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HomeMy WebLinkAbout0937 - - - - - - - - - - - t - - - - - - _ _ 4 Th~s mortgage ~s personal to ihe Mortgagor herein. and no conveyance shall be made by Mortgagor of the prem~ses ±t~re~n descnbed or any part i ~ rrreot w~thout f~rst obta~rung t~e pnor wntten consent ot the Mortgegee In the event Mortgagee g~ves th~s wntten consent. the grantee named in such con- j . eti ance shali assume and agrge to pay the obl~gat~o~ ev~danced by the p•'+missory ~ote secured hereby Any conveyanCe of the property herein dtsct~bed or ~~~ti~ part theraoi ~n wq)at~on o(•the terms of th~s paragraph shall enuds Mortgagee to accelerate the payment ol the obhgat~on secured hereby and atl sums of ~noney secured hereby shall. at the opt+on of Mortgagee. become due and payable and ~n default whether or not the sama are so due and payable and ~n default by the speat~c terms hereo( Noth~ng here~n conta~ned shall be construsd ro consutute e novaaon or release Mortgagar or any subseQuent owner ot :~ab~hty or obhgat~on under the prom~ssory note secured hereby or th~s murrgage by reason o~ the atoresa~d assumpt~on oi the obl~gat~on undar the nc,te secured hereby. by a subsequent owner of the property descr~bed here~n I 5 That in the event oi a suit be:ng inst~tuted to toreclose this mortgage. tha MortBagee shall be ent~tled to apply at any time during suth (orec~owre ro the couri hav~ng ~ur~sd~cuon thereof tor the appo~ntment of a recerver of all and s~ngul~r the mortgaged property. and ot all rents. mcomes. profits. ssues and revenues thereoC (rom whatsoever source derrved. and thereupon rt~5 hereby expresSly convenanted and egreed that the Court ShoN lorihwrth ap• ;,o~nt such recewer with the usual powers and Aut~os oi recewers ~n I~ke cases. and sa~d appo~ntment shall be made by the court as a matter ot str~ct nght to ±ne Morcgagee. and w~thout reference to the adequacy or ~nadequacy of the value of the property hereby mortgaged. or to the solvency or ~nsolveney af the Mortgagor or any other party detendant to such swt The Mortgagor hereby spec~t~cally wawes the nght to e!~~ect to the eppo~ntment oi s recewer as a!oresa~d and hereby expressly consents that such appo~ntment shall be made as an adm~tted equ~ty and as a matter ol absolute ~~ght to the Mongagee and ~nat the same may be done wrthout notice to the Mortgagor 6 That ii any proceed~ngs should be ~~st~tuted aga~nst the property covered by th~s mortgage upon any other lien or cla~m whether supenor or ~un~or tu the hen o( th~s mortgage. the Mo~tgagee may at ~ts opUOn ~mmediateiy upon mst~tut~on of such swt or dunng the pendency thereot deciare this rr.ortgage I .~~~d the ~ndebtedness secured hereby due and payable fo~thw~th and may at rts opaon proceed to foreclose th~s mortgage 7 To pay a!1 a~d s~ngular the costs. fees. charges and expenses of every k~nd. ~nclud~ng ihe cost o( an abstract of t~ile to sa~d lands tound to be con- I ~ er~ent or exped~ent ~n connect~on with any swt for the toreclosure oi th~s mortgage. and also ~nciud~ng, whether the Mortgagee is obligated to pay same or ; ~,~i reas:;na51e atrorney~s fees ~nwrred or expended at any t~me by the Mo~tgagee because of the Ia~lure of the Mortgagor tu perform, comply wrtA and ab~de bv ail ur any ol the rovenants condrtions and stipulat~ons of said promissory note. or th~s mortgage. in the (oreciosure o( th~s mortgage and in collecting the I .3:~~ount secured hereby wrth or without legal proceedings. and to re~mburse the Mortgagee (or every payment made or ~ncurred for a~y such purpose wrti~ rm ~ ;~~rest from date of every such payment at the h~ghest rate authonzed by taw: such payments and oGligations. wrth mterest ihereon as aforesa~d, shalt be ~ se~ured by the hen hereoi ; 8 To keep the build~ng or bwld~ngs now or hereafter on sa~d land msured aga~nst loss or damage by fue, exte~ded coverage and other penls. ~n- I , ~ud~ng war nsk ~nsurance if available. in a sum not less t~an the~r full insurable value at the cost and expense of the Mortgagor in a company or comRan~es a;:proved by the Mortgagee. the policy or pohcies to be held ~y the Mortgagee. and such pol~cy or poi~cies