HomeMy WebLinkAbout0933 2) To pay the indebtedness secured by this inst~ument on the day or days the same severaliy become due.
3) To pay, betore coming delinquent, all obligations, ertcumbrances, taxes, assessments, paving, sidewalk, sanltary and other
assessments, (evies or liens, now or hereafte~ (evied o~ imposed upon or against the mortgaged property, and to exhibit to the
MORTG/1GEE, before such taxes, assessments, liens ano enc~~~brances betome delinquent, the official receipts for payment
thereof. if the same, or any part the~eof, are not paid before becoming deli~quent, the MORTG/1GEE fiay at any time pay the same
with accrued interest and charges, if any, without waiving or affecting MORTG/1GEE'S option to foreclose this Mortg~ge, or any r+ght
hereunder. Every payment so made shall bear interest from the date thereof at the highest rate authorized by law, but If there is at
the time of default no maximum lawful rate, then at the rate of 25•/. per annum, and all suth payments with interest si~:0! be secured
by the lien hereof.
4) In the event of a t~ansfer or conveyance of the mortgaged property, or any interest therein, payment of the entire
indebtedness secured by the Mortgage shall be accele~ated and become payable in full, unless the MOR7GAGEE has, by prior =i
written agreement, waived acceleration. Any written waiver of accele?ation may be conditioned upon the payme~t of a transter fee
~ or a change in (oan charges and pay~~~C,~: ~~~~„s, ::^.°.T~~GE~ shail be under no obligation to agree to such a waiver. Mortgage
payments received and applied by MORTGAGfE foliowing a transfer or conveyance without its knowledge and written consent shall ~
not estop it trom accete~ating the indebtedness when it learns of the unapp~oved transfer.
~ 5) In the event of a suit being instituted to forec~ose this Mortgage, the MORTGAGEE shall be entitied to apply at any time du~ing
such foreclosure suit to the court having jurisdlction thereof for the appointment of a receiver of the mortgaged properry, and of all
rents, incomes, profits, issues and revenues thereof, from whatsoever source derived; and it is expressly agreed that the court shatl
forthwith appoint such receiver with the usual powers and duties of receivers in like cases; and said appointment shall be made by
the court as a matter of strict right to the MORTGJIGEE, and without reference to the adequacy or inadeQuacy of the value of the
property hereby mortgaged, or to the solve~cy or insolvency of the MORTGAGOR or any other party defendant to such suit. The
MORTGAGOR hereby specificaUy waives the right to object to the appointment of a receiver and expressly consents that such
appointment shall be made as an admitted equity and as a matter of absolute ~ight to the MORTGAGEE and that the same may be
done without notice to the MORTGAGOR.
6) In the event any tax, judgment or mechanic's lien is filed against the mortgaged property and is not dixharged or removed
within thirty (30) days, or in the event that any legal proceeding is initiated against the mortgaged property and is not dismissed or
otherwise terminated within thirty (30) days from the date of f+ling of such legal proceedings, the MORTGAGEE at its option may
accelerate the entire,indebtedness secured by-the Mortgage and demand payment in full. ~
7) To pay all costs, fees, charges and expenses of every kind, including the cost of an abstract of title ta said lands or a title
insurance policy, found io be convenient or expedient in connection with any suit for the foreclosure of this Mortgage, and also ;j
including reasonable attorney's fees incurred or expended at any time by tne MORTGAGEE because of the tailure of the
MORTGAGOR to perform, comply with and abide by any of the convenants, conditions and stipulations of the Note, or this
Mortgage, in the foreclosure of tf~is Mortgage and in cottecting the amount secured hereby with or without legal proceedings, and ~
to reimburse the MORTGAGEE for every payment made or incurred for any such purpose with interest from date of every such
payment at the highest rate permitted by law, but if there is at the time of default no maximum lawful rate, then at the rate of 25%
per annum, and such payments and obligations, with interest the~eon as aforesaid, shall be secured by the lien of this Mortgage. ~
8) MORTGAGOR agrees, at MORTGAGOR'S expense, to keep the building(s) now or hereafter on the encumbered property
insu~ed against loss or damage by fire, windstorm, theft, vandalism a~d other perils, in a sum not tess than the full insurable value, in
a campany or companies approved by MORTG/IGEE. The MtORTGAGOR shall also mainiain flood insurance in the maximum
