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Home My WebLink About0944 ~ 4. II aft a~ny p~n ol the P~oparty a an lntsrsst thsreln h wid or Iransterrsd by Mo~tqwa without Mo~lpaqss'~ prb~ wrltlen con~snl. ~xcludinq (N Ihe creallon ol ~ N~n or encumM~nce wbordMal~ to lhb Mori4Wa (M a ~ M~rCh~N money s~CUtity inte~~sl la hoeiashold ~ppll~nceti (q ~ tranaler by dwlH, ~scenl or operatbn ot lt~w upon Ihs dsslh ot ~ ~otnl tsnant or(d) the 9«~t ot any lea~holdMNsre~t ol lhree ysan o~ Isu not cont~lnln~ ~n optbn to puroh~~~. Moripape~ may, ~t Mvrt~aye~'~ optbn, dsclu~ ~11 tl~~ iums seGursd by Ihla Matp~qa lo b~ Immedi~l~ly du~ and WY~~~ M!ori9 Wee ~hall htw wsN~d auCh oplbn t0 ~cceNrate N, prla to ths sale or t~~~~tsp Mo~tpp~~ and the perion towhom ths P~opsrfy 1~ to be soM or InnN~~red rsach aq~ssm~nt M wrltMp th~t ths credil ol such psrwn i~ e~tl~lactory to Mortwa~s ~nd th~t th~ int~rs~f payable o~ Ihe sum~ secure~ by ihl~ MoA~p~ sh~ll bs ~ •t s~cfi «4! ~ Matg~p~. ~hNl ~eQuesl. if MortpaQes ha~ waNsd Ihs oplbn to ~ccelente provWed 1n 1hb par~~rsph 4, and II Mort9~q~s's succ~~sa I~ f: Mt~nst Ms~xecut~d a wrltlsn aasumpilon syrsemtnt ~cc~pted Inwritlnq by Mortpa~e~, Matqayes shdlreNae Mo~tpapo~ trom ~II obltqatlons underlhla Not~ ~nd Mort~aqs. 8. Thal in the event ol s eult beln~ Inatltuted to tore~;~:»o :!.!3 !!~ortpepe~ !1?s Mo~t9aqas shMfl bs sntlllsd to ~pph? ~t ~ny tlme du~in~ such tor~closur~ suit to Ihe court havi~?p ~u?Isd~lb~ ihe~eof ia the ~pQolntmsnt ol a recelver of ~H u~d slr~putu ths mohp~ysd propeNy. ~nd of ~11 ~ent~ k?came~ Rrolit~ Is~uei ~nd rov~nws Ihereo~ from what~osvasou?c~ d~rlved; ~nd th~rsupo~n N Is herebY exprsury com~~nled ~nd aprsed that the cou~t sh~q torfhwMh ~p~ polnl such receiver with Ihe u~usl poarors and dulle~ ol recelvs~ in Ilke c~ses; snd safd appotntment ahaN M m~de bylhe court ~a ~ m~~t~r ol slrlcl rqhl to ths Mort~a9ea ond wllhoul ~ate~snc~ fo ihs adeqwcy or tnade4~~~Y a Ihs v~lue of Ihep~op~riy Mreby mortpaqe~~ or to ths soNency ot In~oNsncy ol the Morip~o? a iny other puty delendanl lo such wlt, Tha Mortp~~ hereDy spedtlceiHy weivss the ripht to oblect lo tha appolntment ot a ~eceNSr as atoresald and henby sxpresaN co~?~snts tluit auch appo(~tmsnt shall bs made ~a an ~dmflted equlty and as ~ matler ol ~baolute ~iqht to the Mai~a4ee and that th~ sam~ m~y be don~ wilhout notks lo ths Maipa~. d. That il ~ny proceedtnps shoutd be InstRuted aQain~! !hs property covered by Ihle mai9a~e upon a~y alhe~ Ilen or clelm whethe? sups?ta or ~unlor to ths !!en ol thb mortppe. lha Mort9efles may a1 its optla? imm~dlstely upon I~slitutlon ot such auit or durl~p ths pendency thereol declera Ihla malQ~ps and Ihe (ndsbledness secured heraby dus and paysble lorthwlth and rtuiy at !1~ optls~n proceed to lorecloss thls mort~a9e. 7. To pay ~M andsln~uler the cosls, fees, chu~es ~nd expen~ss ot every kind ~~udltp the oos! oi an abstrsct d i:6:~ 4~ :ald ~ande found to be con- venlent ot expedleM In connsctWn wNh any aull for ths foteclosurs ol thls motlqape~ and miso urctudln~, whalhsr ths Mort~a9ee is obllysted to pay pme a nol, reasonable alioms~s tN~ Mcunsd or expended