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HomeMy WebLinkAbout2470 z S. T~at in tLe event of ~•uit beins inrtitutcd w foreclwe this monQ~~e, the Mo~a~:~c ~ball bs entitlsd co applr at aoy dme du~in~ ~uch forcclosu~e suit to tbe court 6aving jurisdiccion thercOf for t6e appoiacmeat of a racirer ot all aud ungulat the mort~sjed pcopetqr, and of all rean. incomcs~ profiq. issua and ~tvcnaa tderoof, f~om .rAanoever source derived; sad tbereupon u u be~eby expressly rnvecauted aad agceed t6at tbe court ~ball to~tA~~it6 appoint such raei~e~ ~sit6 the usual poNers and dutia ot raeiven. ir. like cases; aod aid ap- poirttment sLall be made by the courc u a matte~ of strict ~ig6t to t6e 1?foct~agee, snd ~.itAout refereace to the adequacy o~ inadcquaq of tbe value of tbe psopert~ 6ercby monYaged, o~ co thc ~Ivency or inwivencr of the bfortgaeor o~ any other party detendant to sucb suit. T6e Mon~s~or 6ereb~ specifically vraives the rigAt to object to t6e appointment of a receiver as afo~esaid and 6ereby e:preuly ooa~eap that wca appoiatment shall be made as an admitted equiq• aad ae a matter of rbsolute ri~6t to tAe Mortga;ee and that the sune may be done witbow notice to t6e MortQaeo~. 6. That if aaq proctediagt s6ould be ins~ituted against the pmpeny rnre~cd by ~hi• mor.gage upon aay otber lien or claim w6et6e~ ~uperior or juaior to t6e tien of this mortgage~ the Mongagee may at ib aptioa imracdi~tel~• ~~~~n ir~tetution of aucb suit or during tbs pend- ency tAercof dalare t6ia mongage and the iodebtednas secured hercby due aad payable fort6wit6 and may at ia opuoa procctd to foreclas thi~ mort~age. T. To psy all and sia~ula~ t6e cost~ fets, c6srga and espeaaa of every+ kiad. including t6e cast of an abstract of titie to said laads fouad to be rnaveaitot or e:pedimt in connatioa tisith. any suit for t6e foreclosu~e of thu aw~tQage, aad slw including, ahaher t6e Mon~a~ts is obliQatcd to pay same o~ na~ ~easonable attorney's feea incurred o~ cxpended st anr time by the Mortgagee because oE the failure of t6e MoccQagor to pe~form, canply wit6 and abide br all or an~• of tAc oovenaaa. coaditions aad atipularions of uid praai~sory notq or this mortga~e, in the fo~alosure of this mo~tgage aad i~ rnllating the amouat secuced Sereby wit6 or witbout legal procetdia~ aod to reim- bune t6e Mortgagee for cvery• pa~•ment made or incurred for ~~7r such ~urpoae vrith interat from date of erery sucb payment at t6c ntt of ei~ht per teat (!96) per annwn; ~uch payments and obligation~. with ~aterat thercoo u aforaaid. ~6a11 be stcurcd by the Gm 6ereof. f. To keep tLe building or buildings now or hertafter oa uid Isud insured against loas or damage by firt. e~rndcd torerage and ot6e~ perils~ inelud~ag war rist ia~urance if available. in a sum aot laa than their tull iasur.:ble value ar the caat aad ezpense of the MoR- gagor ia a caapany or ~aapwia approved by t6e Mortgagec~ tee policr or policia to be beld bp the Mortgagce. aad such policy or policia of insurance s6a11 bave affi:ed thereto a Standard Nevv York Mortgagee Clause~ mal-ing all bss o~ lossa under such poliey or policia pa~able to t6e Mortgagee u its interest may appear~ aad to deliver said policy or poticin to the 111ortgagre wbea issued with the receipts for