HomeMy WebLinkAbout0810 4 ' ai~ u~ any va~t nf ~he f'~.~t~e~ty or a~ ~ni•~~ASi tr~~r.• n~s s~ld o! trdnsf~ nH~ t~y Mortyayor w~(hou~ Mortyayee s pr~or w~~tlen co^sent, ecclud~ny~ai
~h~~ rrgd(~v~1 i)f ii~+n :~r P?~.;:u~•~ht:fni ? suh0~~lind'r, lC~ Ih~S !.I,~~ftyayt' Ibl thP. CrE ~I~On a puiChdS@ ~,~uney secur~tti ~nterest tor house~o~d aP~lipntes.lC) a
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;~t un to purr_hase, Moityayee m~y. at Mortyagee s uCtwn, deciare all the sums secured by th~s M:,rtgaAe to be immed~ately due and payable Mortgagee
,r:~!I nave wa~ved such i,pt~on to accelerate ~t pnor to the sale or transler. Mortgagee and the person to whom the Property is ta be Sold o? transfetred reach
~,i~Pement ~n wntmy fna~ ihe crad~t i~f suc~ person ~s sahsfac~ory to Mortgagee and that the ~nterest Daya~le on the sums secured by th~s Mortgage sAali be
~uch rate as Mortgagee sha+l requesl I1 Mortgagee nas wa~ved the op!~on to acceiQrate prov~ded in Ih~s paraqrauh 4, and ~f Mortgagee's successor ~n
r~!~rest has exHtuted a wr~tten assumptron ayreemenf accepted :n wnNng Dy Mortgagee Mortyayee shall release Moriyagor trom all ob:~yah~ns under th~s
".r!a and Mortgage
5 That ~n the event of a su~t be~ng ~nshtuted to loreclose th~s moRgage Me Mortgayee shall be e~t~tled to apo~Y at any t~me dunny such foreclosure
;u~i te the court hav~ng ~ur~sd~ct~on thereot for the appomtmeM of a receiver o~ aN and s~ngular the mortgaged property, and of all rents, ~ncomes, p~o~~ls.
.sues and revenues lhereo}, from whetsoever source denvBd. and thereupon it ~s hereby expre5siy convene~ted and agceed that the court shalllorlhw~Ih ap
~~:nt such receiver w~!h t~e usual powe~s and dut~es ot ~ecervers ~n i~ke cases. and sa~d apDO~ntment shaN be made by the cnu~t as a mattei ot stnct nght to
~~e Mortgagee and w~thout reterence te t^e ade~uacy or ~naderuacy o'the va~ue ot the property hareby morl~aged. o~ io ihe soivency o+ inseivency oi ihe
F.~nrtgagor or any other party detendant to such swt The Mortgagor hereby sReahcal!y wa~ves the r~ght to objec! to t~e app~~n:mer•t of a~ec8rver as
ar:~resa~d and hereby expressly consents tnat such appo~ntment shail be made as 3n admrtted equ~ty and as a matter of absolute nght t~ the ~Aortgagee and
•r-a! the same may be dur,e without ~ot~ce to the Mortgayour
6 That ~f any prpceed~ngs Should be mStiiuted against Ihe property cUtered by thi5 ~~~ortyage upon any othP.r lien ot cla~m whether superior or ~unior
!he !~en ol th~s mortgage. the Mo~tgagee may at ~ts opti~n ~mmed~atefy upon ~nst~tu2ion ol such swt or dunng the pende~Cy ihe~eoi dec~are t~~s rnortyage
jnd thP 1ndeDtedness secured hereby due and payabte forthw~th and may at its opt~on proceed to +oreclose this mortgage
7 To pay atl and s+ngular the cosis, fees. charges and expenses of every k~nd, ~nclud~ng the cost of an abstract ot t~tle lo said lands fou~d te be con-
, en~ent or exped~ent m cannechon with any su~t lor t~e forac!osure ot th~s mortgaye, and also mclud~ng, whether the Mortgag°e ~s obhgated lo pay same or
^ot reasonable attomey's fees incurred or e,epe~ded at a~y t~me by the Mortgagee because ot the ta~~ure ot the Morlqagor to periorm, comply w~1n and ab~de
by aii or any ot the covenants, cond~hons and stipulat~ons of sa~d promissory note or thi; mortgage in the foreclosure of this mortgage and in cotlecting the
amour.t secured hereby w+th or w~tnout 1ega~ proceed~ngs. a~d to re~mburse t~e Mortyayee ior every paymenl made or mcu~red for any such purpose w~th in-
'e~est from date ut every such payment at the highest +BtF author~zed bv ~aw such pavments and obliqations. wrth ~nterest thereon as aloresa~d, shall be
s~c~red by the I~en hereoi
8 Ta keep the bu~ldmg or bu~ldmgs now o~ hereafter on sa~d ~and ~nsured agamst less or damage by fire. extended coverage and other perds, m-
c ~ud~ng Mra~ r~sk msurance if ava,lable. ~n a sum n~1 less than?he~r tull ~nsura~~e va~ue ar the cost and expense ot the Mortgagor In a company or compames
apD~oved by the ?viortgagee. the pol+cy or pol~c~es to be hetd by the Mortgagee and such pol~cy o~ pohcies oi msurance shall have aHir.ed thereto a Standard
~~ortgagee Clause, making atl toss or losses undar such pohcy or pol~aes payable to the Mortgagee as rts ~nte~est may appear, and tu dehver sald
roi!cy or poticies to the Mo~tgagee when ~ssued wlth the rece~pts for the payment ot the premwm the~efor, and in the event any sum of money becomes
