HomeMy WebLinkAbout0979 ~
S. Tsat In ebe evea~ oE a ~uit beias iwatuted ~o Eoreelae thi~ mortpp, tLe Matpsee ~?all be euutkd ~o aPPb u~ dnas dudn~
~uch forabsure suit ~o c!e aouK ha~nt~ jurisdietioo t6ueOf fo~ t6e appoiu~t oE a recei~a of dl and da~u!u the roo~a~ed Properq~. aod
of a!! rent; inoomqr profin, issua and csvwua t6ereof, from ~rhatwever wurce deri~ed; and t6ereupon it b 4enby e:p~asly oovmantcd
and a~ned Jat t6e cou~t ~1a11 to~tbwit6 appoiat suc6 r~cei~e~ wic6 t6e wua! poKers and ducia of reoei~en. iu tike casa; aad ~id ap-
poiatment ~halt bs made ar t~e ooun a a msaer of urict ri~Lt to t6e Mr~a~e~ and v?itbout refeceoce ~o tbe adcquaey or inadequae~ oE t6s
~atuc of tbt propuy 6e~~r mortYaaed. oc to the al~eoe~ o~ iaal~encp of che Mortp~or ot aeqr otser w~r dcfeadaot to tuch wit. ~s
Mon~a~o~ 6enb tpecificalir wsi~a cQe ris6t to ob~ect ao tbe appaoaneat of ~~ca~c~ n aforaaid acd 6enbr c:praslr ooo~ean ~Du nreD
a~~ I~o~~
de a aa admiaed cquiq sad as a matter of ab~oluce ~i~ht to tbe Moc~ases and ehat t6e wne m~~ be done wit6ow
T6at if ta~ proceedin~ ~hould be iuultuced asaimt eLe property co•end br chi• ~no~e upou an~ otLe~ lia~ o~ ciai~u wietDe~
~uperior or juaior to tbe lieo oE t~s murt~a~ cbe Mortpsee may u ia optioa immediatcl~ upoo iwtiturion o sucb suit or durin~ tbe pend-
eoey t6enof dalare thls ~eortp~e aud t6e indebtednea keured herebr due snd parable foreLwitb aa~ mar at in option proeecd ~o foceelo~e
t6is aa~t~age.
7. To pay all u~d lu t6e can, tea. cb~~a tad ~pawe~ of e~eqr tiod. indudin~ t6e oat of aa abstract of atie to ~sid fanb
fouai to be oou~eoieot oc ~eat ia ooanacioo wit6.uu suit Eot tbe fonc{aure of t6i~ mo~t~a~ and aLo iucludin< w6ether t6e Mort~ans
i~ obli~ated to pa~r wne or aoy rea~onabk steocneri fea ineurrtd o~ upeuded u any time 6r t6e eio~tsa~ea peawe of tbe fsilurc of t?e
Mo~a~or to perform~ caaplr wic6 and abide by .p or aar ot ~6e ao•cnane.. ooadiaow and stipuluioo~ of stid pea~woq note, oe t6ia
mo~a~e, in the foreclasure of tbis mo~ase and in aollectiat t4e aniount ~ad be~eby wit6 or wit6out le~al proaediup~ Rod ~o reic~.
