HomeMy WebLinkAbout2649 4 It dI~ 0! .3fly (l3fl "J! tt~e Prop2ity or an ;ntc~resl lherein ~s sold or lrans~ened Dy Mortyagor w~lhoul Mortyagee's pnor wntten Consent, exCludmg (a)
t':e creation of a I~en c~~ eni'un Mdn;.i' ~u'JO~d~nd'B ~U lhiS I~~OfICJT:~P ~b~ lhe Creat~un ot a Purcn~se money SQCU~ifY ~nterest tor ho~sehold appi~anCes, (C) a
r.:nsfer by Aev~se de~,:rnt ur ope; ah3n i~t'aw upun ma ~.~ath of a tu~~t t~ndnt os (d+ it~e gr ant oi dny ic'~~se~utd ~nterc•st ot three years or less not contain~ng an
I~~~t~on to purchase. Mo~tyagee n,ay, at ASo~tgagee's ophon, declare all the sums sec~red by t~is Mo~tgage lo be ~mmed~ately due and payaDle Mortgagee
;nafl have wa~ved such opt~on to acceterate J. pnor to ihe sate or iransfer, Mortgagee and the person tu whom I~e Property ~s to be sold or transferred reach
3q~eement ~n wnt~ng thal the cred~t ol such person ~s sat~stacto+y to Mortgagee and lhat t~e i~terest payable an ihe sums secureQ by t~~s Mortgage shall pe
,i~ such rate as Mo~Igayee sr.ali re~uest tl Mortgagee nas warveA the opnon to accelerate prov~ded ~n Ih~s paragraph A, snd if Mortgagee's successor m
nteresl has exacuted a wr~tten ass~mpt~on ag~eemenl accepted ~n wnt~r~g by ti4ortgagee, McrtgaGee shall release Mortyago~ trom ail ob!~gahons under th~s
~vote and Mortgage
5 Tnat ~n the eaent ot a sun be~ng ~nst~tuted to fOredose th~s mortgage, the Mortgagee shall be ent~tlad to appty at any t~me dunny sucn forecfosure
;,,~t to ihe court hav~ng ~unsd~chon Ihereot !or Ihe appointme~t of a receiver of all and s+ngular tha mortgaged property, a~d ot atl tents, ~ncomes, prat~ts.
ssues and revenues thereof from whatsoever suurce denved; and thereupon ~t +s hereby express~y convenanted and agreed th3t the court shali torlhwrth ap
no~nt such re~eiv~r wrth the u5u8! po•~sErS 3^d d;;tias of ra:.s~v8~5 ~t'~ ~~i~b GaaeS anci sa~d appo~n~ment snau Ue maae by the court as a?n8R9t Of StfiCl ftght f0
tn~ Mortgagee, and witho~t reference to tha adequacy or inadequacy of the value of the property hereby mortgaged or to the so~vency or ~nsofvenCy ot the
h4ortgagor or any other Darty detendaM to such suit The Mongagor ~e~eby spec~t~cally wa~ves the right to object to the appa~ntment ol a rece~ver as
atoresa~d and he~eby expressly consents that such aGpointme~t shail be +f~ade as an adm~?ted equtty and as a mattes ot absoiute ngf~t to t~e fvSOrtgagee and
[hat the same may De done withou! noGCe to the Mortgayor.
6 That ~f any proceed~ngs should be ~nst~tuted agamst the property covered by th~s mortgage upon any othei lien or c~a~m wheiher supenor or ~unior
t~~ Ih@ hgn Of thtS rr~OrtqBq@. ihB MOrigat~wQ may at ~tc nr!~~~.:~;;.:g~;~:~!~ ;;;g~;,~,;~;, ~i suct'~ su~i ui dut~ny itie pendenCy inereoi declare thi5 mortgege
and tne ~ndebtedness secured nereby ri~ia ?nri navahln e~'~^y.:+„y g^~ ;-;oi g; ;:s c,pt~c;t~ ~ir'vCeeu tu iureciosa th~s R~origage
7. To pay all and s~ngular the costs. fees, charges and ex~nses o1 every k~nd. ~ncfudmg the cosl o! an abstract of title to sa~d tands tound to be con-
~en~ent or exped~ent ~n connection w~th any suit for the foreciosure of this mortgage, and also ~nclud~ng, whether the Mortgagee ~s obl~gated to pay same or
not, reasonable attorney'stees ~ncurred or expended at any t~me by tha Mortgagee because ot the ta~lure of the MoRgagor to perform. comply w~th and abide
by all or any ol !he Covena~ts, cond~tions and st~pulations of sa~d prom~ssory note. or th~s mortgage. ~n the foreclosure of this mortgage a~d in collecting the
amountsecured herebywith or without legal proceed~ngs, and to re~mburse t~e Mortgagee for every paymenl made or incurred for any such purpose wdh in-
!erest !rom date ot every such payment at the h~ghest rate authonzed by la~. such payme~ts and obi~gat~ons. wiil~ interest thereon as atoresaid, shall be
secured by the ~ien he~eof
8. To keep the Dwlding or bu~!dings now or hereafter on sa~d land ~ns~red aga~nst toss or damage by fire. extended co•rerage and other perils, in•
cJud~~g war ~~sk ~~vsurance it avadabfe. ~n a sum not less than the~r tuli ~nsurabie value at the r,cst and expense uf the Mortgagor in a company or companies I~i
aaaroved by the Mortgagee. the policy o+poi~aes !o be held by the Mo?tgagee, and such pol~cy or pohc~es of ~nsurance shafl have afhxed~hereto a Standard i
!.lortgagee Clause. making all loss or losses under such pohcy or pohcies payable to the Mortgagee as rts ~nterest may apDear, and to del~ver said ~
