HomeMy WebLinkAbout0958 4 It a~l or any part of the Property ur an interest fherem is so~d or Uansferred by Mnrtyagor w~thoul Mortyagee's prior wniten consant, Qxctudiny (a)
~nt ~:~eahon ol a lien or encumbrance suboicf~nate to this Mortyaye, ~b) Ihe creal~on ot purchase money seCUnly interesl lor househOid applianCes. (C) a
i~.+nster by dQV~se. descent or operat~on pl law upon Ihe death of a ~oint tenaM or (d) the yrant o1 any leasehold interQSt ol three years or less not containing an
,~pt~on to purchase, Mortgagee may. at Mortgagee's ootior~. declare all the sums secu?ed by th~s Moityage to be ~mmediately~due a~d payabfo. Mortgagee
snau have wa~ved such opban to acceterate ~I, pnor to the sale or Iransfer, Mortgagee and the person to whom Ihe Property is to be sold or transierred reach
ayreement in writing lhat the c?edit ot such person is satistactory to Mortgageo and that Iho intQrost payable ~n tho sums secured by Ihis Mortgage shall be
at such rate as Mortgagee shatl requesl. It MortgagQe has waived the option to accelerate prov~ded in this paragraph A, and it Mortgagee's successor in
~nterest has ezecuted a wnlten assumption agreement accepted in writing by Mortgagee, Mortgagee shall ralease Mortgago?Irom all obligations under lhis
'~ote and Mortgage.
5. That in the event of a suit beiny ~nstituted to foreclose ih~s morlgage, ihe Mortgagee shall be entitled to apply at any time during such foreclosure
su~t to the court having jurisdictlon thereot for the appoiniment o1 a receiver ol all and singular fhe mongaged prope~ty, and ot all renis, incomes, prolils,
~ssues and revenues the~eof, from whatsoever sourcede?ived: and thereupon 1t is hereby expressty convenanled and agreed that the couh sha~l torlhwith ap-
point such receiver with the usual powers and duties ot receivers in like cases: and said appointmenl shall be mede by ihe cou~t as a mafter ot strict right to
the Mortgagee, and wifhout reference to the adequacy or i~adequacy of fhe valus ot the property he~eby mortgaged or to the solvency or insotvency ot the
+Aortgagor or any olher party defendant to such suit. The Mortgagor here0y specilically waives the right to objecl to Ihe appointment of a ~aceiver as
aforesaid and hereby expressly consents that such appointment shall ba made as an admitled equity and as a matterof absolute right to Ihe Morigagee and
that the same may be done without notice to the Mortgagor.
6. That ii any proceedings shoutd be ~nsfituted against ihe property cove?ed by this mortgage upon any other lien o~ claim whether superior or junior
!c, the t~en of tnis mortgage, the Mo~tgagee may at its option immediately upon institution of such suit or during the pendency thereol declare this mortgage
and the indebledness secured hereby due and payable torthwith and may at its optian praceed to (oreclose Ihis mo~tgage.
7. ?o pay all and singular lhe costs, fees, charges and expenses of every kind, includ~ng the cost ot an abstract of title to said lands found to be con-
<en~ent or exped~ent in connection with any suit tor the toreclosure of ihis mortgage, and also includ+ng, whelher the Mortgagee i~ obligated to pay same or
not, reasonabte attorney's lees incurred or expended al any time by the Mortgagee 6ecause ot the (a~lure ol the Mortgagor to perform, complywith and abide
by all or any ot the covenants, conditions and stiputations of said promissory note, or fhis mortgage, ~n ihe foreclosure ot this mortgage and in collecting the
amount secured hereby with orwithout Iegal proceedinqs, and to reimburse the Morigagee lor every payment made or incurred for any such purposewith in-
terest (rom date ot every such payment at the highest rale authorized by 1aw; such payments and ob?igations, with inierest thereon as aforesaid, shall be
secured by the tren hereof.
