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HomeMy WebLinkAbout0993 , • ~ . ~ 4. If all or pny pan oi the Property or an intereat therbin is eold or 1~anste~red by Mongsqw withoul MortqaQse'a prbr wr~tten consent, excludin~ (y ; tha creatfon of s I~en a encumb?ance subordlnaie to this Mort~apa, (t~ the creatlon ol a purchaae money aecurity intarest tor houaehold appliancss, (c) a t~ansferbydeviae,descentoropetaUonottawuponthedeathofa~olntten~ntor(~tAagra~tofanyleaseholdlnte~eatoilhreeyearsortssanotco~telMnqan ~ optlo~ to purchaae, Monyayee mey, at Mortqapee'a optlon, declare ail the aums aecured by thia Mortqe~e to be Immedlately due and payabla MortQapes ~ ahali have waived suCh optbn to eccelerate N, pria to the sale a tianafer, MortQa~ee and the peraon towhom ths Property Is to be sold or tranafened rssch ayreement in wrNiny that tha credti ol such perapn ts satistactory to Mort9apee end ttial the interest payable on the sums eecutod by this Monflays ah~fl be at auch rate es Mortyapee she11 request. If Mortye9ee haa waived the option to accelerete provWed in thia pa~aprapA 4, and if Mortpa~ee's auccesaor tn ~ intereaihasexecutedaw~ittenassumpNonaQreementacceptedt~wriUn~byMortqaQee;Mortpayeeahallre{easeMohgayorlromaliobltqatlonaundarthle ` Note and Mortqafla { # 5. That lo tf~e event ot a suit belr?y lnstituled to forecloae ihis mortpage, the Mortyagee ahnll be enlitled to appy at any time duriny euch lorecloaure auft to the Couh hevfnQ Junsdlctbn thereof tor the 8ppoIntment of e receNer of all and sinyular the morlqaped p~operty, end of all renta, tncomea, protit0. issues and reve~uea tharsof, from whateoever source derived; and tt~areupon it ia hereb~r expresaly convenanted snd a~reeci ihat ths couh ahall lorthwith ap- Mortyayea, and wNhout eferon~ to the adeq ac~jr a inadaquacy of~h valu ot th ~~~rtly hereb~yr ma~itq aa~d~ or to the ao ency a InaoH r~?cy~of lhe. Mortpa9or or aey other party delendant to such auit. The Mort~agor hereby epecNically waivea the ~ipht to obJect to the eppo~ntment of a receiver as aloresald and hereby expressy coneants that auch appointment ehall be made as an admitted equity and as a malter ot absolute ripht to Ihe Mortyaqee and that ihe same may be done witAout notbe to the Mortyagor. 6. TAat if any proceedi~9a ahould be inatituted aqafnst lhe property covered by this mortgefle upon anyother 1len oiclaim whether supertor ar~unlor to the pen of thls mortQape. the Mortpeyee may at ita optlon immediately upon tn~titullon of auch suit or duriny the pendency thereM declare this mortgege and the indebtedneas secured hereby due and payable forthwith and may at its opUon proceed to (oreclose thia mo~igaqe. ~ 7. To pay ell and ai~?yular the coats, feea, cha~qea and expensea of every kind, indudinq the cost of an abat~act of title to sald lands found fo be con- ~ venient or expedient in connectioo wiih any auit tor the fo~ectosu~e of thia mort~aqe, and als4 inaludi~tp, whether the Mortqagee is obiipeted to pay same or not,reasonableattaneyaibeatncurredorexpendedatanytimebytheMortyeqeebecauseoffhefailureoftheMortgaqortope~form,comprywfthandabide i by all or any of the covenants, conditbna and stipulaliona of said promlasory note, or thta monyafle, in the foreclosure ot this mortga~e and !n oolleetinp the amount secured Aereby wlth o?without le=,~al prxeedinga, and to reimburae the Mo~tgagee tor every payment made or incurred for any such purpose with in- terest irom date ot every auch peyment at the htghest rate authorized by law; such payments and obligations, with inter6st thereon aa a/oresaid, ahall be aecured by ihe Iten herect 8. To keep the building or buildings now or he~eatter on said land insured agalnst loss or damage by flre, extended covera~e and other perils~ in- cludin~ war rlak insurance if svailabie, in a sum not less than lheir full insurable vatue at the cost and axpense ot lhe Mortgegor in a comqany o~ companies approved by the Mortgagee, the policy or poticies to be held by the Mortqaqee, and such policy or polictes ot inaurance shall have aHixed thereto a 8tandard Mortgaflee Clause, makinfl all loaa or basea under