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HomeMy WebLinkAbout2338 ~ 4 11 alt or any part of ine P~operry or an intarest iherem is sold or transterred Dy Mortgagor w~thout Mortyayee.'s pnor wntten Consent, excludiny (a) •r~~ creat~on of a hen or encumbrance subard~nate to this Mertgage Ib) ihe creat~on ot a purcnase money secur~ly mterest for househo;d applianCes.lC) a ~ r.~r~sfer by dewse, desCen( or operahon o! law upon tne death ut a ~o~nl tenaM or (d? the grant of any leasehold ~nteiest ot three yea~s ur teSS not cont8~mng en p~~on to purchase, Mo~tgayee may, at Mortgagee's opt~on, declare all tne sums secured by th~s Mortgage to be ~mmed~atefy due and payabie Mortgagee ~r. a!i nave wawed such opt~on to accelarate d, pnor to the saie or trans(er. Mortgagee and Ihe person to whom the Property Is to be scld or transfe?red reac~ ' ,.;~eement m wnting that tne credrt ot such person is satislactory to Mortgagee and ihat the ~nterest payable on the sums secured by tAis Mortgage shall be ~ r+! such rate as Morlgagee shall request II Mortgagee has wawed the option to acceterate pr~v~ded in th~s Daragraph 4, and rt Morigagee's successor In ~~aerest has executed a wr~Iten assumGl~on agreemenl accepted In wnt~ng by Mortyagee. Mortyagee s~ali release Mortgagor t~om all ob~~gat~on; ~nder this '~o!e and Mort~age ~ 5 That ~n the evenl ot a su~t be~ng ~nst~tuted to foreclose this mortgage, the Mortgagee shali be ent~tied to apply ai any t~me dur~ng suc~ toreclosure ~o the court havir.g ~unsdiction thereof for the appoiniment ot a rece~ver of all and s~ngular the mortgaged property, and oi all rents, incumes, profits, ssues and revenues thereof, from whatsoever source derfved; and thereupon ~t ~s hereby expressly convenanted and agreed that the court shall torthw~th ay „~~~nt such receiver w~th I~e usual powers and duties of recawers ~n hke Cases, and said appo~ntme~t shall be made by the court as a matter ot stnct nght to _ ; r~e Mortyagee, and without reterence to the adequacy or ~nadequacy of the value of 1he property hereby mortgaged or to the solvency or insotvency of the Murtgag~r or any other party defendant to such suit The Mortgagor hereDy spec~hcally waives the right ta object to the appomtment of a rece~ver as atoresa~d and hereby expiessly conseMs that such appointment shall be made as an adm~tted equ~ty and as a matter oi absolute nght to the Mortgagee ard ;r~at the same may be done w~thout not~ce to the Mortgagor. 6 1 hat ~f any procead~ngs should be ~nshtuted aga~nst the property covered by this mo~tgage ~pon any other I~en ar clalm wheiher supenor o~ ;unior r._> i he i~en of th~s mort9age, the Mortgagee may at ~ts option ~mnied~ately upon ~nst~tut~on of such swt or dunng t~e pendency thereof declare th~s mortgage a„~ ;iro u~ueuieundss secu~eo nareoy tiub and paya5ie iorinwnn ano may at hs opt~o~ proCeed [o ~oreciose tnis morigage. ~ i 7 Ta pay a11 and singular the costs, fees, charges and expenses of every k~nd, mcluding the cost o( an abslract of litle to said lands found to be con- . en~ent or exped~enS ~n connechon wrth any suit (or ihe fore~losurs of th~s mortgage, and also mclud~ng, whether the Mortgagee is obl~gated to pay same or i nor reasonable attorneys fees incurred or expended at any t~me by the Mortgagee because uf the fa~lure of the Mortgagor to perfo~m, comRly w~th and abide by alI or any oi the covenants, cond~t~ons and stipulations of sa~d promissory note. or this mortgage. ~n the toreclosure of this mortgage and ~n colfecting the amount secured hereby with orw~thoul legal proceed~ngs, and to re~mburse the Mortgagee for every paymeM made or mcurred tor any such purpose w~th in- tr-rest trom date of every such payme~t at the h:qhest rate au!honzed by law such payments and oGl~gations. wrth interest Ihereon as aforesa~d. s~all De ' secured by the lien hare~t 8_ To keep the bu~ld~ng or bu~ld~ngs now or hereafter on sa~d land ~nsured aya~ns! Ioss or damage by Nre, extended coverage and other perls, m- ~~ud~ng war r~sk ~nsurance if available, ~n a sum not less than the~r full ~nsurabie value at the cos! and expense of the Mortgagor in a company or compames approved by the Mortgaqee, the pohcy or pofic~es to be held by the Mortgagee, an~ sucn pcticy or Ro6aes ot