HomeMy WebLinkAbout0407 4 I! al+ or any par, ~f ihe Prope~ty o~ an ~rt~rest tnn~e~n +s sald or transterred hy Mortgago~ w~lhout'Ao~tqayee'S p~~or ~written Consent. exCluding (d1
. ~Nahon ot a~~en B~::umbr,in~:P suborA~na!e !o !~~~s R1,nlqagF i0~ the creat~nr. O} 8 O~l'Ch35P !~~l)f HY SPCU!~1~ ~nlerest for housAnold appliances.l~l e
^~~er by dev~se descent or operat.or. ot ~av: upo.^. lh@ ~1Cdih G' a JCi~~! !P~1d~1 C~ IC! the g~ant of any ~raseh~,ici ~n!e~esf ~~f threeyears or Iess not conta~nmgan
;!;:m to purr.hase Mortgzgee may. at Mortgagee~s opt~on decla~e au the sums set~red by ih~s Mo~tgage 1u t~e ~mmed~ately due and Oayable Morigagee
y^.a r nave wa~vetl such opt~o~ to accelerate ~f prior to the saie or trensfer. Mortgagee and the perso~ to whom the Property ~s to be sold or tra~sferred rescn
:,.~~eeme~t ~n wr~t~ng Ihat fhe cred~t a~ such person ~s sal~sla~'tory to M~rtgagee and tliat the ~nterest payab~e on the sums seCUred by th~s Mortgege ahalt b@
a• such rate as Mortgagee shall repuest It Mongagee ~as +~a~ved the op!~on to acceterate p*o.~ded m th~s paragra0h 4, and it Mortgagee's successor in ;
~~iPrest has executed a wr~tten assumpt~on ayreement ar~eptea ~n wnt~ng by Mo~tgagee Mortqagee shaL ~elease ti/ortgago~ from al~ ob~~gat~ons under th~s ~
~~:,~e and Mortgage ~
5 That ~n the event of ? surt being ~nshtutetl to toreclose this mortgage. the Marigagee S~a~l be enGtled to appty at any Ume dunny such fore~:~osure ~
te the court having ~unsdicuon thereof lor !he appointment ot a rece~ver ot a4 and s+ngular the mortgaged property, and o! au reMs ~ncomes, prohts, ~
~s~es and revenues thereof, from whatsoever source denved and thereupon ~I is he~eby exp?ess?y convenanted and agreed that the court shall lorthw~th ap
,~,,~nt suc~ recerver w~t~ the usuel powers and duties of recewers ~n I~ke cases and seie appo~ntment shall be mede by the co~rt es e matter ot stnCt ngM to ~
• ~~P Mortgagee. and without reference to the adequacy or ~nadeQuaty o~ the value of the property hereby mortgaged or to the sotvency or insolvency ot the
~~.~rtgagor or a~y other party defendant to such suit The Mortgagor he~env speahc311y waives the nght to objecl fo the appomtme~t ot A recerver es ~
:+!^~esa~d and hereby exp~essly co~sents that su~h appo~ntment s~al! he maae ss an admdted equrtv and as a matler ot absoiute nght ro the Mortgagee end ~
~f~a? tne same mav be done w~thout notice to the Mortgagor ~
b That It any ptpCeedmgS Should be inShtuted dgeinst the property rovered by thi5 mo'tgage upOn any ot~er lien or cla~m whether supenor or ~uniOr i
. rnP t~en ot this mertgage tne Mortgagee may at ~1s opt~o~~ ~mmed~ately upoc ~nshtut~or af such su~t or dur~ng the pendency thereot declare th~s mortgage j
a^r, tne moebtedness secured hereby due and peyable torihw~ih and may at ds ophon proceen to +oreCtose this mortgaqe
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7 To pay alI and s~ngular the cosls. tees, charges and expenses of every kmd. mctud~nq t~+e cost of an abstract of htle to said lands found to be con- ~
~a~~pnt or exPedient m conneChon with eny su~t tor the foreclos~re of th~s mortgage. and also ~nc!udmg. whether the Mortg8gee is obl~gatetl to p2y same or ;
