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HomeMy WebLinkAbout0725 ~ d if all or any part of ine Property Or an interest t~erein ~s sold or transterred by Mortgagor wdhout Mortgagee's prior wr~iten Consent, excluding (a) ~ tna creat~on ol a I~en or encumDrance subord~nate lo th~s Mo~tgage. ~b) the creat~on o1 a purchase money secur~ty ~nterest for household appliances,(c) e ! ~ranster by dewse, descent or operat~on of law upon the death of a I~~nt tenant or ~di the grant of any lease~old ~nterest of three years or less not containing an a opt~on to purchase. Mo?tgagee may, at Mortgagee's opt~on, declare ail the sums secured by ih~s Mortgafle to be immed~ately due and payable. Mortgagee ~ sn~ll have wa~ved such opt~on to accelerate ~f, piior to lhe sale or transfer, Mortgegee and the person to whom the Prope~ty is to be sold or transterred reach ~ ayreement ~n wnt~ng that the credit of such person is sat~slactory to Mortgagee and that the ~nterest payable on tl~e sums sec~~red by this Mortgage shall be a at such rate as Mortgapee shall request If Mortgagee has walved the op6on to accelerate provlded in th~s paragraph 4, and iF Mortgagee's successor in 9 ~nterest has executed a written assumphon agreement accepted ~n wnt~ng by Mertgagee, Mortgagee shan release Mortgagor trom au obl~gahons under this ~ N9te and Mortga~e. ~ 5. That ~n the event of a su~t be~ng ~nstitufed to fo~eclose this mortgage, the Mortgagee shaU be ent~tfed to apply at any time dunng such foreclosure ~ s~nt to the court having jurisdtct~on thereof for the appointment of a recoiver of all and singular the mortgaged property, and ot au rents, ~ncomes, profits, ~ ~ssuss and revenues lhereot, from whatsoever source derived; and thereupon it is hereby expressly convenanted and agreed that the couh shafl forlhwith aa ~ po~nt suCh receiver with the usual powers and duties of receivers ~n like cases: and said appointment shall be made Dy the court as a metter ot st~ict right to ~ the Mortgagee, and without reference to the adequacy or inadequacy of the value ot the property hereby mortgaged or to the solvency or insolvency of the ~ Mortgagor or any other party defendant to such Suit. The Mortgago~ hereby specifically wawes the right to ObjeCt to the appointment ot a receiver as , atoresaid and hereby expressly co~sents that such appoinlment shall be made as an admitted equ+ty and as a matter ot absolute right to the Mortgagee end ~ tnat the same may be done w+thos,t nohce to the Mortgagor. i 6. That il any proceed~ngs shoutd be ~nstituted aga~nst the property covered by th~s mortgage upon any other hen or claim whether superior or juniw ~ ;o the I~en ol th~s mortgage, the Mortgagee may at rts option ~mmed~ately upon institution of such swt or during the pende~cy thereot declare this mortgage and the ~ndebtedness secured hereby due and DaYabla lorthwith and may at its ophon pra:eed to forec~ose th~s mortgage. 7. To pay all and s~ngular the costs, teea charges and expe~ses of every k~nd, includmg the cosl of an abst~act of title to said lands lound to be con- ~ ven~ent or expedient ~n connectiun with any suit tor tAe toreclosure of this mortgage, and also including, whether the Mortgagee is obl~gated to pay same or not, reasonable attorney's fees incurred or expended at any t~me by the Mortgagee because ot the fa~Iure ol the Mortgagor to pe~form, complywith and abide j by all or any of the cove~ants, condrtions and stipulations of said promissory note. or thls mortgaqe. ~n tfie foreclosure of this mortgage and ~n collect~ng the ; amount secured hereby with o?without legal proceed~ngs, and to reimburse the Mortgagee for every payment made or incurred fo? any such purpose with in- terest Irom date o} every such payment at the hlghest rate authonzed by law; such paymeMS and obi~gations, w+th interest thereon as aforesaid, shall be ~ secured by the iien hereof. 