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HomeMy WebLinkAbout2931 4 If all ur any part of t1~e Property or an ~n;erest thera~n ~s soid or transler:ed by Alortyagor w~thc,ut Murtyagee's pnor written consent, excluding(a) ~ the creat~on of a lien pr encumbrance suborAinate to I~~s Mortgaye. ib~ ~he Crealion ot a purChase mcr.ey SeCUrity mterest for househotd applia~CeS,(C) 8 ~ransfer by dev~se descent or oVe~at~on ol ~ah upon the death of a ~o~M tenant or{d1 the grant ot any leasenot~ ~nterest ot threeyears or less not containing an .l(1 I~l1 A flllfC AGP nr~~a~~loa ma.. a~ ~,In.t..~~,oo ~ .~e~~..... ..u ~w.. e.....e ~e........a ~w... u...•,...,....,. w............a......~...a.... u...~..~..ve ~ - - ~ ..._..a..e.... . _ ..~,........y.,y., w ..~........w. .......y..y.... ;natl nave wawed such opt~on to accele?ate rt, pnor to Ihe safe or transfer, Mohqagee and lhe person to whom the Property ~s to be sold or trans}e?red reach agreement ~n wnhng that Ihe cred~t ot such person ~s sat~stactory to Mo?tgagee and tAat ihe mterest payable on ihe sums secured by ih~s Mortgage shall De at such rate as Mortgagee shall request If Mortgagee has wa+ved the opt~on to accelerate prov~ded +n th~s Daragrap~ 4, and +f Mortgagee's successor in ~nteresl has executed a written assumpl~on ag~eement accepted ~n wnting by Mortgagee. Mortgagee shall re!ease Mortgagor Irom au obi~gat~o~s under thls Note and Mortgage 5. That ~n ihe event o! a su~t be~ng ~nstituted to foreclose th~s mortgaga, the Mortga~ee shatl be snSiL'ad to appy at any t~ma dur~ng such torectosure surt to t~e CouN hawng ~unsdiCUOn therao) tor the appointme~t of a reCeiver of all and s~ngu!ar the monyaqed property, and of all rents, inCOmes, prohis, ~ssues and revenues thereof, from whatsoever source derived: and thereupon ~t ~s hereby expressly convenanted and agreed tnat the court shall foAnw~th ap ;>o~nt such receiver with the usuel powers and duties of recervers in like cases; a~d sa~d aDDO~ntment shaN be mede by the court as a matter ol strici nght to the Mortflagee, and w~thouf reference to the adequacy o~ ~nadequeCy of the value of the property hereby mortflafled or to the solvency or ~nsofvenCy ol the Mortgagor or any otAer party defendant to such swt. The Mortgagor hereby specihcatty warves the right to ob~ect to the appo~ntment ot a receiver as aforesa~d and hereby axpressly consents that such appointmenl s~alt be rnade as an adm~tied equity and as a matter of absolute nght to the Mortgagee and that the same may be done w~thout no~~ce to the Mortyagor. 6. T~at ~f any p~oceedmgs should be ~nstituted aga~nst the property covered by th~s mortgage upon any other hen or cla~m w~ether superlor or ~unfor to the I~en of this mortgage, the Mortgagee may at ~ts opGon ~mmed~ately upon inst~tutlcn of such swt or during the pe~de~cy therROf declare this mortgage and the indebtedness secured hereby due and payable forthw.th and may at ~ts option proceed to foreclose Ihis mortgage. 7. To pey all and s~ngular the costs, fees, charges and expenses of every k~nd, ~nclud~ng the cosl of an abstract of tiue to sa~d lands found to be con- ven~e~t or exped~ent ~n connection w~th any suit for the foreclosure of th~s mortgage, and also ~nclud~ng, whether the Mortgagee is obl~gated to pay same or net, raasonable altorneys fees +ncurred or expended at any time by the Mortgagee because ot the fa~lu:e ot the Mortgagor to perform, comply w~th and abide by all or any of the covenants, cond~tions and sl~pulat~ons of sa~d prom~ssory noto, or thls mortgage. in the foreclosure of this mortgage and in collecting the amount secured herebywith orwithout legai proceedings, and to reimbursethe Mo:tgageefor every payment madeor incurred for any such purpose w~th in- terest from date ot every such payment at the hiyhest rate authorized by law: such payments and obiigations, with ~nterest thereon as abresald, shall be secured by the lien heraol 8. To keep the building or bu+ld~ngs now or hereafter on sa~d ~and ~nsured aga~nst loss o~ damage by fire, extended coverage and other perils, in- c~udmg war nsk ~nsurance if ava~labte. ~n a sum not less than their full ~nsurable value at the cost and ezpense of the Mortgagor ~n a Company or companiea approved by the Mortgagee, the pohcy or poliues to