such pollcy or policies payable to the Mortgagee as its interest may appear, and to deliver said pol{cy or policles to tfie Mo?tflayee when isaued wfth the receipta for the payment o( the premlum therefor, ant! in the event any sum of money becomea payable under such policy or poltctes, the Mortgaqee ahall have the option to receive and appy the same on account ot the indebtedneas secured hereby or to permit lhe MoRgagor to receive and uae i~ or any part thereot, tor other purposes, without thereby waNing or impai~ing any equity, ilen or ~ight under or by virtue of thia mo~tgaye; and the MoR aqee, if it deema necessery, may piace and pay tor such tnsurance, orany part thereot, ~rithout bainQ,waiving oraffec~ tlnfl Mortqaqes's oplian to faeclose~o~ breach of lhis covenant, or any part thereof, or any right or option under this mortyaqe, and every euch payment ahall beer intereat from dats Ihereof until paid at the hi~hest rate suthorized by law, and all suCh paymenta with intereat as aforeaatd ahall be secured by the lien hereof. t~ the event any loss or damefle ia suHered Mortqagor shall notify Mortgages of such losa ordamege within torty-ei~At (48) hours efter the happening thareof; the failure to give auch notice shall constitute a default and the Mortgagee shall have the ~ights herein gNen for all de(aulta 9. To permit, commit or sulfer no waste and to mainlain the improvements at all times in a state ot good repair and condition; and io do or permii to be done to saW premises nothing that will aRerorchange the use and cha~ecter of said property or in eny ~ray (mpair or weaken the aecu~ityof said mortgag~ In case ol the refusal, neglect or inabilityof the Morigagor to repai~ and maintain saki p~operty, the Mortgagee may, at its oplion, make auch repaira orcause the same to be made and advance monies in thet behaH which sums shall be secured by the lien hereof and bear intereat at the hi4heat rate euthotized by law. 10. To deliver the abatract or abstracts ot title covering the mort~aged property to Mortgagee or its designated agent, which shafl at all timea durirtg the Itie of this mortgage, remain in the possession of the Mortgagee and in event of the (oreclosure of this mortgage orothertranster of title, all right, titte and interest of the Mortgagor in and to any such abstract or abstracts of title shali pass to the purchaser or grantee. 1 t. Thet no waiver of any covenant herein or in the obligation secured hereby shall at any time hereatter be held to be a waiver of any ot the other terma hereof or of the note secured hereby, or tuture waiver of the same covenant. i ~ 12. That in order to accelerate the meturity of the indebtednesa hereby secured because of the tailure of the Mortgagor to pay any tax asaessment, liabifity, obtigation or encumb~ance upon said property as herein provided it shall not be necessary nor requisite that the MortflaQee ahall firet paythe same. ~ 13. That if the Mo?tqa~or shali tait, neglect or refuse lor a period of thirty (30) days fully and promptly to pay the amounts reGufred to be peid by the nole hereby secured or the intereat therein apecified or any ot the sums of money herein referred to or hereby seCU~ed, or otherwise duly,fuliy and promptly lo pertorm, execute, comply with and sbide by each, every or any of the covenants, conditions or stipulations oi this mOrtgage, the promisaory oote hereby secured and/or the construction loan agreement, if a~y, tnen, and in either or in any of such events, without notice or demand the said aQgrepate aum men- tioned in said promisaory note, leas previous payments, it any, and any and all sums mentioned herein or aecured hereby ahali become due and payable iorthwith or ihereafter at the continuing option of the Mortgagee as fulfy and completely as it said aggregate sums were odginaly stipulated to be paid at such time, anything in said promiaaory note or herein to the contrary notwithstanding, and the MoRgagee shall be entifled thereupo~ or thereatterwithout notice or demand to inaiNute suit at !aw w in equity to enforce the rights oi ihe Mortgagee hereunder or under said promissory note. in the event of any default or breach on the part of the Mortgago~ hereunder or under said promissory note, the MoAgagee shatl have the continuing option to en(orce payment of atl sums secured hereby by action at law or by suit in equiry to foreclose this mortgage, either or both, concurrently or otherwise, and one aCtion or suit shatl not abate or be a bar to orweiver of the Mortgagee's right to institule or mainlain the other, provided said Mortgasee ahatl have oniy one payment and satisfaction of said indebtedness. . 