HomeMy WebLinkAbout0293 4 This mortgage is perwnal to the Mortgagor herein. ar:d r:o conveyance shall be mach by Mortgagor of the p+enuses herein described or any Tart
'.ereof w,thuul first obtauirng the prior vvtitten consent of the Mortgagee In the event Mortgagee give9 th,s written consent. the grantee Warned ,n such coin
ryance shall assume anit agree to pay the obagation evidenced by the promissary note secured hereby Any conveyance of the property herein described u+
part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obhgatian secured hereby and all sums of
~riuney secured hereby shall, at the option of Mortgagee. become due and payable and +n default whether or not the same are s0 due and payable and in
tetault ay the speclfiC terms hereol. Nothing herein contained shalt be construed to constitute a novetion or release Mortgagor or any subsequent owner of
~,-it,~lrty or obligation under the promissory note secured hereby nr this mortgage by rbason of the aforesaid assumption of the obligation under the note
~•,„,d he+eby. by a subsequent owner of the property described herein.
5 That in the even) of a suit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at arty time during such foreclosure
,::.t to the court !caving jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property. and of all rents. incomes profits.
,sues and revenues thereof. from whatsoever source Aerived. and thereupon it is hereby expressly convananted and agreed that the court shall forthwith ap-
i,oiut such receiver with the usual powers and dupes of recewers in like cases. and said appointment shall be made by the court as a matter of strict right to
~'.e Mortgagee. and without reference to the adequacy or inadequacy o! the value of the property hereby mortgaged. or to the solvency or insolvency of the
":lortgagor or any other party defendant to such suit The Mortgagor hereby specifically waves the right to object to the appointment of a receiver as
,,!uresaid and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and
chef the same may be 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 superior or tumor
the lien of this mortgage. the Mortgagee may at its option immediately upon institution of such suit or during the pendency thereof declare this mortgage
.!rid the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgages.
7 To pay alt 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-
. ~•r,rent or expedient m connection with any suit for the foreclosure of this mortgage. and also including. whether the Mortgagee is obligated to pay same or
~~+t reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform, co?npiy with and abide
:,ll or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. in the :oreclosure of this mortgage and in collecting the
'i ~+~uunt secured hereby with or without legal prOceedngs. and to reimburse the Mcrtgagee for every payment made Or incurred for any such purpose with in-
r, rrst from date of every such payment at the highest rate authorized by law. such payments and obligations. with interest thereon as aforesaid. shall be
~ ,:,art fry ttie iivri l,ereuf
8 To keep the building or buildings now or hereafter on said land Insured against loss or damage by tire. extended coverage and other perils. in-
iud,ng war risk insurance if available. in a sum not less than then full inswable value at the cost and expense of the Mortgagor in a company or companies
.,;~;;roved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or polices of insurance shall have affixed thereto a Standard
'..,w York Mortgagee Clause. making all loss or losses under such policy or policies payable to ttie Mortgagee as its interest may appear. and to deliver said
iu,~icy or policies to the Mortgagee when issued with the receipts for the payment of the premwm therefor, and in the event any Sum of money becomes
;>:eyable under such policy or pobcies. the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to
;,+erm,t the Mortgagor to receive and use it. or any part thereof, for other purposes. without thereby viewing or impairing any equity. Lien or right under or by
::rn,e of this mortgage: and the Mortgagee if rt deems necessary may place and pay for such insurance. or any part thereof, without los+ng. waiving or affeC-
•ul Mortgagee s option to foreclose for breach of this covenant. or any part thereof. or any right or~uption under this mortgage. and every wch payment shall
:~r~,,r interest from date thereof until paid at the highest rate author,zed by law, and all such payments with interest as aforesaid shall be secured by the lien
.•-rru! In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 148) hours after the happernng
r .•reuf 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
. done to said premises nothing that will alter or change the use arM character of said property or rn any way impair or weaken the security of said mortgage.
