Loading...
HomeMy WebLinkAbout0933 ~ , 4. If ell or any pan ot the P~operty ot an inte~est therein is sold o~ t~ans(e~~ed by Mortgapor wfthout Mortgaflee's prior written consent, excludinq (a) tha creatbn ot a Iten or encumbranca subwdinate to this Mortpaye, (b) the creatlon ot a purohase mo~ey aacurity Intereat fo? houaehotd apptiancea, (c) a tranafe~ by devlse, descent or operation ot law upon 1he death ot a Io~nl tenanl or tha 9~ant of any leasehold interest of Ihreeyearo or lesa not contalnin~ en optlon to purchaas, Mort~apse may, at Mon~ayee's opNon, declare all ihe sums aecured by this Mortpeqe to be immedtatety due end payabl~ Mohgayee s~all have waived auch optbn to accelsr~te if, prior to the aale or trensfe~, Mortya~ee and the pe~aon to whom the P~operty Is to be sold or irans(er~ed reach apreement In w~itin~ that the credit ot such psrson Is satislactory to Mo~tQages and that ihe Interest payable on the auma aecured by this Mortgaye shall be at euch rate es Mortqaflee ahell requeat If Mort~e9ee has waived the optbn to accAlerace provlded in thia pa~a9raph 4, end if Mo~t9aQae's succeasor In intereat has executed a written aaaumption agreement axepted in w~iling by MoNgagee, Mort9ayee ahall releaae Mortqapor irom all obUgaHons under th(s Note and Mortqafle. 5. That in the event ot a suft beln~ instituted to fo~ectoae this mortqaye, the Mortga~ee shall be enNtled to ap~ly at any time durinq auch torecloaure suit to the court haviny jurisdictbn thereol for the appolntment of a receive~ of all and sin~ular ths mortfla~ed p~operty, and of all renfa, incomea, profits, taauea and rsvanues the~sof, frOm vrhatsoever source derived; and thereupon it is hereby expressly oonvenented and aqreed thet the court shall forlhwith a(r polM such receiverwith the usual powers and dutles of rscsNero in Ilke cases; and said appoinlment ahall be made by the court as a matterof atrict right to the Mortqaflee, and without ~efarence to the adoquacy or inadequa~y ot the value of the p~operty hersby mort~a ed or to the solvency or insoNency of the Mortflagor a any other party detendant to auch suit The MonyaQo~ hereby apecNtcally waives the Hght to o~~ect to !he appotntment of a receiver aa ~foresaid and hereby expressly conaents that auch appointment shell be made as an admitted equity and as a matter of abaolute right to the Mortgegee and that ihe aame may be done without ~otice to the Martyayor. . 8. That it eny p~oceedings should be instituted a9alnst the property covered by this mortflefle upon any other lien or clalm whsther supeNoror ~unia to the Uen of lhts mortyafle, the Mortyaqee may at its opUon immedfatety upon inatftution ot such suit or durinq the pendency thereoi declare thia mortgage and the indebtedness secused hereby due and payable forthwith and may at ita option proceed to toreciose thia mo~tgaga~ . 7. To pay all andainqular the cOSt0. tees. Charqes and expenses of every kind tnduding the cost of an absttact of title to said lands found to be con- venient or expedient in Connection with any suit tor the foreclosure of lhis matgage, and alao includinfl, whether the Mortyegee ia obiiqated to pay same or not, reason8bte attorney's fees Incuned or expended at any time by the Mortyagee becauae oi the fallure of the Mort~aflor to pertorm, complywith and abide by all or any ot the covenante, conditbns and aitpulstions oi aaid p?omiasory note, or this moRyefle, in the foreclosure of this moR9a~e and in coliecting the amount secured hereby with orwithout leqal prxeedirws, end to refmburae the Mortgayee fo~ every payment mede or incurred for any auch purpose with !n- teresf trom date of every such payment at the highesl rate authorized by law; such payments and obligations. with intereat thereon as atoresaid, shall be secured by the lien hereof. 