HomeMy WebLinkAbout1511 4 If aU or any part ol tne Property or an Interest therein is sold or transferred by Morigagor w~thout Morigaeee's pnor written consent, ezCluding (a)
~ne creation of a hen or encumbrance subord~nate to th~s Morlgage. Ib) the creat~on ot a purchase money secunty mterest ton c~,usehotd applia~Ces, (C) a
transier by devise, descant or operat~on of law upon Ihe death ol a Iomt tenant or(d~ the grantof any leasanold ~nterest o1 threeyears or lessnot containingan
opt~on !o purchase, Mo~tgagee may, at Mortgagee's opt~on, declare all iha sums secured by thts Mortgaqe to be lmmedielely due and payable MortgaQee
shall have waived suCh optio~ to accelerate ~i, prior to the sala or transter, Mortyagee and the person to whom the Property is to be sold or trenaterred reach
agreemeM m wnting that the credit of such person is sat~s(actory ta Mortgagee and tAat the ~nterest payabla on the sums secured by th~s MoApsfle ah811 be
at such rate as Mortgagee shall reqaest. !1 Mortgapee Aas waived fhe opUon to accelerate prov~ded in th~s paragraDh 4, and if Mortqegee's sucCessor in
~nterest has executed a written assumphon agreement accepted in wrrting by Mortgagee, Mortgagee shail release Mortgagor f rom alt obligafions under this
Note and Mortgage.
5. That ~n t~e event of a suit being ~nstitufed to foreClose this mort48ge, the Mortgagee shall be enlitled to appy at any t~me during such toreclosure
suit to the court having jurisdiction thereo( tor the appointment ot a receiver of all and singular the mortqafled property, and oi all rents, ~ncomes, profits,
~ssues and revenues thereof, from wAatsoever source derived; and thereupon it is hereby expressly convenanted and ayreed that the couh shall loAhwith ap-
point such receiver with the usual powera and duties of receivers in i~ke cases; and seid appointment shall be made by the court as a matter of strict riflht to
the Mortgagee, and without reterence to the adequacy or inadeQuaCy Of the value of 1he property hereby mortqayed or 1o the solvency or insolvency of the
Mortpaflor or any other party defendant to such suit. T~e Mohgagor hereby specifically waives the righl to object to the appointment of e reCeiver as
aforesaid and hereby expressly consents that such appointment shall be made as an admitted equ~ty and as a metter ol absolute right to the Mortgayee and
that the Same may be done without nOliCe to the Mortgagor.
6. That ~f eny proceed~ngs Should be instituted ageinst the properly cOVered by thls mortgage upOn any other lien ar claim whether superior or juniOr
to the I~en of th~s mortgage, the Mortgagee may at its opt~on immediatefy upon inst~tution of such sult or du?ing the pendency thereof dec~are this mortgafle
and the indebted~ess secured he~eby due and payable fo~thwitA and may at its opt~on proceed to foreclose this mortpage.
