Loading...
HomeMy WebLinkAbout0999 BF1I~I~OC~I N1~KI'('~1GE 4. This mortgage ~s personal to the Mort~agor liere~n, and no conveyance shall be made by Mortgagor of the prem,ses herein descnbed o~ any part tnereo( wrthout fust obtaimng the pnor wntten consent oi ihe Mortgegee. in tha eva~+t Murtgagee grves this wrrtten consent. the grantee named in such con• ~,ayance shall essume and egree to pey the ob~~geUOn ewdenced by the prom~ssory note seCUred her6by. Any ConveyenCe of the property herein descnbed or any part thereoi in violaLOn o( the terms ot this paragraph shall enUtle Mortgagee to accelerate the payment of the ob6gauon secured hereby end all sums of n~oney secured hereby shall, at the opt~on oi Mortgegee. become due and payable end ~n defauit whether or not the same are so due and payable and in cietault by the specific terms hereof. Nothing herein contained shall be construed to constitute a novetion or release Mortgagor or any subsequent owner o( i~ab~l~ty or obligation under the promissory note secured hereby or this mortgage by reason oi tha atoresaid assumpUOn oi the obligaUOn under the note secwed hereby, by a subsequent owner oi the property descnbed here~n. 5 That m the event of a surt being mstrtuted to foreclose th~s mortgage. the Mortgagee shali be antrtled to apply at eny time dunng such foreclosure s?~t to the court having junsdiction thereof for the appoi~tment o/ a recerver oi all and singuler the mortgaged property. and of all rents. intomes. profits. ~~sues and revenues thereof, from whatsoever source denved: and thereupon n is hereby ex~ressly convenanted and agreed that the court shall torthw~th ap- ;;o~nt such rece~ver with the usual powers and duties ot rece~vars in like casas: and said epoointment shell be made by the court as a matter oi strict nght to ttiQ Mortgagee. and without reterence to the adequecy or inadequacy of the value oi the property hereby mortgaged, or to the solvency or ~nsolvency o( the Mortgagor or any uther party defendant to such suit. The Mortgagor hereby specd~caUy waives thsiight to ob~ect to the appointment of a recewer as ~!uresaid and hereby expressly consents that such appointment shall be made as an admitted equity end as a matter of absolute nght to the Mortga~ee and tnat the same may be done wrthout notice to the Mortgagor 6 That rf any proceedings should be ms[rtuted aga~nst the property covered by th~s mortgage upon any other I~en or c~aim whethar superior or jumo? the hen af this mortgage. the Mortgagee may at rts opUOn ~mmed~ately upon ~nstrtuhon oi such surt or dunng the pendency thereof declare this mortgage ,,nd the indebtedness secured hereby due and payable forthwrth and may at its option proceed to foreclose th~s mortgage. 7 To pay all a~d singular the costs. fees. charges and expenses of every kind. includ~ng the cost of an abstract of title to said lands tound to be con- ,~n~ent or expedient in connectlon wrth any suit for ihe Ioreclosure of this mortgage. and atso ~nclud~ng. whether the Mortgagee ~s obligated to pay same or ~~ot reasonable attomey's fees incurred or expended at any time by the Mortgagee because of lhe [ailure oi the Mortgagor to pertorm, comply wrth and abide ~y alI or any of the covenants. conditions and sUpulations of said promissory note, or this mortgage. in the foreclosure of this mortgage and in collect~ng the a~ount secured hereby with or without legal proceedmgs. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in- rest from date o( avery such payment at the highest rate authonzed by law. such payments and obl~gauons. w~th Interest thereon as a(oresaid. shall be -.ecured by the hen hereof 8 To keep the building or bwldings naw or hereaher on soid land msured against loss or damage by fire. extended coverage and other penls. ~n- c~;,d~ng war risk msurance if avaitable. in a sum not less than theu ful! ~nsurable value at the cost a~d expense of the Mortgagor ~n a company or compan~es approvzd by the Mortgagee. the pohcy or pohties to be held by the Mortgagee. and such policy or polic~es of insurance shall have a(f~xed thereto a Standard !