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HomeMy WebLinkAbout0954 ' ~ , 4. If afl'o~ sny ps~t of the Property or en intsreat thereln is aold or tiansfsrred by Mortpaflor withoul Moh{~apee's prb~ written Consent, ezCludinQ (a) i the creatbn ot a lien or encumbranCe aubordlnsts to lhla Mortqe9e, the crsatio~ of s purchsae mo~ey securiry interesl (a houaehold sppllances, (c) a j t~aniler by devlse, descant o~ operatlo~ of I~w upon the dealh of e ~oinHena~t o~ the g~snt of any leasehold interest o( three yesro or leas not containlrtp an ~ opUon to purchase. Mortpa~ee m~y, at Mat~ayae'a option, declare all the aums ascured by thls Mortpsqe to bs immediatey due and paysble. Monpa~ee shstl hsve wahred such optbn to accelsrate M. prlor to the aale or trenster, Mongaqee and the pe~son to whom the Property ia to be sold or trensfe~red ~each aqresment In w~ttin~ that the credit ot such person ts satistectory to Mortyagee and that the i~tereat payable on ihe aums secured by this Mortqage ahall be at such rate aa Mortqayee shall requesl. ii Mort9aflee hes waived the ~ptbn to aCCele~ate provlded in thia paraflraph 4, and if Mortqagee's successor In Interest hes exeCUted a written ass~mption agreement accepted in writing by Mort~agee, Mortgageeshall release Monqagor from all obliqations underthis Note and Matya~a 5. That fn the event o! a auit belnp InsNtuted to foreclose thia mongaQe, ihe Mortgayee shall be entitled to appry at any tlme durinfl auch foreclosure auft to the cou~t havtn~ ~urisd~tbn thereot fo~ the appolntment of e receiver of all and ainflular the mortyayed praperty, and of al! renta, lncomea, piofits, issues and revenuea lhe~eot, trom whatsoever source derived; artd thereupon it ia hereby expre8sty convenanted and agreed that the court shall forlMwNh ep~ { point auch reCeiver with the uaual powers and duNes ot ~eceNers In Iike catea; and aaid appointment ehall be made by the court ae a matte~ of st~ict ripht ta ths Mort~aflee. and without ~eference to the adequacy or tnedequacy of the vatue of the property he~aby mortgayed or to the soNency o~ tnsoNeocy of the - MortQ or o? any olher party detendant to auch auit The Mortgasor hereby specificelly waives the ~ight to ob)ect to the appointment of a recelve~ as Noresa~d and Aereby expressy conaeMs that such appointment ahall b9 made ea an admitted equity and as a matter of abaolute riQht to ihe Mo~fdaQee end that the aame may be dorsa without notice to the Mortgagor. 8. That if any prceeedin9s shoutd be instituted against the propertycovered by this mortgaQe upon any other lien o~ claim whether auaerior or junlor to the 1len ot this moRpa9e, the Mortgagee may at its option immedlately upon insi+tution ot such suit or during the pendenCy thereof declere thts mongage snd the indebtedness secu~ed hereby due and RaYable torthwith and mey at its optton proceed to forsclose this mortgaga 7. To pay all and alnqular the costs, teea, char~ea and expenses of every kind, Including the cost of an abstract of title to said 18nds found to be con- ve~lent or expedient in con~ection with anysuit tor the toreclosure ot ihis mortgage, and also including, whether the Mortgagee is obliyated to pey same o~ not, reasonable attomeysfees incurred or expended at any time by the Mortgagee because ot the failure ot 1he Mortgagor to pe~to~m, compywtth and abide by all or any of the covenants, cOndiUons and atipulations ot said promiaaary note, or this mortgage, ln the foreclosure ot this mortgage and in collecting the amount sacured Ae~eby with or wrihout legal proceedtrtgs, and to reimbu~se the Mortqagee for every peyment mede or Incuned for any such pwpose with tn- tereat irom date of every such payment at ihe highest rate autho~ized by law; such payments and obligations, with interest thereon as aforeaaid shall be secured by the tien hereof. 