HomeMy WebLinkAbout0987 4 Th~S mortya,ye is persc~nal lo the Mor~geyur hBre~n and no cunveyance sha~~ ~e made by Murt_yagur nl thc• {u~r~nne~ ht~rr,in dr.5~ r~f,r.d Or nny pdrt
~~re~of without t~rst ubtaining the pnor wniten consent of Ihe Mortyagee in the even~ Murtyayer, y~ves th~s v~r~tte~~ ~ ur,~rnt tt~r yrenter. ndrned ~n such con
.~•;nnce snatl assume anA ayrQe to pay the oDl~yat~on ev~denced by the pron~~ssory note secured he~eby Any ce~nveyenie of U~e property here:n descriUed or
r part thereof ~n v~aat~on of the te~ms of t~~s paragraph shau e~t~tle Moitgayee to accelerate the payment of the ubhyat~on secu~ed hereby and al~ sums of
~~;ney secureA hereby shaU at the opt~on oi Mortyagee become due and payable and ~n default whethe~ or rwt the sarne are So due and p~lyable and m
!ietault by the 5pecific terms hereof Nolhing herein conta~ned shall be construed to const~tute a novaUOn or reledse Mortyayo~ oi any subsequent owner of
~,,b~l~ty or obl~gaaon under the prom~ssory note secureA hereby or t~is mortgage by reason ol the aforesa~d assumphon of the obliyat~on unde~ the note
ured hereby by a subsequent owner of the property descnGed herem
5 That ~n lhe event of a surt being instiWted to foreciose th~s mortgage the Mortyagee shall be entnied to apply at any t~rne du~~ny such foraclosure
to ihe cuurt hav~ng ~unsd~ct~on thereuf for the appomtment ot a rece~ver of aH and s~nflular the mortgageA prope~ty and of all rents ~ncome5 protrts
~~::es and revenues [hereot from whatsoever source der~vea and thereupon ~t ~s hereby e.pressly convenanted and ayreed tnat the court snan forihw~th ap
. ~~t such recewer with the usual powers and dut~vs o~ rece~vers ~.ke crses and sa~d appo+nFment shall be made by the court as a matter of strict right to
~~~e Mortyagee and wrthout reterence to the adequacy or ~nadequacy ol the value ot Ihe property hereby mortyaged or ro the solvency o~ ~nsolvency o1 the
ti:e~~tyagor or any other party Aefendant to such surt The Mortgagor nereby spec~(~catiy wa~ves the nght to ob~ect to the appo~ntment of a rece~ver as
,~..~r~sa~d and hereby expressly consents that such appo~ntment shall be made as an adm~tted equ~?y and es a matter of absolute r~gh~ to the Mortyagee and
~~~-,c [ne same may be do~~e w~thaut not~ce to the Mortgagor
6 That ~f any proceed~ngs shoulA be ~nstrtuted aya~nst the property covered by th;s mortyaye upon any utner I~er, or cla~m whethRr supe:+or or ~umor
r~„~ ;,en of th~s mortyage the Mortgagee may at rts ophon ~mmec2~ate~y upUr^ in5t~tuUOn O} SuCh suit Or duru~y the ~,endency thereof dec:are ~h~s mortyage
;1 [t;e ~ndebtedness secured hereby due and payable forthw~th and may at rts opt~un pruceeA to fureclose th~s mortyaye
7 To paY a~~ and singutar the costs fees charges and expenses oF every kmd ~nc!udmy the cost of an at:stract of t~tie tu Seid iands fo~~nd to be con
ent or e~ped~ent in connection with any surt (or the foreclosure of th~s mortgaye and a!so includ~ny wheiher the Mortyayee ~s obl~yated to pay sarne a
c reasonabfe attorney s(ees ~ncurred or expended at any hme by the Mortgayee because ot the fa~lure of the Mortyayoi to per(orm comply w~th and ab~de
or dny of the Cavenants. cond~t~ons and stipulations of sa~d prom~ssory note or t~is mortyage ~n the foseclusure of th~s mortgage and ~n collectmg the
,unt secured hereby w~th or w~thout !egal pioceedmys 3nd to re~mburse the Mortgayee for every payrnent made o~ ~ncurred for any such purpose w~th ~n-
