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HomeMy WebLinkAbout0940 • - , . . ° 4. tf all w any pan nf the P~operty a an Intereat the~eln Is eold or t~anifarred tly Monqaga wlthout Mo~tqa9se's prbr writtsn con~ent, excludin9 (y the crsatbn of a 8en or encumbr~nce subordlnata to thle Matpa9a lW tM ~resflon of a purchaee money secu~ity Inte~eet fa housshold appli~nces, (c~ ~ ttsnstar by devlse, deacenl o~ oper~tfon ot I~w upon Iha death of ~ joinl'fenant or(d) ths qranl ot any baeohold Intetest ol threeysan o~ leaa nol contAininp an • option to purchase, Mat9a~ee msy, at Mortpa~es's oRtlon, dscla~e all the sume socu~ed by thls Mort~a~s to be immedlatsly due and pay~bla Mort4ages thall havs waived ~uch optbn to aocebr~ts H, p~lor to the sals or tranafor, Mortqs~ee and ihs person to whom ths Proparty ts to be aold or tnnsferred ~each : aq~eem~nt 1~ w~It1~Q that the credlt of such penon Is aaliafsctory to Monqayee ~nd thst the Intersst p~yable on the aums ~ecursd by thl~ Mon~aye she~ll bs ~t sucA nte es Mort~aqee shall rsqueak If Mo~tQa9ee has walved tha optbn to accelerate piovidsd In this parayraph A. and it Mort9a~ee'a auccesaor In Mtersat h~a executed a writtsn aaaumptto~ aprsament accepted In wNtin9 by Mo~tpaqea Mortpaflee ahaN re~eaas Matya4or (rom all oblt~tlons under thls Note and Mort9e~a ~ . 6. That in the eysnt ot a suR beinp inetituted to forecloas ihis mortpa~0. ihe MoRypee ahali be entRted to appy at eny time durin~ such foreclosuro sun to ths court havin9 ~u~dictbn the~eot for the ~ppolntment ot a rscetver ot ~II and slnyular ths mortpsoed propeAy, ~nd o! sll rent~, incomss, prdN~ Issues and cwenuea thereW, hom wh~isoevsr sou~cs ds~ived; and thareupon it Is hersby exprssaly convenanfsd ~nd ~Qreed that the cou~t shall fo+lhwNh ap~ polnt such recsiver wlih ths usuat powen and dutles o! receNsrs in Ilke caaea; and aaid appoMtmont shtll ba made by the coun as a matter ot strict ripht to - the Mat~es, snd wRhout reference to ths adequacy or inadequacy of ths vslue of the property hsreby mortq sd. or to the solvency or InsoNsncy of ths Mort~~or or any othsr pa?ty dsisndant to such sult The Mwtgegor hsreby specNicaly walves the ripht to ~lect to ths appot~tment of a recelvsr as ~iorssald and hereby exprsasy c~nssnts that such appol~tment shall be made as an admitted equtty end as a marier of sbsoluts r{~ht to the Mortqayae and th~?t the aame may bs do~s wfthout notke to the MatQapor. 8. Thdt M any procesdin~s should be Ihstituted aqalnst the property Covered by thts mort~age upon any other lien or ciafm whathar auperior or JunFOr to the Ikn of this mort~aqe. ihs Mort a~ee mey et Ita option immediately upon inalitutlon of auch auit or du~inp ths pgndency thersd declarelhis monyaqe ~nd ths tndebtedness sacursd here~y dus and payable forthwith and may nt its option proceed to foreclose this mort9aye. 7. To pay ail and Nn~ular the coat0. fess, char~es and expenses of evsry ktnc~ including ihe oost of an abstract of title to aaid landa found to be con- • venient or expecffeM tn conhection with any auft tor the toreclosure of thls mortQage, and alao includiny, whether the Mort aflee is oblbated to pay same or not reasonable attomeys fees Incurted or expended at any time by the Mortqapee becauas of the (silu~e ot tho Mortpapor~o pa~to~m, complywfth and abids by al) o? any of ths covenaMa, conditbM and stipulations of aatd promtasory ~ote, o~ lhis mwtQaqs. In ths foreclosure of this mo?tys~e and in oollectir?~ thb amount seaurod herebywith awfthout lepal proceedin~s, and to rolmburoe the Mwtpa9eeforevery payment msde or incuned fo~ anysuch purpose wrih In- terost from dste af every such payment et the hqheat rate autho~izsd by taw; auch paymants end oblbationa. with Intersst tharao~ as aforesafd, shall be secured by the Ilen hereof. _ 9. To keep the buildinp or bulld(ngs now or heresfter on aaid land inaured a~atnat bss o~ dsmaye by fire, exte~ded cove?eqe and athsr perlls, in= dudinq war risk fnsurance if avallable, in a sum ~ot les8 than tMir full Insurable value at the coat and expense of the Mort~apor in a oompany or companies ~pproved by t~e Mortyaflee, ths polky or ~ol~tss ta bs held by the Mat9ayee, and such poHcy or polfcies