et ar~y tlme by Ihe Mort~sqee bec~u~e ol the tatlu~s ol the MortQa~w to pe~fam, comphr wHh snd ablde ~ by ~fl ot ~ny of tM Covenant~ condflbns ~nd ~tiputaibns of ~id promlesory notR ot Ihh moripsge, l~ tho to~edosure ol lhls mort~ss ~nd in coliectln~ tRe ~mount t~ce~rad Mreby wiih orwllhoul tepal prxeedin~e~ snd to ratmbuna the Mort{~sqes lor evsiy paymenl made o~ incurred tor ~ny tuch purposs wNh tn- ta~est Iran date ot svsry sud? paymeot at the h{phest isle authorl:sd by law; such poyments u~d obllpallons. with inleresl lhsreon as aloresald, sh~N bs secu~sd by tht Ren hereof. 8. To kssp 1he bulidtn~ or buitdinqa now or hereafter on sak! land lnsured ~yainst loa or damaqe by Ii~a, exlended coveraQe ~nd other perils, lo- dudinp wa? Nslc insurancs N avaNabls, In a sum not less lhan Ihelr lull InsuraWe vslue et lhe cost end expense of ihe Mo~t~a9or in a company or comp~nbs ~pproved 6y th~ MortyWee, the pollcy a poNcies to be hetd by ths Mortfla~ee, ~nd seich poficy or policles ot insurence ahali have atHxed tharato s Standard Mortpip~~ Ctaus~, maklnq ~tl loss or bsse~ unde~ such pollcy or poNcles psytbte to lM Mort~s~ee as lis Intereat may appear~ end lo delhrer saW polky a poNcks to ths Mort~pae whs~ Issusd wilh Ihe tecelpts tor the payment o( ths premlum therefo?; a~d !n the evenl any sum ot mnnsy becomet p~ya6N unds? wch pdicy or poHCies. tt~e Mortpaqee shaN havs !he oplbn to rscelvs end appty the seme on socount d the Mdebtedness sscurod he~eby or to ' permN tM Matpa~or to rscelvs and use N, or ~ny paA ihsreof. lor other pu?passs, without thereby waNtnq or tmpairi~Q any equity. llen o? ripht under a by vlrtw of thb nwrt~ape; and lhe Matpaflee, H H dsems naceasary. may pf~ce ~nd paY 1or auch Insurance, or any part the~eot, without bsinp, weivinq or aNec- Il~q Mort~Q et'a option to lo?ecbts for brsech of Ihls cavenent, or any part thereot, or any rl~ht or option u~der this mortQaqe, and every wch payment thell beu lntK~st from dets thersof unlll pald st the hiyhest ~sle authorlied by law~ and all such payments with Mterest as aforessid shsll be s~cured by the Man hersol. in the event ~ny loss ar damaqe Is aufle~ed Mo?tpapor shall notiy Mortpagee ol such bss or dameqe withln lorly-eiphl (48) hours dler ths hap~s~lnq Ihereof; lhe I~Nurs to pive such na!!ce efisll conslitute e detaull and lhe Mon~sqee ahall have the riqhts he~ein ytven tor all delauit~. 8. To permil, commlt or aulfer no wasts a~ to mai~tatn tha Improvemenls ~I all tlmes 1~ a afals of flood repsir and condtllon; a~d to do or permit to bs aons io s~id pr~~ise~ ~=alhin~ thel wlll alterorchan~e fhs uae snd charscteraf aatd property or lo any way impetr or weaken the securily o! sald morl9aya in casa ol ths tstusai, ne~teci a lnability of ths Mortpepor ta rspak and rt~alntain saW propeny~ lhe Mortgeyee may, at its oplbn, make such repalrs or causs Ihe sems lo bs made a~d ~dvance monles in tha! behaN which sums sh~ll be secured by lhs lien hereoi and bear intereat at Ihe higheat rate aulhalsed by k?w. - 10. To delh?sr lhe ebatrect w abs?racis of tille covarinp the mortya~ed prope~ty to Mo~tgages or its dealgnaled agent, whlch shall at atl timea, duriny Ihe Hte of thla morfgage, remaln In tAe possession oi the Mort~aqsa and in eveM ol the lo?eclosure ot this morlQaye or other transler of tille, all ri9ht, title and intsrsat ol lhe Mohyaqor M and to any suth abstract or abatracts ol title ahaft pass to the purchaser or prantee. 