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HomeMy WebLinkAbout0604 4. This mortgage is personal to the Mortgagor herein, and no conveyance shall be made by Mortgagor of ttte premises herein described or any part tr,ereof without first obtaining the prior written consent of tM Mortgages. In the event Mortgagee gives this written consent. the grantee named rn wch con- veyance shall aswme and agree to pay the obligation evidenced by the promissory note secured hereby. sty conveyance of the property herein described or 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 wms of money secured hereby shall. at the option of Mortgagee. become due end payable and in default whether or not the same are so due and payable and in default by the specific terms hereof. Nothirp herein contained shall M construed to constitute a novstion or release Mortgagor w any subsequent owner of ~~abrlrty or obligation under the promissory note secured hereby Or this mortgage by reason of the aforesaid assumption of the obligation under the note secured hereby. by a subsequent owner of the property described herein. 5. That in the event of a wit being instituted to forsck~ss this mortgage. the Mortgages shall be entitled to apply st any time during such foreclowre suit 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 end agreed that the court shall forthwith ap- poinc such receiver with the uwal powers and duties of receivers in like eases: and said appointment shall bs made by the court as a matter of strict right to the Mortgagee. and without reference 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 wch suit. The. Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid end hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and tnat the same may be done without notice to the Mortgagor. 6. That if any proceedings should bs 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 Mortgagee may at its option immediately upon institution of such wit or during the pendency thereof declare this mortgage and the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgage. 7. To pay all arM 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- •;?r,ient or expedient in connection with any suit for the foreclosure of this mortgage. end also including, whether the Mortgagee is obligated to pay same or i,pt. 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 abrde by an or any of the covenants, conditions and stipulations of said promissory note. or this mortgage. in the foreclowre of this mortgage and in collecting the 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- terest from date of every wch payment at the highest rate authonzed by law: such payments and obligations. with interest thereon as atoresa~d. shall be secured by the lien hereof. B. To keep the building or buildings now or hereaher on said land insured against loss or damage by fire. extended coverage and other perils. in- cluding war risk inwrance if available, in a wm rat less than their full inwrable 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, and wch policy or policies of inwranCe shall have affixed thereto a Standard New York Mortgagee Clause. making all loss or losses under such policy or policies payable to the Mortgagee as its interest may appear, and to deriver said po~,cy 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 under wch 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 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 and pay for wch inwrance. or any part thereof, without losing. waiving or affeC- t~reg Mortgagee's option to foreclose for breach of this covenant. or arty part thereof, or any right Or option under this mortgage. and 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 r~ereof In the event any bas or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight (48) 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 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 card 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 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 rate authorized by aw t 0 To detrver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shall at all times. during cr~e rife of this mortgage. remain in the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. al! right. titre 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 shall at any time hereafter be held to be a waiver of any of the other germs hereof or of the note secured hereby. or future waiver of the same covenant. 12 That in order to accelerate the maturity of the irxlebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, Lability, obligation or encumbrance upon said property as herein provided. it shat) 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 ~ ^ore hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or otherwise duly. (ally 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 secured and/or the construction loan agreement, if any, then, and in either or in any of sack events. without notice a demand. the said aggregate sum men- toned in said promissory note, less previous payments. if any, and any and all wms 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 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 thereaher without notice 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 Mortgagee shall have the continuing c+ptan 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 action or suit { snali 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 (t) 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 14) file a petition or answer seeking reorganization or arrangement with creditors. or to ;eke advantage of any insolvency law. or 151 file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy. reorganizatioi or insolvency pro;,eeding, or (8) 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 wmpetent 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 unstaysd and in effect for any period of thirty (301 consecutive days, the Mortgagee may declare the note hereby secured forthwith due end payable. whereupon the principal of and the in- !erest 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 ~ stipulated to be paid on such day: and thereupon the Mortgagee without ratite 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 ~~~+sonable limes. 16. 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 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 ar,ority as the original indebtedness and be~u bject to al! the terms and provisions of this mortgage; provided. that the aggregate amount of principal outstan- ring at any time shall not-exceed IS 11/ 8 1. or if the preceding blank is not completed, then an amount equal to'one hundred and fihy per cent } t 5096) of the principal amount originally secured hereby shall apply. !r 17. That. if required by Mortgagee, the said Mortgagor vinll pay unto the Mortgagee. on the first day of each and every consecutive month. a wm ! equal to one-twelhh 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 bs an amount not less than the amount of taxes assessed against said mortgaged premises for the previous ;ear, 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. x 18. That if this mortgage is in connection with construction loan financing, then this mortgage is wbject io the Construction loan Agreement dated ,between the Mortgagor and the Mortgages. 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 which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offsets thereto. AA~~ 2 800~1(J`t~ PAGE ~4 RACCOON ?KORT~A~E ~ '