HomeMy WebLinkAbout0952 4.~ 11 all or any pah ol the Property a an Intsrsat 1he~eln is sold~ t~ansle~red by Mort98pa wHhout Mo?tqaqee's ~br w~tttan consenl, excludtn~ (q
he croalbn of a tien a encumlxance subordlnete to this Mortpeqs. (W lhe c~eelian ot a pu~cb~s money sscurity Mterett fa hous~hold ~ppliancs~. (q •
,ransler by devise, desc~nt a ope~atio~ oi i~w upon the dsath ol e ~oint tenant or lhs 9r~M ot ~ny leasehold IMs~eat ol three ysare or lea~ not contaMlnq an
~ptlon to purch~ss. Mori~a~ee may, at Mort9a~es'e opllon. daclare all ths sums secursd by thls Morip~ps to M immediatey dus and paY~b~a Mortp~yee
shall have weivsd such oplton to eccebrete H, prlor to ths asle a transter, Monpa~ee ~~d the pe~wn 1o whom ths Property is to Oe sold or tr~natsrr~d ~s~ch
proemsnt tn wntlny that ths c~edit of auch peraon Is sattalactory to MorlQsqe~ and lhat the Inte~est payabN on the sums secured by thla Mohy~pe ~hall bs
~t such ata as Mortq~qee ehall ~eques~ It Monqaqee haa wah?ed ths oplbn to aocelsr~ts provided in thfs parapreph 4, and N Mortpa~N's succeswr in
Intsrost has execuled aw~itten aasumptbn spreement accepted le writiny by Mortqayee, Mat9ayee shall ralsaae Mortpa9or trom allobllp~tlons undsr fhta
Nole and Matya~e.
5. That In the event ol a suft beinq Instituted ta to~eciose ihis monpa~e, lhe Mort9aqee sh~ll be entNled to appy at any fima durinp such toreclasurs
sult to the court havln9 ~u?isdlctbn tha~sof for the appo~ntment ot s receiver ol ell and sln~ul~r the moirt~a9ad propsrty, ~nd ot all ~ents. incomes, proflt0. ,
'~ssues and ~wsnues Ihereof, from whatsoever source derived; and thereupon It is heraby sxpressy convenanted aod ep~eed that ths courtshali forthwUh a~ ~
polnt such ~ecelver wiih the uaual powers end duties ol receNe~s In ilke caae~ and setd ~ppolniment shefl be mads by ths cafn es a matter of stNct ~Ipht to ;
lhs Mortyayee, end withoul ~eference to the adequacy a inadequecy of the value ot ihsp~operty hereby mort~a~ed or to the aoMar~ey or t~solrsney of lhs ,
Mortflaqor or any olher pahy delendanl to auch auit The MoNys~or hereby specHicaly watvss Ihs rqht to obleat to the eppolntmenl ol ~ recehrs~ as
`twesaid and hereby expresay consenta ihat auch aQpolntment shell be made as sn admltled squity aed ss ~ matte~ ot absalute rqht lo the Mort~~9ee and .
that ihe same may be done wifhout nolice to the Mortyayor.
6. That ft aoy proCeedin9s ahould be Inslituted s~alnat ths propeny covered by lhis matyaqs upon any other Uen or Clalm whether supsriOr or ~unior
lo tha Ilen of Ihla mort~aye, the Mortfla~ee may at iis optior~ Immedlatey upon Inatitution of auch auit or durinp the pende~cy thered declare thls mort~a~s
snd the Indebted~ess secured hereby due and payable lorthwith and may at Ite option proceed to (oreclose thla mort~aya
7. To pay all andainqular the costa, feea charpea and expenses ol every klnd, Induding the cost of an abstact of title to seid landa found to be con-
venient or expedlent in connecllon with any sult tor the lorecioaure of this mortqe~e, and elso Includin~, whethe~ the Mortpepee ts oblqated to pay same or
no1, ~eaaonable attaneya f ees Incuned a expended at sny tims by the Matgapee because of ths tatlurs ot 1hs Monpapor to peNorm. comply wrih and ablda
by ail or amr ot the covenanta, condittons and stipulattona of aatd p~omissory ~ote, or ihis mortqege. ln the foreclasure ot this mortya~e and In cdlecNr?q the
amountsecuredherebywithorwNhoutleyalprceeedin~s,andtoreimburaetheMortgayeetoreverypsymsntmadeorincunedloranysuchpurposewilhin-
teresl lrom data ot evary auch payment al the hbhest rate auiho~ized by law; such paymenls and obllyations, with Interast lhereon as atoresatd, shall be
aecu~ed by the lien hereot
.
