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HomeMy WebLinkAbout0947 ' . ~ 11 a!1 w~ny patt of tAe Propsrty w an int~?est tharaln b sold a I~anif•rred py Mort~aflor without Mortpa{iee's p?iw written conse~t, sxcludinp (y tM crNtion oi ~ INn o~ enCUmWance auboMinate to Ihls Mortpaqe, (bl the crealion ot e purChase monsy iacu~Uy Intsroit fa houssi~old appllanc~s, (c~ a tnnalsrbydeviss,d~sc~ntaopentio~otlawupontheds~thofs~olhtt~nantorldlth~prantolanyksseholdiMereatotthrssyeano~tewnotconta~nlnpan; ~ option to pu?chase, Mort~aqee may, at Mortqa~ee's option, declare +~~I the auma aecursd by thls Matp~pe to bs immsdlatsy due ~nd peyaDls. Mortps9ss ahall h~v waiwd sucA oplbn lo socebnte N, prior to the seils or tr~nste~, Monqs4ee snd the person to whom the P~opsrty Is to bs sotd a trsnsferrsd read? spnomeni in wntlnp that the credit ol such psrson Is aatisfactory to Mortpapes and that the interest ~yabb on ths sum~ sscured by ihis Monqaye shall bs ~ at such nte ss Mortqaqes shR11 request 11 Monqaqae has waived the opfbn to accelerate provided M Ihia parapnph 4, and if Mortpaqee's succesaor in irfter~st Aaa sxscutsd a written sssumpUon aqraement accapted in w~itinq by Mort~aqee, Mortqaqee ahall ~elease Mortqe9o? from ell obl{patlona u~dar this Note and Matqaya Y ~ 5. Tha! in ths event of a sult bel~p i~stftutsd to fo~eclose thls mort ape, the Mortyaqea ahall ba entitled to appy st any tima du~in9 auch lorecloau~e wfl to lhs court havi~g ~uNadlCtbn thereof tor tha appof~tment of a rece~ver ot all and sin9ular the mortgaqed p~opeRy, end ot all rents, Ircomes, p~dit~ bauea and revenuea thereot, lram whatsoevar source derived; end tAereupon ft is hereby exp~essy oomenanted and s9reed tAat ihe court ahall falhwNh ap point such receivsr with the usual powera and duties of receNera in Iike casea; end aeid appoi~tment ahatl be made by the cou~t aa a metter oi strtct ~ipht to the Matpa~e0. and wHhout reference to ihe Adequacy or inedequacy ot the value of tha property hareby mortQaped, or to the soNency or Inaokency of ihe Mortqa~or or any othe~ party defeodant to such auit. The Mongagor hereby apecif~aly waiv~s the rigAt to obJect to the appointmeM of a receiver as aforeaald and hereby expressy consents that such appointment ahall be made as an admttted equlty and as a matterot abaolute ripht to tAe Mortqagee and that the aame may be done wlthout not?ce to the Mortgagor. 6. That if any proceedinqs ahould be inatituted aQainat lhe property covered by this morigege upon any other lien or claim whethet aupeNor ot junior to the Ilen ot thia mon9aqe, the Mortgayee may at ita option immediately upon institution of such suft or during the pendencylhereof declare this mortflaqe a~d the Indebtedneae secured hereby due and payable torthwith and may at its optton proceed to toreclose this mortgage. 7. To pay all and ainyulpr the costs, fees, charges and expenses of every kind includinp the cost of sn abstract of titte to setd tands found to be con- venient or expedtent In cor~nectlon with any suit for ths foreclosure ot this mortgage, and alsa includiny. whethe~ the Mortgegee is obligated to pay same or ~ot, reasonable attorneystees incurced or expended at any time by the Mortqayee because of the tailure of the Mort9aflor to perform; compywith and abide by all or sny o( the cove~ants, cond(ttons and atfputatio~s of aaW promisaory note, or this mortgaga. the loreclosu~e af thia mortQape end in collecting the amount aecured hereby with orwHhout 1efla1 proceedinga, and to reimburse the Mortgagee tor every payment made or incu~red for any suCh purpose virith in- terest trom date of every suCh payment at the highest rate authorized by Iaw; auch payments and obtigations, with interest thereon as aforesaid, shall be secured by ihe Nen hereof. 