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HomeMy WebLinkAbout1412 4 ii ait cr a~,y part ol the F~uperty or an mterest lherem ~s soid oc transferred by Mortgayor w~thout Mortyayee's pr~~r wr~tten censent. exclud~ny~a~ .:~eai~on of a I~en ur encumbrance subard~nate to th~s Mortgag2, (b) the creat~on ot a purchase money secur~ty mte~est ior househcl!i appl~ances ~cl a .~.`~r b, :.'e.+se, ~2S:.e^t C! a 2rat~:,r o~ law u on thB ABath pt a Omt tZnant Or'd' 1~~8 iant uf nn iease~~uiu+nieiest u1 three ears ui iess nW cu~~ta~n~n a~i G P i i) y- Y~ Y y" on to purchase, hlortgagee may, at Mortgagee's opt~on, declare all the sums secured by thls Mortgage to be ~mmed~ately due and payaDle Mortgayee ',i~i have wa~ved such option to accelerate rf, pnor to the safe or transfer. Mortgagee and the person to whom the Property ~s to be soid or transfe+red reach ;_a~ eement ~n wnt~ng tha! the cred~t of such person is saUsfactory to Mortgagee and that the interest payable on the sums secured by this Mortgage ~hali be ~uch rate as Mortgagee shatt request. If Mortgagae has wa~ved the option to accelerate provided in this paragraph 4, and if Mo~tgagee's successor ~n ~~•rest has executed a written assumpt~on agreement accepted ~n wntiny by Mortgagee, Morigagee shall ?elease Mortgagor from all obl~gahons under th~s and Mortgage 5. That m Ihe event of a suit being instltuted to foreclose this mortgage, the Mortgagee shall be entitled to apply at any t~me dunng such foreclosure ~~t to the court hawng Jur.sd~ctlon thereot tor the appaintment of a receiver of alt and singular the mortgaged property, and of all rents. ~ncomes, profits. ,sues and ~evenues thereof, from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthw~th ap- ;,,~nt such recelver with the usual powers and duties of rece~vers 1n like cases; and sa~d appomtment shall be made by the cour~ as a matter of sinct nght to Mortgagee. and without reference to the adequacy or inadeQuacy of the value of the property hereby mortgagec~ or to the sotvency or ~nsoivency of the '.'n~,gagor or any other party defe~dant to such suit. The Mortgagor hereby specifically waives the right to ob~ect to the appointment of a recerver as ,~:,:resa~d and hereby expressly consents that such appofntment shall be made as an admittecl equ~ty and as a matter of absolute ?igh! to the Mortgagee and ~^at the same may be done without notice to the Mortgagor. 6 That rt any proceed~ngs should be mstltuted against the property covered by th~s mortyage upon any other tien or ciaim whether supenor or ~unior ~!he lien of th~s mortgage, the Mo~tgagee may at its option immediately upon insUtution of such suit or dunng the pendency thereof declare th~s mortgage ,~•c~ ihe ~ndebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgage. 7 To pay all and singular the costs, fees, charges and expenses of every kind includ~ng the cost of an abstract ot title to sa~d lands found to be con• n~ent or exped~ent ~n connection with any suit for the foreclosure of this morigage. and also including, whether the Mortgagee ~s obl~gated to pay same oi reasonable attorney's fiees mcurred or expended at any time by the Mortgagee because of the tailure of the Mortgagor to pe~form, comply wlih and aUide ail or any ot the covenants, conditions and stipulat~ons of said promissory note, or thls mortgage, in the foreclosure af th~s mortgage and in collect~ng the smount secured herebywith orwithout legal proceed~ngs, andto reimbursethe Mortgageeforevery payment madeor incurredtoranysuch purposewiih ~n- ~~~rest from date of every such payment at ihe highest rate authorized by law; such payments and obligations, with lnterest thereon as aforesaid, shall be >•>cured by the I~en hereef. 8 To keep the building or build~ngs now or hereafter on said la~d ~nsured agamst loss or damage by fire, extended coverage and other penls, in- ,;d~ng war risk ~nsurance if avaifable, in a sum not less than t~eir full lnsurable value at the cost and expense of the Mortgagor in a company or companies proved by the Mortgagee. !he policy or pol~cies to be held by the Mortgagee. and such policy or policies of insurance shaU have atf~xed therzto a Standard '.'ortgagee Clause. making all loss or losses under such policy or pol~c~es payable to the Mortgagee as its interest may appear, and to deliver said .