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HomeMy WebLinkAbout0929 4 This mortgage ~s personal to the Mortgagor herein. and no conveyi~nco shatl be made by Mortgagor ot ihe premises herein desc~ibed or 8ny part ihereof without flrst obtaimng the prior written consent oi tho Mortgagee In the event Mortgagee g~ves this w~itten consent. the grantea named in such con- veyance shall assume and agree to pay the Obligation ev~denced by the promissoly note secured hereby Any conveyance of the property herein described or any part thereo~ m violation ot the terma at this peiag~aph shall ent~tle Mortgagae to accelerate the payment oi the obligation secured hereby and ail sums of mone~ secured hereby shall. et the option ol Mortgagee. becortse due and payable and in delauit whether or not the same are so due and payable and ~n detautt by the spec~lic terms hereof Aloth~ng harein conte~ned shall be construed to constrtute a novation or release Mortgagor or any subsequent owner oi ; I~abitrty or obl~gat~on under the promissory note secured hereby o~ this mortgege by reason of the atoresaid assumption oi ihe obligation under the note ~ seCUred here4y. by a subsequent owner ot the property described here~n 5 That in the event of a suit bemg ~nsUwted to toraclose this mortgage. the Mortgagee shall be ent~ded to apply at any ume dunng such foreclosure surt to the court hawng junsdiction thereol tor the appo~ntment of a ~ece~ver ot all and s~ngular the mortgaged properiy. and of all renis. mcomes, profits, ~ssues and revenues thereof. from whatsoever source derived. and thareupan ~t ~s hereby expressly convenanted and agreed that the court shall forthwith ap- po,nt such receiver w~th the usual powers and dut~os ot receivers in like cases: and said appointment shall be ma~Se by the caurt as a matter of stnct right to ihe Mortgagee. and w~thout reterence to the adequeCy or inedequacy ol the value ol the proparty hareby morlgagod. or to the solvency or ~nsolvenCy o( the Mortgagor or any other party detendant to such suit The Mortgagor hereby spec~hcally warves the nght to object to Iha appo~ntment ot a recerve? as aloresa~d and hereby axpressly conse~ts that such appo~ntment shall be made as a~ adm~tted equ~ty and as a matter ot absotute nght to the Mortgages and that the sdme may be done wlthout nonce to the Mortgagor 6 That any proceed~ngs Should be instituted aga~nst the property covered by th~s mortgage upon any other Iren or cla~m whe~her supenor o? ~unior to the lie~ ot this mortgage. the Mortgagee may at ~ts opt~ow +mmed~atel~ upon ~nst~tut~on o( sucA swt or dunng the pend8ncy thereot declare ih~s mortgage and ihe ~ndebtedness secured hereby due and payable fo?ihw~th and may at ~ts opt~o~ proceed to loreclose th~s mortgage 7 To pay a~t and singular the costs. fees. charges and expenses of every kind. inctud~ng the cost of an abstra~t ot utle to said lands tound ta be con- ven~ent or expedient ~n conneclion with any surt for the foreclosure oi th~s mortgage. and also ~nclud~ng. whether the Mortgagee ~s obl~gated to pay same or not. reasonable attorney's fees ~nCUrred or expended at any time by the Mortgagee beCause oi the fa+lu?e o1 the Morlgag~*~ to perlorm, comply wUh and abide by a11 0~ any of the covenants. conditions ar.!~ stipulat~ons of sa~d promissory note. or th~s mortgage. ~n the loreclosure of this mortgage and in collect~ng the amount secured hereby w~th or wrthout legal proceedings. and to reimburse the Mortgages for every payment made or ~ncurred for any such purpose w~th in- terest (rom date oi every such payment at the h~ghest rate author~ted by law: such payments and obligat~oi~s. w~th interest thereon as a(oresa~d. shall De secured by the I~en hereof 8. To keep the buitding or buildings now or hereafte? on said Iand ~nsured against Ioss or damage by i~re, extended coverage and other per~ls. ~n- cluding war nsk insurance it available. in a sum not less than their (ull insurable value at the cost and expense oi the Mortgagor in a company or companies approved by the Mortgagee. the policy or policies to be held by the Mortgapee. and such pol~cy or pol~c+es of ~nsurance shall have aif~zed