tLe psr- ment of t6e prcmium t6erefor; and in the e~ent an~• sum of mo~ey becoma pa.able u~de~ such policy or policies~ the Mortgaga shall 6a~e tLe option to receivc and apply t6e same on accouat of t6e indebtednea~ securcd herebv or to permit t6e Mortgagor to receive and use it. or aaY part thereof. for ot6er purposes, kitkout tSertby ~raiving or imp~iring any equiry. ~lien or right under or by cirtue of t6is mortgage; and the Mo~tgagee if it dce~m naessary• may place and pay (or such insurance, or aay part t6ereof. ~vitAout :osing. vvai~ ing or affccting Mort- gages's optioo to forecloae for breaeh of thia oovenant, ot aay pact t6ereof~ or any ~~ght or optioa under this mortgage and every sueb pa~- ment shall bear iaterat fran date t6ercof until paid at the rate of eight pe~ cept per annum. and ail sueh papmeod witb interpt a: aforaaid shall 6e saured by the lien beceof. Ia t6e e~mt any loy or damage is auffered Mongagr?c s6ati notify Mortgagee of sucb las or dunagt ~ithin fortp-rig6t (4E) honn after tht hs pcning t6ereof; the failure to gire sue6 notice shali constimte a default and t6e Mort~a- rt a gee shall have t6e rigbh ~erein given for all defau ts. 9. To permit~ coo~mit or wffer no ~~sste and to maintain t6e impmvemeob at all tima in a state of good repair and rnndirioo; and to do or pe~it to be done to said prcmiua aotsiag that witl alter or chaoge !he use and e6arsete~ of said property or in aoy wq impair or weakea the security of said mortgage. In case of the refusal, aeglect or iaabiliq of t6e btortgagor to repair and maiatain said property~ t6e Mongaga map~ at its option, make auch ~epain or cause thc same to be made and adrance moeia in t6at behatf «hich auna ahall be secartd b~• t6e liea hereof aod bear iaterat at the rate of eig6t per cmt (i%) per annum. 10. To ddiver the abstraa or abstr:rn of title coveriag the mortgaged property to Mo~tgagee or its desigoated agcnt, hich s6a11 at all tima, duriag the life of t6i~ moctgage, remaia in t6e posseuion of the Mortgagee and in event of the foreclosure of this mortgage o~ other transfcr of title. ail right, titte and interest of tbe 111ortgagor ia and to an~ s+uh ab~rract or abstrscts of title s6a11 pau to the purcLaser or grantte. 11. That no a~aiver of wy corepant hetein or in tLe obligation secured hereby shall at any time hereafter be held to be a«aiver o1 any of tbe ahcr terms Sereof o~ of the aote secured 6ereby. 12, T6at in order to accelerate t6e maturity of the iodebcednea, 6ereby saured b~cawe of ehe fa;turc o~-che rtonga~or co pay wr a: :ssannrnt. liabilitr~ obGgation or cncumbraace upon said pmperty u herein pro~ided, it s6a1! not be neceuary oor requisite rhat tbe Mortga~ce s6a11 ~nt par t4e sune. ~3. TLat if the Mortgagor s6a11 fail~ neglect or refuse for a period of t6irty (30) dass fully and promptly to pay t6e amounb re- quired to be paid by tbe oate 6creby secun~! or t6e interest t6erein specified or any of tbe sums of money 6erein referred to or 6ereb~ cured. or othe~wite dul~, fully and promptly to perform. czccute, aompl~ witb and abide by exh. erery or any of the rnvemoq, uoaditioo~ or stipulations of this mortgag~ t6e pranuwr~ note heteby secured aad/or the oonxruction ban agreemrnt~ if an~•. tDcq aad io eithet or ia