~.:cy or pol~c~es to the Mortgagee when issued with the receipts for the payment ot the premium therefor; and in the event any sum of money becomes ; ayabie under such policy or policies, the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to ,~.~rn,;t the Mortgagor to receive and use it. or any part thereof, for other purposes, without thereby waiving or impairing any equfty, Ilen or right u~der or by .-?:,e of th~s mortgage: and the Mortgagee, if it deems necessary, may place and pay for such insurance, or an; part thereof, without los~ng, waiving or affec- y Mortgagee's option to foreclose for breach ot lhis covenant, or any part thereof, or any right or option under th15 mortgage, and every such payment shall r,ear mterest from date thereof until paid at the highest rate authorized by law, and all such payments wiih interest as aforesaid shall be secured by the fien ~ t~~eof In the event any loss or damage is suffered Mortgagor shalt notify Mortgageeof such loss ordamage within foriy-eight(481 hoursafter the happening ~.-reof; the fa~lure to give such not~ce shall constitute a default and the Mongagee shall have the rights herein given (or all defaults. ~ To perm~t. commit or suffer no waste and to maintain the Improvements at all tlmes in a state of good repa~r and cond~tion: and to do or permit to doneiosa~dpremisesnothingthatwil{alterorchangetheuseandcharacterofsaidpropertyorinanywayimpairorweakenthesecuntyotsaidmortgage. ; ~ ase ot the refusal, neglect or inability of the Mortgagor to repair and mamtain said property, the Mortgagee may, at its option, make such repairs or cause f >ame to be made and advance monies In that behaif wh~ch sums shall be secured by the I~en hereof and bear interest at the h~ghest rate authorized by ~ t 0 To delrver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent, whlch shall at all times. dunng ,+e of this mortgage. remain m the possess+on of the M~rtgagee and in event of the fereclos~re of this mortgage or other transfer of titte. an nght. t~tle and ~e~est ot the Mortgagor in and to any such abstract or abstracts of title shall pass to the purchaser or grantEe. ! 1 1 That no warver o! any covenant herein or m the obligation secured hereby shall at any time hereafter be held to be a wa~ver of any of ihe other i s hereof or of the note secured hereby. or future waiver of the same covenant. I~ ~ 2 Thai ~n order to accelerate the matunty ot the indebtedness hereby secured because of the failure ot the Mortgagor to pay any tax assessment. ~ ~ ~ty. obl~gatlon or encumbrance upon sa~d property as herein prov~ded, it shalt not be necessary ~or requisite that the Mortgagee shall tirst pay the same. P j ~ 3 That rt the Mortgagor shall fail, neglect or refuse for a period of thirty (30) days fully and promptly to pay the amounts required to be paid by the ~ -c~herebysecuredortheinterestthereinspecitiedoranyofthesumsofmoneyhereinreferredtoorherebysecured,orotherwiseduly,iullyandpromptlyto _.r+arm, execute. comply with and abide by each, every or any of the covenants, conditions or stipulations of this mortgage, ihe promissory note hereby f u~ed andlor the construction loan agreement, it any, then, and in eiiher or in any of such evenis, without notice or demand, the said aggregate sum men- ~ ~,^ed m sa~d promissory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable ~ -tr~.v~th or thereafter at the continuing option of the Mortgagee as fully and completely as it said aggregate sums were originally stiputated to be paid at ,.cn t~me, anyth~~g in ;a~d promtssory note or herein to ihe contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter wiinout ~ ce or demand to i~stitute suit at taw or in equity t~ enforce the rights of the Mortgagee hereunasr or u~der said