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HomeMy WebLinkAbout0955 , 4. If all or any paA ot the Property or an interest the~ein is sotd or trens(erred by Mo?tQayor wi!hout Mo~tgagee's prio? written consenf, exciudinfl (a the creatFon of a IPen a encumbranc9 aubordinate to this Morlpage. (b) lhe c~eation of a purChase money securily interest fo~ hougehold applfances, (C? a t~ansfer by devise, desCent or OpBration of law upo~the dealh of a ~ointfenent or (d?the g~anf o1 any leasehotd interes! otthrNeyearsorleSS notCOnlBinin~an' option to pu~Chase, Mortgaflee may, at Mortgaflee's opUon, declare ail ihe sums secured by thia Mortgege to be immedfately due a~d payabla MorlgaQee st?atl have waived such optian to 8ccelerate it, prio~ to ihe salo Ot tranafe?, Mortgagee and the pe~so~ to whom the Property is to be sofd or translerred reaCh agreement In wriUng that the credit ot such person is satislectory to Mortqagee and that the interest payable on the suma secured by this Mortgage shall be ~ at suCh rate es Mortgagee shefl reque~t. It Mohgagee has waived Ihe option to accelerate provided in ihis paragraph 4, and if Mongagee's suCCessor in interest has executed a written assumption agreement acceptad in writing by Morlgagee, Mottgagee shall release MoNgagor f rom all obligations under ihia ' Note and Mortgage. 5. That in the event ot a suit being instituted to foreclose this mortgnge, the Morigagee shall be entitied to apply at any time during suc~ (oreclosure suit to the court having ~uri8diction thereof tor the appoi~tmenl ol a receiver ol all and singula~ ihe mortgaged property, and of all rents, incomes, pro(its,, issues and revenues thereoi, (rom whataoever source derived: and thereupon it is hereby exptesslyconvenanted and apreed ihat the couh sheU fOrihwith ap poinl such receive~ with ihe usual powers and duties of recaivers in like cases; and said appointment shall be made by the court as a matter of strict right to the Mortgagee, and without reference to the adequacy or inadequacy oi the vatue oi the property hereby mortgaged or to the solvency or insotvency ot the Mortgagor ar any other party defendant to such suit. The Martgagor hereby specitically waives !he right to object to the appointment oi a receiver as aforesaid and hereby expressly consents that such appoinlment shall be made as an admitted equity and as a malter of absolute right to the Mortgagee and that the same may be done without notice tc tt~e Mortgagor. 6. That it eny proceedings should be instituted against the property covered by this mortgage upon any other lien orclaim whether superioi or junior to the lien of this mortgage, the Mortpagee may at its option immediately upon instilution of such suit or during ihe pendency thereof declare this mortgage and the indebtedness secured hereby due and payable forihwith and may at its option proceed to foreclose this mortgage. 7. To pay ai) end singular the costa fees, charges and expenses ot every kind including the cost ot an abstract ot title to said lands found to be con- . venient or expedient in connection with any suit for the forectosure o( this mortgage, and also including, wheiher the Mortgagee is obligated to pay same or not, reasonable pttornej~s fees incurred or expended at any time by the Mortgagee because of the tailure of the Mortgagor to perform, complywith and abide by all or eny of the Covenants, conditions and stipulations of said p?omissory note, or this mortgage, in the to~eclosure of this mortgage and in collecting the amount secuted hereby with orwithout lega! proceedings, and to reimburse the Mortgagee for every payment made or incurred tor any such purpose with in- terest frOm date ot every such payment et the highest rate suthorized by law; such payments and obligations, wilh i~terest thereon as afa~esaid, shall be secured by the tien hereoi. 8. To keep the buitding or buildings now or hereafter on said land insured against toss or damage by (ire, extended coverage and other perils, ln- cludir~g war ~isk insurance if available, in a sum not less than their tull insurable value at the cost and expense ot the Mortgagor in a company or companies approved by the Mortgagee, the policy or policies to be held by the Mongagee, and such policy or policies of insu~ance shalf have affixed theretp a Standard Mortgagee Cfause, making atl loss or fosses under such policy or po)lciss payable to the Mortgagee as its interest may appear, and to deliver seid policy pr poiicies to the Mortgagee whe~ issued with the receipts for ihe payment of ihe premium theretor, and in the event any sum ot money becomea payable under such policy or policies, the Mortgagee shall have the option to receive and appty the sameon account of the indebtedness secured herebyor to permit the Morigagor to receive and use it, or any paR thereoi, for other purposes, without thereby waiving or impairing any equity, lien or right under or by virtue of this mortgage; and the Mortgagee, ii it deems necessary, may place and pay tor such insurance, or any Qart thereot, without losing, waiving oraffeC~ ting Mortgagee's option to foreclose tor breach of lhis covenant, or any part thereof, or any right or option under this mortgage, and every such paymenl shall bear interest from date thereof untit paid at the highest rate authorized by law, a~d all such payments with interest as aforesaid shall be secured by the lien herepf. in the event any loss or damage is suHered Mortgagor shall notify Mortgagee Ot suCh loss'brdamage within lorty-eight (48) hours after the happening thereoi; the tailure to give suCh notiCe shall constitute a default and the Mortgagee shall have the rights hgrei~ given for all det8ult5. 9. 