Loading...
HomeMy WebLinkAbout0956 4 Th~s mortgage ~s personal to the Mortpagor herein. and no conveyance shall be made by Mortgagor ot the prem~ses herein described or any part ~~reof w~thout fust obta~mng the pnor wntten consent of the Mortgagee fn the event Mortgagee g~ees this wntten cons~Mt. the grantee named in such co~- ance shall assum@ and agree to pay the obligation ev~denced by the promissory note secured hereby Any conveyance of the property here:n descnbed or parc tnereof ~n v~olauon of the terms ot th~s paragraph shaU ent~tle Mortgegee io accelerate the payment of the obl~gaUOn secured hereby and all sums of oney secured hereby shall. at the opt~on oi lV;ortgagee. become due and payable and ~n de(ault whether or not the same are so due and payable and in ,i~ fault by the speafic terms hereo(. Nothing here+n contained shall be construed to constrtute a novation or release Mortgagor or any subsequent owner of ~b;i~ty or obhgat~on under the promissory note sacured hereby or this mortgage by reason o( the atoresa~d assumpuon ot the obligation under the note :~-c~,red hereby. by a subseque~t owner of the property descnbed herem 5 That ~n the event of a su+t being ~nst~tuted to toreclose th~s mortgage. the Mortgagee sha~l be ent~tled to apply at any t~me dur~ng such foreclosure te the court having ~unsdichon thereof for the appo~ntment of a rece~ver ot alt and s~ngular the mortgaged propertY• and o( all rn~ts. ~ncomes, profitS. ~.:as and revenues thereof. (rom whatsoever source derrved. and thereupon ~t ~s hereby expressly convenanted and agreed that the court shall forthwrth ap- `,:.nt such rece~ver wrth the usual powers and duues o; rece~vers ~n i~iee casns. an~ sa~d oN~,u~~tr~o~~t s~a~~ be ma~~ ~y th~ ccu:t 35 a m2t2er of s!nct ngh*. !o e Mortgagee. a~d wrthout reference to the adequacy or inadeQuacy oi the value of the property hereby mortgaged. or to the solvency or ~nsolvency oi the ~1o~cgagor or any other party defendant to such swt The Mortgagor hereby specd~cally warves the nght to ob~eCt to the appo~ntment of a receivet es ;~~~resa~d and hereby expressly conse~ts that such appointme~t shall be made as an admitted eqwty and as a matter ot absolute nght to the Mortgagee and che same may be done wrthout nooce to the Mortgagor 6 That ~f any proceed~ngs should be ~nst~tuted aga~nst the property covered by th~s mortgage upon any other I~en or cla~m whether supenor or ~un~ur ~ne hen of th~s mortgage, the Mortgagee may at rts opaon immed~ately upon ~nstrtuUOn ot such swt or dunng the pendency thereoi declare this mortgage , c! the ~ndebtedness secured hereby due and payable forthwrth and may at rts opUOn proceed to toredose th~s mortgage 7 To pay all and s~ngular the costs. tees. charges and expenses of every k~~d. ~nclud~ng t~e cost oi an abstract of t~tle to sa~d lands found to be con- "ene or exped~ent ~n connecLOn wrth any surt tor the toreclosure of this mongage. and also ~nciud~ng. whether the Mortgagee is obl~gated to pay same or ~easonable atrorney's tees incurred or expended at any ume by the Mortgagee because of the fadure of the Mortgagor to per(orm. compiy wrth and abide .;_~if or any of the covenants. cond~UOns and sUpulaUOns of sa~d prom~ssory note. or th~s mortgage. ~n the foreclosure of th~s mortgage and in collecung the -~ount secured hereby wrth or w~thout legal proceedmgs, and to re~mburse the Mortgagee for every payment made or ~ncurred for any such purpose wrth in- -esc from date of every such payment at the h~ghest rate authonzed by law: such payments and obl~gauons. wrth ~nterest thereon as afaresa~d. shatl be ~ured by the lien hereof 3 To keep the bu~ld~ng or bu~id~ngs now or hereafter on said land ~nsured against loss or damage by f~re. extended coverage and other penls. ~n- ,,a~ng war nsk ~nsurance if avadable. in a sum not less than the~r tull msurable value at the cost and expense oi the Mortgagor m a company or con~parnes .