7. To pay all and sinpular the costs, fees, charges and expenses of every kin4 including the cost of an abstract of titte to said lands found to be con-
venisnt or expedient in connection with any suit tor tAe foreclosure of this mortgage, and also including, whethe~ the Mortpagee is obligated to pay same or
not, reasonable attorneys fees incurred or expended at any time by the Mortgagee because ot t~e fa~lure of the MOrtgagor to peAorm, complyw~th and ebide
by all or any ot Ihe covenants, conditia~s and stipulafions of said promissory noto, or this mortgage, in the foreclosure ol this mortgage end in cotlecting the
amount secured hereby witA or without legal proceedings, and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in-
terest trom date of every such payment at the h~ghest rate authorized by law; such payments and obligations, w~th interest thereon as aforesaid, shatl be
secured by the lien hereol
8. To keep the bu~lding or buildmgs now or hereatter on said land insu?ed aga~nsS ~oss or damage by 11re, extended coverage and other perils, in-
cludiny war risk insuranCe if ava~lable, in a sum not less than their full ~nsurable value at the cost and expense of the Mortgagor in a company or companiea
apD~oved by the Mortgagee, the policy or policies to be held by the Mortgagee, and such policy or pol~cies of insurance shafl have affixed theretoa Stendard
Mortgaqee Clause, making all loss or losses under such pollcy or potiCies payable to the Mortpaqee as its interest may appear, and to deliver seid
pollcy or poliCies to Ihe Mortgagee when issued with the receipts for the payment ot ihe premium theretor; and in the eveM any Sum of money beCOmes
payabte unde~ such policy or policiea t~e Mortgagee shatt have the option to rece~ve and apply the same on account of the indebtedness secured he~eby or to
permit tha Mortqagor to recerve and use it, or any part t~ereof, for othe~ purposes, w~thout thereby waiving ur impairi~g any equity, lien or right under or by
virtue of this mortgage; and Ihe Morigagee, ii it deems necessary, may place and pay tor such t~surance, orany part thareot, wilhout losing, waiving or affec-
ting Mortgepee's option to foreclose for breach of this covenant, or any paA thereof, or any right or optio~ unde~ this mortgage, and every such paymenl sh81;
bear ~nterest Irom date thereof until paid at the highest rate authorized by law, and all such payments with fnterest as afores8id shali be seCUred by the lien
hereof. ln the event any loss or damage Is suffered Mortgagor shall not~ty Mortgagee ot such loss or dartiage within torty-e~ght (48) hou?s atler the happeninfl
thereoh the tailure to give such notice shall Constitute a default and the MoAgagee shall have the rights herein given tor ell detaults.
9. To permit, commrt or suffer no waste and to mainta~n the improvements at alt times in a state of good repair and condition; and to do or permit to
be done to said premises nothing that w~lt alteror change the use and character of sa~d property or 1n any way impair or weaken the securityof said mortgaga
~n case of the refusal, negfect or inab~lity ol the Mortgago~ !o ?epau and ma~ntain sa~d property, the Mortgagee may, a111s option, make such repairs or cause
t~e same to be made and advance mon~es in that behalt wh~ch sums shall be secured by the I~en hereof and bear interest at the higheat rate authorized by
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10. To deliver the abstracf or abstracts of title cove:~ng the mortgaged property to Mortgagee cr ~ts des~gnafed agent, which shat! at all times, durinfl
me hfe of th~s mortgage. rema~rt ~n the possess~on of the Mongagee and ~n event of the ~oreclosure of this mortgage or other trans(er of tide, all r~ght, titfe and
~nterest of the Mortgagor in and to any such abstract or abstracts ot t~lte sha?1 pass to the purchaser or grantee
t t. Thai no wa~ver of any covenant herein or in the obl~gat~~n secured hereby shall at any time hereafter be ~eld to be a waiver of any of the other
terms hereof or of the note secured hereby, or future waiver ot ihe same covenaM.
12. That in order to accete~ate the maturity of the ~ndebtedness hereby secured because of the ta~lure of the Mortgagor to pay any tax assessment,
~~abHfry, obligation or encumbrance upon said property as herein prov~ded, it shall not be necessary no? requis~te that the Mortgagee shall lirst paythe 38ma.
13_ That if the Mortgagor shall fa~l, neglect or ~efuse lor a penod of t~irty (30) days fully and prompt(y tq pay the amounts required to be peid by the
note herebysecured or fhe interest therein specilled or any of the sums of money herein referred to or hereby seCUred or otherwise duly, fully end prompty to
perform, execute, Comply with and abide Dy each, every or any of ihe covenants, cond~t~ons or stlpulations of this mortgage, the promissory note hereby
secured and/or the construction ioan agreement, if any. then, and in either or m any of such events, without notice or demand, the seid agprepate sum merr
?~oned in said pramissory note, less Frevious payments, it any, and any and all sums mentioned herein or secured hereby shall become due and payable
forthwith or thereafter at the conlinuing option of the Mortgagee as fully and completely as if sa~d aggregate sums were originatly stipulated to be paid at
suc~ time, anything in said promissory rtote or herein to the contrary notw~thstand~n9, and the Mortgagee shall be entitled thereupon or thereafter without
nctice or demand to institute suit at law o~ in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any
defauft or breach on the part of the Mortgagor hereunder or under sa~d prpmissory note. the Martgagee shall have the confinuing option to enforce payment
of al! sums secured hereby by action at law or by suit in equity to forec!ose th~s mortgage. e~ther or b~th, concurrently or otherwise, and one action or suit
snall not abate or be a bar to or waiver ot the Mortgagee's nght to inst~tute or mainta~n the other, provided said Morigagee shall have onfy one payment and
satisfaction of sald indebtedness.
