HomeMy WebLinkAbout2326 4 If au or any part ol lhe propEirty or an ~nterest therein ~s sold o+transferred by Mortgagor without Mortgagee's pnor wntten consent, e,ccluding ja) tho creatwn ot
n or encumbrance subord~nate to th~s Mort~age, ib) the creal~on uf a pu~chase muney secuuty ~nterest for household appliances, (c) a transfer by devise, descent or
, erahor, ol Iaw upon the death ot a ~o~nt tenant or ~d) the grent ol eny leasehold interest of ihree year5 or less not Conlaininy an option to purC~ase, Mortgagee may, at
.+^rtgagee's optlon, declare all the sums secured by thls Mortgage to be immed~aiely Que and payable. Mortyagee Shall have waived such opt~on to accelerate ~t. pnor to
~ sale or transfer, Mcrtgagee and the person to whom the propeNy ~s to be sold or lransferred reach agreement in writing that the credit of suCh person Is sat~stactoy to
~.~o~tgagee and t~at the mterest payable on the sums secured by th~s Mort9age shall be at such rate as MoAgagee shall request. If Mortgagee has waived the optian to
:c celerate proviAed in Ihis paragraph 4, and Yt Mortgegee'S successor in interest has exeCUted e wntten assumption agreement accepted in wnting by Mortgagee, Mort-
;~aee shaU release Mortgagor from all obllgations under this Agreement and Mortgage.
S ThatintheeventofasuitbemginstitutedtoforeclosethlsMortgage.theMortgagaeshallbeentitledtoapplyatanytimedunngsuchforeClosuresuittot~ecou?1
a. ~ng junsditUOn thereof for the appolntmenl of a recerver ot all and singular lne morigaged property, and of all rents, incomes, pro(its, issues and revenues lhereof,
_~~i whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed t~at the court shaU forthwith appoint such reCeiver with the usuel powers
~ d duties of receivers in hke cases, and said appointment shall be made by the court as a matler of strict right tolhe Mortgagee, and without reference to the edequacy
~~adequacy of the value ot the property hereby mortgaged, or to t~e solvency or insolvency ol the Mortgagor or any other party defendant to such suit. The Mortgagor
~reby specficaily wa~ves the nght to object to the appointmen! of a receiver as aloresaid and hereby expressly consents that such appointment shatl be matle as an
;drn~tted aquity and as a matter of absolute nght to the Mortyayee and that tha same may be do~e without notice to the Mortgagor.
6 Thal it any proceedings should be ~nstituted against the property covered by this Mortgage upon any other lien or claim whether super~or or ~unior to the lien of
~ A+1llA!)C~(10 II~P I~Al~I~(lA(~PA MA1( SsI ~ec nnr~nn ~mms,r~~aeoly ~~nnn ~ne~~t~~t~nn nf q~1~h g~iit or during the pandeney thereof deciare Mis Mort9aoe and the indebtedness
;,red hereby due and payable forihwith and may at ~ts ophon proceed to foreclose this MoAgage.
? To pay all and singular the ccsis, fees,charges and expensss of every k~nd, including the cost of an abstract ot title to said lends found to be convenient or expe-
;~~nt In connactwn w~th any suit for t~e laseclosure of this Mortgage, and also includmg, whether the Mortgagee is obligated b pay same or not, reasonable attomey's
~aes mcurred oreapended atanyhmebythe Mortgagee becauseot Ihefa~lureof the MorlgagortopeAorm,compywith and abide byall oranyol thecovenants, conditions
; nd stlpulations of said Agreement, or th~s Mortgage, in the foreclosureol this Mortgage and incollecting the amount secured herebywith orwithout legal proceedmgs,
, a!o reimburse the Mortgagee for every payment made or incurred for any such purpose with interest from date of every such paymer.t at ihe highest rate authorized
;~aw. such payments and obhgatlons, with interest thereon as aforesaid, shall be secured by the lien hereof.
