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HomeMy WebLinkAbout10973 Th+s nwrtgaye rs personal to the Mortyagor herein and nu conveyance shall be made by Murtyayor of the pren„ses harem described or any part • ••++f wrthout fast obtanung the pnor wntten consent of the Mortyayee In the event Mortgagee gives this wntten consent. the grantee named rn such con- ,+•tian~e shall assume and agree to pay the ubhgation evidenced by the prom,ssory note secured hereby Any conveyance of the properly herein described Or ,~,, hart thereof tit violation of the terms of Thrs paragraph shall entitle Mortyayee to accelerate the payment of the oblryauun secured hereby and all sums of ;,,,ey secured hereby shall. at the optron of Mortgagee. became due and payable and in default whether or not the same are so due and payable and in r f;rult by the specdre terms hereof Nothing herern comaured shall be construed to constitute a novation or release Mortgagor or any subsequent owner of srn!,ty or obhyatwn un.fer the promissory note secured hereby or this mortgage by reason of the aforesaid assumption of the obhyabon under the note ,+•, ;;red hereby. by a subsequent owner of the property described herern 5 That rn the event of a sort being rnsututed to foreclose th,s mortyaye the Mortyagee shall be entitled to apply at any urns during such foreclosure , ,~t to the court having furisdretion thereof (nr the apporntment of a recewer of all and singuitar the mortgaged property. and of all rents. incomes. profits. ,v.,e's and revenues thereof. fiom whatso.,ver source derived and thereupon rt is hereby expressly convenanted and ayreed that the court shall forthwith ep- ,,:nt such recewer with the usual powers and dunes of rece,vers u, bke cases. and said appointment shall be made by the court as a mallet o1 strict right to ~.~ Mortgayee. and without reference to the adequacy or inadequacy of the value of the property hereby mortyagecf. or to the solvency or insolvency of the 11;,rtyagor or any other party defendant to such suit The Mortyagor hereby specrfrcally waves the right to object to the apporntment o} a recewer es .t: reseed and hereby expressly consents that such appointment shall be made as an admitted equty and as a mallet of absolute right to the Mortgagee and 'l~.,t tt:e same may be done wrthout nonce to the Mortgagor 6 That d any proceedings should be instituted agarnst the property covered by this mortyaye upon any other hen or claun whether superior or tumor ~., n,rt hen of this mortgage. the Mortyagee may at its option +mmed+ately upon u,stitution of such sort or Bunny the pendency thereof declare this mortgage r,,,f the indebtedness secured hereby due and payable forthw,th ancf may at its aption proceed to foreclose this mortyaye 7 To pay all and singular the costs. fees. charges and expenses of every kind urcludrng the cost of an abstract of tale to sa+d lands found to be con- . +•:.,•nt or exped,ent rn connection with any swt for the foreclosure of th+s mortyage and also mclud,ng whether the Mortgagee rs obligated to pay same or r rasonable attorney's fees mcuried or expended at any ume by the Mortgagee because of the failure of the Mortgagor to perform. comply with and abide . .rn is any of the covenants. cond,tions and supulauons of card promissory note. or flies mortyage. m the foreclosure of this mortgage and m collecting the + , :,nt secured hereby w,ih or wrthout legal prpceedrnys and to reunburse the Mortyagee for every payment made or incurred for any such purpose with in- . .~,t from date of every such payment at the hrghesr rate authorized by law such payments and obhyauons. with interest thereon as aforesaid. shalt be ,. .:rt°d by the hen hereof t3 To keep the buddury or buddu,ys now or hereafter tin sa+d !and +nsured ayaurst loss or damage by fire. extended coverage and other peals. m- ~.,; war risk insurance rf evadable in a sum not less than then full ,nsurabte value at the cost and expense of the Mortgagor m a company or companies . , .