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HomeMy WebLinkAbout0985 4 Th~s mortgage ~s personal to the Mortgagor herein. and no conveyance sha!f be made by Mortgagor ot the prem~ses here~n described or any part ttiereo( without (irst obtaining the pr~or written consant of the Mortga~ee In the event Mortgagee gwes this written consent. the grantae named in such con- veyance shall assume and agree to pay the obl~gat~on evidenced by the prom~ssory note secured hereby Any cenveyance of the property here~n descr~bed or =ny part theieof m wolat~on of the terms of this paragraph shall ent~tle Mortgaeee to accelerate tha payment of tha obhgauon secured heraby and au sums oi money secured hereby shall. at the opt~on of Mortgagee. become due and payable and in defauit whether or not the same are so tiue and payable and ~n default by the speCific terms hereof. Nothing here~n containe~ shall be construed to constitute a novat~on or release Mortyagor or any subsequent owner oi i~abdrty or obligat~on under the promissory note secured hereby or this mortgage by reason of the e(oresaid assumption of the obligation under the note secured hereby. by a subsequent ownar o( the properry descnbed here~n. 5 That ~n the event oi a suit be~ng ~nsUtuted to ioreclose th~s mortgage. the Mortgagee shall be entitled to appty at a~y time dunng such toredosure surt to the court having ~unsd~ct~on there~f (or the appomtment of a receiver ot all and singular ihe mortgaged property. and of all rents. ~ncomes. profits. ~ssues and revenues theieoi, from whatsoever source der~ved: and thereupon it is hereby expressly convenanted and agreed that the court shall (orthw~th ap- po,nt such receiver with the usual powers and duUes of receivers in hke cases: and said appointment shall be made by the court as a matter of stnct nght to tlie Mortgagee, and without re(erence to the adequacy or i~adequacy of the value of the properiy hereby mortgaged. or to the solvency or insolvency of the Mortgagor or any other party defendant to such suit. The Mortgago? hereby spec~fically warves the nght to ob~eCt to the appomtment of a receiver as aforesaid and hereby exprassly consents that such appo!niment shall be mede as an adm~tted equity and as a matter of absolute nght to the Mortgagee and that the same may be done without notice to the Mortgegor 6. That if any proceedings should be insututed against the property covered by th~s mortgage upon any othe? 6en or cla+m whether super~or or ~unior ~o the I~en of this mortgage. the Mortgagee may at its opt~on ~mmediately upon msUtution of such sun or dunng the pendency thereot declare this mortgage and the ~ndebtedness secured hereby due and payable forthwith and may at its opUOn proceed to toreclose this mortgage 7 To pay all and singular the costs. fees. charges and expenses of every kind. includ~ng the cost ot an abstract of utle to sa~d lands (ound to be con- ~ en~ent or expedient in connection with any suit for the foreclosure ot th~s mortgage. and also includ~ng. whether the Mortgagee ~s obl~gated to pay same or r,ot reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform, comply w~th arid ab~de by all or any of the covenants, conditions and stipulations of said promissory note. or this mortgage. ~r. the foreclosure of th~s mortgage and in collecting the amount secured hereby with or without legal proceedings, and to reimburse the Mortgagee for avery payment made or ~ncurred tor any such purpo~e w~th in- cerest from date of every such payment at the h~ghest rate authonzed by law: such payments and obhgations, wrth ~nterest thereon as aforesaid. stialt be secured by the lien hereof. 8 To keep the building or buildings now or hereafter on sa~d tand insured agamst loss or damage by fue, extended coverage and other perils, in- c~ud~~g war risk insurance ii available. in a sum not less than their full insurable value at the cost and expense of the Mortgagor in a company er companies a~proved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such pol~cy or poliaes ot ~nsurance shali have affixed thereto a Standard New York Mortgegee Clause. making all loss or losses under such policy or pol~c~es payable to the Mongagee as its mterest may appear. and to del~ver said .