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HomeMy WebLinkAbout0947 . . ' . 4. If all or any paM ot tha P~operty a sn tnterest tAe~etn 1s sold o~ franafer~ed by MortQapa w~thout Mortpa~ee's prior written coneent, axciudin~ (a~ ths creatbn ot a Ilen a encumbrence dubordinate to this Mortyays, (b, the c~ealio~ Of a pu~Chase money securfty Intereat for houeehold eppliances, (c) e tranafer by devise, descenl or operatlon of law upon the death ol a ~olnttenant or the Q~ant ol any leaeehotd i~terest of three yearo or less not contalntn~ an ~ optbn to purchaae, Mort~ayee msy, et MOrtqa~ee's opiton, declsre aN the aums secured by tt~fs Mortpa~e to be Irr~medlately due aod payabla Mortys~ee ahal! have weivec! auch optlon fo acceleiafe It, prior to the sale oc transter, Mongeyee and the pe~son towhom the Prope~ty is to be sold or t~ansterred reach a9reement Inw~itinp that the credit of auch peroo~ is satistactory to Mon~aqee and lhat the interest paysbte on the aume aecured bythts Monyage shail be wt such rate as Matya9ee shall request. If Mongagee has wa(ved the optbn to accelerate provided in thia paregreph 4, and tf Mortfla9ee's successor in interest has exeCUted e w~itten aaeumptton aflresment accepted in writinp by Mortpagee, Mortgapee shall release Mortgagorirom all obliyatio~s unde~ thia Note a~d Mort~a9e. 6. That in the event of a auit beinp inatituted to foreclose thia moRpey~. the Monysgee ahail be entftled to apply at any tlme durin9 auch forectosu~e auit to the court havinq jurladictbn lhereof for the appointment of a ~eceive; of sli and sinqular the mo~t9eged properry, and of all rent0. tncomea Protita ttsuea and ~evanues thereof, from whatsaever source derlved: and thereupon R ia hereby expresaly convenanted and aQreed that tAe coun ahall torthwith ap~ point such recetve~ with the usual powers end dutles of ~eceivera in Ilke cases; and sald appolntment shall be made by the coun as a matier of strict riphl to the Mort4eqe0. and without reference to the edequacy or InadeQuacy of the value oi the property hereby moR~a~ed o~ to tRe aohrency or InsoNency of the ModQa~or or any other pa~ty defendant to such suit The Mon9ayo~ hereby apecificaily waives the right to o Ject to the appointment of a ~eceiver as atoreaeid end he~eby expreaay conaenta thet auch appointmen! ahall be mede as a~ admitted equity and es a matter of abaolute rtght to the Mortgagee and ~ the~t the aame may be done without not~Ce to the Martpagor. 8. Thatifanyproceedin sshouldbeinstitutedeyeinatthepropertycoveredbythismongageuponanyotherlleno~claimwAethe?superloror)unior to the Uen Of thls mortpage. the~ortgayee may at its option immediately upon Institutton o( such suft o?during the pendency thereot deciare thia mortQage and the indebtednesa aecured hereby due and payable forthwith and may at ita option prxeed to toreclose thie mortyaya 7. To pay all e~d singular the costa, feea~ Charyes and expenses of every kind, including ths coat of an abstract of title io said landa tound to be Con- venient or expedie~t tn connecNon with any suit for the torectosure of this mortgage, and also including, whether !he Mo~tgegee is obliyated to pay aame or ~of, reasonable attomeys fees Incu ned or expended at a~y ti me by the Mortgagee because of the tailure of the Mortgagor to pe~form, compy wNh and ablde by alt or any of the covenanta, condiilons and stipulations of satd promissory note, or this moK~age, in the toreclosure ot thia mortyape and M collecUny 1ha amount aeCUred hereDy wlth or wHhout legai proceedings, and to reimburse the Mortgagee tor every payment made o~ incuned for any such purpoae wfth in- tareet trom dete of every such payment at the hiqhest rate authorized by law; such paymenta and obligations, with interest thereon as etoresaid, shall be secured by the lien hareof. ' 8. To keep the buildinp or buildin~s now or herea(ter on said iand insured agatnst loss or damage by fire, extended coverage and other perii& in- cludir?fl war riak insurance N available. in a sum not less than their full insurabte value at the cost and expense of the Mortgagor in a company o~ compantes approved by the Mortgagee, the policy or policles to be held by tAe Mortgayee, and such