HomeMy WebLinkAbout1922 2
S. T6at ic t~e eve4t of a ~uit beIas In~ateted o~ foreclae tbis ~nor[ss~ t?e Mort~ee dsll be eotitled ~o ayp~ u aoy time ducla~
•ucb toralaun suit to t6e ooun 6s~rtas jurisdicaoa tber~ qf for tbe appoiaaneoc ot a ncei~er of dl and da~ulu the mo
of dl ceat~„ ioooma, Profib~ hsup aad crreuap t6ereof. tram ~6anoc~er aurce deri~cd • and t6enu i' P~• aad
and a~rced tLat t~e oourt ssall tocehwit? • ~ p~ t u bereby e: senly oo~enaaced
ppoiat ~uch ~eceivc~ wjt6 t6s wual poRe~s aad dutia of reai~en. io Gke eases; sod uid ap~
poiaaneot ~6a11 be made by t6e oouK as a maaa of Krie~ ri~Lt eo c6e Moct~a~ee, wd without nhreoce ~o t6e adequacp oe ioadeqwc~r ot tM
ralue of t6s propcrq~ ?e~r w to tbc tolreneT or ia~olvcncy of the Mo~tsa~o~ or u~ ot6e~ pa~tp defeadant to suc~ wit. Tbe
Mon~s~or 6ereb ~peci~ically wai~a c ri~6t to objeet co t6e appdatmene of a receivcr a. ~fonsald and hercbr e:pccaly oomeob that sue~
aPP~~t shat~be made as ~n admiaed equiq aad a~ a maner of abaluce d~6t co tAe 1Nort~sjss and tbat tbe ssme ~nar be done wit6om
notice co t6e Mort~.
f. 'I'hat if any proeadio~s ~Lould be iouituted a~aimt ehe propertp ooreecd by t6it mort~e upoo sar ot6er Gea or clum w?ee~et
~upuio~ o~ junior eo t6e Gm of this awre~a~e, t6e Mort~a~cs toq u in option irnn~ediatel~ upoo inaituaon of wc6 ~uit or dudos t6e pend.
ency thereof dcclue this mortsa~e and the iodebadnea aeured Le~eb~ due and ps,yable forthwi~h aad mar at ia optioa procccd ~o fo~clo~e
ch;s mort~age.
7. To p~y all aad dngulu t6e co~ tces, c?~r~a ~wd ezpeaxs of e~req klod, i~eludjas t6e eat of .n aba~m of 8Ne co aid lan~
found to be oou~enient or e:pedieat in oonnectiao witb.aq~ suit for t6e forcclaure of t6is and abo indudiuuy wbet6ee t~e
is obG~aced to par wne or not, re:sooable atooroey~ ~fces incarced or upeaded at an~ time~~~ Mortp~ee becawe ot t6e failure~
Mon~a~or ~opedocm. oanply wtt6 and abtde b~ all or any ot t6e ao~eaants, coudida~ aod stipulaciom ~ atid proraiMOry nna. or t6ia .
mort~s~ in the fomlasure of tbis mo~e and in ooliatia~ tbe a~nount ucured 6e~eb~ wicb or wit6o~ 1Ks~ p~ooeedInpy aod ea reioi-
bune the Moct~agce for every p~meat made o~ iacumd for aa~ ~uc6 pu~poae wit6 intcrat fcom dats oE tve~
ssuth pqrmeat u t6e rate of
ut~ Pa ~(t'Ji) psr annum; ~uc5 pa,rmeou and abl;~adab, wirL jnurat tbcreoo m aforaaid. s6a11 be s~eurad b~ tbe 4en Aaeof.
