Loading...
HomeMy WebLinkAbout0918 . ' ' ~ 4. 11 all o~ e~y part of the P~operty or an inlereal thsreln b aold or~ranafarred by Mortqa9a without Monyaflee's priw written conaent, exctudinp (a~ the c~eatbn oi ~ Ilen a encumbrancs sut~dinate to thia Mortpaqe, (t~ ths creatlon of a purchaae monay security I~terest fa household sppliances, (q a lransfsr by deviser descent or operpUon of Iaw upon the death of a joinCtenant or 1he praM ol eny leaaehold interest ol ihree yearo or lesa not Conteininp an' option to purchas0. Mart~e~es may, et MoA~ayee's option, declare all the sums aacured by this Mortpaye to be immedlately due and WYabis. Mon9apee ahall hava walvsd auah optbn to eccetA~ate li, prior to the sate o?transfer, Mortgagea ~nd the pe~son to wAom the Property Is to be sold or tranaferred rsach epraemen! in wrttlnQ that the c~edit of auch person Is aatiatsctory to Mohpe~ee and thet the Interest payeble on the aums aecured by thls Mortflaqe ahall bs at such rate as MoApa~ee ahe~fl requesL li Mo~tfla9ae has waived the optbn to accelerate provided tn this pa~agraph 4, end if Mortflayee'e succesaor In intereat has executed a written asaumption agreement accepted in writi~q by Mo?lyaqee, Mori~agee ahall releaae Mortgagor from aUobiiqations underthis Note a~d Mortqa~e. fi. That In the event of a suit being (natttuted to toreclose this mortgafle, th~ Mo~tyayee shall be entitled to apply at any ttrr~e durlnp such loreclosure suft to the court having )urtsdictbre thereof tor the appotntment of e receiver of atl and atnguler the mon~aQed property, and of ell ~enta~ I~comes, protits~ isjues and ~evenues thereof, from whatsoever aource derived; and thereupon it is he~eby exp~essy convenented end agreed tAat the couh ahslt fo~thwith ep~ polnfsuch receiver with the usual powera and duties of receivers in liks caaea; and said appolntment ahall be mede by the court as a matter ot strict rbht to the Mortqayee, end witAout reference to the adequacy or tnadequacy of the value of the property hereby mw~t~a~ed or to the~solvency or InaoNency ot the MortQayor or any other party defenda~t to auch auit. The Mortflagor hereby apeciflcalfy walvea the ~Iflht to ob~ect~ to !he appoinimenl of e receNer as aforeaald end hereby expresay conseMs that such appointment shall be mada-as an admitted equity and ea a matter of absolute rlyht to the MoRga~ee and that the same may be done without notice ta the Mortgagor. 8. That it any proceedinqs should be instftuted against the property covered by this morigage upon any other Uen or claim whether superioror junlot to the Iten oi thta mortqafle, the Mortgagee mey at ~ts option Immediately upon inatitution o! such suit or during the pendency thereof declare this mbrtgage _ end the indebtednesa secured hereby due and payable torthwith end may at its opNon proceed to foreclose ihis mo~tgage. 7. To pay all and sinpular the costs, fees, cha~ges and expenses ol every kind, including the cost of an abstract of title to seid Iands found to be con• venient or expedient in connection with any suit fot the loreclosure of this mortgage, and also including, whether the Mo?tqegee is obligated to pay saR~e or not, reasonable attorneys feea incurred or expended at any time by !he Matgapee because of the (ail ure of the Mortgayor to pe~torm, comply wfth and abtde by ali or any of ihe covenants, conditions and atipulations of said promtsaory note, or this mortgage, in the foreciosure ot thia mort9aqe and in collectinQ the amOUnt aeCUred hereby with or wtthout (e~al prxeedings, and to reimburse the Mortga9ee tor every payment made or incurred toranysuCb purpoae with in• tereat from date of every auch payment al the highest rate authorized by law; such payments and obligations, with interest thereon aa etoresaid, shall be secured by the Ilen hereof. 