HomeMy WebLinkAbout0969 A If ail or any pait ol Ihe PropeHy or an ~Mnresl iherein iS Sold o~ transten~d Uy Mortgayor wrthout Mortyayee'S D~~or wntlen conse~t. exctudmg lal
tne creat~o~ ot a fien or encumbrance subord~nate to th~s Mortgage, (b) Ihe creaUOn ot a purchase money securdy mferesl for househoW apphances, ic1 a
transter by dewse, descent or operationol law uponthedeathof ajoint tenantor(d)thegraMoiany IeasehoW interestof Ihreeyearsorlessnot conta~mnyan
oc~t~on io purchase. Morl9agee may. at Mortgagee's option. declare all lhe sums secured by this Mortgage to be immediately due and paya~le. Mort9agee
!.--..t .T: „„,,Y~:n~ eg jt~Q~~•3~~ t-r:r,r t•, ~no ~~~Q „s ~.~,~~~pr, ~n.fQaowa ~n~ thw ~arcnn 1~ whnm Ihe Properiv is to he sold or transferred reach
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ayreement in wr~ting that Ihe c~edit ot such person ~s satistactory to Mortgagee and that the intQ~est payable on the sums secured by this Mortgage shall be
at such rate as Mortgagee shall requesl. If Morlgagee has wxived the option to accelerate prov~ded in Ihis paragraph A, and if Mortgagee's successor in
~nteresl has executed a wrltten assumpGan agreement accQpted in writing by Mortgagee. Mortgagee shaU release Mortgagor from all obl~gations under thi;
Note a~d Moitgage.
5. That in the event of a suit being inst~tuted to torectose this mo~tga9e, the Mortgagee shall be entitled to apply at a~y time du~iny such toreclosure
su~t to the couit hawng jurisdiction thereof for the appointment of a receiver ot a11 and singular the mortgaged property, and o( all renis. incomes, profils.
~ssues and revenues Ihereol, Irom whatsoever source derived; and thereupon it ~s hereby expressly convenanted and agreed that the court shall (orthwith ap-
vo~nt such receiver with the usual powers and duties ot receivers in like cases; and said appointment shall be made by the court as a matter of strict right to
Ihe Mortgagee. and without relerence to the adequacy or inadequacy of the va(ue of fhe prope~ty hereby mortga9ed, or lo the solvency or insolvency of the
Morigagor or any other party delendant to such suit. The Mortgagor hereby specilically waives the right to object to the appointment of a receiver as
aforesa:d and hereby expressly consenls that such appointment shalt be made as an admitted equity and as a matter ot absolute ri~ht to the Mortgagee and
ti~at the same may be done wilhout notice to the Mortgagor.
6. That ~f any proceedings should be instituted agafnst the property covered by lhis mo?tgage upon any other lien or claim whelher super~or or junior
co the I~en ot th~s mongage, tne Mortgagee may at 4s opt~on lmmea~ateiy upon ~nst~lui~on ot suci~ su~i u~ ~uu~~y ii+e pau~sCn~y ii~C~cos ~i~~~arc ;i~i; ~~i~rfigaga
<+nd the indebtedness secured hereby due and payable lorthwith and may at its option proceed to foreclose this mortgage. •
7. To pay all and singular the costs, fees, charges and expenses of every kind includ~ng the cast ot an abstract ot tille to said lands lound to be con-
venient or exped~ent in connection with any suil for the toreclosure of this mortgage, and also including, whether the Mortgagee is obligated to pay same or
not, reasonabte attorney's fees incurred or expended at any time by the Mortgagee because ot !he ta~lure of the Mortgagor to pertorm, complywith and abide
by all or any ol the covenants, conditions and stipulations of said promissory note, or this mortgage, in the foreclosure ot this mortgage and in coflecting the
amount secured hereby wlth orwitho~t legal proceedings, and to reimburse the Mortgagee for every payment made or incurred tor any such purpose with in-
terest from date ot every such payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesa~d, sha11 be
secured by the Ifen hereof.