any of such evrnts, witlant aotice or demand, the said aggrcgate swn meationed in uid promissorY note, lesa previoua paymeots. if an~. aod anr aad all sums mentioned 6etein or securcd hereb~ :hall become due and payable forthwith or t6ereaker at the oontinuiRg opdon of t6e Mortgagee aa fully and ooropletely ss if said aggregate ~ums xen originall~ stipulated to be paid at such timq anpt6ing ia said promisory tate or 6ercin to the contrap aotwith~tandin& and the 1~•.ortgagee shaU be eatiNed t6ereupon or tbereafter wit6out no~ice or dea?aad to iw stitute suit at lav~ or ineq uitp to enforce the righu of t6e MortgaRre 6ercunder or under said promuwry note. In t6e event of an~ default or bnseb oo tbe part of t6e Mortgagor hereuader or under ~aid promis~ory note, t6t Moctgagee s6a11 La~e the continuing option to mforce pa~rment of all sams secured 6erebr by aeti~ at law or by suit iaeq mtp to foralae t6ia mort~age, eit6e~ or botb. ooacurreaNy o~ otherwis~ and oae udoo or suit ahaU not abate or be a bu to or waiver of the Mortga~ee's ria6c to i~sticote or mainuin t6e otber~ pro~ided said Mort- p~ee s6~11 Lave only one p~~+nmt and satisfactia~n of wd indebtedoa~. 14. T6at tn tbe erent t6at Mo ~or s6aU (1) aon~cnt to tbe appoiatmeat of a rad~cr~ crwtee or liquidacor of all or a~ubaadal pu~t~of Mort~a~~ areb. or (Z) be ad udicaud a bankrupt or Inal~ or file a~oluntar~ petidoa Io bankruptcr, or admit in wdtins ib inabbllt~ oo p~,~ it~ deber a t6q became u~ or (f) make a pnenl uripmeat tor ebe benefit of erediwn, or (4) ~ile a petidon or ao~wtt ~ s~'raor~aols~on oranan~a ent wtt6 c[edlcon, or to take ad~anta~e of anr imol~ene~ Iaw. or (3) fi[e m annrer admitdoa t6s ma- epH petidon Sled a~aimt the Mort~a~or to any baakr~Peep, e~or~nisadon or inwl?eoe!' proceedin or (6) ~eeioa ~hall M takw b~ tLs Mort~a~ur!o~ t6e purpae of tffaKlos ~ar of the fore~oia~ or anr order~ judQncnt or darce ~~all bt encered upoo w a plicadoa of s creditor or M.o~a~o r by a oourt of oompetenc !uri~dlc~oo approvIa~ a pedaon xekin~ ~ppoipuneat of i rad~n or er~ ~all or ~~ubtanBd put of t6e Mortaa~oe'~ weta and ~ucb order~ jud~aeat or decree ~hall tondnue unstared and ia eNea for an~ period ot ~q (30) eoo~eead~e da~ tLe Mort~a~ee mq declare c4e nae herebr ~ecwred fort6wtth due and pa ~bl~ wbereupoo t6e pr~ndpal of ~ad t6e iaterat aarued on t6e aote and all abet ~um~ herebr acurcd ~bdl beoant fort6wltb due and pq~le a it all of tbe ~dd ~um~ of mooey n were ori~iaall niputued co be paid on ~uc6 dar; ~nd t6ercupon t6~ Moctsa~ee wltbouc aoda or daaaad may prosecute • ~ult ac I~w aad/or in equitp 1 atl moda ~eennd hereb~ bsd matused prbr ta tb lmdcuti~. iS. 11at tbe MoR~a or any penon autbodud b~ tbs Mortsa~ee ~ball ban tLe ri~bt to mter upon snd impea tbe mortp~ed premi~a at ~Il reswnable cimea 16. That an~ swn or soms whicL may be loaned or ad~aaud by t6e MortQa~ee co tbe Mortgagor at tay time witbin tm (!0) Jeu+ fcom t6e date of t6ia iodentare~ to~ether wieh iaterac thereon u tbe rate a~reed upon at t6e dme of suc6 toan or advaace~ s6a11 be eqwly ~e- eured witl~ ~d Laye tbe same priorit~ a~ tbe onginai iadebtednas and be ~ubjea to all the tertns and pro~isions of this mortea~e; pm~ided, chat t6e a~e~ate amouut of principal oumanding at aay time ~ball not eueed an amoune equal m one 6uadred and fifty per ceat (iS0%) of the priaeipal amount ori~naly ~ecured 6erebp. 