Loading...
HomeMy WebLinkAbout0412 ~ I 4 If a1; or any part of t~e Froperty or ~n ~nlerest t~ere~n ~s soid or transterrQd by h~ortyagor w~thout Morlyagae's pr~o~ wr~iten consent. ezGud~ng(a) ~ 'rr creaUOn of a hen or enc~mUrance suborAindte lo this R1„i:gaye ~b1 the creat~on ol a purch~ise rnoney secunty il1IQl651 ~O! hGJSBhOIA B~IIaf1CeS.(C) 8 tr~3nsfer by der~se. descent or ope~ahon of !aw upon the daath ot a ~omt tenant or ~di thegrant uf any feasahold ~nte~est ot threeyears oi less not conta~mngan ! pt~on to p:,rchase, Mortyagee may, at Mortgagee's opt~on. dPClare al1 ihe sums secured by th~s Mortyage to be immed~ately due and payable. Mortgagee ; ;r,aii have wa~ved such opt~on to accelerate d, prior to the saie or transfer, Mortgagee a~d the person to whom the Property ~s to be sold or iransferred reach i ;,.~reement ~n wr~hng thaf the credrt of such person ~s sat~slactory to Mortgagee and t~at the mterest payable on the sums secured by th~s Mortga~e shall be ' ai sucn rate as Mortgayee shau request It Mortgagee has warvad Ihe opt~on to accelarate provided ~n th+s paragraph 4, and if Mortgagee's successor in nterest has executed a wr~tten assumphon agreement accepted in wr~ting by Mortgagee, Mortgagee shaU release Mortgagor trom al1 obllga'.rons under t~is ~ ^~c!e and Mortgaye 5 ihat ~n the event ot a su~t being ~nstitutea to toredosa th~s morigage, t~e Mortgagee shall be ent~tled to apply at eny t~me duriny suCh foreclosute ~,,~t to the cou?t having ~unsd~ct~an therer~f for the appolniment of a rece~ver of all and singular Ihe moRgaqed property, antl of all rents, ~ncomes, prohts, ~sues and revenues thereof, }rom whatsoever source denved: and thereupon ~t ~s hereby ezpressly convenanted end agreed that the court shall torthw~th ap ' po~rt such receiver with the usuat powers and duhes ot recervers ~n Iike cases; and sa~d appomtment shall be made by the coun as e matter ot strict nght to the Mortgagee, and wrthou! reference to the adequacy or ~nadequeCy of the value of the property hereby mortgeged or to the s0lvenCy or insoNency Ot the !~lortgagor or any other party detandant to such suit The Mortgagor hereby spec~hcally wa~ves the right to object to the appointment of a receiver as ' afuresaid and hereby expressty cortsents that such appoinSment shali be made as an adm+tted equ~ty and as a matter of absolute nght to the Mortgagee and ~hat the same may be done w~thout nohce to the MoRgayoc 6. TAat il any proceed~ngs should be ~nst~tuted aga~nst the proDerty covered by th~s mc~tgage upon any other lien or claim whether superior or ~unior , tha I~en ot th~s mortgage, the Mortgagee may at ~ts aption ~mmed~ately upo~ inshtution of such surt or dunng the pendency thereof dedare this mortgage a~d t7~e indebtedness secured hereby due and payable forthw~th and may at its ophon pre~ceed to forec!ose thls mortgage. 7. To pay aIl and s~ngular the costs, tees, charges and expenses of every k~nct, ~nctud~ng the cost of an abstract of title to said lands tound to be con- ~ ~ a n~ent or exped~en! ~n connechon wrth any swt for the toreclosure of th~s mortgage. and also ~nclud~ng, whether the Mortgagee is obligated to pay same or nc.t. reasonable attomey's fees incurred or expended at any t~me by the Mortgagee because ot the la~lure of the MoRgagor to perform, comply wrth and abide by all or any of the covanants, conditions and stipulations ot sa~d promissory note, or this mortgage, ir the fo!eclosure of this moRgage and in collECting the amount secu?ed herebywith orwithout legal proceedmgs, and to re~mburse the Mortgagee for every payment made or incurred for any such purpose with in- terest from date of every sucA payment at the hlghest rate auth~~nzed by law; such payments and ebl~gations, with Interest thereon as aforesaid. shall be secured by the hen hereo!. 