3 8. To keep the buildi~g or bu~ldings now or hereafter on said ~and ~nsured against loss or damage by tire, extended coverage and other peri~s, in- ; clud~ng war risk ~nsurance if ava~lable, ~n a sum not less than the~r full lnsurabie value at the cost and expense of the Mortgagor in a company or companies ' approved by the Mortgagee, the pot~cy or polic~es to be held by the Mortgagee, a~d such poticy or pol~c~es ot insurance shall have aff~xsd thereto a Standard ~ Asortgagee Clause. making all loss or losses under such pollcy or policies payable to the Mortgaflee as its mterest may appear, and to deliver Said ; policy pr policies to tAe Mortgagee when issued with the rece~pts for the payment of the premium theretor; and in the event any sum of money becomes j payable under such policy or policies, the Mortgagee shall have the option to receive and apply the same on account of the indebtednesssecured hereby orto ~ permit the Mortgagor to reco~ve and use it, or any part thereof, for other purposes, w~thout thereby waiving or impa~ring any eduity, lien or right under or by ' v~rtue of th~s mortgage: and the Mortgagee, if it deems necessary, may place and pay for such ~nsurancP, or any part thereof, w~thout losing, waiving or affec- ' ?~ng Mortgagee's option to foreclose for breach ot this covenant, or any part thereot. or any right or option under this mortgage, and every such payment shali ~ bear Interest from date thereof until paid at the highest ~ate authorized by law, and alt such payments with interest as aforesaid shall be secured by the lien hereol. In the event any loss or damage iS suHered Mortgagor s~all notify Mortgagee of such loss or dartiage within foRy-e~ght (48) hours after the heppening 3 tnereof; the failure to give such notice shall constitute a default and the Mertgagee shall have the rights herein glven for all deteuits. ~ i 9- To pe~mit, commit or suffer no waste and to mainta~n the improvements at all times in a state ot good repair and c~ndition: end to do or permit to ~ be dune to said prem~ses nothing that w~11 alter or change the use and character of said property or ~n a~y way impa~r or weaken the security of said mortgage. !n case of the refusal, neglect or inability of the Mortgagor to repa~r and maiMam sa~d property, the Mortgagee may. at ~ts option, make such repairs or cause ihe same to be made and advance monies in that behall wh~ch sums shall be secured by the Ilen hereof and bear interest at the highest rate authorized by 'aw 10. To deliver the abstract or abstracts of t~tle cover~ng the mortgaged property to Mortgagee er ~ts des~gnated agent, which shall at all times, during tne i~fe of this mortgage, remain in the possess~on of the Mortgagee and In event o1 the foreclosure ot!his mortgage orothertranste~of titfe, ali nght, t~ile and ,teres! of the Mortga9or in and to any such abstract or abstracts of trtle shall pass to the purcnaser or grantee 7 S. Thal no warver of any covenant herein or m the obl~gation secured hereby sha11 at any hme hereafter be held to be a waiver of any of the other ~e~T:s hereof or ot the note secured hereby, or tuture wa~ver of the same covenant. t 2. That ~n order to accelerate the maturity ot the ~ndebtedness hereby secured because of the fa~iure ot the Mortgagor to pay any tax essessment, ! ab~hty, cbligation or encumbrance upon sald property as here~n prov~ded, it shalt not be necessary nor requisite that the Mortgagee shall tirst pay the same. j 13. That ii the Morlgagor shall fait, neglect or retuse for a per~od of thirty (30? days fuily and promptly to pay the amounts required to be paid by the I ^.o!eherebysecuredortheinterestthereinspec~f~edora~yofthesumsotmoneyhereinreferredtoorherebysecuredorothenviseduly,fullyandpromptyto i ; erform, execute, comply with and abide by each, every or any ot the covenants. cond~Uons or si~pulations o( this mortgaqe, the promissory note hereby ! secured and/or the construction loan agreement, if any, then, and ~n e~ther or ~n any ot such eve~ts, without notice or demand the said aggregate sum men- ~ ~~oned in said promissory note, less previous payments. ~f any, and any and all sums menl~oned herein or secured hereby shall become due and peyable forthwith or thereafter at the continuing option of the Mortgagee as futly and completefy as if sa~d aggregate sums were onginally stipulated to be paid at j such time, enpthing in said promissory note or herein to the contrary notw~thsiand~ng, and the Mortgagee sha11 be entitled thereupon or thereafter without ~ ~otice or demand to institute suit at Iaw or