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HomeMy WebLinkAbout1367 4 if all or any part of tl~e Property or an intt~re5t thare~n is sold or trarisfened by Mortyagor wdhou! Mortgagbe's pr~or wntl9n ConSent, exdudi~g (a) crea~ion pt a hen or enCUmbrance suborCinate to IhiS Morigage. Ib) the crea~~on of a purchase mc,ney SaCUrity ~nterest for household apphanCes, (C) e +-~~ntite~ by dev~se, de5cent or opP.rahon oi law upon IhP. death Of a iJ~nt tenant or ~d1 Ihe grant ot any IeaSehotd intereSt JtihrB@ yeals or IeSS not cOrtaining 8n ;,i~on to purchase, Mortgagee may, at Mo.tgagee's option, declare all ihe sums secured by th~s Mortgage to be ~mmed~ately due and payabte Morigagee ,r~a~i have wa~ved such opt~on to accelerate ~I, pnor to the sale or transter, Mortgegee and the person to whom Ihe Property ~s tobe sold or transferred reaCh _ ~ eement ~n wr~hng that the cred~t of such person ~s sat~stactory to Mortgagee and that the ~nterest payab~e on the sums secured by th~s Mortgage shall be .~t such rate as Mortgagee shall request It Mortgagee has wa~ved the opl~on to accelerate prov~ded ~n th~s paragraph 4, and ~t Mortgagee's successor in ~ r[erest has executed a wr~tten assumpt~on agreement accepted ~n wnting by Mortgayee. Mortgagee shali release Mortgagor from all obl~gations under th~s ; N;,te and Mortgage : 5 That ~n the event of a su~t be~ng ~nst~tuted to foreclose th~s mortgage, the Mortgagae shall be entitled to apply at a~y 1~me dunng such foreclosure ,,,~t to !he cou~1 hav~ng iurisdiction thereof for the appo~ntment of a recerver of all and s~ngular the mortgaged property, and oi alt reMS, ~ncomes, prohts, ssues and revenues thereot, hom whatsoeve~ source derived; and thereupon it ~s hereby expressly convenented end agreed that the court shall forthwlth a~ ;%o~n! such receiver w~th the usual powers and dutles of recelvars in hke cases; and said appo~ntment shall be made by Ihe court as a matter ot stnct nght to ~ he Mortgagee, and without reference to the adequacy or ~nadequecy ol the value of the prope?ty hereby mortgaged or to the solvency or ~nsolvency of the ~~ortyagor or any other party defendant to such suit. The Mortgagor hereby spec~f~cally warves the nght to ob~ect to the appolntment of a rece~ver as a!o resa~d and hereby exp~essly consents tnat suCh appo~ntment shall be made as an admitted eqwty and as a matter ot absolute nght to the Martgagee and !~at sne same may be done withou! nohce to the Mortgago~ - 6 That d any proceed~ngs should be ~nstiluted agamst the property covered by th~s mortgage upon any other lien or claim whether super~or or ~unior h: tne I~en ot this mortgage, t~e Mortgagee may at rts opt~on ~mmed~ately upon instrtution of such swt or dunng the pendency thereof declare this mortgage an i~ne +ndebtedness secured hereby due and payable iorthwrth and may at it5 optlon Qroceed to torer_lo5e thi5 morigage 7. To pay atl and s~ngular ihe costs, tegs. charges ai~d expenses of every kmd ~ncludmq the cost of an abstract ot tille to said la~ds tound to be con- t en ~ent or exped~ent in connection with a~y suit for the foreclosure ot this mortgaye, and also mcluding, w~ether the Mortgagee Is oblgated to pay sart:e or not. raasonable attorney's fees ~ncurred or expended at any t~me Dy the Mortgagee Gecause ot the fa~lure ot the Mortgagor to perform, comply w~th and abide by all or eny of the covenants, conditions and stipulations ot sald promissory note. or th~s mortgaye, m the toieclosure of thls mortgage and m collecUng ihe amount sBCUred hereby withorwlthout legal proceed~ngs, and to re~mburse the Mo: tgagee tor every payment made or ~ncurred for any such purpose with in- ;erest }rom date ol every such payment a! the highest rate authorized Dy law, such payments and oh!+gahons wrth ~nterest thereon as aforesa~d, sha11 be - secured by the ~~en hereot. 8 To keep tne build~ng or bu~ldings now or hereafter on sa~~ lancf ~nsured aga~nst loss or damage by 1ne extended coverage and other penls. in• ciudmg war r~sk ~nsurance if ava~lable, ~n a sum not less than the~r tuil ~nsurable value at the cos! and expense of the Mortgagor in a company or companies a Rp~oved by the Mortgagee, the pol~cy or pol~c~es to be held by the Mo~ tgagee. and such pol~cy or pol~c~es ot ~nsurance shall have aff~xed thereto a Standard <; ".