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HomeMy WebLinkAbout0955 , ~ ' . 4. It all or any paN ot Ihe Property a a~ Inls~est Iherain Is wld or t~a~stsrred by Mortyaqot wNhout Monpa~ee's prlor wrltten consent, szcluding the creatbn of a lis~ or encumMance subordinels to thh MatQa~e, (q 1he crsallon of a purch~se mo~ey secu~ity Intsreft lor hou~ehold sppllance~, e tranaler by devise, descenl o~ operatlon ot law upo~ ths death d a ~olnt tsnaM a(d) th~ pnnt ot any k~sehdd k~tsresl ol lh~ee years a Ieta not containinp s~ optlon to purchase, Mort~aqee may, el Mat~agse's optlo~, declere a111hs tums secured by fhta Mortqape to be immedldey due ~nd payable. Morlpa9as ahall havs wahred auch optbn to eceekrats II, prla lo ths sate or transisr, Ma19~0ee and ths pHSOn to whom Ihs Propsrty Is to be wid a trenslerred re~ch sqreement In w~itlnq ihat the credit of such psrson Is eatlsfectory lo Mo?IQ~ee a~d that !hs IntereN Wy~bls on ths aums secu~ed by this Morlpa9ash~N bs at such rete as Mort0s9ee ahall ~equea~ It Mortqapee has waived tha option to accelerste provlded In ihis parapraph 4, and if Mortqeqee's succeaso? in . I~tereat has executed a w~itfen asaumptlon a~~aemsnt accepted in writin~ by Mort~sy~s, Matqapse shsll reisase Mortys~or from ~II obll~atlons under Ihis Nole snd Mortys~e. 6. That in the event ol a aull belnQ inallfuted to toreclosa Ihis moriga90. ~he MalpsQee shall be entRled to ~pply ~!t a~y llms diirinq such faecloaure eult to lhs court havlnq ~urisdictbn thereot for tM appointmsnt ~f e~scelvsr of eN ~n~ sinqula~ the mort9apad propsAY. and ol sll rent~, Mcomes. prolits, issues snd ~evenuea thereof, l~om whataoevs~ source defired; ~nd lhereupon k Is hsrebY expressly oomsns~isd tnd preed thel ths couM sh~ll tathwHh ap~ polnt such recelver wllh the uaual powers and dutles ot ~eceivero In Ilke case~ end etld appoMtmeM shall be mads by the coun ss e matier ot ~trlcl ~qht to ths Mort~sqse, end without ~otersnce to ihe edequa~cy ot Inadsquacy ol ths value oi the property hereby moripsped w to the solvency a I~oNency of the Mortga~o~ or any other party datendant to such suit The Mortqa~o~ he~eby sped~icaqy weNes ths ~qh! to oblect to the appointment o1 a?ecetve? a~ aforeaeid and hereby exp~eaay co~aents that suah appotntment ehall be mede as an admitted equfty a~d ss s mattar of ~bsolute rtpht to ths Mat~ayee tnd that 1he same may be done wNhout nolice to the N~+~tpaqor. • 6. That it any proceedin9a ahould be instituted a~ainst Ihs property covered by thls mortQaye upon any othe~ Iien vr clatm whelhe~ supe~to?or ~unla to Ihe Ilen ol lhta mortgaye, the Mat~a~ee may et Its optlon Immedietely upon Institutlon ot such sult or durinq the pendency Ihered declare thb mortpa9e and the indebtedneas aecured hereby due and payable torthwith and may ~t its optlon proceed lo fo~ecloas ihis matpa9a. 7. To pay all andsin~ular Ihe costa, teea, charqes and expeoses Of every kind, tnciud{ng the oout ol an abatr~ct oi title to seld Innds lound to be con~ ventent o? expedient tn connection wilh am? suit tor the torectosure ot this mort~~e, and aiso Inctudinp, whether tM Mor! s~ee Is obiqated to pay same or not, ~eaaonabie attome~a tees incu?red or expended at a~y Iime by Ihe Mort~ee becauae of tM failure of the Mort~epor~o perlorrt~ comph?wHh and eblds by all or sny of the covenants, conditions end slipulatlons o! saW prombaory nots, Or this matys~e, ln the loreclosu~e ol th{s morl~uupe and In collecllnq the amount secu~ed hereby with or wNhout 1e9a1 proceedin~a. and to relmburse the Mortyaqee lor every payment made or Incuned tot eny auch purposs with IM terest Irom date of every such payment at the h{pheat ~ata euthorlied by law; auch peyments a~d oWlpaUon~. wlih Interest thereon as atpresa~d. shall be secured by ihe lien hereof. 