Loading...
HomeMy WebLinkAbout1619~~ ' ~ ~b~K u 3 ~~ 1 • ST. IUCIC COUitt1, F'll-. : S. Tint is the event d a suit being insdtuNd a knelsa tW , tier stall be tatitlsd a appb u nay tint during web focecloattre suit as tbs conrt w juriad3stioa tiarsof fer cis appaiatwtat of a~oE aU anti bu tie soregaged properq, aondd of all rem. iooomes, Profiler, looses sad revenues ebteof, free wYataae-er anew datindi aid eMraupw & is Mni7 mF~b ~ma•t+d and agreed ehu tits court aYa11 fott-witb appoint e~- reotissr wick tie wool powers sad dndw of naives is like rasa; and acid a poiottnent stall be trade by tie wart r • natter aE stria sift to tM and witbotrt rsiseseot a tie adegoaey or baadequaey of t~ value of tie property iereb7 ao:t~, a< a tbs solvmp K iaaalvsaey of or atK other defeadaat to suJ suit. Tie Mortgaprr herb sPaifitm{ly walvea tle rl~tt ce object M tie sppehtoaat of a ver r aforesaid aril ienby t~raaly cooseaa tl<at eruct appointment shal~ be made r as admitesd equlRy and r a rooters st ttisalwe tiglt M t4 11<ort~sgee anti that tie erase may be done without rwdee to tie Mortgagor. 6. That if aqy proccediags should be irtituted against tM petspesq atrrend ti this '~ apoa aqy ether dm or claim whetter superior or junior to tie Uen of this mor~a~e, the I-ieetgagse may at let option hsuasdiaeeb upon inadtutisa of ouch suit or durln~ tier pend- ency thereof declare thin mortgage asd tie indeitsdneaa aeatrod Mrip drte sad pga-le fartiwiti and tag at ha option proceed to faeeiese this mortgages 7. To pay all and si~o alas the osata, fees; charger sad capmaea of everyr kind, Iseladlns Ne coat of ao aberaet of dtk eo said lands found to be ooavedent or eat is conneeeioo with~any suit for tM forabanre of lib mortp~ and eta irsclnding, whether tie Mortpgee is obligated to pa~samc or•noy reasooabk attorney's fees incurred or e:pmded u nay tier by tie Mortgages beeawe of the failure of cis ::c ;t;.;,cr to ps -, c!+!tti+iy w!t!+ r~ ~t*i•!t by ~ti't:r aa° of *}t ~vrs*sn~.., c*~di*_i~s sad sdpalatiotb of rei*~ gro*nissory rite, Qr tbls mortgage, fa the fotrocbsun of tWa mort~ sad in oolkefip~g tM aeaount ascured hereby will er without kpl prooeediagr, sad eo rsim- burse the arc foK evsay pymsat teats or iaearrsd foe aq soot purpose wits iaterat from ante of every sort paymeoK u the me of eight per cm~t (t'Jb) PK atttum: loci Pp'atsaea asd obliptioaa, wits iucrest thenoa r aforesaid, stall be secured by the Hen Lersof. _. To keep the bdlding eY bdWio~ new er ianaftsr sa aaN land tessera aplart ioaa ear isms by fire, tueaded os~rerase and other pmb in a sus not kw elan tbdr full irnrabk value at the oat sad of tie II`ottga~ar ba a oaspaa or aempaa;w • sd by the Mo rrtpgec, tie polity or policies to bs held by tie Mortgagee, and aneilieY oc polieia of ioaarana sWl ~ve sfffnd tieret~• Stan- dard New Yort C ry making all loran or btaa radar sues policy oe polities payabk b the r is interest may appear, sad to deliver sailCor poHdes a the Mo when iwued with tie nt~pb for tie pyttxnc of tie um tbcre[or; and in the event any sum of money betaaa p~ble under sorb or polities, tie lbrttagee mall care the option to ve •aod apply tie same on stxouat of the indebtedness secured leieby or a permit tie eo nedve and re lt, oe nay~ ppart d-ereof, for otter purpoaa, without thereby waiving or impairing any egttky lien or rlgit tender or br virtue of tits mortptgs; anti tie bloetp-ges if it deems netesaary may place and pay for sorb iosuranee, or any part hereof. wlthotu laiog, waiving oe affesxiag Irlortgagee'a opebo to foreelae for breast of tits eoveaaot, or any part thereof, or as) right or option undo tits mortgage, and every atseh payment asit~all bear interest ft+om date thereof mill paid at the rate of eight per coat (i%) per amttm, and all suet paymma wilt iatett3st r aforesaid stall be seemed by tie lien hereof. In tie event any loo or damage is suffered Mortga®or shall aodfy Mortgagee of eruct loser oe damage within forty-eight (4f) boon after tie happening thereof; the failure to give ouch notice shall ooostitrKe a attk and tie Mottgagse shall have the rigNs herein given for all defaults. 