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HomeMy WebLinkAbout0926 4. If aA or eny part ot the P~oporty a an Interest thereln fa soFd o~ iranaferred by Moh~agor withoul Mortqayee's prior written consenl, excludin~ (aa the creatbn cf a Nen o? encumb?ance subordinate lo this Matpa~e, (a the creation ol a pu~chaao money necurity Interest la househoid appllences, (C) ~ tr~naf er by dsvise, deacent or operaUon of law upon the death of a ~oint'fenant or (cn lhe prant ot any leasehoid inierest o1 three yean or leae not contsinin9 sn' option fo pu~chase, Matpa9ee may, at Mohqa~ee's option, declere all ths suma aecured by thia Mo~tyafle to be immediatey due a~d payabla Mortpsflee shall heve wafved such optb~ to accelerate N, prior to the sale or t~ansfer, Mortga~ee and the p6~son to whom the Property ts to be sotd or trsnsferred reach ep~eement In wntinp ihat lhe credit of auch person la satisfactory to Mortyayee and lhat the lntereal payable on the sums secured by thts Mortflape shall bn at such rate as Mort~a~ee shall request. li Mortqapee has waived the optbn to accelerete provided In lhia paregraph 4, and if Mort9apee's succesao?1~ interest has executed a w~itten aaaumpNon agreement accepted in wrNi~g by Mortpa9ee, Mortgagee shall release Mortgaflor trom all oblffletiona under thia Note and Mort~aqe. , b. That in the event of a suit beinq instituted to foreCtose this mortgaye, the Mortgagee shall be entitled to appy at eny time durinp auch foreclosure auit to the coun hevin~ ~u~iadiction lhereof to~ the appointment of a receiver of all and si~gular the morfqa~ed property, and of all ~ents, Incomea~ p~otits, lasu~s and revenues thereof, from whateoever source derived; and thereupon it is hereby expresey convenanted and agreed that the court shall lorihwNh ap- point auch receiver with the uauel powers and duties of receivers in Iike cases; and said appointment ahall be made by the Court as a matter of atrkt ~ight to the Mortqagee, and with6ut raference to lhe adequacy or tnadequacy of the value of the property he~eby mortga ed or to the soke~cy o? inaolvency oi the Mortqaqor or any othe~ party detendant to auch suit. The Mongagor hereby apecfiicalty weives the rlght to o~Ject to the appotntment of a receiver as atoreaald and hereby expreasy conaenta that auch appotntmen! shall be made as an admitted equity and as e matter ot absolute riqht to the Mortqegee end that the same may be.done without notlce to tAe Mortgagor. 8. That if any proceedin9s should be tnstNuted ageinst the property covered by this mortgage upon any oth~r lien or claim whether auperior or juniot to the Ilen of ihla mortqaqe, the Mprtgagee may at its option tmmediately upon institution of such suit or during the pendency thereof deciare this mortgage - and the indebtedness securqd hereby due and payable (orthwith and may at its option proceed to (oreclose this mortgage 7. To pay all8nd singuiar the costs, teea, charges and expenses of every kind, inciudiny ihe cost of an abstract ot title to sald lands lound to be cqn- venient or expedient in con~ection with any suit tor the (oreclosure of this mortyage, and also inciuding, whether the Mortflagee is obli~ated to pay aame or not, reasonable attorne~s fees incur~ed or expended at any time by the Mortgagee because of the (ailure of the Mortgagor to pe~iorm, comptywith andabide by all or any of the covenants, condittona and st(putations o( said promtasory note, or thts monflape, in the foreclosure of this mortgage and in cotlecting the amount secured hereby with orwfthout legal prceeedings, and to relmburse the Mortgagee for every payment made or incur~ed for any such purpose with in• terest irom date of svery such payment at the highest rate authorized by law; such payments and obligations, with intereat thereon as eforaaaid, shall be seCUred by the Ilen hereof. 8. To keep the building or buildings now or hereatter on said land insured against loss or damage by tire, extended coverage and other perils, in- cludtn~ wa~ risk insurance if avaflable, tn a sum not less than their full insurable value at the cost and expense ol the Mortgagor in a company or companies approved bythe Mortfla~ee, the poUcy or policies to be hetd by ihe Mwtgagee, and such policy or policies oi insurance shall have aNixed thereto a Standard Mortflaqee Clause, making all loss or losaes under such poticy or poBcies payable to the Mortyagee as its interest may appear, and to deliver said ~ policy pr poNcies to the Mortqagee when isaued with the receipts (or the payment of the premium therefor, and in ihe event any sum of,maney becomes payable under such policy or policies, the Mortgagee shali have the option to receive and appy the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it, or eny part thereoi, for olher purposes, wiihout thereby waiving or impairing any equiry, lien or right under or by virtue of this moKgage: and ihe Mortgaflee, if it deems necessary, may pisce and pay tor such insurance, or any part thereof, without losing, waiving or aHec- tir?p Mortqagee's option to faecloae (or breach ot this covena~t, or any pa~t thereof, or any right oroption underthis mortflage, and every such payment shail bear interest from date thereof until paid at the highest rate authorized 6y law, and all such payments with intereat as aforeaaid ahall ba secured by the lien hereoi. In the event any loss or damage is suNered Mortgagor shall notify Mortgagee of such loss ordamagewithin forty-eight (48) hours ake~ fhe happening thereof; the tailure to give such notice shall constitute e detault and the Mortgagee shall have the rights herein given for all defeults. 9. To permit, commit or suHer no waste and to maintain the improvements at all times in a stete oi good repair and condition; and to do or permit to be done to said premises nothin9 that will alteror changa the use and character of said property or in any way impair or weaken the security of said mortgaga In case of the refusal, neglect or inability oi the Mortgagor to repair and maintain said property, the Mortgagee may, at its option, make such repaira orceuse the same to be made and advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by iaw. 10. To deliver lhe abstract or abstracts of titie covering the mortgaged property to Mortgagee or its designated agent, which shall at ali times, during the life of this mortgage, remain in the possessfon of the Mortgagee end in event of the foreclosure ot this mortgage orofher transier of title, alt right, titie and interest of the Mortgagor in and to any suCh abstract or abstracts ot tiile shall pass io the purchaser or grentee. 