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HomeMy WebLinkAbout1371 4 If all or any part ot thc P~operty or an interes! therein ~s sold or transferred Uy Mo~iyago~ w~thoul Mociyagee s pr~or wr~tten consent, exclud~ng~a) tn~ creat~on ot a hen er encumaranCe subord~nase iv t~is Moriga~e ~bl t~e c.reation ot a p~rchase muney secuniv mterest for household Bppli~nCes. (C? a transter by dev~se. descent or operation ot law upon tnP tleatn ot a ~o~n1 ~enaM or Itll t~e grant of any ieasenoid ~nterest ol lhreeyears or less not conta~m~gan ~pt~on to purchase. Mortgagee may, at Mortgagee's opt~on, dedare aU ihe sums secured by th~s Mortgaqe to be ~mmed~ately due and Dayabte Mortgagee snatl have wa~ved suc~ opt~on to accelerat~ ~t, pnor to t~e sa~e or iransfer. Mortgaptfe and the person to whom the Prope~ty is to be sold or translerted teeCh ayreement m wrd~ng that the credit of such person ~s sat~slaclory to Mortgagee and that the ~nterest payab~e on the sums secured by th~s Mortgage s~all be at such rate as Mortgagee shaU request If Mortgagee has +va~ved tha ophon to acceterate prov~ded ~n th~s Daragraph 4, and if t~lortgagee's successor in ~nterest has executed a wntten assumpt~on agreament accepted ~n wr~t~ng by Mortyagee. Mortyayee shall release Mortgagor irom a11 obl~gat~ons under this Note and Mortgage S Thal ~n 1he evem of a surt be~ng mst~tuted to foreclose Ihis mortgage, the Mortgagee sha~l be eMdled tn apply 3t any hme dunng such foreclosure su~t to the court hav~ng iur~sdfct~on thoreot lor the appo~ntmenl ot a receiver of all and s~ngular the mortyaqed property, and of all rents. ~ncomes, profits, ~ssues and re~enues tAereof, from whatsoever source denved: and thereupon it ~s hereby expressty convenanted and agreed ihat the court shall foRhwith aP po~nt such rece~ver with the usual powers and dut~es of rece~vers ~n I~ke cases, and sa~d appo~ntmenl shatl be made by the court as a malter of Strlct nght to the Mortgagee, and w~thout reference to t~e adequacy or ~nadequacy of l1~e value ot the property heraby mort9aged or to !he solvenCy or insoNe~Cy ot the Mortgegor or any other party delendant to such suit. The Mortgagor hereby spec~t~cally wa~ves the right to object to ihe appO~ntment of a receiver as aforesa~d and hereby expressly consents that suCh appointment s~all ba made as an admrtted equrty and as a matter of absQtute nght to the Mortgagee and tnat the same may be done with~ut nol~ce to tt~e Mortgagor. 6 That ~I any proceed~ngs should be ~nstduted aga~nst the property covered hy In~s mortgage ~:pon any other hen or cla~m whether supenor or iunior to the hen ol M~s mort~age, the Mortgagee may at its optio+~ ~mmed~atey upon instrtut~on of such su~t or dunn3 the pendency thereot declare this mortgage and the indebtedness seCUred her8by due a~d psyablu forthwith and may at ~ts optlo~ proceed to foreclose thls mortgag2. 7. To pay all and singular the cosis, lees, cha?ges and expenses ol every k~nd, includ~ng the cost of an abstract ot title to said lands found to be con- ven~ent or exped~eM ~n connection with any suit for Ihe foredosure of thls mortgage, and also ~nclud~ng, whether the Mortgagee is obhgated to pay same o? not. reasonable attorney's tees ~ncurred or expended at any t~me by the Mortgagee because of the fa~lure ot the Mortgagor to perform, complywith and abide by all or any of the covenants, conddions and stipuiat~ons ot said p?omissory note, or this mortgage. ~n the foreclosure of th~s mortgage and in cotlecting the amount secured hereby with or without legal proceed~ngs, and te re~mburse the Mortgagee for every• payment made or ~ncurred tor any such purpose w~th ~n- terest from date ot every such payment at the highes! rate authonzed by law; such payments and obiigahons. with ~nterest thereon as aforesa~d, shall be secured by the lien hereof 8. To keeo the bwld~ng or bwld~ngs now or hereafter on sa~d iand msured aga~nst bss or damage by hre. e~ctended coverage and other penls, in- c!udmg war n5k msuianCe if evadable. m a sum not less than the~r full ~nsurable value at the cost and expense of Ihe Mortgagor in a Campany or Compames ap~roved by the Mortgagee, the policy or poGc~es to be held by the Mortgagee, and such pohcy or