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Home My WebLink About0923 4 TA~s mu~~yage ~s personal to the Mortgagor ~a~ein and ~o conveya~ce sMU be m~ds by Mor~p~por of th~pt~m~ses hers~n s~~ d oi any pa~t ~hereot w~thout lust o~ta~mng 1Ae pnor wrrtten consent of the Mortflayse In the svent Monyap~e pwes th~s wntten conient. tM pt~nt~nslr+~d ~n suc~ con~ t eyance sAs11 assume and agi~~ to pay ths obl~gaUOn evidenced by ~he prom~sw.y nots socu~~d h~r~by Any convsyance ol the prop~rty Mr~~n d~ur~bad or a~~y part ihereol violation o} the terms o: this paragraph shall enhU~ Mortgap~e to ~cceler~a tM Wym~nt ol tM oDI~Qa1wn s~cu~~d Mreby ~nd ail wms ol n,oney sxured neraby shall. st the aptwn ot Mortflsp~e. bscom~ due rnd pay~a~ and ~n d~f~uit wMtMr a not ihs same are so du~ and paysble snd ~n da~ault by the spsc~6c lerms hereof Noth~ng Aere~n conta~ned shsll be construed to co~sutut~ a nowUOn or relsase Mortflagw a any subssquent owner of !:aG~hiy or oDl~yation under the prom~ssory note sewred hareby or th~s mortfla~ by reaton of the aforesa~d aswmpuo~ of the obl~yaUOn unde? ~M note srcured Aereby. by s subseQuent owner ol IM propsrty descr~bed h~rein 5 That ~n iAa event ol a su~t being ~nsUtuted to loiecbse th~s ma~gape. the Morty~pee shall be enulled to apply a~ any time dur~~g such foreclosu~e s~~t to the court hawng ~urisd~uwn thereof tor ths eppo~nimen~ of ~ ~ecewe? ol sll and singular th~ mortgip~d property. and of sll rents. ~ncomes. p~ohts ~~s~,es and revenues thereof. Irom whatsoover source denved. and thereupon ~t ~s hereGy exprassly co~venantsd and agreed that tM court shall fo~thw~tA ap~ ~,u~n~ such ~ece~ver w~~h the uwa~ powers and dui~us of recewers ~n hka cases. ar~d sa~d appo~ntment shall ba made by tAe court as a matror of su~ct nght ~o tne A~tortgagee. and w~ttwut relerence to the adequacy or ~nadequacy ol the value ol tha property he?eby matQaged. o~ to the solvency or ~nsolvency oi the Morigagor or any other par~y defandant to such swt The Mongaqor hareby specihcalty w~rves 1h~ r~9ht to ob~ect to ~hs ~ppomtmeM ot a recswer as aio~esud arw he~eby exp~essly consenls that sucA appo~mment shall bs msde as an adm~tted aqurty ~nd as a matter of aDSOlute npht to tM Mortpapee and snac ~he same may be done wuhout ~ot~ce w ths Mortgag~x 6 That d any proceed~ngs should be ~nst~tut~rd aga~nst tha propeity covored by this mo~tpage upo~ any other Itie~ or cla~m whethe~ supenor o~ ~urua :o ihe t~en ol 1h~s mortgage the Mongagae may s~ rts opt~o~ ~mmed~ataly upon ~nst~tuuon oi such suit o~ dun~g the pendency thersoi dec+are th~s mo+tgap~ and ihe ~ndeb~edness secured hareby due and paysDle torthw~th •~nd may at ~ts opuon procsed to fweclose th~s mortgage 7 To pay all and s~ngular tAe costs. tees. cha~ges and expenses ot avary k~nd, includ~ng the cost ol o~ abstract ol atie to sa~d landa tound Io be con- ven~ent or eaped~ent ~n connect~on w~th any su~l tc+r Ihe toreclosure o/ IAis mortgage. and aiso ~nclud~ng. whather the Mortgagee ~s oDbgated to psy same or no~ reasonable attorney's feas ~~curred o~ expended at any ume by the Mortgagee because of the fadure of tAe Mortgsflor to perform. comply wrth and ab~de ~y all or a~y ot tM covenants. condiuons and st~pulat~ons ol said prom~ssory nots. or th~s mortgage. ~n the toraclosura ol th~s mortgags and ~n collecting the ;mount secured heroby with or without legal p~oceed~~gs. and to re~m;wrse the Mortgagee for every paymant made or incurred for any such purpose w~th in- ierest Irom date ot every sucA paymeM at ihe h~ghest rate au~hor~:ed by law. such payments and obl~gauons. wuh ~nter~s[ thereon as aforesaid. sAall bs secured by tAe lian hereot 8 To keep the budd~ng or buddmgs now or hereafter on sa~d land ~nsurt?d agamst {oss 0~ damage by fue. extended covdrage and other penls. ~n- ::Iud~ng war nsk ~nsurance ~f avadable. ~n a sum not less than the~r full ~nsurable value ai ths cost and sxpense of the Mortgagor in a company o~ companies approved by Ihe Mortgagee. the pol~cy or pohues to be hetd by the MortgaQee. a~d such pol~cy a pol~c~es of ~nsurance shal! have afhxed therolo a Standsrd New 'furk Mortgagee Clause. mak~r.g all bss a losses under such