14. That in the event that Mortgagor shali (1 ~ consent to the appointment of a receiver, trustee or liqu~dator of aIl or a substantial part of MoRgagors
assets, nr (2) be adjudiceted a bankrupt or lnsolvenl, or f~le a voluntary petit~on in bankruptcy, or adm~t in writing its inabiliry to pay its debts as they become
due, or (3) make a general assignment for the benet~t of creditors. or (4) file a petition or answer seeking reorganization or arrangement with cred+tora~ or to
take advantage of any ensolvency law, o? (5) file an answer admltting the matenal allegat~ons of a petition hled against the Mortflagor in any bankruptcy,
reorga~ization or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose ot eHecting any of the foragoing or~7) any order, jud¢
ment or deuee shafl be entered upon an apptication of a Creditar or Mortgagor by a court of competer~t jurisdiction approving a petition seeking appointment
of a receiver or trustee of all or a substa~tiat part of the Mortgagors assets and such order. ~udgment or decree shall continue unstayed and in effect for any
per~od of thiAy~30) consecutive days, t~e Mortgagee may declare the note hereby secured forthw~th due and payable. whereupon the principatpf and the in-
te~est accrued on the rtote and all other sums hereDy secused shall become forth w~th due and payable as ~f ail of the said sums of money were originalty
st~pulated to be paid on such day: and thereupon the Mortgagee without not~ce or demand may prosecute a suit at law and/or in equity as it all momes
secured hereby had matured p~ior to its institution.
15 That the Mortgagee or any person authorized by the Mortgagee shall have the nght to enter upon and inspect the mortgaged premises at ail
~easo~able trmes.
16. That any sum or sums which may be loaned o? advanced by the Mortgagee to the MortgagQr at any t+me within twenty (20) years lrom the date
ot this ~ndenture. together with interest thereon at the rate agresd upon at the time ot such loan or advaf?ce, shall bg equally secured with and have the aame
prionty as the original lndebtedness and be subject to alI the terms and previsions of this mortgage; provided, that the aggregate amount o( principai outstan-
d~ng at any time shall not exeeedlS or if the preced~ng blank is not completed then an amount equal to one hun6red and fifty percent
SO46) of the princ~pal amount originally secured hereby shall apply. .
17. That. ~i requ~red by Mortgagee, the said Mortgagor ~y~tl pay unto the Mortgagee, on the first day of each and every consecutive month, a sum
eauat to one-twetfth of the annual amount necessary to pay aii taxes and assessments agalnst the sa~d mortgaged premises, sa~d mqnthy sum to be es-
mated sotefy by RAortgagee and cel~ulated to be an amount no! less than the amoun! of taxes assessed aga~nst sa~d mortgaged premises tor the previous
year, and i! turther requned by Mortgagee to pay atl insurance p~emiums in manner and form as provided herem for the payment of taxes and assessmenfs.
18. 7hat it this ~r3,ortgage is in connectlorl,ycith cOnslruction loan financ~ng, then thi5 mortgage sub~ect to the ConBtruction l.oen A~reement
daied _January lb , 19 y~~ between the Mortgagor and the Mortgagee, an executed copy ot which is in the passession of the
Mortgagee and ~s ~ncorporated heretn by reference and made a part hereof; any default by Mortgagor under said agreement shall constitute an event ot
default under th~s mortgage.
19. That tne Mortgago: wilt on the reques! of the Mortgagee furn,sh a wntten statement of the amount ow~ng on the obl~gat~on wh~ch th~s mortgage
~ecures and there~n state whether or not Mortgagor c~a~ms any defenses or otfsets thereto.
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