8. To keep the buildi~q or buildings now or hereaRer on sald Iand insured against loss or damage by tire, extended coverage and other perils, tn• c;udiny wer rfsk insurance ii availabte, in a sum not less than their full insurabte value at lhe cost and expense of ihe Mortpeqor in a Company or compenies approved bythe Mo~t~agee, the policy or policies to be heid by the Mortgagee, and such policy or policles of insura~ce shell have aHixed thereto a Standard Mort4aqee Clauae, making all loss or bsses unde~ such policy or poticies payable to the Mo~tgagee as its tnterest may eppear, and to deliver said ~ polky pr poflctes to the, Mortpagee when isaued with the ~eceipts fa the payment of ihe premium therefor. and in the event any sum of money becomes payable under auch policy or policies, the Mortgagee ahall have the option to ~eceive and appy the same on eccount of the indebtsdness secured hereby or to permit the Mortgagor to reCeive artd use tt, or any part thereof, ior other purposea~ without thereby waiving or impetring any equfty, lien or ~ight under or by vt~tus of thia moRqafle; and lhe Mortgagee. if it deema necessary, may place end pay tor such insura~ce, or any part thereof, without losing, waiving or aHec tinq Mo~tQagee's option to forecbse (or breach of this covenent, or any part thereot, or any right c?r option under this mortflage, and everyauch payment shall bear interest from date thereof until paid at the hiyhost rate authorized by Iaw, and all auch payments with interest as atoreaaid ahall be aecured by the lien heteof. In the event any loss or damage is suNered MonQaga shall notify Mortgagee of such loss or damage within (ortyeight (48) hours aRer the happening thereoF the failure to gtve such notice shall consttiute e default and the Mortgagee sheil have the righta herein given to? ali defaufts. 9. To permit, commff or suHer no waste and to maintain the improvements at all times In a state ot good repalr and condilion; and to do or permit to be done to said premises nothing tAat will alter or change the use and character of said property or in any way impair or weaken the security ot said mortgage. In case of the refusa~ neglect or inability of the Mortgagorto repair and maintain said propeAy, the Mortgagee may, at its option, make suCh repairs orcause the same to be made and advance monies in that bebal} wAlch sums shall be secured by the lien hareof and bear interest at the highest rate authorized by Iaw. 10. To deliver the ebstract or abatracts of title covering the mortgaged property to Mohgagee or its designated agent, whiCh shail at all times, during the lite of thia mortgage, remain in the possession of the Mortgagee and in event of the toreclosure oi this mortgage orother transterot title, alt right, ti!!e and lnterest Of the Mortgagor ln and to any such abstract or abstracts of title shall pass to the purchaser or grantee. 11. That no waiver of any covenant herein or in the oWigation secu~ed hereby shali at any ttme hereafter be held to be a waiver ot any of the othe~ terms hereof or of the noEe secured hereby, or future waiver of the same covenant. 12. That in order to accelerate the maturity of the indebledness hereby secured because of the failu~e of the Mortgagor to pay any tax assessment, Bability, obiigation or encumbrance upon said property as herein provided it shall not be necessary nor requisite that the Mortgageeshail first paythe same. 13. That ii the Morigayo~ shall fail, neglect or refuse for a pe~iod of thirty (30) days tuly and promptly to pay the amounis required to be paid by the note hereby secured or the interest therein specified oranyol the sums of money herein referred to or hereby seCUred, orothenvise duly, fulty end prompf y to perform, execute, comply with and abide by each, every or any of the covenants, conditions or stipulations of this mortgage, the promissory note hereby seCUred and/or the Construction loan agreement, it any, ihen, and in either or in any of such events, without ~otice or demand, the said aggregate sum men- tioned in said promissory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payabte forthwith or thereafter at the continuing option of the Mortflsgee aa fully and completely as if said agyregate sums were originaly stipulated io be paid at auch time, anythtng in aaid promissory note or herein to the Contrary notwithstanding, artd the Mortgages ahall be entitled thereupon or thereaRer without notice or demand to institute suit at law or in equity to entorce the rights oi the Mortgages hereunder or under said promtssory note. in the event of any defauk or breach on the part of the Mortgagor hereunder or under said promfssory note, fhe Mortgagee shait have the continuing optbn to enforce payrr~ent ot all aums secured hereby by action af law or by suit in equity to foreclose this mortgage, either or both, concurrently or otherwise, and one action or suit shall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other, provided s~id Mortgagee shall have only 6ne payment and satisfaction of seid tndebtedness. 