~:~~oved by tne Mortgagee. the po6cy or pohc~es to be held by the Mortgagee. and such pol~cy or poi~c~es of msurance shalt have aflixed thereto a Standard ~:~tiv York Mortgagee Clause. making ali loss or losses under such pol~cy or policies payable to the Mortgagee as ~ts ~nterest may appear. and to delrver said ,~:cy or pohaes to the Mortgagee when ~ssued wnh the rece~pts for the payment oi the prem~um therefor: and ~n the event any sum of money becomes ~ole under such pohcy or pohc~es. the Mortgagee shall have tne opuon to recerve and appiy the same on account o( the indebtedness secured hereby or to ..~rn~t the Mo~tgagor to recerve and use rt. or any part thereof. (or other purposes. without thereby wamng or impauing any eqwty. hen or nght under or by .~~.,e of th~s mortgage. and the Mortgagee ~f ~t deems necessary may place and pay for such ~nsura~ce. or any part thereof. w~thout losing. waiving or affec- Mosegagee~s opt~or. to foreclose for breach ~f this covenant. or any part thereoi. or any-nght or opUOn under this mortgage. and every such payment shall ,nterest from date thereof unt~l pa~d at the h~ghest rate authonzed by law. and all such paymants wrth i~terest as aioresaid shall be secured by the hen eof In the event any loss or damage ~s suffered hlortgagor shall notify Mortgagee of such loss or damage wrth~n forty-e~ght (48) hours aher the happemng •~eof the fa~lure to grve such noUCe shall consbtute a default and the Mortgagee shall have the nghts here+n g~ven for all defaults 9 To permrt. comm~t or suffer no waste and to main,am the ~mprovements at all Umes ~n a state of good repa~r and cond~UOn; and to do or permrt to done to sa~d prem~ses noth~ng that wdl aiter or change the use and character of sa~d property or ~n any way ~mpa~r or weaken the secunty of sald mortgage a>e of the refusal. negiect or ir.abihty of the Mortgagor to repa~r and ma+nta~n sa~d property. the Mortgagee may. at ~ts oaUOn, make such repaus or cause same to be made and advance momes in that behalf wh~ch sums shall be secured by the I~en hereof and bear ~nterest at the h~ghest rate authoraed by 10 To de~~ver the abstract or abstracts of title cover~ng the mortgaged property to Mortgagee or ~ts des~gnated agent. which shalt at all Umes, dunng :te of th~s mortgage. remam m the possess~on of the Mortgagee and m event of the foreclosure of th~s mortgage or other transfer of utle. ali nght. Utle and :~est of the Mortgagor m and to any sucn absiraci ur auai~a~ia i~iie 5~~6~~ Noss t~ p:;~c`~s~' a~~~:~~ 1 1 That ~o wa~ver of any covenant here~n or ~n the obl~gat~on secured hereby shall at any t~me hereafter be hetd to be a wa~ver of any of the other ~-:s hereof er of the note secured hereby. or future wawer of the same covenant 12 That in order to accel2rate the matur~ty of the ~ndebtedness hereby secured because of the !a~lure o( the Mortgagor to pay any tax assessment. 3e ~ty obl~gat~on or encumb~ance upon said property as here~n provided. ~t shall not be necessary nor reqwsrte that the Mortgagee shall first pay thtsame. T 3 That ~f the Mortgagor shail fa:i. neg!ect or refuse for a per~od of th~rty (30) days fully and promptiy to pay the amounts requ~red to be paid by the ~ereby secured or the ~nterest therein spec~f~ed or any of the sums of money herein re`erred to or hereby secured, or otherw~se duly. fully and promptly to 't .-~•jo+m execute. comply wrth and ab~de by each, every or any of the covenants. condrt~ons or supulat~ons of this mortgage. the prom~ssory note tiereby >_.-_red and'or the construcuon loan agreement. if any, then. and in erther or in any of such events, without noUCe or demand. the said aggregate sum men- E .;~~ed ~n sa~d promissory note. less prev~ous payments. rf any. and any and ali sums menUOned here~n or secured hereby shati become due and payable ~?-~w~th or thereafter at the conUnu~ng opt~on of the Mortgagee as fully and completely as ~f said aggregate sums were onginally stipulated to be paid at € t~me. anyth~ng in sa~d prom~ssory note or hereln to the contrary notwithstand~ng, and tha Mortgagee sha~l be enUded thereupon or thereafter without F : ~e or demand to mstrtute surt at law or ~n equity to enforce the nghts of the Mortgagee hereunder or under sa~d prom~ssory note. In the event of any ~~`au~t or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shall have the continu,ng opUOn to enforce payment ~ a'! sums secured hereby by acuon at taw or by surt ~n eqwty to foreclose this mortgage. erther or both, concurrendy or otherw~se. and one acUOn or suit ~ a! not abate or be a bar to or wa~ver of the Mortgagee's right to insutute or ma~nta~n the other, prov~ded said Mortgagee shall have only one payment and ~ .