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HomeMy WebLinkAbout2217BALLOON MORTGAGE 4 Th+s mortgage is personal to the Mortgagor herein. and no conveyance shall be made by Mortgagor of the prem+ses here+ describer or any part n,•r+>ot w+thout fast obtaining the pr+or written consent of the Mortgagee In the event Mortgagee gives th+s wntten consent. the grantee named In such con +: ranee shall assume and agree to pay the oblrget+on ev+denced by the prom+ssory note secured hereby. Any conveyance of the property here+ described or +..y part thereof In wolatton of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all wins of „uney secured hereby shall. at the optton of Mortgagee. become due and payable end In default whether or rwt the same ere so due and payable and in fe•fault by the spec+hC terms hereof. Nothing harem conta+ned shall be construed to constitute a novatlon or release Mortgagor or any subsequent owner of ab,hty or obiigauon under the promissory note secured hereby or this mortgage by reason of the aforesaid assumpt+on of the obhgauon under the note „•.:ured hereby. by a subsequent owner of the property described herein. 5 That In the event of a suit being inst+tuted to foreclose th+s mortgage. the Mortgagee shall be entitled to apply at any t+me dur+ng wch foreclosure ,~I,t to the court hav+ng lur+sd+ct+on thereof for the appointment of a receiver of all and singular the mortgaged property, and of all rents. Incomes. prof+ts. .,sues and revenues thereol. from whatsoever source derived. and thereupon it Is hereby expressly convenanted and agreed that the court shall forthw+h ap• ;,o~nt such recewer w+th the usual powers and duties of recewers +n like cases. aril sa+d appointment shall be made by the court as a matter of strict right to ~r,,~ 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 such suit The Mortgagor hereby specifically waves the right to object to the appointment of a receiver as ,toresa+d and hereby expressly consents that such appointment shall be made as an admitted egwty and as a matter of absolute right to the Mongagee and •~~.+t the same may be done without notice to the Mortgagor. + 6 That +f any proceedings should be +nstituted against the property covered by th+s mortgage upon any other Ilan or clam whether wper+or or lun+or ~, • the hen of flits mortgage. the Mortgagee may at its option Immediately upon inst+tutinn of such sort or during ilia pendency thereof declare th+s mortgage ,I,d the +ndebtedness secured hereby due and payable forthwith and may at Its opGOn 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- ..~~nent or exped+ent In connection with any suit for the foreclosure of this mortgage. and also Including. whether the Mortgagee is obligated to pav same or t reasonable attorney's fees incurred o- expended at any time by the Mortgagee because of the (allure of the Mortgagor to perform. comply with and ab+de .+tl ur any of the covenants. conditions and stipulations of sa+d promissory note. or this mortgage. m the foreclosure of this mortyage and In collect+ng the '+ u,unt secured hereby with or wuhout legal proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose w+th +n• ~••~F•5t from date of every such payment at the highest rate authorized by law: such payments and obligations. with Interest thereon as aforesaid. shall be •• „red by the hen hereof 8 To keep the build+ng or buildings now or hereafter on said land insured against loss or damage by fire. extended coverage and other perils. In- :cluig war risk Insurance if evadable. m a sum not less than rhea full insurable value at the cost and expense of the Mortgagor in a company or companies ,;,~,rc>ved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or policies of Insurance st+all have affixed thereto a Standard ..•.v York Mortgagee Clause. making all loss or losses under such policy or policies payable to the Mortgagee as Its +nterest may appear. and to deliver sa+d , ,,:;:y or policies to the Mortgagee when Issued wtth the receipts for the payment of the premium therefor: and In the event any sum of money becomes ,able under 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 ,~••~ntit the Mortgagor to recewe and use tt. Or any part thereof. for other purposes. without thereby viewing or Impairing any egwty. hen or right under or by . ~tue of this mortgage: and the Mortgagee If It deems necessary may place and pay for such insurance, or any part thereof. without los+ng. waiving or affec- c; Mortgagee's option to foreclose for breach of this covenant. or any part thereof. or any right or option under this mortgage. and every such payment shall .~••:+~ .nterest from date thereof until paid at the h+ghest rate authorized by taw. and all such payments with +nterest as aioresaid shall be secured by the Ilan •••~•of In the event any loss or damage Is suffered Mortgagor shall notify Mortgagee of such loss or damage w+thln forty-eight 1481 hours aher the happen+ng - ••~:•of the failure to give such notice shall constitute a default and the Mortgagee shall have the r+ghts herein given for alt defaults 9 To permit. commit or suffer no waste and to maintain the +mprovements at all times +n a state of good repair and cond+t+on, and to do or permit to • tone to said prem+ses nothing that wdI alter or change the use and character of sa+d property or m any way impau 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 ns option. make such repa+rs or cause • •• game to be made and advance monies In that behalf wh+ch sums shall be secured by the Ilan hereof and bear interest at the highest rate authorized by t O To deliver