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HomeMy WebLinkAbout0953 4. Thts mo~tgege is peraonal to ths Mo?tgegor h4rein, aqd no co~veyance ahsN be made by Mongagor of tM premisea harsin deac~~bed o? any pa~t thereo( withbut t~rst obta+ni~g the prior w~ittan co~aent ol tM Mortgagss. ln the evs~t Mortgegse gives this wntten consent. ths gra~tee namsd in =uch co~- voyance shall assume and agres to pay tM obligation evidenced by ths {xomicaory note securod Mreby. Any conveysnce of the propeny he~ein dascriMd or any part the~eot in violstion ot the tsrm~ oi this parag~aph shsll entitle Mortg~Qse to accelereta the pa~ment ot ~he obligation aecuied hareby and all wm~ pt money secured hereby shall, et ths option ot Mortgapes. become due and payable and in detault whether or not the same a~e so due and payable and in defaull by the speci6c terms hereof. Nothing hsrein contained :hall bs conttrued to constitute a~ novation or retease Mongsgor ar any aubsequent owns~ ot liab+lity or obligetion u~dsr tM promissory note secursd hereby w this mongage by resao~ of the aforesaid assumption o( the obligation uncisr ths note aecured hereby. by a aubaequeot owner ot the property dascribed herein. 5. That in the avent oi a suit beinp instituted to torecloae thi~ mortgape. the Mortgagee shall be entitled to apply at any time during such torecbsure suit to the court having jurisdictio~ thersat tor the sppointme~t of s receiver oi all end singula~ tha mortgaged property. and of atl rents. incomas. p~ofits. issues and revenuea thareot. trom whattoeve~ aoures de~ived: and thereupon it ia he~eby sxprassly convena~ted and agreed that the court shall (orthwith ep- point such receiver with the uaual powers and dutia: ot receive?s in like caaes: a~d sdid appointment shall be made by the court as a matter al atritt right to the Mortgsgse. and without reference to ths adequacy or inadequacy ol tha valua of the property hereby monga~ed. or to the solvency or inwlvancy oi the Mortgagor or any other party dafendant to such suit. Ths Mortgagor hereby specifically waives the ~ight to object to the appointment ot s rsceiver as a(oreaaid and hereby expressly consents that wch appointment shell be made as en admitted equity and aa a mattar o( absolute right to the Mongapse snd that the same may be done without notice to the Mortgago~. ~ , 6. That it any ptoceedings should be inatituted sgainst the ptoperty covered by this mortgage upon any other lien or Cleim whether superio~ or juniOr to the lien o( this mortgage. the Mo~tgagee may at its option immediately upon institution ot such suit or during the pendency thereot daclare this mortgage and the indebtedness secured hereby due end payable torthwith end may at its option proceed to toreclose this mortgage. 7. To pay all and aingula~ the costs. tees. cha?ges and expentea of every kind. including the cost of an abstract ot title to said lands tound to be co~• vement or expadient in connection with any suit tor the toreclosure oi thia mortgage. end also i~cluding. whether the Mortgagee is obtigated to psy same or not. reasonable attorney's (ees incurred or expended et eny time by the Mortgagae because oi the failure oi the Mortgagor to pe~form, comply with and abids by all or any ot the covenants, conditions and atipulations oi said promfissory note. or this mortpage. in the ioreclosure oi this mortgage and in coltecting ths . amount setured hereby with or without legal procegdings. and to reimburse the Mo?tgagee for every peyment made or incurred ior any sueh purpose with in• terest from date oi every such payment at the highast rate authorized by Iaw: such payments and obligations, with interest thereon aa atoresaid. shall bs secured by the lien he~eof. • 8. To keep the building or buildings now or hereaher on said land insured agsinst loss or damage by tire, extendeci coverage and other perils. in• cluding war risk insurance it available. in a sum not less thbn their full insurable value at the cost and expense of the Mongagor in a company a companies approved by the Mortgagee. the poticy w poticies to be held by the Mortgagee. an~ such policy or policies of insu~ance sha11 have aHixed tha~eto a Standard New York Mortgagee Clause. making all loss or losses under auch policy o~ policiea peyable to the Mottgagss as its i~terest may appear. and to delivet said policy or policies to the Mongagee when issued with the recaipts for the payment of the premium therefor: and in the event any sum oi money becomes payable under such policy or policie~, the Mongagee shall have the option to receive and apply th9 same on account ot tha indebtedness secured hereby or to permit the Mortgagor to recaive and use it. or any pa?t thereof, for othe~ purpoaes, without thereby wsiving or impairing any equity. lien or right under or by virtue o( this mortgage: and the Mortgagee it it deems necessary may place and pay Ior such insuranca. or any part thereof, without tosing, waiving or aHec- ting Mortgagee's option to foreclose tor breach of this covenant. or any part thereof. or any right or option under this mortgage, and every such payment ahall bear interest irom date thereof until peid at the highest rate authori:ed by Isw. and all such payments with interest as atoreseid shall be secured by the lien hereof. In the event any loss or damage is suNered Mortgagor shall rtotify Mortgagee oi such loss or damage within torty-eight (481 hours after tAo happening thereof: the fai~ure to give such notice shell constitute a defeult end the Mortgegee ahell have the rights herein given for atl defaults. 9. To permit. commit or suiter no waate and to maintain the improvemsnts at all times in a state of good repair and condition: snd to do or permit to be done to said premises nothing that will alter or change the use and charaster of said property or in any way impeir or weaken the aecuriry oi said mortgsge. In case of the ~refusal, neglect or inability of the Mortgagor to repair and maintein said property, the Mortgagee may, at its option. make such rapai~s or ceuae the same to be made and advance monies in that behalf which sums shall be secured by the tien hereof and bear interest et tha higheat ~ate authorized by taw. 10. To deliver the absttact or abstracts of title covering the mortgeged property tC Mortgegee or its designated agent, which shall at r i times, during the life of this mortgage. remain in the possession of the Mortgagee and in event of the toreclosure oi this mortgage or other transter of title, all right, title and interest o( the Mongagor in and to any such abstract or abstracts of title shall pass to the purchaser or g?antee. 11. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereaher be held to be a waiver of any of the other terms hareof or of the note secured hereby. or future waiver of the same covenant. ! 12. That in order to accelerate tha maturity oi the indebtedness hereby secured because of the faiture of the Mo?tgagor to pay eny tax assessment. tiability, obligation or encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pey the same. 13. That if the Mortgagor shall fail, neglect or retuse tor a period of thirty (30) days fully and promptly to pay the amounts required to be paid by the note hereby secured or the interest therein specified or any of the sums o( money herein referred to or hereby secured, or otherwise duly, fulty and ptomptly to pe~form. execute. comply with and abida by each, ev~ry or any of tha covenants. conditions or stipuletions of this mortgage, the promissory note heraby secured and/or tha construction loan apreement. if any, then, end in aither or in any oi such events, without notioe or demand, the said aggregate wm men- tioned in said promissory nota, less previous psymants, if any. and eny.and all sums mentioned herein or secured hereby ahall become due and payable forthwith or the~eafter at the continuing option of ihe Mortgagae as tully and completely as it said aggregate sums wem originelly stiputated to be psid et such time, anything in aaid promissory note or hsrein to ths contrary notwithstanding, and the Mangegea shall be entit{ed thereupon o~ thereaRer without . notice or demand to institute suit at Isw or in equity to sntorce tha rights ot the Mongagee hereunder or under said promiasory nota. In the event ot any de(ault or breach on the part ot ths Mortgaga hersunder e? under said promiswry nots, ths Mort9asps shell havs ths continuing opticn to eeforce payment ot all sums secured hereby by action at law or by suit in equity to forecloae thia mortgage, either or both, concurrently or otherwise, and one action or suit shalt noi abate or be a bar to or waiver of the Mortgagee"s right to inatitute or meintain the other, provided said Mortgagee shall have only one psyment and ; satistaction of said indebtednesa. P ~ 14. That in tha event that Mortgagor ehall (1? conssnt to the appointment oi a roceiver, trustee or tiguidator of sll w a substantial part oi Mortgagor s ~ assets, or (2) be adjudicated a bankrupt or insolvsnt, or nls e voluntary petition in bankruptcy, or admit in writing its inability to pay its debts es they become . due, or (3) make a general assignment tor the bsne6t oi creditors, or (4) flle a petit+an or answer seeking reorganization or arrangement with crediton, or to take advantaga of any insolvency law. w(51 file an answer admitting tha material allegations oi a petition filed against the Mortgagor in any benkruptcy. reorganization or insolvency proceeding, or i8) action shall be taken by the Mortgagor tor the purpase of eHecting any oi the toregoing or (7) any order, judg- ment or decree ahatl be entered upon an application of a creditor or Mortgagor by a coun of competent jurisdictio~ approving e petition seeking sppointment oi a receiver or trustee of all or a substantial part of tha Mortgagor's asaets and such order, jud9mant or decree shall continue unatayed and in eHect tor any period of thirty (30) consecutive daya, the Mortgagee may declara the nota hereby secured forthwith due and payable. whereupon the principal of and tM in- terost accrued on the note and al! other wms hereby sacured ahall become forthwith due and payable as if a!I of the said sums oi money were originally stipulated to be paid on such day; and theraupon the Mortgegee without notice a demand may prosecute a suit at law and/or in equity as if all monies secured heroby had matured prior to its institution. 15. That the MoRgagee or any peraon authorized by the Mortgagee shall have the right to enter upon and inspect the mongaged premises at all reasonable times. 16. That any sum or suma which msy be loaned or advenced by the Mortga~ea to the Mortgayor at any time vrithin twsnry (20) years from the date of this indenture, together with interest thsreon at ths rats agreed upon at ths time of such tosn or advance, shall be equally secur~c! with and hsve the same prioriry as tha ori~inal indebtedness end be subject to ell the terms and provisions of thia mortgage; provided. that the aggregete amount oi ptincipal outstan- ding at any time shall not exceed (S 1. or if the preced~ng b~ank is not completed, then en amount equel to one hundred and fifty per cent (15a96) of the principal amount originaliy secured hereby shsll apply. 17. That, if required by Mortgagea, the said Mortgegor will pay unto the Mortgagee. on the first day oi each and every consacutive month, a wm equal to one-twelfth of the annual amount necessary to pay all taxes snd aasessmencs sgainst the said mongaged premises, seid monthly wm to be ss- timatad solety by Mortgagee and cslculated to bs an smount not less thsn the smount oi taxes assesssd against said mortgaged premisss for the previou: ysar, and ii funher required by Morcgagee to pay sll insurance premiums in manner and form as provided herein tor the payment of tazea end assessments.. 18. That if this mortgage ia in connection with construction loan firtancing, then this matgsge is subject to the Construction Loan Agrasment dated n~a, between the Mortgagor end the Mongagee. en exacuted copy of which ia in the posaesaion of the Mortgagea snd is incorporated herain by reference and made a part heraot; any default by Mortgagor under said agreemant shall con;titute en event of default under thia mortgage. 19. That the Mortyagw wili on ths rsquest oi ths Mortgagea turni=h e writtan statement of the amount owing on the obligation which tMs moRgsgs sacures and tharein state whethsr or not Mortgagor claims eny datensea or offsets thereto. - ~ 2 aooK Pnc~ 9~ _ _ . . . _ . . . . i_ ~ .