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HomeMy WebLinkAbout0964 ' . ' ' _ i ~ . ! 4. Th~s mortgage ~s per'sonal to':'~° !4lortgagor herein, ar-d ~o comayance shall be n~ade by Ma:tgagor ot the premises herein described or any part tt~eroot wilhout fi?s! obCaining the prior written consant ol the Mortgagee. In the event Mortgagee gives ihis wntten consent, the grsntee named in such con• ~ veyance shall assume apd ~+gree to pay tt~9 obligetio~ evidenced Cy the promissory note secured heteby. Any conveya~ce of the prope~ty hercein descrihed or ~ any pa~t there<i( in violation of tho .tarfis oi~ihis parag~aph shalf entitle Mortgagee to accelerete the payment ot the ot~ligetion se~ured hereby and all sums ofi money secured herebv shalt, at tho option oi Mortgagee, becoma due and pnyable and in dofault whether or not tha same ara so due and payabla and in r deteult by th0 speCifiC tornis he~eof. Nothing herein conteined shall bb construed to Constitute e ~ovation ur release ASOrtga9or ar any subsoquent owner o( li8bility or obligation under the promissory note secured h~reby or this mortgage by reason of ~he aforosaid assu~.~~tion ot the obligation under the note secured hereby, by a~ubsequent owner oi the property described herein. . ~ • ~ 5. That in the event oP a suit be~ng instituted tc fo~eclose this mortgage, the Mcrtgagee shall be entitled to cpply at any time during such foreclosure suit to the court having jurisdiction theteoi (or the appointment of a receiver ot all and singular the mortgaged property, and of all rents, incomes. protits. . issues and revenues thereof, from whatsoever source derived': and thereupon it is hareby expressly convenanted and agredd that the court shali (orthwith ap- point such receiver with the usual powers end duties of receivers in like cases: end said eppointment shbll be made by the vaurt as a matter of strict right to j the Mortgagee, and withaut refere~ce to the adequecy or inadequacy o( tha vatue o( the prope~ty hereby mortgaged, or to the solvency or insolvency ot the ! hlortgagor or any other party defendant to such suit. The Mortgegur heraby specifically v~aives tt~e right to object to the appointment of a receivar as afo~esaid end hereby expressly c~nsents thet such appointment shall be mede as an admitted equity and es a matter of absolut9 right to the Mortgagea and that the same may be done withouC notice to the Mortgagor. 6 That i( any proceed~j~gs should be instituted against the property Covared by this murteage upon any ather lien or ctaim whather superior or junior to the lien nt 3his mortgage, the Mortgaqee may et its aption immediately upai~ institution of such suit or tluring the pe~dency thereof declare this mortflage and the indebtedness secured hereby due and payable torthwith end may at its option proceed to (oreclose this mortgage. 7. To pay all and singular the costs, fees. charges and expenses of every kird, including the cost of An abstract flf title to said lands found to be can- ~ venient or expedient in co~ne~tion with any suit for the foreclosure of this mortga~e: and also including, ~~hethe~ the Mortgagee is oblipated to pay same or ~ not. reasonable attorney's fees incurred or expended at any tire~e by the NSortgagee because ot the iaiiure of the Mortgagor to perform, comply with an:f abide by all or any of the covenants. conditions and stipulations of said promissory not9. or ihis mortgape, in the forectosure of this mortgage and in calleciing the amount secured he~eby w~th or without legal proceedings. and !o ~eimhurse the Mortgageo fo~ every payment made or incurred for any such purpose with in- terest from date of overy such paymert at the highesc rate authorized by law; such payments and obligations, with in(erest thereon as aforesaid, sfiall be sscured by the lien hereof. . - 8. To keep the building or buildings now or hereaher on said land insured against loss or damage by firo, extended coverage and other petils, in- cluding war risk insurance if available, in a sum not less than their full insurable value at the cost and expense of ths Mortgagor in a company or companies ~ approved by the Mortgagee, the policy or policies to be held by the Mortgagea. and such policy or policies of insurance