8. To keep the bu~ldin~ or bu~ld~ngs now or herealter on sa~d iand ~nsured aga~nst Ioss or damage by tire, extended coverage and other penls, in- ciud~ng war nsk Insurance il ava~iable, ~n a sum not less than the~r fult ~nsurable value at the cost and expense ot the Mortgagor in a company or companies approved by the Mortgagee. the pohcy or pol~cies to be h~ld by the Mortgagee, and such pohcy or pollc~es ol insurance shall have aff~xed thereto a Standard Mortgaqee Clause. making all loss or losses under such pollcy or pol~cies payable to the Mortgagee as its mteresi may appear, a~d to detiver said poi~cy or polic~es to the Mo~tgagee when issued with t~e receipts tor the payment ot the premium therefor; and in the event any sum ot money becomes oayable under such policy o~ policies, the Mortgagee shall have the apt~on to rece~ve a~d appky the same on account of the ~ndebtedness secured hereby or to ~armit the Mortgagor to recerve and use ~t, or any part thereof, for other purposes. w~thout thereby waiving or impairing any equity, lien or right under or by V~rtue of this mortnaoa~ anri fhw Mnrtnanoa +f II lIPGTG f1P!`OCG9lV m~v nl~rn arti/ no.. !nr c.~rh ~nc~uonru nr ~nv n~A Iharnnf w:fhnid ineinn w~i~~nn nr affor- _ _ . _ _ _ . „"r r,.., '~ng Mortgegee's option to foreclose tor breach ot this Covenanl. or any part thereof, or any nghS or option under this mortgage, and every suCh payment shaL' bear ~nterest from date thereof unhl pa~d at t~e highest rate authorized by law, and all such paymeMS wilh interest as aforesaid shall be secured by the lien rereof. In lhe event any loss or damage is suMered Mortgagor shatl not~fy Mortgagee of such loss or darriage within torty-e~ght (481 hou?5 atter the happening thereof; the fa~lure to give such not~ce shall constitute a default and the Mortgagee shalt have the righls herein given tor all defaults. 9. To perm~t, comm~t or suffer no waste and to mainta~n the improvemer.ts at al~ t~mes ~n a state of good repair and condition; and to do or permit to r>e done to said prem~ses nothing that wd! alter or change the use and character of sa~dproperty or ~nanyway impair orweaken ihe s6CUrityof said mortgage. ~ case of the refusal, negleCt Or ireabiAty of the Mortgagorto repair and ma~nta~n sa~d property. the Mortgagee may, at its option, meke such repairs Orcause ~~e same to be made and advance monies in that behalf whlch sums shall be secured by the hen ~e?eof and bear ~nterest at the highest rate authorized by aw 10 ?o dellver the abstract or abstracts of htle coverng the morlgagQd propeny to Mortgagee or ~ts des~gnated agent, which shall at all fimes, during e i~fe of th~s mortgage remaln 1n the possess~on of the Mortgagee and ~n event of the foredosure o! this mortgage or other trans4er of title, all right, title and "~erest of the Mortgagor m and to any such abstract or abstracts o4 htle s~all pass to the purchaser or grantee t 1 That no warver af any covenant herem or ~n the obhyahon secured hereby shall at any t~me hereafter be held to be a waiver ot any of the other ~erms hereot or of the note secured hereby, or future warver of !he same covenant. 12 That ~n order to accelerate the matur~ty of the ~~debtedness hereby secured because ot the fa~lure ot the Mortgagor to pay any tax assessment, , ab~i~ty, obGgat~on or encumbrance upon sa~d property as herem provided, it shali not be necessary nor requ~s~te that the Mortgagee shallfirst paythe same. 13. That if the Morigagor shall fa~l, neglect or refuse for a per~od of th~rty (301 days !ufty and promptly to pay the amounts requi~ed to be paid by the ^~ote herebysecuredorthe interestthere~nspecdiedoranyof the sumsof moneyhare~n referred toorherebysecured, orotherwlseduly,fullyandpromptlyto ~ :~erform, execute, comply w~th and abide by each, every er any of the covenants, condibons or shpulations ot this mortgage, the promissory note hereby ~ securedand/or the construction loan agreement, ~f any, then, and in e~ther cr ~n any ot such events, w~thout nohce or demand, the sa~d aggregate sum men- !:oned in sa~d promissory note, less previous payments, rt any, and any and ali sums mentioned here;n or secured hereby shatl become due and payable t forthwith Or thereafter at the continuing option o1 the Mortgagee as tully and completely as if said aggre9ate sums were onginally stipulated to be paid at sucn time, anrthing in said promissory note or here~n to the contrary notw~thsianding, and the Mortgagee shall ~e entitled thereupon or thereafter without ~.otice or demand to mstitute suit at law or m equ~ty to enforce the nghts o~ the Mortgagee hereunder or under sa~d promessory note. In the event of any ~ default or breach on the part of the Mortgagor hereur.der or ur~der sa~d prom~ssory note. the Mortgagee shall have Ihe cominu~ng opi~on to enforce payment ot all sums secured hereby by acUOn at law or b;~ su~t m eQu~ty to ~oreclose th~s mortgage. e~ther or both, concurrent!y or otherw~se, and one action or suit sna~l not abate or be a bar io or waiver of the Mortgagee's nght to ,nshtute or ma~ntam the other, provided said Mortgagee shall have only one payment and sat~sfaction ot said indebtedness. E 14 That in the event that Mortgagor shall (11 ~onsent !o the appo~ntn~ent ot a rece~ver, trustee or I~qu~dator o! all or a substantial part of Mortgagors assets, or (2) be ad)udiCeted a bankrupt or insolvent, or hle a voluntary petit:on in bankruptCy, or admit In wnt~ng its inability to pay its debts as they beCOme ~?~e, or (3) make a general au~gnment for the beneht of credltors. or (4) fde a petitlon or answer seekmg reo;ganization or arrangement with creditors, or to !a!ce advantage of any insolvency law, or j5) f~le an answe~ adm~tt~ng the mater~al allegat~ons of a pet~tion f~led against the Mortgagor in any bankruptcy, ~eorganization or insolvency D~oceeding, or (6? action shal! be taken by the Mortgager for the purpose of effecting any ot the foregoing or~7~ any order, judg- r:ent or decree shall be entered upon an application ot a cred~tor or Mortgagor by a court of competent ~urisdiction approving a petltion seek~ng appointment of a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order. ~udgment or decree shall continue unstayed and in effect for any :,er~od of thiRy~30) consecutive days. the Mortgagee may declare the note hereby secured fo•tnw~th due and payable. whereupon the principal of and the in- ; 'e~~st accrued on the note and a!I other sums hereby secured shall become forth w~th due and paya~le as rf all of lhe said sums ot money were orig~naNy ~ culated to be paid on such day; and thereupon the Mortgayee Nithout not~ce or demand may prosecute a suit at !aw and/or fn equity as if all monies secured hereby had mafured prior to its institution. ~ ~ 5. That the Mortgagee o~ any person authorized by the Mortgagee shall have the nght to enter ~~pon and ~nspect the mortgaged premises at all ~•asonable hmes ~ ~ t 6. That any sum or sums wh~ch may be toaned or advanced by the Mortgagee to the tvlortgagor a! any hme within twenty (20) years from the date n~s ~nde~ture, together w~th ~nterest thereon at the rate agreed upon at the time of such loan or advance, shall be equally secured with and have the same :,r~o~~ty astheong~nal ~ndebtednessand be subject toall thetermsand prev~sionsof this mortgage; provided, thattheaggregateamounto}principafoutsten- ~ d ng at any time shalf not exceed (5 or if the preceding blank ~s not completed. then an amount equal to one hundred and fifty percent t~0`~0) pf !he principal amount originally secured hereby shall apply. 17. That, ~f required by Mortgagee, the sa+d Mortgagor ~y111 pay unto ihe Mortgagee. on the first day of each and every consecutive month, a sum c;ual to one-twelfth of the annual amount necessary to pay atl taxes and assessments aga~nst the sa~d mortgaged premises, sa~d monShly sum ta be es- ^~ated solely by Mortgagee and calculated to be an amount not Iess than the amount of taxes assessed aga~nst said mortgaged premises br the previous , ear and if }urther required by Mor~gagee to pay all insurance premiums m manner and form as provided here~n tor the payment of taxes and assessments. t 8 Th~t i( this moAg~ge is in connectiqP with construction loan financing, then th~s mortgage is subject to the Construction Loan Agreement anuaiy 1~ ~ , 19 y~ between the Mortgagor a~d ihe Mortgagee, an executed copy of whlch ~s in the possession of the `.''o igagee and +s Incorporated here~n by refe!ence and made a part hereof: any default by Mortgagor under said agreement shall constitute an event of E ",~~fault under th~s martyage ~ ~ 19. That the Mortgagor will on ihe request of the Mortgagee fum~sh a wntten statement of the amount ow~ng on the obl~gat~on wh~ch th~s mortyage ~ -~c~res and therem state whetner or not Mortgayor cla~ms any defenses or offsets tneretc. ~ s ~ ~ ~ ~o~ 675 0~,~~ 412 ~ ~ ~ . , < ~~-~~P~;~~~, ~