of Inaura~ce ahall have aNtxed thereto a 3iuMard Mortgaqse C~auas, m~king all loss or bssos und~r auch.policy or potkies payable to the Mortqaqee as its interea~t may ~ppear. and to detiva? said pol y~ policiss to ths Mort~ape~e when fsaued with the recetpts tor the payment oi th~ premtum therefor, and in the ovent any aum of mor~ey becomsa pay bN under auch polky a pa~kk~tsse. the Mortga9ee ahaN have tha optbn to recehre and appy the ume on socou nt ot the indebtedness secured hareby or to psrmit the Wlort~a~or to receive and use i~ or any pan thersof. for other purposes, vrithout thereby waivin~ or impai~inp anY equiry, Usn or ~lyht under or by Wrtue of this mo~tpa~e: and tM Martpa~es. ff R deems necessary, may place and pay for such Inaurance, or eny pa~t tMreof, without bsinp, waivinp or aHeo- tln~ Mort~ayee's option !o taecbse fot b~each of this covensnf. or any paR thereof, or sny riqht aoption underthla mat~a~s, and every suCh payment sAall • bear tMsrost irom d~ts thereot uMN pald et ths hiqhest rats suthorized by law, and all such paymente wiih interest ss aforesald shal! bs secured by tha Ilen hereof. In the event any loss or dame~e is suftered Mortpsga ahell notify MoKgaqee of such loss or damape wtthi~ fo~ty-eiqht(48) houro atter ihe happenln~ thereot; tl+a tailure to 9~e auch notice shall constitute a defautt and the Mort~apee shalt have the ~hts herein given for all defauRs. 9. To permit, commft or suHer no waste and to maintsin the improvements at stl Rimes In a state of qood repair and condition; and to do or permtt to be don4to aald premlaes nothin9 that wiH afterorohanye the use and Characterof sald property or in amrway impair or weaken the secu~iry of said mort~aQe. In case oi the ntusal. neplect or Inability ot the Mort~a~or to repair and maintein said propeRy, the Mortpayee may. at Ns option, make such repstra or cauae ~ the aame to be made and advance monies in that behaH which auma shall be secured by the Hen hereaf and bear intereat at the hiqhest rale authorized by law. t 0. To delNer the ~bst~act or abstracts ot title coverirp the moKgaped proRerty to Mortqaqee or its deaiynated aflent, which shall at all times, du?inp the life ot thts moRflape, rematn tn the poasesaion o! the Mortyagee and in event of the foreclosure ot ihia monye~e or other transter ot title, ait ri~ht, tEtle an~i interest of tha Mort~a~a in and to any euch abstrect or abstracts ot tftle shall pass to the purchaaer or q?antee. i t. That no wahrer of any oovenant hereln or in ihe obllyatiori aecured hereby shatl at any time hereaiter be held to be a walver of any of the oihar - terms hereof or of the note secured heteby, or future waNer of the same covenant 12. That in order to acce.terate the maturity of the indebtedneaa hereby aecured becauae of the faflure ot the Mortyayor to pay any tax asaessment, ~ liability, obiiqation or encumbrance upon aaid propeRy as herein provided n shall not be necesaary nor requtsHe that the Mortyaflee shail first pay the aame. ' 13. . That N the Mortya~or ahall tall, ne~lect ar refuse for a period of thirty (30) days fuly and prompty to pey the amounts requtrsd to be pald by the ; notsherebyaecuredorihelnterosQtheroinapecHiedoranyoithesumsotmoneyheratnreferredtoorherebyseCUredorotheryviaeduly,tuliyandpromptyto psrtorm, ezecute. comply with and abide by each, every or any of the covenanta, conditbns or stipulations of this mortflaqe, the promissory note hereby ~ secured and/or the construdbn ban apreement, if any, theR and in either or in any of auch events, without notke or demarM~ the aaid a~yrs4ate wm men- tioned In sald promissory note, less prevfous payments,.it any, and any and ali sums mentloned her9in cx secured hereby ahall beoome due and payable forthwith or thereafter at the continuin~ optlon of the Mortya~ee as tuly and completely as N aatd a~repate sums wsre oripinaly sttpuleted to be paid at E such tims, er~ylhin~ in aaid prdntssory note or herein to the contrary notwithatandin~, and the Mo~tpaQee ahalt be antHled thereupon or thereafter wHhout ~ notke or d~mand to Mstitute suit at law or In equity to eaforce the ri~hta of the Mort~a9ee hersunder or under sald promissory note. ln the event of a~y dstauR