HomeMy WebLinkAbout0812 e. 7o prrfonn, comply with soil abide by each soil every stipulatba, agn~eweut, cxrad,t,oa auu covenant in aid promissory note and deed
set forth.
T. In the event the jurisdiction of the U. S. Dishict Cant shall be Invoked by or agalast the Mortgag __und~K say of the provisions of tbs
F'erl,•rs,l Bankruptcy Act, such action, whether vduatary or iovduntary oa the part a[ the Mortgagor, s1a11 autouutically, without rwtxv, as
celrratn ll,n nwturity of aB swn of ma,ry herein described and secured and t},,r same shall thereupon become due and payaWn tortl?witl,
.u fully as if the said aggregate surds of roorrey were alginally stipulaturj to be paid on tut:6 date.
8. To deliver to said Mortgagee oo ce before March 15th of each year, tax reoelpts evidencing the payment of all lawfully tu?posed ours
for the prree~liag calendar year. aatj to deliver to said Mortgsgee, receipts avldeaciug the payment of all liens for public improveaants wedeln
ninety (410) days alter the same shag beooane due and payable. and to pay or disclurgs within ninety lfl0) days after due date. say and all
Kuvrrwnrnlal levies that may bo made m the morlgagnl p rty, on this mortgage or note, or in any other way resulting from the Mortgage
irxlebtedaess secured by this mortgage: sail if this condition t,e not complkd with end performed, said mortgagee may pay such sum ~ auras
which shall become part of the debt secured by this mortgage, and shall bear interest at the default rate provided in saKl promissory dote
pad able rranthly until paid or said I?tortgagee may elect drat said mortgage debt thereupon become due and payable forthwith.
9. It is furtl,cr covenanted sad agreed by saki parties that is the event of a suit being instituted to forecbae this mortgage, the Mortgagee
shall be entitled to apply at say lima pending such forcclaeure suit to the court having jurisdiction thereof for the appointment of a receiver
of all aril singular the mortgaged pproperty, and of all the rents, incou,er, pcofit~ issues and revenues thereof. from whatsoever source derivcd•
aril thereupon it is hereby expressly covenanted sad agreed that the court shall forthwith appoint a receiver of sakl mortgaged property, d~
sad sin ,sod of such rents, pro(its, issues and revenue thereof, from whatsoever source derived, with the usual power and
duties receivers is like cases; i~ appointment shall be made by such court as a matter of strict right to the Mortgagee, its successors,
legal representatives or assigns, and without re[ereace to the adeYluacy or inadequacy of the value of the property hereby mortgaged. or to the
solvency or insolvency of the Mortgagor, and that such rent, profits, income, issues sad revenues shill be applieed by st~h receiver to the pay-
ment of the mortgage indebtedness, casts and charges, acconling to the order of sne6 court.
10. If all or any part of the property or an interest thereLr is sold or traaderred by mortgagor without mortgagee's prior writtea•ca~nsent,
excludin (a) the creatiar of a lien or encumbrance subordinate to this ~tgage, (b) the creatim of a purchase ,uoney security interest for
househo~ appliances, (c) a transfer 6y devise or descent, or 6y operatim of law upm the d~th of a ;Dint tenant, or (d) the grant of soy
leasehold interest of three years or less not containing an option to purchase, mortgagee may, at its oopption, declare all the suns secured by
this mortgage to be immediately due aril payable. I?lortgagee shag have waived such option to aocderate if prior to the sale or transfer,
mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that t{?e credit of such person is sat-
isfactory to I?fortgagee and that the interest payable on flee surrit secured by this mortgage shall be at such rate as Mortgagee shall rcrtuest.
11. That in !hc event the premises herel,y mortgaged, or any part thereof, shall be cademned and taken for public use under the power
of eminent domain, the I?torigagee shall have the right to dwnaad that all damages awarded for the tskirg of or damages to said premises
shall be paid to the Mortgagee up to the amount then unpaid on this mortgage and at the option of the Mortgagee may be applied upon
the payments last payable thereon.
