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HomeMy WebLinkAbout1891 i 2 ~ S. 1'6u ia the eveac of a~uit jwtituad eo foraelae thi~ mo ~ socL foralo~ure suit to tbe ow~rt 6ari ~~~1 ~'~~'tkd w appi~ u aay tio,t duclr~ ~ a~ ~un~dictioo tbeteqf for t6e appo~o~ment oE a e~e~~er oE all aod sia~utu tAe ~oo~tsassd prope~y. aod oa e[ dl rwar 1a~omes, P+of~ bwa and cevwua ~Le~eof. froa .~haaoe•er ai:rce deri~ed; and t?ueupoa it 'sa 6enby e:pnssl~ ooreaanced and aeceed t~at t?e ooun~l tortrwit? sppoiat ~ucb receiver with tLt uwal poKen sad duaa of n~oei~ea. ia Gke casa: and ~aiA ap- panemeot ~sli be made by ebc oou~t s~ a maaec oE ariet ria6t to t6e Mo~~ aad witbout refenaee eo tbe adequaer or ioadequ~e~ of t~s ~alue of t6e properqr ~eby moct~ated, or ~o the aheacp or ia~olve~ of onp~w or ao~ a6er pa lrtoresa~or `e~eb ~peciFciU~ wai~a c6e ri~t w objat eo t?e a K7 defeadsnt oo wc6 ~utt. 'TRe pPoinaawt ot a raeive~ e aforaaid aa! 6eoeby up~ly oo~uead e6u weti sppoinaaeat shal~ be made a an admiaed equiq ~nd as a maner of aMolute ~~ht to the Mort~a~ee and ehat t~e wme may be doae wit6ow ootice to ~bc Mo~a~r. Ttiat if any Pweecdlo~s t5ould be imtitut~ apio~t t6e p~opuqr cone~sd b7 t6ia mortpir upoo aar ot4ee liea or claim wLet~ •uperior or )uaior a cbs Ge~ ot ~~s che Moresasee may u id opcion imrbediatcy npnn in~ticutioo uf wc6 suit oe duci~.~s pa~d. Isre chia mortpse aad tbe i~ebteduea ~aured 4ereb due tod p y p~rsble forthwit6 aod mq at ib optiou proeced eo torec{o~s 9. To par dl and s~n~ulu t6e oo~a~ fceti c~{r~a snd ~penus ot ererp tiud~ indudin~ c6e oat of aa aburact of titk ro said laad~ fouud to be ooa~adent or e:pedient ta oorwection wieb.an~ suit for tbe ior~clau~c of tl~n aod al~o inci~din~. wbetLer the~ u oblisated to tsme oe oot. cwonabk acto~ney~ faa incurced or upended st an~ time~ Mo~ce becawe of tDe failure o~ t~6e ' Mocets`or w~~ o~ oaaplr wit~ aad abide b~ aU os saY of t6e oo~enanh. oonditioo~ wd atipnlatioti o~ ~sid promisory aote~ or t6ia 3 oo~tpn, ia foceelaure of thi~ mort~a~e aod in oolladn~ tbe amouot ~ecurcd 6e~eb~ wttr ot witbouit iepl prooKdiop. aod ~s reim- bncae t6e rt~a~ee for enery p~meat msdc ar incurred Ior aat wcby with iatcrat f+om date of trerp wcb pa,~ment u tbe nte of ~ pR~ Pa a~ (=76) Pa anoum: weL W7meon aad oblisatioo~ witL i~ ~ tLcreon as atoresatd. ~6aU be seenred by t6e lie~ rereof. i. 1b tbe boildins or Mdidinp oow ot berta.~ oo said tand iownd a~a~a~t IoM o~ damase b~ Sre, ertesded ao~era~e a~ ao ot6er pailti incl ' wu rist inwnna if awilably tn a~:.a~ not las e6ao thetr tut{ in~uraAle ~alue u the cort and ezpeo~e oE t6e Mo~t ssjo~ in a ooinp~n~ or oompania sppro~cd br t6e Mort~a~ee, eLe poliep or policia to be 6eld by tbe I~Roregasee~aod suc6 polie~ or polida o~ + iosucance sLsll ha~e aff~ed tbereto a Snadud New York Moctg~ee Clsusr, inakio~ all bs or Ioaa uodu i polihr or po(ieia payable ~ ± tre as ib iaterat ma~ ~ppc~r~ aod oo deli~er said polie~ or polkia to tbe Mortgagee wbcn iswed with t6e cempb foe tbe pay i ment of pcemium t4erefor; and tn tbe e~mt an~ sum of beco~aa pa~able