~~~c. reasonable atto~r~ey's fees ~ncu+red or expended at any t~me by the Mortgagee because ot the fa~iure of the Mortgagor to perform comply w~th and ab~de j
by a~l or any of the covenants. condiUons and shpu~ahons ol 5a~d promissory no!e. or th~s mortgage. m the toreClOSUre of this mortgage and in collectmg the ;
amount secured hereby w~M orwdhout legal procee~~nys. and to ?e~mburse the Mortgagee f~r every pavment made or incurred for any such purpose wdh in• ;
rpre5t frOm d<lte Of 2very SuCh peymPnt dt ih@ highest ratP 3u+^~nzed by ~aw, such pavmen!s and ch~~gat~ons with +nterest thereon as aforesaid. shall be
se:~ured by tne nen nereot
8 To keep the bu~~d~ng or buddmas now o~ nerPatter on sa~d iand ~nsured aga+nst !oss or damage by fire. extended coverage and other penls. m-
~~udmg war nsk msurance if ava~lable ~n a sur~ no! iess than the~r tull ~nsurab!e ~~alue ai the cost and expense o~ the Mortgagor in a company or companies ~
approved by the Mortgagee the pohcy or pofiaes to be held by the Mortgagee, and such pohcy ~r pol~c~es o` insurance shal~ have aff~xed thereto a Standard
Mortgagee C~ause. mak~ng all loss or losses under such ~ohcy or ponc~es oayable ro the Mo?tgagee as its ~nterest may appea+. and to del~ver said
cc+~~cy or pohcres to the Mortgagee when issued witn the rece~Dts tor the paymen~ 01 the prem~um therefor, and m the event any sum of money bec:omes
nayable under such po~~cy or policies, t~e Mortgagee shall have ihe opt~on to ~ecewe and aoG!Y the same or, account ot the ~ndebtedness secured hereby or to
permit the Mortgagor to reCerve and use ~t. or any part thereof. tor oMer purpoces w~thout thereby warving or impainng any equity. lien or right ~~nder or by :
~ n~e of this mortgage: and t~e Mortgagee if ~t deems necessary. mav D~ace and pay for such ~nsurance or any part thereot, w+thout los~~g, warvmg or affec-
? na Mortgagee's opnon to ~orectose lor breach ot th~s covenant or any par, thereof or a~y nght or opt~on under this mortgage, and every• such payment shaL'
hea~ ~rtterest from date thereof unt~I pa~d at the t~~ghest rate authorized by ~ax. and aU such payments wlth ~~terest as aforesaid sheil be secured by the lien
~P~eof In t~e event any loss o~ Aamage is suHe~ed Mortgago~ shail nolity Mortgagee of such Ioss or dartiage w~thm forty-e~ght (48) hours after the happen~ng
~nr~eof: the fa~iure to g~ve such noi~cz snall constitute a default and the Mertgagee sha~t have tne nah!s ~erein grven for al~ defeults
~ 9 To Derm~t comm~t or sut!er no waste and to ma~~ta~r thr ;mprnvPments at a!' t~mes ~r, a state of good repair and condrtion; and to do o! Ferm~~ to ;
^e done to sa~d prem~ses nothing that wdl alter or change the use and rharacter o1 sa~d property o~ ~n ~ny way ~mpa~r or weaken the security of said mortgage
~ ~ case of the retusal neglect o~ inab~hty of tne Mortgagor to ~epa~r dno mamt2~n sa~d property the Mortgagee may. at ~ts optien. make such repairs or cause
~ne same to be maAe a~d advance momes ~n that behalf whrch s~,ms shan t~ secured by the ~~en hereet and bear mterest at the highest rate authorized by
~ a~
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~ 0 To del;ver the abstract or abstracts ot htle cover~ng the mortgaged pfopen.y to Mortqaqee cr ~ts des~gnated agent, which shali at sll hmes, dunng
