HomeMy WebLinkAbout0933 4. If a11 or a~y paA ol the Property o~ an intereel lherain ie sold or translerred by Mo~iQeQor without Mortpayee's pria written consent, excludinp (e~
ths creation ot a lien or encumbrance aubordinata to thla Mort9aye, (b) the creatip~ of s purchaae money aecurity Interesl for household appllances.(c) a t
trenaferbydeviae,deacento?operaUonoftawuponlhedeathoiaJoinCfenantor(c~ihe~rantofsnykaseholdinterestoft~teeyearsorleasnotcontl?ininQsn⢠f
optlon to purcheae, Mortgagee may, at Mo~tpa9ee's option, decla~e ali the sums secured bjr thls Mortqeye to t,e immedlately due and payable. Mort9aqee '
shail have weNed such option to accelerate if, prior to the sale or t~anafer, Mortyaqea a~d tha peraon towhom the Property is to be sold or t~anslerred ~each ~
at,~reement In w~itlnp thst the credit of auch peraon ia eetistactory to Mort9aqee end that the intereat payeble on the auma secu~ed by thia Mo?tpaye shali be
at auch ?ate aa Mortfla~ee shAlt requeal it Mo~t~ayee has waived the optbn to accelerate provided in thta para9reph 4, and if Mortyaflee'a aucceasor in s
Interest has executed a written asaumptton aflreement accepted in writing by Mongayee, Mortqagee ahall retesae Mortqagor from all oblipatione undar thia }
Note and Mortgafle.
5. That In the evant of a suR being inatituted to fo~eclose this mortgepe, the Mortgagee ahall be eMNled to apply at any time durinp such torecloaure
suft to the court havinq juriadictbn thereof tor the appointment of a receiver ot all end singular ihe mortflaged property, a~d of all rents, incomea, profita,
lasuea and revenuee thereof, from whetaoever sourCe derived; and the~eupon it is hereby expreaalyconvenanted and agreed that the court ahall fo?thwNh ep~
point auch ~eceiver with the uaual powers and duties of receivers In Ilke cases; and aaid appointment shall be mede by the court as a matterot strict rbht to
ihe Matgeyee, and without re(erence to the adequacy or inadequacy o1 the vatue of the property hereby mo~t9ayec~ or to the soivency or InaoMency of the
MoRpayor or any other ~farty detendant to such suil The Mortqagor hereby speciilcaly waives Ihe ~ight to obJect, to the appointment oi a receiver aa
aforesald and hereby expressly consenta thal auch appointment shall be made as an admitted equity and as a metterof absolute right to the Mortgayee and
that ihe same may be done wiihout nottce ta the Mortgagor.
6. Thet if any ptoceedinga should be instituted against the property covered by this mortgage upon any othe~ lien or Claim whather superior or ~u~lor
to lhe Ilen of this mortgage, the Mortgagee may at its option immediately upon institution ot such suit or during the pendency thereof declare this mortgaye
and the Indebtedness secured hereby due end payable forthwith and may at its option proceed to foreclose thts mortgage.
7. To pay all and afngular the costs, fees, charges and expenses of every kind i~cluding the cost of an abstract oi litle to seid lands found to be con-
v~nient or expedient tn connection with any suit for the foreclosure of this mortgage, and also including, whether the Mortgagee is obligated to pay aame or
no~ reasonable attomeys f ees incurred or expended at any time by the Mortgagee because of the teilure of the Mortgagor to per(orm, comply with and abide
by all or any oi !he covenants. condiNOns and stipulationa ot said promisaory note, or thls mortgege, in the fo~eclosure ot thts mortqa~e and in collectinfl !he
amount secured he~eby with or without le~al proceedings, and to reimburse the Mortgagee fo~ every payment made ot incurred lor any such purpoae wHh in~
terest trom date of every such payment at the highest ~ate eutho~i2ed by law; such payments and obligations, with intereat thereon as aforesaid, shall be
secured by the Ilen hereof.
8. To keep the building or buildings now or hereafter on said land insured against bss or demage by tire, extended coverage and other perils, in-
dudin~ wa~ riak insurance N available, in a sum not leas than their fuli insurable vatue at the cost and expense of the Mo~tgayor in a company or companies
approved bythe Mortgagee, the policy or policies to be held by the Mortgegee, and such policy or policies of insurance shall have aHixed thereto aStandard
Mortqegee Clauae, making all loss o~ losses under such policy or policles payable to the Mortgagee es its interesl mey appesr, and to deliver saW
poliay Or pol'~ctes to the Mortgagee when issued with the receipts tor the payment of the premium t~leretor, and in the event any sum of money becomes
~ peyabls under such policy or ppUcies, the Matgagee shall have the option to receive and eppy the 3eme on account of the indebtedness secured hereby or to
permit the Mortgaflor to receive and use it, or any part thereof, (or other purposes, without thereby wafving or tmpairing any equiy, lien oP ~ight under o~ by
virtue of this mortgege; and the Mortgagee, if it deems necessary, may place and pay (or such insurance, or eny part thereof, without bsing,waiving oraHec-
ting Mortflayee's option to to~ecbse tor breach of this covenant, or eny part thereol, or any right or option under this mortgage, and every such payment shall
bear intereat trom date thereof unti) paid at the higheat rate authorized by law, and all such payments with interest as a(oresaid shall be aecured by the lien
hereof. in the event any loss o?damage is suNered Mortgagor shall notify Mortgagee of such loss ordamagewithin forty-eight (48) hours after the happening
thereof; the tailure to give such notice shall constitute e default and the Mortgagee shatl have the rights herein given for all defeulta
9: To permit~ commft or suNer no waste end to maintain the improvements at all times in a state of good repair and condition; and to do or permit to
be done to said premises nothing that wili alter orchange the use and character of said property or in any way impair or weaken the security of seid mortgaga
In case of the retusa~ neglect or inabiliry of the Mohgagor to repair and maintain said property, the Mongagee may, at its option, make such repairs orcause
the same to be made and advance monies in that behalf which sums shall be secured by ihe lien hereof and bear interest at the highest rate authorized by
law.
