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Home My WebLink About2475F3ALLOON MORTGAGE •, 4. This mortgage ~s ~+ersonel to the Mortgagor herein. and rto conveyance shall be made by Mortga{~or oi the premises here~n described or a~y part tr~ereot w~thout Grst obta~nin{; the pnor wntte~ consent of the Mortgegee. In the event Mo~tgagee gwes this wr~lten consent. the ~ra~tee named ~n such con• ~eyance shall assume and agree to pay ths obl~gat~on ewdenced by the prom~ssory note secured hereby Any conveyance o1 the property here~n descnbed or .~ny part thereof ~~ violat~on of the terms of th~s parag~aph shall entute Mortgagee to accelerate ihe payment o1 the obligat~on secured he~eby and all sums o( ~T,oney secu~ed hereby shall, at the option ol Mortgagee. become due and payable and ~n detault whether o- not the same are so due and payable and ~n clefault by the speci(~c terms hereof. Noth~ng herein conte~ned shall be construed to const~tute a novauon or release Mortgagor or any subsequent owner of ~~ab~lrty or obligat~on unde~ the Dromissor~- nots secursd herebv or th~s mortgage by reason ot the afaesaid assumption of the obligat~on under ihe note ,ecured hereby. by a subsequent ownsr of the property desC~ibed herein. 5 That in the event oi a surt be~ng ~nstituted to (oreclose th~s mortgage. the Mortgagee shall be enutled to apply at any t~me dun~g such foroclosure ,~,~r to the court hav~ng jur~sdict~on thereof~for the appointment of a recarver ot all and s~ngular the mongaged propeny. and ot all rents. incomes. proi~ts. ~SSUes and revenues thereo(, from whatsoever source denved: and thereupon it ~s hereby expressly convenanted and ag~eed that the court shall torthw~th ap- c>o~m such recerver wrth the usual powers end dut~es ot rece~vers in I~ke cases. and sa~d eppo~ntment shall be made by the court as a matter ot stnct nght to ~r,e Mortgagee. and w~thout reference to the adequacy or ~nadequa~y of the value of the property hereby mortgaged, o~ to the sotvency or ~nsolvency oi Ihe 4lurtgagor or any other party de(endant to such suit The Mortgagor hereby spec~f~cally wa~ves the nght to ob~ect to the appo~ntmen~ o( a rece~ver as .~rnresa~d and hereby expressly consents that such appointment shall be made as an adm~tted eqwty and as a matter oi absotute nght to the Mortgagee and ~~~ac the same may be done wrthout noUCe to the Mortgagor 6 That ~f any proceedings should be instituted against ihe prppecry covered by this mortgage upon any other I~en o~ claim whether supeno~ or ~uniw c~~ tt:e lien of this mortgage. the Mortgagee may et its option ~mmed~ately upon institutio~ of such su~t or dunng the pendency thereo( declare this mortgage .++~ct the indebtedness secured hereby due and payebte (orthwrth and may at ~ts option proceed to foreclose th~s mortgage. 7 To pay all and singular the costs. fees. charges and expenses o! every k~nd. ~nclud~ng the cost of an abstract o1 t~tle to sa~d Ia~ds (ound to be con- . N~~:ent or exped~ent in connect~on wrth any surt tor the /oreclosure of th~s mohgage. arxl also ~nclud~ng. whether the Mortgagee ~s obl~gated to pay same or ~i reasonable attorney's fees ~ncurred or expended at any ume by the Mortgagee because ot ~he ta~lure ol the Mortgagor to pertorm. co~nply w~th and ab~de ~•, ,~I! or any of the covenants. conditions and st~pulations ot sa~d prom~ssory note. or th~s mortgage. ~n the loreclosure oi th~s mortgage and ~n collecting the ,, ~~,~unt secured hereby w~th or wrthout legal prceeedmgs. and to reimburse the Mortgagee for every payment made or ~ncurred for any such purpose wrth ~n- •. •,`-r f(~!R ~8!!* Q~ EYEty SU~t! g3~-^.?@RL 3L !hE ~?t8~+a52 [8T@ 3!t~!`~!!t~ ~~ ~3Yf. 5!:^h payr+s^ts a^d ~h!+~31•nn5. W#1ti ~n(g-QS! lh6~°4n 35 a(nraSd'~. 5-1311 ~ ,.~. _;red by the lien hereof 8 To keep the bu~lding or buildin~s now or hereafter on said land msured aga~nst loss or damage by f~re. extended coverage and other penls. ~n- ud~ng war nsk ~nsurance ~f avadable. ~n a sum not less than the~r full msurable value at the cost and expense ot the Mortgagor ~n a company or compan~es ~:,~,roved by the Mortgagee. the pol~cy or polic~es to be hetd by the Mortgagee. and such pohcy o~ pol~c~es of ~nsu~ance st~all have aff~xed thereto a Standard ~:~~tiv York Mortgagee Clause. making all loss or losses under such policy or polic~es payable to ihe Mortgagee as its ~nterest may appear, a~d to del~ver sa~d :~;,i~cy or pol~c~es to the Mortgagee when issued w~th the rece~pts for the payment of the prem~um theretor. and m the event any sum oi money becomes ,.