11. That no waNar ol eny covenant hereln or in the obUqat{on secured heraby shall at eny ttme hereslter be held to be a weiver of any o11he olher terms hered or of the nole secured hereby, or tuture waiver of the same covenanl. 12. Thal In order to aecelerete the maturHy of Ihe Indebtedness hereby secured becauae of fhe tafture ot Ihe MortQapor to pay an~ leuc assessmen~. NablHty.oblipation orencumbrance upon sald property as herein provWed h shell not be neceasary nor requlsite lhat lhe Mo~tga~ee shall irst paylhe ssma. 13. That N the Matqagof ehall fetl. neplect or refuss tor a perbd o! thirly (30) daya tuly and prcimply to pay the smounts ~equUed to be patd by Iha rtots hereby sseured w thelnterest lhereln spscitbd or aoy ol the sums ot money hsrein referred to or heraby secured. or olhenrtse du y, luty ~nd prompiy to pe~torr~ exscut0. comPN with ~nd ablde by eech. every or any ol lhe covanaots, conditbna vr stiputdbna of !h!s morlga~a the promissory nots hereby a:-Mr~!!~c#/o? the conttroction loan a~eement, M any. tber~ and in etlhe~ or In any ol auch evenis, wilhoul notke w demend the sald a~~s~ats aum men- ttoned In sald pranissory note. less prsr{ous payments, N any, and any and aN aums mentbned here(n or secured hereby shaN become due and payabie (orlhwlth or the~eaftsr at ihe co~?tinuln~ oplion ol the Matpsqee aa tuly and com~1etely as U sald s~repate aums were alpfnally slipulated to bs paW N such tlma ~nYlt~lr?p In ssld promlasory nols or hereln to the eontrery notwitl?standin~, and lhe Mortya4ae shalt be enlitlad thereupon or thareafter wNhout noike a demand to InstHuis suN at law or In equity lo sniorce thert~his ot ihe Martpa~es hereunder or under said promfasory nole. In the event of any deteuH or bresch on the parfo~ tf~e Mortpa~w hareunder or under aaldpromiswry note. the Morlflsyee ahall have the conlinutn~ oplbn to entorce payment ~ M aN wms secured hereby b~/aclion st law or by suN in equty to torecloss this mortfla9e, eHher or botl~ concurrently or otherwlss, and one acllon a auft shall nol abals or be a bar to or wafvs~ o( the Mortysflee's rfpht 1olnslFtuts w mainlaln ths other, prov{ded aaid ir4ortpaaee shall havs oMy one paymeet and sallslactlon ol aeM indebledness. 14. That 1~ the event thst MorlQapw ahsll ~1) consent to the appolnlment of s receNer, ltu~tee ot 1{quldatot of ell or a subalentlal parl ot Mortyagors assats. ot (2) be ~djudicated a bankrupt or tnsohren4 or tile s voluntery petillon k? bankruptcy, or fdmit ia w~tNnQ its IneWlity to pay ila dsbts aa they bscome dua. a(3) ~hsks a penersl aastpnment for ths beneti! ol credilas, or (4) tile a petNbn or answer seekin~ reor anltalbn or aRanpement wilh creditors, a to laks advsnta~e ot eny InBOivency law, or (5) flie an enawer adm{ttirp the material aNeQatlons ol a petftion I~ed a~~inst the Malya9w i~ any bankruptcy. reorq~Msalloa or InsoMency proceedlnp, or(8) actbn ahall be takan by the Mortqagor ta the purpoas o1 elleclb~y any oi the tore~otny a{7) any ordsr, p~ ment orde~xxee sha11 be entered upon an sppNcation of e credltor or MalyaQor by a couA of oompetent ~urtsdiction approvin~ a pelition seakln~ t nlment ot ~ ~ecehrer or frustee of aN or s subsls~tial patt of lhs Mort~ayors assels and such ader, (ud~meM or decree shaH conlinua unstayed and k~ s tect la any. psr{od o1lhiAy(30) con~ecutke dayR the Mort9a~ea maydedars Ihe note herebysscursd iorthwith dua end payabls. wheteupon Ihe prlncipal ot a~A lhe in- tsrest accrusd on tha nots and ell olhsr sums ha~eby secured shall become tath wfth due and paysble ea N all o( ihe said sums ol money were aqln6~r slipulaled to be paid on tuch dsy, and thereupon ihe Mort~ayae without notke or demand may prosecule e suN at law and/or in equfty as if all monlea secured hereby had matursd prbr to its inatfiutloa tb. That the Mart~ayee or any peraon suthorized by ihe Mortgaflee ehall have lha rl~ht lo enter upon and inapect lhe maiyayed premises at alt re~sonsble ltmss. ~ 18. ~ That any sum a sums which mey be loaned a Advanced by the Mortpa~ee to tha Mortfla~ at eny 11me within twenty (20) ysars (~om the dsle d thb kidenlure, lo~ethe~wFlh tntsrest thereon at ths reta s~raed upon at the t(me ot such ban or advance, ahail be equally seCUred wfth ~nd hars ?hs same prio~ity as fAe oriplnal indebtedness and be aubjec! to sll the terms and provislons ot lh{s morlQaye; provided that lhe e~re~ate amount o1 prlnclpai oulstssr dinp st ony tims shall nol exceed (t L or N the preeedinq blank Is no! compfelsef„ tMn an emount equel to one hundrsd and tNty percent (15096) d ths pk~ctpal amount oristnaty secured hereby sheN apply. 17. Thsf, lf rsqutred by Mortqaqee, ths sald Mortgaqor wtll pay unlo the Mortgaqee. on fhe tlrst daY a each and every consecutive monih, a sum equal to one~twsltth ot the annual amount necsssary to psy sli taxes end asseuments a~alnat the said mortgeyed premises, a~id monthly wm to bs er . , tlmated wlely by Mortpaqes and catculatsd to be ~n amount not less then the amount of taxes esaessed aflal~ai said mort~eged prembes fa lha prevlous ysar. ~nd il IuAher required by Morfflapae to pay ell lnaurance premiums M ma~nar and form as provided hereln for the payment of taxes and ~ssessment~. i 18. That 11 this moN~afle 1~ In connsctton v+rilh construcfton toa~ tinancirq, then fhfs mortpaQe b sublect lo tbe Construclbn Loan IklreemeM i dat+ed , 19 betwaen the MoA~ayor end the Mortyagee, an oxeculed copy of which is In tha pousssfon ot Ihe ~ Moripapes ~nd b Incorporaled hsretn by ~eference and made ~ part hereol; any deisuR by MoAyeflor under said aqreement ahell cons!ltule a~ event ot det~uN under thls moriQ~ye. 19. Th~I lhe Mortgsyor wlll on Ihe request of the Mortgaqae furnlah a wrtfien atetement of tAe amounl owin4 on the oWballon which thb mortgays ~ ' secures and Ihe~eln slats whelher or not Morlysqor clelms any detenses a ofiaets ihereta ' I ~ i I I 2 . $~~36 ~5~~4 . - - - - _ _ _ - - - ; - - : _ ~ . . . . . . - . - - - 1 .t_~ . _