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Home My WebLink About0936 . ¢ 4. II ~II or ony pah ol lhs P~openy o? ~n Inlet0~1 lh~rsin M wtd or Innslorr~d by MorlpaQa wllhoul Mwlpaqae's p~lo~ wriu~~ co~so~~, excludlnp (y IKt c+s~llon of a Nan a sncumbrence ~ubadkuls lo Ihfs Matqap0.lW ~ealion ol a pwchue monay secwNy Mtsr~sl lo~ houaehold ~ppNances, (q a I~~n~fer by dwl~a. ducenl a op~ralbn ol iaw upon lhe de~lh ot a~olni lsnanl a(d} Ihe qr~nl ot any Nasehold Inleresl oi lhree yea~s d~ tess not coM~Minp ~n optbn lo purchis~, MalQapse may, ~I Ma9Qapse's opllaw, declus ~Ii Ih~ wms ~ecur~d by thts Mortp~pe fo be Immedtately due and payaWa Morips~~• MRII h~v~ w~ived such oplbn to accekrete N, prlor to the s~le a Iransls~, Malpapes ~nd Ihs penon lo whom IM P~operly Is to bo sold o~ I~snNerred ~each a~reem~M M wrplnp Ihal lhe c?edU ol ~uch person Is aatlal~clory to MortpaQs~ ~nd Ih~l th~ intere~l pay~ble o~ Ihe ~ums secured by Ihls Mon9a~e shsll be ~ ~I such r~t~ ~s Mortyape~ thaN requesl. ll Mo~lpaqos Ma walvsd IM optfon to sccelenl~ provid~d In thts pa~~q~sph 4, a~d if Mwtpa~e~'a succ~asw In Ml~ral hss ~x~culsd ~ wrllls~ ~uumplto~ ~q~eamsnt eccepted fn wrltinp by Maipa~s0. Malpapse ~h~ll relesas Moh~apa Irom dl oblipalions under this ; Noto and MatpaQa S. Th~l in the event ol a sult belnq InaNtufsd to toreclose lhls moriya~e, lhs t~lohpapea shall be entNted lo sppy at a~y Iims du~lnp such lorsctosu~s suN to Ihs courl havlnp Ju~isd~llon thereof Cor Ihe appolntment ol a recelver ol aM and sinyular 1hs moApeped property. and ol all renl~, incomoa, proNls. Iswe~ snd revenues Ihe~aoi, lrom whalaoevsr eou~ce derlved: a~d thereupaf il b herebyexpre~lycortvenaMad pnd ap~eed thal lhe coeirt sha111oAhwlth ~p~ ~poln! tucA tecelver wilh !he uausl powera and dulies ol recehran In Iiks cases; and satd appoMlment shaN ba made by the courl aa s mstle~ oi sttlct riQhl to the Matp~ps0. ~~d wllhout relorence lo Ihs ~dequacy o~ Inadequscy ol ths v~lue ol tAe prope~ty hereby mo~lpayed, o~ to fhe eolvency a Insolve~cy o! Ihs MoAga o~ a~ny olher puty detendanl to such aui~ Tho Mod~afla haeby apecillcally waives the riqh! lo ob~ect to ihe eppolntment ol ~ recelver p~ atorss~~d ~nd hsreby expretsN conssnls Ihet tuch appolof inent ahaR be made +~i an ~dmitted aquily and as a meller ol ebsolule rfphl to fhe Mo~t~apee and Ihat ths s~m~ may b~ done without notlce to tha Mcrippor. 8. That it ~ny procoedlnqa ~houW bs InsUluted a~alnst Ihe p~opeNy cov6red by Ih(a mortpafle upon onyother 1len or clalm whelhe?suparlor or ~unloF to ths Ilsn ot Ihis mohye~e, the Matpsqee may at Ils opUon Immadialely upon I~stllutloo ol such sutl or durlnq Ihe pendency Ihareol daclars Ihis morlpays ~ ~nd Ihe In~lebladness secured hsreby due end payable lwthwfth and may al its opllon procesd to loreclose this mo?f~aye. 7. To pay ~U andslnQular the coale, lees, chsrqes end expensea ol every kl~d, including lhe cosl ol an abslract ol tille ta seld tande lound to be con- veMenl ot sxpedianl in connecllon with any suil tor Ihs (oreclosure ol thts martypye, and etso Mctudina whether f he Malqapee is oblipaled lo pay same or ~wl.rsasonableattornsysfeealncurredaexpendedalanytimebythaMortpe~eebecauseollhelalluraoltheMongagorlopertorm,complywilhandabide ~ by all or ~ny ol ths covenants, condlllons aod slipulations ol aaid prombsory nole, a 1Aie mo~t~aye, I~ the torecloaure ot Ihi~ mort9aqe and in collecfln9 the amouM secursd heteby wtlh otwltAoul leya! proceedi~q~, and to ralmburse ths Mat~aqee la svery peymenl mede or incur~ed tor any such purpose wilh in• tersst trom dats ot evsry such paymenl d the Alphest ~ate sulhori:ed by Iaw; such payments end obliqallo~~ wilh Interesl Ihereon es aloresald, shall be secV~ed Dy lhs ilen heteot ~ ~ 8. To keep IAe bulld(ng or buildinqs now or herealle~ o~ ~aid land Insured a~ainsl bsa or damape by fire, extended cove~aqe end other pertla, !n• cludin9 war tisk tnsurance il aveilabte, in a sum not teaa lhan Ihelr lutl insutable value al ihe coal end expense ol lhe Mat9aflor in a company or companMs approved by iha Morlgapee, lhe policy or policles lo be held by the Mortgaqee. and auch poUcy or poticlea oi insurence shall have altixed thereto a Standard MoA~a~ee Clause, makinp all loas or baaos under such poticy or policies peyable to the MorlQayse as ita inlerest may eppear. and to deliver seid poHcy a polkles to tha MalpaQeo wAen Issued wHh Ihe ~eceipla ta lhe payment of Ihe premium therelar; and in Ihe event any aum of money becomes pay~ble under such poticy a policles, the Mortqa9ee shatl have Ihe oplbn to recehre and appy Ihe aame on eccounl of the indebtadness secured hereby a to permtt ths Morigaqa to ~eceive and uae N, or any pa?I lhereof, for other purpose3, wllhout thereby waNing or Impairinq eny eqully. Ilea o~ riqht under or by virlue ol thls mortgape; end the Mohgagee, ll it deems neceesary. mey place end pay for such Insurence, or eny pa~t lhereol, wilhoul bsing,weivtng or a11ec- tiny Morlpayee's opUon to laeclose lor breach ol lhis covenanl. or eny paR Ihereof, or any right or opfioe undei 1lds ma Igage, and every such paymenl shatl bea~ Inlerea! lrom dale lhereol unlN paid al lha higheel ~ete aulhorlted by law, and pll such paymenla wlth interest as aforeaaid shall be aecured by Ihe Ilen hereol. ln the evenl any loss w damage ia aullered Mortgayor shali nolify Mortgayee ol auch baa ordame9ewilhln lortyeight(A8) hours aNer thahappentnp thereoh, ihe (atture to qiva auch notice shal! Consiflute a delaull and Ihe Morlpayee shall hava tha rbhts he~ein given lor ell delaulls. 9. To permll, commit or suller no wasle and to metnlain ihe fmprovemants at ell ftmea In a alate oi good ~epair and condilion; and Io do or permll lo be done to sald premlaes nothing Ihat will aller or chan~e the use and character ot said property or In any way Impair or weaken the securily ol said mortfla~e. In ceed ol the refusal. nefltect or inabflily ol ihe MoAgagor lo repak and mal~leM said propeAy, lhe Mo~tgaflee may, at iis option, make such repulrs arceuse Ihs ~pms Io be mede and advance moniea in thet behatl which sums shall be aecu~ed bylhe pen hereol and beer interesl el the highest iale authat:ed by law. 10. To deNver the abstract or abst~acts ot lille covering Ihe morlgaged property to Mortgagee or its designated agent, which ahail at ali times, durfnfl the lile ot this morlgafle, remain in the poaaession ol lhs Mortgagee and in event ot Ihe loreciosure ol ihia mortgege or olher transler of title, all ~iphl, litle and ~Me~est ol lhe MoAgagor in and lo eny auch abstracl or abslrects of tlile shaN pasa to tt~e purchaser or flranlee. 