HomeMy WebLinkAbout0946 4. 11 el! or any ps+t ol the P~operty or an interest Ihereln ia eold o? !renalerred by Mortyapor w~t~aut Mortpapee'~ prbr w~dtsn con~ent, sxclud~nQ ~e)
tr~e creation ol ~ lisn or encumbrance subadinete to Ihks Ma1QaQe, (t~ Ihe c~asUo~ oi e pu~chess money eacurity ~nle~est lor houtehold epp~~~ncea,lc) a
ansler by dsvlse, descent or ope~aUon ol taw upan the deatA of ~ ~olnt tertent or (d)1hs pranl ol eny leasehold Inlersfl ol threa ysan w lea~ oot contalnln9 ao
u~~ion to purcMss. Mortpepee msy, al MortQuyee's optlo~, declare all ths sums sscu~ed by Ihis Mortp~9e lo ba Immediately dus snd payable. Mortyspee
ahell ha~e waived such optbn lo e~cekrste II, prior to Ihe aale or Ir~naler, Mwtfle~ee a~?d ths pe~son to whom tM Prnperty Is to be wid or trsnslsr~ed reac~
epreemeni in writin~ that Ihe cradil ot auch person is satialactory t~ Mortpe9ee and thet fhs Intereal payable on Ihe aums sscured by Ihl~ Mohpa~a shell be
at such reta aa Mo~iflaaee ahall ~equesl. 11 Mc+ripayee has waived the optb~ lo accaler~te provided in this parap~eph 4, ~nd if MoApaqee's ~uccesso~ in
~merest has executed e written assumptlon aflreement accepled In wrltlnp by MohqaQee, Matpaqee shnll releasa Monqaqor Irom ~il oblip~tions u~de~ Ihfa
Note end Matgaye. •
5. That In the evenl of a euit belnp Inatltuted to forectose Ihis mohyape. the Mort9ayee shell be enUtled to sppy el a~y ttme dur.ng such forecloaura
3uit ta the court having (urtadiclion tnereof fo~ the appol~tmanl of e reCelva~ ol a!1 and sir?yular Ihe mortpa~ed propeny, end ol all rants, lncomes, prolila,
issues and ~avanues the~eof, lrom whetaoever sou~Ce derived; and thereupon it ts hereby expressly convenanted and apreed that IAe couh shall lathwith ap~
point a~ch receivar wilh tha usual powe~s and dupes ot receNera tn tike casea; and aatd appoi~tment shaN be mtds by the cou?! sa s malte?o! al?kl riphl to
tr~e Mort9a4ea, and wflhou! refere~ce lo tAe adequacy or InAdequacy ol the velua ot the property he~eby mort~ayed o? to the aoNency a Insolvsncy of lhe
Mortgaqor a any ofher party defendant to auch suiL The Mort~aflor hereby spec{ilCaly walve3 the riyht fo object to ihe appoiotment of a reCetver as
aloresaid and hereby expreasly conaents lhat auch appoinimgnl ahall be made asan admfited equiry and ea a matter ot absotute riphl to the Mortflagee and
thal the 3ame may be done withoul ~otice to the Mortpagor. , f
6. Thet Ii any proceedings should be inatituted against lhe p~operty covered by this mor19a9e upon any olher IIAn or claim whethet superior or ~unlor '
to Ihe lien ol th+a monqaye, the Mo~t9agee may at its optlon Immediately upon I~stitution ot auch auft or duriny ihe pendency thereof declare ihfs morlgaga ~
and the indebtedness secured hereby due and payable tathwith and mey at its opUon proceed to forecloae thls moNpage. ;
F
7. To pay all andainguler the costs, lees, charyea and expenses of every kirtd IncludinQ ths coa! ol an abstract of title to aald lands (ound to ba con- ~
venienl or ex~edienl in connectlon with any auil lo• the toreclosute oi Ihis mortgage, and also inCluding, whether lhe Morlgaqee is obliqated to pay eame or
nol, reasoneble ettoiney's tees inCUr~ed or expended at a~y time by lhe Morfgagee becauae of ihe faiture of the Mo~tgagor to perlorrt~, complywith andabide
by a11 or enyof the covenanla conditlons and aU~ulationn ol Sald promfcsory note, or this moAyege, in the loreclosure of ihis mortgafle and in Collectinp tha
amou nt secu~ed hereby wilh or without legal proceedin9s~ and to reimbutse lhe Mortqegee for every paymenl made or (ncurred for any such purposa with in-
terest trom date oi every such payment at the highest rate authorized by law: auch paymenls and oblig~lions, with tnteresl lhereo~ es aloresaid, shall be
secured by the lien hereol.