+vable under such policy o~ pol~c~es. the Mortgagee shalt have the opt~on to rece~ve arxf apply the same on account o( the ~ndebtedness secured hereby or to ;,.~rm~t the Mortgagor to recewe and use ~t. w any part thereof. fo- other purposes. wrthout thereby wa~wng or impainng any equrty. lien or right under or by . ~cue of this mortgage. and the Mortgagee it it deems necess~ry may place and pay for such ~nsurance. or any part thereof, w~thout los~ng, wa~v+ng or at(ec- •~~q Mortgagee's opt~on to iorectose for breach of this covenant. or any part thereot. or any r~ght or opuon under th~s mortgage. and every such payment shall r,•,sr ~nterest (rom date thereot untd pa~d at the hlghest rate authonzed by law. and aU such payments wrth ~nterest as aforesa~d shall be secured by the he~ ••-eof In the event any loss or damage ~s suffered Mortgagor shalt noufy Mortgagee ol such loss or damage w~th~n torty•e~ght (48) hours aiter the happen~ng ~••eoi the ta~ture to g~ve such not~ce shall constrtute a detau~t and the Mortgagee shall have the r~ghts here~n gwen (or all defaults 9 To permit. comm~t or suHer no waste and to ma~nta+n the ~mprovements at all t~mes ~n a state ot good repau and cond~t~on. and to do or perm~t to .;iene to sa~d prem~ses noth~ng that w~ll alter or change the use and character of sa~d property or ~n any way ~mpa~r or weaken the secur~ty of sa~d mortgage ase of the refusal. neglect or inab~lity of the Mortgagor to -epair and ma~ntam sa~d property. the Mortgagee may. at its opt~on. make such repa~rs or cause •~ same to be made and advance mon~es m that behatt which sums shall be secured by the :~en hereof and bear ~nterest at the highest rate authonzed by 1 O To del~ver the abstract or abstracts of utle cover~ng the mortgaged property to Mortgagee or ~ts des~ynated agent. wh~ch sha!I at all t~mes. dunng •- ~!e of th~s mortgage. rema~n ~n the possession of the Mortgagee and m event ot the toreclosure of th~s mortgage or other. transfer of atle. all r~ght. t~tle and ••~~~>st of the Mortgagor ~n and to any such aost~act or abstracts ot t~tle shall pass to the purchaser or grantee 1 1 That no wa~ver oi any covenant herein or ~n che obl~gat~ort secured hereby shall at ar.y t~me hereafter be held to be a wa~ver of any of the other •••*~s hereof or oi the note secured hereby. or tuture wa~ver o~ the same covenant ! 2 That ~n order to accelerate the matunty of the ~~debtedness hereby secured because of the fa~lure of the Mortgagor to pay any tax assessment. ~~v obl~aat~on or encumbrance upon sa~d property as here~n prowded ~t shall ~ot be necessary nor reqws~te that the Mortgagee shall first pay the same 13 Thai ~f the Mortgagor shall fa~l, neglect or refuse for a penod of thirty 130! days fully and promptly to pay the amounts requ~red to be paid by the ~~ rereby secured or the ~nterest there~n specif~ed or any of the sums oi money here~n refeired to or hereby secured. or otherw~se duty. tully and promptly to •-*~~m ezecute. comply w~th and ab~de by each. every or any of the covenants. cond,t~o~s or st~pulat:ons of th~s mortgage. the prom~ssory note hereby ,~ ,~ed and~or the construct~on Ioan agreement it any, then, and in e~ther or m any of such events. w~thout not~ce a demand. the sa~d aggregate sum men- ~•~ed m sa~d promissory note. less previous payments. d any. and any and alt sums menUOned herem or sewred hereby s~all become due and payable `~~~w~th or thereafter at the connnwng opt~on ot the Mortgagee as fully and compietely as ~f sa~d aggregate sums were originally st~pulated to be pa~d at ._ ~, t+me. anythmg m said prom~ssory note or herem to the contrary notwrthstand~ng. and the Mortgagee shall be entrtled thereupon or thereafter wrthout ~ ce or demand to ~nst~tute suit at law or ~n equ~ty to enforce the nghts oi ihe Mortgagee hereunder or under sa~d prom~ssory note In the e~ent o} any ~~~`ault or breach on the part of the Mortgagor hereunder or under sard prom~ssory note. the Mortgegee shall have the co~tinuing opt~on to @nforce payment ;' sums secured hereby by acUOn at law or by swt m eqwty to foreclose th~s mc:tg~ge. e~ther or both. concurrendy or otherw~se. and one acLOn or surt ~~, not abate or be a bar to or warver of the Mortgagee's r~ght to ~nst~tute o- mamtam the other. prov~ded sa~d Mortgagee shall have ~ni~ one payment and •• sfacuon of said ~ndebtedness ! 