poticy or policfes of insurance ahatl have aNtxed thereto a StendaM Mo~t~apee Clauae, makinp all lose or losses under such poltcy or policies payable to lhe Mortgagee as its interest may appear, and io deliver sald pol{cy pr polFcies to the Mortgayee when issued with the receipts for the payment of the premium there(or, and In the event any aum of money becomes payabls undet such policy or policiea the Morigegee ahatl have the option to receNe and appy the same on aocount of ihe indebtedness secured hereby or to permit the Mortya9or to recerie a~td use iR or any pa~t thereof, tor other purpoaea, without thereby waiving or impai~ing any equiiy, lien or ?ight under or by vinue of this mortqa~e; and the Mo?tgayee, if k deems necessary, may plece and pay tor such insurence, or any part thereot, without losing, waiving or aNec- tirp Monqa flee'e optFon to torecbae !or breach of this c:ovenent, or any part thereof, or any ripht or option u nder this mortgage, and every auch payment shall bear i~tereat from date thereoi until paid at the highest rate auihorized by Iaw, and all such payments with intereat as ato~esaid shali be secured by the lien hereof. in the event any ioss ordemase Is suffered Mortgagor shall notlfy Mortgagae of such loss or damage wNhln forty-elyht (48) hours after the happening thereof; the failure to give such nottce shall constitute a detauN and the Mortgagee shall havs the rights herein given for all defaults. 9. To permit, commit or auffer no waste and to maintain the improvements at all iime8 in a stete of good repair ~nd condition; and to do or permit to be done to said premises nothing that will alteror change the use and character of sa(d property or in any wey impair orweaken the securiry oi said mortgaga In case ol the refusa~ negfectorinabilityof the Mortgagor to repair and maintain said property, the Mortgagee may, at its opHon, make such repairs orcause the same to be made and advance monies in that behatf which sums shall be secured by the Ilen hereof and bear interest at the highest ~ate authorized by law. 10. To deliver the abstract or abstracts ot title covering the mo~tgaged property to Mortgagee or its designated agent, which shalt at atl times, during the tife of thfa mortgage, remain in ihe possession o! the Mortgagee and in event of the foreclosure of this mortgage orother transfer ot title, all right,titie and interest ot the Mo~tgagor in and to any such abstract or abstracts of title shali pass to the purchase~ or grantee. 11. That no waiver of any covenant herein or in the obligation secured hereby shail at any time hereafter be heid to be a waiver of any of the other terms hereof or of the note secured hereby, or future waiver of the same covenant 12. That in order to accelerete the maturity ot the i~debtedness hereby secured because of the failure of ihe Mortgagor to pay any tax assessment, liability, obifpation or encumbrance upon said property as herein provided, it ahall not be necessary norrequisite that the Mortgagee shatl first paythe same. 13. That if the Mongagor shall fail, neglect or refuse for a period of thirty (30} days fuly and promptfy to pay the amounts required to be paid by ihe Rote herebysecured or the interest therein specifted or any ot the sums oi money herein reterred to or hereby sfscured, orotherwise duly, fully and prompty to perform, execute, comply with and abide by each, every or any of the covenants, conditions or stipulations of ih?~; mortgage, the promisaary note hereby securedand/orthe constructfon loan agreement, if any, then, and in eitheror 1n any of such events, without notice or demand, the said aggregate sum men- tioned in said p~omissory note, less previous payments, H any, and any snd all sums mentioned herein or secured hereby shall become due and payable forthwith or thereatter at the contiituing option of the Mortgagee as fuly and compietely as ii said aggregete sums were originally atipulated to be paid at auch time~ enything tn ssid promissory note or herein to the contrary notwithstanding, and the MoRgagee shall be entitled ihereupon or thereafter without notice ot demand to insiitute suit at law or in equity to en(orce the rights of the Mortgagee hereunder or under said promissory note. In the event of any defautt or breach on the part ot the Mortgaflor hereunder w under said promissory note, the Mortgagee ahall have the continuinp optbn to eniorce payment d all sums secured hereby by actton at Iaw or by suit in equity to toreclose this mortgage, either or both, concurrenty or othenerise, and one action or suit shall nOt sbate or be a bar to orwaiver ot tha Mortgagee's right to institute or maintain the other, provided said Mortgages shall have only one payment and setisfacUon of said indebtedness. 