17. T6st~ if reqwred b~ Mortga~ the said Mort~r nill par untn the Mort~~ oo t6e ~nt day of nch snd e~cry coo~ecuti~e i montb, a wm equd ta ono-cwelft6 of t6e annual amount neeasar~ to pay dl t~a aad a~a~mma a~aiwt cLe acid mortgaged premius„ ~aid moat6ly swn m be acimated solelr br Moctgagee and cakutated to be an amount not tew t6an tbe amount of taus aseaed sgt;n~t raid mort- Qaqed premiw for tbs preriow year. and if furtbes cequired 6y Mortgagce to pi~ all imuranee pramiwn~ in manner and form a~ pro~ided herein for the paymmt of. taza aod awa~menb. 1=. Th:t in the r~mt tbe loaa whic6 t6Is mort;a~e i~ ~~en to acore i~ made for the pnrpae of fiaancing atLer t6e oooarucKou of new buitdia~ or t6e aon~truction of impc+~emenn and/or sddidoas to eristin; building~. t6e Mort~a~or~ if reqwrtd b~ tbe Mort~~ acprealy a~rea to•depwiE witL tbe Moctgagee or id daienated agent sn amount of mone~ equal to t6e differmee betweeu the aet precads of t6e loan aad the total umunt, a detemiined by t6e Mortas~ce, rtqwrcd to fuli~ oomptete taid oonstruetioo in norordanct with the plam and specificscions ~eretofon submitted by the Mortga~or and appro~ed br t6e Mort~a~ee. Said amount of monty ~6a11 be pl~ced b~ ebe MortQagce in a~~LOiM Iq P(OClM AOOppDt° in t6e nune of the MortQagor~ and the same ~6a11 be wed bp tbe Mortgagee to par tbe ewb, thar~a and e:pen~a incurred in eonaecdoa witb said ooastrnction prtor to di~buruas of tLis loaa. It ii fartLer agreed tLat in t6e e~mt •~id constn~ction is not full~ complaed on or before the due aated in the Comtcuetion Loan eanent or in t6e evmt tbu the work on ~aid ooostruaioa ~6a11 ccase before full oanPtecioo and ~~xL ceraaon ~6d1 oootinue tor ~ period~ten (t0) da7~, or•if suMtaatid oondnoow pro~ra~ ~ball not be msde In ~ncL oonserucnon~ t6m aad in mr ~ucb e~ent t6e atd a~reQace ~nm, priocipal and intaar, mentiooed in said promiuory oote, and all monia ucured 6erebr, ~6a11 beaome due aad pa~able fort6~+it6 or t6ertafter~ at tbe option of said Mortp~ee; and [n the e~wt of ~uelt ceuation oE work u ~i.id con~tr~etioo for a perjod of ten (10) da~. or lf iubrtandal oontio~wus pro~res ~ball oot bs made in ~nc6 caaauctioo. u aforaai~tbe Morcp~e mq u iu opdon rnter ioto and upoa cbe nwrtgaged premisa aad oomplete wd ~oon- ~trocdoo io nxh manaee n it dcem~ ad.i~abie wit6out aa~ interfermce lrorn the Mort~a~or; che ~~d Mo~.~or bK~br d~os ~os e~ tbe Mort~a~ee full powcr ~nd autbority to m~ke sueb eatr~ into wd npon ~ud mort~ased p~emisa, to catcr into wc6 oootr~as or ar. ran~vnent~ a~ ma~ be neca~ar~ to oomplete s~id oon~trucrion, tad ~o ezpend tn~ mooia remainins io ~aId "Losw in proeas AeoaaN" wd to addirion aa~ tums of a:onef naa~arr to con~plete ~ald oa»troction; and snr snd sll monta apeaded b~ tLe Mortpsee in ooon~etion r with ~ne6 oanpletion of oo~tnxtion in enen of t6e moaia in said "I.oaw in Proces Aoooune" •Sall be tdded eo tbt uid priocipal debt ~nQ ~hall draw interat at tbe rate prorided in ~aid pwwiaory note, aod ~hall be saurcd by t6i~ morteaQe~ and ~hall be parable br tbe Mortp~or o~ Otaisad. BOOK 15~ PAGE 69 = a ..s~ ~ Xe .*,,,..~,r ~f = ,4 '§~:^a.? . r ~`?z?