pohc~es of msurance shall have afhxed thereto a Standard Mortgagee Clause, making all loss or losses under such pol~cy or pol~c~es payable to the Mortgaflee as ~ts interest may appear, and to delrver said pol~cy or policies to the Mortgagee when ~ssued with the rece~pts for the payment o( the premium therelor; and ~n the event any sum of money becomes payable under such policy or policies, t~e Mongagee shall have the opt~on to receive and app!y the same on account of the indebtedness secured hereby or to permit the Mprtgagor to recerve and use ~t, or any part thereaf, for otner purposes, w~thout thereby waiwng or impalring any equ~ty, lien or right under or by v:rtus o1 this mortgage; and the Mortgagee. ~f ~t deems necessary, may place and pay for such ~nsurance. or any part the~ eof, w~thout los~ng, wa~v~ng or affec- t~ng Mortgagee's option to foreclose for breach of th~s covenant. or any part thereot. or any r~gnt or opt~on under this mo~tgage, and every such payment shal: bear mterest from date thereof until paid at the highest rate author~zed by law, and all such payments w~th mterest as aforesald shall be secured Dy the Iien hereof. In the event any loss or damage is suttered Mortgago~ shall not~ty Mortgagee of such loss or dartiage with~n torty-eight (48) hours atter the happening [nereof: the failure to g~ve such nohce shall const~t~te a default and the Mortyagee shali have the nghts here~n given for all defaults. 9. To perm~t, comm~t or sutfer no waste and to mainta~n the ~mprovementS at a~~ time5 ~n a state uf good repa~r and condition; and to do or permit to oe done to sa~d prem~ses nothing that w~~t alter orchange the use and character ot saed property or ~n any way+mpair or weaken the securilyof said mortgage. n case ot the refusal neglect ar inabihty of the t~Aortgagor to repa~r and ma~nta~n sa~d property. the Mortgagee may. at cts option, meke such repaus orcause '~~e same to be made and advance monies in ihat behalf wh~ch sums shatl be secured by the hen hereof and bear mteresi al the hlghest rate authorized by 'a.v 10. To dellver the abstract o? abstracts ~f htle covermg the mortgaged property to Mortgagee er ~ts des~gnated agent, which shall at afl Umes, during rne (~fe of th~s mortgage, remam ~n the possess~on of t~e Morlgagee and ~n event of the foreclosure uf th~s mortgage orother bans(erof title. ali nght t~tfe and ~!erest ot the Mortgagor in and to any such abstract or abstracts of t~tle shall pass to Ine purchaser or grantee t 1 That no waiver of any covenant herein or ~n the obt~gat~on secured hereby shatl at any t~me hereafter be held to be a waiver ol any of the other ~erms hereof or of the note secured hereby, or tuture waiver of the same covenant 12. That in order to accelerate the maturity of the ~ndebtedness hereby secured because of the fa~lure of the MortgaQor to pay eny tax assessment, ! ao.l~ty, obhgahon or encumbrance upon sa~d property as here~n prowded, rt sha'.I not be necessary nor reqwsrte that tne Mortgagee shallfirst paythe same. i 13 That if the Mortgagor shatl fa~l, ~eglect ur retuse for a per~od of tA~rty (30) days fu11y and promptly to pay the amounts required to be paid by the I ^oteherebysecuredortheinterestthere:nspec~f~edoranyofthesumsolmoneyhereinreferredtoorherebysecured.orotherwiseduly,fullyandpromptyto ; aerform, execute, comply with and ab~de by each, every o+ any of the covenants, condit~ons er sGpulat~ons of this mortgage, the promissory note hereby ~ :ecured and/or the construcfion loan agreement, if any, then, and ~n e~iher or ~n any of such events, without notice or demand, the said aggregate sum men- ~ t,oned in said promissory note, less previous payments, if any, and any and ali sums mentioned herein or secured hereby shall beCOme due end payeble ~orthwith or thereafter at the continuing option of the Mortgagee as tully and complete~y as said aggregate sums were onginally stipulated to be paid at ~ =uch time, anpthing in sald pr~missory note or herein to the contrary notw~thstanding, and the Mprtgagee shall be entitled thereupon or thereatter without ~ nctice or demand to institute suit at law or ~n equity to enforce the rights of the Mortgagee hereunder or under sa~d promissory note. In