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HomeMy WebLinkAbout2120~t,tAav trptr~r~ 4 Th~s mo~tgage is personal to ths Mortgagor here~n and no conveyance shall be made by Mortgagor ol the prem+ses here~n descnbed o~ any part ~~~•. eol withou! lust oDtdimng ths pnor wnUen consem ot the Mortgagee In tAe eveM Mortgagee gwes th~s wr~tten consent. ihe grantee named in sur.h con .. ,.i~~ce shall assume and agree to pay Ihs obl~gal~on ev+denced by the prom~ssory note secuted hereby A~y conveyance o1 the prope~ty here~n descnbed o~ ~: ~ti ~~art [hereot ~n wolaUOn of the terms ol th~s parag~aph shall e~t~tle Mortgagee to accelorate tha payment ot Ihe oW~pat~on secured hereby and al! sums ot ,~~~ey secu~ed hereby shall. st the opt~on of Mortgegee. betoma dua and paysdle and ~n defautt whethsr o~ not the same are so due and payable and ~n ~~•~.~uit by the specd~c terms Ae~eof Nothing here~n contained shall be construed to const~tute e novat~on or release Mortgagor a any subsequent owner of ,t~~irty or obliganon unde~ ths prom-ssory nots secured hereby a th~s mortgage by reason ut the aforesa~d assumption of the obligation under the note ,~-, ~,red hereby. by a subsequent owner ot ths property descr~bed herein. 5 That ~~ the event of a swt being inst~tuted to (aeclose th~s mortgage. the Mortgagee shall be ent~tled to apply at any t~me dunng such forecbsure ~..:~r ~u the court ha~ing junsd~ction thereof for the appointment of a recewer oi all and s~~gular the mortgaged property. and of all rents. incomes. proi~ts. ~,~:es and revenues thereof, from whetsoever sourCe denved. and thsreupo~ +t ~s hereby expressly eonve~anted and agree~ that the court shaU fonhw~th ap- :.~ ~~t such ~ecerver wrth the usuel powers and duUas o1 recewers ~n hke cases: ~nd said eppointment shall be made by the court as a matter of stnct nght to -~~~• htortgagee. and w~ihout reierence to the adequecy or inadequacy of the value of the p~operty hereby mortgaged. or to !he solvency or ~nsolvency of the '.t„rtgagor o~ any other pa~ty defendant to such swt The Mortgagor hereby specifically warves the nght to ob~ect to the appointment of a recewer as ,'•.~-esa~d and hereby expressly consenls that such appo~ntment shall be made as an adm~tted eqwty and as a matter oi absolute nght to the Mortgagee and ~~ :,; the same may be done w~thout noUCe to the Mortgegor 6 That if any prceeedings should be instituted aga~nst the property cove~ed by th~s mortgage upon any other I~en or cla~m whether supenor or ~unior ~ rn,• I~en ol th~S mortgage. the Mortgagee mey at ~ts opUOn immediately upon msUtut~on of such swt or duung the pendency ihereof declare th~s mortgage ,,: che ~ndebtedness secured hereby due and payable forthwith and may at ~ts opt~on proceed to toreclose th~s morigage 7 To pay all and s~ngular the costs. tees, charges and expenses o( every k~nd. ~nclud~ng the cost o( an abstract o( title to sa~d lands tound to be con- . ~•-~ <•nt or exped~ent ~n connecUOn wrth any swt tor the foreclosure of th~s mortgage. and also ~nclud~ng, whether the Mortgagee ~s obligated to pay same or ~• ~~~asonable attorney's (ees ~ncurred o~ expended at any time by the Mortgagee because of the ta~lure of the Mortgagor to perform. compiy w~th and ab~de •,.,:i ur any of the covenants. cond~tions and stipulat~o~s of sa~d prom~ssory note, or th~s mortflage. ~n the toreclosure ot this mortgage and ~n collect~ng the •.,~:nt secured hereby wrth or w~thout legai proceed~ngs. and to reimburse the Mortgagee lor every payment made or ~ncurred for any such purpose wrth ~n- ••~,t trom date of every such payme~t at the h~ghest rate authonzed by taw. such payments and obl~gat~ons. w~th interest therepn as aforesa~d. shall be :rec1 by the lien hereoi ~ 8 To keep the bwld~ng or buildings now or hereahe~ on sa~d land ~nsured against loss or damage by f~re. exte~ded coverage and other penls. ~n- ;~t~ny rvar nsk insurance it avadable. in a sum nol less than theu (utl insurebie value at the cost and expense oi the Mortgagor in a company or compames ,; ;,~~~~ed by the Mortgagee. the poi~ey or pol~c~es to be held by the Mortgagee. and such pol~cy or pol~c~es of ~nsurance st~all have aff~xed ihereto a Standard .