ihereto a Standard New York Mortgagee Ctause. malcing a!I loss or losses under such policy or pohcies payabla to the Mortgagee as ~ts ~nterest may appear. a~d to dehver sa~d policy or policies to the Mortgagee when issued with the receipis for the poyment of the prem~um therefor. and in the event any sum ot money becomes payable u~der such poticy or pol~cies. the Mortgagee shall have the option to rece~ve and apply the same on account oi the mdebtedness secured herevy or to perm~t the Mortgagor to receive and use it. or any part thereof. for other purposes. without thereby wa~wng or ~mpainng any equity. I~en or r~ght under o~ by wrtue ot this mongage: and the Mortgagee if it deems necessary may place and pay for sucF~ ~nsurance. or any part thereof, w~thout los~ng. wa~v~ng or affec- ung Martgagee's opt~on to foreclose tor breach ot this covenant, or any part ihereol. or any nght or opUOn under th~s mortgage. and every such payment shall bear mterest hom date thereof until paid at the highest rate authonzed by law. and aU such payments with interest as atoresaid shall be secured by the Gen hereot. In the event any loss or damage is suffered Mortgagor shall ~ot~Fy Mortgagee o( su~h toss or damage wrthin torty-e+ght (48) hours after the happemng thereot. the failure to g~ve such notice st~all consutute a deiault and the Mortgagee shall have the r~ghts here~n g~ven for aIl deiaults 9. To permit. commit or suHer no waste and to maintain the improvements at aU ames ~n a state ot good repau and co~dmon: and to do or permit to be done to said prem~ses nothing that will alter or change the use and character of sa~d property or ~n any way ~mpair or weaken the security of said mortgage In case oi the refusal. neglect or ~iablhty of the Mortgagor to repair and mamtain se~d property. ihe Mortgagee may. at rts opUO~, make such repaus or cause the same to be made and advance monies ~n that behalf wh~ch surres shall be secured by the I~en hereoi and bear ~nterest at the h~ghest rate authorixed by law 10 To dehver the abstract or abstracts of title covermg the mortgaged prope?ty to (Vlortgagee or rts des~gnated agent. wh~ch shall at : ~ t~mes. dunng the I~te o! this mortgage. remain in the possession of the Mortgagee and in event oi the ~oreclosure of th~s mortgage or other transfer oi t~tle. ali nght, title and ~nterest ot the Mortgagor in and to any such abstract or abstracts oi title shall pass to the purchaser or grantee. 1 1. That no wa~ver oi any covenant herei~ or in the obl~gation secured hereby shall at any time hereafter be held to be a wa~ver of any of the other terms hereof or of ths note secured hereby. or tuture waiver ot the same cavenant 12 That m order to accelerate ihe maturity of the indebtedness hereby s~~~~ed because of the failure o/ the Mortgago~ to pay any tax assessment. F liab~6ty. obfigation or encumbra~ce upon said property as herem provided. ~t shall not be necessary nor requ~s~te that the Mortgagee shall f~rst pay the same 4 13. That ii the Mortgagor shall tail. neglect or refuse for a penod ot thirty t30? days fully and promptly to pay the amounts required to be paid by the note hereby secured or the interest therein specified or any o! the surns of money here~n referred to or hereby secured. or otherwise du~y, tully and promptly to perform. execute, comply with and abide by each. every or a~y of the covenants. conditions or sUpulations of this mortgage. the prom~ssory note hereby secured end/or the construction loen agreament. if any, then. and in either or in any of such events. ~nnthout notice or demarul. the said aggregate sum men- tioned in said promissory note, tess previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable forthw~th or thereaiter at the cont~~uing option of the Mortgagee as fully and completely as ~f sa~d aggregate sums were ongina!