14. 7hat in the event that Mortgagor ahall ~ 1) consent to the appointment of a receiver, trustee or liquidator oi all or a substantial part of Mortgagors assets, or (2) be adjudicated a bankrupt or in8olvent, or fite a voluntary petition in bankruptcy, or admit in writing it8 inabiiity to pay its debts as they become due, or(3) make a general assignment for the benetit of creditors, or~4) file a petilion or answer seeking reorganizeCwn or arrangement with creditors. or to I take advantage of any inaolvency Iaw, or (5) file an answer admitting the material allegations ot a~etitwn filed against the Mortgagor in any bankruptcy, reorganization or insolvency proceeding, or(6) action shail betaken by the Mortgagor for the purposeof eHecting anyof the foreeoing or(7) any order, judg- • ment adecree ahall be entered upon an application of a creditoror Monflagor by acourt of competent jurisdiction approving a petition seeking appolntment ~ of a receiver or trustee of all or s substantial part of the Mortgagors asseta and such order, judgment or decree ahall continue unsteyed and in eNect for any period of thirty(30) consecutivedays, the Mo?t~aQee maydeclare the note hereby secured forthwith due and payable, whereupon the prinCipal of and the in- terest accrued on the nate and eIl other sums hereby secured shall become forth with due and payaWe as if all of the aaid sums of money were originally ~ stipulated to be paid on such day; a~d thereupon the Mortgagee without notice or demand may prosecute a suif at !aw and/or in equity as if all monies ~ secured hereby had meture~ prior to it8 inslitution. ~ 15. That the Mortgagee or any person authorized by the Mortga~ee shall have the right to enter upon and inspect the mortyaged 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 trom the date ~ of this indenture, togetherwith interest thereon at the rate apreed upon at the Hme of such toan oradvance. shall be equalfy securedwith and have the same ! prioritysstheorlginalindebtednessandbesubjecttoallthetermsandprovisionsofthismortyage;provided,thattheaqgregateemountofprincipaloutatan- ; ding at any time shall not exceed (S or if the precediny btank is not compteted, then an amount equal to one hundred and fifty percent ; (15096j of the principal amount originalfy seCUred hereby ahell apply. ~ 17. That, if required by MortgegQe, fhe aaid Mortgagor Wiil pay unto the Mortgagee, on the tirat day of each and every consecuttve month, a sum ~ equal to one-twelHh ot the annual amount necessary to pay all ta~cea and assessments againsl the said mortgaged premises, aaid monthly aum to be es- timated solely by Mortqaqee and calculated to be an amount not less than the emount ot taxes esaessed againat seid mortqaged premiaes for the prevfoua ! yesr, and N further required by Mortgaysa to pay all insurance premlums in manner and form as provided harein (orthe payment of taxes and aaaeasmenta. ` 18. That if this mortgage i4 in conneclion with Canatruction foan financing, then thls mortQage ia subJect to the Conetruction Loan A~reement ~ date~d , 19___ between the Morlyayor a~d the MoAgaflee, an executed copy ot which is in the posaeaalon of tha MoRgaqee and is incorporated herein by reterence and made a part hereof; eny delauR by Mortyagor u~der safd aflreement ahatl constitute an event of defeuft under thfa mortgage. 19. Tha: the Mortgagor will on the request of the Mortgayee furniaA a written atatement ot the amoun! owing on the obligation which this mortgage secures end therein slate whether or not Mortgagor claima any defenaes o+_oNseta thereto. ~ ~f i f ; 2 goo~ ~59 PAtE 993 E