~.v York Mortgagee Clause. mak~ng alt loss or losses under such policy ~r pol~c~es payable to the Mortgagee as rts ~nterest may appear, and to del~v~r sa~d .:~.:y or pol~c~es to the Mortgagee when ~ssued with the rece~pts for the payment ot the premwm theretor. and in the event any sum of money becomes ,;;,3ble under such pol~cy or policies. the Mortgagee shall have the opt~on to recerve and apply the same on account oi the indebtedness secured hereby or to .~~r,ut the Mongagor to receive and use it. or any pan thereof. for other purposes. w~thout thereby warvi~g or ~mpamng any equ~ty. Den or nght under or by .~r~,e ot this mortgage. and the Mortgagee ~i ~t deems ~ecessary may place and pay for such ~nsurance. or any part thereo(. wrthout los~ng. warv~ng or affec- ••,i hlortgagee's opt~on to foreclose for breach oi this covenant. or any part thereof. or any r~ght or opt~on under th~s mortgage. and every such payment shali .~•.,~ ,nterest from date thereot unul pa~d at the highest rate authonzed by law. and all such payments wrth ~nterest as a(oresa~d shall be secured by the I~en .~.~: ~f In the event any loss or damage ~s suNered Mortgagor shall not~(y Mortgagee o( such toss or damage withm forty-e~ght 148) f-ours after the happen:ng •.--.~;,f the fa~lure to gwe such notice shall constrtute a detault and the M~rtgagee shatl i~ave the rights herem g~ven tor all de(auits 9 To perm~t. comm~t or suHer no waste and to ma~ntam the ~mprovements at all t~mes ~n a state ot good repair and cond~tion. and to do or permit to ~:,ne to said prem~ses nothmg that will alter or change ihe use and charecter ol said property or m any way impair or weaken the secunty oi said mortgage 3~c~ of the refusal. neglect or inab~l~ty of the Morigagor to repa~r and ma~nia~n sa~d property. the Mortgagee may. at ~ts option. make such repa~rs or cause ~•, 3rne to be made and advance mornes ~n that behalf wh~ch sums shall be secured by the I~ei- hereof and bear ~nterest at the h~ghest rate authorued by ~ O To del~ver the abstract or abstracts of t~tle cover~ng the mortgaged property to Mortgagee or ~ts des~gnated agent. which shall at all t~mts. dunng ~~• ~f th~s mortgage. rema~n ~n the possess~on of the Mortgagee and ~n eve~t of the fureclosure of th~s mortgage or other transter of t~tle. all r~ght. t~tle and ~•~? of the Mortgagor ~n and to any such abstract or abstracts of t~tle shall pass to the purchaser or grantee 1 1 That no wawer oi any covenant he•ein or ~n the obl~gation secured hereby shall at a~y t~me hereafter be held to be a wa~ver of a~y ot the other •-- , neieof or of the note secured hereby. or future wawer of the same covenant ! 2 That ~n order to accelerate the matunty oi the mdeDtedness hereby secured because of the fa~iure o( the Mortgagor to pay any tax assessment. v obl~oahon or encumbrance upon said property as here:n provideA. ~t shall not be necessary nor requ~site that the Mortgagee shall t~rst pay the same ' 3 That i( the Matgagor shall fa~l. neglect or refuse for a penod oi thirty (30) days fu~ly and promptty to pay the amounts requ~red to be pa~d by the •• ~ereby secured or the ~nterest there~n spec~f~ed or any oi the sums ot mo~ey here~n referred to or hereby secured. or otherw~se duly. tully and promptly Lo •`!~m execute. comply w~th and ab~de by each, e~ery or any ot the covenants. cor+dit~ons or st~pulat~ons o( th~s mortgage. the prom~ssory note hereby -:~ed ar.d%or the construcUOn loan agreement. d any. then. and ~n erther or m any of such evenis. wnthout nouce or demand. the said aggregate sum men- •=;! ~n sa~d promissory note. less previous payments, ~t any. and any and all sums ment~oned here~n o- secured hereby shall become due and payable ~~~~~•~th or thereaher at the cont~nwng option oi the Mortgagee as tully and comptetely as ~f sa~d aggregate sums were ong~nally st~pulated to be pa~d at .