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HomeMy WebLinkAbout0294 2 5. "1'hat in the e~•ent of a suit bein~ inatituted to foreclae thi~ mort~a~e, the Mortgaget ~Lall be entitled to apply at any tiroe durin~ euch foreclosure auit to the court hsving jurisdictiun thcrcqf for the appointment of a recei~~er of ~II and tingular the mortgaged property, and of aU rcnte, iucomes, profitn, issues and rrvenue~ therrnf, from schatrosvtr source derived; aad thereupoa it ia hereby ezprn~ly coveoanted and agrerd that the court shall forth~vith appoint such receiver ~cith the uaual poK•en snd dutia of receiven. in like cue~; and said sp- pointment s6a11 be made by the court as a matter of atrict rig6t to thc hiortgagee, and without reference to the adequacy or iaadequur of t~e valut of the proPerty hereby mortYaged, or co the solvencp or insolvene~• of t6e Morsgagor or auy othec party defendsnt to such suit. The Mortgai~r hereby apecifi¢all~• waives the rig6t to object to t6e appointment oE a receiver as aforesaid and hereby e=pra~ly eonaena t6at we6 appoi~t~nrnt shall bt made as an admittcd equity and as a mnttrr af absolute rigdt to the Mortgsget and t6at t6e ~amo may be done wit6our noti~e to the tiiortgagor. 6. Th~t if any proceedings ehould be iastituted against the property covered by thia mongage upon aay other licn or claim w6et6er fuperior or junior to the lien of thi~ mortgage, the Mortgagce may at in option irnmediat~ly upc>n inatiwtion of auc6 suit or du~ing t6t pend- ency ~hereuf declare this mortgage and the indebtednas secured hereby due and paysble forthwith and may at it~ optioa proceed to foreclo~s this mortgage. 7. To pa>• all and sin~ular the costa, fees, chargea and expensea of every kiod, including the cost of sn ~bstract of title to •aid lands found to be con~•enient or ~xpedient in connection wieh.any suit for the fortclr~ure of this mo{tgage, and slso including~ whtYher tht Mortgagee ia o4ligated to pay same ar not, reasonable attorney's fces iacarred or espended at any time by t6t Mortgagee becauee of the f:ilure of t6e l~lortgagor to perform, comp?y wit6 and abide by a!1 or any of t6e covenants, conditions and stipulations of said promie+ory note, or thit ~aortgage, in th: foreclosure of this mortgage a~d in collecting the amouat secured 6ereby with or withnut legal procredinga, and to reim- burse the hlortgay;re for ovcry payment made or incurred far ~ny wch purpase wit6 iutere~t frotn date of every such paymtat at tht rate of eight per cent {S%) pcr annum; auch payments and obligstions, with taterat t6ereon u a#oratid, shail be setured by tbe litn hereof. 8. To kcep the building or buildinp,s now or herenfter an said land insured against lo~s or dunsge by fire, euteaded coverage tad othcr perils, including ~var ri~k insurance if available, in a pum not less than their full insurable value at t6e coet and expense of the Mort- gagor in a company or companies approved by the Iviortgaqee, the policy or policia to be beld by t6e Mortgagee, and such policy or policies of insurance snall have affixed thereto a Standard New Yotk Mortgagee Clause, ma{cing all lob or losaes uader euc6 policy or policies payable to the Mortgagee as iis interest may appcar, and to deliver ~aid policy or policia to the Mortgagee when isaued with tte recapb for tbe pay- ment of the prernium therefor; and in [he event any aum of money becomes payable under ~uch policy or policies, the Mortgagee shall 6ave t6e option to reeeive and appip t5e same on account of the indebtedne~ secured 6ereby or to permit the Mortgagor to receive and uae it, or any part thereof, for ottser purposcs, «•itl~out thereby ~vaiving or impairing any equity, lien or right under or by viKue of this mortgage• nnd the Mortgagee if it decros necessary may place and pay for euch insuranee, or any pan t6ereof, ~vithout losing, waiviag or afferting Mort- gagee's option to foreclose for breach of t6ia covenxnt, or any part thereof, or any right or option under tbi~ mortgage, and every such pay- ment shall bear intcrest from date therrof until paid at the rate of eigbt prr ctnt (8%) p~ r tnnum, snd al! •uch pay7nenr~ with interete as aforrs~id shall be eecured br~ the lien hereof. In the event any loss or dnmage ia ~uffered Mortgagor s6all nocify Morcgsgee of •ueh loss or damage ti.