i. Tb tbe butWlnr or buildic~p now or 6ere~ter en »id laad inwred a~ajmt loa os dwase b~ Sr~ e~ended oo.en~e sod
otLec pecib. inclu ' wu cist iasuranee it a~ailable. in a~um ~not lcss than tbdr full insurable ~alue at t~e oo~t and espeme of the Mort-
Qa~o~ ta a aorspao~ or aompania appro~ed b~r c6e Mortgagce~ tbe potie~ ar policia to be hcld by t6e 11~ snd sucb polief or polieia a~
insurance sba11 bs~e aHized tbereto a Standud New Yorlc Mortgajce Clause, mskin~ all loas or iaxs uoda • Fotiep or policip pa7able b
cbe Mort~asee as ics tate~at mar appear, and to deli~e~ ~aid poliep or policia to tbe Mo~tgagee wben i~sued wuli the receipq tor tie par
ment of tAe peemium t6erefor; and in t6e e~ent any iura of moae becoma pslable unde~ ~ueb policp ot policia, the Morcgasee shall ba~e
t6e option to ncei~e aod appl~ t6e same oo aooount of tbe ind~ secured l~ereb~ or to permit t6t Moctgagur to reeeive and use it~ o~ aar
part t6e~eof. fo~ ot6er purpo~ea„ witbut t6ereby waivin~ or im~airin~ an! equit~. lien or ri~t unda or by rirtue of tLis mort~sge• and
tLe Mon~asce it tt dcems neteaaq uur p~~« ~ wr ~or w~e ~~~~s~ or anr part thereo . aithout wdvi
~a~ee sopt~on to foraio~e for breacti of thi~ om?eaaa~ or anr part thereof. or any ri ht or option uader ~6i~ D
and e~f
ment shall bear interat ftom d:te tbereof unti! paid u t6e nte of a~ per uot (i~) per anuipo,, and all we6~ ts w~'
4 iuterat=r
aforaaid s6a11 be ~eeured by c6e lim 6ereof. In tbe enat an~ ioa or damage i~ suffe r
e d Mo~a~or ~hall ootif~ Mort~agee of ~xh IoN a~
er o
damare wi~hia foetp-eigAt (4t) ~oun aha t6e 6a ~eoiaa t6eraoE; t6e failure to ~ire iucb nodes s6a11 coouitote • defauh and t6e Mortp-
gee sT~all 6a~e the rigLb 6ercin given for dl defau
9. To•permit, aommit or wffer oo waste and to maintain tLe Impro~aueaa at dl tuna iu a aue of ~ood repair aad oonditiou; and
0o do or pem~it to be dooe to said premises nothto~ that will aher or c6ange t6e ~»e aod ehacaaet of uid poopertr or in au w ro~
weaken t6e ~ccuri of aaid r~•~r
t7 mort~a~e. In we of cbe refusal, oe~leec o~ insbiGc~ of che Mortga~or oo repair aad maintaia said prope~tr~ tbe
Mo~a~ee may. at iu opfioq mate sueh repairs or eau~e the same to be made and ad~anoe monia in t6at behalf w6ic6 wms ~Lail be securcd
by tre liea 6ercoE and bear interat at t6e rtte of deht per cent (f96) pee ann~m.
10. To deG~er the abrtract or sbstracb of titie ooreriag tLe mortgaged propcrc~ to Mortgs~ee or id dai~osted sgenti ~sLich fhall at
all tima, durio~ the Ufe of t6is mort~a~e, remain in tbe po~pion of t6e Mort~aQee and ~o e~mt of t6e fora{aure of t6is mortgage or ot6er
tramfe~ of ritle~ ail ci~6y titk and iateeest of the Mort~or ia and to an~ soc6 sbtraet or abatraca of tide r6aU pais co the purchase~ a
grantee.
ll. Tbat no wai~er of au oo~eaant beetin or in ttie obliptioa tecured 4ereb~ abaU at an~ time hereafter be 6eld to be a naiver e1
any of tbe ot6er tera~s hereof or ~the note seeured 6ere~r. t
iZ. T6ac iu order eo aoalerue cbe maenriq of d~e ;ndeb~edna. Lerebr secured bec„ne of ~be fdlure oE cbe Mo~c~or co pa~ an~ cu
as~mmy liabilitr. obtigacion or eacumbraoce ap~o4 uid Prope~ p 6ersin pro~iele~l, it s6aU na be n~easar~ nor rrquisiee t6ac the Mort~ee
•6a11 fint pay t6e a~oe.
if. T6at if tLe Mort~a~or a6all fail, ne~kct or refare tor a period of t6irt~ (30) daps fuliy and proraptly oo pap the amo~mb rr
qui~ed ~o be psid by d~e note bereb~ saured or t~e ioterat tiereia specificd or so~ of tbe ~ of mooef beerin ceirrred to or bereb~ K?