12. 71re mortga or binds hirruelf not to erect or permit to be erected say rrcvv buildings m the premises herein mortgaged or to add to
or permit to I,c ad~ed to any of the e:istinq improvenreats thereon or make any charyges or alterations in said improvements which materially
charge the same or the use thereof, without the written content of the Mortgagee and is the event of any violation or attempt to violate this
stipulation this mortgage and all sums secured hereby shall immediately become rl'ue and ooUectibk at the option of the Mortgagee.
13. It it speci[ically agreed that time is of the essence of this contract and that no waiver of any ob ' tim hereunder or of the obligation
secured hereby shall at any tine be held to t,e a waiver of the terms hereof or of the intrument hereby.
14. if force-losure proceedin of any second nwrtt;age or second trust dced or junior lien of any kind should be instituted, the Mort-
Ka;;ee rosy, at its option, i ,ately or thereafter declare this nwrtgage and the ird~edness secured hereby due and payable forthwith, and
may at its option pra•ced to foreclose this mortgage.
15. To the extent of the indebtedness of the 4lortgagor to the Mortgagee described herein or secured hereby the Mortgaggee is hereby
;ubro~Ca~ed to the liar or liens and to the rights of the owners and holders thereof of each and everyry mortgage lien•or other incumbrance m the
land described herein which is paid and/or satisfied in whole or in part out of the proceeds of We ban d sescrihed herein or secured hereby
aril the respective liens of said nwrtga~es. liens or other incumbrances shall be and the same and each of them hereby is preserved and shah
pass to and be held by the \lortgagee herein as si.•curity for the indebtedness to the Mortga herein described or hereby secured, to the same
~•:tent that it would have Ixen prc~sen^ed aril world have been passed to and been held the Mortgagee had it been duly and regularly
.,s;iy;r,ed, transferred, set over and deliver«1 unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
i>e satisfied and ranceU~d of record, it l,eioq the intention of the parties hereto that the same will be satisfied and cancelled of record by the
holders thereof at or about the time of the recording of this mortgage.
16. To pay all and singular the costs, charges and expenses, including la s fees, reasonably incurred or paid at arty tirriz by the Mort-
eacec, because of the failure of the Mortgagor to perform, rnmply with and abide by each and every the stipulations, amedments, rnnditioras,
an<l covenants of said promissory note and this deed, or either, amt every such payment shall bear intent from date at the default rate pro-
vi~lcd in said promissory mote.
~ l7. \Vhen any amount of money to be paid by the Mortgage to the Mortgagee under the terms hereof shall be in default, or should the
~ ~lnrt};agor default in any of the other temrs, previsions or con rtrons of this Mortgage, then and in that case the 1ltortgagee shall have the
right, without notice !o the 1ltortgagor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
~ profits of the real estate hereby nartgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
~ paving all commissions of any rental agent collecting the same, and any reasonable attorneys fees and other necessary e:per~tes incurred in
c•ohecting same to apply the proceeds of such collections upon an indebtedness, obligation or IiabiLiy, of the I?lortgagor hereunder. T1re
*it;ht granted t~,e Mortgagee under this paragaph shall be in addition to, and shall rat limit or restrict, any other right or rights granted the
I ~tortea¢ee in this 11lortgage.
f 18. If the ~iortycagors at the time ~ making this Mortgage or subs_-goons thereto tale out life insurance designating the Mortgagee herein
E ,s Fx,neficiary with a company approved by the 1llortgagee or assigns policies to the Mortgagee for the purpose of securing the mortgage loan
h~•n•hv secured, then the !llortfiagee shall have the right to pay any ppremium accruing under said policies, and all sums so expended shall be
added to and become a part of the prir,n'pa1 indebtedness secrrnxl by this Mortgage sad shall be paid by the l1lortgagor to the Mortgagee
in twrhe ual consecutive monthly insta~ljl'ments, the first monthly installment to be paid as a part of and in addition to the morthly payment
disc under this 11tort;;age in the first calendar month following the ezpend,ag of said sum. Such sums so expended to bear interst at the rate
at which interest is payable upon said principal indebtedness soul the lien of this Mortgage shall rstend to and secure the sums so expended
taether with interest thereon as hereinheforc provided.