1 t. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereafter be heid to be a waiver of any o( the ofher terms hereaf or of the note seCUred hereby, or future waiver o} !he same covenant 12. That in order to accelerate the maturity ot the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, Ifability, obligation or encumbrance upon said property as herein provided it shall not be necessary nor requisite that fhe Mortgagee shallfirst pay fhe same. 13. That if the Mortflagor shall iail, neglect or ref use tor a period of thirty (30) days fully and promptly to pay the amounts required to be paid by the note herebysecured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or othenhrise duly, fully and ptomptly to periorm, execute, comply with and abide by each, every or any of the covenants, conditions or sttpuiations of this mortgage, the promissory nots hereby aecured and/or the construction loan agreement, if any, then, and in either or in any of such events, without notice or demand, the said aggregate sum men- tbned in said promissory note, less previous payments, if any, end any and all sums mantioned herein or secured hereby shall become due and payable forthwith or thereaiter at the cantinuing option of the Mortgagee as fully and comptetety as if said aggregate sums were originalty stiputated to be paid at auch time, anything in said promissory note or horein to the contrary notwithstanding, and the MoAgagae shall be entitled thereupon or thereafter without notice or demand to inatitute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In th~ evant of any defauit or breach on the part ot the Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continuing option to entorce payment ot all sums secured hereby by action at Isw or by suit tn equity to foreclose this mortgage, eithar or bott~ concurrenty or otherwise, and one action or suit ahal! not abate or be a bar to orwaiver of the Mortgagee's right to institute or maintain the olher, provided safd Mortgagee shall have only one payment and aatisfaction of said indebtedness. 14. Thet in the event that Mortgagor shall (1) consent to the appointment ot a receiver, trustee or liquidator of all or a substantial part ot Mortgagora asseta, or (2) be adjudicated a bankrupt or inaolvent, 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 assignment for the benetit oi creditors, or(4) file a petition or answer seeking reorganization or arranyement with c~editors, or to i take advantage of any inaolvency Iaw, or (5) file an answer admitting the material allegations ot a petition filed against tha Mortgagor in any bankruptcy, ' reoryanization or insolvency proceeding, or(6) action shail be taken by the Mortgagor for the purpose of eNecting any of the foregoi~g or(7) any order, judg- ment or decrge shall be entered upon an application of a creditoror Mortgagor by a court ot competent jurisdiqion approving a petition seeking appointment of a receiveror tn~atee of aIl or a aubstantial part ot the Mortgagors aasets and such order, Judgment or decree shell continue unstayed and in eNect tor any period of thirty(30) consecuti~e days, the Mortgagee maydeclare the note hereby secured forthwith due and payable, whereupon the principal oi and the in- tereat accrued on the note and elt other sums hereby secured shall become forth with due and payabte as 'rf ali ot the said sums of money were originelly stipulated 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 all monies seCUred hereby had matured prior to its insdtution. ' 15. That the Mortgegee or any person authorized by the Mortgagee shali have the right to enter upon and inspect the mortgagad premises at all reasonable times. . 18. That any sum or sums which may be loaned or advanced by the Mortgages to the Morigagor at any time within twenty (20) years from the date of thie indenture, togelher with interest thereon at the rate agreed upon at the time of such loen or advance, shafl be equaly securedwith and heve the same priority aathe oripinal indebtednessand be subject to all the terma and provfafons of this mortgage; provided, that the aggregate amount of principal outstan- diny et any time shall not excee~ (t 1, or ii the preceding blank ia not completed, then an amount equal to one hundred end fifty percent (15096) of ihe pri~cipal amount originally secured hereby shall appfy. 17. Thet, ii required by Mortgagee, the said Mortgagor will pay unto the Mortgagee, on the first day of each and every consecutive month, e sum equal to one-twelith of !he annual amount necessary to pay all taxes and assessmenla ayainst the said mortgaged premises, said monthly sum to be es- timated aolely by Mortqagee and calculated to be an amount not less than the amount ot laxes assessed against said mortgaged premisas tor the prevloua year, and if turther required by Mortgagee to pay all insurance premiums in manner and torm as provided herein for the payment of taxes and assessments. 18. That if this mortgage is in connection with construclfon loan financing, then this mortgage is subJect to the Construction Loan Agreement dated . 19_ between the Mortgagor and the Mortgagee, an executed copy of which is in the possession of the Mortflagee and is incorporated herein by re(erence and made a part hereot; any default by Mortgagor under aaid agreement shall constitute an event ot deisult under thia mortgege. 19. That the Mortgagor will on the requeat of ihe Mortgagee furnish a written statement of the amount owing on the obligation which ihis mortgafle secures and therein atate whether or not Mortgagor claims any detenses or otfsets thereto. ~ ~ ~ ~ ~ ~ 2 ~`!~ia'!__~~~ :