under such policp or polieia~ tke Mortga~ee aball ha~e t?e optios ~o reed~e sod app1~ tbe woe on aooouot of t6e b~G~te ~ w seeured 6ereby or to permit the Moct ' put tbereof. for otber purpo~ea, witiout thenby waivio~ or im nu S~~ to reeci~e aad we it, or any ~ t6e Moct~agee if it deaos aeceaa ma laoe and s~~~4• u~° o~ ri~ under o~ by virtue of t6is mottgase' aod f 4' 7 P W! fo~ wc6 iusuraoee, or anr parc thereo , wttLo~ losin~. waivins or afkctin~ {Koet- ~ prceti optao to fotrciae tor brpcL of tLis oareaaoy or anr part tbereol. or anr a~Lt or oqian under this mortaa~e, and e~erp suc6 Wr- ment a6s11 beu iaterat hom dste tbec~of nntil paid u the rate of a~t per owt (=96) per amum, and dl soee e aforesaid s6a11 be ~ecured b t6e liea 6ercof. In tbe e~eat au loM or W3'~ts witli inteoat as d~ms~e L sufferrd No~:or ~baU mtifj Moetss~se of a~ lor ar d~s6a11 6s~ie t4~ri~d~ t~) 6oun after tLe 6appenias the~~eof; t4 failnre to ~ire such ootioe sLatl conwitute a defauk aod t~e Mort~a- 6'K aba he~dn ~~m foc all drfaulb. 9. To permiti aommit o~ ~nffcr no wa~te aad to matntain t6e impm~~ u ap tima in a stue of ~ood repair and oonditioo; aod eo do o~ per+nit t~n be done oo w~ p~emius aothias tLat will ahcr or c~n~e ere nre and e6ar~ear of said property or in any wqr impair or weakeo t6e saudq of said mort~a~e. In cs~e of c6e ref~wl~ ae~leet or inabiGep~ of tLe Mocep~o~ ro repair and maincaia saidprope ctp. t6e MortsagK maY. st iu opE'aq make weA repain or eswe t6e same to be mde aud ad~aaoe mooio in tLat beDalf wLici auas shall be iecared by cbe Uea 6er~of and bear ine~ecat a~ ~6e race of e7~ P~r eenc (!9L) per annua~. 10. To ddi~er t6e ab~rset or aburaps oE dtk oo~ain4 d~e mort~a~ed Propccqr to Mortgs~ee or its daienued sgrnt, ~vhie6 sball at all times, durin~ tLe Gfe of t6is mort~aje, remain in t?e poqcsuon of tbe Mortp~a and in e~eat of tbe foraiosure of this mortga~e or aher u~nsfe~ of title~ all ri~ title aad imerat o~ tbe Mo~rt~or in and to ~ny wch abtraet or tbtracb of tide ~6ai1 pas~ to tbe purehner or 11. T6at uo w~i~er of an oo~enant berein or ia tre ob4ptioa ~ecured 6ereb~ s6s11 u any of the ot6er terms 6enot or ~t6e nae saeured ba~ebr. iW time 6eaafter be 6eld to be a R~i~er ot 12. Tbac in order oo aoceterace c6e w.car.e~ of che tadebeodna~ bucb~ ucured bxawe of cbe fa;lure of rbe Mo~a~ur a par anT ca~ L sial~l o~ent, Gabilib. obli~acion or eacumhcance npoo said pcopere~ as 6erein p~o~ided. it s6a1! oot be naessar~ nar nqui~ice that t6e MortQasse Wy the ama ls. Teac if e6e Moct~O~ .6au fail, ueslea or refine for a p«ioa of t6ircr ts~) d.r fnur .nd promr~r ~ wr cbe .mound quired m be paid bp tbe noee ~erebr ~ecnrsd or tbe intereit tLaein specified or any of t6e smm~ o~ mone~ Let+ein referred to or benb~ K? eaced. o~ othe~wue dW~. fuQr and prom~d~ eo Pafon4 e~oeeute. oea+~y witL ~nd abjde b~ eaeh. e~err or an~ oE t6e oo~enautr~ aood~tioa~ , or Nipulations of t6i~ mo~e~ ttie peom~ror~ nooe bereb~ ~eenred sndJor ttie mortnntion baa asreemeat. j! anr. t6eg aod in atLer or in an~ of soc6 e~?mt~ wit6out notles or daosnd, the ~aida~ep smm