Loading...
HomeMy WebLinkAbout0934 4. if ail Cr any part of the Propsrry ar a~ interest therein is sold or iransia~red by Mortga~a without Mortgagee's prio~ written conaenl, exciuding tha crealio~ ol a lien or enCUmbrance subordinate to this Mortqege, (b) the creaUo~ ot a purchase money security interast for household appliances, (C) a transfer by deviae, descenl or operaNOn of taw upon the deaf h of a IointYenant or (d) the grant ot any lessehald intetest of three years or less not contalnin9 a~ ' opfion to ~+urchase, Mongayee may, at Mortqaqee's optlon, declare all the sums secured by Ihis Mortgeqe to be immedfetely due a~d p8yabl~ MonpeQee ahall have waived such option to aCCelerate it, prior to the sale o~ transfer, Mortgagee and the pe~son to whom the P~operty is to be sold or transle~~ed reach ayreement inwritinp that the c~edit ot such pe~so~ is satisfactory to Mortgagee and thal ihe i~terest payable on thA suma secured by Ihts Mortgage ahalt be at such rete as Mortgagee shalf request. It Mortgagee has waived the option to acceterate provided in this pa~ag~aph 4, and it Mortgagee'~ successor in Interes! has execuled a wrltten assumplion agreement accepted in writing by Mort~agee, Mortgagep shall release Morigagor trom ali obligatlons underihis - Note end Mortgage. 5. That in ihe event of a suil being instftuted lo fo~eclose this mortgage, the Mortgegee ahall be entitled to apply at any time during such foreciosure suit to the court having ~urisdictEon theretot for the appointment ot e receiver oi ell and aingular the moNqaged property, and ot all rents, incomes, protita, issuea end revenues thereot, from whatsoever source derived; and thereupon it is hereby expresslyconvenanted and agreed that the court shall forthwith ap- p01n1 auch receiver with the usual powers a~d duties ot ~eceNers in like cases: and said appointment shall be made by the coun as a matter ot striCf ripht to the Martgegee, and without reterence to lhe adequacy or inadequacy of the valu~ of tha property hereby mortgaged or to the solvency or insoNency of the Mortgagor or any other party defendent to such suit. The Mortgagor hereby specitically waives the right to object to the appointment ot a receiver es 8foreSaid and he~eby expressly consenis that suCh appointment shgll be made as an admitted equity and as a matte~ of absolute right to the Mortgages and that the same may De done without notlce tc the Mortgagor. 6. That i! any proceedinga should be institutetl against the p~operty cavered by this mortgage upon any other lien or ctaln whether superior or junior to the lien of this mortgage, the Mortgagee may at its option immediately upon institution oi such suit or du~i~g the pendency thereof declare thi8 mongage and the indebtedness secured he~eby due a~d payable tonhwith end may at its option proceed ta foreclose this mortgage. 7. To pay all and singular the costs, fees, charges and axpenses ot every kind including the cost o( an abstract o/ titte to said lands tound to be con- venient or expedient in connaction with any suit !or the loreclosure of this mortgage, and also including, whether ihe Mortgagee is obligeted to pay Same or not, reasona0le attorneys fees incurred or expended at any time by the Mortgagae because of the failure of the Morigagor lo perform, Complywith and abide b~y all or any ol the covenents, conditio~s and Stiputations ot said promissory note, or this mortgage, in the fo?eclosure a! this mortgege end in collecting !he amount secured hereby with or without legal proceedings, and to reimburse the Mortgagee tor every payment made or incu~red for any suCh purpose with in- terest from date ot every such payment at the highest rate auihorited by taw; such payments and obligations, with interest thereon as atoresaid, Shall ba secured by the Uen hereof. 8. To keep the buiiding or buildings now or herea(ter on said land insured againsf loss or damage by fire, extended coverage and other perils, in- cluding war risk insurance if availab~e, in a sum not less than their full insurable value at the cost and expense ol the Mortgagor in a company or companies approved bythe Mortyagee, the policy or policies to be heid by ihe Mortgagee, and such policy orpolicies of insurance shali have affixed theretoa Standard ' Mo?lgagee Glause, meking ell loss or losses under such poticy or poNcies payabie to the Mortgagee as its interest may appear, and to deliver said Po~1cY Or policies to the Mortgagee when issued with the receipts tor the payment of the premium therefor, and tn ihe event any sum of money becomes payubte under such policy or policies, the Morigagee shall have the option to receive and appy the same on account of the indebtedness secured hereby or to permit the Mortgagor to receive and use it, or any part lhereof, for otber purpOSes, without thereby waiving or impairing any equity lien or right under or by virtue ot this mongage; and the Mortgagee, if it deems necessary, may place and pay for such insurance, or any part lhe~eol, without losing, waiving or affec- tlnp Mortgagee's option to foreclose for breach of this covenant, or any pan thereot, or any right oroption under this mortgage, and every such payment shall bear interest from date thereai until paid at the highest rate authorized by law, and all such payments with interest as aToresaid shall be secured by the lien t~ereoi. In the event anyloss o? damage is suffered Mortgagor shell notify Mortgagee of such loss or damage within forty-eight (48) hours after the happening thereot; the tailure to give such notice shall constitute a detault and the Mortgagee shall have the rights herein given for all defauNs. 9. To permit, commit or suNer no waste a~d to maintain the improvements at all iimes in a state oi good repair and condition; and to do or permit to be dane to said premises nothing that will atter or change the use and character o( said property or in any way impair or weaken the security oi said mortgag~ in case ot the tetusal, neglect or inability oi the MoAgagor to repafr and maintain said property, the Mortgagee may, at its option, make such repairs orCause the same to be made and advance monies in that behaif which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by law. 10. To deliver the abstract or abstracts of titie covering the mortg~ged prope~ty to Mortgagee or its designated agent, which shall at a!! times, during the lite of this mortgage, remain in the possession of the Mortgagee and in event oi the foreciosure of this mortgage or other transfer of title, all right, titte and interest of the Mortgagor in and to any such abstraCt or abstracts oi title shall pass to the purchaser or grantee. 