8. To keep ihe buifding ar buildings now or hereafier on said land ;nsured against loss or damage by tire, extended coverage a~d other perits, in-
~:tud~ng war risk ~nsurance ii available, in a sum not less than the~r tutl insurable vatue at the cost and expense ot the Morigagor in a company or companies
approved by the Mortgayee, the policy or poticies to be hetd by the Mortgagee. and such policy or polic+es ot irtsurance shall have alfixed thereto a Standard
hlorigagee Clause, making all loss or losses under such policy or policies payable to the Mortgagee as its interest may appear, and to deliver said
aol~cy or policies to the Mortgagee when issued with the receipts for the payment ot the premium theretor; and in the event any sum ot mo~ey becomes
payabte under such poticy or policies, the Mo?tyagee shall have the option to receive and apply the same on account ot the indebtedness secured hereby or to
perm~t the Mortgagor to receive and use it, or any part thereot, for other purposes, without thereby waiving or impairing any equity, lien or right under or by
v~rtue of this morigage: and the Mortgagee. if it deems necessary, may place and pay tor such insuiance, or any part thereof, without tosing,waiving or atfeC-
t~ng Mortgagee's option to torb;,s~se for breach ot this covenant, o~ any part thereot, or any right or option under th;s morlgage, and every such payment shall
bear interest from date thereof until paid at the highest rate aulhorized by law, and all such payments with interest as aforssa+d shall be secu~ed by the lien
ne!eo(. In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damaga within tohyeight (48) hours afler the happening
!nereof: ihe tailure to give such notice shall conslitute a default and the Mortgagee shall have the rights he~ein given for atl detaults.
9. To perm~t, commit or suffer no waste and to maintai~ the improvements at all times i~ a state of good repair and condition; and to do or permit to
be done to said premises nothing t~at will alter or change the use and character of said property or in any way impair or weaken the security oi Said mo~tgage.
In case of the refusal. neglect or inability of the Mortgagor to repair and ma~ntain said property, the Mortgagee may, at its Option, make suCh ~epairs orcause
the same to be made and advance mon~es in thal behalf which sums shall be secured by the lien hereot and bear interest at the highest rate authorized by
(aw
1 O. To deliver the abstract or abstracts ot title covering the mortgaged properiy to Mortyagee or its designated agent, which shall at a!I limes, during
the l~fe of th~s mortgage. remain in the possession of !he Mortyagee and in event of the loreclosure of this mortgage or other transfer ot tille, all right, title and
;nterest o( the Mortgagor m and to any such abstract or abstracts of htle shall pass to the purchaser or grantee.
t 1. That no waiver of any covenant herem or In the obfigatlon secured hereby shall at any time hereafter be held to be a waiver of any ot the other ~3
terms hereo( or ot ihe note secured he~eby, or /uture waiver of the same covertant. ?
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12. Thal in order to accelerate the matunty of the Indebtedness hereby secured because af the faiture ot the Mortgago? to pay any tax assessment,
~~ab~~+ty, obligation or encumbrance upon said property as herem provided. ~t shall not be necessary nor requisite that fhe Mortgagee shall first pay the same.