the event Of any ~ Gefault or breach on the part of the Mortgagor hereunder or under sa~d prom~ssory note. ?he Mortgayee shall have the cont~nuing opt~on to enforCe payment all sums secured hereby by achon at law or by swt ~n equrty to fore:.lose tMs mortgage, erther or both, concurrently or otherwise, and one action or suit snali ~ot abate or be a bar to or wawer of the Mortgagee's r~ght to mshtute or ma~nta~n the other, prov~ded sa~d Mortgagee shall have only one payment and sahsfac6on of sa~d indebtedness. ~ 14. That in the evant that Mortgagor shall 11) conse~t to the appo~ntment of a recerver. trustee or liquioator of all or a substantial part of Mortgegors assets, or (2) be ad~udicated a bankrupt or insolvent. or hie a voluntary peht~on ~n bankrupicy, or adm~t m writing its inability to pay its debts as they become d~2, or (3) make a general assignment for the beneht of cred~tors. or (4) f~~e a petition or answer seekmg reorganizatior or arrangemeni with creditors, or to iake advantage of any insolvency law, or (5) hle an answer adm,t!}ng the matenal auegat~ons of a pet~tion t~led against the Mortgagor in any bankruptcy, reorganization or ~nsolvency proceeding, or ~6) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or (7) any order, judg- e T,ent or deGee shall be antered upon an app6cation ot a cred~ter or Mortgagor by a couR of competent jurisdiction approving a petition seeking appointment ~ o~ a receiver or trustee of all or a substa~tial part of the Mortgagors assets and such order, ~udgment or decree shall continue unstayed and in effect tor any ~ ; eriod of thiRy (30? consecutive days. the Mortgagee may daclare the note hereby secure~i forthw~th due a~d payable, whereupon the principal ot and the in- ~ t?rest accrued on the note and all oiher sums hereby secured shatl become forth w~th due ano payable as d a~7 01 the said sums of money were originally ~ s~~pulated to be paid on such day; and thereupon the Mortgagee w~thout not~ce or demand may prosecute a su~t at law anci/or in equity as rf all mon~es _sr_ured hereby had matured prior to its instituhon. S ~ 15. That the Mortgagee or any person author~zed by fhe Mortgagee s`~all haae the r~ght to enter upon and ~nspect the mortgaged prem~ses at all easonable times ~ t 6 That any sum or sums wh~ch may be loaned or advance~ by the Mortgagee to the Mortyagor at any time wlth~n twenty 120? years (rom the date e! t his indenture, tegether witR interesf thereon at tne rate agreed upon at ihe time of such loan or advance, shall be equa~ty secvred with and have the same ~ cr~ontyastheoriginalmdebtednessandbesubjecttoallthetermsandprev~sionso(th~smortgage:provided,thattheaggregafeamountofprincipaloutstan- d r,g at any tlme shaf! not exceed (S or if the preceding blank is not completed, then an amount equat to one hundred and f~fty percent '^0~1 of the princ~pai amount ~rig~nally secured hereby shall app,y ! 7. That. ~f required by MoRgagee, the said Mortgagor W~II pay unto the Mortgagee. on the f~rst day of each and every consecut~ve month, a sum ~:ual to one-lwelNh of the annual amount necessary to pay al1 taxes ard assessments aga~nst the sa~d mortgaged premises. sald monthly sum to be es- •~~ated solely by Mortgagee and catculated to be an amou~t not less than the amauni of taxes assessed aga~ns! sa~d mortgaged premises for the previous , ear. and rf tu!ther required by Mortgagee to pay aU insurance p~em~ums m manner and form as provided herem for the payment of taxes and assessments. 78 That if this mortgage is irt connection with construct~on ioan f~nancing, then this mortgage is sub~ect to tha ConstruCtion Loan Agreement ~ated , t9 between the Mortgagor and the Mortgagee, an executed copy of which ~s in the possession of the :'ortgagee and ~s ~ncorporated herQ;n oy reference and madP a pa~t hereot: any default by Mortgagor under sa~d agreement shall constitute an event of ~ ^.e}ault under this mortgaye s ~ ~ t 9. That the Mortgagor w~ll on the request of the ~.tortgagee fum~sh a written statement of the amount ov++ny on the obl~gat~on wh~ch this mortgage ~ ~ ~ures and therem state whether or not Mortgagor claims any defenses or oftsets the~eto r. ~ ~ P EoR~675 ~~Ei371 2 ~ - 4 ~:~~~~3~~'