4 That ~n the event that Mortgagor shall (1) consent to the apaointment oi a rece~ver. trustee or I~quidator of all or a substant~al part of Mortgagor's ~~~•cs or 121 be ad~ud!cated a bankrupt or insolve~t, or f~le a voluntary pet~i~on ~n bankruptcy. or adm~t ~n wnt~ng ~ts inab~l~ty to pay ~ts debts as they become •.• or ~3) make a generel ass~gnment tor the benefit of cred~tors. or (41 tile a pet~uon or answer seek~ng reoryan~zat~on or arrangement w~th cred~tors. or to •~ advantage of any insolvency law. or (5i file an answer adm~ttmg the matenal aitegateons of a p2t~t~on t~ted aga~nst the Mortgagor in any bankruptcy. ~.•~aan~zat~on or mso~vency proceeding, or (6) action shall be taken by the Mortgagor for the purpose ot effecting any of the forego~ng or 171 any order, ~udg- ~ r t or decree shail be entered upon an appl~cation oi a credito~ or Mortgagor by a court o( competent ~w~sd~ct~on approvmg a petrt~on seek~ng appo~ntment '-, •ece~ver or trustee of all or a substant~al part oi the Mortgagor's assets and such order, ~udgment or decree shall cont~nue unstayed and ~n effect ior any ••;d of thuty (301 consecuuve days. the Mortgagee may declare the note hereby secuied torthwith due and payable, whereupon the pnnapal of and the ~~- ~~~t accrued on the note and afl other sums hereby secured shau become forthw~th due and payable as ~i ali ot the sa~d sums oi money were ongmally •:~•:~ated to be paid on such day. and thereupon the Mortgagee w~thout not~ce or demand may prosecute a su~t at law andior ~n eqwty as ~f all mornes •• .~ed hereby had matured pnor to ~ts mstitution 15 That the Mortgagee or any person author~zed by the Mortgagee shall have the r~ght to enter upon and mspect the mortgaged prem~ses at all .~bte t~rnes 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at a~y t~me w~th~n twenty (20) years (rom the date `~n~s ~ndenture. together with ~nterest thereon at the rate agreed u~on at the hme of such loan or advance. shall be equally secured w~th and have the same . ~-~ty as the ong~nal ~ndebtedness and be sub~ect to all the terms and provisions oi th~s mortgage. prov~ded. that the aygregate amount ot pnnc~pal outstan- • ra at any time shall not exceed 15 ~-_--_1. or if the preced~ng blank ~s reot completed the~ an amount equal to one hundred and f~fty per cent ' SCi'~I of [he pnncipal amount ongina ly secured hereby shal! appfy 17 Tha~, ~f requ~red by Mortgagee. the sa~d Mortgagor w~ll pay unto the Mortgagee. on the (~rst day oi each and every consecuuve month, a sum ~;:ai to one-twelfth of the annual amount necessary to pay all taxes and assessments aga~nst the sa~d mortgayed prem~ses. sa~d monthly sum to be es- ~~- :+ted sotely by 1'Jtortgagee and caiculated to be an amount not less than the amount oi taxes assessed aga~nst sa~d mortgaged prem~ses for the prewous ..+~ and ~f further requned by Mortgagee to pay all insurance premwms m manner and form as prov:ded herem for the payment ot taxes and assessments 18 That ~f th~s mortgage ~s ~n connect~cn w~th construct~on loan i~nanc~ng, then th~s matgage ~s s~biect to the Construct~on loan Agreement ','ed (~~A . between the Mortgagor and Ihe Mo-tgagee. an executed copy of wh~ch ~s m the possession of the '.'o~~gagee and ~s incorporated here~n by reference and made a part hereof, any detault by Mortgagor under said agreement shall const~tute an event oi '~~'ault under this mortgage 19 That the Mortgagor will on the request ot the Martgagee furrnsh a wntten statement oi the amount ow~ng on the obl~gat~on wh~ch th~s mortgage ~~:~~~es and therem state whethe- or not Mortgagor cla~ms any defenses or oflsets thereto BALLOON MORTGA6E n~~!?~~"~ ~'~!'E2473