coi;cy or policias to the Mortgagee when ~ssued with the rece~pts fo~ the payment of the premium theretor: and in the event any sum of money becom8s
payable under such policy or policies, the Mortgagee shall have the opt~on to rece~ve and apply the same on account ot the ~ndebtedness secured he~eby or to
;~ermit the Mortgagor to reco~ve and use +t. or any part thereot, for other purposes, w~tnout thereby waiv~ng or ~mpa~r~rtg any equ~ty. lien or nght under or by
v~rtue ot this mortgage; and the Mortgagee. if ~t deems necessary, may place a~d pay for such msurance. or any part thereof, w~4hout Iosing, warv~ng or affec-
t~ng Mortgagee's option totoreclose tor breach ot th~s covenant. or any part!hereof. or any r~ght or opi~on under this mortgage, and every such payment sha~~
n?ar ~nterest from date thereof until pa~d at the highest rate autnenzed by ~aw. and a~~ such paymenis witA Interest a5 atoresa~d st~all De seCured by the lien ~I
^ereot In the event any loss or damage ~s suftered Mortgagor shall nohfy Mortgagee ot such loss or darriage witMn fortye~g~t (48) hours atter the happening i
~hereof; the fa~ture to grve such no2ice shaH const~tuse a detault anA the Mo~tgagee snatl have tne nghts here~n grven tor atl detaults.
9. To perinit, commif or suffer no waste e~d to mainta~n the ~mprovements a! all time : m a state of good repa~r and candit~on: and to do or permit to ,
re done to sa~d prem~ses nothmg that w~li a~ie~ or change the use and rharacter ot sa~d prope~ty o~ ~n a~y way+mpa++or weaken thesecuntyof sa~d mohgage. ,
~ case of tne retusal, neglect or ina~ih?y of the Mortyago~ to repa~r and ma~ntam sa~d proper?y thc~ Mortgagee may, at ~ts option, m2ke such repaus o?cause
~~~e same to be made and adva~ce manies ~n ihat behali wh~ch sums shatl be secured by the Len hereol and bear ~nterest at the h~ghest rate authorized by '
3 .4` ~
t 0 To del~ver the abstract or abstrac!s of t~tte covenny the mortgayed prooerty to Mortga9ee er ~ts des~gnated agent, which shall at a11 Lmes, ~uring
e i~!e ot th~s mortgage. rema~n ~n the possess~on of the Mortgagee and ~n event ol the toreclosure of tn~s mortgage or other transfer of title. all r~ght, title and ~
~re~est of the Mortgago~ and to any such abstract or abstracts of t,tle sf~aN pass the purchaser o! grantee
~ t That no wa~ver of any covenans here~n or ~n ihe obhgal~o~ secured hereby shaU at any hme hereafter be held to be a waiver of any of the other ~
~e~ms hereof or of the note secured hereby. or future waiver of the same covenant.
1 2. That ~n order to accelerate the matunty of the ~ndebtedness hereby secured because ot ?he ta~l~re of the Mortgagor to pay any tax assessmeni,
ab:hty, ob~~gat~on or encumb~ance upon sa~d property as here~n prov~ded. rt shall not be necessary n;;r requ~srte tnat Ihe MoRgagee shafl first paythe same.
~ ~ 3 That ~t the Mortgagor shall fa~l. neglect or refuse for a penod o~ tA~rty (301 days fully and prumptly to pay the amounts required to be paid by the '
I ~-•o~EherebyseCUredortt~einierestthere~nspecrfiedo~anyottnesumsofmoneyherelnreferredtoorherebysecured.orotherwiseduly,fullyandpromptlyto
~ ~ertorm, execute, comp!y with and ab~de by each, every or any ol the covenants, cond~hons or shpulat+ons of th~s rr~oRgage, the promissory nole hereby
i secured and/or the construction loan agreement. ~f any. then. and ~n either or ~n any of such events. w~thout nolice ordemartd, the said aggregate sum men-
~ t~oned ~n said promissory note, less p~ev~ous payments. It any, and any and afl sums menho~ed here~n or secured hereby shall become due and payable
~r,rthwit~ or thereat!er at the continuing opt~on of the Mo?!gagee as tully and comptete~y as if sa~d aggregate sums were originally siipulated to be paid at
~ such time, a~ything in said promissory note or t,erem to the contrary notw~ths2ard~ng, and !he Mortgagee sha11 be entided thereupon or thereafte~ without
i ^:;t;ce or demand to ~nstitute suit at law or ~n ec~wry to enforce the nghts of ihe ~Aortgaqee hereunder or under sa~d prom~ssory note. in the event of any
E de!auit or breaCh on the part of the Mortgagor hereunder or under sa~d prom~ssory note. Ihe Mortgagee shau havethe continu~ng option to enforce payment
f all sums secured hereby by act~on at law or by surt ~n equ+~y to turec4cse th~s mortgaye. e~tr,e~ o~ both roncurrently or ot~envise, and one action or suit
? =~ali not abate or be a bar so or wawe.r of the Mortgagee's nyht to Inshtute or ma~r.tain the othe~, prov~ded sa~d Mortgagee shall have only o:ee payment and
~~!+stact~o~ of sa~d i~debledr.ess.