~~~st from date ot every such payment at the h~ghest rate author~zed by ~aw 5uch pa?•m?nis and o1~LydSionS w~th ~nterest thereun as aforesa~d shail be
~ ;red by the !~en hereof
8 To keep the bu:id~ng or bu~td~nys now or hereafter on sa~d land insured aga~nst loss or damage by bre extended coverage and other per,fs m
.:d ~~g war r~sk ~nsurance ava~labte ~n a sum not less than ihe~r full ~nsurable vaiue at t:~e cost and expense of the Mortyagor in a company or companies
;•v~ed by the Mortgayee the Vohcy or pol~c~es to be neld by the Mortgagee. and such pohcy or pohcces ot ~nsurance shai~ have afhaed ehere~o a Standard
,.r,ti Yo~k Mo~tgagee Ciause rnaking all loss or losses under such pOticy or pO~~c~es paYabie to the Mertyayee as ~ts ~nterest may appear. an0 to del~ve~ sa~d
. ti or palicies to the Mortgagee when ~ssued w~th the ~ece~pts for the payment o~ the prem~um therefor and in the event any 5um of money beCOmes
.~,.able under such policy or pohc~es. the Mortgagee shall have the opt+on to recewe and app~y the sam2 on arcount oi the ~ndebtedness secured hereby or to
_.•••n,t the Mortgagor to rece~ve ancl use ~t. or any part there~( tor other aurposes w~thout thereb~• wa~vmg or impainng any equity hen c,r nyht under or by
.~.,a of th~s mortgage and the Mertgayee rf ~t deems necessary may place and pay (or such ~nsurance. or any part thereof w:thout losing, wawing or afteC-
Mortyayee s opUOn to foreclose tor breach o( this covenant or any part thereof or any nght or opUOn under th~s mortyage and every such payment shall
-,~erest irom date tnereof unh~ pa~d at the h~ghest rate authonzed by law and an sucn payments w~th ~nterest as afaesa~d shail be secured by the hen
.•.~c,f in the event any Ioss or :iamage ~s sulfered Mortgagor snaU not:fy Mortgagee of sucn ~oss or damage w~th:n farty e~yht 148! hours after the happer~ng
the (3if~lre co _y.ve such not~ce shail consrtute a default and the Mo~tgagee shai~ have the nyhts here:r y~ven for al1 defauits
9 To permit comm~t o~ suffer no waste and to ma~nta~n the ~mprovements at aii Umes m a state of good repa~r and condit~on, and to do or perm~t to
;~~:e to sa~d prem~ses noth~n_y that vv~ll alter or chan~e the use and character of sa~d property or ~n any way ~mpan or weaken the secunty oi sa~d mortgage
,se of the refusat negtect or ~nab~~~ty of the Mortgagor to repa~~ and ma~nta~n sa,d property tt~e Mortgayee may at ~ts optron make such repa~rs o~ cause
to be ~ade and advance momes +n tha! behait wh~ch sums sha~l be secu~ed by the i~en hereof and bear ,nterest at the h~ghest rate authonzed by
, To del~ve~ ;he absTrac: or ebstracts of t~c!e cover~ny the mortgaged prope~ty ec M~rtgagee or ~ts des~ynated n~ent wn~ch shall at alI umes dunng
,~f th~5 mortydge remain in the possess~on of the Mortgagee and ~n event of the fcreclosure of thrs mor,yage or othei transfer of ntie ali r~yht htle and
of the Mortgagor ;n and to any such abstract or abstracts of t~tle shaii pass ~o the purchaser or gran~ee
That no wa+ver of any ~ovenant here;n c! m the obi+yat~on secured hereby shai'~ at any t~me he~eafte~ be he~cl to be a wa~ver o~ any of the other
,^?~eof or oi !he note sec~red hereby or fu:ure wa~ver of the same covenani
! 2 That :n order to acce~erate the matur~ty of the ~ndebtedness hereby secureA because of the fa~iure of the Mortgagor to pay any tax assessment.