mentiooed in ~aid promiMOC~ oote. Ins previous W7mmes, jf aa~. and : as~ ~ad all s~ms mmtiooed badn ot ~ecnred 6ereb~ s6at1 ~beoome due and pa~abte fatLwith or thereaker at tbe oootinuin~ope~on of tle ; Morep~ee as fdl~ and oowpktd~ ~s if said a~rega~e wm~ wers ocipuapT sti~nlued m be psid ae snc6 tun~ anyt6ing in said ~noinorr note or 6uein to t6e oootraq notwtt6~andiut, sod t6e Mortsa;ee s6a11 be eontled tbereopon or tLeralter witho~ notice or demand to in- ~titnte wit at taw or in~qm ~o enfores tbe ri of the i~ ~SK 1~enuader or under s+ud promi~ur~ uote. Ia ttie eveot of an~ defauh or buaeb m tbe put of tbe 6ae~mder or uoder ~aid PromiMOry aot~ the Mort~asee aball ha~e t6e ooatinni W7~t of dl sums ~ccured hereb> > action at l:w or b~ wtt in~q~ m foreclae t6es mo~e~ eit6e~ or botb~ oaocur~imtlj ~~ot~'u~q snd one a~tioo m a~it sba11 not abate or be a bu to or wa~~er of tbe M-iet~a~ce'~ ris6t to imtinm or raaiotain tbe aLer~ pro~rided said Mort- ' p~ee sball ht~e only oue parmmt and ~ o~ said lndebtedoes. 14. 11at in tbe e~nt t6tt Mort~a~or a6~a11 (1) om~ea ~n t6e appd~t of a reoai~a. tnrtee or liquidator of alt or a a~b~aotial pait of Mor~a~'~ ~ or (Z) be ad e~dkated a bankrnpt or jaoi?a~ or Sle s~ol~ntsr~r peeition in baakrnp~c~. or admit in writiu~ tb ioabilit~ ~s pa~ ib deba as a ~f ~~~~3) ~ake a se~1 ari~omeac for cbe bmefic of credioon, or (f) fik s peticim or awwa sedcins *eo~anisation os arran=ameat wit6 etedioon, or to ute ad~sotasr of ~o~l~ene~ ~aw, or (S) fik an aan?er admittins tk ms- urisl dle~etoo~ of s petitioo fikd siaimt ttie Mortsa~or io aoy bankrup~e~. reoraani:atiou or ~nsol~ene~ Proceediu~ or action s6ap be aken b~ ttie Mortp~or for tbe Pu*Po~e of effaoin~ sny of dee fon~oins. or (7) ao~ orda. 7'nd~ment o~ dam s6a11 be entece~d opoa sa apPlicadoo of a uedioor or Moc~or b~ a ooort of oompae~ !'rrisdictim aPP+'~+'~~ ; P~~ ~oi ~PPan~ of a recei~er or tr~stee of aU or a snbnntial part of tLe Mort~or's a~eu aad sucL o~der. iud~neM or daree ~Lall oantinne umta~ed and in effea for an~ period a~ ~irer (so) ooneaiti~e da~ t6e Mo~tgs~ee msr deeltre the no~e Lcreb~ secnred forttiwitb due aod parab~q wbsm~~n tLe prineipd of and tre interac ~ocroed on the oae and all aber saar 6ereb~ secured shsll bceome ~ortLwitti dne and p~nbk as if ail of c6c uid suua ot rnooef wae orip~all7 stipulaud ~o be ptid on sac6 da7: aad t6enupon tbe D~ortp~ee witboat notice or danand mq p~oieeute a smt u law and/or ia a~uitt aa !f all mo~a ~eeored Lenb~ Lad maMnd prior to iu ~mtltueioa 1S. 13at t6e Mott~a~ee or aa~ pasoo autborised b~ t~e Mortp~ee s6a11 La~e tbe ri~ltt ~o enter npon and inspeet tbe mort,p~~ed pranises u all reasooable timc~ li. Tbat an~ sum or s~ whic6 mar be loancd or ad~ioced br ebe Mortp~ee to tbe Mortp~or u aa~ time wit6in tm (10) ~an from t6e daee of t6is indencnr~ tn~ecber witb interat t6annn st tbe rne qcad npon u tbe time of ax6 loan or sd~aaoq, shal! 6e eqwllr so- eund witb and ha~e ttie saeee priorit~ r t6e oriQinal indebtednw aod be ~ub~' tcn dl t6e teras and pwwiam of t6is morWa: Pr,o~ided. t6at tbe a~te ~mount of ~Wl o~andjni at ao~ time ~6aI1 aot esoeed an ~anoant eqoal to one 6andced and flftf per ~t (t30'Xr) of t~e priaoial amouot ari~nal~ueo~ bereby. 