HomeMy WebLinkAbout0922 . . . .
4. If all or any pert ol ths Property or an Interset thereln la wld or tnruterred by Mortpaqor wRhout Mortyaqee'a prior written consent, excludiny (s~
ihe creatb~ of a lien a s~cumbr~ncs subordinote to thla Mortpa4e.lb) the e~eatton of ~ parchase money securfty fnte~eat fa household appltences, tc) s
tranafe? by devise, ~iescent a opention of law upon the deatA oi a 1otM ten~?nt or (d) ths yrant oi any Isasehold interest of tAree yea~s o~ lass not containinq an
opt{on to purchsas, Matpspee may, it Mort9ayee's optbn. d~clars all ths sums sscured by thls Mortppe to bs Immediately due and payebla Monyayee
ahaN have waivad such option to scceknte N. prlor to the sele a tranefer, Mortqsqes and the psrson to ~+rhom tM Propsrty is to ba sotd or transfe~red reech
,syreement In writin9 that the credit of such peroon is satialectory to Mortp~qe~ and th~t the Intersst payabN on the suma aecured by tP?ts Mo~tqaye shell be
at such rete as Mortpapes shall requesL It Mortpapse has walwd the aWbn to accels?ate provided ~n thb ps~e~raph 4, and M Mat9aqee's auccessor in
Interest has executed ~ written essumption aq~eament sccepted in writin~ Isy Nlort~~pee, Mort9ayue shall ~eieese Mortpa9or t~om aIl oblipationa under this
Note and Mort~a~a
5. That in iha evaM ot a suft belny instituted to forscloss this mort~aqs. the Monysgee shsll bs entitbd to appy at any time duri~y auch toreclosura
suit to ths coun hevinq ~u~isdictb~ theroof ior 1he eppolntment of a receiver of alt a~d 41n~ular ths morlqaflsd property, and oi ell rents~ incomes, proflts,
iseuea and revenues thereot, trom vrhatsosve~ source dsrlved; and thereupon N is hereby e~cpressly oonvsnan~id e?nd sprsed thet the cou~t ahal! forthwHh sp~
point such recsiver with ihe usual powero snd dutles of receivsra in liks case~ and said appolntment shail bs m~de by ths coun as a m~tter ot sirict riqht to
ths Mortsa~ea end wlthout ~sterence to the adequacy a Ine~dequacy of thS vatue oi ths opsrty hereby mortp or to the aolvsncy o? inaoNency oi ihe
edeq p~
MoR~a~or or any othe~ psrty defendant to such ~uit The Monqa~o~ hersby spectf~any wsives ths ~qht to jact to 1he aQpointment ot a recelver es •
atoresaid and hereby expressy con3e+?ta that such aW~olntment shall bs m~de as an edmitted squlty and ss a matte~ of abaolute ripht to the Mortgayee and
ihat the aama may be dona without notke to t~d Matqspor.
6. That N any procsedin9s should b1~ Institutsd asein8t ths propsrty Covered by thla matqa~e upon any other Ilen or ciaim whether auperio~ or ju~iot
• to the Iien of this mortgaqe, tM Mort4spee may at ita optton Immediatety upon f~stitutton of such suit or durlnp !he pe~dency the~eo( declare this mon~a9e
and the indebtedness secured hereby due and payabls forthwlth and may at its optlon proceed to toreclose thia moR~aye.