amount avaitable as required by banking ~egulations; p~udent and sufficient public liability insurance in an amount acceptable to
mortgagee and, +f the morigaged property is leased, rental loss insurance in an amount equal to six months gross r~ntal intome. All
insurance policies shall have affixed a standard Mortgage clause, making all insurance proceeds payable to the MORTGAGEE, and
the policies shall be delivered to and held by the MORTGAGEE. The MORTGAGEE shall have the option to receive and apply all such
proce~eds against the indebtedness secured hereunder, ar to permit the MORTG~IGOR to receive and use the proceeds, or a portio~
thereof, for purposes of repair. tn the event the MORTGAGOR fails to maintain and pay for any insurance requi~ed by this
paragraph, the MORTGAGEE at its option may purchase and pay for the insurance, and any payment so made shall bear interest at
the highest rate permitted by law, but if there is at the time of default no maximum lawful rate, then at the rate of 25% pe~ annum,
and both the payment(s) and interest hereon shall be secured by this Mortgage. Purchase of insurance by the MORTGAGEE shall noi
constitute a waive~ of the default occasioned by MORTGAGOR'S faiture to compiy with this paragraph. In the event of foreclosure
of this Mortgage or other transfer of title or assignment of the mortgaged premises in extinguishment in whole or in part of the debt
secured hereby, all right, title and interest of the MORTGAGOR in and to a{I policies of insura~ce ~equired by this Mortgage shall
inure to the benefit of and pass to the MORTGAGEE or other successor in interest to the MORTGAGOR or the purchaser or grantee
i of the mortgaged premises.
l 9? To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and condition;
and to do or permit to be done to said premises nothing that will alter or change the use and character of the property or in any way
~ impair or weaken the security of the Mortgage. tn case of the refusal, neglect or inability of the MORTGAGOR to repair and
~ maintain the property, the MORTG/1GEE may, at its option,make such repairs or cause the same to be made and advance monies in
~ that behalf which sums shall be secured by the lien her_of and bear interest at the highest rate pe~mitted by law, but if there is at the
time of default no maximum lawfut rate, then at the rate of 25% per annum.
10? !n the event any additional mortgage is placed upon the entumbered property, payment of the entire indebtedness secured
by this Mortgage shall be accelerated and become payable in full, at the option of the MORTGAGEE. Mortgage payments received .
f and applied by MORTGAGEE after any additional mongage is placed on the encumbered property without its knowledge shal) not
p estop it from accelerating the indebiedness when it learns oi the unapproved encumbrance.
11) No waiver of any covenant herein or in the obtigation secured hereby shal) at any time hereafter be held to be a waiver of any
of the other terms hereof or of the Note secu~ed hereby, or future waiver of the same covenant.
12) In order to accelerate the maturity of the indebtedness hereby secured because of the failure of the MORTGAGOR to pay any
tax assessment, liability, obligation or encumbrance upon said property as herein provided, it shall not be necessary nor requisite
that the MORTGAGEE shal) first pay the same.
73l !f the MORTGAGOR shall fail for a period of thirty (30) days futly and promptly to pay the amounts required to be paid by the
Note hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or
otherwise promptly to perform, each of the covenants of this Mortgage, the Note hereby secured and/or the loa~ agreement, if any,
then, without notice or demand, the aggregate sum mentioned in said Note, less previous payments, if any, and any and all sums
mentioned herein or secured hereby shaU become due and payable forthwith at the option of the MORTGAGEE as fully and
completely as if said aggregate sums were originally stipulated to be paid at such time, and the MORTGAGEE shall be entitled
thereupon without notice or demand to institute suit to enforce the rights of the MORTG/1GEE hereunder qr under said Note. ln the
event of any default or breach on the part of the MORTGAGOR hereunder or under said Note, the MORTGAGEE shal! have the
option to enforce payment of all sums secured hereby either by suit upon the Note or by foreclosure of this Mortgage, and one
action shall not be a bar to or waiver of the MORTGAGEE'S right to inatitute or maintain the other, provided said MORTGAGEE shall
have only one payment of the indebtedness.
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