8. To keep the buiiding or build,ngs now or hereatler on said land insured against loss or damege by (ire, exlended coverage and olher perits, in-
cluding war risk insurance il availaDle, in a sum not less ihan iheir tull insurable value at the Cosl 8nd expense oi the Mo?tgagor in a company or cOmpaniea
approved by ihe Mortgagee, tAe policy or polic~es to be held by the Mohgagee, and such policy or policles oi InauranCe shatl have afflxed therelo e Standard
Mongagee Clause, making all loss or losses under such pofiCy o? policies payeble to the Moriga9ee ~s Ita interesl may appea~, and to deliver sald
poticy or policies to lhe Mortgagee when Issued with lhe receipta for the payment of tAe premlum thetetor, and In !he event any sum ol money becomes
payable under such polky or policies, the Mortgegee ahall have the option to ~eceive and epply the aame on aacount ot the indebledness aecured her~by or to
permil the Mortgagor to receive and use il, or any part thereof, for olher purposes, without thereby wafvtng or impairtnp any equity, Nen or rigAt under or by
virtue o( this mortgage; and the Morlgagee, i! i! desms necessery, may place and pay for auch insurance, or any paA thereot, wilhout Ioaing,watving or afteo-
ting Mortgagee's oplion lo foreClose lor breacA ol thts covenanl, w any pa~t Ihereoi, or any righl oropNon under thia monQege, and every auch payment ahall
bear inlerest from date lhereot unitl paid at the highest rate authorited by law, and a!I such paymenls with Inleteat aa a(oresaid shall be aecured by lhe Ilen
hereol_ In tha event any loss or dSmage is suHered Mortgagor shall notify Mortgagee ot auch loss or demage within torty-eight (48) houra after lhe happeninp
thereof; the (aiture to give such notice shall constitute a de(aulf and fhe Mortgagee ahail have the righta herein gfven for all delaulta
- 9. To permif, commit or sutter no wasle and to mainlain the improvemenls at ell times in a slate ot good repatr and condilion: and to do or permit fo
be done to said p~emises nothing that witl alterorchange iheuseandcharact8r of seid property or in anyway impair orwBaken lhe security ot s8fd mortgage.
In csse of lhe refusa~ neglect o~ inabitity ol the Mortgagor to ~epair and maintain said propeAy, the MoAgagee may, at its option, make such ~epelrs or cause
the same to be made and advance monies in that behalt which sums shall be secured by the lien hereof and bear Interest al the hlghest rale aulhorized by
Iaw.
t G. To deliver the abstract or abstracts ot l+tle covering the murtgaged property to Mortgagee or its designated agenl, which shatl al aIl times, during
the life ol lhis mortgage, remain in the possession ol the Mortgagee a~d in event of the forectosure of this moAgage or other trans(er ol title, all ~ight, title and
~rteresl ol lhe Mortgagor in and lo any such abstract or abstracts of title shaH pass to tha purchaser or grantee.
1 1. That no waiver ot any covenant herein or in the obligation secured hereby shall at any time herealter be Aeld to be a wetver of any o! Ihe other
terms hereof or ol the note sece~red heieby, or luture waiver ol the same covenant
12. That in order to accelerate the maturity of the indebtedness hereby secured t+ecause ol the failure of tne Morlgagor to pey any tax assessment,
liability, obligalion or encumbrance upon said property as herein provided ~t shall not be neceSSary nor requisite thal the Mortgage6 shall firsl pay Ihe same.
, 13. That it the Mwtgago? shaU fail, neglect or refuse lor a per'wd ot thirty (30) days (uly and promptly to pay the amounts required to be paid by the
note hereby secured or the interest therein specilied or any of the sums ot money he~ein relerred to or hereby securec~ orolherwise duiy, lutly and promptly to
perlorm, ezec~te, comply with and abide by esch, every or any of the covenants, condit+ons or alipulallons of this mongaye, lhe promissory nole hereby
secured and/or the construclion loan agreement, if any, then, and fn eilher or In any oi such events, without notfCe or demand the aaid aqgreyate aum men-
tioned In sald promigsory n~te, less previous payme~ts, ii eny, and any and atl sums mentioned herein or aecured hereby sh8!! become due and payable
lorthwith a thereatter al the continuing option of the Mortgagee as fully and Completely es if said aggregate aums were oriyinally alipulated to be paid el
, such time, anything In said promissory nole or herein to the contrary notwithstanding, snd the MoApagae shall be entitted ihereupon or thereafter witho~t
notice or demand to institute suit e: law or Irt equity to entorce Ihe rlghls of tha Morlgegse hereunder or under said promissory note. In the event of any
delault or breach on the part of the Mongagor hereunder or under saiJ promissory nole, the MoNgayee shall heve the continuing option lo entorce payment
ol all sums secuted herebv by ection at law ot by suit in equity to (orecfose this mongege, eiiher or both, concurrently or otherwlse, end one ection or suit
_ shall not abate or be a bar lo or waiver of lhe Mortgagee's right to Institute or mainlaln the olher, provided ~ald Mort9agee ahall have only one payment and
satislacUon ot said indebtedness.