~chcy or pol~cies to the Mortgagee when ~ss~ed wrth the receipts for the payment of the premium theretor: and in the event any sum of money becomes ;:ayable under such policy or polic~es. the Mongagee shall have the opt~on to receive and apply the same on account of the indebtedness secured hereby or to pe~m~t the Mortgagor to receive and use rt. or any part thereof, for other purposes, w~thout thereby wa~v~ng or impairmg any equity, hen or nght under or by v:rtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for such insurance. or any part thereof, wrthout los~ng, wa~ving or affec- e~ng Mortgagee's opt~on to foreclose for breach ofi this covenant, or any part thereo( or any nght or opt~on under this mortgage. and every such payment shall i~ear ~nterest from date thereof until paid at the highest rate authonzed by law. and all such payments with interest as aforesa~d shall be secured by the tien r~e~eof. In ihe event any loss or damage is suHered Mortgagor shall notify Mortgagee oi such loss or damage within forty-eight (48) hours after the happem~g chereof; the fadure to gwe such noUCe shatl constitute a default and the Mortgagee shall heve the nghts herem grven for all defaults 9. To permit, commrt or suffer no waste and to mamtain the ~mp+ovements at all Umes m a state of good repair and condrtion: and to do or Fermrt to b~ done to said prem~ses nothing that wili altar or change the use and character of sa~d property or in any way impair or weaken the secunty of said mortgage. I n case of the refusal. negfect c~ inabi6ty of the Mortgagor to repa~r and ma~ntam sa~d property. the Mortgagee may. at rts opc~on, make such repa~rs or cause ~he same to be made and advance monies in that behal( wh~ch sums shall oe secured by the Iren hereof and bear ~nterest at the highest rate authonzed by 3W 10 To del~ver the abstract or abstracts of titfe covenng the mortgaged property to Mortgagee or ~ts des~gnated agsnt. wh~ch shall at all t~mes. dunng ~~e I~fe of th!s mortgage. rema~n m the possess~on of the Mortgagee and ~n event of the foreclosure of th~s mortgage or othe~ cra~sfer of Utle. all r~ght. i~tle and ~,cerest of the Mortgagor ~n and to any such abstract or abstracts of title shatl pass to the purchaser or grantee. 1 1 That no wa~ver ot any covenant herein or 1n the obligat~on secured hereby shall at any t~me hereafter be held to be a wa~ver of any of the other -erms hereof or of the note secured hereby. or future wa~ver of the same covenant 12 That ~n order to accelerate the matunty of the indebtedness hereby secured because of the fa~lure of the Mortgagor to pay any tax assessment. ~ ~b;l~ty, obligauon or encumbrance upon sa~d property as herem provided. rt shall not be ~ecessary nor requ~s~te that ihe Mortgagee shall first pay the same ' 13 That rf the Mortyagor shall fa~l, neglect or refuse for a penod ot thirty f30) days futly and promptly to pay the amounts required to be pa~d by the note nereby secured or the fnterest therem specified or any oi the sums of money here~n referred to or hereby secured. or otherwise duly, fully and promptiy to ^erform. ezecute. comply with and abide by each, every or a~y ot the covenants. conditions or stipulations of this mortgage. the prom~ssory note hereby secured and/or the construcUOn loan agreeme~t ~f any, then, and in either or m any of such events, wrthout noUCe or demand. the said aggregate sum men- I'', r oned in said prom~ssory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable i +orthwith or thereaher at the conunuing opt+on of the Mortgagee as fully and completely as rf said aggregate s~ms were originally st~pulated ;o be paid at i s~~ch ume, anything in said promissory note or herein to the contrery notwithstanding. and the ~1lortgagee shall be enutled thereupon or thereaher without ' I ^ot ce or demand to mstitute suit at law or in equity to entorce the rights of the Mortgagee hereunder or under sa~d promissory note In the event of any default or breach on the part of the Mortgagor hareunder or under said