HomeMy WebLinkAbout0946 4. If sil or any pan of the P~operty or an inte~est tharein is soW or translerred by Mongafla without Monpa9ee's prbr written consen~ excludinp (a)
the c~eatlon of e ilen o? sncumbrence aubordinste to this Matqape, ths c~eaNo~ of a purchase mo~ey eecurity Intersst fa houaehold eppliances, (c) a
tranater by devlae, deacsM operotbn of I~w upon the death of ~ Joinl tsnant or(~ the q?ant ot ar~y leseehold interest of three yearo or leas not containinq an ;
option to purchase, Mortqayes may, ~1 Monqayee'a opNon, daClare all the suma seCUred by thia Mort~A9e to be Immediately due and payabla Mortgagee
ahali have waNed such optlon to acxelerate If, prtor to the sels or i~ansfer, Mortpayee and ths perso~ to whom the Property ts to bs sold or tranaterred reach
eqreement inw~itlnp that the credit of su~h pe~son is satisfectory to Mortpaflee and that the inte~est payabls on the suma secured by thls Mortgage shall be
et such rete as Matyagee shall request It Mortqapee has walved the optbn to accelerate provided in this paraq~aph 4, and if Moriqagee's successor in
intereat has executed awritten easumption eqreement accspted inwriting by Mortga9ee, Mortgaqee ahall releaae Mort~apor f~om all obliqations under thia
Note and Mortgafla
5. That in the event of a suit belny Inatituted to foreclose this mon9a9e, the Mort~eyee ahall be entNled to appy at any time during such forecloaure
auN to the coun hevin~ Jurisdicibn thereat tar !hs appointment of a receiva~ ot all and Blnyular the mortgaQed property, and of all renta, incomes, proHts.
iaaues and reve,~~u~8 thereof, (rom whatsoever aource deNved; and thereupon it b hereby expresaly convenanted and ayreed thet the court ahall forthwith ap~
polnl auch ~eceiver with the usual poworo and dutiee of receivers in like cases; end aald appofntment shall be mada by ths court as a matter of alr~t riqht to
the Mortgayee. and without ~eterence to the adequacy or inadequacy of the value of the property hereby mort~s ed or to the solvency or Inaolve~cy of the
Mortflaqor ar any other party defendant to such auit The Mortga9or hereby apecificaly waives the ~ight to o~ject to the appointment of a receiver as
atoresaid end hereby expreasly COnsents that such appointment ahall be made aa an admitted equity a~d sa a matter oi ebaolute riflht to the Mortgagee and
that the same may De done without not~e to the MoKyaflor. .
6. That if any prxeedin s ahould be inatituted aflainst the property cove~ed bythis mortflafle upon any other Iten or claim whether superior or junio?
to the Ilen of this mortgaqe, the~ortqagee may at ite option immediately upon tnstitution of auch auit or during the pendency thereof declare this mo~tgage
and ihe indebtedneas secured hereby due end payable forthwith artd may at its option procesd to forecloae this mortqaga
7. To pay all a~daingutar the coats, feea. charyes and expen3es oi every kind tnctuding the oost of an abstract of title ta aaid landa tound to be con-
venient or expedient in connection with any suit for the foreclosure of th(s mortgage, and alao inctuding, whether the Mortgagee is obliyated to pay same or
~ot, reasonable attorneya fees incurted or expended at any ttme by the Mortgagee because ot the tailure of the Mortgagor to pe~form, compy with and abide
by all or any ot the covenanta, conditions and stipulations of aaW promissory note. or this moKgage, in the foreclosure of ihis mortgage and i~ collecting the
amount secured hereby with ot without legal p~oceedings, and to reimburse the Mortgagee tor every payment made or incurred for any such purpose with in-
tereat trom date of every such peyment at the highest rate eutho~ized by law: such paymenta and obligationa, with tnterest thereon es aforesaid, shall be
secured by the Uen hereot.
8. To keep lhe buildiny or buildinga now or hereaRer on said land insured againat loss or damage by tire, extended coverage and other perils, in•
cluding war risk insurance N available, in a sum not leas than their tuil insurable velue at the coat and expense of the Mortgagor in a company or companies
approved by the Mortgaqee. the policy or policies to be held by ihe Mortgayee, and auch policy or polfcles o( inaurance shall have afiixed thereto a Standard
Mortgagee Clause, makinQ all losa or lossea under such policy or policies payable to the Mortgayee as ita interest may appear, and to deliver said
policy or policies to the Mortgagee when issued with the receipts for the payment ot the premium therefor, and in the event any sum of money becomea
payable untfer such policy or polides, ihe Matpagee ahall have the option to receNe and appy tha seme on account of the indebtednesa secured hereby or to
permit the Mortgagar to ~eceive and use it, or any part ihereof, for other purposes, without therebywaiviny or impatrinfl any equity, Ilen or ~ight under or by
vi~tue of this mortgage; and the Mortyagee, it it deems necessary, may piace and pay for sucA insutance, or any part thereof, without losing, waiving or affec-
ting Mortgagee's opNon to toreclose tor breach of this covenant, a any pa~t thereof, or any right or oplion under thia mortqaye, and every such paymenf shall
bear interest (rom date ihereot until paid at the highest rate authorized by Iaw, and all such payments with interest as aforesald shall be aecured by the lien
hereof. I~ the event any lass or damege is suHered Mortgagor shall notity Mortgayee of such loss or damagewithio forty-eight (48) hours after the happening
thereof; the tailure to give such notice shall constitute a default and the Mortgagee shall have the rights herein gNen for ali detaulta
9. To permit, commit or suNer no waste and to maintain the Improvements at all times in a atate of good repair and condition; and to do or permit to
be done to sald premises nolhing that will alterorchange the use and charaCter of said property or in any way impair or weaken ihe security of said mortgage.
