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HomeMy WebLinkAbout0943 . ~ . . , ~~V~ 4. If all or any pan ot the Propa?ty a an IMa~ast thereln is sold w lransfe~rad by Mongagor wNhout Mortqapee's prb~ w~itten conaent, excludiny (p the creatbn of e Nen or encumbrance subordlnate to thls Mortpa~e, t~e c~estlon ol a purchaae money aecurity Interest for household sppllancea, (c) a trensfer by devias, descent or operatlon of law upon ths death of a ~olnCfenant or (cq the qrent of any leasehold Inte~est of th~ee years or less not containloy an ~ option to purchaae, Matqapee mey, st MoApeflee'a option, declare all ths sums sacured by thia Mon~apa to bs Immediatey due snd payabla MortQs9ee sh~ll have waNed suah optbn to scceterate N, p~ior to the sale or transfer, Mony~flse end the peraon to whom the P~oparty ta to be sold or trensfened re~ch e~roement inwritlnp that ths credit of such pe~son ta ealiafactory to Monqagee and thet the Intereat payable on the aums secured by lhis MoRqaye ahall be at auch ate es Mort~a~ee ahall requea~ It Mortpaflee hes waived the optlon to accelerate provided In thts pa~agraph 4, end It MoA~aqee's successor In interost has executed a written aaaumptlon aqreement accepted in wrltin~ by Mortqeaee, Mortqa9ae ahall releaae Mo~t~agor from all obllgatlons underihls Note and Mort~aqa 5. That in the event of a sult being Instituted to foreclose lhis mortpage. the Alortpa~ee shall be entitled to apply at any time duriny auch foreclosure suit to the court havin~ ~u~isdiction thereof for the appolnlment of a receive~ ot ell and sin9uler the monqa9ed property, and oi all ~ente, income0. Profits, lasuas e~d revenues theroof, from whatsoever soutce derived; and thereupon it la he~eby expressy convena~ted and a~~eed that the cotirt shall forthwfth ap~ point auch recehrer with the uausl powera and duNea of receNera in Ilke cases: and said appointment ahal! be mede by tha cou~t as a matter of atr~t ripht to the Mort9agee, and without reference to the adequacy or Inadequacy of the vatue of the property hereby mort~a~ed or to the sohrency or inaoNency oi the MoA~ayor or any other party defendant to auCh auit The Mongagor hereby specificelly waives ihe right to oblect to the appolntment of a receiver as afo~essid and hereby expressly conae~ts ihat such appointment shall be made es an admitted equtty end as a maiier of absolute right to the Mortqagee e~d that the same may be done without notice to the MoRgagor. 8. That if any p~oceedin s should be inatituted a9alnst 1he property covered by lhis mortgage upon any other Hen or claim whether auperior or Junior to the Ilen of this mortgage, the~ortqagee may at its opUon tmmediatety upon institutlon of such suit or during the pendency thereof declare thls mortgage and the indebtedness aecured hereby due and payable forthwith a~d may at its option proceed to foreclose this mortgaga T. To pay all and ainyular the costs, lees, chargea and expensea of every kind inciuding the cost of an ebatrsct of title to satd lends found fo be con- venieM or expedient in connection with any auit for the forealosure of thia mortgage, and atso including, whether the Mortflayee is obligated to pay same or not, reasonabte attorne~s fees incur~ed or expended al any time by the Mo~tgagee because of the taflure oi the Mortgagor to peAorm, complywfth and abide by ail o~ any of the covenanta. conditbna and atipulationa of said promissory note, o~ thia moKgaye, in the toreclosure of thls mortqaqe arxf in collecttnq the amount secured hereby with orwithout leqal proceedinga, and to reimburae the Mortgagee tor every payment made or tncurred tor any such purpose wfth In- terest trom date of every such p8yment at the hfghest rate authorized by law; such payments and obligations, with interest thereon as atoresaW, shail be aecured by the Ilan hereot. ' 8. To keep lhe buHdiny or buildinys now or hereafter on said land insured against loss or damage by tir~ extended coverage and other perits, (n- cludin~ war risk insurance H available, in a sum not less than their full insurable value at the cost and expense of the Mortgagor in e company or companies approved byihe Mort~agee, the