insurance shall have afhxed tAereto a Startdard !.!ortgagee C~ause, making ati loss or losses under such poi~cy or pol~cies payable !o the Mortgagee as its ~nterest may appear, and to del~ver sa~d poi~cy or pol~cies to the Mortgagee when ~ssued with the rece~pts tor the payment of t~e premium therefor, and in the event any sum ot money becomes payable under such policy or policies, the Mortgagee shall have the option to rece+ve and apply the same on account of the indebtedness sacured hereby or to ~e~ mit the Mortgagor to recewe a~d use ~t. or 3ny part thereot, for other purposes, w~thaut thereby wa~vin~ or impa~nng any equity, lien or rigM under or by v~ rtue of th~s mortgage: and the Mortgagee, rf ~t deems necassary, may place and pay for such ~nsurance, ur any part tnereof. without losing, wa~ving or aftec- !~ng Mo:tgagee's opt~on to foreclose tor breach ot t~~s covenant, or any part thereof, or any r~ght or opt~on under th~s mortgage, antl every such payment shalt Dear ~nterest frcm date thereo~ untii pa~d at the highesl rate authorized by law, an~ all such payments with ~nte~est as afaresa~d shall be secured by the Iien !~e~eof. In the event any toss or damage is suftered Mortgagor shall not~fy Mortgagee of such loss or dartiage within forty-eighi (481 hours after t~e happening ~ ~nereof; the fa~ture to gwe such nohce shall conshtute a default and the Mortgagee snail have the nghts here~n given for all defauits 9 To permit commi! or sufter no waste and to mainta~n the improvements at a~l t~mes ~n a state of good repa~r and condition; and to do or permit to + ~e done to said prem~ses ndthing that w~ll alter or change the use and character oi sa~ci property o~ m any way impa+r or weaken the secunty Of sald mortgage ~ case of the refusal. neglect or inabihty of ihe Mortyagor tc~ repa~r and ma~Ma+n sa~d prope~y. thP Mongagee may, at Its optlon, m2ke such repa~rs or cause same to be made and advance mon~es In that behalt wh:ch sums shall be secured by the ~~en hereot and bear mterest a! the highest rate authonzed by t 0 To deliver the abstract or aGstrac!s ot htle covenng the mortgaged property to Mongapee cr ~ts des~gnateo agent. which shalt at all Umes, during ~ne ~~te of th~s mortgage. remam m the possess~on of the hlortyagee and ~n event of the foreclosure o'th~s mortgage or other bansfer of title, ati ngt~t, title and ~e~est of tne Mortgagor ~n and to any such aDstract or abstracts ol trtle shalt pass to tne purchaser or grantee That no wa~ve~ of any covenant herem o~ ir~ the oGl~yat~on secured nereby shall at any hme hereafter be heid to be a warver ot any of the other _•~~s hereof o~ of tne ~ote secured hereby, or future waiver of the same covenaM 1 2. That in or6er to accelerate the matur~ty of the ~ndebtedness hereby secured ~ecause ot the ~a~lure ot the Mortgagor to pay any tax assessment, ao;,~ty. obUgateon or encumbrance upon sa~d proper!y as nerem Gr~v~ded. ~t shall not be necessary no~ requis~te t~at the Mortgagee shallfirst paythe same. t 3. That If the Mortgagor sha11 fa~l. neglect or ~efuse for a per~od of th~rty ~30) days fuliy a^.d promptly to pay the amounts reqwred to be paid by the I' ^~+eherebysecuredortheinterestthereinspeafiedoranyofthesumso(moneyherelnreferredtoorherebysecured.orothervviseduly,fullyandpromptlyto ~ aerform, execufe, Compty with and ab~de by each, every or any of the covenants, cond~tions or stipulations of this morigage, the promissory note hereby i .ecured and/or the co~struchon loan agreement, ~f any, then, and ~n e~lher or in any o~ such events, wdhout noUce or demand, the Said aggregate Sum men- I ~ oned ~rs sa~d prom~ssory ~ote, less prev~ous payments. ~f any, and any and all sums ment~oned here~n or secu?ed hereby sha11 become due and payable ! !c~rthwith or thereafter at the continuing option ot the Mertgagee as fuily a~d compietely as ~f sa~d aggregate sums were ongmalty stipulated to be paid at s~ch time, enrthmg in said prom~ssory note or here~n to the comrary notwrthstand~ng, and !he Mortgagee shall be ent~tled ihereupon or thereafterwithout ^otics or demand to inst~tute suit at law or m equ~ty to enforce !he nghts ot fhe Mortgagee hereunder or under sa~d promissory note. ln the event of any ~efault or breach on the part of fhe Mo~tgagor hereur,der or under sa~d promissory note. the Mortgagee shall have the conhnu~ng option to enforce payment ~ _f 2II sums secu~ed hereby by action at law or by surt ~n equlty !o Foreclose this mortgaye. e+tner or both, concurrently or otherw~se, a~d one achon or Suit ~^aii not abate or be a bar to or wawer ot the Mortgagee's right to ~nstnute o+ ma~nia~n the othe~, prov~ded sa~d Mortgagee shall ~ave only o~e payment and a?:;faction of sa~d ~ndebtedness. s i ' t 4 That m the event that Mortgagor shall ~ 11 consent to the appomtment of a recer.