HomeMy WebLinkAbout2321 4. If all or any part ot the property or an ~nterest lhere~n ~s sold ar t~ansferrad by Mertgaqor wilhout Mortgapee'S Rr~or wr~tten consent, exc~ud~ng (a) the crentlon of
~ e n or bncumbranee subord~nate lo this Mortga~e,lb) t~e creation of a purchase money seeurity ~nterest for household appllances, (e) a transter by devlse, descent or
arat~on ot law upon the death of a to~n~ te~sM or (d) the flr8nt ot any leasehuld interest ot three years or less not containing an optiOn to purc~ase. Mortgagee may, at
~.+ortgagee's opNOn, declare aii the surres secured Dy th~s Mortgape io De ~mmedietey due end peysole. Mort flay~ee shali have waived such optiun io aceeier~te it. prior to
?~e sale or transler, Mort9apee and the person to whom the property is to be sold or transferred reach aqreeme~t in writiny that tRe credit of such person ~s satislactory to
~,+ortgagee and that the ~nterest payable on the aums secured by thls Mortgage shall be at suc~ rate as Mortyagee shall request. II Mortgagee hes waived the option So
r,ccelerate provlded in this paragraph 4, a~d if Mortgagee'S successor in interest has executed a wntten assumption aflreement accepted ~n writing by Mortgagee, Mort-
;,gee shal! release Mortgagor Irom al! obllgations under this Agreement and Mortgage.
5 That~ntheeventofasu~tbeinginst;tutedtoforeclosethisMortgage,theMortpaqeeshallbeentftledtoapplyatanytimedunngsuchfcreclosuresuitlolhecouA
~:3. ,ng ~unsdlction thereol for the appointmert ot a reteiver ot all a~d si~yuiar the mortgaped property, and of all rents, incomes, profits, issues and revenues thereof.
!~o~~ whatsoever source derived: and thereupon it is hereby expresslytonvenanted and agreed thet the Court shaU forthwith appoiM suCh receiverwit~ the usual powers
.;~d duties of rece~vers in Iike cases: and said appoiMment shall be made by thecouA aaa matterol strict ripht to the Mortgaqee, and withoul refere~ce to the adequacy
~ nadequacy of the velue of t~e property hereby mortfle9ed, Or to the solvenCy or msolvenCy of t~e Mortpeflor or eny other perty defendaM to such suit. The Mortgagor
^ e~eDy specif~cally warves the nght to obleCt to the appointmenl ol a reteiver as aforesaid and hereDy expressly conseMS lhat such appointment shall be made as an
adT ~:ted equity and as a matter ot absOtute riyht to t~e Mortpapae and that the same may be do~e wifhout notice to the Mortyagor.
6 That it any proCeedings shOUld be Instituted against the properry covered by this Mortgafle upo~ any other iien or claim whether supenor or lunior to the lien of
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;,•cured hereby due and payable forlhwith and may at its op6on proceed to foreclose thls Mortgage.
7 Topayallandsingularthecosts.fees,chargesandexpensesofeverykind.includingthecastofanabstractottitletosaidlandsfoundtobeconvementorexpe-
~ e~t in conneetion with any suit for tAe foreclosure ot lhis Mortgage, and also including, whether the Mortga9ee is obligated to pay same or not, reasonabfe attomey's
r,es ~ncurred or ezpendsd at any timebythe Mortgaflee beceuse otthefailure of the Mortgagorto perform,comptywith and abide byall or any of thecovenants, conditions
a^ d stipulations of said Agteement, or this A~lortyage, in the fereClosure of this Mortgaye and in cotlecting the amount seGUred hereby with or without le~al proteedings,
~^d tc reimburse the Mortgagee for every payment made or incurred for any such purpose with interest from date of every such payment at the highest rate auihorized
r aw: such payments and obligat~ons; with interest thereon as aforesaid. 5?sa!I be secured by the lien hereof.