7o permit, commit or sutfer no waste and to maintain the improvements at all times in a state of good repair and condition; a~d to do or permit to be donetosaid premises nothing thatwill alterorchange the use andcharacter of said property o~ in anyway impair orweaken thesecurityo(saidmortgage. In case of the refusal, neglect or inabitity of the Mortgagar to repair and maintain said propeRy, the Mortgagee may, at its option, make such ~epairs or cause the same to be made and advance manies in that behalf which sums shal! be secured by ihe lien hereof and bear interest at the highest rate authorized by law. 10. To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent, which shatl at atl times, during the life oi this mortgage, remain in the possession ot the Mortgagee and in event ot the foreclosure of t his mortgage or other transferot title, all right,title and interest of the Mortgagor in and to any such absiract or abstracts of title shall pass to the purchaser or grantee. 11. That no waiver of any covenant herein or in the obligation secured hereby shafl at any time hereafter be hetd to be a waiver of any ot the other terms hereoi or of the note secured hereby, or future waiver of the same covenant. 12. That in order to accelerate the maturity of the indebtedness hereby secured because of lhe failure of the Mortgagor to pay any tax assessment, liability, obligation or encumbrance upon said property as herein provided, it shall not be n2cessary nor requisete that the Mortgageeshall first pay the same. 13. That if the Mortgagor shall fail, neglect or refuse for a period of thihy (30) days (ully and promptly to pay the amounts required to t~e paid by the : noteherebysecuredortheinterestthereinspecifiedoranyotthesumsofmoneyhereinreferredtoorherebysecuredorotherwiseduly,fullyandpromptyto perform, dxecute, comply with and abide by each, every or any of the covenants, conditions or stipufations of this mortgage, the promissory note hereby secured and/or the construction toan agreement, if any, then, and in either or in a~y o! such events, without notice or demand, the said aggregate sum men- tioned in said promissory note, less previous payments, if any, and any a~d all sums mentioned he~ein or secured hereby shall become due and payable forthwith or therea(ter at the continuing opfion of the Mortgagee as tully and completety as ii said aggregate sums were originally stipulated to be paid at such time, anything in said promissory note or herein to the contrary notwithstanding, and the MoRgagee shall be entitled thereupon or thereefter without notice or demand to instilute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event oi any delautt or breach on the part o( the Mortgagor hereunder or under said promissory note. !he Mortgagee shall have the c~ntinuing option to enforce payment oi all sums secured hereby by action at law or by suit in equity to foreclose this moRgage, either or both, concurrently or otherwise, and one action or suit ~ shall not abate or be a bar to or waiver oi the Mortgagea's right to institute or maintain the other, provided said Mortgagee shall have only one payment and satistaction of said indebtedness. 14. That in the event that Mortgagor shall (1) consent to the appointment of a?eceiver, trustee or liquidator of all or a substantial part of Mongagors assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy, or admit in writing its inabiliry to pay its debts as they become due, or (3) make a general essignment tor the benefit of creditors, or (4) (ile a petition or answer seeking reorgenization or arrang8ment with Creditors, or to take advantage of any insotvency law, or (5) file an answer admitting the material altegations of a petition tiled against the Mortgagor in any bankruptcy, rearganization or insolvenCy proceeding, or (61 action shall be taken by the Mortgagor for the pu~pose of eHecting any of the foregoing or(7) anyorder, judg- _ ment or decree shall be entered upon an application Qf a creditoror Mortgagor bya couA of competent jurisdiction approving a petition seeking appointment of a receiver or trustee ot all or a substantial part of the Mortgagors assets and such order, judgment or decree shatl coniinue unstayed and in effeCt tor any period of thirty(30) consecutive days, the Mortgagee may declare 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 torth with due and payable as if all 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 law and/or in equity as iF atl monies r seaured hereby had matured prior to its institution. 15. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. ~ 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years f~om the date of this indenture, together with interest thereon at the rate agreed upon at the time oi such loan or advance, shall be equaly secured with and have the same priority as the original indebtedness and be subject to alt the terms artd provisions ot this mortgage; provided. lhat the aggregate amount of principal outstan- r ding af any time shall not exceed (S or if the preceding blank is not completed, then an amount equal to one hundred and fifty percent r (15096) oi the principal amount originally secured hereby shall appfy. i 17. That, if required by Mortgagee, the said Mortgagor will pay unto the Mortgagee, on the tirst day of each and every consecutive month, a sum equal to one-twelfth o( the annuai amount necessary to pay all taxes and assessments against the said morlgaged premises, said monthly sum to be es- timated solely by Mortgagee and calculated to be an amount not tess than the amount of taxes assessed against said mortgaged premises (orthe previous ; year, and if turther required by Mortgagee to pay aIl insurance premiums in manner and form as provided herein for the payment ot taxes a~d assessments. 18. That if this mortgage is in connection with construction loan financinn, then this moRgage is subject to the Construction Loan Agreement dated 19 between the Mortgagor and the Mortgagee, an executed copy ot which is in Ihe possession o( the Mortgagee and is incorporated herein by reference and made a part hereof; any detault by Mortgagor under said agreement shall constitute an event of ~ de(auR under this mortgage. i 19. That the Mortgagor will on the request of the Mortgagee furnish a written stalement of the amount owing on fhe obligation which this mortgage K secures and therein state whether or not MoRgagor claims any defenses or oHsets thereto. ~ ~ ~ € ~ ~ 800~ 556 ~~E 954 , 2