14. That in the event that Mortgagor Sheil (1) consent to the appoinlment at a receiver, trustes ar tiquidator of all or a substantial part of Mortgagots assets, or (2) be adjudlcatetl e bankrupt or insolvent, or tile a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become due, or (3) make a general asaignment for the benetit oi creditors, o~ (4) fils a petition or answer seeking reorganization or aRangement with creditors, or to take advantaye of any insotvency law, or (5) lile an answer admitling the materia! allegatlons o! a petition filed againat the Mortgagor in any bankruptcy, - reorganization or inaolvency proceeding, or(6) action shall be taken by the Mortgagot for the purpose of eifecting any oi the foregoing or(7) any order, judg- ment or decree shail be entered upon an application of a creditor or Mortgagor by a court oicompetent juriadicNon approving a petition seeking appointmeni of a reCenre(or frustee of sll or a substantial part of the Mortgagors assets and suCh order, judgment or decree shaii continue unstayed and in effect for any period of thirty(30) Consecutive days, the Mortgegee maydeclare the note herebysecured (orthwith due and payabie, whereupon the principai otand the in- terest accrued on the note and ail other sums hereby secured shall become forih with due and payable as if all oi the said sums of money were originaily atipulated to be paid on such day, and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if sll monies aeoured hereby had metured prior to ifs inatitutioR 15. Thet the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect ihe mortgaged premises at all reasonable timea. 16- That any sum or aums which may be loaned or advanced by the Mort~agee to the Mortqagor at any time within twenty (20) years from the date of thia indenture, togetherwith intereat thereon et the rate agreed upon at the time ot auch loan or advance, sball be equally aecuredwith and heve the same priority as the originel indebted~esa and be subject to all the terma and provisians of ihia mortgage• provided, that the aqgregate amount of principal outstan- ding at any time sha~i not exceerl (S t, a H the preceding blank is not completed then a~ amount equal to one hundred and fifty percent (15096) of the principal amount originally secured hereby shali appy. 17. That, if required by Morigagee, the sa(d Mortgegor will pay unto the MoRgagee, on the tirst day ot each and every consecutive month, a aum equat to one-twelfth of the annuel amount necessary to pay all taxes and asaessments egainst the aaid mo~tgaged premises, said monthly sum to be es• i timalad solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed againat said mortgaged premises for the previous i year, and it tuRher required by MoRflagee to pay ali insurSnce p~emiums in manner and form as provided hereln for the payment of tanes and assessments I • ~ 18. That if this mortgage is in connection with construction loen tinancing, ihen thia mortgage is sub]ect to the Construction Loan Agreement ~ dated t 9 tsetween the Mort~agor and the Mortyegee, an executed copy of which Is in the possessfon of the ~ MortQagee and fs inCOrporeted hetein by reference and made a part hereol; any detauR by Mortgagor under said egreement shall constitute an event of , detautt under ihia mortgage. 19. That the Mortgagor will On the requeai of lhe Mortgaqee turnish a written statement of the amount owing on the obligation which this mortgage secures and therein state whethe~ or not Mortgagor claima any defenaes or oHsets thereto. t ( I ~~8 ~~g~-~~ 2 ~ • ~:Y - .