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HomeMy WebLinkAbout0977 4. II all or any part of the Property or an interest therein is sold or trans~erred by Morigayor w~lhout Mortgagee's pnor wnUen consent, exduding ~a1 tne creation Ct a lien or enCUmbranCe subortlinate to this Mortgage, (b) IhH Creal~on ot a purChase money security interest for household appliances, (c) a t ransfer by dev~se, descent or operation o( law upon the death ot a joint tenant or (d) the g?ant of eny leasehold ~nterest ot three yea~s or less not conta~n~ng an optlon to purchase, Mortgagee may, at iNo~lgagee's option, declare all the sums secured by this Mortgage to be immediately due and payable. Mortgagee shall have waived such option to accslerate it, prior to the ~ale or transfer, Mortgagee and the person to whom the Property is to be sold o~ transferred reaCh ~greement in wnting that the cred~t ot such person is satisfactory io Mortgagee and that the ~nterest payable on Ihe sums secured by th~s Mortgage shatl be at such rate as Mo~tgagee shall request. If Mortgagee has waived the option to accelerate prov~ded in this paragraph 4, and if Mortgagee's successor in ~nterest has executed a written assumption agreement accepted in writing by Mortgagee, Morigagee shall release Mortgagor from all obllgations under this Note and Mortgage. 5. That in the event of a suit being instituted to toreclose this mort„~ ;e, tAe Mortgagee shall be entitled to apply at any time during such foreclosure suit to the court having jurisdiCtion thereof for the appointment of a reCeiver of all and singular lhe mortgaged property, and ot all rents, incomes, profits, :ssues and revenues thereof, from whatsoever source derived: and thereupon it is hereby expressly conv8nented and agreed that the court shall forthwith aP c~oint such receiver with the usual powers and duties of receivers in tike cases; and said appointment shall be made by tha court as a matter of strict right to the Mortgagee, and without reference to the adeauacy or inadequacy of the value of the property hereby mortgaged or to tha solvency or insolvency of the Mortgagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a rece~ver as atoresaid and hereby expressy consents that such appo+ntment shall be made as an admitted equity and as a matter pf absolute right to the Mortgagee and cnat the same may be done without notice to the Mortgagoc 6. That if any proceedings should be instituted against the property covered by thls mortgage upon any other lien or claim whether superior or ~unior ~o the lien of th~s mortgage, the Mortgagee may at its option immediately upon institutio~ ot such suit or during the pendency thereof decfare this mortgage and the indebtedness secured hereby due and payable forti~with and may at its option proceed to foreclase this mortgage. 7. To pay all and.singular the costs, fees, charges and expenses of every kind including the cost of an abstract of title to said lands found to be con- venient or expedient in connection wilh any suit for the foreclosure of this mortgage, and also including, whether the Mortgagee is obtigated to pay same or not, reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform, comply with and abide by all or any of the covenants, conditions and stipulations of said promissory note, or ihis mortgage, in the foreclosure of this mortgage and in collecting the amount secured hereby with orwithout legal proceedings, and to reimburse the Mortgageefor every payment made or incurred for any such purpose with in- terest trom date of every such payment ai the highest rate authorized by law; such payments and obligations, with interest thereon as aforesa~d. shall be ~ecured by the lien hereof. 8. To keep the building or buildings now or hereafter on said land insured against loss or damage by fire, extended coverage and other ~~r~!c, ~.n.- ciuding war rlsk insurance if available, in a sum not less than their full insurable value at the cost and expense ot the Mortgagor in a company or companies approved by the Mortgagee, the policy or policies to be held by the Mortgagee, and such policy or policies ot insurance shall have affixed thereto a Standard h~ortgagee Clause, making alI loss or losses under such policy or policies payable to the Mortgagee as its interest may appear, and to detiver said p-~licy or policies to the Mortgagee when issued with the receiFts for the payment of the premium therefor, and in the event any sum of money becomes payabie under such poficy or policies, the Mortgagee shall ~~ave the option to raceive snd apply the same on account of the indebtedness secured hereby or to p~rmit the Mortgagor to receive and use it, or any pa?t thereot, for other purposes, without thereby waiving or impairing any equity, lien or ri9ht under or by •:;rtue of this mortgage; and the Mortgagee, if it deems necessary, may place and pay tor such insurance, or any part thereot, without losing, waiving or affec- ;~ng Mortgagee's option to foreclose for breach of this covenant, or any part thereot, or any?ight oroption under this mortgage, and every such payment shall bear interest from date thereof until paid at the highest rate authorized by law, and all such payments with interest as aforesaid shall be secured by the lien nereof.an the event any loss or damage is sufiered Mortgagor shall notify Mortgagee of such toss or damage within forty-eight (48) hours after tt~e hapDening !?~ereof; the faiiure to give such notice shall constitute a detault and the Mortgagee shal! have the rights herein given for all defaults. 9. ~~rmit, commit or suffer no waste and to mai~tain the improvements at all times in a state of good repair and condition; and to do or permit to oe done to said prem~ses nothing that will alter or change ihe use and character of said property or in any way impair or weaken the secur~ty of said mor;gage. ~ r case of the retusal, ~eglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may, at its option, make such repairs or cause !ne same to be made and advance monies in that behalt which sums shatl be secured by the lien hereof and bear interest at the highest rate aut~~u+~zeu uy ~aw 10. To deliver the abstract or abstracts o! title covering the mortgaged property to Mortgagee or its designated agent, wh~ch shall at ail t~mes, during ~ ~e I~fe of this mortgage, remain in the possession of the Mortgagee a~d in event oi the foreclosure of this mortgage or other transfer of title, al! right. title and ~terest of the Mortgagor in and to any such abstract or abstracts of title shall pass to the purchaser o? grantee. 