HomeMy WebLinkAbout05194 This mortgage ~s persona~ to ths Mo~tgagor here~n. and no conveyance shall be made by Mortg3gor of tAe prem~ses herein descr~bed or any part
~•~eot wuhout hrst oDta~n~ng the pnor wntten consent of the Mongagee In tne dve~t Mortgagee grves th~s wntten consent. the grantee named ~n such con
,r+ance shall assume and agree tp pay tRe obhgat~on ev~denced by the prom~ssory note secured Aereby Any co~veYance of the property here~n descnbed or
+~ r Dan the.eof ~n v~olauo~ of the eerms of th~s paragraph shail e~uue Mortgagee to accelerate the paymem of the obl~gauon secured hereby and aQ sums ol
• oney secured hereDy shaU at ths optwn oi Mortgagee. become due and payable and ~n detault whether or not the same are so due and payable and ~n
~e!autt by the speuhc terms hereot Noth~~g nere~n conta~ned shall be tons[rued to consUtute a novaUOn or release Mortgagor or any subsequent owner o(
•sc=i~ty a obl~gat~on under ihe prom,ssory rw~e secursd hereby a th~s mortgage by reason of the atoresa~d assumpuon of ~he obligat~on under the note
,r.ur~ herepy. by a subsequent owner of ths property descnbed herein
5 That ~n the event ot a su~t oe~ne ~nst~tuted to }oreclose th~s mortgage. the Mortgagee shall be ent~tled to appty at any nme dur~ng such (oreclosure
>. r~o t1~ cou.t hav~ng ~ur~sd~cuo~ thereoi fa the appo~ntment oi a rece~ver of all and s~ngula~ the mortgaged property, and of all rents. ~ncomes. prof~ts.
>s.,es and revenues thereot. from wnatsoeve~ source oenved. and thereupo~ ~t +s hereby eYpressly convenanted and agreed that the court shall torthw:th ap-
._; r,c wch rece~var w~th the uwai powers and duUes o~ rece~vers m hke cases. and sa~d appo~ntment shall be made by the court as a matte~ ot stnct nght to
•~e Mo.tgagee. and w~[hout reterence eo the adequacy a~nedeGua~y of the value oi the property hereby mortgaged. or to the sotvency or mwlvency ol the
:'~~tgaga o- ary otne- party defenaant to such w~t The Mo-tgagor hereby specifically wa~ves the nght to ob~ect to the appointment of a rece~ver as
~'~~esaw and hereby e:Fressly conse~ts that such appa~tme~t sha11 be made as ar adm~tted equ~ty and as a matter oi absolute nght to the Mortgagee and
~•.~~ cne same may be done wnhout not~ce to the Mortgago-
6 That ~( any proceed~ngs shou-d be mst~tuted aga~nst the propeRy covered by th~s mortgage upon any other I~e~ or claim whether supenor or ~urnor
~tie nen oi ch~s mortgage the Mongaflee maY at,u opiw~ ~mmed~ateiy.upon instrtuUOn ot suth swt or dunng the pendenCy thereof deClare th~s mortgage
_-: ~ne ~ndebtedness secured hereby due and payable fortnw~th and may at rts opuon proceed to foreclose th~s mortgage
7 To pay ali ana s~nguiar the costs. fees. charges a~d expenses of every kmd. ~nclud~ng the cost of an abstract o( t~tle to sa~d lands found to be con-
. e~t or exped~ent ~n co~ner,uon wrth any swt (a the toreclosure of th~s mongage. and a~so ~ncl;,d~ng. wheeher the Mortgagee ~s obl~gated to pay same or
~•easonabre attorney~s (ees ~ncurred or expended at any ume by [Ae Mortgagee because o/ the ta~ture oi the Mortgagor to per(orm, comply w~th and ab~de
. j~ or any o( the covenants cond~t~ons and sUputaUOns ol sa,d prom~ssory note. or th~s mortgage. m the foreclosure of th~s mortgage and m cqllect~ng the
~^T secured hereDy w~th pr w~thout :egai proceed~ngs and to re~mDurse the Mortgagee for every payment made or ~ncw~ed (or any such purpose w~th ~n-