~e•.v York Mortgagee Clause. making all loss or losses under such po6cy or policies payable to the Mortgagee as rts mterest may appear, and to deliver said ;:el,cy or pol~c~es to the Mortgagee when ~ssued w~th the rece~pts for the payment ot the prem~um there(or. and in the event any sum of money becomss , ayable under such policy or pol~c~es. the Mortgagee shall have the apLOn to receive and apply the same on account of the ~ndebtedness secured hereby or to ;,e~m~t the Mortgagor to receive and use rt. or any part thereoF, tor other purposes. wrthout thereby wa~wng or impa~nng any eqwty. hen or nght under or by ~ ~~c~,e of th~s mortgage: and the Mortgagee ~f it deems ~ecessary may place and pay tor such lnsurance. or any part thereo(. w~thout los~ng, wa~v~ng or affec- r,~,g Mortgagee's opuon to foredose for breach of th~s covenant. or any part thereof. or any nght or opt~on undar th~s mortgage. and every such payme~t sha~l c>ear ~nteres! 6om date thereof until paid at the highest rate authonzed by law. and all such payments wrth ~nterest as aforesaid shall be secured by the hen ~e~eof In the evant any loss or damage rs suNered Mortgagor shall not~fy Mongagee of such loss or damage with~n forty-eight (48) hours atter the happan~ng ~^e;eot, the (a,lure to g~ve such not~ce shall consdtute a default and the Mortgagee shall have the nghts here~n grven for all detaults 9 To perm~t. comm~t or suHer no waste and to ma~nta~n the improvements at all times ~n a state of good repair and condition: and to do or perm~t to re dona [o sa~d prem~ses noth~,g that w~ll alter or change the use and character oi sa~d property or m any way Impa~r or weaken the secunty of sa~d mortgage :ase of the re(usa~. neglect or ~nab~l~ty of the Mortgagor to repa~r and ma~nta~n sa~d property. the Mortgagee may. at ~ts opt~on, mak8 such repa~rs or cause ~^e same to be made and advance mon~es m that behali wh~ch sums shall be secured by the lien hereoi and bear ~nterest at the highest rate authonzed by :~'.ti ~ 10 To del~ver the abstract or abstracts oi t~tle covenng the mortgaged property to Mortgagee or its designated agent. wh~ch shall at all hmes. dur~ng rfe of th~s mortgage. rema~n m the possess~on of the Mortgagee and ~n event of the foreclosure of th~s mortgage or other transfer oi utle. ali nght. trtle and ~~eres! of the Mortgagor ~n and to any such abstract or abstracts et trtle shall pass to the purchaser or grantee 1 1 That no wa~ver of any covenant herein or ~n the obl~gauon secured hereby shall at any t~me hereafter be held to be a wa~ver of any of the other ~~•~-*,s hereot or of the note secured hereby, or future warver of the same covenant 12 That ~n order to accelerate the matunty of the ~ndebtedness hereby secured because of the fa~lure of the Mortgagor to pay any tax assessment. . ab~';!y obl~gauon or encumbrance upon sa~d property as herem prov~ded, ~t shall not be necessary nor reqwsrte that the Mortgagee shall (~rst pay the same 13 That ~f the Mortgagor shall tail, neglect or refuse for a per~od of thirty (30) days fully and promptly to pay the amounts requ~red to be paid by the ~_~~e nereby secured or the ~nterest there~n specif~ed or any of the sums of money here~n referred to or hereby secured. or otherwise duly. fully and promptly to . e form ezecute. comply wrth and abide by each. every or any of the covenants. c~ndrtions or st~putaUOns of this mortgage. the prom~ssory note hereby I ~:u~ed and!or the construcUO~ loan agreement. if any. then, and m erther or ~n any of such events, w~thout nouce a demand. ttae said aggregate sum men- ; cnd ~n sa~d prorr~~ssory note. ~ess previous payments. ~t any, and any and all sums ment~oned here~n or secured hereby shall become due and payable ~ -~;hwrth or thereafter at the conUnu~ng optwn of the Mortgagee as fully and completely as ~f said aggregate sums were onginally stipulated to be paid at ~ ~ t~me. anything m said prom~ssory note or herein to ihe contrary notwrthstanding, and the Mortgagee shall be entitied thereupon or thereaher wnhout ! \ot,ce cr demand to :nst~*.ute suit at law or m equity to enforce the nghts of the Mortgagee hereunder or under said promissory note In the event of any ,efauit or breach on the part of the Mortgagor hereunde? or