9. To permit, commit or snfhr no waste sad a maintain the Improvements u all times in a caste of good repair sad condition; anti to do or permit to be done to said premises nothing that will esker or eiaage tie nee and eharaeter of said property or in any way impair or weaken the rucurity of said mortgage. In we of tie refusal, ueglax or inability of the Mortgagor to repair sad tnaintaia acid property, the Mortgagee may, u is optiotti make ouch repairs or cause the same to be made and advance monies in that behalf which surra shall be secured by the lien hereof and bear interest at the rate of eight per Dent (f96) per amtm>. 10. To deliver the abstract or abstracts of title covering the moth property to Mortgagee or is designated agent, which shall at all times, durit-g the life of this mortgage, remain in the possession of the rtgagee and to went of the Ioreelwure of this mortgage or other trart}fer of title, all right, title anti interest of the Mortgagor in and to any soc6 abstract or abstracts of title shall pass to the purchaser or grantee. 11. Thu ao waiver of soy covenant herein or in the obligatisa secured hereby shall at any time hereafter be Geld to be a waiver o! an.• of the other terms hereof or of the note secured ieneby. 12. That in order to accclente the maturity of the indebtcdncw 6enby secured because of tic failure of the Mortgagor to pay any to assessment, liability, obligation or eocumbranee upon said property r herein provided, it shall not be oecYSSary nor requidte that the Mortgagee shall first pay the same. 13. That if the Mortgagor shall fail, neglect or refwe for a period of thirty (30) days fully anti promptly to pay the amouna te- quired to be paid by the note hereby secured or the interest tierdn apeafied or any of the soma of money heron referred es or hereby se- cured, or otherwise duly, fully sad promptly ao perform, ezeeute, oornply with and abide by each, every or nay of the oovenana, conditions or sdpulatioos of this mortgage. the promnsoq note hereby seewred rod/or the eoostruetion boa agreement, if any, rhea, and in either or in soy of such evrnesy without notice or etziaad, the said sum aentioted in said promissory Door, kss previous Payments, if any, sad ...a ,n ....o. rnenriooed hereto or secured hereby all became doe sad payable forthwith or thereafter at the ooadauiag option of the Mortgagee as fully and completely as if said aggregate auras were originally stipulated to be paid u such tithe„ aaythiag is said promissory note car herein to the contrary' aotwitMtandiog, and the Mortgagee shall be en tkd thereupon or thereafter without notice or demand to in- stitute suit at law or in egw~y to efforce the ri of the Mortgages hereunder or under said promissory Dote. Io the evem of soy default or breach on the part of the Mo hereunder or tender said promissory notq the Mortgagee shall have the oondauiag option to enforce payment of all surge secured hereby by action u law or byy suit in eq~i~y to foreclose this mortgage, tither or both, ooocurreatly or otherwise, and one action or wit shall not abate or be a bar to or wolves of the Mortgagee's right to irdtute or maintain the other, provided said Mort- gagre shall Gave only Doe payment anti satisfaction of said indebtedness. 1;. That in the event that Mortgagor shall (1) consent b the appdnemmt of a saver, trustee or liquidaaor of all or a substantial part of Mortgagor's assets, or (Z) be ad a leaked a bankrupt or iasolvettt, or file a volunury petition is bankruptcy, or admit in writing is inabiliq• to pay is debit r they become ~ue, or (3) make • general assipunent for the benefit of erediton, or (4) file a petition or amwer srekinl; reorganization or arrangement with erediton, or to take advantage of any imolvency law, or (S) fill as answer admitting the ma- terial allegations of a petition filed agaimt the Mortgagor in any bankroptty, reorganization or insolvency proceeding, or (6) action shall be talco by the Mortgagor for the purpose of effecting any of the foregoing, or (7) any order, judgmrnt or decree shall be rntered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seel-ing appointment of a receiver or trustee of a!I or a substantial part of the Mortgagor's assca and ouch order, judgment or decree shall eootioue uastayed and in effect for nay period of thirty (30) consecutive days, the Mortgagee may declare the note ienby secured forthwith due sad payable, whereupon the pritxipal of and the iaterat accrued oo the note and all other sums hereby secured shall become forthwith due and payabk as if all of the said sums of moneg were originally stipulated to be paid on such day; anti thereupon the Mortgagee without rootiet or demand may prosecute a suit at law and/or in equity as if all tnonia secured hereby had moored prior to is insdtutioo. 