8. To keep the bwlding or Duild~ngs now or hereafter on sa~d land ~nsured against loss or damage by tire, extended coverage and other perils, in-
:~u d!ng war risk insurance if available, m a sum not less than theu full ~nsurable value at the cost and expense of the Mortqagor in a company or companies
a~proved by ihe Mortgages, the pol~cy or poliaes to be held by the Mortgagee, and such policy or policies ot insu~ance shall have aftixed thereto a Standard
R!ortgagee Clause. making all loss or losses under such poticy or policies payable to the Mortgayee as its interest may appear, and to deliver said
~o!~cy or polic~es to the Mortpapee when issued with the rece~pts for the payment of the premium therefor; and in the event any sum of money beCOmes
c~ayabla under such policy or policies, the Mortgagee sha11 have the option to rece~ve and appy the same on account ot the indebtedness secured hereby or to
~erm,t the Mortgagor to reCeive and uSe it, or any pert thereof, for other purposes, without thereby waiving Or impeiring any equity, lien or right under Or by
.~~ue of this Mortgage; and the MoAgagee, if it deems necessary, may place and pay for such insurance, orany part thereof, without tosing,waiving or aHectirtg Mortga-
~~~'s option toforeclose for breach of thiscovenant. or anypart thereof. orany right or option under this Mortgage, and every such payment shali bear interest from date
~~~reof until paidat the highest rate authorized by law, and all such payments wdh intarest as aforesaid shall be secured bythe lien hereof. In theeventany lossordamage
~ ~utferedMOrtgagorshallnotifyMortgageeotsuchlossordamagewithinforty-eight148)hoursatterthehappeningthereof;thefailuretogivesuchnoticeshallconsti-
•.:~e a detault and tha Mortgagee shatl have the rights herein given for all defaults.
9. To permit, cOmmit or Suffer no waste and to mainta~n the ~mp rovements at all times in a state of good repair and cond+tion: end to do or permit to
done to sa~d prem~ses nothing that will alter or change t~e use and character of sald property or ~n any way Impa~r or weaken the sscunty of said Mortgage.
rase of the retusal, neglect or inab~hty of the Mortgagor to repa~r and mamta~n sa~d property, the Mortgagee may, at its option, make such repairs or cause
same to be made and advance momes ~n that behalt wh~ch sums shall be secured by the lien hereof and bear interest at the highest rate authorized by
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~ 0 7o delivei the abstract or abstracts ot title covering the mortgaged property to Mortgagee or its designated agent, which shall at a~t times, during the life otthis
. ~gage. rema~n in the possession of the Mortgagee and in event af the foreciosure of this Mortgage or other transfer of title, aIi r~ght, title and interest of the Mortgagor
- ~na to any such abstract or abstracts of titte shall pass to the purchaser or grantee.
~ 1 That no wa~ver of any covenant herein or i~ the obligatio~ secured hereby shall at any t~me hareafter be held to be a waiverof any of the other terms hereof or of
aqreeme~t secured hereby, or future waiver of the same covenant.
~ t 2 That in order to accelerate the maturity ol the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment,
~r~~~~ty obligatfon or encumbrance upon said property as herein prorded, ~t shall not be necessary nor rec7uisite that the Mortgagee shall tirat pay the seme.
i That~flheMortgagorshallfail.~eglectorrefuseforaperiodofihirtyS30)daysfullyandpromptytopaytheamountsrequiredtobepaidbytheAgreementhereDy
~ _ ~red or the mterest therein specified or any o( the sums of money herein referred to or hereby secured, or otherwise duty, fully and promptly to perform, execute.
t _Tpiywdhandabidebyeach,everyoranyo(thecovenants,conditionsorstipulalionsofthisMortgageandtAeRiversideAdvantageAccountAgreeme~t,andineither
j - nanyofsuchevents,wrthoutnohceordemand.thesaidaggregatzsummentionedinsaidAgreement,leSSpreviouspayments,ifany,andanyandallsumsmentioned
~ _-~e or secured hereby shall become due and payable torthwith or thereatter at the continuing option ot the Nlortgagee as fully and completety as if said aggregate
~ _~swereonginalystipulaledtobepaidatsuchtime,a~ything~nsaidAgreementorhereintothecontrarynotwithstanding,andthelv~ortgage6shallbeentitledthere-
j :>no,thereafte~withoutnoticeofdemandtoinstitutesuitatlaworinequitytoenlorcetherigMsoftheMortgageehereunderorundersaidAgreement.lntheeventof
r defaul? or breach on the part of the Mortgagor hereunder or under said Agreement, the Mortgagee shall have the continuing option to enforce payment of all sums
red hereby by action at law or by suit in equ~ty to foreclose this Mortgage, either or both, concurrenUy or otherwise, and one acUon or suit Shall not abate or be a bar
s ~-.~arver of the Mortgagee's ri9ht to institute or maintain the other, provided said Mortgages shall have ony one payment and satisfactlon ot said indebtedness.