cured. or atLerwi~e dW7. ~u7 ~ P~~d7 ~ P~~, ~~om~y witb and abide b~ eae6, erer~ or an~ of the oovenant~ eooditioo~
or ~tip~lations of t6i~ tnor~ t4e promuso~y note 6ereb~ secured ana/or t6e ooostruetion ban aareemem~, if aa7. t6eo, and in at~er or to
mr of wc6 erm wit6out aotice or d y
b. emaod. t6e stid iuan meatiooed Ia said P+'omiwor7 note. 1as Previou~ pa~noeab, if aa~, and
n
any and all suaa mentioned bereia or secnred 6ereb~ tl become due and pa~able fort6with or th~eaker st the eou~inuinsopt~on of ttie
Moresa~ee ss fully and oompktd~ as if said s~regate sunss were ori ' t sd fated ~o be ~ 'd
nae or Lerein to tbe oontrarp ootwithwadin~ and the M a°~ ~ ~ Pud st soc6 ti~ne. anyt4iog in sa~ pnmiror7
aitote wit at law or ineq
m to mforoe t6e n of t6e t6a11 be enatled t6enapoo or tbemfter without notiee or demaud to in-
~7 Mo~tts8~ce 6ecamder or uader »id praoiaory note. Ia tse evmt of ar.~ deEank
o~ breac6 an t6e put of t6e ~~or under iaid Pr~omi~ws~r note. the Mortgasee abdl 6a~e tbe oontinni
payn~mt of all sums saured hereb~ aetion at law or by suit in ~qairi ~o foralae tLis e~ttia or °g option to enfora
and ooe actioo or wit ~alt ooc abate or 6e a bu to or waiver of cbe M- ~°t~~
ra~ee sLall 6a~e only one pa~ment and ~ of aid i~ebecdaeN.~ rie6t eo inaituts or maiouin tLe otDer~ pro~ided said Mat-
14. T6at in t6e e~ent t6at Moct~p~or s6~s11 (1) ooo~eot oo t6e appdutrsent of a rad~er. m~ta or liquidator of all or a wb~amid
put of MorePio~s ~ o~ (Z) be ad'udieated a bankrapt or io~olnay or 81e a~oluotar~ petidop in baakcupa~~ or admit in wric~ Is
iaabilib os pq ib debn ~ ebey b~rome ~aR or (3) make R~enval ari~ for che benefit o! eredioon. or (4) file a petieion or an~wa
~ ~
seekiosre~n~ ution or snan~emmt wit6 c~editon, or to take adraotste of anr ia~ohenep taw. or (S) Sk an aoswer admittius tbe oa- `
cerid alie~a~ioos of a pairiao ~,icd aeaimc tLe ~qa~ ~ an~ banknrPeep. raor~anisario4 or imol•eocl P~~ ~(6) aeeion sLaU be ;
nkea b~ tre Mortp,~or ~or tbe purpae of effectios any of ehe fore~oio` or (7) any ordeq 1'ud~meat or decrte a6a11 be entered opon so ~
~pptieatiou of a uedieor or Mort~or b~ s oourt of oaapetmt 'rrisdietian approrins a petition Kekin~ appoiament of a md~a or umtee
of ell or a wbtnntia! put of tLe Mort~or's arees iod surh )'udpaeot or decrse s6aU eontiune m~tared and ia eftea for an~ period of
thirt7 (30) ooo~aotire dar. tLe Mortga~e mar dalare t6e aoee Lereb~ secueed foctbwit~ doe and Wrible. ~Lereupon tbe prineipal of aod
t6e interat aoerued an the aote and dt a6er smms ~eby secured sbsll b~oorae fo~witb dne and W7abk as if all of tLe s~id swm of money i
wero ori~iaall stipalated to be paid m~ach day: and tbereupon t6e Dsort~a~ee witho~t notiee or damand ~aar proiaute a suit at lsvr and/or
in eqait~ as i~ ali mooia iecated hereb~ 6~d matnred prior m ib in~tutioo. i
tS. Tbst tbe ~ortja~ee or sn~ penon a~orised b~ tie Matpsee s6at1 6a~re t6e ri~6t o~ enter upon aad impat tLe mortp~ed ~
pruaiia u dl reaiooable timei ~
16. That sn~ wai or wLk~ mar be loaned or ad~anad by tbe Mort;a~ee to t4e Mort~a~or at an~ time wit~in tea (10) leu+
from t6e date of t6i~ indentnre, ~L~tb~ wit5 interat thereon at tbe rste atsted npoo at tbe time of web iom or ad~ance, ~hall 6e eqnaU~ ~c-
cured wic6 and ban t6e woe prioriq r t6e ori~twl iadeboe~dnew ~nd be ~ub'ea to all tbe terms aad pro.Lioo~ ot this mortp~e: P~nided.
