HomeMy WebLinkAbout1649 e. To perform. comply with acct ablds by each acct avssy atlpttlation, agreement, rnoudihon am covenant in said promtsiay note acct deed f
rec forth. ,
7. In the event the jurisdiction oE' tbs U. S. IDbtrict Collet shall bs Envoked by or lost the M ago under any of the Provi:iow of tits
Federal Bankruptcy Act. such action, whether voluntary a involuntary oo the part of the Mortgagor shall automatically. without notice. as
celeste the maturity of all sums of money herein described sad recur~d, and tLs same :hall thereupon beooots due and payabb Forthwith
as fully as if the sold aggregate sums of money were originally stipulated to bs paid on :ttc6 date.
8. To deliver to said Mortgagee oa ex before tifarc6 15th of each year. tai receipts e;videnMng the payment of all lavvEully imposed taxes
for the preceding calendar year, and to desliver to said Mortggages. receipts evideociug the payment of all lien for public improvements within }
ninety (ti0) des>'s s[ter the same shall becoate due and payable, acct to y or discharge within ninety (80) days after due date, an sad all i
govenunental kvtets that may be made on the atortgagerl Property. as this mortgage or acts or in any other way resultin8 fray the I?tortgage
indebtedness secured by this ge; acct if thu eatditioa lee not nom with and performed. said mortgagee maY PaY such sum or sums
which shall become pert of the d t secured by this mortgage, and shall interest at the default rate provided fn aaiJ promtissory cote
payable monthly until paid or .said Mortgagee tray elect that said mortgage debt thereupon became due and payabb forthwith.
9. It is further covenanted and agreed by said partks that in the event elf a suit being instituted to foreclose this mortgage, the Mortgagee `
shall be entitled to apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver
of all and singular the mortgaged p perty, and of all the Hots, in~on,cs, proiits, tssues and revenues thereof, from whatsoever source derived•
and thereupon it is hereby expressly
covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged property, alb
and singular, and e>f such rents, incomes, profits, issues aril revenue thereof. from whatsoever source derived. with the usual powers anti
duties of receivers in like cases; acct such appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors,
legal representatives or assigns, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency or Insolvency of the 1ltortgagor, and that such rent, profits, income, issues and rewenuee shall be applied by such receiver to the pay-
went of the mortgage indebtedness, costs and charges, aacordia8 to the order of such court.
10. if all or any part of the property eu an interest therein is sold or tranferred by mortgagor without mortgagee's prior written consent,
exclexiin (a) the creation of a lien or encumbrance subordinate to this mortgage, (b) the creation of a purchase money security interest for
6ouseho~ appliances, (c) a trentfer by devise or descent, or by operation of law upon the death of a pint tenant, or (d) the grant of any
leasehold Interest of three years ex less not containing an option to purchase, mortgagee may, at its option, declare all the sums secured by
this mortgage to be immediately due acct payable. I?tortgagce shall have waived such option to accelerate if prior to the sale or transfer.
mortgagee acct the person to whom the property is to be sold or transferred reach agreement in writing that tote credit of such person is sat-
isfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as 1lfortgagce shall request.
11. That in the event the premises hereby mortgaged, m any part thereof, shall be condemned and taken for public use under the power
of eminent domtain, the Mortgagee shall have the right to demand that all damages awanled Eor the taking of ex damages to said premises
shall be pakl to the Mortga~Cce up to the amount then unpaid on this mortgage acct at the option of the Mortgagee may be applied upat ~
the payments last payable therea,.
12. The mortgagor birds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to l
ar permit to be added to any of the existing improvercents thereon or make any changes or alterations in said improvements which materially 1
change the same or the use thereof, without the written rnnsent of the Mortgagee, and in the event of any violation or attempt to violate this l
stipulation this mortgage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee.
13. It is specifically agreed that time is of the essence of this contract and that rte waiver of any obli~;a~ion hereunder a of tl,e obligation
secured hereby shall at any time be held to be a waiver e>f the tenxu hereof or oi? the instrument secured hereby.
14. If foreclosure proceedings of any second mortgage or seroord taut deed or any junior lien e>F any kind should be instituted, the Mort-
Qa~re may, at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable forthwith, and
may at its option proceed to foreclose this rr>,rtgage. -
15. To the extent of the indebtedness elf the 1?tortgagor to the Mortgagee described herein ex secured hereby the Mortgaggecee is hereby 1
subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien m other ir,cumbrsnce on the ~
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
and the respective liens til said mortgages. lien or other incumbrances shall be and the same and each of them hereby is preserved and shall
pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagce herein described or hereby secured, to the same ~
extent that it would-have been preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly ~
assigned, tranferred, set over and delivered unto the Mortgagce by separate deed of assignment notwithstanding the fact that the same may
be satisfied and wncellyd of record, it being the intention e>F the parties hereto that the same will be satisfied and cancelled of record by the
hinders thereof at or about the time erf the recording of this mortgage.
1Q. To pay all anti singrdar the costs, charges and expense"t, including Iawyere fees, reasonably incurred or_pad at any time by the I?tort-
Qa„~, because of the failure of the htortCagor to perform, comply with and abide by each and every the stipulatioru, agreements, conditions,
and covenants of said promissory note and this decd, or either, and every such payment shall bear interest from date at the default rate pro-
dded in said promissory note.