>facUOn of said indebtedness ~ . ~ 14 That ~n the event that Mortgagor shall (11 consent to the appo~ntment ot a rece~ver. trustee or liqu~dator of all or a substantial part oi Mortgagor s _~a!s or (2) be ad~ud~cated a bankrupt or insolvent. or fiie a voluntary petmon ~n bankruptcy, or admit in wrrt~ng rts ~nab~hty to pay rts debts as they become ~ `:e or 131 make a general assignment for the beneiit of credrtors. or i4) fde a petrt~on or answer seeking reorgan~zation or arrangement wrth creditors, or to •:°Ke advantage of any ~nsolvency law. or (61 file an answer admrtUng the matenal allegat~ons of a pet~UOn f~led aga~~st the Mortgagor in any bankruptcy. ~ ;:~gamzauon or ~nsolvency proceed~ng, or t6) act+on shall be taken by the Mortgagor for the purpose of effect~ng any of the foregoing or 17? any order, judg- ~ or decree shall be entered upon an application oi a creditor or Mortgagor by a court oi compete~t junsdicuon approvir.g a pebUOn seeking appointment ~ '`~a rece~ver or trustee of alI or a substanUal part of the Mortgagor's assets and such order. judgment or decree shall conunue unstayed and ~n effect for any g od of th~rty (301 consecunve days, the Mortgagee may declare the note hereby secured forthwrth due and payabte. whereupon the prinapal of and the ~n- g -esr accrued on the note and all other sums hereby secured shall become forthwith due and payable as ~t al~ of the said sums of money were orig~nally 3 ; u!aced to be paid on such day. and thereupon the Mortgagee wrthout notice or dema~d may prosecute a surt at law and!or m eqwty as rf ail monies ~ ,;red 'nereby had matured pnor to rts mstitutio~ i ~ ? 5 That the Mortgagee or any person author~zed by the Mortgagee shall have the right to enter upon and ~nspect the mortgaged premises at all ~ ~ahle hmes R ?hat an sum or sums which may be loaned or advanced b the Mort a ee to the Mort a or at an t~me w~th~n twent (20) years from the date 1o y V 99 89 ti Y ~ ~~n s~ndenture. together w~th ~nierest thereon at the rate agreed upon at the t~me of such loan or advance. shall be equally secured w,th and have the same ~ ;r,ty as the os~g~nal indebtedness and be sub~ect to all the terms and prov~s~ons of th~s mortgage. prov~ded. :hat the aggregate amount of pnnc~pal outstan- at any t~me shail not exceed (S--- 1. or ,f the preced~ng blank ~s not completed. then an amount equal to one hundred and frfty per cent =;0 .1 of the pnnapal amount onginally sec~red hereby shall apply t 7 That. ~f required by Mortgagee. the said Mortgagor will pay unto the Mortgagee. on the f~rst day of each and every consecutrve month, a sum ::uai to one-twe!fth of the ann~al amount ns~essary to pay all taxes and assessments aga~ns: the sa~d mo;tgaged prem~ses. sa~d monthly sum to be es- ~-ated solely bv Mortgagee and calculated to be an amount not less than the amount of tazes assessed aga~nst said mortgaged premises for the previous , ear and rf further required by Mortgagee to pay all insurance premwms ~n manner and (orm as provlded here~n for the payment of taxes and assessments. ~ 18 That ~f thic mortgage ~s ~n connecuon with con5trucUOn loan financ~ng, then this mortgage ~s subject to the Construction Loan Agreement ~ iated ti/:~ between the Mortgagor and the Mortgagee. an ezecuted copy of wh~ch ~s in the possession of the '.1crt~a~e and is incorporated herein by reference and made a part hereof: any default by Mortgagor under ssid agreemert shall cerstrtute an event of ~ :e'a~it u~d2r th~s morigage 19 That the Mortgagor will on the request of the Mortgagee furr,~sh a wntten statement of the amount owing on the obligation wh~ch this mortgage ` ~ ures and there~n state whether or not Mortgagor cla~ms any defenses or oftsets thereto ~'R va~ v ~ z aooK4~8 * _ r 2' S1_ ' ~ . ~ " 'Y ~':~.~`r.r - ~r'K„~ k., : ' ":;.t~«;r " it