HomeMy WebLinkAbout0421 4 Th~s morcgage ~s personai to the Mortgagor here~n and no conveyance shall be made by Mortgagor of the prem~ses here~n descr~bed or any part
~r ereo( wrthout (irst obta~n~ng the pr~or wrrtten consent of ihe Mortgagee in the event Mo~tgagee gwes th~s wntten consent. the grantee ramed ~n such con-
.••,ance sha~~ assume and agree to pay the obl~gat~on ev~denced by the prom~ssory note secured ~ereby Any conveyance ot the property here~n descnbed or
ti par~ thereo( ~n wu~at~on oi the terms of th~s paragraph shall ent~tie Mortgagee to acce~e~ate the payment ot che obhgaUOn secured hereby and ali sums of
oney secured hereby shall. at the opt~on oi Mortgagee become due and payaCle and ~n default whether or not the same are so due and payable and m
~e!ault'~y the specit~c terms hereof Noth~ny hare~n conta~ned shali be construed to consUtute a novat~on or release Mortgagor or any subsequent owner of
' ab~l~ty or obhgat~on under the promissory note secured hereby or this mortgage Dy reason oi the aforesa~d assumpuon of the obl~gat~on under the no[e
~e.ured hereby by a subsequent owner o! the Froperry descr~bed here~n
5 That m the event o( a surt be~ng ~~sUtuted to toreclose th~s mortgage the Mortgagee shall be entrtled to apply at any ume dunng such (oreclosure
c to the court hawng ~unsoicUOr. the~eof for the appomtment of a rece~ver of all and s~ngular the mortgaged property. and o` all rents ~ncomes. prot~ts.
;s~es and revenues thereof. hom whatsoever source denved and thereupon ~t ~s he~eby expressly convenanted and agreed that the court shall forthw~th ap•
;:o:nt such rece~ver w~th the usual powers ar,d duUes of rece~vers m I~ke cases. and sa~d appo~ntment shall be made by the court as a matter of stnct nght to '
~ne Mor[gagee and wrthout +e(erence to the adequacy or ~nadequacy o( ihe value of the property hereby mortgaged or to the solvency or ~nsolvency of the
'.1or~gayor or any othe? parry defendant to such su~t The Mortgager hereby speuh~ally warves the nght to ob~ect ;o the appo~ntment ol a rece~ver as
.~'oresa~d and hereby expressly consents that such appo~ntment shatl be made as an admrtted equ~ty and as a matter of absolute nght to the Mortgagee and
.ic the same may be done without noUce to the Mortgagor
6 That any proceeding5 shou~d be insUtuted aga~nst the prope~ty Covergd by th~s mor(g~gg upon any other I~en or cla~m whether supenor or ~urnor
i~en of th~s mo~tgage. the Mortgagee may at ~;s opt~on ~mmed~ately upUn ~nstitution of such su~t or dunng the pendency thereot declare th~s mortgage ~
i~he ~ndebtedness secured he~eby due and payable forthw~th and may at ~ts opt~on proceed to forectose th~s mortgage
7 To pay all and s~ngular the costs fees charges and ex~,enses of every k~nd ~nclud~ng the cost of an abstract oi t~tle to sa~d lands found to be con- ~
~:er,e or exped~ent m connecLOn w~th any su~! for the foreciosure o( th~s mortgage and also ~nclud~ng. whether the Mortgagee ~s obhgated to pay same or '
~~easonable attorney s fees ~ncurred or expended at any t~me by the Mortgagee because oi the fa~lure oi the Mortgagor to per(orm. comply w~th and ab~de
or any oi the covenants. condrtions and shpulations of sa~d prom~ssory note or th~s mortgage. ~n the (oreclosure oi th~s mort~age and ~n collect~ng the
;~r~ount secured nereby w~th or wrthout legal proceed~ngs and to re~mburse the Mortgagee to~ every payment made or mcurred for any such purpose wrth ~n-
.~~ect trom date oi every such payment at the h~ghest rate authonzed by law. such payments and obl~gaUOns w~th ~nterest thereon as aforesa~d. sha11 be
ured by the lien hereoi
8 To keep the bu~id~ng or bu~ld~ngs now or hereafter on sa~d land ~nsured aga~nst loss or damage by f~re. extended coverage and other penls. ~n-
:d~ng war nsk ~nsurance ~f ava~lable. ~n a sum not less than theu full ~nsurable vaiue ac the cost and expe~se ot the Mortgagor a c~mpany or compan~es
;;;,~roved by the Morigagee. the pot~cy or pol~c~es to be held by the Mortgagee. and such pohcy or pol~c~es of ~nsurance shall have affixed thereto a Standard
~v•~,v vork Mortgagee Clause. mak~ng all loss or losses ~nder such pol~cy or pohaes payabie to the Mortgagee as !ts ~nterest may appear. and to dehver sa~d
':c~ or pol~aes ro the Mortgayee when ~ssued rwth the rece~pts ~or the payment oi the prem~um theretor. and ~n the event any sum of money becomes
;,;3y able under such pol~cy or pot~c~es. the Mortgagee shali have the opt~on to rece~ve and apply the same on account of the ~ndebtedness secured hereby or to
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~~.2: "'":~1:~'~6yV: '.:l iG:.c:':c a::~ usi: ii. v. i.~j i+•'s'~ a.•t~~v•. •v~ va~ yia:Ya~.•=°_S. si.•: vv~ ..~v.vi sz~'ii~~ 4'?~yis~•'i:'•.j u'~i~ ~yu~i~. iii:ii v7 iiyili ii,iuCC V? YT ~