11. That no waiv.er ol any covenaN hetein or in the obliQallon secured hereby ahaN el any time herealler be held to be a waiver of any o11Ae olher lerms hered or ol tt?e note secured hereby, w lule?rs waNer oi the aams covenenL 12. That In order to accelerale Ihe meturity ol lhe indebtedness hereby secured becauae o! Ihe lallure ol the Morlflagor to pay any tax assessmenl, ~ Aabllily, oblipallon o? encumbrance upon satd property as hereln provWed, it sh~ll nol be necessery nor requisite Iha/ the Morigagee ahall (irst pay the same. 13. TAat if fhe Mortqagor shatl !a!!, neglect or refuae lor a period ol IhfAy (30) days luly and promplly lo pay the amounls required to be paid by lhe note heroby secured or Ihe interesl lhereln specilied or any o{ Ihe aums of money herein relerted lo or hereby secured~ or otherwise duly, lutty and promptty to perlorm, ezetule, Comply wilA and abide by each, every or any of the covenants, conditions ot stipulapons ot Ihis mortgage, lhe promissory note hereby securad ~nd/or Ihe conslrucUon {oan agreemenl, if any, iher~ and In eilher or in any ol auch evenls, wiiAoul notice or demand, the aaid aggregale sum men- tbned In said p~omissory nole, leas ptevbua payments. N eny, anQ any and ali sums mentioned hereln or secured hereby aha!! become Aue and paysble forthwith or Iherealter at tbe conl{nuinp oplton ot the Mwtpagee es luly and ~ompletely as 11 sald a9pregale sums were orlginally slipulated lo be paid al sucA tims, ~nythiny in said promissory note o~ heretn to Ihe contrary notwithslandinq, and the MoApa9ee ahatl be enlitled Ihereupon or Ihereatte~ withou! notics or demand lo inslitute suit at law or fn eyufty to enlorce Iha r!ghts of !he Malgagee hereunder or under seid promissory nole. l~ the evenl of any de1au11 a breach on Ihe parl ol lhe Morlga9or hereunder or undet seld ptomisaory nole, ihe Mortga9ee shall have the conlinui~g oplbn to enlorce payment ol all sums secured hereby by scilon al law or by suit in equity to toreclose Ihis mortqafle, either or bofh concurrenlly o~ olherwise, and one action or suit shstl nal abate or be a bar to or waNerot lhe Morlpapee'a ripht to institute or maintain tha oiher, provfded said Morl~a9ee shall heve only one paymeni anQ selialection ol said Indeblednesa. 14. That In !t?e evenl lhat Mortflagor shetl (t) consenl to the appolniment of a recehrer, lrustee or liquidator oi all or a substantial parl of Morlgagors assala, or (2) be adjudlceted a bankrupt or Insolvent, or tile a voluntery pelitbn tn bankrupicy, oradmil in writinfl its inability to pay its debis as they become due, a(3) maka a general esslgnmenl tar Ihe benelll ol credilors, or (4) lile s pelilbn or answer aeeking reoryanizalion or arrangemenl wflh creditors, o~ to • take ~dvantwe ol any insolvency Iaw, or (5y lile an answer admitUng Ihe material