6. To keep lhe buiiding or buildings now or hereafter on said land insured agalnat bss o~ dameqe by tire, extended covera~e and olher perils„ In- dudin9 war rlak Insura~ce H available, i~ a aum not teas than Iheir tuil InauraWe vatue at the cost and expenae ol ths Mortya~or In a company or compan{ea approved bY 1he Mortyagee, lhe poll~y or policies to be hetd by the Mortqagee, and suCh potky or poltciss ot insurance shall heve affixed thereto a 8tsndard Mortpagee Clauae, maklnp all losa a bases u~de~ such policy or poHcies payabie to the Mortpsflee as fts Intsrset may appear, a~d to deFhre? sald policy or polkbs to lhe Mortqa~ee when iasued wflh lhe receipts tw the peyment ot the p?emium tha~eior, and In the event any sum ol money becomes payAble undar auch polic~r or polides, ths Mortqa~se she~l havs theoptbn to receNe andapp1y Ihe sama o~ aocount ot the Indebtedness sscured hereby or lo permli the Matgegot to ~ecefve and use it, or any part thereot, tor o1he~ purpoaes. without thereby wahring or imps(Hnq any equity, lien or rlpM under or by virtue of fhb mongaqe: and the Mo~t a~ee. H it deems ~eceasery, may plaCe and pay ta such insuranos, or eny part thereof. wllhout losing, weivin~ w affec tiny Mortge~ee's optton to lorecloae~or breach ol this covenant, a any part ihe~eof, or eny ripht a option under th~s mort9age, and every auch payment ahell bear interest from date thered unfii paid at the hlpheat rale authorized by Isw, and sil such payments with t~terest as atorssaid shaq be secured by the Hen her9ot. in the event any loss or damaye is suHered Mortgagor ahall notNy Mon~agee of such baa ordemsya wlthin torty-elpht (48) houra aRs~ ths happsnin9 the~eof; ihe talture to give auch notice shall constitute a default and lhe Mort~eqee ahall have ths r{qhts herein 9hre~ for ell deleufls. 9. To permit, commii or autfer no waste end to maintein the Improvements et all times In a atate ot pood ~epatr and condittor?; and to do or parmit to be done to aatd premises nothing that will alter or change ihe use and characler ol said ptoperty or ln erry wey tmpair or weaken lhe secu~ity ol eaid mongeya. se In cese ol the retusal, neglect or inability oi the t?~oAgagor to repair end malnteM said property. the Mort eqee may, at its optbn, make such repairs or cauae the aame to be made and advance monies in that behaH which suma shall be aecured by the Ilen hereo and bear intereal al the hi~heet rnte euthorizsd by law. i I 10. To d8liver the abstracl or abatracta of tille cove~ing the tn~rt{~aged property to Mortqagee or its deaiqnated agenl, which ahall a! all times, during ` the life of lhis mortgage, remein in the possession of the Mongapee and in event ot Ihe toreclosure of this monpeye orothertranaferot title, all ?f~ht, title and I iMereal of the MoAgagor In and to any auch abal~ect or abatracts of litle ahall pass to ihe purchaaer or qrentee. ~ 1 t. That no waiver ot any oovenant herein or in the obllgalion aecured hereby shall at sny time heteatter be held to be a waiver ot any ot the other terma heteol or of the note secured hereby, or future waiver ot lhe same covenant 12. That in order to accelerate ihe maturity oi the indebfedneas hereby secured because oi the teilure ot lhe Mortfla~or to pay any !ax asseasmen~ IiablUty, oblfgstlon or encumtxance upon said property aa herein provided H 8hall not be necesasry ~or ~equFsfte that the Mort~agee shall lirsf pery the aams. 13. That N the Mat~agor ahell fafi, neylect or refuae tor a period ot thtrty (30) days tuly and promptly to pay the amounts required to be paid by ths no?e hereby secured or the interesl therein apecitied or any ol the suma oi money herein relerred to w he~eby secured, or othervrise duy.lully and prom pty to perform, exacute, compy with and abide by each, every or any of the covenants. oondNbna or atipulatbns of this mo~tqaye, the promfssory ~wts heteby secured and/or the co~at~uctton ban a~eemenl, N eny. than. and in either or In sny ot such events, wilhout notice or demand, the sald eyyre~ate sum men- tioned in aaid promissory note, leaa previous payments. N any, and any and a~ sums mentioned herein or secured he~eby shall become due and payabla ~ forthwllh a therealter al ihe conlinuln~ option ol the Mortgaqee as fully ar?d completely as M aafd aq~re~ate aums were o?ipinalfy atlpuN~ted io be paW et such time. enylhin~ In aaid ptomisaory note or herein to the contrery notwfihstandtnp, a~d tha Mortpeyee shatl be entitled thereupon or thereafter wNhout notiCe or demand to inslftute auit at law or in equity to eniwce the r{~hts ot the Mort~a ee hereunder or under said promissory note. ln !he evenl d any r defauH or breach on the part oi the Mortysgor hereunder or undsr ss~ prom)saory nots, t e Mort9pee ahall have the conttnutn~ optfon to e~orce psyment of all auma secured hereby by action at law or by auN in equity io torecbse thia moKfla~e, either or botl~ concunenty or othe~wise, and one ~ctton or suit shaii nol abate or be a bar to or waNrer ot the Mort~eyee's ri9ht to instifuie or maintain ths dther. provided aaid Matgayee shaH havs only one psymsnt end satisiactbn ol said Indebtedneas. 