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HomeMy WebLinkAbout0922 . 4. I! ~11 or any part of ths Prope?ty or a~ interest t~erein is sold or tnnaferred by MortQaflor without MoNpapee's prbr written consent, sxctudinq (s) !he cre~tbn ot a Nen or encumbrance subadinale to thls Mortya9e, (W the creation oi e purchaae money aecurity interest fa household applfancss.lq e trdnsler by dsvias, descent or operetlon ol law upan the deatA o1 a Joint{en8nt o?(~ Ihe prent of eny ieasehold Interest ot three years or lesa nol conteining ~n • optbn to purchasa, Malpppee may, at Mon~aflee'a option, declere all the eums aecured by this MortqApe to be immediatey due and peyable. Mortya9ee shRll heve waNed such optbn to aocelerate N, prior to the sale or tranafer, Mortgaqee and Ihe peraoi~ towhom ihe P~operty Is to be sold or translarrsd reach aqre~ment In w~ittnq that the c~edit ot such pe~aon ta satialactory to Mo?t9agee and that ihe interesf payabte on the sums secured by thts MoKpaye shall b+e al such rnte as Mortqa~ae ehall requeat. ll Mortgayee has waived the optlon to acceleraie provided in this pareqraph 4, and it Mort9agee'a aucceasor in interest has executed a vrritten aasumption agreement eccepted in writi~g by Monfleflee. MoNgegee ahall release Mortgago~ from ali otsliqationa under thia Note snd•Mortgaqe. . 6. That In the event of e suit being instituted toforeclose lhia mort9eye, the Mortgagee shail be entitled to appy at a~y tlme during such toreclosura syH t0 the cou~t having Jurisdictbn thereot for the appointment of a receive~ of all and sinputer the mortqaged property, and ot all renta, tncomea, profits, lasues and revenues thereof, from whatsoever aource detived; and thereupo~ it Is hereby expreaaly convenented and ag~eed ihat the court sheil icxthwHh ap~ potnt auch ~eceiver with ihe usual powera and duiiea of recefvers in like cases; and sald appointment ahali be made by the court as a matter of st~lct tiqht to the Mortqagee, and without ~eference to the adequacy or inadequacy of fhe value ot the property hereby moAgafled or to the solvency or insoNency of the MoRgaflor or any other party defendanl lo auch suit The MortQegor hereby speci(icaly waives the nght to obJect to the eppolntment of a recelver aa aforeaald and hereby expreaslyconsents that such appointment shall be made as an admftted equity and as a metter of abaolute right to ihe Mortga9ee and ihat the same may be'done wlthout notke tc the Mortgagor. 8. That if any proceedings should be i~stituted against the p~operty covered by this mongage upon any other lien or clalm whether superior or ~unlor to the lien of this mo~tgage, the Mortgagee may at its option immediately upon t~stttutton of such suit or during the peRdency thereof declare this mortgage and the tndebtedneas secured hereby dus snd payabte torthwith and may at its option proceed to toreclose this mortgage. 7. To pay aN and ain9utar the Cos1s, (ees, charges end expens8s ot every kind including the cost of an abstract oi title to s8id lands (ound to be con- venient or expedient in connection with any auit for the foreclosure ot this mortgage, and also includina whether the Mortgayee is obligated to pay aame or not, reasonable attomey'a tees incurred or expe~ded at any time by the Mortgagee because of the faiture of the Mortgegor to perform, complywith and abide by aN oranyot the covenants, conditlons end stipulations of said promissory note, or this mortgage, in !he loreclosure Of this mortgage and in collecting the amount aecured hereby wiih or without legal proceedings, and to reimburse the Mongagee for every payment made or incurred tor any auch pu?pose wNh in- terest from date of every such payment at the highesl rate auihorized by taw; such payments a~d obligatians, with interest thereon as aforesaid, shall be secured by the lie~ hereof. 8. To keep the buiidinp or buildings now or herealter on said land insured against loss or demage by tire, extended coverage and other perils, in- Cludtng war risk insu~ance H aveilable, in a sum not less than their full insurable value at the cost and expense af the Mortgagor in a company or companies approved by the Mortgagee, the pottcy Or poliCies to be held by the Morlgagee, and such policy or polictes ot insutance Shall have aHixed thereto a 5tandard ~ Mortgagee Clause, making all loas or bsses under such policy or policies payabte to the Mo?igagee as its interest may appear, and to deNver said policy Or policies to the Mo~tyagee when issued with the receipts for the payment of the premium theretor, and in ihe event any aum of money becomes paysbls under sucA policy or policies, the Mortgegee shall have 1he option to receive and appy the same on account of the Indebtedness secu~ed hereby or to permit the Mo~tgagor to receive aod use i1, or any part thereo(, tor other purposea without thereby waiving or impairing a~y equiry, pen or right under Or by vt~tue oi this mortgage; and the Morigaqee, if it deema necessary. may ptace and pay for such inaurance, or any paA ihereof, without losing, waiving or aHeo- tin~ Mo?tya~ee's option to toreclose tor breach of this covenant, w any part thereof, or any right or option under this mortgage, and every such payment shall bear Interest from date ihe~eof until paid at the Aighest rate authorized by law, and a!1 such payments with interest as atoresaid she~l be secured by the Ue~ hereof. In the event any loss or damage is suNered Mortgagor shall notity Mortgagee oi such toss or damage within forty-eight (48) hours after the happentng thereoF the failure to give such notice shail constitute a defautt and the Mo~tgagee shall have the rights herein ghren for all defauks. 9. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good ~epalr and oondition; and to do or permit to ' bedonetosaidpremisesnothingthatwillalterorchangetheuseandcharacterofsaldpropeityorinanyvrayimpairorweakenthesecuriryofsaidmortgage~ In case of the retusat, neglect or tnabiliry of the Mortgagor to repair and maintein said property, the Mortgagee may, at its option, make such repairs orcause the same to be made and advance monies in that behalf which sums shaN be secured by the lisn he?eof and bear interest at the highest rate authorized by law. 10. To deliver the abstract or abstracts ot tille covering the mortgaged property to Mortgagee or ita designated agent, which shall at all timea, during the 8fe of this mortgage, remain in the possession of the Mortgagee and in event of the (oreclosure otthis mortgage or other transier oititte, all right, title and interest of ihe Mortgagor in and to any such abstract or abstracts ot t+tle shall pass to the purchaser or grantee. 11. That no waiver'of any covenanl herein or i~ the obligation secu~ed hereby shali at any time hereafter be held !o be a waiver ot any of the other terms hereof or a/ the note secured hareby, or future waiver of the same covenant 12. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, liabitity, obligation a encumbrance upon said property as herein provided it shall not be n~cessary nor ~equisite that the Mortgagee ahall tirst pay fhe same. 13. That it the Mortgagor shall fall, neglect or retuse tor a period of thiriy (30) days futly and promptly to pay the amounts required tn be paid by the note hereby secured or the interest therein specitied or any of the sums of money herein referred to or hereby secured orotherwtse duy, tully and promptly to perform, execute, comply with and abide by each, every or any of the covenants, conditions or stipuiations ot this mortga9e, the promissory note hereby secured and/or the construction loan agreement, it any, then, and in either or in any ot such events, without notice o~ demand, th~ said aggregate sum mem tloned in said promissory note, less previous payments, if any, end any and atf sums mentioned hereln or secured hereby shall become due and payabte (orthwiih or thereatt8r at the Continuing option of the Mortgagee as fully and completely as if said aggregate sums were originalty atipulated to be paid at such time, anything in said promissory note or herein to ihe contrary notwithstanding, end the Mortgagee ahall be entitled thereupon oi thereafte~ without , notice or demand to instituta suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any default o~ breach on the part of the Mortgagor hereunder or under said promissory note, the Mortgagee ahail have the continuing option to enfo~ce payment of all sums aecured hereby by ection af law or by suit in equity to forectose this mortgage, either or bott~ concurrently or otAervvise, and one acNon or suit shait not abaCe or be a bar to ar waiver ot the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and satis(action of said indebtedness. 14. That in tAe event lhat Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial part ot Mortgagor's aasets, or (2) be adJudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy, or edmit in writing its inability to pay its debts as they become d~e, or (3) make a general assignment for the benefit of creditars, or (4) file a petition or answer seeking reorganization or anangement with creditors, or to take advantage of any insolvency law, or (5) file an answer admitting the material ailegations of a petition ffled against the Mortgegor in any bankruptcy, reorganization or insolvency proceeding, or(8) action shail be taken by ihe Mo~tgagot tor the purpose ot eHecting any oi the foregoing or(7) any order, judg-. ment or deCree ahail be entered upon an application of a creditor or MoRgagor by a couR of competent jurisdiCtion apQroving a petition seeking appointment of a receiveror~ru8tee of all or a substantfat part of the Mortgagors assets and such order, judgment or decree shatl continue unstayed and in eHect for any perlod of thirty(30) conseCUlive days, the Mortgagee may declare the note hereby secured forthwith due and payable,whereupon the p~incipal of and the in- terest accrued on the note and all other sums hereby secured sF?all become forth with due and payable as if all of the said sums oi money were originaliy atiputated to be paid on sach day, and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies se~u~ed hereby had matured prior to its inatitution. 15. Thet the Mortgagee or any person authorized by the Mongagee ahall have the right to enter upon and inspect the mortgaged premises at all reeaonable timea , 18. That any aum or sums which may be loaned or advanced by the Mortgsgee to the Mortgagor at any time within twenty (20) years from the date ot this indenture, toqetherwith intereat thereon at the ~ate agreed upon at the ttme ot such loan or advance, shall be equaly secured with and h8ve the same priority as the oriqinal indebtedness and be subjeCt to all the terms and provisions of this moRgage; provided, that the aggregate amount ot principal outstan- ding at any time shali not exceed (S i, or it the preceding blenk is not campleted, then an amount equai to one hundred and f ifty percent (15096) of the p~incFpaf amount originally secured herAby shalt appty. 17. That, if required by Martgagee, the saJd Mortgagor wiil pay unto the Mortgagee, on lhe first day of each and every consecutive month, a sum equal to one-twelRh of the annual amount necessary to pay all taxes and assessments against the said moRgaged premises, said monthiy sum to be es- timated solely by Mortgagee end caiculated to be a~ amount not less than the amount of taxes assessed against said mortgaged premises (or the previous year, and ff furthe~ required by Mortgagee to pay ail insurance premiums in manner and (orm as provided herein for the payment of taxes and assessmenta 18. That N fhis mortgage +s in connection with construction loan financing, then this mortgage is subject to the Construction loan Agreement dated 19 between the Mortgagor and the Mortgagee, an executed copy oi which is in the possession of the Mortgagee and ia incorporated herein by reference and made a part hereol; any defauli by MoAgagor under said agreement shall constitute an event oi deiault under th(s mortgege. 19. That tt?e Mortgago~ wiN on the requast of the Mortgagee turnish a written atatement of the amount owing on the obligation which this mortgage secu~es end therein state w(~ether or not Mortgagor claims any de(enses or oHsets thereto. ~ ~ , 2 ~ ; . , , - . ~ ~ :"'"~L= .