- 14. Thet in the event that Mortgagor shall (1) consent to the appointment of a receiver, truslee or liquidalor ol ell or a subsfantial part oT MO~tg3~ors
_ assets, or (2) be atljudicated a bankrupt or insotvent, or fife a voluntary petition in bankruptcy, or 8dmit In writing its inability lo pay its debts aa they become
due, or (3) make a general asa(gnment lor the benetit c! creditors, or (4) file a petitbn or anawer seeking reorganizafwn or arrangement wilh creditors, or to ~
take advantage ot any insotvency law, or (5) file an answer admitting the material ailegations of a petlfion filed against the Morigagor in any bankruptcy, '
reorganlzation or ensoNency proceeding, or (6) aclbn shall be taken by Ihe Mortgagor (or the purpose ot eflecting any ot the foregoing or(7) any order, judg•
- menlordecreeahallbeentereduponanTppticaHonofacredilororMortgagorbyacourtofcompelentjuriadictio~approvingapetilionseekin~aFaointment
o! a receTver or i?ustee of all or a substantiaf part of the Mortgagors asseta and auch o?der,ludgmer~l or decree shall continue unstayed and ln effect tot any t
~ period of thtrty(30) conaecutive days, the Mortgagee may declare the nota hereby secured forthwilh due and payabfe, whereupon the prlnCipel ot and the,(n-
- teresl axrued on the note and all other suma hereby secured shatt become torih with due and payable as Ft all o! lhe said sums ol money were originaly
a stipulated to be paid on such day; and thereupon the Mortgagee withoul notice or demand may prosecute a suN el law and/or in equity aS if ell monles
secured hereby had melured prior to ils inst~tuUon.
_ 15. That lhe Mortgagee or any person authorized by the Mortgagee ahaN have the ripht to enter upon and inspect the mortgayed premisea at all •
reasonable timea.
16_ Thet eny aum or sums which mey be loaned or advanced by ti?e Mortqayee to ihe Mottgagor at arry time within iwenty (20) yeara from the date
ot this ~~denture, toyether with interest thereon at ihe rate agreed upon at Ihe lime ol such loan or advanCe, ahall be equally securedwitt~ and heve the same
priority as the wiylnal Indeblednesa and be subject to all Iha terms and provisions of thia mortgaqe; prpvided, that the aggregate amount oiprinC(pAI outsten-
ding at any time ahall not exceed (t w it the preced+ng Wenk Is not canpleted, lhe~s an amounl equsl b one hur.dred and fifty percenl
(15096) of the princlpal amount oriyinally secured hereby ahall epply.
' 17. That, i1 required by Mwtgagee, !he aaid MorlQBDtx will pay unto the Mortgagee, on the flrat day o( each and every consecuiivs montt~ a sum
equal to one-hveltth of lhe annual amount neaesaary to pay all taxea and aaaesam9nta apeinat the a81d moAg~ged premises, aaid monthy sum to be es-
timated aolety by Mortgagee an0 calculated to be an amount nat tess thar. the amounl of taxes asaeased aQafnst aald mo»payed premfses (or the previous
year, and it IuAher required by MoNgagee to pay all inaurance premiums in manner and lorm es provided herein tor the payment ot texea and aasessments.
18. T~at il this mortgage is In connectbn with construction I~an financing, lhen thls mortgage is aubject to the Construction Loan Apreem8nt
dated _ , 19_ between the Mortgagor and the Mortgegee, an executad copy oi which is (n the posseasion ot thE
Moriyagee and ia (ncorporated herein by reference and made a part hereof; any tlelauH by Mottpagor under aaid agreement shall constitute an event ot
detault under Ihls mortgage. '
19. That Ihe MorlQagw wilt on tbe request ol the Mortgagee lurn4sh a written sletement of the amount owing on the obligalion eerhtch iAt3 mortflaye
secures and therein stale whetner ar not MoRgagor claims any delenaee or oNaels thereto.
~ e~4537 P~0944
~ ~ 2
~