~.-;~ trom date of every suc~+ payment at the h:~?est rate author~2ed by iaw. such payments and obl~gat~ons. w~th ~nterest thereon ~s aforesa~d. shall be
• _.-e~ bY the t~en hereo/
8 To keep the bu,ld,ng pr bwld~ngs now or he~eafter o~ sa~d Iand ~nsured aga~~st loss or damage by t~re. extended coverage and other penls. ~n-
•~•~g wa: r~sk ~nsurance ~f avadaWe. ~n a sum not less than theu full msurable value at the cost and expense ot !he Mortgagor m a company or compan~es
:•o~eA by ihe Mongagee. the po~~cy or poi~L~es to be held by the Mortgagee. and such polrcy or pohc~es ~f :nsurance sF~asi have affixed thereto a Standard
.-.V Vork Mongagee Ctause. mak~ng a1i Ioss or tosses under such pol~cy ~r pol~c~es payable to the Mortgagee as ~ts ~nterest may appear. and to del~ver said
_~ or polK~es to the Mo+tgagee when ~ssued w~th the rece~pts tw tAe payment of the premeum therefor, and ~n the event any sum oi money becomes
.~. 3~!e under such pohcy w pol~c~es the Mortgagee sha~t have the opt~on to rece~ve and apply the same on account of the indebted~ess secured hereb~ or to
.~---~ t tne Mortgago- to rece~ve and use ~t o~ any pan thereof for other purposes. wrthout thereby warv~ng or ~mpa~nng any eqwty. Gen or nght under or by
.~,:e of th~s mongage and the Mortgagee ~f ~t deems necessary may place and paY fes such ~nsurance. or any part thereof. without los~ng. wa~v~ng or afiec-
: 1~lortqagee"s opt~on to foreclose for Dreach of th~s covenant o- any paR thereo(. or any r~ght or opt~on under this mortgage. and every such payme~t shall
-_• nterest from date thereof uni~l pa~d at the h~gnest rate author~zed by taw. and all such payments w~th ~n!erest as aforesa~d shall be secured by the I~en
~-:' ~n tne event any !oss or damage ~s s~ffered Mortgagor shat! not~fy Mongagee of such loss or damage w~th~n fo-ty-e~ght 148- hours aiter the happen~ng
~--~' me fa~~ure to g~ve wch ~ouce sha11 const~tute a de~aut: and the Mortgagee shall have the r~ghts here~n g~ven for a1! defaults
9 To perm~t. comm,t o. suffer Ro waste and to ma~ntam the ~mprovements at atl c~mes ~r. a state of good repa~r and cond~hon. and to do ur perm~t io
.;^e to 58~d premos~±s ~otn~rtg thet wdi a{ter or cha~ge the use and cha~acte~ of sa~d p~operty or ~n any way ~mpa~r br weake~ the secunty of sa~d mortgage
a=e of ;he relusai neg}ect or ~nab+l~ty af the Mortgagor to repau ar.~ ma~nta~n sa~d oroperty the Mortgagee may. at rts opbon. make such repaus or cause
-~-:~TP to oe made and ad~a~ce ^tenaes m t~at Deha~! arh~cn surns shau pe secured by the ~~en hereof and bear mterest at the h~ghest rate authonzed by
' J To de~~ve. :t+e aDstracc o+ aDSCracts of t~c,s cover~ ;g cha mortgaged property to Mortgagee or ,ts des~gnated ayent. wh~ch shail at atl t~mes. dunng
'~ o` th~s mo•tgage ~ema,~ ~~ tne aossess~on of the Mor,gagee and ~r ~vent ot the foreclosure ot th~s mortgage or other transfer o( t~Ue. all r~ght. t~tle and
sr of ;he Mo~tgago~ ~^ a^d tc any such absvace or abstracts of t~tle shall pass !o the purchaser or grantee
' That no wa..e. o~ any co~e~an; herem or ~n the oCl~gat~on sewred hereby shali at any t~me he~eafter be hetd to be a wa~ver of any ot the other
- ; rereof o~ of the note se.::,re~ nereby or future wa:ver of the same covenant
' 2 That ~n orCE~ ;~ acce~erate tne matunty o~ tRe ~ndebtedness horeby secured because of the fa~lure ot the Mortgagor to pay any tax assessment.