promissory note. the Mortgagee shall have tha conunuing opt;on to eniorce payment y a!I sums secured hereby by action at law or by suit in equrty to foreclose this mortgage, e~ther or bo*h. corcurrently or otherwlse. and one action or sun ~ shall not abate or be a bar to or waiver of the Mortgagee's nght to institute or ma~nta~n the other, provided sa~d Mortgagee shall have oniy one payment and ~ -aus`acUOn of sa:d indebtedness ~ 74 That in the event that Mortgagor shall (1) consent to the appointment of a receiver. trustee or hqu~dator of all or a substanUal part of Mortgagor's ~sszcs. or (2) be adjud~cated a bankrupt or insolvent. or file a voluntary pet~tion in bankruptcy. or adm~t +n wrrting its ~nab~lity to pay its debts as they beCame ~ due ur (3) make a generat assignment for the benefit of creditors, or (4) file a peUtion or answer seek~ng reorgan~zat~on or arrangement w~th ~redrtors, or to ~ake advantage of any insolvency law, or (5) file an answer admrtting the material a!legauons of a pet~t~on filed aga~nst the Mortgagor In any bankruptcy. ~ ~eorganizaUOn or insolvency proceed~ng, or (6) action shal; be taken by the Mortgagor for the purpose of effect~ng any of the forego~ng or (7) any order, judg- ~ -rent or decree shall be entered upon an application of a cred~tor or Mortgagor by a court of competent junsdiction approvmg a petition seekmg appomtment ~ ~~f a recerver ~r trustee of all or a substantial part of the Mortgagor's assets and such order, ~udgment or decree shall conunue unstayed and in eHect for any € •,~~nod of tnirty (30) consecuUve days. the Mortgagee may declare the note hereby secured forthwrth due and payabte whereupon the pnncfpal of and the in- F ~e-est accrued on the note and al! other sums hereby secured shal! become forthwrth due and payaole as if all oi the said sums of money were onginally ~ ~~~p;;lated to be paid on such day: and thereupon the Mortgagee w~ihout notice or demand may prose~ute a su~t at law and!or m equity as if a!1 monies _e~ured hereby had matured prior to its ~nstitution ~ 1 5. Thai the Mortgagee or any person auihonzed by the Mortgagee shal! have the nght to enter upon and ~~spect the mortgaged prem~ses at all ~ ;sunable umes i ` 16 That any sum or sums wh,ch may be loaned or advanced by the Mortgagee to the Mortgagor at an~- Ume wrthm twenty !20) years from the date ,r ih~s mdenture. together w~th interest thereon at the rate agreed upon at the ume of such loan or advance_ shall be equally secured w~th and have the same •~onty as the or~ginal indebtedness and be sub~ect to all the te~ms and prov~sions of th~s mortgage: prov~ded. that the aggregate amount of pnnapal outstan- <i ng at any t~me shall not exceed (S_ N~A 1. or rf the preced~ng blank ~s not completed. then an amount equa! to one hundred and f~fty per cent ? 50~'~) of the pnncipai amount onginally secured hereby shall apply 17 That. ~f required by Mortgagee. the sa~d Mortgagor w~ll pay unto ;he Mortgagee. on the f~rst day of each and every consecut~ve month, a sum ~~qua! to one-twelfth of the annual amount necessary to pay atl taxes ar~d assessments against the said mortgaged prem~ses. sa~d monthly sum to be es- -r,ated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed oga~nst said mortgaged prem~ses for the previous ; ~ar. and rf further required by Mortgagee to pay all insurance premiums m manner and form as provided herein for the payment of tazes and assessments. ~ 18. That if this mortgage ~s m connection wrth construcuon loan financmg. the~ this mortgage is sub~ect to the Constru~tion Loan Agreeme~t ~ tated N~A between the Mortgagor and the Mortgagee. ar, execut9d copy of which ~s m the possession of the # `.1ortgagee and ~s incorporated herein by reterence and made a part nereof: any default by Mortgagor under said agreement shall consutute an event of !e~ault under th~s mortgage 19 That tne Mortgagor w~ll on the request of the Mortgagee furn~sh a written statement of the amount ow~ng on the obl~gat~on wh~ch th~s mortgage ;.~cures and there~n state whether or not Mortgagor c~aims any defenses or offsets thereto ` Z ~ z5~ ~85 - - - =:;rr~ - r