bune tbe Mort~a~e tor erery payment msde or taeurrtd for aa~ ~uc6 p~rpae witL Iatcrat fran date of every weh paymea,t at t6e nte of
pt~ Pa ceot (f9i) per anaum; ~ucL pqmeoq and obliptioo~, wi~6 inurat t6eceon d afo~aaid, ~hall bR secured b~ the Gen bcreof. •
t. To ~ tbt bnildlns or bnildinp uow or bere~fte~ oa said land iawred a~aiou lar or damase b~ fiee~ ernaded oo~era~e and
o~er perib, incl n~ wu rist inwrance if a~ailable. in a~um ~aot las thao t4eir fult ioaurable ~alue u t6e oat and e:peme of t~e Mort-
Qa~or iu a oompaoy or oomp~nia appro~cd br tbe Mortsajcq c6c policp or policia to be beld b~ t6e M~and wcb policp or polida o~
iosurance s4a11 ha~e afR:ed tLeceto a Sqndud New Yock Mortaasee Clawe, ~nakia~ all lo~ or losse~ under s polic~ o~ polieia paYabk a
c6e Mongagee s ia interac maJ• appea~~ ~nd oo deli~er wd polter or poliaa eo tbe Mortga~se w6en i~wcd with t6e ca~npts ior t6e pa~
n~ent of t~e premium t6enfor; and in the e~ent an~ sum of m~one~r bccomp parable under sucs poliep or policia, t6e Mor[p~ee s6a11 6a~e
t6e' optiou ~o reeeive aod appl~ t6e ~ame on sooount oE tbe ind~tcdnp~ ~ccured hereby o~ to pcrmit the Mo~.gor to reeeirt aad use iy or any
part t6ereof~ for ot6er purpo~p~ witbut t6eredy waivtns or impairin~ an~ equitp. lim or right uoder or br ~rietue of t6is moctgaje• aud
tbe Mortgagee i! it deem~ aecenaq may pl~aa and pay fo~ sueh ~nsurance~ or any pairt t6eceof, witbout IosinL wai~rioa or affadaQ ~torN
~a~e • option M foreclae for breacb of tbia oo~maa~ or aar part tbereof. or an~ rig6t or optioa undet this a~o~a~, ~nd everr ~ucb W7~
mmt s6a11 bea~ iaterat from date t6ereof uatil paid u tDe rate of ei~ per teat pcr aanum. aud all ~ucb pay~b witL ioterat as
aforaaid s6a11 be saured b~ t6e Gea 6ercof. In ebe e~en~ an~ 1on o~ dama~e Is snfEercd Mort~a~or sball notifj Mortaagee of wc6 loM or
dama~e withia fo~-eigbt (H) 6oun aha tbe 6apreaiog tLe~eef; tbe failure to gi~e ~uc6 notiee shall tomdtute a defauh and t6e Moctsa-
gre s6a11 6are tbe rig6a herein ~iven for all defauhs.
9. To permiy aommit oc wffe~ no waste aod to maintain t6e tmpmvemenb at all tima in a~..te of ~ood ropair aad ooodition; snd
bu
0o do orpernut to be done to said premius aotLins t~u wip ahcr or cbange the ~se and c6aracter of ~aid prope~ oc io aay wy impair or
weakm tbe ~eeurit~ of ~aid mort`a~e. Ia ane of tLe refwal. ne~lect or in~bilitp of tLe Mort~agor ~o repair and maintain said prope~tp, tbe
by~t6~e
~ Se e~oE aad beu~interat at the a
e of d~ht
pvi
cen~ made aad adTance moaia in t6at be6alf whic6 wms shall be aeured
per annam.
10. To ddi~er the abuaet o~ aburacb of title oorerins the moctga~ed properqr tu Mort~a~ee or its daignucd s~ent~ .s6ic6 sball at
all dma. durio~ t6e lih of this mort~a~ remain in t6e poae~iou of tbe Mort~agee aud in tvent of t6e frnelaure of this awrrgage or a6er
crao.fer of ntl~ a~l ri~y eitk ar,d iaterat of tbe Mo~t~or in and to any such abtnct or abstracb of titk shaU par to the purcha~er or
erantee.
li. 'lbat no wai~er of aar oo~eaant 6t[dn or in tLe obli~ation ~ecured 6erebp sbali at aay time hereafter be beld to be a Raira of
aay of the ot6e~ terms berooE or of tbe note seeured 6enbr
12. T6at in orda ~o aoceierate tLe mamrit~ of dte Indebtedae~s 6erebr saeurai baause of tLe failure of tLe Mon~ a p.y any auc
aaeamau, liability, obliptian or enc~rnbrance npon said property ar 6erdo pro~idtd. it shall aot be neanar~ nor requis~te t at the Moctsa~ee
s6a11 fint pay the same.