14 That in the event that Mortgagor shall ~ t) consent to the appo~ntment of a receiver, trustee or liquidator of all or a substantial part of Mortgagors
E .~e ets, or (2) be ad~udicated a bankrupt or msolvent, or f ile a voluntary petition in bankruptCy, or admit i~ writing its inability to pay its debts as they beCOme
` P cr (3) make a general assignment for the benef~t of creditors, or (4) tile a petiGOn or answer seeking reorganization or arrangemer?t with creditors, or to
; ~.e advantage of any insotvency faw, or (51 flle an answer adm~tt~ng the matenal allegat~ons of a petiUon filed against the Mortyagor in any bankruptcy,
~ ~~rganizat~on or ~nsolvency proceeding, or (6) action shall be taken by ihe Mortgagor for the purpose of eHecting any of the foregoing or(7) any order, judg-
B -e nt or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisd~ction appraving a petition seeking appointment
€ a receiver or trustee of all or a substantial part of the Mortgagors assets and such order, judgment or decree sha~l continue unstayed and in effect for any
p . ~ ^~lofth~rty~3Qlconsecul~vedays..heMortgageemaydeclaretheAgreementherebysecuredforthwithdueandpayable,whereupontheprincipalofandtheinterest
° _•ued and ai1 other sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated to be paid on such day;
~ -~~hereupon the Mortgagee wrthout notice or demand may prosecute a suit at law and/or in equity as i( all monies secured hereby had matured prior to rts institution.
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~ ! 5 That the Mortgagee or any person authonzed by the ~Aortgagee shall have the nght to enter upon and inspect the mortgaged prem~ses at all
_ ,-,^nable t~mes.
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~ ~ 6 That th~s Mortgage shatl secure not only exist~ng ~ndebtedness. bu! aiso such future advances. whether such advances are obligatory or are to be made af the
` ~.cfMortgagee,orotherwise.asaremadewithiniwenty(201yearsfromthedatehereof,tothesameextentasrfsuch(utureadvancesweremadeonthedateofthe
~ ;t~on cf tnis Mortgage and although there may be no mdebtedness outstanding at the time any advance is made. The indebiedness secured trythis Mortgage shal:
•~=x :eed at any time the maximum princ~pal amaunt of S or, if the preceding blank is not completed, the~ an amount equal toonE hundred
~ r c~erceni (150qb) of the principal amouni origmally secured hereby. together,vith interest and any disbursement made forthe payment of taxes or insurance.with in-
~ estansuchdisb~rsements.ThisMortgage~sgivenfortheDurpaseotsecuringanyandallindebtednessbytheMortgagortotheMortgagee+nwhatevermannerthis
~!~otedness may be ev~denced or reD~esented, unt~l this Mortgage is satisfied of record. All covenants and agreementscontained in this Mortgage shall be equalty ap-
to au further advances made by Mortgagee to Mortgagor under this future advance clause.
~ 7 That, ~t requlred by Mortgagee, the said Mortgago! Will pay unto the Mortgagee, on the i~rst day of each and every consecutive month, a sum
:.:a! ,o one tweitth of the annua~ amount necessary to pay al! tazes and assessments against the sa~d mortgaged prem~ses, said monthly sum to be es-
ated solely by Mortgagee and calculated to be an amouM not less than the amount of taxes assessed aga~nst said mortgaged premises for the previous
,~•ar and d further ~equued by Mortgagee to pay all insurance prem~ums in manner and form as prov~ded herem for the payme~t of taxes and assessments_
' 8 That the Mortgago~ will on the request of the Mortgagee f~m~sh a wrltten siatement o! the amount ow~ng on the obllga?ion wh~ch th~s Mortgage secures and
state whether or not Mortgagor da~ms any defenses or offsets !hereto.
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