. without thereby waw,ng or impairing any egwty. hen or right under or by . ~•;;,e of this mortgage: and the Mortgagee if it deems necessary may place and pay for such rnsurance. or any part thereof, wrthout losing. waiv,ng or affec- • Mortgagee-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 interest from date thereof until paid at the highest rate authorized by law, and all such payments with rnterest as aforesaid shall be secured by the lien •~~uf In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 1481 hours after the happening .r•-r•of the tadure to give such notice shall constitute a default and the Mortgagee shall have the rights herein given to: all defaults 9 To permit. commit or suffer no waste and to maintain the ,mprovements at all times in a state of good repair and condition: and to door permit to . done to said premises nothing that will alter or change the use and character of Bard property or in any way impau or weaken the security of said mortgage. •:ase of the refusal, neglect or inability of the Mortgagor to repair and maintain said property. the Mortgagee may. at its option. make such repairs or cause same to be made and advance monies in that behalf which sums shall be secured by the lien. hereof and bear interest at the highest rate authorized by t Q To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shah at all times. during - ,.r~ of tans mortgage rema,n rn the possess,on of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. all right lifts and ~•~~•st of [he Mortgagor in and to any such abstract or abstracts of title shall pass to the purchaser or grantee 1 1 That no waiver of any covenant heiein or rn the obligation secured hereby shall at any time hereafter be held to be a waiver of any of the other ••ra hereof or of the note secured hereby. or future waver of the same covenant 12 That in order to accelerate the maturity of the indebtedness hereby secured because of the fa,lure of the Mortgagor to pay any tax assessment. ,::::!y. obl,yation or encumbrance upon lard property as herein provided. rt shall not be necessary nor requrs+te that the Mortgagee shalt f,rst pay the same. i 3 That if the Mortgagor shall fail, neglect or refuse for a period of thirty 130) days fully and promptly to pay the amounts required to be pard by the • r,ereby secured or ilia rnterest therein speafied or any of the sums of money herein referred to or hereby secured. or otherwise duly. fuPy and promptly to -~-`orm. execute, comply with and abide by each. every or any of the covenants. conditions or stiputatrons of [firs mortgage. the prom,ssory note hereby j -;red and: or the construction loan agreement. ,f any. then. and m either or in any of such events. wrthout rwtice or demand. the said aggregate Sum men- ~?ed in said promissory note. less previous payments. rf any, and any and all sums mentioned herein or secured hereby shall become due and payable :•thv~rth or thereafter at the contrnwng option of the Mortgagee as Cully and completely as rf said aggregate sums were originally stipulated to be paid at rms. anything m Bard promissory note or herein to the contrary rtotwithstandrng. and the Mortgagee shall be entitled thereupon or thereafter wrthout Q or demand to rnst,tute suit at law or rn equity to enforce the rights of the Mortgagee hereunder or under Bard promissory note In the event of any '.--'atilt or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shell have the continwng option to enforce payment V ~ sums secured hereby by action at law or by swt in equity to foreclose this mortgage. either or both. concurrently or otherwise. and one action or suit ~ riot abate or be a bar to or waiver of the Mortgagee's right fo institute or maintain the other. provided Bard Mortgagee shall have only one payment and I ~r sfaction o! said indebtedness - r i t 4 That in the event that Mortgagor shalt (1 i consent to the appointment of a receiver. trustee or Isqu,dator of all or a substantial pa.^, of Mortgagors ti,c~ts. or {2i be adiudreated a bankrupt or insolvent. or file a voluntary petition m bankruptcy. or adm,t ,n writing ,ts inabdrty to pay its debts as they become or {3! make a general assignment for the benefit of creditors. or 141-file a petition or answer seeking reorganization or arrangement with credrtoa. or to .ke advantage of any insolvency lave, or 151 file an answer admitting the material allegations of a petition fled against the Mortyagor ,n any bankruptcy. :-gan,zation or insolvency proceeding, or 161 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or t7? any order, ludg- en[ or decree shall be entered upon an apphcahon of a creditor or Mortgagor by a court of competent lunsdiction approving a petition seeking appointment :ecerver or trustee of all or a substant,al part of the Mortgagor's assets and such order. judgment or decree shall continue unstayed and in effect for any -..:orf of thirty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the rn- • -•~s! accrued on the note and all other sums hereby secured shall become forthwith due and payable as d aft of the said sums of money were originally ~ :.:tiled to be pard on such day. and thereupon the Mortgagee wrthout notrce or demand may prosecute a sort at law and~or m egwty as rf all monies • _.red hereby had matured prior to its rnstitutron ~ 1 5 That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all "~.:ble tunes 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the hortgagor at any time w,thrn twenty 1201 dears from the date ~ ' !^.s indenture. together with rnterest *.hereon at the rate agreed upon at the time of such loan or advance. shall be equally secured with and have the same ,~~rr as the original indebtedness and be subject to alt the terms and provisions of th+s mortyage. prov+ded that ilia aggregate amount of principal outstan ,a at env time shall not exceed (5 _ . _ _ _ _ _ 1 or if the preceding blank ,s no; completed, then an amount equal to one hundred and fifty per cent of the principal amount originally secured hereby shaft apply 1 7 That. ,f required by Mortgagee. the sa+d Mortgagor will pay unto the Mortgagee. on the first day of each and every consecutive month, a sum • :..ai to one-twelfth of the annual amount necessary to paylall taxes and assessments agarnst the sa+d mortgaged premises, said monthly sum to be es- ^ ated solely by Mortgagee and raicuiated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous . ~rar end if further regwred by Mortgagee to pay all rnsurance premiums rn manner and form as provided herein for the payment of taxes and assessments 18 That rf this mortgage +s in connection with construction loan financing, then this mortgage is stiblect to the Construction loan Agreement '-+ted between the Mortgagor and the Mortgagee. an executed copy of wh,ch is in the possession of the - `.'urtgagee and rs incorporated herein by reference and made a part hereof: any default by Mortgagor under said agreement shall constitute an event of ::fault under this mortgage. ? 19 -That the Mortgagor will on the request of the Mortgagee furnish a wntlen statement of the amount ow+ng on the obligation wh,ch this mortgage ~ ,r• _~res and therein state whether or not Mortyagor claims any defenses or offsets thereto 2 ~i,~~ 3~7 Fa~~ 2479. =r. ~s -