7. To pay all andsinyufar the oost0.leee. char~es and sxpenses of every kind ~~udln~ the coat o1 an atsatract of title to ~ald landa iound to be co~-
~ yenient or expediant in connectlon wRh an~r suit for ths to~sclosure ot thls mort9a~e, and also Includlr?y, whethe? the Mortgayee ts obligated to pay same or
not, reasonabla attomsy'sfees FncuRed or exps~ded at eoytime b~?tM Maiga~ee 6ecause of the latlure ot the Mortpa~or to pe~form, complywNh and abide
by all or sny ot tM covenant0. ~r?ditbns ~nd stipulations of said p~omisi~ory nota, or thb mort~a~e, in the foredosure of this moRqaqe and In oollectinfl the
amountaecuredherebywitho?wNhoutlepalproceedin~s,andloreimbursstheMortqafleeiweverypaymentmadeorincurrodforanyauchpurpoaewithin-
tersst from date of every such p~yment at tJ?e hiphest rate autho~ized by tew; auch payments and oWiyations, with Uterost thereon aa atoreaaid, she11 be
aecured by the lian hereof. . ~
8. To keeD the buildir?~ Qr buildi~qa now or heresttar on asid land insured eyainat lose or damape by fi~e, exlended coveraye and other peMls, in-
ciuding war ~isk inaurance N avetiable~ in a sum ~ot less than their tull InsuraWe value at the cosi and expense of the Mortqa~or in a compsny or companfes
approred by the Mat9agee, the policy or po~k.tes !o be hsid by the Mort~apee~ and such policy or policies of insurance shall have atfixed theret~ a Standard ,
MoKgayee Clauae, makinQ all loss or bsses under su~h pollc~r or policfes payable t0 the Mat~e~ee as Its interest mey appear, and to deUver saW
policy or policies to the Morty ee whsn issued with ihe reoelpts for the payment of the premium therefor, and tn the event any aum oi money becomes
psyat~e under such policy or pol~ ths Mortyaqee shaN have the optbn to tsceive and appy the sama on axount ot the indebtedness sacu red hereby or to
permit the Morlga~or to recehrs aRd use N, or any part lhe~eof. for other purposss. without thereby waivin9 or impsirlriq anY equfty, lien or right under or by
viitue of this mortgaye; and the Mort agee, if it deems nsceeaary, may plac~ a~d pay fo?such Insuranca, or any psrt thereof. without losiny, waivirp or aHec-
ting Mb~ee's option to Iorecbse~or breach ot ihfa cove~ant, a anypart thereof, or any riyht oroption undar this mortyaqe, and every such payment shall
bear inte~est irom date ihereof untll psid at the hiphest rate aulhorized by law, and eil such payments wfth Intereat as aforesaid shall De secu~ed by the lien
hereof.Intheeventanylossotdama~eisauHeredMort~agorahallnotiiyMort~egeeofsuchbssordama~ewithintorty-aiyht(48)hoursaRe?thehappeniny
thereof; the tailure to qive such notke shall constitufe a deteuN and the MortQs~ee shail hava the ri~hts herein given for all detaufls.
9. To perm~, commit or auHer no waste and to maintain the improvements at 811 tlmes in a atate ot q~ood repair and condition; and to do or parmit to
be_done to said premisea nothinq ihat will alter orchan~s the uae and characterof said property or in any way impair or weaken the seCU~ity of aaid mortgaga
In case of the ~efusal, ~e~lect or inability of the Mortyayor ta repai~ and maintafn said property, the Mortgs9ee may, at ita optbn, make auch repairs or cauae
the same to be madQ and advance monies in lhat behsM whkh auma shall bs secured by tAe lien heraof and bear intereat at the highest rate authotized by
, law. •
10. To deliver the abatract or abatrscta ot title coverinp the mort~aged propeRy to MortgaQee or fts dea{ynated agent, which atiall at all timea, during
~ the Ifte ot thia rt'ongaye, remal~ in the possession ot the MortQagee and In event of ihe torectosure of thls moRyaye orother tranaTerol title, atl right.title and
irterest of the MoRpagor in and to any such ab~tract a abatracts of title ahall pasa to the purchaaer or qrantee.
11. That no waiver of any covenant herein or tn ihe obiiQation secured hereby shall at any time hereafter be held to be a waiver of any ot the other
terms hereof or ot the note secured hereby, or future wahrer of the aame covenant
12. That In order to accelerate the maturity of the Indebtedneaa hereby aecured beceuae of the tailure of the Mortflaqor to pay any tax asseaament,
liabfiity, obligation a encumlxance upon aeM p~operty as herein provided ~ shall not be necessary nar requ~He that ihe Mortflaqee shall f irat pay the same.
13. That H the Mortflsflor shall feil, ne~lect or retuse tor a perbd of thitty (30) days futy and p?ompty to pay the amounts required to be paid by the
note hereby aecured or the interest iherein apecifled or any ot the au ms of money hereln reterred to or hereby secured, or othervriae duly, fully and promptly to
pertorm, execute, comply with and abide by each, every or any of the covana~te, conditbns or atipulationa of thts moRqape, the promissory note hereby
secured and/or the construction ban agreement, N aml, then, and In eHher or in any of such events, withoui notice or demand, the satd a~qre~ate sum men-
; tioned In said promissory note, less previous p~symenle, N a~y, and arty a~d all aums mentbned heretn or aeCUred hereby ahail become d~e a~d payable
forihwith a thereafter at the continuin~ option of th~ MatWipee as fully and completey as H sald a9pregate suma were ori~inally stlpuleted to be peid at
such tlme, anythiny in said promisaory note or hereM to the contrary notwitbstandi~, and the Mortseyee ahall be sntitled thereupon or thereafter without
notice or demand 1o institute auft at law or in equity to enfwce the ri~hts of the Mortya~ee hsreunder or under said promisaory note. in the event of any
default or breach on the part of the Mort~a~w hereunder a under sai~ipromissory noie, ths Mat~agee sha{I hnve the continuirp optbn io entorce psyrrient .
of aN auma secured hereby by ection at la~r or by suit in equityr to toreclose this mortqaqe, eRi~er or bot~ concurtsntly or otharwiae, and one actlon or suit
shalf not abate or be a bar to or waiver of the MortgsQee's ~igh! to institute or mainiain the oiher, provided said Mortqaflee ahali heve ony one payment snd
aafisiaction of aafd indebtedneaa.