. , obi~gat~on or encumbrar.re uDOn sa~d property as here~n provided. ~t shall not be necessary nor requ~ste that the Mortgagee shail hrst pay tne same
I
' 3 Ir.at ~f the hlortgago~ shall fa~l, neglect or refuse for a penod of th~rty ~30~ days fuuy a~d promptty to pay the amounts requ~red to be pa~d by the '
•~~ereby secured or tne ~nterest therem speuf~ed o~ any of the sums o~ money here~n referred to or hereby secured o~ atherw;se duly. fully and promptly to
.-m execute compiy w~th and ab~de by each every or any oF the covenants condiUOns o~ stEpulat~ons of this mar,gage the prom~ssory note hereby
` -,•ed and or the construction loan ag~eement ~f any then. and ~n erther or m any of such events vv~thout not:ce o~ ~ema~d. the sa~d aggregate sum men-
ed ;n •.a~d prom~ssory note iess prev~ous pdyments ~f any and any and ai! sums men;,oned here~n o~ Secured hereby Shali Cecome due and payable
; •-•n.v~th or thereafter at tne cont~~u~~g opt~on of the Mortgagee as tully and completely as rf sa~d aggregate sums were or~gmally sopu~ated to Ge pa~d at
t ^ hme. anything in sa~d prom~ssory note or here~n to the Contrary notwrthsta~ding and the M~rtgagee shall 5e ert~?ied there~pon or the:eaher wrthout
E •_e demand tc ~nsntute su+t at law o+ m equ;ty to enforce the rights of the Mortgagee hereunder or under sa~d prom~ssory note In the event of any
~ :`a,;~; or breach on the part of the Mortgagor hereunder or undsr sa~d prom~ssory note the Mortgegee shatl have the cont:nu~ng opt~on to entorce payment
~ sums secured hereby by achon at taw er by su~t m equ~ty to foreclase th~s mortgage e~ther c,r both concunentty o~ otherw~se and or.e act~on or su~t
y ~o[ abate o~ be a Gar to or war~er ot the Mortgagee s r~ght ;o ~nst~tute or ma~r.ca~n the ether prov~ded sa~d h1ortg3gee shal~ have only on¢ payment 3nd
~ • ~.°acnon of sa~d ~ndebtedness
~ ~ 4 That m the event that Mortgago~ shall ( 1 i consent to the appo~ntment of a rece~ver !r,;;?ee or I~qu~dacor of a!i o~ a substant~al part of Mongagor s
; or 12) be ad~udicated a bankrupt o~ insolven, o~ file a voluntary pet+tion in bankruplcy or admrt ~n wrrt~ng ~ts ~nab~hty to pay ~cs debts as tney become
~ :;r :3i make a general assignment for the benef~[ o~ creditor5. o~ (41 f~Ie a FehUOn or dnsvver seek~ng reoryan~zat~on o~ arrangement w~t~ t~etl~tors or io
e advantage of any ~nsolvency law or f5) i~le an answer admrtung the mate~~al alleyat~ons of a Det~t~on (~led agamst the Mortgagor ~n any bankruptcy
~ ~~ar~zation o~ ~nsalvency proceeding o~ t61 act~on shall tre taken by the Mortgagor for she purpose o~ effect~ng any o! ihe ferego~ng or t?) any order. ~udg-
t cr decree shail be entered upon an appl~cabon of a cred~to~ or Mortgagor by a court of competent ~ur~sd,ction approviny a pet~t~~n 5eekmg appo~ntment