o( ~nsurance snall have aifixed thereto a Standard ~ "~e.v York Mortgagee Clause. mak~ny all loss or losses under such pol~cy or pohues payable to the Mortgagee as ~ts mterest may appear. and to del~ver seid ,:~I~cy or pohc~es ro the Mortgagee when ~ssued wrth the rece~pts !or the payment of the premwm therefor. and ~n the event any sum of money becomes ra~ able under such pohcy or pol~c~es. the Mortgagee shaN have the opt~on to recewe and apply the same on account of the ~ndebtedness secured hereby or to 4,erm:i the Mortgagor to recerve and use ~t. or any part thereo(. for other ~urposes. wrthaut thereby waw~ng or ~mpainng any equuy. 6en or nght under or by .~cua ot th~s mortgage. and the Mortgages ~f ~t deems necessary may place and pay tor such ~nsurance. or any part thereo(. wuhout losing, wa~ving or aHec- ' ny Mortgagee s opuon to toreclose for breach of th~s covenant. or any part thereof or any nght or optwn under this mortgsge. and every such payment shall ~~ear ~nterest from da[e thereof untd pa~d at the h~ghest rate authonzed by law. and all such payments wrth ~nterest as a(oresa~d shall be secured by the hen ;~-eof In the event any loss or damage ~s suffered Mortgagor shall notify Mortgagee of such ioss or damage w~th~n forty•eight (48) hours after the happem~g ~~~F~eof the fa~lure to gwe such nouce shall consUtute a detault and the Mortgagee shall have the nghts here~n g~ven for all detaults ~ 9 To permrt commrt or suffe? no waste and to mamtain the improvemenls at all times a state ot good iepau and condihon: and to do or permit to ' cu~ne to said prem~ses noth~ng that w~tl alter or change the use and character oi sa~d property or in any way impa~r or weaken the secunty of sa~d mortgage ~ ~se of the retusal neg!ect or inab~lrty of the Mortgagor to repa~r and ma~ntam sa~d properry. the Mongagee may, at ~ts opt~on. make such repa~rs or cause ' = same ro be made and advance momes ~n that behal( wh~ch sums shatl be secured by the I~en hereoi and bear ~nterest at the h~gAest rate authonzed by 10 To de4ver the abstract or abstracts ot hile covenng the mongaged property to Mortgagee or rts des~gnated agent, wh~ch shali at a11 hmes. dunng ~!e of th~s morcgage. rema~n ~n the possess~on of the Mortgagee and m event ~f the foreciosure of th~s martgage or other trans(er of Utle. aU nght. t~tle and -•~s~ of tne Mortgagor ~n and to any such abstract or abstracts of trtte shali pass to the purchaser or grantee 1 1 ?hat no wawer of any covenant herein or m the obiigaGOn seCured hereby shall at a~y t~me hereafter be held to be a wai~er pf any of the other ~ nereof or of the ~ote secured hereby. or future waiver of the same covenant ! 2 That ;n orde~ to accelerate the maeunty oi the ~ndebtedness hereby secured because of the fadure oi the Mongagor ta pay any tax assessment. ~~:'~ty obl:gauon or encumbrance upon sa~d property as herem prov~ded. rt shalf ~ot be necessary nor reqwsrte that the Mortgagee shall first pay the same. ' 3 That ~f the Mortgagor shall fa~l. neglect o? refuse tor a per~od of th~rty (301 days fully and promptiy to pay the amounts requ~red to be paid by the :e nereby secured or the intarest therem speaf~ed or any of the sums of money here~n referred to or hereby secured. or otherwise duly. fuliy and promptly to ; ; e~fe~m execute. comply w~th and abide by each. every or any of the cover.ants. card~t~ons or stipulaUOns of this mortgage. the prom~ssory note hereby -~~ed and:'or the construcuon loan agreement, ii any, then, and m erther or m any of such events. nnthout not~ce a demancf. t~e sad agg~egete sum men- j _~ed m~:a~d promissory note. less previous payments. N any. and any and all sums menuoned herain or secured hereby shall become due and payable ~ ~~chw~th or thereafter at the conUiuing option o~ the Mortgagee as fully and completeiy as it said aggregete sums were ongmaily supulated to be pa~d at ;.;~h nme. anyth~ng in said promissory note or herein to the contrary notwrthstandmg. and the Mortgagee Sha11 be enutled thereupon or thereafter wrthout ce or demand to ~nst~tute swt at law or m equ~ty to enforce the nghts of the Mortgagee here~nder or under said prom~ssory note. !n the event of any