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HomeMy WebLinkAbout1162 4. This mortgage is personal to the Mortgage Mrsin, and no conveyance shall be made by Mortgagor of the premises herein described or any part tbbreof without first obtairnng the poor written cortssnt of the Mortgages. In the event Mortgagee gives this writtsrircansent. the grantee named in such con- veyance shall sswme and agree to pay tM obligation evidenced by tM promissory note sscurod hereby. Any conveyance of the property herein described or any part thereof in violation of the terms of this paragraph shall entitle Mortgages to accelerate tM payment of the obligation secured hereby std all wms of money secured hsroby sMll, at the option of Mortgagee. become clue and payable and in default whether or not the same aro so dw and payable and in default by the specific terms hereof. Nothirp heroin contained shall be cortstrusd to oonstitua a novation or release Mortgagor a any wDesgttsnt owner of ~iabrliry or obligation under the promissory note secured hereby Or this mortgage by reason of tM aforesaid aswmption of the obligation urtde? the tale secured hereby, by a wbssquent owner of tM property described herein. 5. That in the event of a wit being instituted to foreclose this mortgage. the Mortgagee shell be entitled to apply at any tiros during wch foroclowro suit to the court having jurisdiction tMrsof for the appointment of a receiver of all end singular tM mortgaged property. and of all rents. incomes. profits, sues and revenues theroof, from whatsoever source derived: and thereupon it is hereby expressly cawensnted end agreed that the court shall forthwith ap- point such receiver with the uwsl powers and duties of rocsiwrs in like cases: and said appointment shall be made by the court ss s matter of strict right to the Mortgagee. and without rofsrsncs to the adsquary or inadequacy of the value of the property Mroby matgagsd, or to the solvency or insohrsncy of tM Mortgagor a any other party 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 Mortgages and roar the same may bs done without notice to the Mortgagor. ~ ~ 6. That if any proceedings slauld be instituted against the property covered by this mortgage upon any other lien or claim whether wpenor Or junior i to the lien of this mortgage. the Mortgagee may at its option immediately upon institution of such wit or during the pendency thereof declare this mortgage 1 ?ncf 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 rests. test, charges and expanses of every kind. including the cost of an abstract of title to said Isnds found to bs ratt- venient or expedient in connection with arty wit for the fOrsClOSUro of this mortgage. and also including, whether the Mortgagee is obligated to pay same Or nut. reasonable attorney's fees incurred or expended at any lima by the Mortgagee because of the failure of the Mortgagor to perform, comply with and abide b ~ all or any of the covenants. conditions and stipulations of said promissory Hate. Or this mortgage. in the foreclowre of this mortgage end in collecting the I amount secured hereby with or without legal proceedings, end to reimburse the Mortgagee for every payment made a incurred for any wch purpose with in- I serest from date of every wch payment at the highest rate authorized by law: such payments and obligations. with interest thereon ss aforesaid, shall be secured by the lien hereof. i I t 8. To keep the building or buildings now or hersaher on said land insured against loss or damage by fire. extended coverage and other perils. in- o girding war risk inwrance if available, in a win not less tf?an their full inwrable value st the cost and expanse of the Mortgagor in a company or oornpanies approved by the Mortgagee. the policy or pWicies to bs held by the Mortgagee. and wch policy a policies of inwrance shall have affixed thereto a Standard i New York Mortgagee Clause. making all loss or bases under wch policy or policies payable to the Mortgagee ss its interest may appear, and to delivei said ~ policy or policies to the Mortgagee when iswed 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 Mortgagee shall have the option to receive and apply the same on aceount 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, lien or right under or by .,~rtue of this mortgage: and the Mortgagee if it deems necessary may place end pay for wch insurance. or any part thereof, without being, waiving Or affeC- t~ng Mortgagee's option to foreclose for breach of this covenant, or any part tlte:eoi, or eny right or option under this mortgage. end every wch payment shah 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 lass or damage is suffered Mortgagor shall notify Mortgages of wch loss a damage within forty-eight 148) hours after the happening thereof: the failure to give such notice shall constitute a default and the Mortgagee shall have the rights herein given for aU defaults. i 9. To permit. commit or wffer no waste and to maintain the improvements at all times in a state of good repair and condition: and to door pemnit to oe 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 repairs or cause the 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 :ate authorized by i I~'N 10. To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shalt at all times, during tr,e Irfe of this mortgage. remain in the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of :ills. all right. title and merest of the Mortgagor in and to any wch 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 shall at any time hereaher be held to be a waiver of any of the other teems 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. '~abrlity. obligation or encumbrance 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 required to be paid by the note hereby secured or the interest therein specified or any of the wms of money herein referred to or hereby secured. or otherwise duly, fully and promptly to perform, execute. comply with and abide by each, every or any of the covenants, conditions or stipulations of this mortgage, the promissory note hereby ser_ured and/or the construction loan agreement. it any, then, and in either or in any of such events, without notice ar demsrd, the said aggregate win men- n i i vi s m is Han and an and all wms mentioned herein or secured hereb shall become due and able II', t o ed n said prom ssory note. less pre ou pay en y. Y Y PaY fprthwrth or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were onginally stipulated to be paid at such t+me. anything in said promissory rats or herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter without ~otrce or demand to institute wit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of arty 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 of au sums secured hereby by action at law Or by wit in equity to forecbse this mortgage. either or both. concurrently or otherwise. and one action or wit ~ ~ shad 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 sausfaction of said indebtedness. i 14. That in the event that Mortgagor shall 111 consent to the appointment of a receiver, trustee or liquidator of all or a wbstantial part of Mortgagor's assets. or 12j be ad;udicated a bankrupt or insolvent. or tale a voluntary petition .n bankruptcy. cr admit in writing its inability to pay its debts as they become i I :sue. or 131 make a general assignment_tor the benefit of creditors. or (4) file a petition or answer seeking reorganization or arrangement with creditors, a to t p -ae advantage of any insolvency law. or (5) file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy, I! ~eorganrzation or insolvency proceeding, or (8) action shall bs taken by the Mortgagor for the purpose of effecting any of the foregoing or (7) anyorder, judg- ^~ent or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment ~ ,,f a receiver a trustee of all a a substantial part of the Mortgagor's assets and wch order, judgment or decree shalt continue unstayed and in effect for arty t~enod of thirty (301 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 ell, other wms hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated 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 ~acured hereby had matured prior to its institution. 15. That the Mortgagee or any person authorized by the Mortgagee shalt have the right to enter upon and inspect the mortgaged premises at all •~~asonable times t 6. That any win or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years from the date ~ this indenture. together with interest thereon at the rata agreed upon at ttte time of wch ban or advance, shall be equally secured with and have the same ~ ~ Dirty as the original indebtedness and be subject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ding at any time shall not exceed IS 1. or if the preceding blank is not completed, then an amount squat to one hundred and fifty per Dent ? 5096) of the principal amount originally secured hereby shall apply. i 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 win equal to one-twelfth of the annual amount necessary to pay ell taxes and assessments against the said mortgaged premises, said monthly win to be es- t;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 inwrance premiums in manner and form as provided herein for the payment of taxes and assessments. 18. That if this mortgage is in connection with cwrstruction loan financing, then this mortgage is wbject to the Construction Loan Agreement Mated ,between the Mortgagor end 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 1 default under this mortgage. 1 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 secu es and therein state whether or rat Mortgagor claims any defenses or offsets thereto. 2 i 8331 ~~~116~ :::F