8 To keep the building or bu~ld~ngs now or herealter on sa~d land ~nsured against loss or damage by fue, extended co~erage and other perils, in-
c~ud~ng war nsk insurance it avaitable, in a sum not less than their tull ~nsurable value at the Cost and expense ot the Mortgagor in a company or Companies
approved by the Mortgagee, the policy or polic~es to be held by the Mortgagee, and such policy or pol~cies of insurance shall have affixed thereto e Standard
~.lortgagee Clause, makin~ all loss or lasses under such pol~cy or poi~c~es payabte to the Mortga9ee as its interest may appear, and to deliver said
po!~cy or policies to the Mortyagee when issued with the receipts for the payment of the premium therefor; and in the event any sum ot money becomes
payable under such policy or poiiciea, the Mortgagee shall have the option to rece~ve and appy the same on account o! the indebtedness secured hereby or to
carmft the Mortgagor to receive and use it, or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien or riflht under or by
.•cue of this Mortgage: and the Mortgagee, if it deems necessary, may place and pay for such ir.surance, or any part thereof.w~thout losing, waiving or aHectinq Moitga-
„ee s option toforeclose for breach of thiscovenant, orany paA thereof, or any right or option underthis MaRqage, and every such payment shall bear interest fromdate
,ereof until paid at tAe highest rate authorized by law, and all sucn paymentswith interest as aforeseid shall bs securedbythe lien hereof. In the eventanylossardam~ge
= s,.~~ered Mortgagor shatl notify Mortgagee of such loss or damagewithin fortyeight(48) hours afterthe happening tnereof: the tallure to give such notice shall consti-
•..!e a default and the Mortgagee shall have the rights herein glven for ali defaults.
9 To permit, commit or suffer no waste and to maintain the imp rovements at all t=mes m a state of good repair and condition; and to do or permit to
cone to sa~d premises nothing that will aiter or change the use and character ot said property or in any way ~mpair or weaken t~e security of said Mortgage.
c.ase of the refusal, neglect or inabilfty oi the Wlortgagor to repair and mamtain sa~d property, the Mortgagee may, at ~ts optiore, make such repairs or cause
'^e same to be made and advance monies in that behalf which sums shall be secured by the tien hereof and bear interest at the highest rate suthorized by
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~ Q To deliver the abstract or abstracts of titls covering the mortgaged property to Mortgagee or its designated agent, whfch shail at all times. during the life ot this
.~-!gage, remafn in the possession ot the M~rtgagee and in event of the toreclosure of thls Mortgage or other trar,sterof tftle. all right, title and interest of the Mortgagor
- ar•a to any such abstract or abstracts of title shall pass to the purchaser or grantee.
7nat r.o waiver of any covenant herein or in the obiigation sewred hereby shall at any time hereafter be held to be a waiver of any ot the other terms ~ereof or of
aa~eement secured hereby, or future waiver of the same covenant.
~ 2 That ~n order !o accelerate the matur~ty of the mdebtedness hereby secured because ot the la~lure of the Mortgagor to pay any tax assessment,
ab i;;y. obl~gat~on or encumbrance upon sa~d property as here~n provided, it shall not be necessary no! requisite that the Mortgagee shall firat pay the same.
~ ThatiftheMort a orshaufail,n Iectorrefusefora eriodofthiA 30)da sfull and rom t to a theamountsrequiredtobe ~db theA reementhereb
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~ =-ured or t~e interesi therein specified or any of the sums of money herein referred to or hereby secured, or otherwise duly, tully and promptly to peAorm, execute,
c~y witn and abide by each, every or any of the covsnants, conditions or stipulations of t~is Morigage and the Riverside Advantage Account Agreement, and in either
i r anyofsuchevents,withoutnoticeordemand,thesaidaggregatesummentionedinSaidAgreement.lessRreviouspayments.ifany.andanyandallsumsmentiored
~~e n or secured hereby shall become due and payabie forthwith or thereafter at the contirtuing option of the Mortgagee as fully and completely as if said aggregate
j _T:s,rereoripinaltyst~pulatedtobepaidatsuchtime.anythingi~saidAgreementorhereintotheCOntrarynotwithstanding,andtheMortgageeshallbeentitfedthere-
~ _.northereafterwiShoutnoticeofdemandtoinstitutesuitatlaworinequitytoeniorcetherightsottheMortgageehereunderorundersaidAgresment.lntheeventot
~ de'ault or breach on the part ot the Mortgagor hereunder or uRder said Agreement, the Mortgagee shait have the continuing option to enforce payment ot all sums
~.;~ed hereby by action at law or Dy suit in e~uity to foreclose this Mortgage, either or both, concurrently or otherwise, and one action or suit shall not abats or be a bar
r r,vaiver of the MoRgagee's right to insiitute or ma~ntain the other, provided said Mortgagee shall have ony one payment and satistaction of said indebted~ess.