~ortgagee Clause, making aIl loss or losses under such pol~cy or pohaes payable to t~e Mortgagee as its :nterest rnay appear, and to deliver said co~~cy or poGC~es to the Mortgagee when Issued with the rece~pts tor the payment of the C~emium therefor; and m t~e event any sum of money becomes . ~ayable under such policy or polic~es, the Mortgagee shall have!he option to rece~ve and apply the same on account of the ~ndebtedness secured hereby or to ~ermit the Mortgagor to recorve and use it, or any part thereof, for o[her purDOSes. w~thout Mereby wawing or impairing any eGuity, lien or right under or by ::rtue of this mortgage; and the Mortgagee. ~f it deems necessary. may place and pay for such ~nsurance. or any part there~f, w~thout losing, wa~v~ng or affec- ~ ng Mortgagee`s opUOn to loreclose for breach of th;s covenant. or any part thereof, or any nght or opt~on under this mortgage, and every such payment shal; bear ~nterost from date thereof until paid at the highest rate authonzed by law, a~d all such payments with interes! as aforesaid shall be secured bythe lign . nereof In Ihe event any loss or damage ~5 suHered Mortgagor s~a~f notrty Mortgayee of such loss or dartiage w~th~n torty-e~ght (48) hours after the happening ~nereof; the fa~lure to g~ve such notice shaU const~tute a defauit and the Mertgagee shall have the riyhts here~n g~ven for all defaults. 9. To perm~t, comm~t or suffer no vcaste and to maintam the ~mprovements at alI t~mes ~n a state ot good repa+r and condition; and to do or permit to e done to said prem~ses nothing that w~ll alter or change the use and cnaracter of sa~d property or m any way impa+r or wea~:en the security of Said mortgage. ~ n case of the refusat, neglsct or ina~~t~ty of the Mort9agor to repa~r and mamta~n sa~d p~operty. the Mortgagee may. at ~ts o~~hon, m2ke such repaus or cause ; r.~ S~me to be made and advance mon~es in that behalt wh~ch sums shall be secure~ by the I~en hereof and bear mterest at the highest rate authorized by a r: 10. To det~ver the abstract or abstracts of title covermg the mortgaged property to Mortyagee er rts des~gnated ageni. which shall at all times, during ~".e ~~re ot th~s mortgage, rema~n ~n the possess~on of the Mertgagee and +n event of the M~eciosure of th~s mortgage orother t~ansfer of tiUe, al! nght, htle and +.erest of the Mortgago? m and to any such abstract or abstracts of htle shal! pass t;~ the purchaser or grantee t t That no wawer of any covenant herei~ or ~n the obl~gahan secured hereby sha11 at any t~me hereafter be hetd to be a waiver of any of the other ~errns hereof or of the note secured hereby, or futurs warver of the same covenam 12 That ~n order to accelerate the matur:ty ot the ~~debtedness hereby secured because of the laiture of the Mortgagor to pay any tax assessment, a~~!~ty. obligation or encumbrance ~pon sa~d property as herem prov~ded, it shall not ~e necessary nor requisite ;hat the Mortgagee shallfir5t pay the same. 13 That if the Mortgagor shall fa~l, neglect or refuse for a period of th~rty (301 days fully and prumptly to pay t~e amounts required to be paid by the ^o?e herebysecuredorthe~nterest tt~erem speaf~edorany of the sums of moneyhere~n refe~redtoorhereDysecured. orotherw~seduly,fullyandpromptlyto ,-:erfoim, execute, comply w~th and ab~de by each, every or any ot tne covenants. cond~t~ons or st,puiations of th~s mortgage, the promissory note hereby secured and/or the construction loan agreement, ~f any, then, and e~ther or ~n any ot such events, without not~ce or demand the said aggregate sum men- ?:o~ed in 52ud promissory note, less previous payments, if any, and any and all sums ment~oned here~n or secured he?eby shall become due end peyable ~orthwifh or thereafter at the continuing option of the Mortgagee as fully and completeiy as ~f sa~d aggregate sums were onginal~y stipulated to be paid at s~ch time, enrthing in said promissory note or here+n to the contrary notw~thstandir.g. and the Mortgagee sha~l 5e entitled thereupon or thereafter withOUt ~:;t~ce or demand to institute suit at law or 1n equ~ty to entorce the nghts ot the Mortgagee nereunder or under sa~d promissory note. In the event of any ~'efault