17. T6ay if reqaired by Mo ebe sald Moitp~or will pa~ oaro t4 Moetp~ oa tbe S~ dar of uc6 aad e.ery eoo~ecvei.e month. a wmeqo~1 to ooNtwelhb of~aannd amo~nt naoa~arr b par dl -tau~ and asa~mmts a~atdt eLe aid mortgaged Pranisa. sdd monchly s~ to be aamaced sokt~ b~ Mort~s~ce and caicolaed ~o be an amonar ooc ie. th+~ ebe amoanc o! tazes asaud agaiart ssFd mo~o- ~ed Premi~a tor t6e P~iow par. and if fartLer ceqiriced br Mortga=ee to pap all imnnna pe~emiums in manner and foem ar pro~ided herein for d~e pa~meat of, qw aad awe~meab, If. Tbu in t6e e~eot tbe lwn w6~e6 t~mortp~e is ~es to ~ecuee i~ made for t6s q o~ So~odns ad~er t6e eoo~ruedoa of new bnlldtnp or t~e oowtruaioa o! Impro~ao ts~b aod/or ~dditiaas to d~ns bdldio~. efep 1N~~ if uired t~e b~ t~e Mott~eS, a~ra.ly asrea ~o depo~ii~ wh6 ~bc Morrp~e or !b d aseac an amamc o~ moae~ qnal eo t~ fferwee t6e net p~ of t6e loan aod tbe toal amouny a daermined br t~p~~~ re t+ed oo aoaP~ee ~dd eoa~ernedoe ~a aoaordaace wid~ t6e plao~ ~nd ~peti$at~om tiaYCOtors wba~iued b7 the Mortsa~ar aad a~pp ~bp t6e Moetp~ee. Srid ~moant of mooef ~6a11 be plated b~ t6e Mortp~ee in a"I.oaas ia Peoas Aeoouat" ln t6e name a~ tLe Mo+t~a~nnr. aod d~e ame t6a11 be wed b~ tbe e6ar~a ~od ezpeaua iacorrea in aoonadao witb s~id eoo~rocti~ or to C~bn~dn~ o[ eW lwn. It b further~ ~D ~ tye ooib. n aP~eed tLu in tbe eveot said eooKruction is not fnllr campleted on or be~on tbe date ia tLe ~ertrucda4 Loan ~r~e or ia eLe e~eut tLu tbe wock aa said oomavaioa ~ball owe 6efoee fWl aom~feeion aad sner asadoa s6tU oo~ainne tor s period of tm (10) da~s,, or3f snb~tan8d oooBnooas p~osras shall not bt made ia weti ooo~trocewq tLea and in aa~ soe~ enat t4 pid a~m ~ma. prioeipal aod intere~t. mentiooed in said Promiwoq ~ote. and all monia saund he ~ s6oomtroedoa tor s~ P~7~bk ~et6wit6 or tierafea u tLe option df aid Mortp~ee: snd la tbe e~eat of sac~ uwdoo of w_ wk npoo or perfod a~ tea (10) dar. or if w~t~otial eootinoow pno~rw ~ball not b! made in suc6 eoo~trnaioo~ a~ a[aeaid. tLe t~ee mq st ib optlao eaer into aad apoo tbe ~a[~ P~~ sed campleee said cuo- ~troction in wc6 msnner a~ ~t demu ~d~bab~kN tbont ao~ ~rrfeee~cs feo~a ese l~lerep~r; tbe ai~pd~ Mortp~or ~erebp ~i~ia~t ~ R~ni a tbe 1~~tp~ce full powa ~nd anthorih eo make s~ ~r ieqo aad npoo aid moe~ ~mis~ to eater into ~cL aootr~ts or ar- raa~emeatt d ma~ be neoa~ar~ tu aompkee said oowtructioo~ aod b apeod as~ moaia remainins In aid "Z,oam in Pcocea Aooamt' snd ia addicion w~ sums of mooe~ aeoa~ar~r to aomplae aid aoo~nueioo; aod aa~ aad aU moola apended b~ tLe Morep~ce fn oooueetion wicb s~ oomp{aion of aoo~truet;on in esoew of tbe moaia ia said "I.aanr in Proas AooooaP' ~hall be ~dded to t6e ~d priocipal debt and tbatl draw interat u t~e rne pr~ided in aid PenmiNOq aote~ aad ~6a11 be kcnred br t~ mor~ aod sba11 be p~~abk b~ tfe I~fortsa~st ou dcmaaA. ~ eoox ~.51 ~ ~ _ - . . ~s~~~ ~.~.a~ ~ ~ K ' ~ - - > - I~ .