under 58id prom~isary note. the Mortgagee shell heve the conUnwng OpLOn to enforce payment ~ ' au sums secured hereby by acuon at law or by swt in eqwty to toreclose th~s mortgage. erther or both. concurrently or otherwise. and one acUOn or swt ~ ~ s^ai~ not abate or be a bar to or wawer of the Mortgagee's nght to ~nsutute or mainta~n the other. prov~ded sa~d Mongagee shall have only o~e payment and ,;s ;fact~on oi sa~d ~ndebtedness ~ ' ~ 14 That in the event that Mortgagor shall (1) consent to the appo~ntment of a rece~ver, trustee or I~qu~datdr oi atl or a substantia! part of Mortgagor"s assets or (2) be ad~udicated a bankrupt or insolvent. or file a voluntary petition in bankruptcy. or adm~t m wnt+ng ~ts inabil~ty to pay ~ts debts as they become :e or 13) make a general ass~gnment Ior the benefit of credrtors, or (4) fi!e a petmon or answer seeking reorgan~zaUOn or arrangemant wrth credrtors. or to ~ake advantage of any insolvency taw, or (5) file an answe~ adm~tUng the matenal allegabons of a peUtion fded agamst the Mortgagor m any bankruptcy. : ~rgarnzauon or ~nsolvency proceedmg, or (61 acuon shall be taken by the Mortgagor for the purpose of effecung any of the forego~ng or (7? any order. ~udg- - ~~,t or decree shall be entered upon an applfcation of a creditor or Mortgagor by a court of competent ~unsd~ction approv~ng a pet~UOn seeking appo~ntment ` a rece~ver ~r trustee of all or a substantial part of the Mortgagor's assets and such order. ~udgment or decree shall continus unstayed and in eHect ior any ,=<<,od of th~rty (30) ~onsecui~ve days. the Mortgagee may declare the note hereby secured forthwrth due and payable. whereupon the pnnc~pal of and the in- •ast accrued on the note and all other sums hereby secured shall become forthw~th due and payable as if all oi the said sums of money were ong~nally ~ • a~~ated to be paid on such day. and thereupon the Mortgagee w~thout notice or demand may prosecute a swt at law and/or in equrty as if all monies _e~ured hereby had matured pnor to rts mslituUOn 1 5 That the Mortgagee or an~ pers~n authonzed by the Mortgagee shall have the r~ght to encer upor. and ~nspect the mortgaged prem~ses at all ~ ~~~able hmes ~ r 16 That any sum or sums wh~ch may be loaned or advanced by the Mortgagee to the Mortgagor at any Ume w~thm twenty 120) years irom the date ~ s~ndenture. together wrth ~nterest thereon at the rate a~reed upon at the t+me of such ioan or advance. shall be equaffy secured wrth and have the same ~ ~~r; as the ongmal mdebtedness and be sub~ect to all the terms and prov~s~ons oi th~s mortgage. prov~ded. thai the aggregate amount of pnnc~pai outstan• ~ ~_a at any t~me shall not exceed (5 -_1. or rf the precedmg blank is not completed. then an amount equa! to one hundred and fi(ty per cent ~ ':G'~i of the pnnc~pal amount orig~nally secured hereby shall apply ~ F r 1 7 That. ~f requ~red by Mortgagee, the sa~d Mortgagor wdl pay ~nto the Mortgagee. on the first day of each and every consecuhve month, a sum ~ ;~a~ to one-twelfth of the annual amount necessary to pay all .axes and assessments agamst the sa~d mongaged prem~ses, sa~d monthly sum to be es- ~ ~ ~a?ed solely by Mortgagee and calculated to be an amount not tess than the amount of taxes assessed aga~nst said mortgaged prem~ses tor the previous and if further required by Mortgogee to pay all ~nsurance prem~ums m manner and form as provided here~n for the payment of taxes and assessme~ts ~3~, ~ 18 That rf th~s mortgage ~s in connechon with construcuon loan financmg. then ihis mortgage is sub~ect to the Construct~on Loan Agreemeni ~-,~ed betwesn the Mortgagor and the Mortgagee. an executed copy of which is ~n the possess~o~ of the ; : o~tgagee and ~s ~ncorporated here+n by reference and made a part hereof: any detault by Mortgagor under sa~d agreement shall ~onst~tu;e an event of ~ •~•~ault unde~ th~s mortgage. ~ ~ 19 That the Mortgagor will on the request of the Mortgagee fu?nish a wntten statement of the amount owing on the obligation which this mottgage ..:res and thorem stata wtiether or not Nfortgagor cia~ms any defenses or offsets tnereto ~ g~361 P~~~ ~98 ~ ~ - ~ ~ ~ry~ y~ ~ ~ ~ ~~~~~~i~~~~