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HomeMy WebLinkAbout0950 4. It ell o~ any pari of the Ptopsrty o~ an Interesl therein Is aold or transferred by Mort9epor without Mortpaqee's prbr written co~sent, excludin9 (y . ths c~eatbn of a Ilsn or sncumbrance subwdinata to thla Mortqs~e, (b) ths creation of s purchass monay aecuriry intereat fa household appNa~ces, (q a tranafer by deviae, desCent ot operation of Isw upon the death ol a ~ointteni~nt or the prant ol any kasehoid interest of three years or less not contatnlnp an • option to purchasa, Mat~a~ee may, et Monqaflee's option, declare all tha sums secu~sd by this Mortqefle to be immediatay due and Wyable. Mortpa9sa ahall have waived such optbn to axelerete N, prior to ths aele or transfer, Mortqapee end the person to whom the P~operty Ia to be sold o~ transferred rsacl~ a~reement In w~itin9 that the credit ot auch ps~son la aatiafactory to Mortflapee and 1ha1 the interest payable on ihe auma aecured by thls Mon~a9e shall bs at such rate aa MortQa9ee ahell rsquesl If Mortqaqee has wafved the optbn to accelerate provided in thla parayraph 4, and if Mortqaqse'a auccesaor in inte~est has execuied a written aaaumption a~reemenl accepteu in wriiing ~y nnonpayee, ir;u~ ~~ayee ahall release Mortya~or from all oblipatlona unde?this Note and Mortqaqe. 5. That I~ the event of a auR beinp inatituted to to~eclose thia martgaQe, the Mongaflee ahall be eMilled to apply at any time durin{~ such forectoauro suit to the court havinfl juNadictbn thereof for the appotntment ol a recefver ot all and singular the mortpaged propeAy, and of all renta, inCOmes. profits, iaaues and revenues thereof, f rom whatsc~ever source defired; and thereupon it Is he~eby expressly convenanted and a~reed ihat the cou~t shall torthwflh ap~ potnl such receiver with the usual powera and duties of recetvers in Iike cases; and said appointment shall be made by the court as a matier of atrkt riqht to the Mortyaflee, and without reterence to the adequacy or tnadequacy of the value of lhe property hereby mortqaged o? to the aohrency w InaoNency of the Mortfle or or any other pary.dafendani to such suit TAe Mortgagor hereby specifically waives the hght to ob~ect to the appotntment o} a receiver as aforeae~d and hereby expressy conaents that such appointment shell be made as an admitted equity and as a matier of absolute ~fghl tothe Monyagee and thet the same may be done wfthout ~otlce to the Mortgegor. 8. That if any proceedin $ Sh~iii~1 [i0 iilj~ii `4a sQaEnst the property covered by this mortgage upon any other lien or claim whether auperioror Juntor to the Iien of thts m0~tgaye, the~ortgagee may at its option Immediately upon institution of such suit or during the pendency thereof declare this mortgafle and ihe indebtednesa eecured hereby due and payable forlhwith and may at its option proceed to foreclose this mortgage. 7. TA pety all and einyuier ihe COSts, fees, ch~ign6 a~~u nX~ini ~aaa ~i n'v6iy i:i~~uti ~:-~;..';;ding ihe cost of an abstract of title to aatd lands found to be con- venient or expedient in connection wfth any auit (or the foreclosure of this matga9e, and also includtng, whether the Mat9agee la obligated to pay aame or not, resaonable attorne~s teea incuned or expended at any time by the Mortgapee because of the failure of the Mortga~or to perform, complywith and abide by all or any oi the covenants, conditbns a~d stipulationa ot said promissory not~ or this mortgage, in the foreclosure of this mortyafle and tn oollectiny the amount secured hereby with or without leqal proceedinpa, and to retmburae the Matgagee for every paymant made or incu~red tor any such purpoae with in- terest trom date oi every such payment at the hfghest ~ate authorized by law; such payments and obligatiOns, with interest the~eon as aforeaaid, shall be secured by the Ilen hereof. 8. To keep lhe buliding or buitdings now w hereaNer on said land insured against loss or damage by fire, extended coverage and other perils, in- ctuding war risk inaurance N avafiable, tn a sum not less than their (ull insu~abte value at the cosf end expense ot ihe Mortyayor in a compeny or companies approved by the Mortgagee, the policy or policies to be held by the Mortgagee, and such policy or pol(cies of inau~ance shall have aHixed thereto e Stendard Mort~ayee Clause, meking all loss or tosses under such policy or poBcies payabte to Ihe Mortgagee as its interest may appear, and to deliver said poUcy pr policiea to the Mortflagee when issued with the receipts tor the payment of the premlum the~efor, and in the event any sum of money becomes payabls under such poUcy or policiea, the Mortgeges shall have the option to receive and appy the same on eocount of the indebtedness secured hereby or to permR the Mortgayor to receive and use it, or any part thereot, (or other purposes. without the~eby waiving or impairing any equtty, lien or right under or by vi~tue of this moAqage; and the Mortgagee, if ft deems necessary, may place a~d pay torsuch i~surence, or any pah thereot,without losing,waiving oraHec tfng Mort~agee's option to toreclose tor breach of this covenant, or any part thereof, or any right or option u~der thia mortyaqe, and every such payment shall bear interesi irom oate ihereof until paid at the highest rate authaized by law, and all such payments with interest es aforesaid shall be secured by the Nen hereof. In the event any loas or damage is sulf ered Mortgagor shall notify Mortgagee ot such loss or demage within torty-eight (48) hours after the happening thereof; the feilure to give such notice shall constitute a detauit and the Mo~tgagee'sha~l have the ri~hts herein ghren tor all detaulta 9. To permit, commit or suffer no waste end to maintein the imp~ovements at ali times in a state of good repair and condition; and to do or pe~mit to be done to said premises nothing that will alter orchange the use and cheraCter of said property or in anyway impair or weaken the security of said mortgage. fn cese of the ~efusa~ neglect or inability of the MoRgagor to repair end maintain said property, the Mortgagee may, et its optlon, make such repairs orcause 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 suthorized by law. k 10. To deliver the abstract or abstracts oi title covering the mortgaged property to Mortgagee or its designated agent, which shall at alt times, during ~ the lite of this mortgage, remain in the possession of the Mortgagee and in event of the foreclosure of this moRgage orother transter of title, all right, title end 4 interest of the Mortgagor in and to any such abstract or absfracts of title shali pass to the purchaser or grantee. € 11. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereafter be heid to be a waiver of any of the other ~ terms hereof or of the note secured hereby, or (uture waiver of the same covenant. ~ 12. Thet in order to acceletate the maturity of the indebtedness hereby secured because ot the (ailure of the Mortgagor to pay any tax assessment, liability, obligation or encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same. ' 13. That ii the Matgagor shall fail, neglect or re(use for a period of thi~ty (30) days tully and promptly to pay the amounts required to be paid by the ~ noteherebysecuredorfheintereatthereinspecitiedoranyofthesumsofmoneyhereinre(erredtoorherebysecurec~orothenriseduy,fullyandpromptlyto ~ periorm, execute, comply with and abide by eacb, every or any of the covenants, conditions or stiputations of this mongage, the promissory note hereby aecured and/or the construction loan agreement, if sny, then, and in either or in any of such events, without notice or demand, the said aggregate sum men- tioned tn said promissory note, less previous paymenta, if any, and any and all sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing opiion of the Mortgagee as fully and completely as if said agg~egate sums were origlnaly stipulated to be paid at such time, anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shatl be entitle~ thereupon or thereafter wRhout notice or demand to institute auit at law or in equity to en(orce the rights of the Mortgagee hereunder or under said promissory note. ln the event of any ~ deisult or breach onlhe part of the Mortgagor hereunder or under seid promissory note, the MoRgaflee shall havethe continuiny optbn to enforce payment of all sums secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, concurrently or othervvlse, and one action or suit shall not abAte or be a bar to orweiver of the Mortgagee's right to institute or maintain the other, provided said Mortgegee shall have only one payment and sat[afaction of said indebtedness. 14. That in ihe event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagors assets, w(2) be adjudicated a bankrupt or insolvent, or tile a voluntary petition in bankruptcy, or admit in w~iting its inability to pay its debts as they become due, or (3) make a general asslgnment tor the benetit oi creditors, or (4) tile a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insotvency Iaw, or (5) file an answer admitting the material allegations o1 a petition filed against the Mortgagor in any bankruptcy, reorganization or insolvency proceeding, or(6) actbn ahall be taken by the Mortgagol forthe purpose of effecting any ot the foregoi~g or(7) any order, judg- ment or decree shall be entered upon an application of a creditor or Mortgagor by a couR of competent jurisdiction approving a pefition seeking appointment of a receiver or trustee oi all or a substantial part of ihe Mortgagor's assets and such order, judgment ordecree shall continue unstayed and in eHect for any period of thirty(30) consecutive days, the Mongagee maydeclare the note herebysecured forthwith due and payable, whereupon the principal of and the in- terest accrued on the note and all other sums hereby secured shall become forth with due and payable as ff all of the safd sums of money were ori9inally ' atipulated to be paid on such day, end thereupon the Mortgagee without notice or demand may prasecute a suit at law and/or in equity as if all monies seCUred hereby had matured prior to its institution 15. That the Mortgagee or any person suthorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at aIl reasonable timea 18. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years from the date of thla Indanture, togetherwith interest thereon at the rate ayreed upon at the tlme of such loan or advance, shall be equally securedwith and have the same prioriry as the or~ginal indebtedness and be subJect to all the terma and provisbns ol this mortgage; provided that the aggregate amount of princlpal outstan- ding at any time ahall not exceed (S or ff the preceding blank is not completed, then an amount equal to one hundred and fifty percent (150%) of the principal amount originalty secured hereby ahall apply. 17. That, if required by Mortgagee, the sald Mortgagor will pay unto the Mortgages, on the first day of each and every consecutive month, a sum equal to one-twelith of the ennual amount necessery to pay all iaxas and assessments against the said mortgaged premises. said monthly sum to be ea- tlmated soley by Mortgagee and catculated to be a~ amount not less than the amount of taxes assessed againat said mortgaged premises for the previous year, and it fuRher requlred by Mortgagee to pay all insurance premiums in manner and (orm as provided herein for the payment oi teues and aaeaesmenta 18. That ft this mortgage is in connection with construction loen financing, then this mortgage is subjeci to the Construction loan Agreement dated , 19 between lhe Mortgagor and the Mortgagee, an executed copy of which is in fhe possesslon o( the Mortgagee and ia incorporated herein by reference and made a part hereof; any defauFt by Mortgagor under safd agreement shall constitute an event ot default under this mortgage. 19. That fhe Mortgagor will on the request ot the Mortgagee turnish a written statement of the amount owing on the obtigation which this mortgage securea and therein state whether or not Mortgagor clafms any defenses or oHsets thereto. ~ _ ~ ~ ' ~ I 2 s°ooK 5~9 PacE 949 '