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HomeMy WebLinkAbout0956 J ~ ' iTl~ d. This mort~gge is peraonal to the Mortgego~ herein. ana no convoyance shall be msde by Mortgepot of the p~emisea herein de~cribed or any part ~ thereo( without t~rst obtaining the pripr written consent ot the Mortgagee In the event Mortgopeo givea thia written conaent, the grantee named in such con• ~ veyance shall assume and agres to pay the obligatioa evidonced by the promissory iicte securod hereby. Any conveyance o( tha property herein dascribed or , eny part thereof in viola'tion ot thA terms of this pa?agreph ehdll entitle Mortgagee to ecc~lerote the payn~ent of th~ obligat~on secured hereby and atl sums ol money secured hereby ~hall, et thb oation ol MUrtgegea. become due and peyable and in de/eult whether ~r not the ssme are so due and payable and in delault by the specific terms hersot. Nothin~ herein contained ahell be construed to constitute a novation or release Mortgagor or any subaequent awner ol ~ liabillty or obligation under the promissory noto socured hereby or this mortgade by reason of the eforesaid assumpticn of the obligati~n under the note secured hereby, by a subsequent owner of the prope?ty deacribed herain. 5. That in the event of a suit tra:n~ ~nstitutad to forectose this mortgage. the Mortgagee ahatl be entitled to applr at any time during such (oreclosure suit to the court having jurisdiction thereof for the appointment ot a receiver ot all and singuiar the mongaged p•operty, and oi all rents, incomes. protits. issues and revenues thereuf. (rom whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court ahall farthwith ap- } point such receivor with the usual powers and duties o( receivers in Gke caaes: and said appointment shell be made by the cou?t as a mstter oi strict right to i the MortgaAee. ~~nd without rete~ence to the adequocy or inedequacy of the value of the ptoperty hereby mortgaged. or to the solvency or insolvency ot the Mortgagor or any other party defendant to such suit. The Mortgagor hereby specificatly waives the right to object to the appoiniment o( a ~eceiver aa aForesaid and hereby expressly co~isenta that such appointment shatl be made as an admitted equity and aa a matter of absolute right to the Mortgagee and thai the same may be dcne without notice to the Mortgagor. 6. That i( any proceedings should be instituted against the property covered by thia ~n~rtaage upon any oiher lien or claim whethar superior or ~unior to the fien o( this mortgage. the Mortgagee may at its option immediately upon instltution ot such suit or during the pendency thereof declare this mortgagt and the indebtedress secured hereby due and payable torthwith and may at its option proce~d to foreclose this morigage. 7. To pay all and singuta~ the costs. fees. Gharges and expenses o( every kind, includinfl the cost ol sn abstract oi title to said lands found to be con- venisnt or expedient in connection with any suit tor the (oreclosure o( this mortgage. t~nd also including. whether the Mortgagee is obligated to pay sama or not. reasonable attorney's tees incurred or expended at any time by the Mongagee because of the (ailure oI the Mortgagor to perform, comply with and abide ~ by a10 or any oi the covenants. conditions and stiputations oi said pramiss~.ry note. or this mortgafle, in the toreclosure at this mortg9ge and in collecting the amount secured hereby with or without legal proceedings, and to ~aimburse the MortgaBee For every payment mada or incurred tor any such purpose with in- terest trom date of every such payment at the highest rate authorized by law: such payments and obligat+ons: with interest the~eon as atoresaid, shall be secured by the lien hereoL 8. To keep the building or buildings now or hereafter on said 18nd insured against loss or damage by tire, extended coverage and other perils, in- cluding war risk insurance if available, in a sum not less than their (ull insurabte value at the cost and expense oI the Mortgagor in a company or companies approved by the Mortgagee. the policy or policies to be held by the Mortgagee, and such policy or policiss ot insurance shall have af(~xed thereto a Standard New York Mortgagee Clause. making all Ioss or losses under such policy or policies payable to the Mortgagee as its interest may appear, anii to deliver said ; policy or policies to the Mortgagee when issued v~rith the receipts tor the payment o1 the premium theretor; and in the event any sum oi rnoney becomes ~ payable u~der such policy or policies. the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to permit the Mortgagor to receiva and use it. or any part thereof. (or other purposes, without thereb~ waiving or impairing any equity, lien or right under or by ~ virtue o( this mortgage: and ths Mortgagee ii it deems necessary may place and pay.for such insurance, or any part thereof, without tosing, waiving or afiec- ting Mortgagae's option to toreclose tor breach oi this covenant, or any part thereo(. or any right or option under this mortgage, and evety such payment shall ~ bear interest trom date thereo( until paid at the highest rate authorized by law, and aIl such payments with interest as aforesaid shall be secured by the lien t hereof. In the event any loss or damage is suHered Mortgagor shall notify Mortgagee oi such loss or damage within torty-eight (48) hours after the happening i thereot: the tailure to give such notice shall constitute a default and the Mortgagee shalt have the righis herein given for all defaults. ~ 9. To permit. commit or suffer no waste and to maintain the improvements at all times in a state o( good repair a~d condition: and to do or permit to . be done to said premises nothing that will alter or change the use and charecter of said property or in any way impair or weaken ths security ot said mortgafle. In case ot the retusal, ne5lect or inability o( the Mongagor to re~air and maintain said property, the Mortgagee may. at its option, make such repairs or cause the same to be made and advan~e monies in that behalf which sums shall be sacured by the lien hereof ond bear interest at the highest rate authorizsd by law. 10. To detiver the abstract or abstracts of t;tle covering the mortgaged p?ope~ty to Morigagee or iis designated agent. wh~ch shall at all times. during the I~te of this mortpage. remain ~n the possession of the Mortgagee and in event o( the foreclosure oi this mortgage or pther trans!er of title, aIl right. title and interest ot the Mortgagor in and to any such abstract o~ abstracts o~ title shall pass to the purchaser or grantee. ; 1 1. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver of any ot the other ~ terms hereof or of the note secured hereby, or future waiver ot the same covenant 12. That in order to accalerate ths maturity of the indebtedness hereby secured because o( the tailure oi ttie Mortgagor to pay any tax assessment. ~ liab~lity, obl~gat~on or encumbrance upo~ said property as herein provided, it snall not be necessary nor requisite that the Murtga~ee shall tirst pay the same. 13. That ~f the Mortgagor shall (ail, negtect or refuse for a pe~iod of thirty (30) days tully and proTOtly to pay iha amounts required to bet paid by the ~ note hereby secured ar the interest therein specified or any of tho sums of money herein referred to or hereby secured. or otherwise duly, tully and promptly to per(orm, execute, compty with and abide b} each, every or any of the covenants, conditions or stipulations of this mortgage, the promissory note hereby secured and/or the construction loan agreement. if atty, then, and in either or in any of such events. without ratice or demand, the said aggregate sum men- tioned in said promissory note. isss previous payments, ii any, and any and all surris mentioned herein or secured hereby shall become due and payable forthwith or therea~ter at the continuing option of the Mortgagee as fully and completely as if said aggrsgzte sums wers originally stipulated to be pai~ at I~ such tirne. anything in said promissory note or herein to the contrary notwithstanding, and the Mnrtgagee shall be entitled theteupon or thereaher without r~otice or demand to institUte suit at law or in equity to enforce the rights ot the Mortgagee hereunder or under said promissory note. In the event of any ~ default or breach on the part of the Mortgagor hereunder or under said promissory ncte, the Mortgapee ahall heve the continuing option to enforce payment , i of all sums secured hereby by action at law or by suit in equity to fore^..lose this mortgage, either or both. concurrently or othennrise, and one action or suit ~ i f shall not abate or be a bar to or waiver of the Mortgagae's right to institute or maintain the other. provided said Mortgagoe shall have only one payment and ~ satisfaction of said indebtedness. . 14. That in the event that Mortgagor shall (1) consent to the appointment of a receiver. trustee or liquidator of aIl or a substantia! part of Mortgagor's assets, or (2) be ad;udicated a bankrupt or insolvent, or file a vofuntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become due. or (3) make a generat assignment for the banefit o( creditors, or (4) f~:e a petition or answer seeking reorganization or arrangement with c?editors, or to ~ take advantage o~ any insolvency law, or (5) fde an answer admitting !he material alleg?tions of a petition filed against tha Mortgagor in any bankruptcy. : reorganization or insolvency proceeding, or (6) action shall be taken by the Mertgago.- for the purpose of effecting any of the foregoing or 17) any order, judg- ; ment or decree shall be entered upon an application o/ a creditor or Mortgagor by a court oi competent jurisdiction apFroving a~ petition seeking a~.Gointment f ot a receiver or trustee o( all or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for any period of thirty (30) consecutive days, the Mortgagee may declare the note hereby secured forihwith due and payable. whereupon the principal of and the in- terest accrued en the note and all other sums hereby securod shall become farthwith due and Qayable as if e11 of the said sums of money were originally stipulated to be paio pn such day: and thereupon tha Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies secured hereby had matured prior to its institution. ~ ~ ~ 15. That the Mortgagee or any person authorized by the Mortgagea shall have the right to enier upon and inspect the_ mortgaged p?emises at all reasonable t~mes { " - ' 16. That any sum or sums which may be loar~ed or advanced by the Mortgagee to the Mortgagor at any time within twenty (201 years from the date j of this indenture, together with interest thereon at the rate agreed upon at the time of such Ioan or advance. shall be equally scscured vtiith and have the same : pnority as the original indebtedness and be _su^b,'ec_t t-o all the terms and provisions of this mortgage: provided, that the aggregate amount of pnncipal outstan- ; ding a[ any t~me shall not ~xceed (5~r~t~4.~1, or if the preceding blank is not compleied, then an amount equal to one hundred and fihy per cent t 150965 of the principal amount originally secured hereby shalt &pply_ I~ 3_ j~ 1?. That. i( required by Mortgagee, the said Mortgagor will pay unto the Mortgagee. on the /irst day of each and every ~onsecutive month, a sum ~ 1 equal to onQ-t:velfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged pr~mises. said monthly sum to be es- i:' ~ timated solely by Mortgagea and calculate~ to be an amount not less than the emount of taxes assessed against sairf mortgaged premises for the previous ~ ~ year, and if f~rther required by Mortgagee to pay all ins~~rance premiums in manner and f~rm as provided herein lor the payment of taxes and assessments. 18. That if this mortgage is in cannection with construction loan ffnancing, then this mortgage is subject to ihe Constructio~ Loan A greement ~ i date d hetween the Mortgagor and the Mortgagee, an executed copy of which is in the possession of the Mortgagee and :s incorporated herein by re(erence and made a part hereoi: any default by Mortga~or undPr said agreement shall constitute an event of ~ default ~nder this mortgage. 19. That the Mortgagor will on tha request of the Mortgegee tumish a written statRment of the amount owing on the obligation which this mortgaga ~ secures and therein state whether or not Rtortgayor claims ar.y tlelenses or offsets thereto ~ 2 . aon~ eacE ~~J~