•ithin forty~-eight (38) hours after the ha~pening thereof; the failure ta give such notice ahali constitute a default and the MoRga- ~;ee shall h:~~~e the rights herein given for ail defau ts. 9. To permit, commit or suffer no ~vute and to maintain the improvements at tl( tima in a state of goad repair and condition; and to do or permit to be done co said prcmises r.othing t6xt will alter or change the use and c6aracter of said property ar in aay way impair or ~veaken the security of said mortgage. In case of t6e refusal, neglect or inability of the Mortgagor to repair and maintun said property, the Mort~agee may, xt i*~ opEion, make auch repaira or cau~e the ssme to be made and advance monica in that behalf rrhich ~ums shall be eecurcd b~• the lien hereof and bear interest at the rate of eight per cent (8%) per annum. 10. To deliver the abstract or abstruts of title covering the mortgaged property to Mortgagee or its designated agent, «~hich shall at all times, Juring the life of this mortgage, remain in tbe posscuion of t6e Mortgagee and ia eveat of the foreclo~ure of t6ia mortgage or ot6rr transfer vf title, sll right, title and intrrest of the :~lortgagor in and to any auch a!»tract ot ~bstrarn of ritlt ahall pasa to the purchaser or 6raneee. tl. Tt~at no ~~~aiver of any covenant 6erein or in the obligation secured hereby shall at any time hereafter be held to be a«aiver oi an~ of the other term~ hereof nr of the eote aecured 6tr~by. 12. That in order to accelerate the maturity of t6e iadebtedaees hereby securec• because of the failu~e of the Mortgagar to pay any tau a~aessment, liability, obtigation or encumbranre upon aaid property s~ hercin provided, it •ha? nut be necessary nor roqui~ite that the Mortgagte ahal! first pay the same. i3. That if the btortgagor shul! fail, neglect or refuae for a period of t6irty (30) daya fully and promptly to pa~• the amounb rc- quired to be paid by the note hereby secured or t6e interat tlsereia tpecificd or any of t6e sum• of monay 6ereio referrcd to or herebp te- cured, or othenvi~e duly, full,y and promptly to perforrn, eYecute, co~ply with and abide by each, every or any af the rnvenana, conditiom or atipulations of thia mortgage, the promissorr• note hereby tircured ~tn~i/or the contrtruction ioan agreeroent, if any, theo, and in eithec or in xny of such events, ~sithout notice or demand, the eaid aggregate suen mentioned in said promiswry note, lesa previoua paymenta, if any, and any and all sums mentioned 6erein or securcd hereby ehall become due and payable fonhwit6 ar thereafcer at the continuing option of t6e Mortgagee as fully and completely as if :aid aggregate sums were originally- stipulated to be paid at auch time, anything in sa~d promi~aory note or herein to t6e contrary notwithatanding, and t6e Mortgagee ehall be entitled t6ereupon or thereafter without notice or demand to in- atitute suit at la~e or in equity to enforce the rights of the Mortgaget 6ereunder or under said promiasory nota In t6e ~vent of any dtfault or breach on tAe part of the Mortgagor hereunder or under aaid promiseory note, the Mortgagce •hall have the concinuing option to enforce payment of all sums secured hereby by action at ls9v or by ~uit in equity to foreclwe thi~ mortgage, either or both, concurrently or et6erwise, and one action or suit shall not abate or be a bar to or waiver of the Mortgagee'a rig6t to imtitutc ar maintain the other, provided said Mort- gagee ahall have only one payment and aatiafaction of aaid indebtsdnas. 14. T6at in t6e evtnt t6st Mortgagor s6a11 (i) consent to tFu appointmtat of a receiver, trwtee or liquidator of all or a aubstantial part of Mortgagor's a~sets, or (2) be rdjudicated a bankrupt or insolvent, or file a voluncary petitian in bar.kruptcy, or admit in writing stx inability ta pay iq debti a~ they become due, or (3j make a gene~a! asugnment for the benefit of creditoro, or (4) file a pedtion or answa ~eeking rmrganizatiou or arrangement with crediton, or to ta~e advantage of aay inaulvency law, or {S) file an answer admitting t6e ma- terial allegations of a petition filcd against the Mortgagor in any bankruptcy, reorganization or ineolvency proceeding, or (6) action ~hall be taken by the Mortgagor for the purpose of effecting any of t6e foregoing, or (7) sny nrder, judgmeat or decree ahall be entered upon an applicatian of a creditor or Mortgagor by a court of compecent jurisdicrion approving a petition setlung appointment of a receiver or trustee of all or a aubatantial part of the Mortgagar's asaets and euch order, judgment or decree shall rnntinue unstayed and in effect for any period of thirty (30} conaecutive da}•s, t6e Mortgagee may declare t6e note hcreby secured forthwit6 due and payable, whereupon the principal of and the intrrest s~crued on the note and all other aum~ 6ereby secured s6a11 become forthwitb due ind payable ae if all of t6e said sums of rooney were originaily atipulated to bt paid on ~uch day; and thertupon the Mortgagee without aodce or demand may prosecute a~uit at lsw and/or in equity as if all monies ~ecured hereby had matured prior to itr iastitutioe. 