allegettons of a petilbn iflad against ihe Mortgagor in eny bankruptcy. ~eaqanitailon or InaolvenCy proceed(ng, or (8) aciion ahati be taken bythe Mortyaflor la lhe purpose o! eilecling any ol !he loregofng ot(7y any order, ~udg• ment adecras shall be enlered upon an applkaUoool e c~edito~ or Mortgaqw by acourt o) competent ~urisdiclbn approving a pelilion seekinfl appoinlmaM o) o reCelver~or truetee ot ap or s subslanliai pari ol thb Morigeyors assets and auch order, (udgment o~ decree shatl conlinue unsfayed and in e!leci lor sny psrlod ot lhlrty (30) consecuthre days, lhe Mortqapae may declare Ihe note hereby secured lalhwilh due and payable, whereupon the principal of and Ihe in• lersat ~ccrusd on Ihe nole and ell olher sums hereby secured shaN become lorlh with due and peyable aa il all ol lhe said suma of monay were orlgtrr~lly sllpulaled to be paid oo such day; and thereupon Ihe MortQa4es without notice or demand may prosecule e suil al law and/o~ in equity a~ fl all monie3 securad he~eby had matured prior to fls InstiluUon 15. That Ihe Martflayse or any pe~son aulhorized by the MorigeQee aheb here ths rlghl to enter upon and Inspect the mortgaged premises at all roasonaWe timea , i 18. ~ Thal any aum o? sums whicb may be loaned w~dva~ced by the Moriga~ee to the Moriflayor at any Ume wilhin twenly (20) yeare Irom the dats ot Ihis k?denture, logethe~ wilh interest Ihereon at lhe rale a9reed upon at the lime ol wch loan or edvance, shall be equally securedwith and have RAe same priorltyaslheorqindindebiedneasandbesubjectfoellihetermaandprovl~bnsoilhiamoApape; ~ovlded.thallhsagyregaleamountolprincipaloulslarr dinp d any time ahall nol exceed (t 1, or If the precedirp blank Is not completed, lhen en amounl equal to one hundred end IUty percent (15096? of lhe pfnc{pal amounl oriq[naly secured hereby shalt appiy. 1~. Thal, II requlred by Mortflaqes, lhe said Mat~~Qor will pay unlo ths Mortga9ea, on the 1{rs1 day ol each end every consscuttve monlh, a tunt equal lo oae•fwelltb ol ihe annual amount necesfsry to pay a!1 taxas and asaesamenls epelnst Ihe sald mortgayed premises, aafd monihly sum to be es- Ifmaled solely by Mort~aqee and cakwlatad to be on amount not less than the amount of taxea asaesaed aqainal said moRgeged prsmlaes la Ihe p~evtous year, and II IuAher requked by Mortqaqee to pay all (nsurence premiums in manner end form es provl~ed heretn for Ihe paymen! ol taxes end easassment~. 18. That il this moApape is In conneclbn wllh eonslructbn tosn fine~cinq, then this moNysye (s aub~ect to the ConstrucNon Loan ApreemeM dafed ~ . 19 belween ihe Mortpegor and Ibs Morlpagee, an executed copy ot which Is in ihe pos~s~sbn o) th~ Mort~apee ~nd is Mcorporated hsreln by reterenca and mede t patt hereol; a~y default by MoAyapor under seid apreemenl shaN conslitute an eveni ol del~u~t undsr this mal9ape. 19. Thal the Mortpaqor wfll on !he request ol Iha Malflapse furnish a w~flten slalemenl o( Ihe amounl owir?y on the obtiyetion whicA thta mortga~e s~curf~ and therein st~ts wt~athsr or no! Morl~apor clalms any dalenaes w ollaets lherela ~'~'7~~~ ~ ~538 I~iE08~-~3 2 _ _ _..a...~..Y _ . . ,~,,{~j..