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HomeMy WebLinkAbout1122 s i 4. This mortgage is personal to the Mortgagor herein, aid no conveyance shall bs made by Mortgagor of the premises herair+ described or any part tt,ereot without first obtaining the prior written consent of the Mortgagee. In the event Mortgagee gives this written consent. the grantee named in such con- veyance shall assume end agree to pay the obligation evidenced by the promissory note secured hereby. Any convsysn~s of the property herein descr:aed o? any part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sum: of money secured hereby shall. at the option of Mortgagee. become due and payable end in default whether a not the same are so due end payable and in default by the specific terms hereof. Nothing herein Contsinsd shall be construed to constitute a novation or release Mortgages a any subsequent owner of habdity or obligation under the promissory note secured hereby o? ibis mortgage by reason of the aforesaid assumption of the obligation under ti~ note secured hereby. by a subsequent owner of the property dsscnbed heroin. 5. That in the event of a suit being instituted to foreclose this mortgage. the Mortgagee shall bs entitled to apply at any time during such torecbsure sort to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property, and of alt rents. incomes. profits. issues and revenues thereof. from whatsoever source derived: end thereupon it is hereby expressly convenantsd and agreed that the court shah forthwith ap- point such receiver with the usual powers end duties of rsceiven in Irks cases: and said appointment shall be made by the court as a matter of strict right to the Mortgagee. and without referencS to the adequacy or inadequacy of the value of the property hereby mortgaged. Or to the solvency or insolvency of the Mortgagor or any other party defendant to such suit. The Mortgagor hereby specificstly waives the right to object to the appointment of s receiver ss aforesaid and hereby expressly consents that such appointment shall be made as an admitted equity and ss a matter of absolute right to the Mortgagee and that the same may be done without notice to the Mortgagor. 6. That if any proceedings should bs institutid against the property covered by this mortgage upon any other lien or claim whether wperior or junior to the lien of this mortgage. the Mortgagee may at its option immediately upon inst+tution of such surf or during lfte pendency thereof declare this mortgage and the indebtedness secured hereby dos and payable forthwith end may at its option proceed to foreclose this mortgage. 7. To pay all and singular the costs. tees. charges and expenses of every kind, including the cost of an abstract of title to said lands found to be con- ~ enfant or expedient in connection with any suit for the foreclosure of this mortgage. and also +ncluding, whether the Mortgagee is obligated to pay same or r,ot reasonable attorney's tees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform. comply with and abide ny alt or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. in the foreclosure of this mortgage and in collecting the amount secured hereby with or without legal proceedings. end to reimburse the Mortgagee for every payment made or incurred for any such purpose with in- terest from date of every such payment at the highest rate authorizixl by law: such payments and obligations. with interest thereon as aforesaid. shall be secured by the lien hereof. 8 To keep the building or buildings now or hereafter on said lend +nsured against loss or damage by fire, extended coverage and other perils, in- ~:Iud,ng war risk insurance if available. in s sum not less than their full insurable value at the cost and expense of the Mortgagor in a company or companies avProved by the Mortgagee. the policy Or policies to be held by the Mortgagee. and such policy or policies of insuronCe shall have affixed thereto a Standard New york Mortgagee Clause. making all loss or losses under such policy or polices payable to the Mortgagee as its interest-may appear. and to deliver said uo!icy or policies to the Mortgagee when issued with the receipts for the payment of the prem+um therefor: and in the event any sum of money becomes payable under such policy or policies. the Mortgages shall have the option to receive and apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it. Or any part thereof. for other purposes. without thereby waiving or impairing any equity..ien O? right under or by virtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for such insurance. or any part thereof, without losing. waiving or affeC- ;~ng 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 !,ear interest from date thereof until paid at the highest rate authorized by taw, and ail such payments with interest as aforesaid shall be secured by the lien t,ereot In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such bss or damage within forty-eight 1481 hours aher the happening thereof, the failure to give such notice shall constitute a default and the Mortgagee shall have the rights herein given for all defaults 9. 