14. That i~ the event that Mortgagor ahall (1) consenl to the appointment af a receiver. trustee or liquldator of all or a aubalanllal paN ol Mat~aQors asaeta, or (2? be edJudicated a bankrupl or inaolve~t, or tile a voluntary patftlo~ In bankruptcy, or admN M writiny its inabillly to pay Ns debts as lhey bscane due. a(3) make a generat asstQnment for the benefN ot creditors, of (4) flle a petitbn or answer 8eekiny reorQanizatbn or arra~ement with pedltoro, or to taks advantafle o1 any InsoNency taw, or (5) tlle an anawe? admittin~ tha materfal aHeSstions of s petitbn fi{ed a~atnst the Mortppor M any bankruptcy. reoryanizatbn ot inaobency proceeding, or (8) actbn ahall be taken by the MortQa~o? fw the purposa ot eNectin~ any ot ths toreqoltw or(7) aey wder. ~udp- _ menl w decree ahall ba eMered upon an application of a creditoror Mortfla~a by a court ct competent ~uriadicllon approvirq a petitio~ seekin~ appointmsM of e receiver or trustee ot atl or a aubstantial pan M the Mort~aqa's asseta and such order, ~udqment or dscree shali continue unslayed and M efiect ta any_ perbd ot thirtyl~l ~aecutive days, the Mort~agee may dedare the note herebyaecured torthwith due e~d pa~able, whereupon the principal of and the,in- tereat accrued on the note and all other suma hereby secured shsN becoms torlh with due and payable as N a 1 d fhe said sums ot money were orlQinally atipulsted to be paid on such day; end thereupon the trSortysyee without ~otice or demand may proaecute a autt at law and/or M equFty as H ali moMsa secured hereby had matured prMr to tts instituUon 15_ Thal the Mortgagee or any persor~ autho~ized by tha Mortyagee ahail havs the right to enter upon and inapect the mortpayed premisas at all ~eaaonable times. 18. That eny aum or auma whlch may be loaned or advanced b~r the Mortsegee to the Mortqagor at arry ttme within twenty (20) yeare from ihe date - ot this indenture, together with interest thereon at the rate agreed upon at the time ot such loan or advance, ahali be equaly secured with and have the aame ! prlorityaalheoriyinalindebtedneaaandbesubJecttoallthetermsandprovisbnsotthismortqs~e;p~ovfded.thatthea99re9ateemounfolprincipsloul`ten- ding at any ttme ahall not axceed (t a N the precedM~ Wank ia not complefsd, then an emount equal to one hundred and tlfty percent (15096) of the principal amaunt o?ipMsly secured hereby ahail apply. ° - t7: That:lf requi?ed byr Martpagee, the aaid Martga9or wNl pa~r unto tfie Mortga~es, on the NrM daY o# each and every oonsecutive moolt;, a aum _ equsl fo one-tweitth ol the annual amount necesaary to pay ai! taxes and aesessments ayainat the said mort~aqed premises, said monthly sum to be es- ~ timatsd solely by Mortgaflee and calculated to be en amauM not leas than the amount of taxea assess4d ayafnst sald mort~ayed premFses (a the prevlous year, and if further required by MortQaflee to pay atl insurance premlums In manne~ end form as provided hereln for ths payment of t~xes and ~ssesamenls. 18. That if thfs mortqafle is in connectbn wfth conatroction loan tine~cing, then this mortpaqe b subject to the Consiruction Lo~n 1lqteement 19 befween the Mortyagor and tha Mortqegee, an executed copy of which is in the possessbn of the MoAya9ee and fa tncorporated horein by reterence and made a part hereof; any deisuif by Mort~apor under said apreement ahall canatftute an event ot ' defauU under thia mat9age. 19. That the Mongagor will on the ~equeat of the Mortgegee furnish s written statement of tha amount owing on tha obliyatbn which this mort~sye secures and therein stete whether or not Mortyapor ciaims any defenses or oHsets thereta ~ . - ~~r3f ~~8~~~ 2 - _ . _ . _ . _ . Z:.z• . . _ . , ~ - , ~_%Y~.~~ E'~_ ~ . . . . ' ' ' ` . ' 'r':~. , - . . a a 7..