11_ That no waiver of any tovenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver of any of the other terms hereoi or of the note secured hereby, or future waiver ot the same covenant. 12. That in order to accelerate the maturity of the indebtedness hereby secured because of ihe failure oi the Mortgagor to pay any tax assessment, liabitity, obtigation or encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first paythe same. 13. That if the Mortgagor shall tail, negfect or refuse for a period of thirty (30) days tully and promptly to pay Ihe amounts required to be paid by the note herebysecured or the interesf therein specified or any ot the sums of money herein reterred to or hereby secured or otherwise duly, (uly and promptly to parform, ~xeCUte, comply with and abide by each, every or any of the covenants, conditions or stipulations ot this mortg8ge, the promissory note hereby secured and/or the constructlon loan agreement, if any, lhen, and in either or in any of such events, without notice or demand, the said aggregate sum men- tioned in saW promissory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payabte foAhwith or thereafter at the continuing option of the Mortgagee as lully and comptetely as if said aggregate sums were originally stipulated to be paid at such time, anything in said promissory note or herein to ihe contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereatter without notice or demand to institute suit at law or in equity to entorce the rights ot the Mortgagee hereunder or under said promissory note. In the event of any default or breach on the paA of the Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continuing option to e~forca payment ot sil sums secured hereby by action at law or by suit in equity to toreclose this mongage, either or bott~ concurrently or otherwise, and one action or suit shalt not abate or be a bar to or waiver of ihe Mortgagee's right !o institute or maiMain the olher, provided said Mortgagee shall have only one payment and satisfaction of said indebtedness. 14. That in the event that Mortgagor shalt (t) consent to the appointment of a receiver, trustee or liquidator ot all or a substantial part o( Mortgagors assets, or (2) be adjudicated a uankrupt or insolvent, or ti~e a voluntary petition in bankruptcy, or admit in writing its inabitity to pay its debts as they become due, or (3) make a genera! assignment for the benefit ot creditors, or (4} file a petition or answer seeking reorganization or arrangement with c~editors, or to take advantage ot any insolvency law. or (5) tile an answer admitting the material allegations af a petition tiled against the Mortgagor in any bankruptcy, reorganization or insolvency proceeding, or (6j action shall be taken by the Mortgagot tor the purpose ot eNecting any of !he toregoing or~7) eny order, judg- ment or decree shall be entered upon an application of a creditor or Mortgagor by acourt o1 competent jurisdiction approving a pelition seeking appointment of a reCeiver or trustee of all or a substantial part ot the Mortgagor's assets and such order, judgment or decree shait continue unstayed and i~ effect for any period of thiRy(30) consecative days, the Mortgagee may declare the note hereby secured forthwith due and payable, whereupon the principal of and the in• terest accrued on the note and all other sums ~ereby secured shatl become (orth with due and payable as ii a11 of the said sums of money were originally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecute a suit at !aw and/or in equity as if all monies seCUred hereby had matured prior to its institulion. ~ 15. Tha! !he Mortgagee or any pe~son authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at a!I reasonable times. 16. That any sum or sums which may be toaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years trom the date ~ of this indenture, together with interest thereon at the rate agreed upon at the time o( such toan oradvance, shall be equalfy secured with and have the same ~ prio?ityastheoriginallndebtednessendbesubjecttoaflthetermsandprovisionsotthismortgage;provided,thetlheaggregateamountolprincipaloutstan- ~ ; ding at any tlme shall not exceed (S 1, or if the preceding blank is not completed, then an amount equat to one hundred and fifty percent ~ (15096) of the principai amount originalty secured hereby shall apply. ~ 17. That, if required by Mortgagee, the said Mortgagor wilf pay unto the Mortgagee, on the rirst day of each and every consecutive month, a sum equal to one-twelfth oi Ihe annual amount necessery to pay sll taxes and assessments against the said mOrtgaged premises, said monthly sum to be es- I timatesf sotety by Mortgagee and celcutated to be an amount not Iess than the amount ot taxes assessed against said moRgaged premises for 1he previous year, and i( further required by Mortgagee to pay all insurance premiums in manner and torm as provided herein tor the payment of taxes and assessmenta. I 18. That if this mortgage is in connection with construclion loan financing, then this mortgage is subjeCt to the Conslruction Loan Ag?eement ! dated _ , 19 between the Mortgagor and the Mortgagee, an executed copy of which is in e possession of the k Mortgagee and is incorporated herein by reterence and made a part hereof; any detault by Mortgagor under said agreement sha~stitute an v t of default under fhis mortgage. ~ ~ 19. That the Mortgagor wiit on the request ol the Mortgagee furnish a written stetement ot the amount owing on the obligalion which ihis mortgage secures and therein state whether or not Mortgegor claims any defenses or oflsets thereto. ~ 800K 550 Pa~ 9~ 2 ~'r`~'<.".'~C'~1riA~RM~alr_ _ _