13. That it the Mortgagor shall tail, neglect or refuse fo~ a pe~iod of thirty (30) days fully and promptly to pay the amounts required to be paid by the ~
no~ e hereby secured or the interest therein specif ied or any of the sums ot money here~n referred to or hereby secured, orothervvise duly, fully and promptly to
perform, execute. comply with and abide by each, every or any ot the covenants. conditions or st~pulations ol this mortgage, the promissory note hereby
secured and/or the construction loan agreement, if any, then, and in either or in any of such events. w~thout notice or demand, the said aggregate sum men-
t~oned in said promissory note, less previous payments, if any, a~d any and atl sums mentioned herein or secured hereby shalt become due and payable
forthwith or thereaiter at the continuing option of the Mo?tgagee as fully and completely as if saia aggregate sums were originally stipulated to be paid at
such time. anything in said promissory note or herein to the contrary ~otw~thstanding, and the Mongagee shall be entitled thereupon or thereatter without
notice or demand to institute suit at faw or in equity to enfarce the rtghts of the Mortgagee hereunder o? unde~ said promissory note. In the event of any
i default or treach on the part ot the Mortyagor 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 lavi or by suif ~n equity to (oreclose this mortgage, either or both, concurrentty or oiherwise, and one action or suit
snal! not abate or be a bar to or waiver of the Morlgagee's right to inslitute or maiMain the other, provided said Mortgagee shall have onty one payment and
sat~sfaction of said indebtedness. ~
14 7hat in the event that Mortgagor shall ( t) consent to the appointment of a receiver, trustee or liquidator of all or a substaniial part of Mortgagors j
assets, or (2) be ad~udicated a bankrupt or insolven;, or fite a voluntary petihon in bankruptcy, or admit in writing its irtabiGty lo pay its debts as they become
i due, 0?~3? make a general assignmeM for the beneht ot cred~tors, or (4~ file a petit~on o~ answer seekir.g reorganization or arrangement with creditors, or to
take advantage of any insolvency Iaw, or (5? file an answer admitting the material allegations ot a petition (~led against the Mortgagor in any bankruptcy,
reorganization or insotvency proceeding, or (61 acGon sha!! be laken by the Mortgagor lor the purpose ot effecting any oi the toregoing or(7) any order, judg-
ment or decree shall be entered upon an appt~cat~on ot a cred~tor or MoRgagor by a couA of competent jurisdiction approving apetition seeking appointment
~ ot a receiver or trustee ot all or a substantiai part ot fhe Mortgagor's assets and such order, judgment or decree shap continue unstayed and in ettect tor any
i ~er~od o! thirty~30) consecutive days. the Mortgagee maydeclare the note herebysecured forthwith due and payable, whereupon the principal of and lhe in-
` terest accrued on the note a~d all other sums hereby secured shall become forth w~th due and payabte as if alt of the said sums of money were originatly
~ shpulated to be paid on such day; and the~eupon the Mortyagee without not~ce or demand may prosecute a suit at law and/or in equity as it all monies
~ secured hereby had matured prior to its institution
; 15. That the Mortgagee or any persun authonzed by the Mortgagee shall have the nght to enter upon and inspect the mortgaged premises at a!I
~ reasonable times
16. That any sum or sums which may be Ioaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (20) years (~om the date
of thfs indenture, together with interest thereon at the rate agreed upon at the time o! such loan or advance, shall be equally securedwith and have the same
prionty as the original mdebtedness and be subject to aIl the terms and provisions of this mortgage; provided, ihat the aggregate amount of principal outstan-
d~ng al any Iime shall not exceed (5 or it the preceding bfank is not compteted, then an amount equa! toone hundred and fifty percent
r 150°~) o! the principal amount onginally secured hereby shall apply.
i 17. Tt~at, ~t requ~red by Mortgagee, the said Mortgagor will pay unto the Mortgayee. on the first day of each and every consecutive month, a sum
~ equal to one•twelfth of ihe a~nual amount necessary to pay atl taxes and assessments against the said mortgaged premises, said monthly sum to be es-
t~mated solely by Mortgagee and calcutated to be an amount not Iess than the amount of taxes assessed agains! said mortgaged premises for the previous
year, and if lurther required by Mortgagee to pay all insurance premiums ~n manner and lorm as provided herein tor the payment of taxes and assessmenls.
18. That if this mortgage ~s in connection wilh consfruction loan f+nancing, then Ihis mortgage is subject to the Conslruction Loan Agreement
dated . 19 between the Mortgagor and the Mortgagee, an executed copy of which is in the possession ot fhe
Mortgagee and ~s incorpprated here~n by reference and made a part hereoF: any default by Mortgago? under said agreement shall constitute an event of
detaul! under this mortgage.
19. That the Mortgagor w~ll on the request o( the Mortgagee furnish a written statement of the amount owing on the obligation which this mortgage
I secures and there~n siate whether or not Mortgagor claims any cSefenses or offsets thereto.
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