be held by the Mortgagee, and such pol~cy o? pohC~es ot tnsurance shall have aftixed thereto a Standard Mortgagee Clause, mak~ng all loss or losses under such pol~cy or pol~c~es payable to the Mortgaqee as its ~nterest may appear, and to del~ve? said pol~cy or policies to the Mortgagee wt~en ~ssued w~th the rece~pts for the payment of the premium therefor; and in the event any sum of money Decomes payabte under Such policy or policies, the Mortgagee shalf have the opt~on to rece~ve and apply the sameon account of the indebtedness Secured hereby or fo permit the Mortgagor to recerve and use rt, o~ any part thereof, tor ofher purposes, w~thout thereby waiv~ng or impa~ring any equity, lien o~ right under or by v~rtue of this mortgage: and the MoAgagee. it il deems necessary, may place and pay for such ~nsurance or any part thereot, wiShout losing, wawing or affeC- ting Mortgagee's option to foreclose tor braac~ of this covenant, or any part thereot, or any ritPub Or dption under Ihis mo~igage, and every such payment shali bear ~nterest frcm date thereof until pa~d at the highest rate authonzed by law, and all such paymeMS wrth ~nterest as aforesa~d shall be secu?ed by the lien nereof. In the event any loss or damage is suHe~ed Mortgagor shall notify Mortgagee of suc~ loss or dartiage within forty-eight (48) houra after the happening chereof; the fa~lure to g~ve such n~hce shau const~tute a default and the Mertgagee sha11 have the rights here~n g~ven for all defeults. 9. To perm~t, commrt or suffer no waste and to ma~nta~n the ~mprovements at a~! t~mes ~n a state of good repair and coredition; and to do or pe?mil to be done to sa~d premises noth~ng that wdl alter or change the use and charac[er of sa~d property or ~n any way ~mpair or weaken the security ol said mortgage. !n case of the retusal, neglect or inabit~ty of the Mortgagor to repa~r and mainfain sa~d propeny. the Mortgagee may, at its option, make such repairs orcause tne same to be made and advance monies ~n that behaH wh~ch sums shall tre secuied by the S~en hereo~ and bear ~nterest at the hlghest rate authorized by ~aw I ~ ~ t O. To detlver the abstract or abstracts of t~tle covermg the mortgaged property to Mortyagee er ~ts des~gnated agent, which shall at aIl times, during !~e ~~fe of th~s mortgage. remain m the Dassess~on of the Mortgagee and ~n event of the f.nrednsure of this mortgagsoro!her t~ansfer of htle, ali nght, t~tle and ~teresi of the ldortgagor m and to any such abstract or abstracts of h:le snall pass so tne purcnaser or grantee t t That no wawer of any covenant here~n or ;n the obl~gat~on secured hereby sha~l at any t~me hereafter be held to be a waiver of any of the other ~ !erms neraot or of the note secured hereby, or future warver of the same covenant. '.2. That in order to accelerate the matunty of the indebtedness hereby secured because of the (a~lure of the Mortgagor to pay any tax assessment, ~ ~~ab~lity, obhgaLOn or encumbrance upo~ sa~d proDerty as here~n provided, it shall not be necessary nor requ~s~te that the Mortgagee shallfirst paythe same. ~ 13. That ~f the Mortgagor shall fa~t, ~eglect or refuse tor a per~od of t~~rty 130) days fully and pr+~mptly to pay the amounts required to be paid by the ~ote hereby secured or the mierest therein specfied or any of the sums of money here~n referred to or hereby secured or otherwlse duly, fully and promptly to ~rform, exeCUte, comply with and abide by each, every or any of the covenants, condrt~ons or st~pulations of this mortgage, the promissory note hereby ~ secured and/or the construction loa~ agreement, rt any, then, and ~n erther or ~n any of such eve~ts, without notice or demand, the said aggregate sum men- t~oned in seid promissory note, less previous payments, if any, and any and a11 sums menl~oned herein or sec~red hereby shall become due and payable forthwith or thereafter at the cominuing optlon of the Mortgagee as fully and cumpletely as if sa~d aggregate sums were onginally stipulated to be paid at such time, enrthing in sa~d promissory note or herein to the contrary notwithstand~ng, and the Mortgagee shall be entitled thereupon or thereafter without ~ ^ot~ce or demand to institute surt at faw or ~n equ~ty to enbrce the nghts ot the Mortgagee hereunder or under