uayable under such pollcy or polic~es. the Mertgagee shall have the option to rece~ve and apA~Y the same on accoun; ol the ~ndebtedness secured hereby or to
oerm~t the Mortgagor to recowe a~d use ~t. o~ a~y pa~t thereof. tor other pu~puses. w~lhovi ihereby warving or impairing any equity, lien or ng~t under Or by
v~hue of this mortgage; and the Mortgagee, if it deems necessary may place and pay for such ~n5urance. or any part thereof, w~thoul los~ng,wa~v~ng or aflec-
;,ng Mortgagee'S ophor tofo~ecto5e tor bteach ot ih~s covenant. er any uaA thereo~. or any r~ght or optron under this mo~tgage. and everySUCh payment 5h~1:
t~ea~ interest from date thereof unfil pa!d at !he highest rate author~zed by !aw, and all such pa~ ments wrth interest as aforesa~d shatl be secured by the I~en
~~~?of tn ihe event any Ioss or damage ~s sutiered Mo~tgagor shall not~fy Mortgagee of such !oss or darriage within torty-e~ght (48) hoursafter the happening
~~=reof, the fa~lure to grve 5uch notice shall consl~tute a detault and the M~rtgagee shall have !he nghts herem given for a11 detaults .
9 To permit comm~t or sutter no waste and to ma~nta~n the ;mprovements dt all li~nes r~ a statc~ of good repair and condihon; and to do or permit to ~
r>e done to said prem~ses nothing that wm atter or c~ange the use and character of sa~d V'~PPrtY O~ any way ~mpa~r or weaken the security of sa~d mortgage.
case o! ihe refusal. negtect or inab~hty o~ the Mortgagor to ~epa~r and ma~nta~n sa~d property, the Mortyagee may at +ts option, make such repa~rs or cause
'^c same to be made and advance monies in that beha~f which sums shaU be secured by the tien he~eot and bear mteresi at the highesi rate authonzed by
? ti,
~ 0 To delwer the abstract o~ abstracts of t~tle covenng the mortgaged oroperty to Mo~tqa~aee cr ,!s des~gnated agent, which shau at all ?~mes. duri~g
• r•~ ;+te ot th~s morlgage remaln ~n the possess~on ot the Mortgagee and ~n event of tne f~,rr_;-loc~_~.e ~~f th~s mortgage or other t~ansfer of title, alt nght. t~tle and
~~-~est o} the Mortgagor in and to any such abstract o~ aDstracts ot t~tle shall pa~s to th~ purchaser oi grantee
~ t That no warver of any cove~ant here~n ar ~r, the ob~~gaS~nn sec~~r~d hereby shaE~ at any hme hereatter be held to be a waiver of any ot the other
_•^•s hereof or of the note secured hereby, or fulure wa~ver ot the same covenant
! 2 That in order to accelerate the metunty ot the +ndebtedness hereby secured because of the ta~lure. ot the Mortgagor to pay any tax assessment, _
a:~~~.ty. ODl~gat~on or encumb+ance upon sa~d property as hvre+r Drov~ded. it shall not be neressary no~ requ~s~[e tnat the Mortgagee shall tirst pay the same.
13 That if the Mortgagor shall faii. neglect or ref~se lor a penod of t!~~rty ~301 days fully and pr~,mptty to pay the amounts required to be paid by the
~~!e herebysecuredorthe+nteresithere~n spec~i~ed or any ot ihe sums ot money herein referred toor herebysecured. orotherwi5eduly,lullyandpromptyto
~
~ : erform. execute, comply wrth and ab~de by each. every or any of rhe covenants. cond~t~ons o~ st~pulahons of th~s mortgage, the prom+ssory note hereby
~ secured and/or Ihe construchon loan agreement ~t any then, and ~n either or ~n any of s~ch events, w~thout notic e or demand, the said aggregate sum men-
( ~.oned ~n said promisscry note, less prev~ous paynients. ~f a~y. an~i any and a~~ sums mentioned fierein oi secu~ed hereby sha11 become due and payable
; ~crthwith or thereafter at the continuing option of the Mo?tgagee as tully and compiete~y as ~i said aggregate sums were onginally sfipulate~i to be paid at
~ ~~ch t~me. anYthing in sa~d prom~ssory note or here~n to the contrary notw~tnstand~ng, and ihe Mortgagee sha~i he enGtled thereupo~ or the~eafter without
~ ot~ce or demand to mstitute suit at law or in equity to eniorce the r~ghts of the Mortgagee hereunder or u~der sa~d prom~ssory note. In the event ot any
~ ie!auit or breach on 2he part of ihe Mortgaqor hereunder or under sa~d prom~ssory note th~ Mortgagee shail have the continu~ng option to enfcrce Dayment
€ all sum5 secured hereby by acl~on at law or by su~t ~n equ~ty to to~ec~ose th~s ~ortgage. e~ther o+ both. concL~rrently or otherwise, and one acfion Or suit
, aii not abate or be a bar to or wa~ver of the Mortgaqee s r~ynt to ~nsr~tute or ma~nta~r~ the other, provlded sa~d Mongagee shal! have only one payment and
=a+~slactio~ of said mdebtedness.