8. To keep the building or bu~ldings now or hereaiter on said land insured against loss or damage by tire, extended coverage and other perils, in-
ciuding war r~sk ~nsurance it ava~lable, in a sum not less than their full insurable value at lhe cost and expense of the Mortgagor in a company or companies
approved by the ~Aortgagee, the policy or pot~cies to be held by the Mortgagee, and such policy or pollcies ot insurance shall have attized thereto a Standard.
Mort9agee Clause, making all loss or tosses under such p~licy or policies payable to the Mortgagee as its interest may appear, and to deliver said
policy or policies to the Mortgagee when issued with the receipts for the payment of the premium theretor; and in the event any sum of money becomes
payable under such policy or policies, the Mortgagee shall have the option to receiveand apply the same on account ot ihe indebtedness secured hereby or to
perm~t Ihe Mortgagor to receive and use it, or any part thereof. for other pu~poses, w~thout lhereby v+aiving or impairing any equity, lien or right under or by
v~rtue oT this mortgage; and the hloAgagee, it it deems necessary, may place and pay lor such insura~ce, or any part thereof, withou! losing, walv~ng or atfec-
t~ng Mortgagee's option to lorectose tor breach of ihis covenant, or any pari thereof, or any right or option under this mortgage, and every such payment shall
bear interest irom date lhereot until paid at the highest rate authorized by law. and alt such payments ~vith interest as aforesaid shall be secured by the lien
nereof. In the event any toss or damage is sutfered Mortgagor shall ~otity Mortgagee of such loss or damage within fortyeight (48) hours after the happening
thereot: the failure tu give such notice shall constitute a defauN and the Mortgagee shatl have the rights herein given lor all defaults.
9. To permit, commit or suffer no waste and to maintain the ~mprovements at all times in a slate of good repair a~d condition; and to do or permit to
be done to said premises nothing that w~ll alter or change the use and characler of said properiy or in any way impair or weaken Ihe security oF said mortgage.
In case ot the refusal. neglect or ~nability of the Mortgagor to repair and maintain sa~d property, ihe Mortgagee may, at its option, make such repa~rs or cause
the same to ba made and advance mon~es in thal behalf which sums shalt be secured by the lien hereof and bear interest at the highest rate authorized by
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10. To deliver the abstract or abstracts ot tltte covering the mortgaged property to Mortgagee or its designated agent. wh~ch shall at al1 times. during
the I~fe of this mortgage, remain ~n the possession ot the Mortgagee a~d in event ot the foreclosure of this moAga9e or other transfer of title. a11 right. tille and
:~~terest of the Mortgagor in and to any such abstract or abstracts ot title shall pass to the purchaser or grantee.
t t. That no warver of any covenant herein or m the obligation secured hereby shall at any time hereafter be held to be a walver ot any of the other
terms hereot er of the note secured hereby. or future waiver oi the same covenanl.
12 That ~r. order to accelerate ?he maturity oi the indebtedness hereby secured because of the tailure of the Mortgagor to pay any tax assessment,
,~ablhty. obhgation or encumbrance upon said property as herein provided. it shall not be necessary nor requ~site that the Mortgagee shall first pay the same.
13 That the Mortgagor shali tail, neglect or refuse for a period ot ihirty {30) days (ully and promptly to pay the amounts requi?ed to be paid by Ihe ,
notehereCysecuredortheinterestthereinspecitiedoranyoithesumsofmoneyhereinreferredtoorherebysecured.orotherwiseduly,tullyandpromptlyto '
~ Gerform. execute. comply with and abide by each, every or any of the covenants, conditions or stipulations ot this mortgage, the promissory note hereby
secured and/or the construction loan agreement, if any, then, and in either or in any ot such events, without notice or demand, the said aggregate sum men-
t~oned in said promissory note. less previous payments, if any, and any and a11 sums mentioned herein or secured hereby shall become due and payahte
{ forthwith cr thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at
such time. any!hing in said promissory rote or nerem to the contrary notwilhstanding, and ine iviorigagee snaii oe eniitieti inereupon or ine: eaiier w~ii~uui
notice or demand to ~nstitute suit at law or in equity to eniorce the rights of the Mortgagee hereunder or under said promissory note. In the event of any
default or Greach on the part of the Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continui~g option ta entorce payment
of all sums serured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, concurrentty or otherwise, and one action or suit
shall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other, provided said Morigagee shall have only one payment and
satisfaction oF sa~d indebtedness.