~ ~.-~ce~ver or trustee of al~ or a substant~ai part of the Matgagor s assets and such orde~ ~udgment or decree shall con!~nue un;tayed and m effect tor any
~ :1 of th~rty (30) consecuUve days the Mortgagee m~y deciare the note hereby secu+ed forthw~th due ~nd payable whereupon the p~~npDa~ of and the m-
accrued on the rote ar,d att other sums hereby secured shall become to~thwrth due and payabte as ~f ai! o~ the said sums of rnOn~y were o~~g~nelly
ated to be Ca~d on such day and the~eupon the Mortgagee w~thout ro!~ce or demar.d may prosecute a su~t at iaw ar~ ~r ~n equ~ty as ~f alt mon~es
~ ~~~d hereby had matured p~~or to ~ts mst~tut~on
' S That the Mortgagee or any perso~ authonzed by the Mortgagee sha~~ ha~e tne nyhr to erter unon a~~? ~nspec! tne mo•tyaged prem~ses at ail
~
t~,.,Ps
' 6 That an~ su~, or sums wh~ch mav be ~oened or advanced by the Mortgagee !o the Mor,gagor at a~~y ;~me vv~~r::r, twenty ~20% yea+s !rom tr,e da:e
;:nderture !ogether w~th ~nterest thereon at the rate agreed upon at the t:me of such loar or advance shali be equa~~y secured w~th ar,~1 have the same
j t; ds the onymai inAebtedne55 ~nd be Sub~eCt to dll i~i~ te~ms and prpv~sions o} this mortyaye U'ov~!fed t~a'.. the ac;yr~ yate a~~CU~t O~ p;;rc~pd~ outst3n
r
: dt any t~me snai; not excoed IS ! o~ ~f the preced~ny biank ~s not comp~eted then an arnu~,;,t eq~.,a! to o-~e !~u~^~ec; and f.f~y pPr cent
~ oi the pnnc~pal amount ar~g~na~ly s~c ;~ed he~eby shall app!y ,
~ ~ 7 ihat ~f requ~red by Mortgagee the sa~d Mortgago~ w~ll pay unto the Mortgayee on the !~~st day o! edch d~d eve~V ~onSeCUl~ve month a sum
~ ~ to one twelfth of the annual amount necessary to pay ai~ taxes and assessments agams; the sa~d mortgayed pre-n,ses sa~d montnly sum to be es
" ,?od so~ely by Mortgagee and calculated to be an amourt not !ess than the amount o~ taxes assessed aya~nst sa~d mor,gaged pre~n~ses fo~ tne pre:~ous
~ • a~~d ~i furtner ;equ~red by Mortgagee to pay ail ~nsurance p~em~ums ~n manr,e~ and form as prov~ded here+n for the p~yment of taxes and assessme~ts
~
~ ' 8 That th~s mortgaye ~s ~n connecUOn w~th constiuct~on loan hnanc~ng ;hen th~s mo~tgage ~s sub~ect to ihe ConStruChon ~oan Agreement
~ . ~i~A betv.een th~ Mortgagor and the Mo~tgagee an executed co~~y of wh~ch ~s ;n the possess~o~ of tne
~ • ~~agee and ~s inCOrpOraTc!d h0re~n by refe~ence a~d made a part hereo} any ~efault by Mor,gayo~ under sa~~ ay~eement sha!~ const~tute an event of
~ ~ t ,;nder tn:s mc~tyaqe
`9 That the Mortgago~ w~ll on the +e~~est o! the ~11crrGayee furn:sh a w~rtten statement of the amount ow~ny pn the ob~~gat~on which th~s mortydge
~ •-s and ~hprH~n s?atp WhPtfiPr nr not Mortyaqnr ~.ia~ms a~y de~e~~ses or cffsets thereto
~ eoox 4Q~ e~cE
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