i3. T6u if ~e Mo~r~ ahaU f.i1~ ne~ka or reEa~e for a per;od of c6trcy (30) days fnUy a~ p,~r~r ~ wr c~ smounu re-
quired to be paid br tbe uote Lenby iccured or tbe iotera~t tLerein specified or any of tbe saar of mone~ berda referrod to or hereb ~
eured. or a6erwi~e daly. hnll~ and P~~7 ~ P~~0. ~ ean~ witti and abide br eacb, e~en or wr of the eo~eoantr~ ~
or stipulatiaos of t6i~ mort~a~e. tbe promwory note bereby raeared or tbe eoo~t~uctioo loan sgroement. if anr. t6eo. ~nd in athte or ia
an~ of s~ e~eadi, wit6out ootice or demaad, the saida~e~tc swo meationed in said pwmi~oq ooa. las pre~ious parmeoa. if an~. and
anr aod dl sums immtioacd becein or ~eeured 6ereb~ s6a11 6eoome dne aod parabie to~t6wit6 or tbereaher ~t t6e toodnainaopt~on of t~e
Morep~ss as fuly and oompktd~ as if said a~egate wms were oripnallp stiFulated to be paid at socb time~ aorthing in aid pnmi~onr
note or 6erein to t6e oonuar~ ootwttbsandio` and t6e Mort~a~ee stisli be mdtled thereupon or t6ereafter wit6au aotiae oc danaod to in-
~titute wit u law or in to eaforoe tbe of tbe Mottssgee 6erenader or undcr ssid pe+omiaoq nota In t6e event of any ddank
or breaeb an the p~rt of~ bae~or uoda ~aid promiswqr not~ tLc Mort~sgee shall ha~e tbe ooa6aui
Ps7mmt of dl swm ~red Lereb~ actioo at isw or bf ~t in~ oi optiau to enforoe
qd~ to foroelae this mort~a~ eittier or bot~ ooocurrmtlr or otberwi~y
aad ooe sction or suit a6d1 not abate or be a bat t~ or wairer of tLe Mortsagee't ri~t ta institute or maintain tLe ot6er, pro~ided ~aid ~toet-
sa~ee s6a11 6a.e onlr ooe P~~mmc and ~atisfaedon of afd ~
14. 'I3at in tbe e~ent tbat ~r s6a11 (1) coo~eet ~o tbe appdntmeot of a retd~er. trwtee or Gquidator of a1t or a sub~tantid
part of Moress~s areer~ ae (2) be sd teated a baaksopt or imolnnt, or file a ~oluoar~ peeition in bankn~ptn. or admit ia wriein~ is
inabilit~ to pa~ ib d~bts ~ the~ 6~oomt ~ne, or (3) make a~ena~l ~~omeat for tbe beneRt of eredicon. or 81e a petition or amwet
sKl3at reortanisatioa oc wide a+edioon. or to tate tdranta~e of an~ 1mol~taey 1aw. ~~7 P~roceedi~
K(6~set'~ioa ahdl be
terial al oE a petitioo led apiwt the Motqa~or in sn7 bsnicruP~7~. ~~i~sation or insol
nten b~~~r tor tbe purpore of effecein~ an~ of t6e fore~oin~ or (7) an~ ordeq 3udOneat or de~cre~ s6a11 be carered npon ao
applicuioo of a credienr or Mor~r b~ a oonrt of oanpeteatt ~'uriidiaion appro~ios s peticion ~eekint appointmmc of a raei~er or trmtee
of all or s tu6staodsl put of tbe Mat~or`~ a~ets and order. 7'udpocat or dares sLall ooncinne nnsta,~ and in eHat for aa~ pe~iod of
tLirb (t0) ooo~ecuti~e da~n; tLe Mortgasee ma~ dalsre t6e oote 6ereb~ ~e~wred fort6wit6 dne and psTsbi~ wbenapon t6e prineiptl of and
the Interat aamed on t6e nae and dl otLer sunn 6eeeb~ aecnrcd ~6aU ba.nme fort6witb doe and pa~abk as if all of t6e said ~ums of wooe~
nerc oripnall ~tipalued ~o be paid on such dsy; and ttierenpoo the Mortp~ee widwat nodee or danand m~q proiecute a suit u las and/or
in equett as i~all mooia ieenred ber+eb bad matuced ~
7 priac ro ;u in~tcuaoo.
iS. ~at tLe Mort~ases or sn~ peisoo autborissd b~ etie Mort~ee ahall bsve the ri~t tu wter upon aod impat tbe mo~tp~ed
premises st all reaooable timai.
16. T6at an~ wm or smm wLich may be loaned or advsoad b~ ~be Mo~ep~e m rbe Mo~ u any ume wic6in ua (~o) ~ean
from ~be dsee of ebis indencure. ~aher wie6 ineeraa ~beetion u ebe rae agecd opon u tbe time of a~cb bao or ad~aooe, s6ap be eqndl~ se-
cnred with aad 6a~e tbe s~ms prio~itf ar tbe ori~inal indebtednea and be snbiea to all t1e term~ and peo~i~ions of chis more~a~e: Dro~id~d.