.~~ue oF th~s mortgaqe. and the Mortgagee ~f ~t deems necessary may place and pay for such ~nsurance. or any part thereo~. w~thout los~ng. wa~v~ng or af(ec- ~
a Mortgagee s opt~on to foreclose for breach of th~s covenant. or any part thereof. or any nght or ophon under th~s mortgage. and every such payment shaU ~
~nterest trom dace thereof unt~~ pa~d at the h~ghest rate authonzed by iaw. and all such payments w+th ~nterest as aforesa~d shall be secured by the lien i
,•>or in ihe event any loss or damage ~s suitered Mortgagor shall not~fy Mortgagee ot such loss or damage w~thm (orty-e~ght (481 hours after the happenmg ~
,~f the ta~lure to gwe such not~ce shail constrtute a default and the Mortgagee shall have the nghts here~n gwen for ail defaults ;
9 To perm~t comm~t or suffer no waste and to ma+nta~n the ~mproveme~ts at ail t~mes ~n a state of good repa~r and cond~t~on. and to do or permit to a
^e to sa~d prem~ses noth~ng that w~li alter or ch~nge the use and chara~ter of sa~d propefty o~ ~n any way ~mpav or weaken the secunty of sa~d mortgage i
a;e o( che refusal neglect or mab~l~ty of the Marigagor to repa~~ and ma~nta~n sa~d propercy the Mortgagee may. at ~ts opt~on. make such repa~rs or cause i
--,~^~e to be made and advance momes ~n that behali wh~ch sums shall be secured by the I:en hereof and bear ~nterest at the h~ghest rate authonzed by
0 To dehver the abstract or abstracts ef t~tle cover~ng the mortgaged property to Mortgagee or rts des~gnated agent, wh~ch shall at ali Umes. dunng j
•~'e o! !n~s mortgage rema~n ~n the possess~on of the Mortgagee and ~n event of the foreclosure of th~s mortgage or other transfer ot trtte. ali nght. Utle and ~
~e~2 af che Mongagor ~n and to any such abstrac[ or abstracts of ntle shail pass to the purchaser or grantee
t 1 That no ~va~ver of any covenant here~n or ~r~ the obl~gat~on secured hereby shali at ar.y t~me hereafter be held to be a wa~ver of any of the other
hereof or of the note secured hereby or tuture wa~ver of the same covenant
' 2 That ~n order to accelerate the maturity of the ~ndebtedness hereby secured because of the fa~lure of the Mortgagor to pay any tax assessment. ;
ty obl~gat+on or encumbrance upon sa~d prooerty as here~n prov~ded ~t shali not be necessary nor reQu~s~te that the Mortgagee shall first pay the same.
? 3 That ~f the Mortgagor shall fa~l negl?ct or ~efuse for a per~od of th~rty i30) days (ully and promptly to pay the amounts requ~red to be ~a~d by the
i ~e ^e~eby secured or the ~nterest therein speaf~ed or any ot the sums of money here~n referred to or hereby secured. or qtherwise duly. fully and promptly to
~•`o~m execute comply w~th and ab~de by each. every or any ot the covenants. condrt~ons o~ supulauons of th~s mortgage. tha prom~ssory note hereby
I .~ed and-or the construct~on loan agreement. ~i any. then and m e~ther or ~n any of such everrts. w~thout not~ce or demand. the sa~d aggregate sum men- ~
; -:ed ~n sa~d prom~ssory note. tess prev~ous payments. ~t any, and any and ali sums ment~oned here~n or secured hereby shail become due and payabie
j ~i~w~th or thereafter at the conunu~ng opt~on ot the Mortgagee as fully and compfetely as rf sa~d aggregate sums were ong~nally st~pulated to be pa~d at
rme. anyth~ng in said promissory note or herein to the contrary notwrthsiand~ng and the Mortgayee shali be enUtled thereupon or thereaher wrthout
~ ~e or demand to ~nshtute su~t at law or ~n equ~ry to eniorce the nghts of the Mortgagee hereunder or under sa~d prom~ssory note In the event of any
~ -`au~t cr breach on the part of the Mortgagor hereunder or under sa~d promissory note. the Mortgegee shall have the conunu~ng opUOn to enforce payment
! sums secured hereby by achon at law or by su~t ~n equrty to toreclose th~s mortgage e~ther or both. concurrently or otherw~se, and one achon or surt
` -ot abate or be a bar to or wa~ver of the Mvrtgagee s nght to ~nsutute or ma:ntain the other provided said Mortgagee shall have only one payment and
~ s`act~on of said ~ndebtedness
r
; i 4 That ~r the event that Mortgagor snall { 1) consent to the appointment of a rece~ver. trustee or I~qu~dator of all or a substanual part oi Mortgagor's
' or (2i be ad~ud~cated a bankrupt or msolvent or (~le a voluntary pet~UOn ~n bankruptcy or adm~t in wnung i[5 ~nab~lrty to pay rts debts as they become
~ ~ u~ i31 make a generai ass~gnment for the benef~t of cred~tors or (41 file a petrtion or answer seeking reorganization or arrangement with creditors, or to
~ .,e advantage of any ~nsolvency iaw or 15) fde an answer admrtt~na the matenal allegat~ons of a peuUOn t~ted agamst the Mortgagor ~n any bankruptcy.