8. To keep the butldin~ or buildinfls now or herea(te~ on aald tand inaured syalnat bss or damaye by fire, extsnded Coveraye and other perils. in- ,
dudinq war riak insurance H avaiiabie. in a 3um rwt leas lhan theft lull tnsurabie value at the c~st and expenae of lhe Mortgaqor in a compa~y or Com Wnbs A
approved 6y 1he Mortysgee, the policy or polictes to be held by the Mortqapea, and such policy or polkles ot Inwrance shsli have eHixed theroto a Standard t~: -
Mort~a~ee Clause, makin~ all loaa or bsses unde~ auch policy or poNcies payable to ihe Mortpa9ee as ita inte~est may appear. and to delhrsr said ;
po1{cy or policles to khe Mortyaqee when issued wiih the recetpta fo? the payment ol the premium Iherefor. and in the svent any sum of moneY becomes
payaWoundersuchpolicyo~poUcies.theMo?tgaqeesheHhavetheoptb~toreceNeandspplytheaameoriaocountoithalndeblednesssecuredhsmbyo~to ;
ps~mit the Mortflayor to recaive and uae N, or any pan lhereoT. tor oihar purpoaes, without fhereby waivin9 ~x impairiny any equfty.lien or tiqht under or by
vinue of this moN~age; and the Mwtyagee, if H deems necessary. may place and pay to~ auch Insurance. or amr part theraof. without bs~np.wahrt~q or sffsc~ ~ •
tinq Mortyapee'a option to faecbae for breach of lhis covenan~ or any part thereoi, or any ripht or optlon unde?lhis mortQaqe. and every wch pa ment ahall
bear intereat Irom date thereof until paid at the hiflheat rate suthorized by law, and ell auch paymenta with (nterest as etoresald shall be aecu~b~? ths Nen ;
o y
hereoflln the eve~t any loss or damage la auNered Morlgagor ahaU nQtih Mort~ayee ot suCh loss or d.pmefle wfthin lorty-e_ ht (48) hours after iho happ~nlrW ~
theraof; ihe tailure to 9~e auch notice shall constitute a delauit a~d the Mort~aqae shall havs the riphts herein gh?en a ai( defaults. +
9. To permif, commH or suiier no waste and to matntain the improvemeMe at elt times in a stete oi 9ood repaEr and conditlon; and to do or ps?mii to
be done to sald premisea nathin~ that will alter orchanye the uee and cha~acterof sald property or In amr way impalr or weaken the security of aeld mat~ays. •
in ceae of the refuaal, negtect or inability ot the Mortgagor to repatr end malnteM said propetty. the Mo~tyegee may. al Its optbn, make such repalro or cause
the same to be made and advance maniea In thet behaH which sums shall be aecured by ths Ibn he~eof and bear Intereat at the htphest rats authoH=ed by _
lavy.
10. To delive~ the abstract or abstracts ot title covering the morigaged property to Mortqagee or Ita desiqnated agent, which ahall at all times, durin~
the Iile of this mongage, remal~ in !he possession o! the MoAgagee and tn event of ihe foraclosure otthis mortgage orother tranaferof titb. aH riphl,title and
:~^:e!es! 4t the Mo~taaoor in and to any such abstract or abstrects ol title ahalt pass to the purchaaer pr yrantee.
1 t. Thal no waiver of any correnant heretn or fn the obllgation aecu~ed hereby ahall at any time hereafter be held to be a waiver of any of the other ~
terma hereof or of the ~ote secured hereby, or tuture waiver ot the aame covenant
12. That In order to accelerete the maturity of the indebtedneas hereby aecured becauae ot the failure of the Mortflaqor to pay any tax asaesament,
Uabiiity. oblbatfon or encumbrance upon said property as herein provided H shall not be neceasary nor requlaiie that the Mort~agae shall Nnt paythe same.
13. That H lhe Mort9agor ahell fail, neglect or refuse ior e period o( ihirty (30) days fuly and promptly to pay the amounts requksd to bs pald by ihe
neieherebyaecuredortheinterestiheralnspecifiedorenyotlhesumsoimonsyhereinreferredtoorherebyaecured~orotherwiseduy,fuNyandpromptyto -
pertorm, execule, comply with and abide by each, every or any of the covenanle, oondilbns or stipulatbna oi this mort9aQe, the promtatory note hereby .
secu~ed snd?or the construction ban aQreemen4 ff anY. ihen~, and In either or in any ot sueh eventa, wflhout notice or demand ths said p~re9ats sum merr : y,
tbned in aaid promissory note, less prsvioua paymenta, H any, and any and aN sums mentipned he~efn or sacured hereby sTiali becoms dus ud payabls
forthwith or thereafter at the continuinp opt(on of the Mortflayee as fuiy e~completely as M said aggre~ete wms wers oripinally stipulated to bs paW at ,
such time. anythin4 In said promisaory nole or he?ek~ to the cont~ary notwtfh iandinq, and ths Mortpa~ee shatl be enNtled thereupon or thereatterwithout
notke a demand to tnatNute auft et law or in equlty to enforc;e the rights of ihe Mortqa~ee hereunder or under said promissory note. ln the event of any t
detault or breach on the pa~t oi ihe Mortgaflor hereunder a under aeldpromiaaory rwte, the Mortqaqee shal~ havethe contMuin9 optio~ to sMorCe payment
ot alt sums aecured hereby by action at law or by suit M equfty to torecloae thls mortyage. eNher or both, concurrenty or othe~rise, and one aetion or wH
ahall not abate or be a bar to or waiver of 1he Mortqaflee'a riqht to institute or malntatn ths other, provided said MoriQayee shaN havs oMy one p~ym~nt and
satlslaclion ot said indebtednesa.