8. To keep the bufldiny or bufidtngs now or hereafte~ on said lend insured against bss or damage by fire, extended coverage and other perils, in- dudlaQ war ?lak insu?ence H evaitable, i~ a sum not less than their full Insurable value at the cosl and expense of the Mortgagor in a company ar companiea approved by the Mortgagee, the policy or poficies to be held by the Mo~t9agee, a~d such policy or poticies of insurance shall have affixed thereto a Stendard Mortgagee Clause, mekinq a!I losa or losses under such r5olicy or policies payable to the Mortge~ee as its interest may appear, and to delive? eaid policy pr poliCies to the Mort~a~ee when issued wRh the receipts for the payment oi the premium theretor, and in tt~e event any sum of money becorr~es payabls under such policy or policies, the Mortyagee shall have the option to receive end apply the same on account of the indebtedness secu red hereDy or to pe~mit the Mortpagor to receNe and use it~ or any part thereof, for olher purposes, without thereby waiving or tmpalring any equiry, lien or right under o? by virtue of lhfs mortgage; and the Mortgagee, if it deems neEassary, may ptace and pay forsucb insurance, or any paR thereof, without losing.weiving or aNec tiny MOrtqa~ee's option to toreClose tor breach of thts cnvenant, or any paA thereof, o~ 8ny right or option under this mortgaye, and every auch payme~t shall bear interest from date thereof until peid at the htghest rate aulhorized by law, and all such payments with interest as atoresafd sheN be secured by the Ilen hereof. In the event any toas or damage ts suHered Mortgagashali notity Mortgagee of such loss or damagewithin (orty-eight (48) hours after the happeniny ttssrRnf; the failure to give such notice shail constitute a de(auit and the Mortgagee shall have the ~ights herein given for all detaufts. 9. To permN, commit or suNer no waste and to maintain the (mp~ovements at alt times in a state of good repair end condition; and to do or permit to be done to said premises ~othing that wiii alier or cbange the use and character oi said property or in anyway tmpair or weaken the secur+tyot said mortgage~ In case of the retusal, neglect o~ inabilityof ihe Mortgegor to ~epair and maintain said property, the Mortgegee may, et its optlon, make such repairs or cause the same to be made and advance monies in that behalf which sums shall be secured by the lien hereol and bear interest at ihe highest rate authMized by law. 10. To deliver the abstract or abstracts of titie covering the morlgaged property to MoRgagee or its des+gnated agertt, which shall at all times, during the life oithis mortgage, remain in the possession of the Mortgegee and in event of the foreclosure of this mortgage or other transferof title, all right,title and interest of the MoRgagor in and to any such abstract or abstracts of title shall pass to the purchaser or grantes. 11, That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver oi any of the other tetms hereof or of the note secured hereby, or future waiver ot the same covenant 12. That in order to acceterate the maturity o( the indebtedness hereby secured because o( the faitu~e of ihe Mortgagor to pay any tax assessment, Iiabiiity, obligatton or encumbrance upon satd property as herein provided it shall not be necessary nor requisite that the Mongagee shall first pay the same. 13. That if the Morigagor shall fafl, neglect or retuse for a period ot thirty (30) days lully and promptly !o pay the amounts required to be pald by the note herebyaecured or the Interest therein specified or any of the sums of money herein referred to or hereby secured orotherwise duly, tully and prompty to perform, execute, comply with and abide by each, every or any of the covenants, conditions or stipulations of this moRgage, the promissory note hereby aecured and/orthe construction loan agreement, if any, then, and ln eitheror in any of such events, wfthout notice or demand, the said aggregate sum men- tioned in said promtssory note, less previous payme~ts, if any, and any and all sums mentioned herein or secured hereby sha(i become due and payable forthwith or thereafter at the continuing option oi the Mortgagee as fulty and completely as if said aqgregate sums were originally stipulated to be pald at such time; anylhlnQ ln said promissory note or herein to the contrary notwilhstandiny, and fhe Mortgagee shal! be entitled thereupon or thereafter wilhout notice or demand io institute suit at law or in equity to anforce the rights oi the Mongayee hereunder or under seid promissory note. !n the event of any defautt or breaCh on the part of the Mortgagor hereunder or under said promissory note, the Mortgagee shell have the continuing optwn to enforCe payment cr~ all sums secured hereby by action at law or by suit in equity to forectose this mortgage, either or both, concurrently or othen+vise, and ane aCtion or suit shall not abaCe or be a bar to orwaiver oi the Mortgagee's right to ~nstitute or maintaln the other, provided said Mortgagee shall have onty one payment and satis(ection of sald indebtedness. 