8. To keep the building or buildinqs now or hereafter on said land insured againat loss or damage by flre, extended Coverage and oiher perils, in- dudin~ war tiak insura~ce it available, in a sum not less than their (uli insurabte value at the cost and expense of the Mortgagor in a compeny or companiea approved by the Mort~egee, the policy or policies to be held by the Mortgagee, and such poilcy or policies of insurance shaU have aHixed thereto a Standard MoRpaQee Clause, maktng ei) loas or losses under ~such policy or policies paysble to the Mo~tflagee as its interest may appear, and to delNer satd policy pr poNcles to the Mort~agee when Isaued with the receipta tor the payment of the premium theretor, and in the event any sum ot money becomea payaWs under such polfcy or policies, ihe Mortgagee ahall have the optlon to ~ecehre and appy the same on eccount of the indebtedness secu red hereby or to permit the Mortflagor to receive and use ft, or any pan thereot, for other purposes, without thereby wahring or impairin~ any equity Ilen or right under or by virtue W this moAgafle; and the Mort aqee, iT it deems necessary, mey place and pay for such insurance, or any part ihereoi, without bsing, waiving or affec tin~ Mortpagee's option to forecbse~or breach of this covenant, or any part thereof, or any right or option under this mortgaye. and every such payment ahall bear Interest trom date thereot untii patd at the highest rate authorized by law, and all such paymenta with interest as storeaeid ahatl be secured by tAe Ilen hereof. in the event any loss or damage la suHered Mortgagor shall notify Mortgagee of such loss or demage within torty~eight (48) hours after tfie happening thereof; the tailure to give suCh ~otice shali constitute e deisuit aod the Mortgagee shall have the rights herein given tor all detauRs. 9. To permit, commit o~ suifer no waste and to maintain the improvements at all iimes in a state of good repair end condition; and to do or permit to be done to seld premises nothing that will alier or change the use and character ot said property or in anyway impairor weaken the securityof said mortgage. in case of !he retusab neglect or inability of the Mortgagor to repair and maintein said propeny, the MoRgagee may, at its option, make such repairs or cause the same to be made and advance monies in that behalt which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by (aw. 10. To deliver the abstract or abstracts ot litle covering ihe mongaged property to Mortgagee or its designated agent, which sha11 at all times, during the !i!e of this martgage, remain in the possession ot lhe Mortgagee and irt event of the toreclosure ot this mortgage orother transfer of title, all right, title and interest of tAe Mortgagor in and to any such abstract or abstracts ot title shall pass to the purchaser or grantee. 11. That no waiver of any oovenant herein or in the obiigation secured hereby shall at any time hereafter be held to be a waiver oi any of the other 'i terms hereot or of the note secured hereby, or future waiver oi the same covenant 12. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure oi the Mortgagor to pay any tax assessmen~, ttabifity, obligation a encumbrance upon said property as herefn provided, it shall noi be necessary nor requisite that the Mortgagee shall firat pay lhe same. 13. That if the Mortgagor shall teil, ~eylect or refuse for a period of thirty (30) days tuly and promptly to pay the amounts required to be paid by the note herebysecured orthe interest therein specified or any of the sums of money herein referred to or herebysecured, or othenaise duly, fuliyand promptlyto perform, execute, compty with and abide by esch, every or any of the covenants, conditions or stipuiations of this mortgage, the ~ramissory note hereby secured and/or theconstrudlon loan agreement, if any, then, and in either or in any of such events, without notice or demand, the said aggregete sum men- tioned in said promissory note, less previous payments, N any, and any and ail sums mentioned herein or secured hereby shall become due and payabfe to~thwith or thereaiter at the continuing option of the Mortgagee as tuty and completely as H said aggregate sums were originally stipulated to be paid at such time, anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suH at law or in equity to entorce the righta of ihe Mortgagee hereunder or untler said promissory note. Irt tha event ot any detauR or bteach on the part of ihe Mortgagor hereunder or under said promissory note, the Mortgagee shall have iho continuinfl optbn to enforce payment of all sums secured hereby by action at law or by suit in equity to toreclose this mortgage, either o~ both, concurrentiy or otherwise, and one action or suit shalt not abaCe or be a bar to or waiver of the Matgagee's right to institute or mainlaln the olhe~ provlded said Mortgagee shall have only one payment and satisfaction ot saW indebtedness. 