1 t. That no waiver of any covenant herein or in the obligation secured hereby shell at any time nereafter tie held to De a waiver of any of the other ~erms hereof or of the note secured hereby, or future waiver of the same covenant. t 2. That in order to accelerate the maturity of the indebtedness hereby secured because ot ihe failure of the Mortgagor to pay any tax assessment, ability, obiigaUon or encumbrance upon said prope~ty as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same. t 3. That if the Mortgagor shall fail, neglect or refuse for a period of thirty (30) days tulty and promptly to pay the amounts required to be paid by the ^ ote hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured or otherwise duly, fully and promptly to perfcrm, execute, comply with and abide by each, e~ery or any of the covenants, conditions or stipulations o( this mortgage, the promissory note hereby ~Fcured and/or the construction loan agreement, if any, then, and in either cr in any of such evenis, without notice or demand, the said aggregate sum men- t~aned in said promissory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable ~~rthwith or thereafter at the continuing option of the Mortgagee as fufly and completely as if said aggregate sums were ori~inally stipulated to be paid at ~uc~ time. anythi~g in said promissory note or herein to the contrary notwi~„~;anding, and the Mortgagee shall be entitled thereupon or thereafter without tl ( I f f , o ce o demand to institute suit at law or in e ui t nt r h ' q ry o e o ce t e ngh.s of the Mortgagee hereunder or under said promissory ~ote. In the event of any i default or breach on the part of the Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continuing option to eniorce payment E al~ sums secured hereby by action at law or by suit in equiry to foreclose this mortgage, either or both, concurrently or otherwise, and one action or suit ~hali not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other. Drovided said Mortgagee shall have only one payment and ~at~sfaction ot said indebtedness. i j 14. That ~n the event that Morlgagor shall (1) consent to tt~e appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagors ~ ^ssets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become ~ due. or (3) make a general assignment tor the benefit of creditors, or (4) Iile a petition or answer seeking reorganization or arrangement with creditors, or to ~ake advantage of any insolvency law, or (5) file an answer admitting the material allegations of a petition fited against the Mo~tgagor in any bankruptcy, ~eorganization or insolvency proceeding, or (6) action shall be taken by the Mortgagor tor the purp~se of effecting any of the foregoing or(7) any order, judg- ~ ~-;ent or decree shall be entered upon an application of a creditor or Mortgagor by a couri of competent jurisdiction approving a petition seeking appointment o! a receiver or trustee of all or a substantial part of the Mortga9ors assets and sucf~ order, judgment or decree shall con[inue unstayed and in effect for any ~ cer ~od of lh~rty (301 consecutive days, the Mortgagee may declare the note hereby secured forthwith due and payab!e, whereupon the prfncipa! o( and the in- ~erest accrued on the note and all other sums hereby secured shall become (orth with due and payable as if all of the said sums of money were originally _.~~pulated to be paid on such day, and thereupon the Mortgagee without notice or demand may prosecute a suit at faw and/or in equity as if all monies ~ ~Acured hereby had matured prior to its institution. ~ 15. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged prem~ses at all ~ ~~ason2ble times. ~ 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (201 years from the date ! n~s ~ndenture. together with interest thereon at the rate agreed upon at the time of such loan or advance, shafl be equally secured with and have the same ~ ::~~orityastheoriginalindebtednessandbesub~ecttoallthetermsandprovisionsofthismortgage;provided,thattheaggregateamountofprincipaloutsian- ~ d ng at any time shall not exceed (S or if the preceding blank is not completed, then an amount equa! to one hundred and fifty percent ' SOyo? of the principal amount originally secured hereby shall apply. 17. That. if rsquired by Mortgagee, the sa~d Mortgagor witl pay unto the Mortgagee. on the first day oi each and every consecutive month, a sum s ~=auat to one-twelfth of the annual amount necessary to pay all taxes and assessments aga~~st the said mortgaged premises. said monthly sum to be es- •~ated sotely by Mortgagee and caiculated to be an amount not less than ,he amount of taxes assessed against said mortgaged premises !or the prev+ous ; ear. and if further required by Mortgagee to pay a1I insurance premiums in manner and form as pravided herein for the payment of taxes and assessments. ; t 8. That rf thls mortgage is in connection w~th construction loan financing, then this mortgage ~s sub~ect to the Consiruct~on ~oan Agreement ~a!ad . . t9 _ between the Mortgagor and the Mortgagee. an executed copy of which is in the possess~on oi the ~ '%ortgagee anci ~s mcorporated herein by reference and made a part hereof; any default by Mortgagor under said agreement shali const~tute an event of : :e?ault under th~s mortgage. ~ ~ 19. That the Mortgagor w~ll on the request of the Mortgagee fumish a wntten statement of the amount ow:ng on the obligat~on wh!ch th~s mortgagz ~ _~=cures and therein state whether or not Mortgagor cla~ms any defenses or offsets theretc~. ~ ~ ~ ~ d00K ~9~ P~GE i7~2 ~ S ~ ~ ~ 2 ~ . - _ , . ' ~3^.~„:~~z -..S s ""z,":' a.~:`K°v~~~ ~~=-s.. I~ ~a ~