15. That the Mortgagee or any penon authorized by the Mortgagee ehall 6ave tho right to cnter upon and inspect the mortgaged premises at all reasonable times. 16. That any sum or sums nhich may be toanrd or advanced by the Mortgagee to the Mortgagor at any time withio tea (10) yeara from the date of this indenture, together ~ith interest thermn at the rate sgretd upon at t6e time of suc6 loan or advance, ahall be equally ac- cured w•ith and have the same priority ms the original indebtedaaa and be aubjeet to all the terms and provisions of this mortgage; provided, that the aggregate amount of prinripai outstanding at any time ahall not ezceed aa amount rqual to one hundred and fifty per cent (150~10) of c6e principal arnount criginally secured bereby-. iT. That, if required by Moregagee, tbe eaid Mortgagur wi11 paq unto tbe Mortgsgee, on the first day of eac6 and every consecutivr month, a sum eqval to ane-t~selfth of the annual amount necestary to pay a!1 caxes and sase~smeop against the said moetgagcd premise~, •a;d monti~ty sum to be estima~rd solety by Mortgagee and calculated to be an amotmti nut leas thstn the aroount of tazra aarsessrd against said mort- gagcd premiszs for the pre~ious }car, and if further required bq Mortgagee to pap all insuraoce praniums in manner and form aa provided herein for the papment of tazes and abessroenls. 18. That in the event t6e loan which t6is mortgage ia givea to ~acure i~ made for t~e parpose of finamcina tit6sr the wnstruttion ~f new buildings or the conatruction of improvementa and<or additiona to ezisting buildings, tLe Mortgagar, if required by t6e Mortga~ee, ezpresaly agreea to deposit with the Mortgagee or ib daignated agent an unount of money equal to t6e differeace betweta t6e net proeeeds of the loan and the total amount, a~ determined by the Moct~aqee, required to fully complete said ~eonstructian in aceordante wii6 the pluu and specificxtion~ 6ererofore aubmitted by the Mortgagor aad approved by the Mortaa~ee. Sud amount of mooeq shall be ptaced by t6e Mortg~~ee in a"Loan~ in Procese Acrount" in the name of the Moetgagor, and the same ~6sU be used by the Mnrtgagee to pay the ca~sts, charga and expenses iacurred in eonnection with said constructioa prior to di~buning of thia loui. It is further agreed that in the tvent said ~onstruction is not fully compteted on or before the date ttated in the CORfLtIIthOIf Loan Agreement or in the eveot that the work on ~aid conscruction ehall ceaae beforc full completion and euch CtlsAU0I1 •hall coatiave for a period of ten (10) days, or if sub~t~ntial coadnuous pro~ress ehall nat be made in euc6 construction, t6en snd in any auc6 event t6e ~id aggregate eum, principal snd intere~t, mentioned ia ~aid promiesory noce, and all monia secured 6ereby, ahall become due and papable forthwith or thereafter, at the option of eaid Mortgsgee; aad in the event of auch cesaatioa of Rark upon said co~struction for a period of teu (10) days, or if substaatial cantiauous progreae s6a11 not be made in auch conatruction, ae aforesaid, the Mortgagee may at ita option enter ipto and upon the mortg:ged premisa and eomplete said rnn- ~eruction in such manner aa it derma adviesble without anq interfermce from the Mortgagor; cLe ~aid Mongagor hereby giring and grantiag to the Mortgagee full power and autho:ity to make such rntry into and upon stid mortgaged premiaea, to enter into auch contnets or a~- rangements aa may be ~ecessary to complrte asid constructioa, and to ezpend tnq monies remaining in ~aid "i.oans ia Process AeoounN' and in addition any 9ume of money necoaaary to complete said tonstruction ; and any and all monia expeaded by the Mortgsgee in connectioo with auch completion of construction in excess of the monics in said "Loans in Proce~e Acwunt" shall be added to the said principaf dtbt aod shali draw inierat at the rate providcd in ~aid promiasorr note, and ehall be ~ecured hy this raortgsge, and shall be psyable by t6e Mortgs~or on d~mand. R BOOK