promissory note. In the event of a~y ~="auit or breach on the part of the Mortgagor hereunder or under said promissory note, the Mortgagee shall have the continuing option to enforce payment ~ `~~'i sums secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, concurrently or otherwise, and one action or su~t ' ~,ot abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other, provided said ~~lortgagee shall have only one payment an~ . s`act~on of sa~d indebtedness. s t a That m the event that Mortgagor shall 11) consent to the appointment of a receiver, trustee or liquidator ot all or a subslant~al part of Mortgagors ~ ~~ets. or (21 be adjud~cated a bankrupt or insotvent, or fite a volunta.ry petition in bankruptcy, or admit in writmg its inabflity to pay its debts as they become e. cr ~3i make a general ass~gnment for the benefit of cred~tors, or (4) fiie a petition or answer seeking :eorganization or arrangement with creditors, or to ~ ~ a• e advantage of any insolvency law, or (5) file an answer admitting the material allega2ions of a petition filed against the Mortgagor in any bankruptcy. ~ ,•gar.izat~on or insolvency proceeding, or(6) action shall be take~ by the Mortgagoriorthe purpose ot effecting any of the foregoing or~7) anyorder, judg- _=r t or decree sha11 be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seek~ng appointment ~ ` a~eceiver or trustee of au or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for any ~ _ e~,cd of thirty(30) conse~uUve days, the Mortgagee maydeclare the note hereby secured forthwith due and payable, whereupon the principal of and the in- -~-st accrued on the note and all other sums hereby secured shall become forth with due and payable as if all of the said sums of money were orig~nalty ~ ~,:u~ated to bs paid on such day; and thereupon the Mortgagee wiShout notice or demand may prosecute a suit at law and/or in equity as if all monies ~ -~:_,red hereby had matured prior to its institution. ~ i 5 That the Mortgagee or any person authorized by the Mortgagee shall have the right to en±er upon and inspect the mortgaged premises at all :sonable hmes. i ~ ~ 6. That any sum or sums which may be loaned or advanced by the Mortgagee to the Morigagor at any time w~thin twenty 120) years from the date ; ~ ~ ~s ~ndenture. tugether wfth interest thereon at the rate agreed upon at the time of such loan or advance, shall be equa!ly securedwith and have the same ~ as the original ~ndebtedness a~d be sub~ect to all the terms and provisions of this mortgage: provided, that the aggregateamount of principal outstan- ; at any flme shall not exceed {5 or if the precedmg blank is not completed, then an amount equal to one hundred and fifty percent =-~~I of the prmc~pa! amount origlnally secured hereby shall apply. ~ 7 That, rf~equ~red by Mortgagee, the said Mortgagor will pay unto the Mortgagee, on ihe first day of each and every cansecutlve month, a sum ~_;ai to one-tweltth of the annual amount necessary to pay all taxes and assessments against the sa~d mortgaged premises, said monthly sum to be es- ~ ated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed aga~nst sa~d moRgaged p~emises for the previous a~ and ~f further required by Mort~age2 to pay all ~nsurance premlums In manner and form as provided herein for the payment of taxes and assessments. 18 That If th~s mortgage is in connection with construct~on loan financ~ng. then this mortgage is sub~ect to the Cons,ruction Loan Agreement -'ei~ - . 19 between the Mortgagor and the Martgagee, an executed copy of which is in the possess~on of the -,gagee and ~s ~ncorporated herein by reference and made a part hereof: any default by Mortgagor under sa~d agreement shall constitute an event of ~~'au!t under this mortgage 19. That the Mortgagor w~tl on the request o' the Mortgagee furnish a written Stalement of the amount owing on [he obligation which this mortgage ~ ~ ~~es and there~n sta?e whether or not Mortgagor cla~ms any defenses or off thereto % ~ ~ L ~ ~ r , ~ 2 ~ 8Q0!(~~,7 PACf ~ - - - ~ ~.~~a_~ ~ _r_ ~