sa~d promissory note. In the event ot any ~ default or breach on the part of the MortgaGor hereunder or under sa~d prom~ssory note. tr,e Mortgagee shall have the continu~ng option to enforce payment ! of a!I sums secured hereby by action at law or oy su~t ;n equity to foreciose th~s mortgage. e~ther or both, concurrently or othervvise, and one action or swt ~ shail not abate or be a bar to or wawer oi the Mor!gagee's nght to ~nst~tute or ma~nta~n the other, provided sa~d Mortgagee sha!I have only one payment and sat~sfaction of said indebtedness t d. That in the event that Mortgagor sha1111) con~e~t to the appo~ntment of a rece~ver. trustee or li~u~dator of all ar a substantial part of Mortgegors I assets, or (2) be ad~udicated a bankrupt or insoivent, er f,le a valuntary pet~t~on In bankruptcy, or admit in wnting its inab~lity to pay its ciebts as ihey beCOme ~ due, or (3) make a general assignment for the ber.efit of credrtors, or (4) hIe a petit~on or answer seeking reorganization or arrangemeni with Greditors, orto ~ !ake advantage ol eny insotvency law, or (6} hte an answer admrtting the matenat allegahons of a peUUOn hled against the Mortgagor in any bankruptcy, ~ ~eorgan4zation or insolvency proceed~ng, or 161 action shall 5e taken by the Mortgago+ for the purpose of effecting any ot the foregoing or(7) any order, judp- ` ment ordeCree shall be entered upon an applicat~on ot a cred~tor or Mortgagor by a court of competent jurisdicflon approving e petition seeking appointment ~ of a receiver o? trustee of alf or a substantial part of the Mortgagors assets and such order, iudgment or decree shail continue unstayed and in effect fo? any f aenpd of thirty~30) consecutive days, the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the princ~pal of and the in- - g ',@fBSI 8CCfU@(~ On 1hB l10~@ afld 811 OfhCf SUTS h@f@by 5@CUfp,d Sh811 b@COTe !Of1h Wilh duP anti navahfP ac it all nf fho ea1r1 cumc nf mnnav urnrP n.Gnin~ilv . y....... ~ ~ st~pulated to be paid on such day: and thereupon the Mortgayee w+thout nut~ce or demand may prosecute a su~t at law a~dJor in aquity as rf all mornes ; sacured hereby had matured prior to i.s inshtufion i t 5. That ihe Mortgagee or any person authonzed by the Mortgagee shail have the r~ght to enter upon and inspecf the mortgaged premises ai all ~ •easonable t~mes t&. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mo~tgagor at any time with~n iwenty (20) years from the dete ` ;f this ~ndenture. !ogether with ~nterest thereon at the rate agreed upon at the t~me of such loan or advance, shall be equally secured w~th and have the same i ;;'~orityastheor~g~nal~ndebtednessandbesub~ecttoallthetermsandprov~sionsofthismortgage;provlded,thattheaggregateamountofpnnc~paloutstan- ; d n9 at any time shall not exCeed 15 or i1 the preceding blank is not completed. then an amouM equal to one hundred and tifty percent ? 5L~! of !he prmc~pal amount originaliy seCUred hereby shall apply 17 That. ~f reQuired by Mortgagee, the said Mortgagar +~~II pay unto the Mortgagee. on the f~rst day of each and every consefutwe month, a sum Y:~ual to one-lwelfth ol the annual amount necessary to pay an taxes and assessments aga~nst the sa~d mortgaged premises. sa~d monthty sum !o be es- ?^~ated sotely by Mortgagee and calculated to be an amount not less than the amount ot taxes assessed aga~nst sa~d m~rtgaged premises (ar the previous r~ar, and at further required by Mortgagee to pay all insurance prem~ums in manner and form as provided here~n for the payment of ~axes and assessments. 18. That if thls mortgage Is m Connection wrth construchon loan hnanCing, then this mortgage is Sub~eCt to the COnstruChon Loan Agreement aated . 19 be!ween the Mortgagor and the Mo~igagee. an executed copy oi whfch is in the possession of the t".ortgagee and ~s ~ncorporated herem by reterence and made a pa:t hereof; any default by Mongagor u~der said agresment shall conshtute an event ot ~efault under th~s mortgage ~ 9 i~~ai i~~e Mortyayo~ w~ii on ine requesf oi ~ne Mortgayee furn~sh a w~~tten statement of the amount ow~ng an the obl~c~at~on wh~ch th~s mortgage ~~~cures and there~n slate whether ot not Mortgagor r.la~ms any defenses o~ offsets thereto 3 / ?~L ~ ' . ~ Eo~K675 P'GE2931 ~ - 1v ~ .~"`-a~~ ~ ~ u~_-z_~~..N ; .