ase 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
e same to be made and advance mon,es in that behalf which sums shat) be secured by the hen hereof and bear interest at tffe highest rate authorized by
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i U To deliver the abstract or abstracts of tale covering the mortgaged property to Mortgagee or its designated agent. which shalt at all times during
'.:!e of this mortgage rema,n in the possession of the Mortgagee and ,n event of the foreclosure of this mortgage or other transfer of title. all right tithe and
:?rest of the Mortgagor in and to any such abstract o? abstracts of title shall pass to the purchaser or yrantee
1 1 That no waiver of any covenant herein or iA the obligation secured hereby shalt at any time f,ereafter be held to be a waiver of-any of the other
~~n:s hereof or of the note secured hereby. or future waiver of the same covenant
12 That in order to accelerate the matur,ty of the indebtedness hereby secured because of the tenure of the Mortgagor to pay any tax assessment,
;qty obligation or encumbrance upon said property as herein provided. rt shall not be necessary nor requisite that the Mortgagee shall first pay the same
13 That it the Mortgagor shall fail, neglect or refuse for a period of th+rty 130) days fully and promptly to pay the amounts required to be paid by the
hereby se:.ured or the interest therein specified or any of the sums of money herern referred to or hereby secured or otherwise duly, fully and promptly to
;,vrfgrrn, execute. comply with and abide by each. every or any of the covenants. conditions or stipulations of this mortgage. the promissory note hereby
j >ecured and~or the construction loan agreement. if any. then, and m either or in any of such events. without nonce or demand. the said aggregate sum men-
~ ~ cried in sa,d promissory note. less previous payments, if any, and any and all sums mentioned harem or secured hereby shall become due and payable
i 'orc!:wrth or thereaher at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at
~.:cn Ume. anything in said promissory note or herein to the contrary notwithstanding. ar•.d the Mcrtgagee shall be entitled thereupon or thereaher without
r~ot~ce or demand to ,nstrtute suit at law o: in equity to enforce the rights of the Mortgagee hereunder or under Bard promissory note In the event of any
".eiau!: or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shall have the Continuing option to enforce payment
o! all sums secured hereby by action at law nr by su,t rn woody to fnreclnsn this mnrtr3aon gdhwr nr tenth concurrently nr ntherwse and tine action nr trot
not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other prov,ded said Mortgagee shall have only one payment and
~at~sfaction of said indebtedness.
14 That in the event that Mortgagor shall (1) consent to the appointment of a receiver. trustee or liquidator of all or a substantial part of Mortgagor's
,sets. or 121 be ad~i:dicati:d a bankrupt or insolvent. or file a voluntary petition m bankruptcy. or admit rn writing its inability to pay its debts as they become
',tie 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
±ake advantage of any insolvency law, or 15) file an answer admitting the material allegations of a petition filed against the Mortgagor m any bankruptcy.
-e;ryanization or insolvency proceeding, or 16) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or (7i any order, judg-
~r,ent or decree shall be entered upon an application o/ a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment
a receiver or trustee of all or a substantial part of the Mortgagor s assets and such order. lodgment or decree shall continue unstayed and in effect for any
. -~-~od of thirty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable, whereupon the principal of and the m-
arrest accrued on the note and all other sums hereby secured shall become forthwith due and payable as d all of the said sums of money were originally
;,Mated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a swt at law and/or m egwty as if all monies
c.c;red 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
• , . ,nabie times
16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 120) years from the date
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
u• only as the ongmat indebtedness and be subject to all the terms and provisions of this mor:gage: provided. that the aggregate amount of pnnc,pal outstan-
t rig at any lime shalt not exceed (S___ N/A or if the preceding blank is not completed, then an amount equal to one hundred and fifty per cent
t 5p`r-,? of the principal amount ong!nalty secured hereby shall apply.
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6~ 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 sum
3 •-o_~al to one-iwelhh of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly sure to be es-
r~~ated solely by Mortyagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous
- ,tear and it further required by Mortgagee to pay all insurance premiums in manner and form as provided herern for the payment of taxes and assessments
18 That it this mortgage is in connection with construction loan tinancing. then this mortgage is sublect to the Construction Loan Agreement
mated .between the Mortgagor and the Mortgagee, sn executed copy of which is in the possession of the
Mortgagee aril is iiorated herein by reference acrd made a part hereof: any default by Mortgagor under said agreement shall constitute an event of
rte!ault 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.
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