-±~me, anything ~n said prom~ssory note or herein to the contranr notwithstand~ng, and the Mortgagee shall be ent~tled thereupon or thereaher w~thout • ~ or demand to mshtute swt at law or ~n eqwry to eniorce the nghts o1 the Mortgagee hereunder or under said-prom~ssory note In the event of any •`~i:.!t or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgsgee shall have the contmumg opt~on to eniorce payment •: sums secured hereby by act~on at law or by swt m equity to foreclose this mortgage. e~the- or both, concurrently or otherw~se, and one acUOn o- suu ~•~:o- abate or be a bar to or wa~ver oi the Mortgagee's nght to inst~tute or mamtam the other, prov~ded sa~d Mortgagee shall have only one payment and • -.'~cnon of sa~d mdebtedness t 4 That ~n the event that Mortgagor shall 111 consent to the appointment of a rece~ver, trustee or I~qu~dator of all or a substant~al part ~f Mortgagor s ~~•*5 or (2i be ad~ud~cated a bankrupCor msolve~t. or ble a voluntary peubon m bankruptcy. or admrt ~n wrrt~ng rts ~nabdrty to pay ~ts debts as they become ~~,r 131 make a gereral ass~gnmeRt (or the benet6t of creditors. or (4) fite a peUUOn or answe~ seek~ng reorgamzat~on or arrangement wrth c+edrtors. or to •- advantage oi any ~nsolvency law. or (5) hle an answer admitting the matenal allegauons of a peat~on ided against :he Mortgagor ~n any bankruptcy. ~•;an~zat~on or ~nsolvency proceeding. or (6) act~on shall be taken by the Mortgagor for the purpose of effect~ng any of the forec~o~ng or (71 any order. ~udg- ••~ o+ decree shall be entered upon an appl~catiore of a creditor or Mwtgagor by a court ot competent ~ur~sdiction approv~ng a petrtion seeking appointment : recerver ~r trustee o1 all or a substanUa! part ot the Mortgagor's assets and such order. ~udgment w decree shall cont~nue unstayed and m efiect ior any ~~~ of th~rty 130) consecutive days. the Mortgagee may declare the note hereby secured forthw~th due and payable. whereupon the pnnc~pal of and the ~n- ~~~ accrued on the ~ote a~d all other sums hereby secu~ed shall become (orthw~th due and payable as ~f all oi the said sums of money were ong~nally .~,'ated to be pa~d on such day, arrf thereupon the Mortgagee wrthout noUCe or demand may prosecute a surt at law andior m eqwty as if all mornes ~ •e~i hereby had matured pnor to its ~nstitut~on t 5 That the Mortgagee or any person authorized by the Mortgagee shati have the r~ght to enter upon and ~nspect the mortgaged prem~ses at all ,ble t~mes ' 6 That any sum or sums which may be loaned or advanced by the Murtgagee to the Mortgagor at any t~me w~th~n twenty 1201 years irom the date ~•~ .s ~ndenture.together wrth,~nterest thereon at the rate agreed upon at the t+me ot such loan or advance. shatl be equalty secured w~th a~d have the same •~y as the ong~nal ~ndebtedness and be sub~ect to all the terms and provis~ons of th~s mortgage. prov~ded. that the agg~egate amount of pnnc~pal outstan- , ac any Ume shall not exceed (S- __ ____1, or if ihe precedmg blank ~s not completed. ihen an amount equal to one hundred and (~hy per cent ~~1 ~ oi the pnnapal amount ongin311y secured hereby shall apply t 7 That. ~f :equ~red by Mortgagee. the sa~d Mortgagor w~ll pay unto the Mortgagee. on the f~rst day of each and every consecut~ve month, a sum ;.+' to one-twelfth of the annual amount necessary to pay all taxes and assessments aga~nst the sa~d mortgaged prem~ses. said monthly sum to be es- +red solety by Mortgagee and calcutated to be an amou~t not less than the amount of taxes assessed against said mortgaged premises tor the prev~ous ~~ and ~f furlher -eqwred by Mortgagee to pay all insurance prem~ums in manner drxf torm as prov~ded he~e~n for the payment o( taxes and assessments ~ 8 That. ~f th~s mortgage ~s ~n connect~on with corstruct~on loan finanang, then this mortgage is sub~ect to the Construct~on Loan Agreement [~/A . between the Mortgagor and the Mortgagee. an executed copy ot wh~ch ~s m the possession of the •'.~~~yagee and ~§ incorporated hereirt by re(erence and made a part hereot, any defautt by Mortgagor under said agreement shall constitute an eve~t of :••`,+•~!t under this mortgage ~ 19 That the Mortgagor will on the request oi the Mortgagee (urmsh a wntten statement of the amount owing on the obligation wh:ch th~s mortgage I ~ • :-es and there~n state whether or not Mortgagor cla~ms a~y de(enses or otisets tnereto ; . 2 r,~~x347 PdGF2114 i ~LOOrt r-nlrr~~ 3 ~ ~~- _ ::_ . ~ ~.~-.~--~~.~~..~~~.~ . . ~~;~~: _