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HomeMy WebLinkAbout0940 l. ~ \ • ~ • , 4. 11 all or any pa?1 of ths Property or ~n inte~ssl theretn h sold a tnnatsned by Mortye~or w+thout MortQaQes's prior written co~sent, sxcluding (p ths creatbn of a Ite~ or encumbrer?ce subadlnate to thls Moitpps, (b1 the creatlon ol a purchs~e mo~sy secu~lty tnte?eN la houashold appllancsa, (c~ a ; tnnsler by devlae. dssce~t or operatlon ot I~w upon the death ol a Joi~t tenRnl a(d) ths qn~1t of am ~ea+ehdd inte~sst ol th~ee yean or isss not containin9 an optlon to purchase, Mal9eqse may, at Moh9a~ee's optfo~, declare eil ths aum~ sscu~sd by this Mortpape to ba immedlatsy due and paysble. Monpaflae shall have wsived such optbn to acceb~ete M, prior to the u~e a t~ansfsr, MoriQaQee end t~s pe?~ to whom the P~operty Is to bs sold or trsnaterred reach a~roement la writinp that the credii of euch person Is satiatactory to Mon~qee snd thet ths Inte~sst payable o~ th+~ sums securod by ihts Monflaqe shall be ~ at such rafe ss Mortya~ee shell ~eques~ N MoApaqea his waivsd the optbn to accelerate provided in thia panq~eph 4, and if MnRqa~ae's succeaaor in ~ intereat has execuled a wririen aasumpiton a~reement accepted in writirro by MortQa~ee, MortpaQee uhell release Monpayor trom all obNqations und~~ thla Note and MortQage. ~ . 5. Thal ln the event oi b auit bet~q iastlfuted to fareclose thls mortpape, tha Mortpeyee shail be entriled to epply at any tlme du~inp such foreclosure sufl to the court havinfl Ju~isdictbn thereof tor the appol~tment of a reCelver of all and slnsular the monyaqed ptoperty, and oi all rents, inCqmes, p~otita, iasues and revenuea thereof, from whatsoeve~ aource derivsd; end thereupon it is hereby expraealy convenanted and syreed that the court sha4i forthwith ap~ point such receiver wllh the usual powera end duties of ~ecehrero in Iike casea; and said appoinlme~t shall be made by tha court as e matter of atrict riphi to the Mortgagee, and wfthout ~eference to the adequacy or inadequacy of the vetue ot the property hereby mortqa9ed or to the sohrency w InsoNency ot the MongaQor or any other party defendant to auch sul~ The Mortpapor hereby apecifir,ally waives the ri~ht fo obJect to 1he appointment of a receiver as aforeaald and he~eby expresaly conaents that such appointment shail be made as an admitted equiy and ae a matter of abaolute right to the Mortgagee artd that ihe seme mey be done without notice to !he Mortgayo~. . 6. That if any proceedings ahould be instiiuted a9ainst the property covered by this mottga~e upon any otherllen or claim whether superior or junior to ihe lien of this mortgaye, tha Martgaflee may at its optlon immediatey upon institution of such 8uit or durinq the pendency thereof declare this mortgage and t~e indebtednesa secured hereby due and payable fonhwith and may at ita opHon proceed to foreclose this mortyaye. 7. To pay all andaingular the costs, tees, charyes and expe~aes oi every ktnd, tnctudiny the cost of an abstrecl of title to satd tands tound to be con- venisnt o~ expedient In connection with any suit for ihe foreciosu~e of thla mortpage, and also including, whethet the Mortgagee is obligated to pay same or ~ot, reasonable attaney's fees incuned or expended at any time by ihe Mortgagee because of the tailure ot the Monga9o~ to peKorm, compy w~th and abide by al~ or any ot the covenenta. conditions and stipulations of aaW promiasory note, o~ this mo?tgage, in the foreclosure of thia mo?tgage an0 in collecting ihe amount aecu~ed hereby with orwithout tegal p?aceedinfla and to reimbu?ae the Mortgagee for every payment made or tncurred tor eny such purpose wilh in- terest irom date of every such payment at the higheat rate authorized by Iaw; such paymenta and ob8yations, with (nterest thereon as atoresaid, shali be secured by the Ilen hereof. 