14. Thet in the event fhat Mortgagor ahali (1) conaent to the appointment ot a receiver, trustee or Ifquidator ot al( or a subatantiel part of Mor{~aqofs
' aseets, or (2) be adjudicated a bankrupt or inaolvent, or f ile a voluMary petition 1~ bsokruptcy, Or admR in writirp its inability to pey fts debts as they becoms :
' due. w(3) make a flenerai aaaignment for lhe benefit d creditors. or (4) Iile a petNbn or answer aeeWnp reorqaMzatbn or sRanpement witA cxsdRorsr a to '
' fake advanta~e of any inaolvency law, or (5) fNe an enswer admittiny tfie matsriai alle~atlons of a petHion tiled against the Mortys~or in any baMuuplcy. y.
I reoryenizatbn or inaohreney proceedtn~, or (8) sction shall be teken by the Mort~ayor (a the purpose of eHec!!nq any ot t!?e toreyoin~ or(7) any ordsr. judp-
, rnent or decree ahall be entered upon an appllcatbn of a credttor or Mortgapor by scourt of campetent jurisdictlon approvinp a petition seeklr?0 sppolntmenf .
ex
' d e racsivsr w t?uatee of aN w a subsl~Mis1 par,t ol the Mort~a~ors assets and such order, ~u ment or de~xee ahaN contMue unat~ysd and in sHect tor any,
; psNod ol thlRy(30) co~secutive days, fhe Matgagee may dedare the note herebysecu~ed tort with due and payable, wheroupon IM pHnclpe~l of a~d the In-
lerost accrued on the note and aU other sums hereby aecured shalt becoms forth with due ~nd payabie aa H ai! of the saM aums oi money wero alqinalfy :
; atipulated to be paid on such day; end lheraupon the Mortflsyee without notlce or damand may proaecute s auit at law and/or in equfty as H ali monlea .
~ secured hereby had matured prior to ifs inatitution.
; 15. That the MoRgayee or any peraon authorized by the Mortgayee ahall have the riflht to enter upon and inapect the mortqayed premises at all .
I rossonable times.
~ 18. That any sum or auma which may be loaned or advanced by the Mortyayee to the Mort~aQor at any time within twenty (20) years trom ths date
' d thts indenture, together with intere~t thereon at the rate agreed upon at the time ot such loan o?advance, shall be e~ualy securedwith snd havs the ume
priorftyastheoriqinal(ndebtednesaandbesubjecttoalithatermsandprovfebnsofthismort~a~e-providedthetthes~ro~ateamountofprir~ipaloutstarr •
din~ at any ttme shaH not exceed (E or if the precedinp blank ia not completed, then an amount equal to one hundrsd and fNty percent
(15096) 01 the principal amount ariflinaty secured hereby ahall appfy.
17. Thal. If required by Mort~agee, the sald Mort9agor witl pay unto tha Mort~aflee, on the firat day of each a~d every consecuthre montl~ a sum
equal to one-twelflh ot ihe annual amount necesaary to pay all taxes and aaseasments aqainat the aaid mortyaqed premises„ said monthly wm to be ss-
timeted solefy by Mortgegea and cakutated to be an amount not less than the amount ol taxes assessed s~alnst said mort~ayed prsmbes for the previous
year, snd ff further required by Mohga9ee to pay alt insurance premlums In manner and form as proridad herei~ (or lhe payment oi taxma and sssessmeMa.
18. That ii this mortgefle is In connectton with cor?etrucilon loan tinancing, then thls mori~a9e is suWect to the ConstruCtion l.can re~mant
dated , 18 between the Morga9or snd lhe Mongayee, an executed copy of vrhlch is in the poss of fhe
Mortpa9ee and ia incaporated herein by reterence and made a part hereoi; eny defauB by MoAgayor under sald aflreement ahait conatituts an event of .
detault under this morigaye. •
19. That the Mo?tgag ' on ihe requesl of !he Mortgagee tumish a written etetement d the amount owinp on the obliyation whkh lhfs mortpaye _
securea and therein atate ethe or not Mortgagor clalms any detenaes a aNsets thereta ~
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