14. That in the eveni that Mortgagor shali (1) consent to the appointment oi a reCeiver, trustee or liquidator ot ail or a substantial part of Mortgagors assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy, or admit in writing its inabitity to pay its debts as they become I'~ due, or (3) make a general assignmeM torthe benefit of creditors, or (4) file a petition or answer seeking reoryanization or arrangement with creditors, o~ to take advarttage of any insoivency iaw, or (5) file an answer admitti~g the material atlegations of a petition tiled against the Mortgagor in any bankruptcy, reorganization or inaolvency proceeding, or(6) action shall be teken by the Mortgagor (or the purposeof eHecting any of ihe foregoing or{7) enyorder, judg- ment ordecree shal! be entered upon an application of a Creditoror Mortgagor by a cou~t of competent iur'~sdictbn approving a petition seeking appointment i of a receiver or truatee oi ail or a substantial part of the Mortgagors assets and such oriler, jud~ment or decree ahall continue unstayed and in eHect ta any ~ar~ oithi~ty(30) consecutive days, the Mortgagee maydeclare the note hereby secured iorihwith due and payable, whereupon ihe principal ot and the in- terest accrued on the note and all other sums hereby secured shall become forth with due and payabie as H all of the said sums of money were originalty stipulated to be paid on such day: and thereupon the Mortgagee without natice or demand may prosecute a suit at law and/or in equity as if all ma~ies seCUred hereby had matured prior to its institution. 15. That the Mortgagee or eny persort authorized by the Mortgagee sball have the right to enter upo~ and inspect the mortgaged premises 8t all ~ reasonabie timea . ' ; 16. That any sum or sums which mey be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years irom the date ' of thia indentu~e, togeiherwith interest thereon at the rate agreed upon at the time of such toan or advance, shall be equeltysecured with and havethe seme ; priorityastheoriginalindebtednessandbesubjecttoallthetermsandprovisionsotthismortgage;provided,thattheaggregateamountofprincipaloutstan- din~ at any time &hall not exceed (Z or it the preceding blank is not completed then an amount equal to one hundred and fifty percent (15096) of the principal amount originaly secured hereby shall apply. 17. Tha~ if required by Mortgagee, the said Mortgegor will pey unto the Mortgagee, on the /irst day of each and every consecutive month, a sum equal to one-twef(th o~ the annual araouni necessary ta pay eil taxea end assessmenta against the said moRgaged premises, said monthy sum to be es- timated aoley by Mortgagee and calculated to be an amount not less than the amount of taxes easessed against said mortgaged premises (or tAe previous year, and it furtfier ~equired by Mortgagee to pay all insurance premiums in manner and form as provided herein for the payment of teuces and assessmenta. 18. That it thia mortgage is in connection with Construction loan tinancing, then this mortgage is subject to the ConstruCtion Loan Agreement dated , 19_- between the Mortgagor and ihe Mortgagee, en executed copy of which is in the passeasion of the MoRgagee and is incorporated herein by reterence and m8de a part hereof; any default by Mortgagor under said agreement shali constftute an event oi detault under this mortgage. 19. That the Mortgagor will on the request of the Mortgayee fumish a w~itten statement ot the amount owing on ihe obtigation which this moRgage sgcures and therein state whether or not Mortgagor claims any detenses or oHsets thereto. ~ 800~549 PACE 953 2