~ 14 That in the event thas Mortgagor shat1111 ccnsent to the appo~ntment ot a recerver. trustee or I~qu~dator ot all or a substanha~ part of Mortgegors
' -:~s~ts, or (21 be adludicated a bankrupt or ~nsolvent. or f~le a ~o!untary pet~t~on m bankruplcy, or admit in wnting ~ts inabillty to pay its debts as they beCOme
~ ~ue. or (3) make a general ass~gnment for fhe beneht of cred~tors. or tG1 hte a pet~t~on or answPr seekmg reorganization or arrangement with creditors, orto
~ rak.e advantage of any ~nsolvency law, or ~Sj h{e an answer adm~tt~ng the matenai ahegat~ons of a pet~t~on filed aga~nst the MortgagOr in any bankruptCy,
~Ao~ganizat~on or ~nsolvency proceeding, or(61 action shatl be taken by the Mortgagor for the purposeet ettecting any of the forego+ng or(7) any order, judg-
~ ^.~~nt or decrae sha{V be entered upon an app~~cahon of a credrtor or Mortgagor by a court of competent iunsd~cUon approving a petition seeking appointment
a receiver or trustee of all or a substantial pa~t of the Mortgago~s asse~s and such order, ~udgment or decree shall continue unstayed and in e(fect for any
~ ~ Fnod of thirtyl30) conseCUhve days, the Mortgagee may declare the note hereby secured forrhw~th due and payabie. whereupon the pnn~~pal of and the ~rs-
p ~~est accrued on the note and aH other sums nereby secu~ed shall become torth w~th due and payabie as d ati of ihe sa~d sums of money were originaily
¢ ulated to be paid pn such day: and thereupon the Mortgaqee w~thout nohcP o~ demand may proseCUte a 5u~t at law antllor in equiSy as if a14 mOnies
~ e~ured hereby had matured Dnor to its +n5titution
t 5 That the Mortgagee or a~y person author~zed by the MortgageP sha~~ have tne r;ght to enter uGOn and ~nspect the mortgaged premises at alf
-r;:sonabfe t~mes
` ~ 6. That any sum or sums wh~ch may be ioaned or ad~2ncea Uy the hlortgayee ro the Mertgagor at any t~me wrthin twenty (20) years from fhe date
~ h~s ~ndenture, togetherwith interest thereon at the rate ayreed upon at t~e tlme o~ such loar, or advance, shatf be equaily secured with and have the same
~ _ ~r~tyastheong~nalmdebtednessandbesubiecttoallthetermsandprov~s~onsofthlsmortgage:prov~ded.thattheaggregateamountofprinc+paloutstan-
; ~ ~ g at any hme shall not exceed (S___ or if the precedi~g Dlank ~s ~ot completed. then 3n amount equal to or~e hurdred and fffty percent
SC~~) of the princ,~pai amount qrigmally secured heraby shall app'v.
? 7 ThaL ~f requ~red by Mortgagee. the sa~d Mortgagor W~II pay unto the Mortgagee. on the fust Qay ot each and every consecutive month, a sum
;,a~ to one-tweltth o} the annual amount necessary to pay a~l taxes and assessments aga~nst the sa~d mortgaged premises, said monthly sum to be es-
ated solely by Mortgagee and calculated to bg an arriount nof less than the amount of taxes assessed aga~nst said mortgaged premises for the previous
.~~ar and ~f further re~uued by Mortgagee to pay aU msurance prem~ums ~n manner and form as prov~ded here~n br the payme~t of taxes and assessments.
' t Fi That if th~s mortgage ~s in connectron w~th construr,hon Ioan f~nanc~ng, the~ this mortgage is sub?ect to the Construction Loan Agreement
:?~•d . 19 be!wee.n the ~Aortgayor and the Mortgagee, an executed copy of wh~ch ~s in the possession of the
_ rtgagee and ~s ~nr~rporated here{r by reterence and R:ade a na~t ne~eof. any detault by Mortgagor under said agreement shall const~tute an event of
-.~a;;11 undP.r this mortg2ge
. ? 9 That the Mortgagor w~ll on ihe request ot ;he M~rtgaqee furn~sh a wr~tten statement ot the amount ow~ng on the obi~gal~on wh~ch th~s mortgage
.,~es anQ Ynere~n s~a~e whether o! n~t Mortga~or c~a~~s any defenses o~ ottsets tnereto
~ aocx675 f~~~2~4~
r~ ~ . - r~. ~ ;
.~.~~.a~