chac el~s ~aa amouut of Pd on~ios at so~ time ~6a11 m~c ~ aa amoune eqaal to oae hnndred aad Rfe~ per omt (iS0%) of
~he priadpal amomt ar~~tnat~~eeu~ed 6ereb~.
i7. T6ay it nqdred bp ~ee~ ebe ald Mortsyoe wlq pq onts t4 Mortp~ee. on tie Snt dq ot aich sod e~er~ ooo~ecu~t.e
s ameqoa1 eo a~rtweltt6 ot aoanal amouot neawr~ ts pt~ sll -tat~ aad u~a~menb apidt ebe said mo~d premiw~ aid
moot6 r amn to be aeimated ~o1e1~ b~ ~et aad eafen4~ad eo be ~n auowR not lar
~ eYe aooaot aE ta~a areMeda~~ ~
soeti
~remi~ ior tbe prs?toa~ year aad lartba ssqaired b~ Mortpsee t~o pap aU ia~nraaa premim~ ia mamer iwd fors r p~vridea
p1,~meot a~, ta~ ta~ ~almeab.
iR T6u is tbe ~?eat t6e lo~o w6ie6 tWrm~~p b~~r,~ to ~eenn b m~d~ ~oe t4 oE ~naadn~ eitLa tbe ooo~auedoa
of ~r baiidtop or tLs aoo~traedon a~ Impro~msaM aad/or t~ditioo~ w a~ict ba[ldtnp, tlMp~, itrp
dr~d b~ tke yor~r~a,
aP~U ~ to depo~Et~ wh6 tbe blo~tppe or ld d apat an ~sount o~ mooa~ pnd es ti~ iin~aoe b~tw~en tLe net p~
o! ~he lan ~od tbt tohl ~moun~ r detamiu~d b7 ~M«~~,req ~s faly? ~ tda aoaKroetioa 1~ ~ooerdaoos witti t5e
~ad ~peetfieatiaa 6er~to~ocs ~bm{Ked b~ t~ Morqa~or ~ad t~o~ed b~t6s ytatt~spt. Sald mooat oE mooe~ abaq bs plaeed b~ t~e
Martp~e~ io a"I~o~a~ ia Proeew A~ooou~' fn ~6e name at tb~ ~~or~ ~nd tM smie ~il b~ n~ed bf tbe 1~[ort~ee to Wi eM ao~
eba*~w aod upmra ioenreed ia aooo~eefon wtt6 atd ooo~true~~ es oE d~b iow. It b tnrt6er ape~d t6at in tbe enat
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made in tne~ ooo~aq a ato~~eati~t6e w~? ~t Lb apti~n eatet into aud nP~ ~ y P~ aod eompkte aiid oon-
~truedoo in wc6 manner a~ it dean~ ad~4ab~1~e~ ao~ iaeerfetmes fia~ e~s btertp~oe; tbe a d d I~ o e ~ e
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eo t~s Matp~ee foll power snd anc6orie~ eo mate weti mtr~ inoo aod Qpon aid aooet~ed to e~ter into wc6 eootr~ea or ae~
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d a~r nooie~ ranai~aid "Loaa~ !a Prooo~ A~oooant" ~od
in additioa an~ sarm of moae~ neas~ar~ to oomplete tdd coa~erodion; aad an~ aad dl mades r:pesdsd br t6~ Nortsa~ee in onoe~~fo~
wit6 ~ueti oaapktioo ot ooortroction Ia esea~ of t~e wonia io said "I.oaa~ io Proce~ Aooouot" ~laq be ~dded a e~s said priadpat debt iod
ahail draw ioterat st t6e rm pro~ded in uid pomiNOr~ note~ aod ~6a11 be ~ecurid by t6i~ mo~tp~c. aod ~bali 6e pnable b~ tit Mfortpp~
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