HomeMy WebLinkAbout1344 4. This mortgage is personal to the Mortgagor herein. and no conveyance shall be made by Mortgagor of the premises heroin described or any part
thereot without first obtaining the prior written consent of the Mortgagee. In the event Mortgages gives this written consent. the grantee named in wch con-
veyance shall aswme and agree to pay the obligation evidenced by ihs promissory note secured hereby. Any conveyance of the property herein described a
any part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and ell wms of
money secured hereby shall, at the option of Mortgagee. become due and payable and in dslault whether or not tM same ors so dw and paysbk and in
default by the specific terms hereof. Nothing herein contained shalt bs construed to constitute a novation or release Mortgagor or any subsequent owner of
+rabiliry or obligation under the promissory note secured hereby Or this mortgage by mason of the aforesaid aswmption of the obligation under the note
secured hereby, by a subsequent owner of the property described heroin.
5. That in the event of s wit being instituted to forscbss this mortgage. the Mortgagee shall be entitled to apply at any time during wch foreclosure
sort to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property, and of all rents. incomes. profits.
issues and revenues thereof, from whatsoever source derived: and thereupon it is hereby expressly convenantsd and agreed that the court shall forthwith ap-
point wch receiver with the usual powers and duties of receivers in like cases: and said appointment shall bs made by the court ss s matter of strict right to
the Mortgagee. and without reference to the adsquscy 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 wit. Ths Mortgagor hereby specifically waives the right to object to the sppointn?ent of a receiver as
aforesaid and hereby expressly Consents that wch appointment shall bs made as an admitted equity and as a matter of absolute right to the Mortgagee and
that the same may bs done 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 the lien of this mortgage. the Mortgages may at its option immediately upon institution of wch wit or during the pendency thereof declare this nwrtgags
and the indebtedness secured hereby due and paysbls 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 said lands found to be con-
venient or expedient in connection with any wit for the foreclosure of this mortgage, and also including, whether the Mortgagee is obligated to pay same Or
not. reasonable attorney's fees incurred o? expended at any time by the Mortgagee because of the failure of the Mortgagor to perform, comply with and ab+de
by all or any of the covenants. conditions and stipulations of said promissory note. or this mortgage, in the toreCbwre of this mortgage and in collecting the
amount secured hereby with or without legal proceedings. aril to reimbwse the Mortgagee for every payment made or incurred for any wch purpose with in-
terest from date of every such payment at the highest rate authorized by law: wch payments and obligations. with interest thereon as aforesaid. shall be
secured by the Gen hereof
8. To keep the building or.buildings now or hereafter on said land insured against bas or damage by firs. extended coverage and other perils. in-
cluding war risk insurance if available, in a wm not less than. their full inwrable value at the cost end expanse of the Mortgagor in a company or companies
approved by the Mortgagee. the policy or policies to be held by the Mortgagee. and wch policy or policies of inwronce shall have affixed thereto a Standard
New York Mortgagee Clause, making all loss or bsses under wch policy or policies payable to the Mortgagee as its interest may appear. and to deliver said
policy 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
payable urtcf er 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
permit the Mortgagor to receive and use it. Or eny paR thereof. fo? other purposes. without thereby waiving or impairing any equity, lien or right under or by
virtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for wch inwrance. Or any part thereof, without losing. waiving or affeC-
ting Mortgagee's option to foreclose for breach of this covenant. Or any part thereof. or any right Or option under this mortgage. artd every wch 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 bss or damage is wffered Mortgagor shall notify Mortgagee of wch loss or damage within forty-eight 1481 hours aher the happening
thereof: the failure to give wch notice shall-constitute s default and the Mortgagee shall have the rights herein given for all defaults.
9. To 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
be 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.
Incase 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 behaH which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by
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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 Irfe 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
interest 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 shall 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.
i ~abdrty, obligation or encumbrance upon said property as herein provided. it shall not be necessary nor regwsite that the Mortgagee shall first pay the same.
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~ 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
rote 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
~ ;;ertorm, 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, if any, then, and in either or in any of such events, without notice a demand, the said aggregate wm men-
~ honed in said promissory note. less previous payments. if any, and any and all sums mentioned herein or secured hereby shall become due and payable
forthwith or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate wms 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 thereaher without
f nonce 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 any
default or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgsgse shall have the continuing option to enforce payment
of 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 actron or suit
i 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.
14. That in the event that Mortgagor shall 111 consent to the appointment of a receiver. trustee or liquidator of all or a substantial part of Mortgagor's
assets. or 121 be adjudicated a bankrupt or insolvent. or file a voluntary petition in bankruptcy. or 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 (4? file a petition or answer seeking reorganization or arrangement with creditors. or to
!eke advantage of any insolvency law, or 15) file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy-
reorganization or insolvency proceeding, or 161 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order. judg-
merit 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 a substantial part of the Mortgagor's assets and wch order, judgment or decree shall Continue unstayed and in effect for any
period of thirty (301 consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of artd the in-
terest accrued on the note and aft 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 taw and/or in equity as if all monies
secured hereby had matured prior to its institution.
$ 15. That the Mort a ee or an
g g y person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all
asonabte times
16. That any sum or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 1201 years from the date
t of this indenture, together with interest thereon at the rate agreed upon at the time of such loan or advance. shall be equally secured with and have the same
priority as the original indebtedness and be subject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan-
a:ng at any time shall not exceed IS or if the precr'ding blank is not completed. then an amount equal to one hundred and fifty per cent
? 5096) of the principal amount orgmally secured hereby shall apply.
17. That. if regwred 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
rear and if further required by Mortgagee to pay all inwrance premit;ms in manner and form as provided herein for the payment of taxes and assessments.
18. That if this mortgage is m conneCUOn with construction loan finanCin then this mort a
dated 9• 9 9e is wbject to the Construction Loan Agreement
. between the Mortgagor and the Mortgagee, an executed copy of which is in the possession of the
Mortgagee artd 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.
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s 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.
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