or breach on the part of the Mortgagor hereunder or under sa~d prom~ssory note. the Mortgagee shall have the cont~nu~ng eption to enforce payment a~i sums secured hereby by action at law o+ by swt in equ~ty to ~oreclose t~,~s rnortgage. either or both, concurrently or otherw~se, and one act~on or suit _^~u not abate or be a bar to or waiver of the Mcrtgagee's ngM to,nshtute o~ ma~ntam the oiher, provcded said Mortgagee shall have only one payment and sac,staction of sa~d ~ndebtedness 14 That in the event that Mortgagor shatl (1) consent te the appo:ntment of a rece~ve+. t~ustee or I~quidator of all or a substantial part of MortgagOrs ~ssets, or (21 be ad~udicated a bankrup! or ~nsolvent. or hle a votuntary pet,ho~ +n bankruptcy, or admrt in wnting its inabihty to pay its debts as they beCOme a or (3) make a general assignment for the benet~t of creditors. or (4? !~!e a petfUOn or answer seek~ng reorganization or arrengement with creditors, orto i :ake advantage of any insolvency law. or (5) fffe an answer adm~thng the matenal allegat+ens of a petrt~on fded against the Mortgagor in any bankruptcy, 's ~eorganizatian or insolvency proceeding, or (6) act+on shall be taken by the Mortgago~ for!he purpose ot effec!ing any of the foregoing or(7) anyorder, judg- ~ m:ent or decree shall Ce entered upon an applic~t~on of a creditor or Mortgagor by a court of competent ~urisd~ction approving a petition seeking appointment ~ a receiver or trustee of all or e substa~tial part of the Mortgagors assets and such order. ~~dgment o? dECree shall continue u~stayed and in eftect fo~ any k e r.od of thirty (30) consecutive days, ihe Mortgagee may declare the note hereby secured forthwrth due and payable, whereupon the princ~pal ot and the i~- ~ ~~•rust accrued on the note and all o!her sums hereby secured st~all become torth w~th due and payabte as rf all of the said sums of money were originally ~ ~t:r,ulated to be paid on such day: and thereupon the Mortgagee w~tho~t not~ce or demand may prosecute a suit at law and/or m equlty as rf all mornes =er ured hereby had matured prior to its institut~on. € ~ 1 S. That the Mortgagee or any person authorized by the Mortgagee shall have the r~ght to enter upon and inspect the mortgaged premises at a!I ~ ~ asona5le t~mes. ~ t 6 That any sum or sums whlch may be Ioaned or advanced by the Mortgagee to the Mortgagor at any time within twenty(20) years from the date `~r,~s ~ndenture. togetherwith iMerest thereo~ at the +ate agreed upan at !he t~me of such loan or advance, shall be equalty secured wrth and have the same ~•~ty as the origlnal ~ndebtedness and be subjact to all the terms and prewsions of this mortyage: provided, that the aggregate amount of princ~paloutstan- ~ g at any time shall not excesd (S _ _I. or if the preced~ng blank ~s not completed, then an amount equal to one hundred and trfty percent ~ ~"v1 of the pn~apal amount originally secured hereby shatl appty z t 7. That. ~t reqwred by Mortgagee. the safd Mortgagor W~fl pay unto the Mortgagee. on the t~rst day of eacn and every consecutwe month, a sum £ :.:a~ to one-twelfth of the annual amount necessary to pay all taxes and assessments aga~nst the said mortgaged Dremises. said monthly sum to be es- ated solely by Mortgagee and calculated to be an amount not less than the amounl of taxes assessed aga~nst sa~d mortgaged prem~ses for the previous ~ and if further required by Mortgagee to pay all insurance p~emiums ~n rr~anner and iorm as provided he~em for the payment of tazes and assessments. ~ ~ i 8 That ~f this mortgage is ~n connect~on with construction loan tinan~ing, then thls mortgage is sub~ect to the Construction Loan Agreement ~ ~a!ed . 19 between the Mortgagor and the Mortgagee, an executed copy of whlrh is ~n the possession of the ~ rt~agee and ~s ~ncorporated here~n Cy reference and made a part hereot: any default by Mortgagor under sa~d agreement shall const~tute an event ot ~ :e!ault under th~s rr,ortgage $ ~ 9 That the Mortgagor w~lt on the request o~ the Mortgagee furn~sh a wntten statement of the amount owmg on the obl~gat~on wh,ch th~s mortgage ~ _~~es and there~n state whethsr or not Mortgagor cta;ms any defenses or cffsets Inereto ~ ~ ~ b~;~675 F„~:1367 ~ ~ ; ~ ~ - r ~ . ~ , ~ ~ ~