14. That In the event iha! Mortgagorshall (1) consent to the appointment of a receiver, trustee or liquidator of ali or a substantial part of Mo?tgagors assets, or (2) be edjudicated a bankrupt or insolvent, or fite a voluntary petition in bankruptcy, or edmit in writing ita inability to pay its dabts as they become due. or (3) make a genetai asaignment tor the benetit of credito~s, or(4j tile a petition oranswer sesking reorganizaiion or arrangement with creditors, or to take advantage of any insolvency law, or (5) file an answer admitting the materfal ailegations ot a petition tiled against the Mongagor in any bankruptcy, reorganization or insoNency proceedfng, or (6) action shall be taken by the Moftgagot for the purpose o( eltecting any of the (aregofng or(7) any order, judg- ment cxdec.~ee aha!! be entere~ upon an applicatlon of a c~editor or Mortgagor by a coun oi competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part ol the Mortgagors assets a~d such order, judgment or decree shall continue unstayed and fn eKect iw any perial of thirty (30) consecutive days, the Mortgagee maydeclare the note herebysecured lorthwith due and payable, whereupon the principal of and the in- tereat aocrued on the note and ail other sums hereby secured aball become torth with due and payable as H all of the said sums of money were originaliy atipulated to be paid on such day. and thereupon lhe Mortgagee without notfce or demand may prosecute a suit at law and/or in equtty as if all monies ' seeured hereby had matured priot to its insfitutlon i5. That the Mo~tgagee or any person euthorized by the Mortgagee shall have tha right to enier upon and inspect the mortgaged premises at all reasonable timea 16. Thai any aum or aums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years from the date of this indenture, toyetherwith interest thereon at the rate agreed upon at the time of such loan or advance, shaN be equaliy securedwith and have the seme p~ority aa the original indebtedness srtd be subject to a!I the te?ms and provisions ot this mortgage; provlded, that the aggregate amount of principal outatan- , dt at an tim h I r?y y e s a I not exceed (t or if the preceding blank is not compfeted then an amount equal to one hundred and fifty percent (15096) of the principal amount oriylna{fy secured hereby shati apply. 17. Thet, if required by Mortgay8e, the said Mortgagor will pay unto the Mortgagee, on the tirst day of each and every consecutive month, a sum equal to one-twelffh of the annue) amount necessary to pay a!I taxes and asseasments against the seid mortgagad premises, seid monthty sum to be ea- timated solety by Mortyagee and calculated to be an amount not less then the amount oi taxes asseased against said mortgaged premises tor the previous year, and if funher required by Mortgagee to pay atl inaurance premiums in manner and (orm as provided herein tor th8 payment of taxes and assessments. I'~ 18. That if this mortgage is in connection with construction loan financ(ng, then this moRgage is subject to the Construciian Loan Agreement dated , 19 between the Mortgagor and the Mortgagee, an executed copy of which is in the possession of the j Mortflegee and fa incorporated herein by reference and made & part hereof; any detault by Mortgagor under said agreement shall constitute an event ot ~I deiautt under this morfgage. . 19. That the Mortgagor wiil on the requeat of the Mortgagee furnlah a written statement of the amount owing on the obtigetion which thts mortgage I securea and theretn atate whethe? or not Mortgagor cia)ms any detenses or oNseta thereto. ~ i ~ ~ ~ . f~ 2 BOOK 5~9 PAGE 946 ~ ~ ~