~ aanizahon or ~nsolvency p~oCeeding or (6! acUO~. 'hall be taken by the Mortgagor for the purpose of etfectmg any oi the toregomg or (7) any order_ ~udg-
p or decree shall be en;ered upon an apphcat~on oi a cred~tor or Mortgagor by a court of competent ~unsdictwn approving a peUtion seek~ng appointment j
`,~ece~ver or trustee of all or a substant~al part of the Rlortgagor s assets and such order ~udgment or decree shall contmue unstayed and ~n effect for any j
~ - o:~ of th~rty 1301 cansecuuve days the Mortgagee may declare the note heretry secured torthwrth due and payable whereupon the pnnc~pai oi and the m-
~ ~ a: cr~ed on the n~te and ali other sums hereby secured shali become forthw~th due and payable as ~f a11 of the sa~d sums of money were onginally
E ated to be pa~d on such day and thereupon the Mortgagee w~thout not~ce or demand mav p~osecute a su~t at law and~or ~n equity as if all momes
~ re~d hereby had matured pnor to ~ts insUtut~on
~ ' S That the Mo~t a ee or an ~
y g y perse~ authonzed by the Mortgagee shall have the r~ght ro enter upon and ~nspect the mortgaged prem,ses at all ,
_ ~ ~ - ,h'~E~ hn,~~~ ~
' 6 That any sum or sums wh~ch mati• be ioaned or advanced by ;he Mortgagee to the Mortgagor at any t~me w~th~n twenty 120) years from the date
, ndenture toge[ner vn[h mterest thereon at the rate agreed upon at the t~me oi such loan or advance shall be equally secured w~th and have the same
as the or~g~nal ,ndebtedness ancl be sub~ect to alt the terms and prov~s~ons of th~s mortgaye prov~ded that the aggreyate amount of pnncipai ouista~- ~
:~t :~ny t~;ne shail not exceed i5 ~ or ~f the preced~rq blank ;s not complete~ then an amount equal to one hundred and (i(ty per cent
of Ihe pnncip3i drnount orig!ndlly Sec•~red hereby shau app!y
' 7 That ~f requ~red by Mortgagee the sa~d Mortgagor w~lt pay unto the Mortgagee on the f~rst day of each and every consecutrve month, a sum
~ to one twelfth oi the annuai amount necessary to pay all taxes and assessments aga+rest the sa~d mortgaged prem~ses, sa~d monthty sum to be es-
~ ~~~c! solely by Mcrtgagee and ca!c;;iated to be an amount not less than the amount of taxes assessed aga~nst sa~d mortgaged premises (or the prewous
t - and rf further requ~red by Mortgagee to pay all ~nsurance prem~ums ~n manner and form as prov~ded here~n for the payment of taxes and assessments
~
? 8 That th~s mo+tgage ~s m connea~on wrth construcuon loan hna~cmg then this mortgage is sub~eCt to the ConstruCUOn Loan Ag?eement
i between the Mortgagor and the Mortgagee. an executed copy of wh~ch is m the possession of the !
fi . rcgagee and ~s snc~rporated here~n by reference and made a part hereof. any detault by Mortgagor under sa~d agreement shall constrtute a~ event of ~
under ih~s mortgage
f
t 9 That the Mortgagor w~ll on the request ot the Mortgagee t~rn~sh a wntten statement of the amount ow~ng on the obligat~on v~hich th~s mortgage
-_:~es and there~n state wnether or not Mortgagor cta~ms any defenses or offsets thereto
~ o aoa isiaa~ 2 ~OLlS V~~ N,':`:r
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