8. To keep the bullding or bufldinga now or hereaNer on said land insured a~ainst bsa or ~lemage by fire, extended coveraye and other periis, in- Guding war risk insurance N aveilable, in a aum not less than their lull insurable value at the cost and expense of the Mortgagor in a company o?compeniea approved by the Mo~tgayee, the policy or poHcies to be hetd by the Mortgagee, and such poNcy or policies of Insurance ahall have aHixed thereto a Standard Mortqaqee Clause, making all losa or loaaea under such poticy or policies payable to the Mortgayee as its interest may appear, and to deliver aaid poi{cy or policles to the Mortgagee when issued with the receipts for the payment of the premium theretor, and in the event any sum of money becomes peyable under such policy or policles, ihe Mortge~ee ahall have the optbn to recetve and appy ihe aame on accou nt of the indebtedness secured hereby or to permit the Mortgagor to recefve and use it, or any part thereof, for other purpoaes, withoui thereby waiving or impeirinQ any equity, lien or right under or by virtue of this mortgage; and ihe Mort~ayee, if ft deems necesaary, may place and pay tor auch inaurance, or any part thereof, witAoul losing, waivtng or aNeo- tinflMortgagee'soptlontoforecbae orbreachofthiscovenent,oranyparttbereof,oranyrightoroptlonundarthismortgaye,andeverysuchpaymentshall bear intereat trom date ihereof until paid at the highest rate authaized by iaw, and all auch payments with interest as a(oresald shall be secured by the lien hereof. In the event arsy loss or damage is SuHered Mortqaga shall notify Morlgagee of auch loss o~damage within fortyeight (48) hours e(ter the heppenin~ thereoh Ihe failure !o give such notice shatl constitute a detault and the Mortgagee ahall have the rights herein given tor all defautts. 9. To permit, commit or suffer no waste and to maintein the improvements at afl tEmea In a stata oi good repair and condition; and to do or permit to ~ be done to aaid premises nothing that will alter orchange the use and charaCter ot said property or in eny way impair a weaken the security of said mortgaga In case of the retusal, negiect or inebiliry of the Mortqagor to repatr and mai~~ts~z said property, the Mortgagee may, at its option, make such repairs orcause the same to be made and advance monies in ihat behali which sums shall be secured by the lien he~eof and bear interest at the highest rate suthorized by Iaw. ~ 10. To deliver the abstract or abstracts of titie covering the mortgaged property to Mortgagee or its designated agent, which shall at all times, during the iife of this mortgage, remain in !he possession of the Mortgagee and in event of the torectosure o(this mo~tgage orother translerof title, all right, titte and mterest of the Mortgagor in and to any such abstract or abstracta of title ahall pass to the purChaser or grantee. 11. That no waiver of any covenant herein or in the obligation secured hereby shail at any time hereafter be held to be a waiver of any of the other terms hereof or of the note secured hereby, or future waiver ot the same covenant 12. That in order to axelerate the maturity o( tha indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assesament, liability, obligation or encumbrance upon safd property aS herein provided ~t shall not be necessary nor requisite that the Mortgagee shail first ~ythe same. 13. That if the Mortgagor shall fail, neglect or refuse (or a period of thi~ty (30) days fully and promptty to pay the amounts requfred to be paid by the note herebyseaured orthe interest therein specified orany ot the sums of money herein referred to or hereby secured orothen+vise duly, fuly and prompty to perform, execute, comply with and abide by each, every or any oi the covenant~ conditions or atipulatipns of this mortgage, the promissory note hereby secured and/or the ConstrucNon loan aqreement, if any, ther~ and in either or in any of auch events, without notke or dema~d, the said aggregate sum men- tioned in said promissory note, lesa previoua payments, 'rf any, and any and all suma mentioned herein or aecured hereby shail become due and payable forthwith or thereafter at the continuing option of the Matgagee es fully and completely ea H said aggregate sums were originaly stipulated to ~e paid at such time, anything in said promiasory note or herein to the contrary notwithstandinq, and the Mortgagee ahall be entitled thereupbn