•d by the Mortgagee. the Dohcy or pohc,es to be held by the Mortyayee and such pohcy or pollees of insurance shalt have affixed thereto a Standard .... t.,•s tllortyagee Clause +nakiny aN loss or losses under such pohcy or pohues payable to the Mortyagee as its interest may appear. and to delrvet said _,~ puficres ;o iris Mortyayee when ,sued wdh the receipts for ;he payment of the premwm therefor, and in the event any sum of money becomes ,,;!~ +• „rider yu~ h poh,.y ur t::,ac+es. the PAonyaaee shall have the option to recewe and apply the same on account of the indebtedness secured hereby W to .: ±he Mort:;s~;,,r ;~.:e, .r.'r. and use rt or any part thereof for other purposes. without therehy irvarwng or rmpamng any egwty. hen or right under or by ,.• ,,! this molt,; ,.;~• + t~:e MortgagP~ +f rr aeems necessary may place and pay for such insurance. or any part thereof. wrthout losing. viewing or aftec• r ":1c,rtaayee's opti:,,, to :. ,c'Ci ;se fur breach of tn+s : o•:enan;. or any part thereof. or any right or option under this mortgage and every such payment shall • :+;arest from date the,+•ur until paid ~: the h:g:,est rate authorized by law. and all such payments with interest as aforesaid shall be secured by the hen • ~~. me event any fins :+~ d.rmaye ,s suffered Mortyagor shaft notify Mortyayee of such loss or damage within forty-eight (481 hours after the happening • ;he fedora to yr•;e such rurce snail co+,st.tute a data„It and the Mortyagee shall have the rights herern g,ven for all defaults _+ To parr+~r, co::,ma rir s1+NPr no waste and to mau,;a,n the Improvements at all times m a state of good repau and condmon. and to do or permit to • .. :n stint pr~•~-.,ses not!ung that tivJ! alter or change the use and character of said property or m any way impan or weaken the security of said mortgage. ~,: uie n:fc>il n~y•e:_t ur +nab,t,ty of the 1i o,;yayo: ;u :epe:• ar.d rna+n;arn Bard property. the Mortgagee may. at its option. make such repansor cause • -• n, : •• r,,,,::~ a::d :retvar.~e mor,~es ;^ that Geharf ~tih,ch su^a ,r.air be secured by the hen hereof and bear interest at the highest rate authorized by _., -r.+, t ~:• abstra.;s of tale w~er.nd rh. nurtg~;ed property fo Mortyayee or ,ts desrynated agent. which shall at all limes. during . :•-t~.. •- sae. Win ,n the pJ55e55.or, ,)f the Mur;gaoee and .r event of the foreclosure of this mortyage or other transfer of title. all right. title and - .~ .: ..::.,;vr r., and re any su.h abslraCt o+ abstracts of hUP shall pass to the purchaser or grantee ,* :,r • ,,vet ;,' a.+•, :uvenar:t here,r- ;,r ,n ;he oGi,gat,cn secu:ed hereby shall at any ume hereafter be held to be a waiver of any of the other .~rruf .;r o! Iris n_:e ~ecuied hereby. or future wavier of iris same :.uvenant "`:at ,ri order u; a~~ce+e:ate :he maturity of the ndebtedness rrereby secured because of the fadwe of the Mortgagor to pay any tax assessment. ;a)++yat+:;~ :;r a:7cumb:ante anon said property as herern prcwded +t shah not be necessary nor regwsrte than the Mortgagee shall first pay the same. _ i!•,rt :i t: r hlortg:+gJ- shat: fa„ ncy!ec.t or refuse for a pence: of tn,rry i30r days fully and Drornpity to pay the amounts requued to be paid by the • .a.y sec.+rrd or the +nterest (herern spec+f,ed or any qt the sums of money here:n referred to or hereby secured. or otherwise duly. fully and promptly to •- execute curnply with and abide by each every or any o} the covenants conditions or stipulations of this mortgage. the prornrssory note hereby • ; ar,d u: the cons~ruct~on loan agreement. rf any u+en and +n eaher or in any of such events, wrtftout nonce or demand. the said aggregate sum men- : said uromrssory note. less previous payments rf any. and any and au sums mentioned here+n or secured hereby shalt become due and payable .. •;n or thereafter at the contriu+ng option of the Mortgayee as fully and completely as if said aggregate sums were originally stipulated to De paid at • ; Iris anytnury rn card promissory note or herern to the contrary notw,thstanding. and the Mortgagee shall be entitled thereupon or thereafter without •• ,r demand to irtst+tute suit at tavv or rn equrty to enforce the r+ghts of the Mortgagee hereunder or under