7o permit. commit or suffer no waste and to maintain the improvements at all times in a state of good repair and condition: and to do or permit to rte done to said premises nothing that will alter or change the use and character of said property or in any way impair or weaken the security of said mortgage. n case of the refusal, neglect or inability of the Mortgagor to repair and maintain said property. the Mortgagee may. at its option, make such repa+rs or cause ti,e same to be made and advance monies in that behalf wh+ch sums shall be secured by the lien hereof and bear interest at the highest rate authorized by ;aw 10 To deriver the abe*.ract or abstracts of title covering the mortgaged property to Mortgagee or +ts designated agent. which shat! at all times, during one life of this mortgage. remain in the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. a!I right. title and r~terest of the 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 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 secured 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. ~ab+iity. obligation or encumbrance upon sa+d property as herein provided. it shall not be necessary nor requisite that the Mortgagee shall first pay the same. 13 That if the Mortgagor shall fail, neglect or refuse for a period of thirty 1301 days fully and promptly to pay the amounts required to be paid by the ^ote hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or otherwise duly, fully and promptly to c,erform. execute. comply with and. abide by each, every a any of the covenants. conditions or stipulations of this mortgage. the promissory note hereby secured and/or the construction loan agreement. ~f any, then. and in either or rn any of such events, without notice or demand. the said aggregate sum men- t~oned in said promissory note. less previous payments. if any. and any and all sums mentioned-harem or secured hereby shall become due and payable forthwith or thereaher at the continuing option of the Mortgagee as fully and completely as if se+d aggregate sums were originally stipulated to be paid at such rime. anything in said promissory note o? herein to the contrary notwithstanding- and the Mortgagee shall be entitled thereupon or thereaher without notice or demand to institute suit at law or m egwty to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any default or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shall have the continuing option to enforce payment pf a!I sums secured hereby by action at law or by suit in equity to foreclose this mortgage. either or both. co :currently or otherwise. and one action or suit shall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other. provided said Mortgagee sha0 have only one payment and satisfaction of said indebtedness. 14 That in the event that Mortgagor shall (t) consent to the appointment of a receiver. trustee or liquidator of all or a substantial part of titortgagor's assets. or l2i be adjudicated a bankrupt or insolvent. or file a voluntary petition in bankruptcy. or adm+t ,n writing rts inability to pay rts debts as they become due. or (31 make a general assignment for the benefit of creditors. or (41 file a petition or answer seeking reorganization or arrangement with creditors. or to take advantage of any insolvency law. or t51 fife an answer admitting the material allegat+ons of a petition flied against the Mortgagor in any bankruptcy. reorgarnzation or insolvency proceeding, or (8i action shall be taken by fife Mortgagor for the purpose of effecting any of the foregoing or 171 any order, judg- -^e~t or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jursdiction approving a petition seeking appointment a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order. lodgment or decree shall continue unstaysd and rn effect for any n~r~od of thirty (30) consecut+ve days, the Mortgagee may declare the note hereby secured forthwith due and payable, whereupon the principal of and the in- •erest accrued on the note and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money wePe originally stipulated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a Burt at law and/or rn equity as if all monies secured hereby had matured prior to rts institution. 15 That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all -=--rsonable times l ti That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 1201 years from the date this +ndenture, together with interest thereon at the rate agreed upon at the time of such loan or advance, shalt be equally secured w+th and have the same :•~orrty as the original indebtedness and be subject to all the terms and provisions of this mortgage. provided, that the aggregate amount of principal outstan- d~rg at any time shall not exceed IS-~___ 1. o? +f the pre,eding blank is not completed. then an amount equal to one hundred and fifty per cent 5096) of the principal amount originally secured hereby shalt apply. 17 That. +f required by Mortgagee. the said Mortgagor wilt psy unto the Mortgagee. on the first day of each and every consecutive month. a sum Frlual to one-twelhh of the annual amount necessary to pay alt taxes and assessments against the said mortgaged premises. said monthly sum to be es- r:mated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous year, and if further required by Mortgagee to pay all insurance premiums in manner and farm as provided herein for the payment of taxes and assessments. 18. That rt this mortgage is in connection with construction loan financing, then this mortgage is subject to the Construction loan Agreement crated between the Mortgagor ors.'. the Mortgagee. an executed copy of which +s in the possession of the Mortgagee and is incorporated herein by reference and made a part hereof: any default by Mortgagor under sa+d agreement shall constitute an event of default under this mortgage 19. That the Mortgagor will on the request of the Mortgagee furnish a written statement of the amount owing on the obligation which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 ~lK Jc)l) PAGE ~15 BALLOOti MORTGAGE , . - -