that tbe a~epte amouot of P~~P~ ~ot at aar time ~6a11 not e~eead ~n amoont eqnal to one 6nadred and fift~ per oent (1S09G) of
c6e PrineiP~e1 amoaat ori~iealb iecnred h~
17. 1~ay if roquired M~, ebe sdd Horep~or will ps~ ~mto t~e ~Iortp,~e, on d~e Snt dq of eaeh aod e~ery ooo~ec~i~e
rnooe6~ a sms to aoatwelfth of ~nanal amo~mt neoa~arf ~ Ps7 all ~tua and a~meab a~aidt ~he said mo~ga6ed P~. s~id
mootblr snm co~atimated solel~ b~ Mort~a~ce and ealwiated m be aa amo~mt not lew t6an tbe amouat of ta~ca araud s~aimt aid mort-
8=~ Premisa for tbe Pra~ious 7eu. and if furttia required b~ Moctga~ee tu W7 all iasnraaoe premiamn in manner aad form r pro~ided
herein for ti~e palmeat of. ta~oes aod a~awoeob.
li. '13at In tbe ennt tbs toao w5kb d~mor~p L~ivea ~o ~eeore b made £or t6e oE Snaodns dtLer the ~o~ruedoo
of dew MdWiap or e~t oo~oKSUaion ot tmptonme~ob aad/or additiow eo ds~ boildiop, e~tp 1~, it alced b~ tbe
a~pre~i~ a~cees m depo~iF wkh tbe Lioetp~ee ot ib d a~mt aA tmouot ot voae~ qud Is t4 fhr~oes tbe n~p~~~'
of the ioan aud tbe totsl ~ooum. a~ detrrmioed b7 twp~~~erq es fulb co~pi~e aW ooo~erioaioa Ja aooordaooe wit~ t5e plao~
and apai~ ~eeeos[ors ~nbmitced bp t1e Mortsa~or aod ro+ed~tM Moets~pe. 8dd aaeonnt of euooe~ ~6ap be plaad bp t~e
Ma~e ia a'Loaor is Pe~oeeM Aooount' ia tbs name at tL ~~oe~ and the ame ~6tU b~ wed b~ t4 isortp~ee b pa~ tbe oad,
ebsr~et ~od ripenw iaeacrsd to ooooeetloo wh~ sid ooa~roe~ pdo~ 1s ~d e~ toao. It b fnetber asreed tbu tn tLs e~mt
~aid oooun~cdon b not fup~ oompkted oa ot beton tM dm wted is ebt Loaa~ or Ia d~e e~eat t6at tbe w~ork oa
~aid ooo~troaiou ~6a11 ewe 6efoes fall oompkdan ~od we6 oa~eioa ~hell ooaaans tor s period o~ tm (10) da or 3! sn6rao8d eontinooa
pro~rw ~ha11 na be msde la wdi aoo~trna~oo~ ebea and ia an~ wd~ s~ent t4 aid ~repte sao„ PrindPtl ~ inta~. mendaoed In aid
p~omI~on? oooG and all mooia ~xvred here~ ~hall beoome due and pa k~ctLr,it4 or t6enafar u eLe o~ion ~ said aod Ia
t4 e~ent of ~ac6 eeNSdoo of wor1~ n ~ ooortrne6oo for a paio~~ ea~ (10) da~ ot if so~nndal oominooa pro~nes~l~ oot bt
made in sa~ aoo~traaoo, a aforaai~t6e ~~mp~ee mq at ib optim eater intb snd npon the pre~mi~es and oompleoe aid oon-
«rnction ia ~ocL manoer s it dema ad~babk wf~6oat a% interEer~oes feas t~e Morep~t; tbe WJd~r ~e+ebl i~~t
b t6e 1~loctp~ee lall yower and antborit~ ta maks soct eatr~ ineo ~od npoo aid moe~ maisa. oo mtet inco acli oootrset~ or ar-
noR~oeob r map be seoa~ar~ ~o oompkte uid aoa~eroaloor ~od b apead ~ mooia remai~ in Wd Zoso~ tn Pro~ A~ooouot" sod
is additSoo aa~ a~s of moot~ oeop~aqr to oampkte aid oo~o~troetjoa; and aa~ aod dl mooia espeaded b~ tbe Noetpsee in ooonection
wicti ~neti oo~apktiaa of oon~craaioo io e~oocw of ebe monia tn ssid "i.o~nr ia Peooer Aoooao~c" s6aq be added w t~e uid
~6a11 dnw tuta~at at tbe rate p~ided in ~aid Peomi~o4 ilaqd be kecnd b~ t~ mortis~, aod iball be pqabk~~
ttis
~
~
~ gQOK~'~4 377
- .
~ ~
;u~ ~ - ~ s.y