17. ~t'hen any amount of to be paid by the Mortgagor to the I?tortgagce under the terms hereof shall be in default, or should the t
Mortgagor default in any of tr ternu, provision or condition of this 1?tortgage, tHem and in that case the Mortgagee shall have the
ritiht, without notice to the Atortcagor, to collect and receive from any tenant or lessee ed said mortgaged premises the rents, issues and
~ profits of the res) estate hereby mortgaged acct the improvements thereon, and to give proffer receipts and acquittances therefor, and after ;
~ paying. all commissions of any rental agent rnllecting the same, and any reasonable attorneys foes and other necessary expenses incurred in
collecting same, to apply the proceeds of such collections upon an indebted obligation or liability. of the Mortgagor hereunder. The
n,ht granted the llfortgagex under this paragraph shall be in addition to, and not limit or restrict, any other right or rights granted the
ltortgagce in this Mortgage.
1K. If the Mortgagors at the time t>f making this Mortgage or s~bs~guent thereto take art life insurance designating the I?teMgagce herein s
as hcneficiary with a company approved by the I?tortgagce or assigns policies to the Mortgagee for the purpose of securing the mortgage loan i
hereh secured, then the Iltortgagee shall have the right to pay any ppremium arxruing under said policies, and all sums so expended shall be ~
added to and become a part of the ponce 1 indebtedness secured by this Mortgage and shall be paid by the Mortgagor to the lUortgagce ~
in twelve eY]ual consecutive monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment
due under this Mortgage in the first calendar month following the expending elf said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon said principal indebtedness and the lien of this Mortgage ahaD es<end to and secure the sums so expended
toeether with interest thereon as hereinbefore provided.
19. At mortgagee's option, together with and in addition to the monthly payment of nmcipal sod interest payable under the terms elf the j
note secured hereby, Mortgagor shall pay to Mortgagee each month until said note is pa,d, ame-twelfth (1/12) of a sum equal to the i
annual premium due for fire, e:terxied rnverage, and other hazard insurance irtduding flood insurance, covering the mortgaged property,
plus taus and assessments nest due on the mortgaged p (aD as estimated by Mortgagee) leis all sums already paid therefor, and to be 1
divided by the number of months to elapse prior to the dot-e when such tares and assessments shall become delinquent. Said sums shaD be t
held by I?tortga~ce in tout ur credited to the principal of the loan, to pay said insurance, tares, sad assessments and shall be applied on the
payment thereo when due. Any coerces held in toter by Mortgagce when said loan is paid in frill shall be paid to Mortgagor, or bit assigns,
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied em any costs of damages sustained i
in connection with the collection e>f the note secured hereby whether by snit foreclosure, or otherwise. Mortgagee may from time to time at
its opption waive, and after any such waiver. reinstate any or all provisioat hereof requiring such deposits, by notice to Mortgagor in writing.
K'hile any suc•}t waiver is in effect, Mortgagor shall pay tares, assessments and insuranex premtiemzs as herein elsewhere provided.
?0. 1ltortga or shall rnmply with the ~rovisiems of any lease, if this mortgagge is on a leasehold. If this mortgage is on a condominium unit
mortgagor shall perform all of mortgagors obligation under the declaration of conriefminirrm or master deed, the by-laws and regulation o~
the condominium project and constituent documents. I?iortgagor further rnvenants that 6e and the association resporuible for the operation
of the condominium will observe all of the provision of the said dexnaratioa and airy amendments thereto, and of the coondominium law of
the state, aril will perform all obligation thereunder, and a failure to do so w~rich le not cared within 30 days after notice given by the Mort-
gagce to the mortgagor and the said association shall rnntitute a defau4 under this mortgage. Mortgagor further specifically covenants, but not
by waY of limitation, that be and the association will observe all of the provisions of said declaration erf condominium relating to insurance
coverage.
t 21. Mortgagor further covenants and agrees that at the requext of Mortgagee to furnish a standard termite hood insuring against damage
by infestation on the buildings now or hereafter located on the mortgaged Property, En such amounts and terms. acct with such company as d
approved acct required by Mortgagee; and in the event Mortgagor does not e:omply with this covenant Mortgagee shall have the same righb
to obtain same as insurance coverage under covenant ;it3 hereof.
22. That in the event that this mortgage is given to secure a constroetion loan hilure oo the part of the Mortgagor or the Mortgagor:
contractor, architect, engineers, or sub-contractors to comply with the terms elf the C.ontontction Loan A~r~ment of even date herewith,
rvhic6 is by reference incorporated herein, shall, at the option e>f the Mortgagee, constitute a detfault hereunder.
23. U the mortgaged premises is other than a one to four family dwelling, the Mortgagor uovenants and agrees that 6e will, not later
than thirty (30) days after the end of the fiscal year funtis6 unto-the Association a complete and accurate balance sheet and profit and loss
statement reflecting the Mortgagors liabilities as wel~ as profit and loss for the fiscal year, and such balance sheet and profit and loss state-
ment shall be Prepared by a certified Public aexatntaM lloeased in the State elf l:7oriela, and shr}A, as bein~j correct by such exrti-
Eied Public aooountant. g~~t
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