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HomeMy WebLinkAbout0158 4. ~ This mortgage is personal to the Mortgages herein, and no conveyance shall be made by Mortgagor of tM premises Mrsin described or any part thereof without first obtaining the prior written consent of the Mortgagee. In tM event Mortgages gives this written consent. tM grantee named in such con- veyancs shall aswme and agree to pay tM obligation evidenced by tM promissory note secured hereby. Any conveyance of the property heroin described or any part thereof in violation of tM terms of this paragraph shall entitN Mortgagee to accelerate the payment of the obligation second Mreby and all wms of money second hereby shall, at the option of Mortgagee. become due and payable and in default whether a not tM same aro so dw and payabN and in default by tM specific terms hereof. Nothing Mrsin contained shall bs construed to constitute a novation a release Mortgagor or any wbsequent awner of liability or obligation under tM prornisaory note secured hereby or this mortgage by reason of the sMrssaid aswmption of tM oblpation under the note secured hereby, b1? a wbssquent owns of tM property described herein. 5. That in the evert of a wit being instituted to forscktee thi: mortgage. the Mortgagee shall be entitled to apply at any time during wM forecktsuro suit to the Court having jurisdiction thereof for tM appointment of a receiver of all and singular tM mortgaged property. and of all rents, incomes, profits. ssues and rovenues thereof, hom whatsoever sours derived: and thsrwpon it is hereby expressly convensntsd and agreed that tM court shell forthwith ap- point wM receiver with tM uwel power and dutise of receivers in like cases: and said appointment shell bs made by the court as a matter of strict right to tree Mortgages. end without rofsrsncs 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 perry defendant to wch wit. TM Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that wch appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee srid that the same may bs dons without notice to the Mortgagor. 6. That if any proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether wperior or junior to tree lien of this mortgage, the Mongsges may at its option immediately upon institution of wch wit or during the perxiency thsreot declaro this mortgage and the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreckiss this mortgage. r i 7. To pay all and singular the costs. fees. charges and expenses of every kind. including the cost of an abstract of title to said lands found to be con- vernent or expedient in connection with arty suit iw the foreclosure of this mortgage. and also including, whether the Mortgagee is obligated to pay same or not. reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform, comply with and abide ny all or any of the covenants. conditions and stipulations of said promissory Hate. or this mortgage. in the foreclowre of this mortgage end ir? collecting the amount secured hereby with or without legal proceedings, and to reimburse the Mortgagee for every payment made or incurred for any wch purpose with in- terest from date of every wch payment at the highest rate authorized by law: wch payments and obligations. with interest thereon ss aforesa_id. shall be secured by the lien hereof. 8. To keep the building or buildings now or hereafter on said land inwred against kiss or damage by fire. extended coverage and other perils. in- cluding war risk inwrance if avaitabk+. in a wm not Isss than their full insurable value at the cost end expense of the Mortgagor in a company or companies approved by the Mortgagee. the policy or policies to be held by the Mortgagee. end wch policy or policies of insurance shall have affixed thereto a Standard I New York Mortgagee Clause. making all kiss or losses under wch policy or policies payable to the Mortgagee as its interest may appear, and to deliver said c policy or policies t0 the Mortgagee when issued with the receipts for the payment of the premium therefor: and in the event any sum of money becomes payable under wch 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 Mortgagw to receive and use it. or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien or right under or by virtue of this mortgage: and the Mortgages if it deems necessary may place and pay for such inwrance. or any part thereof. without ktsing. waiving Or effec- ring Mortgagee's option to foreclose for txsach of this covenant, or any part thereof, Or any right or option under this mortgage. and every such payment shall bear interest from date thereof until paid at the highest rate authorized by law. and all wch payments with interest as aforesaid shall be secured by the lien Hereof. In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of wch kris or damage within forty-eight 1481 hour after the happening . thereof: the failure to give wch notice shell constitute a default and the Mortgagee shall have the rights herein given for all defaults. 9 To permit. commit or wffer no waste end to maintain the improvements at alt times in s state o/ good repair and condition: and to do or permit to be done to said premises nothing that will alter or Menge the use and character of said property or in any way impair or weaken the security of said mortgage. i n case of the refusal, neglect Or inability of the Mortgagor to repair and maintain said property. the Mortgagee may. at its option. make wch repairs or cause the same to be made and advance monies in that behalf which sums shell be secured by the lien hereof and bear interest at the highest rate authorized by a v+r t 10. To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shall at all times, during the I~te of this mortgage. remain in the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. all right. title and ~cerest 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 shat{ at any time hereafter be held to bs 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 orderelerste the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. +ab;l~ty, obligation or enc brsnte upon said 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 (30) days fully and promptly to pay the amounts regwred to be peril by the note 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 .i ~ perform, execute. comply with and abide by each. every Or any of the covenants. conditions or stipulations of this mortgage. the promissory note hereby secured and/or the construction loan agreement, it any, then, and in either or in any of such events. without notice or demand. the said aggregate wm men- , ~ened in said promissory note. loss previous payments. if any, and any and all wms mentioned harem or secured hereby shall become due and payable ~ 'crthwith or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at such time. anything in said promissory note or herein to the contrary notwithstanding. and the Mortgagee shall. be entitled thereupon or thereafter without { nonce or demand to institute suit at law or in equity 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 Mortgages shall have the continuing option to enforce payment ~t all sums secured hereby by action at law or by suit in equity to foreclose this mortgage. either or both, concurrently 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 shall have only one payment and ~ satisfaction of said .indebtedness. 1 t 4 That in the event that Mortgagor shall (t) consent to the appointment of a receiver. trustee or liquidator of all or a wbstantial part of Mortgagor's assets. or 121 be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy. ar admit in writing its inability to pay its debts as they become due. or 131 make a general assignment for the benefit of creditors. or 141 file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency law. or (51 file sn answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy. reorganization or insolvency proceeding, or If31 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order, judg- ment or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or s substantial pert of the Mortgagor's assets and wch order, judgment or decree shall continue unstayed and in effect for any period of thirty 1301 consecutive days, the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- terest accrued on the note and all other wms hereby secured shall become forthwith due and payable as if all of the said sums of money were originally st~pralated to be paid On wch day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/Or in equity as if all monies secured hereby had matured prior to its 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 •easonabte limes. E 16 . That any wm or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years from the date of this indenture. together with interest thereon at the rate agreed upon at the time of such ban or advance. shall be equally secured with and have the same i p*:onty as the original indebtedness and be subject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstare- ; d:ng at any time shall not exceed IS 1. or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent § • t 5096) of the principal amount originally secured hereby shall apply. t' i 17 That, if required by Mortgagee. the said Mortgagor will pay unto the Mortgagee, on the first day of each and every consecutive month, a wm equal to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises, said monthly wm to be es- t~mated solely by Mortgagee and calculated to be an amount not Isss than the amount of taxes assessed against said mortgaged premises for the previous year. and if further required by Mortgagee to pay all inwrorice premiums in manner and form as provided herein for the payment of taxes and assessments. 18. That if this mortgage is in connection virith construction loan financing. then this mortgage is subject to the Construction Loan Agreement ; dated .between the Mortgagor and the Mortgagee. an executed copy of which is in the possession of the Mortgagee and is incorporated herein by reference and made a part hereof: any default by Mortgagor under said 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 whits this mortgage _ secures and therein state whether or rat Mortgagor claims any defenses or offsets thereto. t i 2 e~~x331 P~F 158