14. That in the event that Mortyayor ahall (1) consent to the appol~tment of a ~eceh?er, truatee or itquidator ot all or e subatantial part of Mortgagors
assets, or (2) be sd)udicated a bankrupt or insolvent, or file a~roluMary petitfon in beu?kruptcy, or admit in w~itln~ its inability to pay its debta as they become
dus, or (3) make a yeneral assiynment for the benefit of asditora, or (4)1He a petition or answer seekin~ ~eorpanizatbn or anangement with creditora, or to
take advantaQe ot any insolvency iaw, or Eile an answet admittin~ the material a8epatia?s of a petitiort tNed e9alnat the Mortgaqor in any bankruptcy,
reorqenizatbn or insoNency proceeCln~, or(8) sction shali be taken by the Mo~tqayor ta the purpoae of eHectiny any of the fotepoin~ or(7) any order, jud~-
ment or decree shall bp eMered upon an appNcation of a creditoror Mortpa~or by a court of competent ju~isdiation approvinp a petition seekinfl appointment
d a recefver or trustee ot a0 or a substantial part M the Mortqapors assets and such order, )udpment o~ decree shall continue unstayed and in eNect for any
period of thiRy(30) cOnseCUtive days, tha MatQa~ee maydedaro thb note herabysecured foAi~with due and payable,vrhereupon the ~princtpal ot and the in-
terest accrued on the noie and all other aums hereby secured shall become forth with due and payable as N all of the said auma of money were oriyi~ally
atipulated to tss pald on auch daY. s~d thereupon the Mortgaqee without notice or demand may p?osecute a suit at law and/or In equity as if all monles
secured hereby had matured prior to ita inatitution
15. That the Mortyagee or any peraon auihorized by the Mortya~ee shail heve the tipht to e~ter upon and inspect the mortgaged premises at ell
reasonable times. •
18. That any sum or auma which may be loaned or advanced by the Mortpaqse to the Mortpapor at any time wiihin twenty 20) years trom the date
d this indenture, to~ether.with interest therson at the rate aqreed upon at 11tie time of wch foan or advance, ahalf bs equaliy aecur~with and have the same
priorfty as the ortyinat fndebtednesa aqc~ e~~CtLaali the terma and provlsbna of thl~ mon~ape: provided, that the s~qre9ate amount oi principal outstarr
ding at eny tlme shali not exceed (t 1 ~ • V~> > o~ H the precedirq blank is aot complsted, then an amount squal to ane hundred and titty percent
(t 5096) ot the prinCipal amount orf~F~ally sscured hereby ahall appy.
17. Tha~ ft required by Mort~sflee, ths safd MortQ~yor will pay unto the Mort~sqee, on tt~e flrot day of each and svery consecutive month~ a aum
equal to one-twelfth of the annual emount necessary to pay ell teuces and sssesamsnts apainat tha sald mortyaqsd premiaes, aaid monthiy sum fo be es-
timated aolely by Mortpaqee and cakxilated to be en amount not tess than ths amount of texes assassed a~ainst said mortpaqeA premfsea tor the previous
year, and H tuRher requlred by Mart~aQee to pay ali insursncs premiums in manner and tOrm aa ptovidsd haraM far the psyment of taxea and sasessmenta
18. That f( thia mort9a~e is in connectbn with construcUOn ben fMancinp, Ihe+n this morty~qe is subJect to the Constructfon loan A~reement
dated 19 between the Mo?tgaqor ant! the Mort~eqee, nn executed copy oi vrhich ts In the posseasion M the
Mortyayee and is incorporated herein by reierence and made a part hereof; any defeuit by Morlya9w undet said ayreement shall constitute an event ot
detauft under thia mort9aga.
19. That the Mort~aQw will on the request of lhe Mort~ayee fumish a written atatement oi the emount owin9 on tfie obligation which thia mortgsfle
securea and therein state whether o~ not Mort9aQor claims any defenaes a offsets thereta
' I
~ BOOi~ PAGE 9~~ '
f . - Z