shall have affixed thereto a Standard ~ New York Mortgagee Clau~e, makinfl all loss or losses under such policy or policies payable to the Mortgagee as its interest may appear, and to deliver said policy or policies :o the Mo~tgages when issued with the receipts for the payment of the premium therefor; anci in the eve~t any sum of money becomes ~ payabte under such policy or policies. ths Mortgagee shall have the option to receive and apply the same o~ account oi the indebtedness secured hereby or to permit the Mortgagor to receive and use it, or any part thereof. for other purpOSes. without thereby waiving or impairing any equity, lie~ or right under or by vi~tue of this mortgege; and the Mortgagee it it deems necessery may place and pay for such insurance. or any part thereof, without losing, waiving or affec- ting Mortgagee's option to foreclose for breach of this covenant. or any par~ thereof. or any right or option under this mortgage. and every such payment shall bear interest irom date thereof until paid at the higheat rete authorized by taw, and all such payments with interest as a(oresaid shall be secured 6y the lien hsreof. fn the event any loss or damage is sufiered Mortgagor sheil noti(y Mortgagee ot such loss or damage wilhin forty•eight (48) hours after the happening i thereof: the fa~ture to give such notice shall constitute a def3ult and the Mortgagee shall have the rights herein given for all detaules. ~ 9. To permit, commit or suNer no waste and to maintain the improvements at all times in a state of good repair and condition: and to do or permit to ~e done to said premises nothing that will alter or chanqe the usa and characler of said property or in any way impair or weaken the security of said mortgage. In case oi the refusal, negtect or inability of the Mortgagor to ~epair and maintain said property. the Morigagee may, at its option, make such repai~s or cause the sarne to be made and advance monies in that behal( which sums shal~ be secured by the lien hereof and bear interest at the highest rate authorized by la .w. ~ 10. To deliver the abstr~ct or abstrects ~f title covering the mortgaged property to Mortgages ~r its designatetl agent. which shall at a!I times, during the I~fe of this mortgags. remain in ths possession of the Mortgagee and in ev8nt ot the forec'.asslre of this mortgage or othe~ iransf~r of titfe, ali nght. title and interest of ?he Mortg~gor in and to any such abstract or abstracts of title shall pas~ to the purchaser or grantee. 1 t. That no svaiver of any covenan! herein ar in the obligation secured hereby shall at any time hereafter be held to be a waiver of any of the other i terms hereof or of the note secured hareby. or tutu~e w~iver of the same covenant. 12. ~ That in order to accelerata the maturity of the indebtedness hereby sECUred because of the tailure of the Mortgaaor to pay any tax assessment. liability, oblipation or encurnbrance upon said property as herein provided, it shall not be necessary nor requisite ihat the Mortgagee shall first pay the same. ~ 13. That it tna Mo;tgag~r shall fail, neglect or refuse for a period of thirty 130) days fuliy and promPtly to pay the amounis required to bx paid by the ~ note hereby secured or the interest therein specitied or any of the sums ot money herein referred to or hereby secured, or otherwise duty, fully and promptty to pe~form, execute. c~n:ply with epd abida by each, evgry or any of the covenants, conditions or stipulations of this mo~tgage. the promissory note hereby secured ar.d/or the construction lo~r agreement, if any, then, and in either or i~ any of such events, without notice or demand. the said aggregate-sum men- tioned in said promissory note. less previous payments, if any, and any and all sums mentioned herain or secu?ed hereby shali becor.ee due and payable forthwith or thereaher at the cont+nuing optien of the Mortgagee as fut~y a~d comptetety as if said agpregate sums wsre origina!ly stipulated to be paid at ~ such time. anything in said promissery note or herein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereafter witho~t ~ notice or demand to insiitute suit at law ur in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any dsfault or breach