HomeMy WebLinkAbout0993 4. !1 ap o~ any part of the Property or an intereat the~ein is sold or lransferred Dy Mortgagor wiihout Morigaflee's prior wntien consent. excludiny (a)
the creation ot a lien o~ encumbranca subordinate to lhis Mo~lgage, (b) the crealion ot a pur~hase money secunty mterest for household eppliancea, (c1 a
transfer by daviae, desce~t or operaUon ot law upon the death o( a ~oint tenant or (d1 the grant of any leasehotd inlerest of Ihree y8ars or less nol Conlainlnp 8n
option to purChase, Mortgagea may, ai MortQagee's opiion, declere eli the sums secured by lhis Mortgege to be immediately due and payable. Mortgagee
shall have waived such option to acceterate it, prlo~ lo the sale or transler, Mortgayee and the person to whom the Property is to be sold or tren8lerted teach
agreeme~t in wriQng thal the credit oi such person is satisfactory to Mortgaqee a~d ttist the inte~est payabte on the sums secured by thia MoAgaQe ahall be
at such rate as Mortgagee shall request. If Mortgages has walvad the optto~ to accelerate provided in this paragraph 4, and it Mortgegee's sucCeasor in
interesl has executed a w~itten assumption agreement aCCOpted in writing by Mortgagea, Mortgagee shall rele~se Mortgagor trom all obligationa under this
Nate and Mortgege.
5. That in the avent of a suit being instituted to foreclose this mortgage, the Mortgagee shall be enlitled to epply at any time during such foreclosure
suit to the couh having jurisdiction thereof fo~ the appointmenf o( e receiver of atl and singular the mortgaged property, and of all ren!& Incomes, prolits,
issues and revenues thereo), frnm whatsoever source derived; and thereupon it is hereby expressly convenanted and agreed that the court shali foAhwith a{r
point such reCeiver with Ihe usuel powers and duties of receivers in like cases; and said appolntmenl shall be made by fhe courl as e matter of atrict right to
ihe Mortgagee, a~?d without refarence to tAe adequaay or inadequacy of the value of the properly hereby mortgaged or to Ihe solvency or tnsolve~cy oi the
Mortgagor or any other party defendant to such suit. The Mortgagor hereby specificelly waives !he right fo oblect to fhe appointment of g receiver as
aforesald and hereby expressy consents that such appointment shall be made as an admitted equity and as a matterof absolute righ! !o fhe Mortgagee end
that the same may be done wi/houi notice to the Mortgagor.
6. That if any proceadings should be institutad agains! the prop9rty covered by ihis morigage upon any other lien or ctaim whether superior or junior
to the lien of this morigage, ihe Mortgagee may at its option immediately upon institution oi such suit or during the pendency thereoi declare this mo~tgage
and the indebtedness secu~ed hereby due and payable forlhwith and may at ifs option procesd to foreclose this mortgage.
7. To pay ali and singular the costs, fees, charges and expenses of every kind including the cost oi an abstract of title to said lands found to be con-
venient or expedient in cortnection with any suit for the toreclosure of ihis mortgage, and also including, whether the Mortga~ee is obiigated to pay same or
not, reasonable attorne~s fees incurred or expended at any time by the Mongagee because of the failure of the Mort9agor to pe~fo~m, complywith and abide
by all or any Ot the Covenants, conditiona end stipuletions of said promissory note, or this mortgage, in the fo~eclosure of thls mortgage and in Collecting the
amount secured herebywith orwithout legalproceedings, and to reimbursethe Mortgagee lo~ every payment made or incurred (orany such purposewith in-
terest trom d8te of eve~i such payment at the highest rate authorized by law; such payments and obligations, with inter~st fhereon as aforesaid shall be
secured by the lien he?eof.
8. To keep the building or buildings now or hereafter on said land insured ayainsf loss or damage by tire, extenifed coverage and ather perils, in-
cluding war risk insurance it available, in a sum not less than iheir full insurable value at the cost and expense of the Mortgagor in a Company or companies
approved by the Mortgagee, the poticy or poticies !o be hatd by the Mortgagee, and such poficy or policies of insura~ce shall have affixed therelo a Standard
Morlgagee Clause, meking all loss or losses under such policy o~ policies payable to tha Mortgagee as its interest may appear, and to deliver said
, policy or policies to the Mortflagee when issued with the receipts for the payment of Ihe premium therefor, and in the event any sum oi money becomes
payable undersuch policy or policies, the MoAgagee shaN have iAe option to receive and apply the same on account ot the indebtedness secured hereby or to
permit the Mortgagor to receive and use it, or any pan thereof, lor other purposes, without thereby waiving or impasring any equity, lien or right under or by
virtue of this mortgage; and the Mortgagee, it it deems necessary, may place and pay for such insurance, or any part th8repi, wilhout losing, waiving or affec-
ting Mortgagee's option to foreclose tor breach of this covenant, or any part thereot, or any right o~ option under this mortgage, and every such payment shall
bea~ interest trom date thereof until paid at the highesl rate authorized by law, and a!I such payments with interest as aforesaid shatl be secured by the lien
hereof. ln the event any loss ordamage is suNered Mortgagor shall notity Mortgagee of such loss or damage within torty-eight(48) hours after the happening
thereof; the tailure to give such nolice shall constitute a default and the Mortgagee shall have the rights herein given tor all defaulta.
9. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and condition; and to do or permit to
be done to said premises nothing that will elter or Change the use and Character ot said propeny or in eny way impairorwesken the seCUrity of said mortgage.
In case of the refusal, rteglect or inability of the Mortgagor to repair and maintain said prope?iy, the Mortgagee may, at its option, make such repairs or cause
ihe same to be made and advence monies in that behalf which sums shall be secured by the lien hereof and bear interest at the highest tate 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 all times, during
the life ol this mortgage, remain in the possession of the Mortgagee and in event ol the foreclosure of this mortgage orothertransfer of title, all right,title and
interest of the Mortgagor in and to any such abslraCt or abst~acts of title shall pass to the purchaser or grantee.
11. That no waiver ot any covenant herein or in the obligation secured hereby shall at any time hereatter be held to be a waive~ of any of the other
terms hereot or of the note secured hereby, or future waiver of the same covenant.
12. Thal in order to accelerate the maturity of the indebtedness hereby secured because of the failure oi ths Mortgagor to pay any tax assessment,
tfabitity, obligation or encumbrance upon said property as hereirt provided, i! shall not be necessary nor requisite that the Mortgagee shall tirst pay the same.
13. That it the Mortgagor shall tail, negtect or refuse for a period ot thirty (30) days fully and promptty to pay the amounts required to be pald by the
noteherebysecuredoriheinterestthereinspeCifiedoranyof thesumsof moneyherein referredtoorherebyseCUredorotherwiseduly,tt;llyendpromptlyto
~ pertorm, execute, comply with and abide by each, every or any of the covenants, tonditions or stipulations of this mortgage, the promissory note hereby
secured artd/or the construction loan agreemen~ if any, then, and in eilher o? in any o1 such events, without notice or demand, the said aggregate sum men-
tioned in said promissory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable
forthwith or thereaRer at the continuing option o( the Mortgagee as (utly and completely as if s~id aggregate sums were originally stipulated to be paid at
such time, anything in said promissory note or herein to the contrary notwithstanding, and the Morigagee shall be entitled thereupon or thereaiter without
_ notice or demand to institute suit at law or in equity to enlorce the rights of the Mortgagee hereunder or under said promissory note. tn the event o! any
' default or breach on the part ot ihe Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continuing option to en(orce payment
of all sums secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, concurrently or otherwise, and one action or suit
. shall not abate or be a bar to or waiver oi the Mortgagee's right to institute or maintain the other, provided said Mortgages shall hsve only one payment and
satisiaction of said indebtedness.
14. That in the event thal Mortgagor shall ~ 1? consent to the appointmPnt of a receiver, trustee or liquidator o( all 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 inability to pay its debts as they become
due, or (3) make a general assignment tor the benefit of creditors, or{4) file a petition or answer seeking reorganizatio~ orarrangement with creditors,, or to
take advantage of any insolvency law, or (5) file an a~swer admitting the material allegations of a petition filed against the Mortgagor in any bankrupicy,
reorganization or insolvency proceeding, or (6) actiort shalt be taken by the Mortgagor tor the purpose ot eHecting any of the (oregoing or(7) any order, judg-
ment or decree shall be entered upon an application ol a cred+tor or Mortgagor by a court oi competent jurisdiction approving a petition seeking appointment
of a receiver or trustee of all or a substantial part of the Mortgagors assets and such order, judgment or decree shall continue unstayed and in efiect (or any
period ot thirty(30) consecutive days, the Mortgagee may declare the note hereby secured torthwith due and payable, whereupon the principal of ar,d the in-
terest accrued on the note and all other sums hereby secured shall become forth with due and payable as it all of the said sums of money were originatly
stipulated to be paid on such day: and thereupon the Mortgagee without notice or dema~d may prosecute a suit af (aw and/or in equity as if all monies
1- secured 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. 7hat 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
E- of this indenture, together with interest thereon at the rate agreed upon at the time of such lean or advance, shall be equalty secured with and have the same
_ priority as the original indebtedness and be suDject to atl the terms and provisions ot this mortgage; pr~vided, that the aggregate amount oi principal outstan-
_ ding at any time shall not exceed (S or it the preceding btank is not completed, then an amount equal to one hundred and fitty percent
(150Q6) of the principal amount originally secured hereby shalt apply.
' 17. That. it required by Mortgagee, the said Mortgagor witl pay unto the Mortgagee, on the first day of each and every consecutive month, a sum
equal to one-twelith oi the annuat amount necessary to pay all taxes and assessments against the said mortgaged premises, said monthly sum to be es-
timated sofely by Mortgagee and calculated to be an amount not tess than the amount of taxes assessed against said mortgaged premises for the previous
year, and if (unher required by Mortgagee to pay all insurance premiums in manner and torm as provided herein tor the payment of taxes and assessments.
18. That if this mortgage is in connection with consfruction loan financing, then this mort~age is subject to the Constiuction Loan Agreement
dated _ _ _ , 19_ between the Mortgagor and the Mortgagee, an executEd copy of which is in the possession of the
Mortgagee and is incorporated herein by reference and made a part hereof; ariy default by NSortgagor under said agreement shall constitute an event of
default under this mortgage.
19. That the Mortgagor wilt on the request of Ihe Mortg2gee turnish a written statement of the amount owing on the obligation which this mortgage
seCUres and therein state whether or not Mortgagor claims any defenses or ottsets the~eto.
~ go~K 557 PAGE 992
~,,.::.,s -.,~.-x--~..A._:a~.- - _ ~