8. To keep the bullding or buildinys now or hereafter on se(d tand insured against losa or damage by tlt~ exlended coverage and pther perils, in- ctuding wa~ risk insurance M av8ilabte, in a sum not lesg ihan their full inaurable value al tha cost and expense of the Mort9agor in a compeny or companies approved by the Mortga~pee, the policy or policiea to be held by the Mortgegee, and Such policy Or policies oi tnsurance ahall have affixed thereto a Standard Martgagee Ciause, making all loss o~ bsaes under such poUcy or pollcles payable to the Mortga9ee as its Interest may appear, and to deliver said policy or policies to the Mort~a~ee when iaaued with the receipta for the payment ot the premium theretor, ar?d tn the event any sum of money becomes payable under such policy or pol cies, the Mort~ayee ahatl have the optbn to recehre and apply the aame on account ot the indebtedness aecured hereby or to permit ihe Mortgagor !o receive and uae it, or any part thereof, for other purposea, without thereby waiviny or impairing any equity, ilen or ~ight under or by ~ virtue of this mortgaye: snd the MoR agee, if it deema necesaary, may ptace and pay tor such tnaurence, or any part thereof, without bsing, waiving or aNec- ting Mortgagee's option to forecbse~or breach ot this covenant, or any paA thereof, or any ri~ht or option under this mortyage, and every such payment shall bear interest irom date thereof until paid at the highest rate authorized by law, and all such payments with fnterest as aioresaid sha8 be secured by fhe lien hereof. In the event eny loss a damage is suHered MortgagorshaN notify Mortgagee of such losa or damage within lorty-eight (48) houro afler the happening thereoF the taiture to give such notice shall constitute a defauit and the Mortgagee shall have the rights herein given for all defaufls. 9. To permit, commit or suNer ~o waste an~ to maintain the improvemenia at all times in a atate of ~ood repair and condition; end to do or permit to be done to said premises ~othing that wili elter orchange the use and character of said property or in any way impatr or weaken the securityof said mortgaga. In case of ihe refusal, neglect or ina4ility oithe Mortgagor torepair and maintain said property, the Mortgagee may, flt its option, make such repairs or cause the same to be made and advance monies in lhat behalf whkh sums sheil be secured by the lien hereof and bear interest at the highest rate authorized by law. ~ 10. To deliver the abstract o~ abstracts of title covering the mortgaged property to Mortgagee or its designated agent, which shall at al! times, during 4 the life oEthis mortgage, remain in the possession ot the Mortgagee and In event of the foreclosure of this moRgage orother transferof title, all right, title and ~rteresl ot the Mortgagor in and to any such atistract or abst~acts ot title Shall pass to the purChaser or grantee. 11. That no waivet of any covenant herein or in the obligation secured hereby shall at any time hereatter be held to be a waiver of any of lhe other terms-hereof or of ihe note secured hereby, or future waiver ot ihe same covenan~ t 2. That in order to accelerate the maturity ot the indebtedness hereby secured because oi the faflure of the Morteagor to pay any tauc assessment, liability, obiigation or encumbrance upon said property as herein provided n shall not be necessary nor requisite ihat the Mortgagee shall first pay the same. 13. That ii the Mortgagor shali fail, neglect or refuse for a period of thirty (30) days fully and promptly to pay ihe smounts required to be paid by the note herebysecured orihe interest therein specitied orany of the sums oi money herein referred to or hereby secured, or otherwise duly, tuliy and prompty to perform, execute, comply with and abide by each, every or any of ihe covenants, conditions or stipulations of fhis mongage, the promissory note hereby secured and/or the construction loan ayreemen~ if any, then, and In either or in any of such events. without notice or demand, the said eggreflate sum mert- tioned in said promissory note, teas previous payments, if any, and any and all sums mentioned herein or secured hereby shail becqme due and payable fonhwith or thereatter at ihe continuing option of the Mortgagee as futty and completety as if said aggregale sums were oriplnaily stipulated to be paid at ' such time, anything in said promissory note or herein to the contrary norivithstending, and the MoRgagee shall be entitled thereupon or thereatter without ~otice or demand to institute suft at Iaw or in equity to enforce the ~iflhts of the Mortyagee hereunder or under said promissory note. ln