on the pen of ine Mortgag~r hereunder or ~nder said promissory n~te. the Mortgagee shall have the cen:inuing option to eniorce ~ayment of all sums secured hereby by action at law or by suit in equit~~ to foreclose this mortgage. either or both, concurrently or otherwise, and one action or suit ~ shal: not abate or be ~ bar to or waiver of the Mv~gagee's right c ~ institute or maintain the other, provided said M~rtgagee shall have ar,iy one payment and saiisfaction of said indebtedness. ~ 14. That in the event that Mortgagor shall (1) cor~sent te Yhe appointment of a receiver, trustee or iiquidato? of all or a substantial part of Mortgagor's ~ j assats, or (2) be adjudicated a bankrupt or ins~lvent, or file a vofuntary Qeiition in bankruptcy, or admrt in writing its inabitity to pay its debts as they become ~ due, or (31 make a general assignment for the benefit of creditors, or ~4) file a petition or answer sesking reorganitation or arrangemgnt with creditors. or t~ teke advantage of a~~y insotvency law, or (5) 61e an answer admitting the material atlegations af e petitior iiled aflainst ihe Mortgagor in any bankruptcy, t reorgaiiization or insotvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or (7) any order, judg- 3 ment or decree shall be eetered upon an app!icetion of a creditor or Mortgagor by a court of competent jurisdiction a~proving a petition seeking appointment } of a receiver or t:ustee ot a11 nr a substant'sal p~rt of ihe M~rt~?g~i s~ssptc and e~!e~? or!~e~. ;u~!g!*±Pn+_ o! ~±Pe!ee sha!! c~ntinuP enstaysd an~ in eKsct for any ~ periQd of thirty (30) consecutive days, the Mortgagee may declare the note hereby secured torthwith due and payable. whereupon the principal of-and the in- : terest accrued on the note and all other sums hereby secured shali become forthwith due and payabla as if all ot the said sums of money were origir~ally ~ stipulated to be paid on such day: and thereupon the Mortgayee without notice or e~ema~d may prosecute a suit at I.~w andfor in equity as if alt r.;,~~ies ~ szcured he:eby had matured prior to its ~nstitution. ~ 15. That tF;e Mortgagee or any person authorized ~y the t,Aortgagee shall have the right to enter upon and inspect the mortgaged ;,semises at all• ~ reasonable times ~ ~ " ~ 16. That any sum or scros which may L+e loaned or advanced by the Murtgagee to the Mortgagor at any time within twenty (20) years from the date of this indenture, together with interest thereon at the rate agresd upon at the tima ~f such loan or advance, shall be equally secured with ~nd h~ve the same r priority as t~e original ;ndebtedness and ba $S ~ec35 ail the terms and provisiur.s of this mort~age: provided. :hat the aggregate amount ot principal outstan- ding at any time shall not exceed (S ~ or if the preceding blank is not .:~~7tr4efesl. then an amount equai to one hundred and fifty per cent (150%) of the principal amount originally securPd i~ereby shall apply. i 7. That. if required by iVlortgagee, the said Mortgagar w;ll pay unto the Mortgagee, on the (~rst day of each snd every consecutive month, a sum ` i equal to one-twelRh of the annual amount necsssary to pay al) taxes and assessments against the said mortgaged premise:, said monthly sum to be es- timated solely by Mongagee and catculated to be an amount not less than the amount of taxes a~sessed against sald mortgaged premises for the previous ~ year, and if further rEquired by Mortgagee to pay a!I insurance prem~ums in manner and form as pr~vided herein for the payment of taxes and assessments. ~ 18. That ~f this mongage is in connection with construc!ion loan financing, then this mortgage is subject to the Construct~on Loan Agree.^.tient dated , between the Mongagcs and the Mortgagee. an executed copy of which is in the possession of the Mortgagee and is inc~rporated herein by reference and made a part hereot; any default by Mortgagor under said agreement shall constitute an event of de(a~~lt under this mortgage. - l9. . That the Morigagor witl on the request of the ~Jlortgagee turnish a written sta:ement of tho amount owing on tha ~bligation tivhich this mortgsge secures an~ therein state whether or not MQrtgagor claims any defenses or offsets thereto. - ~ ~ BO~KJ~ PACE . Z ~ . .