or broaCh on the part oi the Mortqeyor hereunder or under sald pramissory note, the Mortpgyee shall have the continuinp option to enton:e peiytnant ~ ot all suma secured hersby by action at law or by suN in equity to foreclosa this mortpaye, efther or both~ concurrentty or otherwise, and one scttoln or suit ahall not abaYe a be a bar to orwaiver of the Mortqayee'a riyht to institute a maintain the other, provided said Mort~BQee shell have ony one payment and satistactbn of said indebtedness. , ~ 14. That in the event that Mortgapor ~hall (1) oonaent to the appointment of a recefvar, truatee or Ilquidator of all or a substantial part of Mortpaflora aasets, or (2) be adJudk:ated a bankrupt or insolvent, or file a voluntary petitioe in bankruptcy, or admit tn writtrq ita inability to pay ita debta aa they befwme ~e, or (3) make a qeneral assi~nment for ths bsnefit of creditws, or(~) file a petkbn or answer sesking reo~anizatton a arrer?yement with cxeditors, or to take advantaQs of ar~y insolvency Isw, or (5) file an answer admktin~ the material sf{egations oi a petftbn tiFed a~ainat the Mortya~or in,any bankn~ptcy, reo~an~ailon or iruoNency proceediny, or181 ection shall be taken by the Mort~a~ot fa the purpose of effedtna any ot the to?efloin~ or(T) any order, judg-. ment or dec?ee shall be entered upon an application of a creditoror Mortgasor by a couR of oompetant Jurisdidbn approvirq a petition seek(ny appointment of a receiver or trustae of atf cr a substantial part ot ihe Mortpagors asaets and such order, Judoment or decree ahali contfnue unstsyed and !n effect tor any period o! tAlrty (30) conaecutNs days, the Mortsa~ee may deGare the note hereby secured iorti~with due and payabls, arhereupoMF?e prtncipal of and the in- terest aocrued on the oote end ali other suma hereby secured shall become torth with due and payabte as ff ali of the aaid suma of money were orl~inalyr stipulated to be pald on such daY. and thereupon the MoRqagee without notice or demand mey pros~cute a suit at law nnd/or In equity ea H all monles se~urad hereby had m~tured p~ior to fta institutioa 15. That tha Mortgayee or any peraon auRhorized by the Mortgaflee ahail have the right to enter upon and inapect the mortgafled premises at a!I reasonable times. _ 18. That arry sum or auma which mey be loaned or advanced by tha Mortsayee to tt~e MoApsyor at any time wNhin twenty (20) yeara from tAe date M thia lndenture. topether wilh intsrsat thereon at the rate aqresd upon at tha tlme ot such ban or acNance. ahall be equalFy secursdwith and havs the aame priorfty ss the oripind intfebtedness and bs wbjsct to ali the tsrms and provtaions otthb mortpa~s; provided, that the apqrepate smount of principd oubtan- 0inp ~t iny time shall not excesd (t 1, or N the precedtn~ Wank is not completed ihen an amount equai to o~e hundred and (Hty percent (15046) of ths principa! amount o~inaly secured t~ereby shall apply. 17. That, N requtred by Matqa~ee, ths said Mortqeyor will pay unto the Mort~e~ee, on the tirst day of each and every consecuthre month, s sum equal to ons~tweNth of the annuel amount necessary to pay sif taxss and assessments a~ainst the said mortsaysd p?emfses, safd monthy sum to be ea- timated solely by Mortqaqes and calculated to be en arr.ount not teas Ihan the amount of tazes assessed a~atnst sald mortpaqed premises for ihe previous year. snd N further required by Mat~ayes to pay all insurance pramiurt~s In manner and twm as prov(dad hersin tor the paymeM ot taxes and aasassments. 18. That H thfs mortpa~e ts In connectbn with conetructbn loan financlnQ. then thts mortquqe is subJect to the Conatnictbn Loan Aqreement ~t~ , 19 between the MortpaQor and ihe MoA~apee, an executed copy of which ia tn the poasesafon ot ths Mortya~ee and Is (ncorporated herein by reference and made a part hereof; any default by Mortyayor under aeid aqreement shell conatkute an event of ; dsfauft under this mortQaye. 19. That the MortqaQor wlii on the requeat oi fhe Matqayee fumish a w~itten statement of fhs amount owfnp on the obti~at(on which this mortyaye securea and thereln atate whether or not Mort4asor ctalms any defansea a ot(sets thereta gQaK 56fi P~~f 935 _ 2 . . , . _ . F .