said prornrssory note to the event of any • , . t nr breach on the part of the Mortyagor hereunder or under card prornrssory note. the Mortgagee shall have the conbnwng option to enforce payment ti ,iris secured hereby by action at law or by surf ,n equrty to foreclose this mortgage. eaher or both, concurrently or otherwise. and one action or Suit ; abate or be a bar to or waiver of the Mortgagees -fight to mst+tute or maintain the other. provided said Mortgagee shalt have only one payment and ;~un of said indebtedness That rn the event that Mortgagor shall 111 consent to ?he apporntment of a receiver. trustee or liqu+dator of asl or a substantial part of Mortgagor's ~~•'~ or l2) be adtud+cated a bankrupt or resolvent. or fde a voluntary pet+t+on in bankruptcy. or admit m wrung its inability to pay its debts as they become . ~ 3> make a genera! ass+ynment for the benefit of creditors or (4- file a peuuon or answer seeking reorganization or arrangement with creditors. or to . .- a.fvantage of any insolvency taw. or i51 file an answer adm+tung the material allegations of a pennon freed agarnst the Mortgagor m any bankruptcy. ~a~•ranon or insolvency proceeding. or (61 action shall be taken by the Mortgagor for the purpose of effect:rg any of the foregoing or 17! any order. ~udg- ; or decree shall be entered upon an applicat+on of a creditor or Mortgagor by a court of competent lurisdretion approving a petition seeking appointment :sever or trustee of all or a substantial part of the Mortgagors assets and such order. lodgment or decree shall continue unstayed and in effect for any +i of thirty i30t consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the rn- ~* accrued on the note and all other sums. hereby secured shall become forthwith due and payable as rf all of the Bard sums of money were originally , .:,:!ated to be paid on such day. and thereupon the Mortgagee wrthout notice or demand may prosecute a surf at law and~or rn equrty as rf all monies ,. :~e•i hereby had matured pnor to its institution 5 That the Mortgagee or any person authorized by the Mortyagee shall have the right to enter upon and inspect the mortgaged premises at all • ,bie limes ' S That any sum or sums which may be loaned or advanced by the Mortgayee to the Mortgagor at any time with,n twenty (201 years from the date •~ s indenture, together vrith interest thereon at the rate agreed upon ai the t,me et such loan or advance. shall be equally secured wrih and have the same ?; as the original rdehtedness and be subject to alt the terms and prows,ors of this mortgage. prov,ded. that the ayyreyate amount of prinapal outstan• at any ume shall not exceed f5 ~~3pp~app,{~pl. or if the preced,ng blank ,s not completed. they, an amount equal to one hundred and fifty per cent of the pnnapal amount originally secured hereby she!! apply t 7 That. rf required by Mortgagee the sand Mortgagor vide pay unto the Mortgagee. on the fast day of each and every consecutive month, a sum • ; :~, to one-twelfth of the annual amount necessary to pay a!1 farces and assessments agarnst the sa+d mortgaged prem,ses. card monthly sum to be es- • •• ated solely by Mortgayee and calculated to be an amount not Tess ?hen the amount of taxes assessed agarnst card mortgaged premises for the previous . ~~ and +f further required by Mortgagee to pay al! insurance premiums m manner and form as provided herein for the payment of taxes and assessments t 8 That +f tf;rs mortgage rs ,n connection with construction loan financing. then this mortgage is subject to the Construe+ron Loan Agreement ~~?°-`t N/A between the Mortgagor and the Mortgagee. an executed copy of which is in the possessror+. of the ",tortgagee and is incorporated harem by reference and made a part hereof. any default by Mortgagor under said agreement shall constitute an event of :e!a:;it under this mortgage ! t 9 That the Mortgagor w+!I on the request of the Mortgagee (urn,sh a wntten statement of the amount owing ore the obligation wh+ch this mortgage ~+ ,res and therein state whether or not Mortgagor clams any defenses or offsets thereto ~~3~~ P~~ X97 - -- ~