t 4. Thal ~n the event ihat Mortgagor shall ( t ~ consent to the appointment of a receiver. trustee or liquidator ot all or a substanlial parl of Mortgagor's
assets. or 121 be adjud~cated a bankrupt or insolvent. or f~le a votuntary petition in bar.kruptcy, or admit in writing its inability to pay its debts as they become ~
due, or 131 make a general ass~gnment for the benelit of creditors, or (4) file a pet~lion or answer seeking reorganization or arrangement with cred~tors, or to
take advantage of any insolvency law, or (5) f~le an answer admitting the materiai allegations o( a petition liled against the Mortgagor in any bankruptcy.
reorgamzation or ~nsotvency proceed~ng, or (6? action shall be taken by the Mortgagor for the purpose of effecting any ot the toregoing or (7) any order, judg-
ment or decree shall be entered upon an application of a creditor or Mortgagor by a court otcompetent jurisdiction approving a petition seeking appointment
of a receiver or trustee of all or a substantial part of the Mortgagors assets and such order, judgment or decree shall continue unstayed and in effect (or any
period ot thihy~301 consecut~ve days. the Mortgagee may dectare the note hereby secured forthwith due and payable, whereupon the principal oi and the in-
terest accrued on the note and all other sums hereby secured shall become torth with due and payable as if all of the said sums of money were originatly
st~pulaled to be paid on such day: and thereupon the hlortgagee without notice or demand may prosecute a su;t at law and/or in equity as ~f all monies
secured hereby had matured prior to its institut~on.
15. That the h~ortgagee or any person authorized by the Mortgagee shalt have the right to enter upon and inspect the mortgaged premises at alt
reasonable hmes.
16. That any sum or sums which may be Ioaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 1201 years from the date
ot this indenture, together with ~nteres[ thereon a! the rate agreed upon at ihe time of such toan or advance, shall bP equally securedw~th and have the same
priority as the onyinal indebtedness and be subject to all the terms and provisions of this mortgage; provided, that the aggregate amount of principal outstan-
d~ng at any t~me shal! not er.ceed (S_ or if the preced~ng blank is nct compteted. then an amount equal to one hundred and fi(ty percent
(150~) of the principal amount originally secured hereby shall appty.
17. That. if required by Mortgagee. the said Mortgagor will pay unto the Mortgagee. on the f~rst day of each and every consecut~ve month. a sum
equal to o~e-fwelfth o! the annual amount necessary to pay all taxes and assessments against the said mortgayed premises, said monthty sum to be es-
t~mated sofely by Mortgagee and calculated to be an amount not less than the amount ot taxes assessed against sa~d mortgaged premises for the previous
year, and i[ further requ~red by Mortgagee to pay all insurance premiums in manner and form as provided herein for the payment oi taxes and assessments.
18 That if this morigage ~s In connection wrth construction loan financing. then this mortgage is subject to the Construction Loan Agreement
dated _ . 19 between the Mortgagor and the I~Aortgagee. an executed copy oi which is in the possession of the
Mortgagee and is ~ncorporated herein by reference and made a part hereof: any defaull by Mortgagor under said agreement shall constitute an event of
defaull under th~s mortyage.
19 That th~ Mortgagor will on the request of the Mortgagee turmsh a written statement of the amount owing on the obligahon which th~s mortgage
secures and the~e~n state whether or not Mortgagor cla~ms any defenses ~r of(sets thereto
soo~ ~75 ~~~~E 967
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