the abstract or abstracts of title cover+ng the mortgaged property to Mortgagee or +ts des+gnated agent. which shall at ail t+mes. during • - tf. of this mortgage. remarn m the possession of the Mortgagee and in event of the foreclosure of th+s mortgage or other transfer of title, all right title and ••~rtt of the Mortgagor +n and to any such abstract or abstracts of Utle shall pass to the purchaser or grantee t t That no waiver of any covenant herein or In the obligat+on secured hereby shall at any time hereafter be held to be a waver of any of the other •••-^.s hereof or of the note secured hereby. or future waver of the same covenant 2 That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. . ' t•~ obllaation or encumbrance upon sa+d property as herein provided. +t shall not be necessary nor requisite that the Mortgagee shall first pay the same 1 3 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 pa+d by the r,ereby secured or the +nterest therein spec+f+ed or any of the sums of money herein referred to or hereby secured. or otherw+se duly. fully and promptly to •+,>rm execute. comply with and abide by each. every or any of the covenants. cond+tions or stipulations of this mortgage. the prom+ssory Hate hereby • .,red and/or the construCtwn loan agreement. Ii any. then- and m either or in any of such events. without notice Or demand. the Sall aggregate sum men- ' •• ed m card prom+ssory note. less prevous payments. If any., and any and all sums mentioned herein or secured hereby shall become due and payable ~tnw,th or thereafter at the continwng option of the Mortgagee as fully and completely as d said aggregate sums were ong+nally stipulated to be paid at r, r.me, anything m sa+d promissory note or harem to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereaher without • :v or demand to institute swt at law or In equity to enforce the rights of the Mortgagee hereunder or under sa+d promissory note !n the event of any := ia~,~t or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shalt have the continuing option to enforce payment + sums secured hereby by action at law or by suit In equity to foreclose th+s morgage. either or both. concurrently or otherwise. and one action or suit ~~ot abate or be a bar to or waver of the Mortgagee-s right to institute or maintain the other- provided sa+d Mortgagee shall have only one payment and ,• sfacuon of sa+d indebtedness 4 That in the event that Mortgagor shall (1 i consent to the appointment of a receiver. trustee o: Ilqu+dator of all or a substant+al part of Mortgagor-s or 121 be adjudicated a bankrupt or insolvent. or the a voluntary petition m bankruptcy. or admit m writing +ts rnab+hty to pay +ts debts as they become .~~ or 131 make a general ass+gnment for the benefit of creditors. or 14i fde a petition or answer seeking reorgarozation or arrangement with creditors. or to ~• advantage of any Insolvency law. or 151 file an answer admitting the material allegations of a pet+t+on fled aga+nst the Mortgagor in any bankruptcy- ' . •,;anization 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- • ~ ~ or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jur+sdict+on approving a petition seeking appo+ntment -eceiver or trustee of all or a substantial part of the Mortgagor's assets and such order- judgment or decree shall continue unstayed and In effect for any :d of thuty 1301 consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the rn- • •-•St accrued on the note and all other sums hereby secured shall become forthw+th due and payable as If all of the said sums of money were originally . .'ated to be paid on such day. and thereupon the Mortgagee without not+ce or demand may prosecute a swt at law and/or in equ+y as if ail monies • nod hereby had matured prior to its institution 1 5 That the Mortgagee or any person authorized by the Mortgagee shall have the r+ght :o enter upon and Inspect the mortgaged premises at all •'!able 11 /T1Q$ t 6 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 • • s ,ndenture. together with +nterest thereon at the rate agreed upon at the time of such loan or advance. shall be equally secured with and have the same = rr as the original Indebtedness and l~~ubject to all the terms and provisions of th+s mortgage: provided. that the aggregate amount of pnnapal outstan- • ; at any time shall not exceed IS- _ A_____._1. or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent `:) :i of the pr+napal amount ongrnally secured hereby shall apply 1 7 That, if required by Mortgagee. the sa+d Mortgagor well pay unto the Mortgagee. on the first day of each and every consecut+ve month. a sum • , .,, to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly vim to be es- • ,rid solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous , • :+nd rf further requued by Mortgagee to pay all rnsurance premwms m manner and form as provided herein for the payment of taxes and assessments 18 Tha: If this mortgage is In connection with construction loan financing. then this mortgage Is subject to the Construction Loan Agreement ,red j11/A ,between the Mortgagor and the Mortgagee. an executed copy of which is m the possess+on of the ':~•?rtgayee and Is Incorporated herein by reference and made a part hereof: any default by Mortgagor under said agreement shall constitute an event of ~••'-+u•t under this mortgage 19 That the Mortgagor will on the request of the Mortgagee furnish a wntten statement of the amount owing on the obligation which this mortgage .res and therein state whether or not Mortgagor claims any defenses or offsets thereto c t z go~344 Ps~~i6 ~~~