po1Ky or pol~c~es payable to ths Mortgagee as us ~nterest ~nay appear. and to delwei said ~,ut,cy or pol~c~es to the Mo~tgagee when ~ssued wnh tAe rece~pts for tha payment of the prem~um therefor: and ~n the evem any sum of money becomes payabte under such pohcy or ~whc~es. the blongagee shall have the opUOn to roce~ve and apply the same on account ot the ~ndebtadness secured hereby or Io Ferm~t the Monga~3or to receive and use ~t or any part thereot (or uther purposes. without lheroby warv~ng or ~mpa~nng any eqwty. lien or nght under oi by v~rtue ot th~s mongaye. anA the Mortg~gee d rt deems necessary may place and pay lor such ~nsurance. or any part thereot, wdhout losing. wa~ving or aHec t~ny Mortgayee's opt~on tu tureclose (ur breach ot th~s covenaM. or any parl thereal. or eny ~~ght w opt~o~ under th~s mwtgage. and every sucR payment shall ~ear ~nterast irom date the~eol unul pa~d at the h~ghest rate aWhonied by law. and al~ sucA payments wrth ~nterost as aforesaid shall be secured by the I~en hereol In the event any loss or Aamage ~s sufiered Mortgagor shall notity Mortgagae of such loss or damage w~th~n torty•eight (481 hours ahsr tha happen~ng ine~eo(: ~he (adure to y~ve wch notice shal~ const~tute a delauit and the Mongagea sha11 have tRe nghts here~n grven lor a~l deiaults P To perm~t commu or suffer no waste a~d to ma~nta~n the improvements at all umes in a stste ot good repsu and condrt~on; snd to do o~ permN to ~ be dune to sa~d premises noth~ng that will a:ter or changs the use and charactar ot ss~d p~operty or ~n any ~vay impsu or weake~ the sscunty of sard mortgafla ;n case of the ~etusal. neg~ect or ~naDil~ty ol ths Mortpagor to repa~r snd mamtam sa~d property, the MortgAgee may. at ~ts opt~on. malce such rep~~rs or cause ;+~e same to be made and advance mon~as in that behalt which sums shall be secured by the ~~en hereol and bear interest at the h~ghest rate authonzed by iaav 10 To del~ver tAe abstroct o~ abstracts ol title covsnng the mortyaged proparty to Mortgayee or ~ts des~gnated agent, wh~ch shall at all times. during ~ he i~fe o( Ihis mortga~e. remain in the posssssi~n ot ths Mortpagee and m evant of ths foreclosure of th+s mortgspe w other transfsr of t~tle. all right. Ltle and ~ ~ncerest o~ the Mo+tgagor in and to ~ny wch abstr~ct or a~trac~s of title shall psss td the purcMs~~ or grantse. ~ ~ 1 1 That no waivar ot any covsnant heroin or in ths ob6ganon sezured hsreby shall st any tims heredter be he{d to be a warver of any ot the ather ierms hereof or of [he note secursd hsnby. or futur~ wa~va of tM wme eovsnsr~t. 12 That ~n order to accelerate the matunty ot the indebtsdn~ss hereby socured because ot the fa~lure of the Mortgegor to pay any-tuc assessment. j ,ab;l~ty, obligauon or encumbranCS upon sa~d property as ; rem provided.rt shall not be necessary nar reqwsite that the Mortgagee shsll f~rst pay the sams- ~ , . ; ~ 13 That ~I the Mortgagor shall (ail. nsglect or re(use for a per~od of th~rty (30) days (ully and promptly to pay the amounts required to be pa~d by the I note hereby secured or the interest the~sin spscif~ed or any oi the sums ot money herein re(arred to or hereby secured. or otherwise duly. lully and promptly to ~ pertorm. execute. Comply wrth end iGds by saCh, every or any ot the covenantt. condrt~ons or stipulaUOne oi this mortgape. the prorrussory note hereby ~ sac~.,red and/or the construction loan aprasmsnt. i( any. tAen. and ~n e~ther or anY at such events. wrthout notics w demand, the se~d apqrsqats sum men- ~ ;~oned ~n seid prom~ssory note. less prsvious paymsmt. if any, and any anb aN suma mentionad herein or tecured hereby shall becoms due and payabb 'arthw~th or theresher at the contmuing option of the Mortgaflae as fully and campletely as if te~d agprag~te sums were orig~nally stipblatsd to be paid at ¢ ~~~ch ums. anythtnp ~n sa~d promissory nots or hers~n to the contnry notwithstandmg. and the Monflapee shall be ent~tled ihereupon or thereaher wrthout ~ nouce a demand to institute suit st lew or m equ~ty to eniorce the nehts ot (hs Mortqapee hsrsunder or undsr said promiuory nots. In tAe avent ot any ~alault or brsach on the part of the Mortpaqor hsreundsr or undsr s~~d prom~uory not~. th~ Mortp~pN ihall have tM contmwnq opt~on to enforce peyment ~ ef eil aums seeursd hereby by acuon at lew or by ~uit in equuy to forecloss this mortgape. eithsr or both, concurrendy or otherw~se. and one act~on or sun ~ Ehau not abate o~ be a bar to or waivsr of th~ Monp~gee's npht to ~n~ututs or meint~in the other. prowded sa~d Mortysgee shall have oMy one payment and aeushcuon of sa~d indebtsdnss~. 