a+:te of tn~s mortga4e remain ~n tne possess+o^ ot tnP M~rtgagee and ~n eve~t ~f the fn~ec~ocure of ?his mortgage or other t~ansfer of title, ali nght. t~tle and
I ~~eres; of the Mertgagor ~n and to any such abstract or abst~acts o~ t~t!e sha,~ pass t-• ~he purchase: or grantee
' , That nc wawer of any covenart herem or ~n the ob~~yat~nn secured ne•eby sha~i at a~y hme hereafter be held to be a waiver of any of the other
i •~~~T,s hereo+ o~ o( tre nore secured hereby or tuture wa~ver o} the same covenant
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~ 12 That ~n order to acceierate the matur~ty nt +ne ~ndebtedness he~eby secured becauce o! ~he ta~iure o1 the Mortgagor to pay any tax assessment,
ab.~~ty. obl~gat~en or encumbrance uno~ sa:d Dropeny as he.e~n prov~ded ~t sna~~ not bP npcessa.ry ro~ ~eqws~te that the Mortgagee shallfirst paythe same
t 3 That ~t the Mortgagor shall ta~f neglect or retuse for a penod o! t~~r:y;30~ days fuiiy and prnmptty to pay the amounts required to be Fa~d by the
~ o~e herebysecured or the mterest there~n spec~hed o~ any o} the sums of money here~n refer red to or hereby secured orothenv~se duly, fu11y and promptly to
nQrform, execute. comply with a~d ab~de Dy eacn, every or any of the covenarts cond~t~ons oc.st~pufations of this moRgage. the promissory ~ote hereby
~ secured andf0~ ihe Construchon loan agreement. any. then. and ~n e~tner or ~n any of such events, without not~ce or demand the said aggregate sum men-
~ ~ oned in 58~d promissory nOte, less piewous paymer.ts any, and any and a~ sums ment~oned here~r, or secured hereby shall beCOme due and payable
~o-thwith or thereafter at the contmu~ng opt~on of tne Mo~tgagee as tuUy ana completely as sa~d aggregate sums were onginalty stipulated to be paid at
~ s,ch t~me. anyth~ng ~n said promissory note o~ nere~n tc the contrary n~tv~,tnstanding and tne Mortyagee shaN be entitied thereupon or thereafter without
^ot~ce or demand to +nstrtute suit at law or m equrty to entorcP ?he nghts ot the Mortgagee hereunder or under sa~d prom~ssory note In the eve~t of any
detault or breac~ on the part of the Mortgagor nereundPr er under sa~r, p~om~sson,- note !he Mortgagee shaL' have the conhnu~ng ophon to enforce payment
~ a~i sums secured hereby by action at ta+v o~ b•, s~~~? equ~?v :c torecicse th~s m;,rtqage. either or ~oth. ConCUrrenily or otherw~SB, an~ one aCt~O~ Or Suit
~^a~ not aDate or De a bar to o~ wa~ve~ o! the Mort4agee's r~ght +o ~nst~tute o~ ma~nta~c the other prov~ded sa~d Mortgagee shall have only one payment and
sac sfact~on of sa~d ~ndebtedness
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~ t 4 Tnat m the event that Mortgagor sha~i ( t ~ consent te tne appomtment o! a rece~ver. trustee or I~qu~dator of ali or a substant~al part of MoAgagors
<:ssets, or (2! be ad~ud~cated a bankrup! or insoivent or f~ie a voluntary pet~hon m bankruptcy. o~ adm~t m wnfing its ~n2bility to pay its debts as lhey bBCOmB
~.:e or (3) make a general assig~ment for the benetit o? cred~tors or (4~ f~le a peht~on or answer seek~ng reorganization or arrangement with creditors, or to
'ake advantage of any ~nsotvency law or IS) t~le an answe~ admrttmg the matenal allegatio~s of a petit+on hled against the Mortgagor in any bankruptcy,