: ob~~gat~on o• e~cumarance upcR sa~C p-opercy as here~n prov:aed rt shat! net be necessary no~ requ~srte that the Mortgagee shail f~rst pay the same
' 3 That +f tne Mo+:gagor shal! fa~i neg~ect or refuse tor a Fe~~od of th~r!y 1301 days futly and promptly to pay the amounts reqwred to be pa~d by the
--e-epy sec~r~ or the mterest there~~ sReu~ied c, ar.~ of the wms of money herem .eterred to or hereby secured. or otherw~se duty. fuliy and prompdy to
-~T exec~te compi~ w,th and ab.de oy each every a~ any ot ;he covenants. condrtrons or sUpulaUOns o~ th~s mortgage. the prom~ssory note hereby
-_•oa and or the const{ucuo~ ioa~ agreement ~t any then an~ ~n e~ther or ~n any of such events nntnout not~ce or demand. the sa~d aggregate sum men-
' "?'7 'n Sa~d ArOmi550ry note iess D~ev~ous payme^ts. rf any and any and an sums menUOned herem or secured he-eby shall become due and payable
•-.+ th or tnereafter at the cont~n,mg opt+or~ of ;he Morcgagee as fully and comp!etely as ~( sa~d aggregate sums were ongmally shputated to be pa~d at
~^~-+e. anytnmg an sy:d prom~ssory note o. here~n to the conirarr; notwrthstand~ng. and the Mortgagee shaU be enhtled thereupon or thereafter wrthout
•: F o• demand to ~ns;=:ute w+t at iaw or ~n equ~ty to enforce the r,ghts of the Mortgagee hereu~der or under sa~d prom~ssory note In the event of any
-_.~ or breach on the pa~ of tr.e Morgago~ hereunde- o- under sa~~ prom~ssory note. th8 Mortgegee shall have the ConU~wng aption to en(orce payment
. sums sec:.,red here~y 5r ac.~o~ at taw or bY swt ~n equ~ry to foreclose th~s mortgage. e~ther or both, concurrentiy or otherw~se. and one acuon or su~t
~~ot aDate or be a ba• tc o~ .~a~ver of t`e Mongagee s r:ght to ~nst:tute or ma~nta+n the other prowded sa~d Mortgagee shall have only one payment and
~ =i<on o4 se:d +n~eDtedne5s
' 4 TRai ~^ !he ever.t that Rrio~tgago~ sna11 I 1; =onsent ;o t~e appomtment oi a recerver. trustee or i~qwdator of all or a substanUal part of MoRgagor"s
--'s ~~ ~2- be ad;,,d:ca:ed a aa~k~upt o+ ~nscive~r o~ f~te a voluntary peubon m bankruptcy. or admrt m wnt~ng rts inabihty to pay rts debts as they become
•~3~ make a ger.erai ass~gnrnent fo~ tne Denef~c of cred~torc or t4t file a pet~t~on or answer seekmg reorgamzat~un or arrangement w~th creditors. or to
•_- s~vantage o~ any ~nsofr•ency !aw o~ ~5~ fite an answer adm~;Ung !he mater~al ailegat~ons of a pet~uon f~!ed aga~nst the Mo~tgagor m any bankruptcy.