-e~. trustee or I~qu~dator of all or a substant~ai part of Mortgagors { a ssets, or (21 be adiudicated a bankrupt or insofvent, or f~ie a voluntary petrt~on ~n bankruptcy, or admd ~n wnting ;ts ~nab~lity to pay its debts as they beCOme ; ~ ~e, or l3) make a general assignment for the benefi; o' credrtors. or (4? f~le a petrt~on or ansv.er seek~r~g reorganization or arrangement with creditors, or to ~ iar.e advantage of any inso~vency law, or (5) file an answer admrttmg the matenal auegat~ons of a pehtion hled against the Mortgagor in any bankruptcy, ~eorganization or insolvency proceed~~g. or(61 action shalf be taken by the Mortgagor for the purpose of eriecting any of the foregoing or~7) any order, judg- T:ent or decree shail be entered upon ars app~ication of a creditor or Mortgagor by a court af competent ~urisdiction approving a pet~fion seekmg appointment h a receiver or trustee ot all or a substant~a! part of the Mongago~s assets and such order, ~udgment or decree shall continue unstayed and m etiect for any ~ c,~r~od of thirty(30) consecuLve days. the Mortgagee may dedare the note hereby secured forthw~th due and payable. whereupun the princ~pal o! and the in- s ~~-~st accrued on the note and all other sums hereby secured shall become !orth w~th due and payable as rf all er the said s~ms of money were originally ~ s? p~!ated ro be pa~d on such day: and thereu~nr the Mortgagee w~fhout no?~ce or demand may prosecute a su~t at law andlor tn equ~ty as ~f all mon~es ~ ~s~cured hereby had matured Rrior b its ~nstitut+on 3 t 5. That the Mortgagee o+ any person autnonzed by the Mortgagee shall have the r~ght to er~ter upon an~ ~nspect the mortgaged premises at all ~ ~ ~s~nabie timea ~ i ~ ? 6 That any sum or sums wh~ch may be Ioaned o~ advanceQ by the Mortgagee to tr~e Mortgagor ai any hme w~thm twenty (20) years from the dete ' ~ `!r:+s ~ndenture, togetherwith fnterest thereon ai the rate aflreed upon at the tlme of such loan ur advance, shall be equally securedwrth an~+ hava the same .~~~r ~ry as the orig~nal ~ndebtedness and be subject to aU the terms and prov~sions ot this mortgage; prov~ded, that the aggregate amount of pnnapal outstan- _ : ~ g at any time shall not exceed ~S or if the preced~ng btank is not completed. then an amount equal to one hundred and fitty percent ' S0'~) of the pnnc~pal amOUr.t Orig~naily secured hereby Shali apply ~ 7. That. ~f requ~red by Mortgagee. the said Mortgagor W~II pay unto tne Mortgagee. on the first day of each and every consecutrve month, a Sum ,.~a+ to one-twelfth oi the annual amount necessary to pay ail taxes and assessments aga~nst the sa~d mortgaged premises. sald monthly sum to be es- ated sole'.y by Mortgagee and calculated to be an amount no1 tess than the arnount of tares assessed aga~nat sa~d mortgage~ premises for the pvev~ous ,-ar and if further requ~red by Mortgagee to pay all Insurance prem~ums in manner and fo~m as provlded here~n (or the payment of taxes and assessments. ; That if lh~s mortgage ~s ~n connection with construc6on loan financ~ng, ihen this mortgage ~s sub~ect to'he ConstruCfion Loan Agreement x !~~d , t9 between the Mortgagor and the Mortgagee. a~ executed copy of whlch is fn the possession of the '•'~.nyagee and !s ~ncorporated here~n ty reterence ana made a part hereof. any default bv Mortgagor under said agreement shall constitute an eve~t ot ~~'au~t under this mortgage ~ t 9 That the t~lortgagor wili on !he request ot the Mortgagee tumish a w:itten statemen! of the amount ow~ng on the obl~gaho~ y~hich this mortgage ' :~es and tnere~n state whether ~r not Mortgagur cia~ms any defenses or offsets thereto i ~ ~ ~ ji ~ - i ~ , . 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