t 4. That in the event that Mortgagor shatl (1) consent to the appointment of a receiver, lruslee or liquidator of alt or a substantial part of Mortgagors
~ ~;sets, or ~2) be ad~udicated a bankrupt or insolvent, or file a voluntary petiGon in bankruptcy, or admit in writinfl its inability to pay its debts as they become
e. or (3) make a general assignment for the benefit of creditors. or ~4? file a petition or answer seeking reorganization or arrangemeM with creditors, or to
~ ~~~e advantage of any insolvency laMr, or (5) file an answer adm~tting the matenal allegaUOns o! a petition filed against the Mortgagor in any bankruptcy,
~ eorganization or ingolvency proceed~ng, or (6) action shall be taken by the Mortgagor for the pu~pose of eHecting any of the foregoing or~7~ any order, judg-
~ e nt or decree shall be entered upon an application of a creditor or Mortgagor by a court ot competent jur~sdiction approving a petition seeking appointment
~ a receiver or trustee of all or a substantial part of the Martgagors assets and such order, judgment or decree shal! coMinue unstayed and in eftect tor any
j : e~ o~ofthirty~301cor.secutivedays,theMortgageemaydeclaretheAgreementherebysecuredlorthwithdueandpayabie,whereupor~theprincipalofandtheinterest
~•ued and all other sums hereby secured shall become farthwith due and payable as if all ot the sa~d sums of money were originally shpulated to be paiG on such day:
[ he~eupon the Mortgagee without rotice or demand may prosecute a suit at iaw and/or in equity as if all manies secured hereby had matured prior to its insiitution.
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1 5 That the Mortgagee or any person autho~~zed by the Mortgagee shall have the nght to enter upon and inspect the mortgaged premises at all
~;,nable hmes.
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~ 5 That tRis Mortgage shall secure not onty existing indebtedness. but aiso such future advances. whether such advances are ob!~gatory or are to be made at the
s . ~^ofMortgagee,orotherwise,asaremadewlth~ntwenty(201yearsfromthedatehereot,rothesameextentas~fsuchfutureadvancesweremadeonthedaleofthe
~ ~ ut~on of this Mortgage and although there may be no ind 6~SS oll~1tanding at the time any advance is made. The indebtedness secured by this Mortgage shall
r ,°~ex~eedetanytfinethemaximumprincipaiamountol3 ~~~~U•Vv -or,iftheprecedingblankisnotcompieted,thenanamountequaltoonehuredred
- ; percent (1 SOqe) of the principal amount or~ginally secured hereby, together with interest and any disbursement made for the payment ot taxes or insurance, with in-
~~es! on such disbursemenis. This Mortgage is given for the purpose of securing any and alt indebtedness by the Mortgagor to the Morigagee in whatever manner this
:Fb?edness may be evider~ced or represented, until ;his Mortgage is sahsfied oi record. Altcovenants and agreeme~ts contained fn this Mortgage shall be equally ap-
ab'e to al1 turther advances made by Mortgagee to Mortgagor under this (uture advance clause.
~ 7 That. rf required by Martgagee. the said Mortgagor w~11 pay unto the Mortgagee, on the first day of each and every consecutive moMh, a sum
~~ai to one•twelfth of the annua! amount necessary to pay all taxes and assessmants agamst the said mortgaged premises, said monthty sum to be es-
~ r at~d soiely by Mortgagee and calculated to be an amount not less than the amount o! taxes assessed agamst said mortgaged premises for the previous
a~ and it fiurther required by MoRgagee to pay all insurance prem~ums m manner and torm as provided herem for the payment of taxes and assessments.
' 8 That the Mortgagor will on the request ot the Mortgagee (um~sh a wntten statement of the amount owmg on the obhgatlon wh~ch ihis Mortgage secures and
• ^ state whether o! not Mortgagor cfa~ms any defenses or oflsets thereto
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