policy or policies to be hetd by the Mortgagee, and such policy or pollcies of insurance shall have aHixed fhereto e Standsrd - Moct~agss Clause, makinQ ell loss or b~es under $uch policy or policies Qayable to the Mqrtgagee es ita i~terest may appear, and to deliver seW policy or pOlicies to the Mortflayee when issued wkh the receipts for the payment of the premium therefpr, end in the event any sum of money becomes payabls unde~ auch poticy or po8ctes, it~e Mortgagee ahall have the optbn to receive and appy the same on account of tfie indebtedness secu~ed hereby or to permit the Mortgaflo? to receive and use it, or any part thereof, for ofher purposea, without thereby waiving or impat~ing any equity. lien or right under or by Wrtue of ihis mortgage; and the Mortgagee, if it deems necessary, may ptace and pay for such insurence, or any part ihereof,without Iosing,waiving ar affec- tiny Mortpaflee's option to foreclose for breach oi this covenant, or any part thereot, or any riqht or option under thls mortgage, and every auch peyment shall bear Interest trom date thereof untfl paid at the highest rate authorized by law, and all such payments with intereat as aforesaid shall be secured by the Hen hereof. In the event any loss or damaye is autiered Mortgagor shall notify Mortga~ee of such loss or damage within torty-eight (48) houre aRer the happening thereof; the leilure to give such notice shall constitute a defauit and the Mortgagee shall have the rights herefn gNen for all defeufta 9. To permit, commft or suffer no waste and to maintain lhe improv~ments at all times in e atate of good repair and condition; and to do or permit to be done to said premisea nothing that will alter o~ change the use and character of said property or in any way impair or weaken tAe securiy ot said mortgaga In case of the refusal, neglect or inabiliry of ihe Mortgago~ to repair and maintain safd property, the Mortgagee may, at its option, make such repairs urcause the same to be made and advance moniea In that behaH which sums shali be secured by the lien hereof and bear lnterest at the highest rate authorized by Iaw. l0. To deliver !he abstract or abstracts of title covering the mortgaged property to Mortqagee or its designated agent, which shall at all times, during the IHe otthis mortgage, remain in the possession of the Mo~tgagee and in event of the foreclosure ot this mortgage orother transferof title, all right, title and _ interest of lhe Mortgagor in and to any such abstrect or abstracts oi title shall pass to the purChasar or grantee. 11. That no waiver oi sny covenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver oi any of the other terms hereof or of the note secured hereby, or future waiver of the same cavenant 12. That in order to accelerate the maiurity of the indebtedness hereby secured because of the tailure of the Morigagor to pay any ta~c assessment, liability, obiiyetion or encumbrance upon saW property as herein provided ~t shali not be necessary nor requisite that the Mortgagee shall first paythe same. 13. That if the Mortgaqor shali fail, neglect or refuse for a period of thirty (30) days tuiy and promptly to pay the amounts ~equired to be paid by the note herebyaecured or the interest therein specified orany of the sums of money herein referred to or hereby secured, orothervvise duty, fully and prompty to periorm, execute, comply with and abide by each, every or any of the covenants, conditionss or stipulations oi thia mortgage, the promissory note hereby ! secured and/or the construclion loan agreement, it any, then, and in either or in any of such events, without notice or demand, the said aggregate sum men- ! tioned in seid promissory note, less previous payments, if any, and any a~d all sums~mentioned herein or secured hereby shall become due and payable foAhwith or thereafter at ihe continuing option oi the Mortgagee as fuily and completey as it said aggregate sums were onginelly stiputated to be paid at E such time, anything in said promissory note or herein to the contrary notwithstand(ng, and fhe Mortgagee shall be entitled thereupon or thereafter without ~ notice or demand