~^=rat:on a• •nsoi.encv ~.xeed~~g o~ t6r acuoR shau be take~ by the Mortgagoi for the purpose of ettecung any of the forego~ng or (71 any order. ~udg-
- ^' ~ecree s~a~i be e~tered upon an app,~cat+on of a credrtor o~ Mortgago~ by a court ot com~etent ~ur,sd~ct~on app-ovmg a petrtiOn seek~ng appomtment
-•~=e~ver ;,. trustee oi a!~ or a suDStar,t~al part of tne Mortgagor s assets and wch order. ~udgment or decree sha~l continue unstayed and ~n effect ior any
~ of tn~rty +30! consecut:ve days the Mortgagee may dectare the note hereby secured forthwrth due and payabie. whereupon the pnnc~pal of and the m-
-~~ 3ccrued on tne note and a!1 otner sums hereby secured shaR become forthw~th due and payable as ~t af{ ot the sa~d sums of money were ong~nally
._ a~ed to be Dard o~ such da~ an~ thereupon the Mort~agee wrthout nouce or demand may prosecute a swt at law and%ar ~n equrty as ~t all mornes
.-e' hereoy had ~aru~hi p•~o~ 20 ~ts ~nst~tut~on
' S That tne Mo~gagee o~ any person author:zed by the Mor,gagee shail have the r~ght to enter upon and ~nspect the mortgaged prem~ses at all
3 :'_ - ^'?5 -
'6 That a; sum o~ s~~ms wh~ch m3y ~+~ane*i or advar.ced by the Mortgagee to the Mortgagor at any Ume wrtn,n twenty i20) years irom the date
~~ s ~dertwe togeiher wrth +nterest ,hereon at tne sate agreed upon at the ume of such loan or advance. shaU be eaually secured w~th and have the same
_'. as !ne o~~g:na1 ~r,debsed~ess ar,d be suD~ect to a!~ !he tefms ar.d prot:s~ons o~ th~s mongage. prov~ded that the aggregate amount o~ prmc~pal outstan-
.:• anY t~me snatt not eaceed i5____ _. ____ -_~. or ,f the preced+ng biank ~s not completed then an amount equal to one hundred and t~ity per cent
= ~~f thE Pr~nc~aa; amo.,at o~+g~~aity sec.red ne~e5y snai! appty
' 7 Tr.at ~+ requu._~ b~r ~iortgagee the.sa~d Mor;gago- w~~l pay unto the Mortgagee on the f~rst day of each and every consecuuve month, a suns
~?o one-twe~hn of the a~~ua~ ama,,nt necessary to pay a~l taxes and assessments agamst the sa~d mortgaged prem~~es. sa~d monthty sum to be es-
-=•e~ solely by Mortgagee and caiculated to be an amount not less thare the amount of taxes assessed agamst said mortgaged prem~ses /or the prev~ous
-.• and ~t turthe~ requ~~ed oy Mortgagee to pay all ~nsura~ce premiums ~n manner and form as prov~ded here~n tor the payment oi taxes and assessments
~ 8 That ~f t~~s ma.igage ~s m cennecnon wrth censtruaron ~oan tmanc+ng then th~s mortgage ~s sub~ect to the Construct+on loan Agreement
-~ January ~2/ , 1981, between the M,ongagor ar.d the Morigagee. an executed copy oi wh~ch ~s m the possess~on of the
,-•~gagee an~ ~s ~ncerporaiso nerem by :eference and rr.ade a part hereoi. any default by Mortgagor under sa~d agreement shaii const~tute an event ot
... ' unde~ th~s mprtgage
19 That the Mortgagor w~kl on t-~e request o! tne Mortgagee furmsh a wr~tter. staterr.ent of the amount owmg on the obl~gahon wh~ch this mortgage
.•es and tnere~n state whetne- or not Mongagor c~a~ms any defenses or offsets thereto
BAL.LOON MORTGAGE n~~K~j~ PAGF ~~6
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