1S. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter npoa and irpect the mortgaged premises at all reasonabk times. 16. That any sum or sums which may be loaned or advaoad by tbt Mortgtgee to cis Mortgagor u soy rims after the reoording of this indenture, together with interest thereon u the rate agreed upon u the time of ouch ban or advance, shall be equally secured with and have the same priories u the on sal indebtedness and be subject to all tie termer and provisbos of this mortgage; provid that the aggregate amount of Priacapal ouatandIng u nay time shalt not escesd ere smouat egad b one 6uadred and fifty per cent (1S0 } of the principal amount orignally secured hereby. 17. That, if required by Mortgagee, the said Mortgagor will pay unto the Mortgagee, on the 5ru day of rata and every co~urcuiirc month, a sum equal to one-twelfth of the annual amount aecatiry ro pay all taza sad assesmena against the said rrwrtgaged premises, said monthly sum to be estimated sad calculated on the amount of lazes assessed against said mortgaged premises for the previow year, and if further required by Mortgagee to pay all iwnraaee premiums is taamer and form u provided bents for the psymeot of taus sad assessmeaa. IE. That is the event the ban which this mortgage is vm to aeenre is made for the putpae of financing either the oomtructiat of ne~v buildings or the construction of improvements and/or -additions to ezbdng buildings. the Mortgagor, if required by the Mortgagee, ezpressh• agrees to deposit with the Mortgagee or ib dtaigaued agent as (mount of tnooey equal to the difference between the net proceeds of the loan and the total amount, as determined by the Mortgagee, re wired to fully complete said construction is accordance with the plans and specifications heretofore submitted by the Mortgagor and approved by the Mortgagee. Said amount of money shall be placed by the Mortgagee in a "I,oata in Process Account" is the name of the )Nortg~agor, and the same shall bt used by the Mortgagee to pay tie eosa, charges and ezpensa incurred is connection with said eortruetisa sins to disbuntaagg of this ban. It is further agreed that in the event said oonuructioa is not fully completed on or before tbs don staid la the Coostruetioa Loan or is tie went that the work on .aid construction shall cease before full eom~ktion and anr~ eesatiaa shall oootinne for a period ten (10) derys~ or if substaada) eontinnocs progress shall not be made is such eomtrucaoo, then and in nay sorb event the acid aggngan snot, Prindpal and interest. mentioned in said promissory sae, and all monies secured hereby shall become tine sad payabk foetbwiti or thereafter u the option of said Morcpgce; and in the event of such cessation of work u sai~ ooastrtsetion for a Period of ten (10) days, er If so~staodal omdouoar progress shall not be made is such ennstruetion, as aforesair~the Mortgages may at ib option enter Coto sad npoo the premises and complete said con- struction is such manner r it deems advisable without any Interference from the Mortgagor; the sail d~ortg~r benby pvsng and grandeg to the Mortgagee full power and autboriq to mate ouch entry Ingo anti npoa acid mortgaged to enter into ouch eootnca or ar- rangemena esmay be necessary eo complete acid eoostrtsedoor sad b spend nay monies raaaInJng is said 'Zara in Proeaa AooonoP sad io addition any sums of tnoaty aeeeesary to complete acid ooostrnedoo; and any and all merles t3pended by the Mortgagee in oooaectiioa with such completion of oonstruetioa in eaxase of the loonies in sdd 'Zao• Is Procew Acooant" shall be added ro the said priadpal debt sad shall draw iaterat u the ran provided in aid promisory rear, sad atoll be seeared by title mortgage, anti shill be Payable M tie Mortgagor on demand.