~eo~genlzat~on or mso~venCy proceedmp or 16~ ac:~an shall be taken by !he Morigagor for the purpose Of eHeChng any Of the foregoing or (7) eny Order, judg-
T ent or decree shau be entered uoon an appi~cat~on of a cred+tor ~r Mortgagor by a court of competent iunsd~ctlon approv~ng a pst~t~on seekmg appointment
~ a receiver or trustee ot a~l or a substantiai part of the Mortgagors assets and such o~der. ~udgment er decree shall continue unstayed and ~n etfect for any
, er,pd of th~rty (30? consecut~ve days. the Mortgagee may dectare tne note r-~e-eby secured tort"w~th due and payable, whereupo~ the pr~napal of and the in-
~ ~~•~est accrued on t~e note and all other sums he~eby secured shall become ~orth w~th due a~d payabie as if a.l o' the sa~d sums o1 money were onglnafly
~r~puiated to be pa~d on such day: and thereupon the Mortqagee wlthout nohce or demand may prosecute a suit at law andior +n equity as rt au momes
~ecur~d hereby had matured pnor to its institut~on
~ 15 That the Mortgagee o~ any person authar+zea by the Mortgagee sha~f have the nght to enter upo~ and ~nSpeCt the mortgeged premiSes et efl
p -~•asonable t~mes
~ ~ 6. That any sum or sums wh~ch may be ~oaned or advanced by the Mortgagee ~o tne Mortgagor at a~y t~me w~thm rweniy i20) years trom the date
~ ' th~s ~ndenture together with mterest thereon at the rate agreed upon at the t~me of such loan or advance, shaR be equalry secured wYth and havethe same
~ r• o+~ty as the onginal ~ndebtedness and be subject to alI the terms and previs~ons of th~s mortgage provided. that the aggregate amount of pnnc~pal outstan-
^~g at any t~me sha!I not ezceed (S _ _l. or ~t the precedmg blank ~s not comp!eted, then an amouM equat to one hundred and f~fty percent
' s~'~~ of the p;~nc+pai amount ongmally secureA he~eby shail app~y
~ 7 That. ~t requ~red by Mortgagee. the said Mortyager W~II pay ur!o the t~~o^gagee. on the hrst day o! 2ach and every consecut~ve month, a sum
~z;.ua~ to one-twei~th of the annua~ amount necessary to Uay a~~ taxes and assessments aga~nst the sa~d mortgaged p,emises said monthly sum to be es-
T.ated solely by Mortgagee and calculated to be an amount not ~ess than the amount ot tazes assessed against sa~d mongaged prem~ses 1ar the previous
,ea~. ar.d ~f further requ~red by Mortgayee lo pay all insurance prem~ums ~n manner and form as proviAed herein for the payment of tazes and assessments.
,atP~18 7hat it thy mortgag ~9 in conneCtiop~ith construct~on loan fmancmg, then th~s mOrtgage is sub~eCt to the COnst~uCt~on Loan Agreeme~t
Januar V , 19 y hetv.een the Martgago~ and the Mortgagee. an executed copy of wh~cn ~s ~n the possess~on of fhe
`.+c{tgagee a~d ~s mcorporate here+n by re(erence and made a part hereof. any de!ault by Mortgago~ u~der saiC agreement shall constrtute an event of
; ~!etauft under this mortgage
' 19 That the Mortgagor will on the request nt Ihe Mortyagee fwmsh a wr,tten statemenc o'the amount owing on Tne obi~yal~on ~hich th~s mortyage
~ ~ ~cures and therem state whefher or not Mo~lyagc~• ~~a~ms any defenses or ~ffsets :hereto
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BooK 674 ~~~~r 407
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