the event ot any defauR or breach on the pan ot the Mo~tgagorhereundero?undersaid promissory note, the Mortgagee shall havethe continuing option to entorce payment i of all sums secured hereby by action at law or by suit in equity to foreciose this mortgaqe, either or both, concurrently o~ othenvise, and one action ar suit i shall not abate or be a bar to orwaiver of the Mortgagee's right to institute or mainiain the ather, provided said Mortgagee shall have only one payment and ; satistactlon o! saki indebtedness. ~ t t4. that in tAe event ihat Mortgagor shal! (1) consent to the gppointment oi a receiver, trustee or I'iquidator of ali or a substantial part ot Mortgagors k assets, or (2) be adjudicated a bankrupt or insolvent, or file 8 voluntary petition in bankruptCy, or edmit in writing its inability to pay its debts as they become 1 due, or (3) make a gqneral assignment forthe benefit of c~editors, or(4) file a petitbn or answer seekln~ reorga~izetion or arrangement with creditors, or to 4 take advantage of eny insolvency law, or (5) file an answer admitting the matarial allegations ot a petition tiled againat the Mortgagor in any bankruptcy, ~ reorganization or insolvency proceeding, or (6) action shall b8 teken by the Mottgagor (or the purposs of eHecting any o! the foregoing or(7) any order, judg- ~ mentordecreeshallbeentereduponanapptiCationo}acredito~orMortgaflo[byacourtatcomp8tentjurisdictionapprovingapetitionseekingappointment oi a receiver or trustee of all or a substantial part of the Mortgagora asseta and sucfi order, judgment or decree shali continue unstayed and in effect fw any period of thirty (30) consecutive days, the Mortga~ee maydedare the note ho~eby secured forthwith due and payable, whereupon the principal of and lhe irt- terest accrued on the note and all other aums h8reby secured shall become torth with due and payaWe as'rf all of the said sums of money were originally stipulated to be paid on such day; snd thereupon the Mortgagee without notice or demand may prosecute a auit at law and/a in equity as if all monies secured hereby had matured pripr to its institutiort - 15. That the Mortgagee or any person authorized by the Mortgagee ahell have the right to enter upon and inspect the mortgaged premises at all reasonable times. 16. That any sum or suma which may be loaned or actvanced by the Mortgagae to the Mortqayor at eny time within twenty (20) years irom the date of this indenture, together with intereat thereon at the rate agreed upon at the time of such ban or advance, ahsN be equalty secured wilh and have the same priority as ihe original fndebtednass and be subject to ail the terma and proviabna of thia mortgape~ provided that the aggregate amou nt ot pri ncipal outatan- ding at any time shall not exceed (S 1, or H the precediny biank ia not completed, then an amount equal to one hundred and fifty percent (15096) of the principal amount originaly secured hereby ahall sppy. 17. That, if requtred by Mortyagee, the sald Mortgaflor will pay unto the Mortgagee, on the first day of each and every consecutive month a sum equal to one-tweltth of the annual amount necesaary to pay all taxes and aasessments agalnst the said mortgaged premises, seid monthy sum to be es- timeted soiey by MoRgagee and ca~ulated to be an amount not lesa than the amount of taxes asseaaed egainst said moRgaged premises tor the previous yesr, and if fuAher required by Mo~tgagee to pay atl insurance premiums in manner and form as provided herein for the payment oi taxes and assessmenta 18. That if this moRgage is in connection with construction loan tinancin~, then this mortgage Fs subject to the Construction Loan Agreement dated , 19 betwean the Mo~tgago? and the Mortga~ee, an executed copy of which is in the possession of lhe MoRgagee and is incorporated herein by reference and made a part hereot; any detault by Mortgagor under said agreement shalt constitute an event of defauit under this mortgage. 18. That the Mortgagor will on the request oi the Mortqagee furnish a writter~ statement Of the amount owing on the obligation which this mortgage secures and thetein stete wbether or not Mortgagor claims any detenaes or oHseta ihereta 2 8~~ 5~2 : 939 ~s . . : _ _ - _ _ _ . _ ; _ _ _