to inatitute suit at law or in equity to eniorce the rights af the Mortgagee hereunder or under said promissory note. ln the event o! any ~ default or breach on the pe~t of the Mortgagor hereunder or under said promissory note, the Mortgagee shall havethe continuin~ option to enlorce payment ~ of all aums sacured hereby by action at Isw or by suit in equity to foreclose this mortgage, either or botF~ concurrently or othenwrise, and one action or suft p shall not abate or be a bar to orwaiver of the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and ~ satis(aCtion of said indebtedness. ~ 14. That in the event ihat Mortgagor shall (i ) consent to the appointment of a receiver, trustee or IFqutdator of all or a subatantial part oi Mortgagors ~ aaseta, or (2) be adJudicated a bankrupt or insolvent, or file a voluntary petitbn in bankruptcy, or admit in writing its inabflity to pay its debta as they become due, or (3) make a general assignment for the benefR of creditora. or (4) fite a petitbn or answer seekiny reorganization or a?rengement with creditors, or to take advantage of any insolvency Isw, or (5} file an answer admittinfl the material allegations o( a petition tiled against the Mortgagor in any bankruptcy, ~ reorgenizatbn or insolvency proceeding, or(6) action aheii be taken by the Mortgegor for the purpose of etiecting any of the toregotng or(7) anyorder, judg- 1 mentordecteeshallbeentereduponanappiicetionofacreditororMortgagorbyacourtoicompetentjurisdictbnapprovingapetitionseekingappointment , of a receiver or trustee of sll or a substantial. part of the Mortgagor's assets and such order, judgment or decree ahali continue unstayed and in eHect for an~ ~ period of thirty(30) consecutive days, the Mongegee maydeciare the note herebysecured forthwith due and payabie, whereupon the principal of and the in- terest axrued on the note and all other sums hereby secured shall become forth with due and payable as N all of ihe said aums of money were originally , stipulated to be patd on such day; and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if ail monies se~ured hereby had matured prior to its institution. ~ 15. That the Mortgagee or any person authorized by the Mortgagee ahall 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 l~Aortgagee to the Mortgagor at any time within twenty (20) years irom the date of this indenture, together with interest thereon at the ~ate aereed upon at the time of such loan or advance, shatl be equalysecu~edwith and have the same priority as the original indebtedness and be subject to all the terms and provisions of thts moRgage; provided, that the aggregate amount ot principal outatan- ding at any time ahall not exceed (t 1, or if the preceding blank Is not completed then an amount equal to one hundred and fifty percent (15096) ot the principal amount originaily secured hereby shail apply. ' 17. Tha4 if required by i~iorigagee, ine said iuiorigagor wiii pay unto ihe Mortgagee, vr~ ti~s iirst day oi eech &nd every consecutive month, a sum equal to one-tweltth of the annual amount necessary to pay all texes and assessments against !he said mortgeged premises, said monthiy sum to be ea- timated solely by Mortgaflee and calculated to be an amount not less then the amount of taxes essessed against said mortgaged premisea for the previous year, and if further required by MoRgagee to pay all insurance premiums in manner en~ form as provided herein for the payment of taxes and assessments. 18. That if ihis mortgage is in connection with conatruction loan financing, then lhis moRgage is subject to the Construction Loan Agreement dated . 19 between the Morlgagor and the Mortgagee, an executed copy of which is in the posseasion of the Mort~ayee and is incorporated herein by reference and made e part hereo(; any defauft by Mortgagor under said agreemant shall constitute an event ot i defauN under this mortgage. 19. That the Mortgagor will on the requeat of the Mortgagee (urnfah a written atatement ot !he amount owing on the obligation whkh this mortgage aecures and therein atate whether or not Mortgagor clafma any de(enses or oHsets thereto_ 2 BOOK 549 PAGE 9~