e~auit or breach on the part of the Mortgagor hareunder or under sa~d p~omissory note. the MortgaQee shall have the contmwng opUOn to enforce payment ~ ` a!' sums secured hereby by acUOn at law or by swt m equ~ry to foreclose this mortgage. erther or both. concurrenUy or otherw~se. and one acUOn or swt ~ : not abate or be a bar to or warver of the Mortgagee's nght ro ~nsutute or ma~nta~n the other. prowded sa~d Mortgagee shalf have only one payment and s`act~on of sa~d mdebtedness i E 14 That ~n the event that Mortgagor shell (1? consent to the appo~ntment ot a rece,ver, trustee or liQu~dator of ail or a substant~al part of Mortgagor's ~ ~ ss??s or i2) be ad~udicated a bankrupt or ~nso~vent. or f~Ie a voiuntary petrt~cn ~n bankruptcy, or adm~t m wrrtmg rts inabd~ty to pay ns debts as they become ~e or (3i make a general assignment tor the benefit of creditors. or l4) file a petrtion or answEr seek~ng reorgan~zaUOn or arrangement wrth credrtors. or to ~ ~~'Ke advantage oi any insolvency law, or (5) file an answer admitting the matenal al{egat~ons of a peUt~on filed agamst the Mortgagor in any bankruptcy, f ~e ~~ganization or insolvency proceedi~g. or (6i action shall be taken by the Mongagor for the purpose of effectmg any of the foregoing or (7) any order. ~udg- ~ e~~t er decree shall be sntered upon an apphcauon of a cred~tor or Mortgagor by a court of competent ~unsd~ct~on approvmg a pet~tion seekmg appo+ntment ` a rece~ver or trustee of all or a substantia! part of tha Mortgager's assets and such order. ~udgment or decree shalt continue unstayed and in eNect for any ~ .=°~,~d ef ihirty 130) consecuUve days. the Mortgagee may decl8re the note hereby secured torthwrth d~e and payable, whereupon the pnncipal of and the m- ' -~esc accrued o~ tne nate and aR other sums hereby secured shall become forthw~th due and payable as ~t all of the sa~d sums o~ money were ongmally ~ ~ o::~ated to be pa~d on su~h day; ar.d thereupon the Mortgagee without nouce or demand may prosecute a suit at Iaw ar.dior m equ~ty as ~t all monies ~ k =-;red hereby had matured pnor to rts ~nstrtuUOn ~ "s € 1 5 That the Mor?gagee or any person authoraed by ?he Mortgagee shail have the r~ght to enter upon and ~nspect the mortgaged prem~ses at ali ~ ~~abfe hmes 16 That any sum or sums which may be loaned or advance~ by the Mortgagee to the Mortgagor at any time within twenty (20) years from the date s:ndenture. together w~th ;nterest th~reon at the rate agraed upon at the t~me of such loan or advance. sha11 be eaually secureC w~th and have the same ~?ti asYhe ong~nal ~ndebtedness a 3 U04b~gc~ to all che terms and provu~ons of th~s mortgage. prowded that the aggregate amouni of pr~napal outsian- ; ac an Ume shall not exceed (S__ • b__1. or ~t the preced~ng blank ~s noi completed. then an amourt equal to ane hundred and fihy per cer.t ~,i o~ the pnnc~pa! amaunt ong~nally secure~ heraby shall apply 1 7 That rf requ~red by Mortgagee. the sa~d Mortgagor w~tl pay unto the Mortgagee on the first day of each and every consecuUVe month a sum :~a: to one-twe~fth of the annual amount necessary to pay all taxes and assessments aga~nst the sa~d mortgaged prem~ses, sa~d monthly sum to be es- a;ed sotely by Mor,gagee and calculated to be ar amount not less than the amount of taxes assessed aga~nst sa~d mortgaged prem+ses for the prev~ous . ~a~ and ~f further reqwred by Mortgagee to pay all insurance premiums m ma~ner and toim as provided here~n (or the p~yment of taxes and assessments [ p 18 That ~f th~s mortgage ~s ~n connect~on w~th r_pnstrucaon loan financ~ng then th~s mortgage ~5 sub~ect to the Construct~on Loan Agreement ` between the Mortgagor and the Mortgagee. an executed copy ot wh~ch ~s m the possess~on of the ~ ~'-~~rgagee and ~s ~nccrporated here;n by refere~ce and made a part herec!. any default by Mortgagor under sa~d agreement shall const~tute an event o1 ~ ~~.~au~t unde. this mortgage t 9 That the Mortgagar m!1 un the request af the Mo~tgagee (urn~sh a wntten statement of the amount owing on the obhgaUOn wh~ch this morigage ~:~es a~d tnere~n state whetner or r,ot Mo~tgagor cla+ms any detenses cr oNsets thereto 2 _,~,`~<369 ~~~E 9~7 i w.~. : _ _