14 Thst in ths sv~nt thst Mongaqor ~hall (1) consent to ~he ~ppo~ntment of s rece~v~r, tru~ts~ or l~quidator oi sll or e~ubusnud part ol Mortgaqor s ssie , or 2) bs sdjudic~ted a b~nkrupt or inwlvent. w tit~ ~ voluntary petdion m ba~kruptcy. or admit m writing rts maWlity to pay its dsbts es they become .~ue or 13) mske e generst auienm~nt for ths b~neflt of credrtors. or (4) fde s pebtion or answer s~ekmg reotgsm:atwA o~ aRangement with crodrtors. or to ~eke advantage of any insolvency lew, or (5) fils sn answe~ edm~ttmg the matenal ellepet~ons ot a petitron l~led against the Mortgegor m any bankruptcy. reorganizabon or msolvency prcessdiny, or (81 acuon ~hsll be tekan by ths Mortgagor for the purposs ol eHscting any ot the loregoing or (7) e~y order. ~udg- mant or dscrse shsll be sntersd upo~ sn eppl~cetion ot a credrtor or Mortgagor by s court of Competsnt ~urisdiCUOn epproving e pebt~on seek~ng appo~ntment , of s rece~ver or trus[ss of ell w a substsntial part of the Mortpagor's eisets and wch order. ~udpm~nt or dscrea shall cont~nue unstayed and ~n eH~ct tor any aer~od of th~rty (30i consacutive days, tha Mortgagee may declare the note hereby secured forthwith due and peyable, wheraupon tha pr~ncipal of and tha ~n- cereet accru~d on the nots and all other sums hersby sucursd shsll bscome forshw~~h dus a~d payabb as i( all oi the said sums of money wsre or~g~nalty a~,pul~tsd to be pa~d on such day: and th~raupon ths Manpeyee wrthout notice or demand m~y p?os~cute a~uit at lew and/or in ~qwty at if ell momes ~ secured Mr~by had m~wr~d pnor to its in~Uwuon ~ 15 That the Morteayee or any perwn authonzed by the Mortpages shaN have the nght to enter upon ar~d inspeCt the m~rtga8ed prem~ses at all ~ r~asonaDle times ~ ~ 8 That any sum a sums which may ba loened or advenced by the Mortpagee to the Mortgapor at any ume w~thm twenty (20) years trom the date ~ uf ch~s mdanture. together w~th mtsrsst theroon ~t the rate sgroed upon at the time o1 such Ioan or advance, shall t,e equally secured w~th and hava the same e~ncr~ty es the or~g~nal mdebtedness and be sub~ect lo all the terms and prov~swns of th~s mortgage. provided. that the aggregate amount of pr~napal outstan- ' d;ng at ~ny time shall not eacsed (S 1. w it the preced~ng blsnk ic no[ completed. then an amou~t equal to one h~r~dred and hhy per cent ' S096) ol the pnnc~pel amount onpinaNy sscured hsroby shall apply ~ ~ ~ 17 That. roqwrsd by Mortpagee. Ihe said Mortgagor wdl pay unto the Mortgagee. on the ~~nt day of each and every consecutrva month. a sum ~ e.;ual to one-twelhh of ihe ennual amount necessary to pay all teaes snd assessments egamst the sa~d mortgagsd prom~ses. sa~d monthly wm to be es- ~ ~~~eted solely by Mortgagee and cslculatsd to be an amount not Isss than the amount ot taxes assessed egainst sa~d mortgaged prem~ses lor ths prov~ous g gee to pay all ~nsurance prem~ums ~n mannsr and (orm as prov~dsd hersin for the p~ymant of taaes and assessments ~ ,nar, arxl ~f turther requued by Mort a ~ 18 That ~f tnis mortgage is ~n connect~on wnh conatrucuon loan f~nanc~ng. then th~s mortgage ~s wb~ecl to the Construct~on loan Agreement ~ •;lated between the Mortgagor and the Mortga~ee. an eaecutsd copy of wh~ch ~s ~n the possession ot t~e ~ ~.1or~gagee and is ~ncorporated here~n by re(erence and maad a psrt hereof: sny detault by Mortgago~ under ss~d agreement shall const~tute an eve~t of ~ ~ ae~ault under th~s mortgage ~ ~ 19 That ihe Mortgagor will on the request o( ths Mortgagee furn~sh a wr~tten steternent ot the amount owing on the obl~gat~on wh~ch th~s mortgage , secures and there~n state •Nhether or not Mortgagor cla~ms eny delenses or oHsets thereto ¢ ~ 2 ~X ~6~ F~GE ~z , ~ . . ~ - ~ - - _ ° ~