€ 14 That in the event that Mortgagor shan { 1 I consent to the appomtmQnt of a rece,ver trustee or liqu~dato~ of all or a substantiai part of Mortgagors
f ;~sets, or (2) be adjudicated a bankrupt or ~nsolvent, or hie a vo~untary peht~cn m bankruptcy. o~ adm~t in writ,ng ~is lnabifity to pay its debts asthey become
; ;~.~e. or ~3) make a general assignment for the beneht of creditors. or IQI t~le a peUt~on or arswer seeking reorgan~zahon or arrangement w~th creditors, orto
•.:ke advantage of any ~nsolvency iaw, o{ (5) ~~1e an answer admriting the matenat atleoahons of a peN3lon hled against the Mortgagor in any bankruptCy,
~ o~ anization or insolvenc roceed~n or 16) act~on s~all be taken by the Mort a or for the purpose of eHectin an of the ~ore oin or 7) anyorde~. jud
9 Y p 9• 9 9 9 Y 9 9 ( 9'
; ~l~ nt or decree shaf~ be entered upon an apphcat~on ot a crediter o! Mortgagor by a court of competent iurisdict~on approv~ng a petrtion seeking appointment
j a receiver or trustee of all or a substant~al part of the Mortgagors assets and such order. ~udgment o~ decree sha11 continue unstayed and m eflect tor any
f f~od ot thirty~301 consecuhve days, the Mortgagee may declare the note herPby secured tortnw~th due and payabte. whereupon the princ~palof and the in-
'c,rest accrued on the note and all other sums hereby secured sha!{ becom~ forih w~th due and payabfe as rt atl of the said sums of money were originally
:.~u~ated to be paid on such day. and thereupon the Morfyagee w~thout nohcp or demand may prosecute a surt at law and/or in equity as if a~l monies
=ec~~red he~eby had matur6d priOr to i!5 mstltulion
t 5 That the Mortgagee or any person authonzed by !he Mortgagee snatl have the ~~ght to enter upon aRd inspect the mortgaged prerri;ses at all
;~cna5le t~mes
6 That any sum or suir~s wh~ch may be loaned or advanced by the Mortgayee ?o the Mortgagor at any t~me withm twenSy 120) years from the date
' r n~s mdeniure. together wfth ~nterest thereon at the rate agreed upon at tne hme of such Ioan or adva~ce, sha?t be equa~ty securedwith and havethe same
^:'y as the onginal ~ndebtedness and be sub~ect to aU the te~ms and previs~ons of th~s mortgage: provfded, that tne aggregate amountof principal outstan-
- q at any t~me shafl not exceed (S_ or if the preCed~ng blank ~s not compteted, then an amount equal to one hundred and fiRy perCent
'^!"'+I of the prinapa~ amount o~~g~~ally secured hereby sha~~ app~y
- T.ha! reGu;:e~ by :'v~~y8ycc i~~8 s8iti iviorig8go~ Wiii pay unte the Mortgagee. on :he t~rst day of each and every consecutive month, a sum
;a. to one-tweMth ot the annual amount necessary to pay aI1 taxes and assessments ayzmst the sa~d mortgaged prem~ses. said monthly sum to be es-
~ted solely by Mortgagee and calc~tateQ to be an amount n^1 less than the amount of taxes assessed aga~nst said mortgaged prem~ses ?or the prev~ous
a~ and ~f turther requ~red by Mortgagee to pay alt insurance prem~ums ~n manner and form as provlded herem for the payment of taxes and assassments.
' 8 That t~is mortgage is ~n Connechon with ConstruCtlon loan !manC~ng, then this mortgage ~s sub~ect to She Construtt~on Loan Agreement
. . 19 between the Mortgagor and the Mortgagee. an executed copy af which is in the posses~~on of the
•-ngagee and ~s ~nr,orporaled here~n by relF~ence and mar.e a Qart hereot. any defaESL by h~ortgagor under said agreement shall constitute an event ot
~~'~,uit under this mCrtgage
? 9 That !he Mortgagor w~ll on sne request ot the !Nortgaqee furn~sh a wntten st~tement of the amc,~nt ow~ng on the obiigat~on whtich th~s mortgage
, ,~es and Iherein state whe[ner o~ not Mortya~~r cla~!ns any d?tenses o! o~fsets ,heretn
~ 60Gx 675 ?AGE ~~0
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