14. That in the event that Mortgagor shall (1) consent to the appointment of a teceiver, trustee or liquidetor of all or a substantial part oi Mortgagors assets, 0?(2) be adJudicated a bankrupt or insolvent, or file a votuntary petition in bankniptcy, or admit in writing its inabitity to pay Ns debts as they become due, ~r (3) make a genersl assl~nment tor ihe benetii of creditors, or (4) file a petHion or answer seekinfl reorganizatbn or enangement with creditors, or to take advantage of any insolvency law, or (5) file an answer admittin~ the material alleyations of a petition tiled aflainst the Mortgagor in any bankruptcy, reorpanitation or insolvency proceedinq, or (6) action ahaU be taken by the Mortgaqo~ for the purpose of effecting any ot the foregoing or(7) any order, judg- ment or decxee shail be entered upon an appiication of a creditorar Mortgagor by a court of oompetent juriadiction approving a petition aeeking appointment d a receiver or ttustee of all or a suDstential part of the Mortyagors assets and such order, judgment or decree shail continue unatayed and in eHect (or any perbd of thirty(30) consecuiEve daya the Mortgagee may deciare the ~oie hereby secured iorthwith due and payable, whereupon the pri ncipal of and the in- terest acx.~ued on the note and all other suma hereby secured shall become forth with due and payable as if ail of the said sums of money were originaly stiputated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecute a suit at !aw a~d/or in equity as if a!1 monies se~ured hereby had matured p~ior to its Institution. 15. That the Mortgagee or any person authorized by the Martgagee shall have the right to enter upon and inspect the mortgaged prem'~ses at al) reasonable timea . 18. That any sum or sums which may be loaned or advanced by ihe Mort~aflee to the Mortgagor at any time within twenty (20) years irom the date of fhia indenture, to~ether with interest thereon at the rate egreed upon at the t(me oI such toan or advance, shail be equatty secured with and have the same priority aa the orlglna! )ndebtednesa and be subject to all the terms and provisbns of this mortgage; provided, thet the aggregate amou nt of principal outstan- ding et any time ahali not exceed (tr or if the preceding blank is not completed then an amount equal to one hundred and fffty percent (15096) ot the principat amount originaHy secured hereby shell appfy. 17. That, if requfred by Mortgagee, the saW Mortgagor will pay unto the MoRqayee, on the tirat day of each and every consecutive month, a sum , equa! to one~lwelNn of the annual amount neceasary to pay ali taxes and assessrt:ents againat the said mortgaged premises, said monthly sum to be es- , timated aolely by Mortgagee and calculated to be an amount ngt less than the amount of taxes assessed against aaid mortgaged premises tor the prevfous year, and if further required by Mortgagee to pay aN insurance premlums tn manner and form as provlded herein tor the paymenl of texes and assessmenta 18. That if this mortgaye is fn connection with conatruction loan financing, then this mort~age is subject to the Constreictfon Loan Agresment deted . 19 betwaen the Mortgagor and the Mortgagee, an executed copy of which is in tha possession of the ~ Mortyagee s~d is incorporated herein by reference and made a part hereof; eny detauR by MoRgagor under said agreement shall constitute en event ot ~ defauk u~der this mortgage. ~ ' 19. That the Mortgagor wiii on the request oi the Mortgagee fumish e written atatement ot the arnount ovr(ng on the obtigation wh~h this mortpage securea end theretn atate whether or not Mortgagor claims any defensea or oHsets thereto. 2 0 R BOOIf PACE s4s - - _ ---,_~.~._.v___ - - _ Y . . a_ ' - - , ' . ~ ~ . - _ _ . . .~~~._~.r~.. tw"' , '