or thereaitet without notice or demand to institute suit at Iaw or in equity to entorce the rights of the Mortgagee hereunder or under said promissory note. In the event of any defauR or breach on the part of the Mortgagor hereunder or under said promisaory note, the MoRflagee shail have the continuing option to enforce payment ot all sums secured hereby by action at law or by auit in equiry to toreclose this mortgage, either or both, concurrenty or otherwise, and one action or suit shail not abate or be a bar to orwafver of the Mortgagee'a right to institute or matntain the other, provided said Mortgagee shell have only one payment and ' satisfaction of said indebtedness. I 14. -Thet in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagors assets, or (2) be adjudicated 8 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 aasiqnment tor the benefit of creditora, or(4) file a petiibn or answer seekl~g reorganization or arrangement with creditors, or to take aiivaniage of any tnaoivency law, o~ (5) file an anawer admitting the material allegations of a petition tiled against the Mortgagor in any bankruptcy, reorganizatior. ~!nsolvency proceeding, or (8) aciion shail be taken by the Mortgagor (or the purpose oi effecting any of the foregoing or (7) any order, judg- n~ent or decree shall be entered upon an application of a creditor or Mortgaflor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the Mortyagors assets and sucfi order, judgment or decree shall continue unstayed and in effect 1or any period of thirty(30) conaecutive daya, the Mortpagee maydeclareihe note hetebysecured fo~thwith due and payable, whereupon the principal of and the in- tereat accrued on the note and all other sums he~eby secured aheil become forth with due and payable as H all of lhe said suma of money were originally stipulated to be peld on such day; and thereupon the Mortgagee without notice or demand may ptosecute a suit at law and/or in equity as if all monies secured hereby had matured prior to its inatitution 15. That the Mortgages or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at att reasonable timea 16. That any sum or aums which may De loaned or advanCed by the Mortgagee to the MortQagor at any time within twenty (20) years (rom the Gate o( this indenture, togetherwith intereat thereon at tt?e rate agreed upan at the time ot such loan oradvance, shali be equalysecured with and have the same priwityastheoriginalindebtedness j toaflthetermaandproviaionsofthismortgage;provided,thattheaggregateamounto(principaloutstan- ding at any time shail not exceed {t or if the preceding blank is not completed, then an amount equal to one hundred and fifty percent (15096) of the principal amount originelly secured hereby shalf apply. 17. That, if required by Mortyaflee, the said Mortgagor witl pay unto the Mortgagee; on the first day of each and every consecutive month, a sum equai to one-tweiHh of the annual amount ~ecessary to pay alt taxea and assessments against the said mortgaged premiaes, said monthly sum to be es- ttmated solely by Mortga~ae and calcutated to be en amount not less than the amounf of texes assessed against satd mortgaged premises for the previous year, artd lf fuAher required by Morlgagee to pay ell insurance premiuma in manner and form as provided herein for the payment oi taxes and assessmenta 18. That it thia mortgage Is in connectbn with construction loan financing, then this mortgage is aubject to the Construction loan Agreement dated , i 9 between the Mortgegor end the Mortgegee, en executed copy of which is in the possession of the Mortgagee and is incorporated herein by reference and made a part hereof; any defauR by Mortgagor under said agreement shall constitute an event of de(sult under this mortgage. 19. That the Mortgagor wilt on the request o( the Mortgagee (urnish a written statement ot the amount owing on the obligation which this mortgage secures and therein state whether or not Mortgagor cleims any defenses or oHsets thereto. ~~~OS31 P~0932 2 -~..~.-..~,~s-...,~.~ - R }'"~n- r: - - - - - - . . . _ - . - . ~ x .a-~ ,