19. At mortgagee's option, toget!!er with and in additim to the monthly payment of principal and interest payable under the forays of the
note senrred hereby, Mortgagor -~ha)) pay to Mortgagee each month untll said note is fully paid, ace-twelfth (1/12) of a sum erlual to the
annual premi,un due for fire, extended cmerage, and other harard insurance including flood imrrrance. covering the nartgaged Property,
pLes tsars acrd assessments nest due on the mortgaged property (all as estimated by Mortgagee) letsxll sums already paid therefor. and to be
~ divided by the number of months to elapse prior to the date when such lases and assessments shall become delinquent. Said srrrru shall be
held by I?lortgagee in trust or credital to the principal of the ban, to pay said iaturaace, tares. and assessments and shall I,e applied on the
payment thereof when due. Any excess held in trust by I?lortgagee when said loan is paid io full shag be paid to 1?lort~agor, or his assigns.
or personal representatives: In the event of a defauh or foreclosure, said sums held io Irises may be applied on say coats of damages sustained
in connectim with the oollectioo of the note secured hereby whether by suitecedoa,ue. or olbenvise. IliortfcaRee may from tIare to time at
I its oobptan, waive, and after any such waiver, reiattate arty or all provisions requiring such dopesits, by notice to Mortgagor in writing.
f \t'hile any such waiver is in effect, I?tortgagor shall pay taxes, assessments nerd iasuraooe premiums as herein elsewhere provided.
^_0. Mortgagor shall comply with the Qrovisioos of any lease. if this mortgage b m a kaselrold. If this mortgage h on a coodomir,ium unit,
f mortgagor sl,aU perform aD of mortgagors obligations under the declaration of condominium or master deed, the by-laws and regulaticnc of
the condominium project and cantituerrt docnrnents. Mortgagor further ooveaaata that Le and the association respor?srbk for the operation
of the condominium will observe aD of the provLtioris of the said declaret~, and say amendments thereto. and of the GxKlominium law of
the state, and will perform all obligation thereunder; and a failure to do ao w~lrich b dot coved within 30 dayyss after notice given by the Aiort-
^agee Mthe mortgagor and the said association shat) constitute a default under this wortgage Mortgagor further specifically covenants, but rat
by way of limitation. that he and the association w,~l observe aD of the provWon of aid dedantion of coodomirifum relating to insurance
coverage.
~ 21. Mortgagor frrrtlrer covenants and agrees that at the request of Mortgagee to furnish a standard termite bond insuring damage
by infestation oa the building now or hereafter located ao the mortgaged properrttyy, in arch amounts and semis, aril with paay as
approved and required by l?lortgagee; and in the event Mortgagor does not earrrply with this covenant Mortgagee shall have the acme righ4
to obtain sans as insurance coverage order eovenaM x3 hereof.
22. That in the went that this mortgage is gives to secure a rorstrnetfoo bag failure oo the part of the Mortgages or the Mortgagor:
contractor, architect, engineers, msub-contractors to comply with the terms of the Coo:brrctioo I.wn Agroemeat of even date hercwrith,
which is by reference 6rcorporated herein, shall, at the option of the Mortgagee, onnstitute a defauh hereunder.
23. if the mortgaged Premises is other than a one to fare family dvreDing. the Mortggagoy oovenanYs and ogees that 6e will, not later
than thirty (30) days after the end of the fiscal year furnish unto the Association a aompkte and aecuate balance sheet and profit and bas
' statement reflecting the Mortgagor: liabilities as welj as profit and bss fa the fiscal ,anti such balarree sheet soil profit and bas state-
ment shaD be prepared by a certified pub& accountant lioe,rsed in the State of Fbri~and shall be certified as being correct by such certi-
f~d pnblic aooorrata>k. P~ 812
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