(y stip~tated to !K+ ~~id at such time, anything in said promissory note or herein to the tontr8ry notw~titstend+~g. and the Mortgagee shall be entitfed thereupon or thereafter without ` ~ot~ce or demartd to mstitute suit at law or in equity to entorce the nghts oi the Mortgagee hereunder or under sa~d prom~ssory note. In the event of a~y ~ de!ault or breach on the part oi the Mortgagor hereunder or under seid promisaory note. the Mortgegee shall have the continuing option to enforce payment E~ of alf sums secured hereby by action at law or by su:t in equity to foreclose this mortgage. erther or both, concurrently o~ otherw~se. and one acdon or suit ' shal! not abate or be a bar to or waiver of the Mortgagee's right to ~nstitute or ma~ntain the other, prov+ded sa~d Mortgagee shall have only one payment and ~ sat~sfact~on of sa~d ~ndebtedness. 14 That in the event that Mortgagor shall (1) consent to the appointment of e receiver, trustee or liquidator of all or a substant~al part oi Mortgagor's assets. or (2) be adjudicated a bankrupt or ~nsolvent. or file a voluntary petition in bankruptcy. or admrt m wntmg ~ts inability to pay rts debts as they become ~ due. or (3) make a general assignment tor the benet~t ot creditas. or (4) file a peution or answer seeking reorgamzat~on or arrangement with credrtors. or to , - take advantage oi any insotvency law. or (5) f~le an answer admitting the matenal allegat~ons of a petit~on f~led egainst tha Mortgagor in any bankruptcy. € reorganization or ~nsolvency prpceeding, or (Bi action shall be teken by the Mortgagor for the purpose ot efiectiny any of the foregoing or ~7) any order. judg- ment or decree shall be entered upo~ an application of a crgditor or Mortgagor by a caurt of competent jurisdict~on approving a petition seek~ng appointment ~ of a rece~ver or trustee of ~r a substantial part of the Mortgagor's assets and such ~rder. judgment or decree shalt contmue unstayed and rn effect tor any ; period ot thirty (30) consecut~ve days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- terest accrued ort the note and all other sums hareby secured shall become forthwrth due and payabie as all ot the said sums of money were originalty stipulated to be paid on such day: and thereupon the Mortgagee wnhout not~ce or demand may prasecute a su~c at law andior in equ~ty as if all mon;es secured hereby had matured prior to its insutution 15. That the Mortgagee or any person authonzed by the Mortgagee shalt have t~e nght to enter upon and ~nspect the mortgaged premises at all reasonable nmes ; 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgegor at any t~me w~th~n twenty (20) years from the date ~ of th~s ~ndenture, together w+th interest thereon at the rate agreed upon at the time of such loan or advance, shall be equally secured w~th and have the same ~ pnonty as the or~g~nal indebtedness and be sub~ect to all the te~ms and prows~ons of th~s mortgage. prov~ded. that the aggregate amount of princcpat outstan- ding at a~y Ume shall not exceed (S I, or if the preceding blank ~s noi completed, then an amount equal to one hundred and fdty per cent t (150961 0~ the pnnapa! amount onginally secured hereby shall apply ~ 17 That. ~f reqwred by Mortgagse. the sald Mortgagor wdl pay unto the Mortgagee. on the first day of each and every consecuUve month, a sum ~ equal to one-twelfth of the annuat arsnount necessary to pay all taxes and assessments aga~nst the sa~d mortgaged prem~ses, sa~d monthly sum to be es- ~ t~mated solety by Mortgagee and catculated to be an amoun! not fass than the amount of taxes assassed against said mortgaged premises for the previous { year. and rf turther ?equired by Mortgagee to pay all insurance premiums in manner and form as provided herein for the pavment of taxes and assessments. 18 That ~f this morigage ~s ~n connecGon w~th construction loan imancing, then this mortgage is subject to the Construchon Loan Agreement dated ~/a between the Mortgagor and the Mortgagee, an ezecuted copy o( wh~ch ~s ~n the possess~on ot the Mortgagee and ~s ~ncorporated here~n by reference and made a part he?eoE; any default by Mortgago? under sa~d agreement shall const~tute an event ot ~ default under th~s mo?tgage 19. That the Mortgagor will on ihe request of the Mortgages furnish a wniien statement of the amount owmg on the obl~gation which this mortgage secures and therein state whethgr or not Morigagor cla~ms any defenses or otfsets thereto ~ Z 8K0528 pbGE0926 ~ - ~ - ~ - _ ~