10. To deliver the abstract or absiracts ot title covering the mortgaged property to Mortgagee or its designated agent, which shall at all times, during
the life oi this mortgage, ~emain in the possession of the Mortgagee snd in event oi the foreciosure ot this mortgage orothertransfer ot title, all right, titte and
intetest of the Mortgagor in and to any such abstracf or abstracts of title shaii pass to the purchaser or grantee.
1 i. That no waiver of any cavenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver ot any of the other
terms hereof or of the note secured hereby, or tuture waiver of the same covenant
12. That in order to accelerate the maturity of the indebtedness hereby secured because ot ihe faiture of the Mortga9or to pay any tan assessment,
liability, obligation or encumtirance upon said property as herein provided, it shail not be necessary nor requisite that the Mortgagee sha{I f irst paythe same. ~
13. That H the Mortgagor shall fail, neglect or refuse for a period of thirty (30) days fuly and promptly to pay the amounts required to be paid by the
note hereby secured or the interest therein specified or any of the sums of money herein reterred to or hereby secured or otherwise duly, fully and prompty to
pe~iorm, execute, compty with and abide by each, every or any of the covenants, conditions or stipulations of this mortgage, the promissory note hereby
II secured 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-
tioned in said promissory note, tess previous payments, ff any, and any and all sums mentioned herein or secured hereby shall become due and payable
forthwith or thereafter at the coniinuing opiian of the Mortpagee as fuly a~d completely as ii sa~d aggregate sums were originally stipulated to be paid at
such time, anything in said promissory note or herein to the contrary notwithstanding, and the iNortgagee shall be e~titled thereupon or thereafter without
notice or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any
detault or breach on the part of the Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continuin9 option to enforce payment
o( all sums secured hereby by action at iaw or by suit in equity to (oreclose this mortgage, either or both, concurrently or otherwise, and one acfion or suit
ahall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and
satisfaction of said indebtedness.
14. That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagors
assets, or (2) be adjudicated a bankrupt or insolvent, or lile a voluntary petition in bankniptcy, or admit in writing its inability to pay its debts as they become
due, w(3) make a general assignment for the benefit of creditors, or (4) file a petition or answer seeking reorg8nizetion or arrangement with creditors, or to
take advantage of any insotvency la~v, or (5) file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy,
reoryanizatbn or insolvency proceeding, or(6) action shalf be taken by ihe Mortgagot tor the purpose of eftectiog any of the (oregoing or(7) anyorder, judg-
- ment wdecree shall be entered upon an application of a creditor or Mortgagor by acourt of competent jurisdiction approving a petition seeking appointment
of a receiverpr trustee of all or a substantial part of the Mortgagors assets and such order, judgment or dectee shali continue unstayed and in eNect (or any
period of thirty(3p) conaecutive days, the Mortgegee maydectare the note herebysecured torthwith due and payable,whereupon the principal ot and the in-
terest accrued o~y the note and all other sums hereby secured shali become (orth with due and payable es it atl of the said sums of money were originaly
atipulated to be paid on such day, and thereupon the Mortgagee without ~otice or demand may psos+acute a suit at law and/or in equity as it all monies
seCUred hereby had matured prior to its institutlon.
15. That the Mortgagee or any person authorized by the Mortgagee shatl have the right to enter upon and inspect the mortgaged premises at ell
reasonable timea
16. That any aum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years (rom the date
of thia indenture, togetherwith intereat ihereon at the rate agreed upon at the time of such loan oradvance, shall be equaly secured with and have the aame
priority aa ihe oriqinal indebtedneas and be subject to all the terma and provisbns of this mortgege; provided, that the aggregate amount ot prinCipal outstan-
ding at any time shatl not exceed (S 1, or if the preceding blank is not completed then an amount equal to one hundred and t'rfty percent
(150%) of the principal amount originatly secured hereby shall appy.
17. That, N required by Mortgagee, the said Mortgagor will pay unto the Mo~tyagee, on the tirst day of each and every consecutive montt~ a sum
~ equal to one-twelfth of the annual amount neceasary to pay all taxes and essesaments against the said mortgaged premises, said monthly sum to be es-
timated solely by Mortgagee and caiculated to be an amount not less then the amount ot taxes assessed ageinst said mortgaged premfaes tor the previous
t yea~, and it luhher requfred by Mortga~ae to pay all insurance premiums in menner and (orm as provided herein for the payment of taxes and assesaments.
` 18. That it lhis mortgage is in connection with construction loan finanCing, then this mortgage is subject to the Construction Loan Agreement
dated _ , 19 between the Mortgagor and the Mortgegee, an executed copy oi which is in the possession ot the
Mortgagee and is incorporated herein by +eference and made a part hereot; any detauR by Mortgagor under said agreement shall constitute an event of I
default under thi~ mortgage.
19. That the Mortgegor will on the request of the Mortgagee furnish a written statement of the amount owing on the obligation which ihis mortgage
securea and therein state whether or not Mortgegor claims any de(enses or ofisets thereto. ~
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