In case of the refusa~ neglect or inability oi the Mortgagorto repair and maintain said propeny, the Mortgagee may, at its option, make auch repairs orcause
the same to be made and advance monies in that behaH which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by
law.
10. To deliver the abstract or abstracts of title covering the mortgaged property to Mortgages or its designated agent, which shail at all times, during
fhe life of this mortgage, remain in the possession of the MoRgagee and in event of the foreclosure of this mortyage orother transter ot title, all right, titte and
~rterest of the Mortgagor in and to any such abstract or abstrects of title ahall pass to ihe purchaser or grantee.
11. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereatter be held to be a waiver ot any of the other
terms hereot or of the note secured hereby, or future waiver of lhe same covenant
12. That in order to accelerate the maturity of the indebtedness hereby secured because of the feilure of the Martgagor 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 shall first paythe same.
13. That if the Mortgagor shall fail, neylect or refuse tor a period of thirty (30) days tulty and prompty to pay the amount~ required to be paid by the
note hereby secured orthe interest therein specified or any of the sums of money herein referred to or herebysecured, orothenerise duly,fully and promptly to
perform, execute, compy with and abide by each, every or any of the covenants, conditions or stipulat~oAs oi this mortgage, the promissory note hereby
secured and/or the construcNon loan agreement, if any, then, and tn either or in any of such events, without notice or demand, the said aggregate sum men-
tioned in said promissory note, leas previous paymenta, if any, end any and all suma mentioned herefn or secured hereby shall become due and payable
forfhwith w thereaRer at the continuing option of lhe Morigagee as fully and completey as if said aggregate sums were originalty stiputated to be paid at
u h tim an hin In said romiaso note or herein to the contrary notwithstanding, and the Mortgagee shel! be entitled thereupon or thereaRer wRhout
s c e. Yt 9 P ?Y
i mi n te. in the event of an
nottce or demand to institute suit at law or in equity to enforce the rights ot the Mortgagee hereunder or under sa d pro ssory o Y
defauit or breach on the part of the Mortgagor hereunder or underaaid promissory note, the Mortgagee ahall havethe continuirtg option to eniorce payment
of ali sums secured hereby by action at law or by suit in equiry to foreclase this mortgage, either or bott~, concurrentty or otherw~se, and one action or suit
shall not abate or be a bar to orwaiver of the Mor:gagee's right to institute or maintein the other, provided said Mortgagee shall have oniy one payment and
satisfaction of said indebtedness.
14. That in tha event that Mortgagor shall (1) consent to the appointmgnt of a receiver, trustee or liquidator o/ all or a substantial part of Mortgagors
assets, 0?(2) be adjudicated ~ ~ankrupt 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 asslgnment for tAe benetit of creditors, or(4) file a petition or answer seekiny reorganization or aRa~gement with creditors, or to
take advantage of any insotvency law, or (5) file an answer admittinfl the material allegations of a petition filed against the Mortgagor In any bankruptcy,
reorganization or insohrency proceeding, or(6) action shall be taken bythe Mortgagor for the purpose of eNecting any ot the foregoing or~7) any order, judg-
ment or decree shall be entered upon an application of a creditor dr MoRgagor by a court of competent jurisdiction approving a petition seeking appointment
of a receiver or trustee of all or a substantiel part of the Mortgagors assets and such ordeG ludgment or decree shatl continue unstayed and in eHect for any
period of thiRy(30) consecutive days, the MoRgagee maydectarethe note herebysecured (Qrthwith due and payable,whereupon the principal of and the in-
tereat aocrued on the note and all ather sums hereby secured shall become torth with due and payaWe as ff all of the said aums of money were originally
stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may ptosecute a suit at law anri/or in equiry as if all monies
secured hereby had matured prior to its institutioR
15. That the Mortgages or any person authorized by the Martgagee shall have the right to enter upon and inspect the mortgaged premises at aIl ~
reasonable times. ~
16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortyagor at any time within twenty (20) years irom the date ~
ot this indenture, togetherwith interest thereon at the rete ayreed upon at the time of euch loan or advance, shatl be equally seCUred with and have the same ~
priority as the original indebtedneaa and be subject to afl the terms and provisbns of this mortgage; provided, that the aggregate amount of principal outsten-
ding at any time shall not exceed (S or N the preceding blank fa not completesf, then an amount equal to one hundred and fifty percent
(15096) of the principal amount oriyinalty secured hereby ahall appy.
17. Tha~ it required by Mortgagae, the said Mortgagor will pay unto the Mortgagee, on the tirst day oi each and every consecutive month, a sum
equal to one-twelfth of the annual amount necessary to pay all taxes and assessmenta against the said mortgaged premises, said monthly sum to be es-
timated solely by MortQagee and calculateQ to be en amount not less than the amount of taxes assessed against said mortgaged premises tor the previous
year, end if turther required by MoRgagee to pay aIl insurance premiums in manner and torm as provided herein tor the payment of taxes and assessments.
18. That if this moRgage is in connection with construClion loan financing, then this mortgage is aubject to the Construction loan Agreement
dated 19 between the MoRgagor and the Mortgagee, an executed copy of which is in the Rossession of the
Mortgagee and is incorporated herein by reterence and made a part hereof; any deiauft by Mortgagor under said agreement shall constitute an event of
default under this mortgage. ~
19. That the Mortgagor will on the request o11he Mortgaga~e fumish e written statement of the amount owing on the obligation which this mortgage
secures and therein state whether or not Mortgagor claims any defenaes or oHsets thereta
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