in equlty to enforce the r~ghts of the Mortgagee hereunder or under said promissory note. In the event of any Gefault or breach on the part of the Mortgagor hereunder or under sa~d promissory note. the Mor?gagee shall have the continuing option to enforce payment ! o! a11 sums secured hereby by action at law or by swt m equ~ty to forec~ose this mortgage, erthe~ or both, concurrently or otherwise, and one aCtion Or Suit ; snall not abate or be a bar to or wai~er of the Mortgagee's nght to inst~tute or ma~nta~n the other, provided said Mortgagee shall have onty one payment and sat~staction of said indebtedness. ~ 14. That in the event that Mortgagor shall ~ 11 consent to the appo~ntment of a receiver, trustee or I~quidator ot ail or a substantial part of Mortgagors assets, or (2) be adjudicated a bankrupt or insolvent, or f~le a voluntary petit~on in bankruptcy, or admit in writing its inability to pay its debts es they become du or (3) make a generel assignment ior the benef it of creditors, or (4) f ile a petition os answer seeking reorganization or arrangement with Creditors, or to take adventage of any insolvency law, or (5) tile an answer adm~tUng the matenal ailegations of a petrtion filed aga~nst the MoRgagor in any bankruptcy, reorganization or insolvency proceeding, or (6? act~on shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or(7) any order, judg- nent or decree shall be entered upon an applicatlon of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment c! a receiver or trustee of all or a substantial part of the Mortgagors assets and such order, judgme~t or decree shall continue unstayed and in effect for any per~od of thirty(30? consecutive days, the Mortgagee may dectare the note hereby secured forthwith due and payable, whereupon the principal of and the in- ~e~est accrued on the note and all other sums hereby secured shall become !orth w~th due and payable as ~f all of the said sums ot money were originally ~ =_c~pulated to be pa~d on such day; and thereupo~ the Mortgagee w~thout nohce or demand may prosecute a su~t at law and/or in equity as if all monies 3 ~~curgd hereby hsd metured prior to its instituUOn. ~ 15. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upen and inspeCt the rtsortgaged premises at all ~ easonable hmes. ~ 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any t~me within twenty (20) years from ihe dete tn Is ~ndenture, together with interest thereon at the rate agreed upon at the tfine of such Ioan or advance, shall be equally secured with and have the same ~ or~ty as the origlnal mdebtedness and be subject to all the terms and previsions ot this moRgage: provided, that the aggregate amount of principaloutstan- '~,g at any hme sha11 not exceed ~S or if the precedmg blank is not completed, then an amount equal to one hundred and fifty percent ~ of the princlpal amount originally secured hereby shall apply. t 7. That. ~f required by Mortgagee, the sa~d Mortgagor W~II pay unto the Mortgagee. on the f~rst day of each and every consecutive month, a sum ;ual to one-twettth of the annual amount necessary to pay all tazes and assessments aga~nst the sa~d mortgaged premises. said monthly sum !o be es- ~~ated solely by Mortgagee and calculated to be an amount nat less than the amount of taxes assessed agalnst said mortgaged premises for the previous , Fa!. and rf turther requ~red by MoRgagee to pay all insurance premiums in manner and torm as prov~ded here~n for the payment of taxes and assessments. ~ ~ 8 Lnat 1f lhis mortgag ~ n connectior~,~pf~th construction loan financ~ng, then this mortgage is subiect to the ConstrucUon Loan Agreement F ~ated January , 19 yU between the Mortgagor and the Mortgagee, an executed copy of wh~ch is in the possession of the ° t:~ortgagee and ~s mcorporated here~n by reference and made a part hereof: any defauit by Mortgagor under said agreement shall constitute an event of = c~f3ult under this mortgage ~ k t 9 That the Mortgagor wdf on the request ol the Mortgagee furn~sh a wntten statement of the amaunt owmg on the obl~gation wh~ch this mortgage ~ =r~,,res and there~n state whether or not Mortgagor c+a~ms any detenses or otfsets thereto € ~ . ~ ~ ~ s 1 BOOK U7~ P~SGE ~ ~ _ _ _ ~ ~ ~~^~s