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HomeMy WebLinkAbout0721 ~ s. Tsu ia e!. sveo~ of a ~uie seie~ iwti~uced w toreclae ~li~ moe~css~ ~re M~r~:,e ~att bs eouitled to appl,~ at aar tims ducw' ~ •ucs torecioaun ~uit to tAe a~urt 6a~iaj jurisdictiop t~ereqf (os eae appoiu~ment of a raarcr oE W tod datular tl~e aw~s~ed qopecqr. asd . of sll rwa, iacaaa. Profi uwa and rsreaua t6r~c~of. fmm v~Laaoerec ucwrce derived; aad tbc~cupoa ic is sercby eaprc~aly rn~manted a~d a~ceed that t?e cou~t ~il tortiwits appoinc sucb raeirct wi~4 tbe ~ws! potictrs aad dntisa of rari~ecs. ia like ases; Rrd aid ay- pancmta ab~all bc eoadc sy tbe oourt as a maae~ oE strict ri~bc to cbt Mort~a~ee, u~d v.it~out «fcraKe eo tbe sdequsey oe ioadeQuac~ ef cse vdue of tLe P~P~n7 bad~r mo~t~aecd. or co c~c wlrsaqr oc ia~otvsney of tbc Fiort~a~ or u~ otLer wrq defcadsat to suca sust. TLs MortYasvr bercb~ speci6tatlr e~aiva c~c ~sbt eo object ~o t6e sppwaqncut of .~acei.cc a..fo~aaid aai 6erebr e:pcasly ooo•eoa ~u ,uc6 appoiatn,ent tiDal be made u m adm:tred eqal~r s~ud as a maner of ab~nluce ci~6t co tbe Mor~asce ~ad c6at t6e samc ioay be done witbw notice to tbe 1?lort~aso' t. T'b~tt iE any praeetdioes s~onid be iasdtuted ataimt tDe proptrtp oo•ercd by ~bi~ mor~a~e upoa aa~ ot6e~ Gea o~ tlaim w~ethe~ +uperior or juoior to ttie Gw of t6is t~wnYa~ t6e Mo~a~a may at ies optioo iaunediatet~ upoa imtitudoo s~.-c~ suit or duriat t?e pend- eocr tbe~eof dalue thi~ ~arxt~a~e aad t~e indebte~ss secured 6ereb~ due and p~yable tort6wuh and iaar at i~ optioo ptoceed eo foreclore rhis ~oort~a~e: . 7. To pay dl aad singul~r t6e cost~ fea, c?area sod upen~a of eveq kiad, iacludins t4e aat of an abstract ~f titk to said iaadt fouad ~o be oonvcoieat o~ e:pedieat ia conaacaoo with. aa~ suic fos ehe foreclosure of t6i~ e~ and abo inciudios. w6etber tbe I?~~a~et is oblipted to p~r saaie or oot, rwanable attorneY's fea incuncd oe e:peadtd at ~n~ ame~~ bj t~e Moctss~ee becawe ot ~e failure of tbe Moc~aQor ea pecfornq, coaplp wit6 and sbide br all or any of c6e ca~eaana. ooadirioas ~wd ~puluian of ~aid promirory aotq or this moctea~e. ia the forectosuro of t6is mo~tgage and in ~tlatin~ tke unouct ~ecured 6erebr wit~ or rrit6out le~a! pra~eeclin~s. aod co reim. bune the Mortgagee fot every pay-mrnt made o~ iacurred for uir wc6 ~urpose writ~ incmit from date of enr~ suc6 papa~ent at the rate of c;~t per ceuc (i9i) pc~ annum; such pa~nneoa and abligatioa~, v.itG ate~nt shaeou ~s aforaaid, sdall be aeev~d br tAe lieo hsceof. To t tbe buildio~ or botldir~p now ot be~eahe~ c~o said lu?d iasu~ed mt Iop or d~ms~e br 8r~ e~eoded ooterags aad s~a~ m ot6er yerib~ incl 'ng wu sisk iow~snce if a~ailable. jn a~wn ~not la~ tban chdr fuli imu~able ~alue u the oat and e:peese of t6e Mort- . gagoe in a oompany or eanpania approved b~r tbe Mortgageq t6e poliq or policia to be held br tbe and suc6 policp o~ policia of insuranre s6a11 4a~e affised thereto a Sandsrd New York Mort6a~ee Clau~e. making aU loaa o~ losses undet s potie~ o~ policip pay-abk eo cbe Mortgag~ee as its interat may sppea~~ and to deli.re~ said poliqr or poliaa to the Mongagee w6en issued witb the raeipes fo~ tbe pa~- mrat of the premium tberefor; aad ip t6e evrnt anf sum of money bcraass papable aader such politr os policiea, the Mortgsgee ~ba11 6ave tbt option u: eeeave cod aPply tbe saa~e m scoount of the indebtednc~t secured 6ereby or M perait t6e Mo~tgago~ to ce:ei~e aad ux iy or aar part thereof. for ot6e~ purposes. v~itl~out thenby wairiag or impairiag an~ equitr~ 4eo or ng6t uode~ or by ~irtue of this moctgagr; and chc Morcgagee if it dcems aaasary may plKe snd psy for wch ~asunnc~ or aay part t6ereof, ~rithout losin~ waivius or affeetiag I?iort- gagee s option to foceelae for breu6 of ch;a oo.enany or anr -paK e~creof, or ia~ nght or opcioa uader this mortgsae, and e~ery sucb pap- mrnt shall besr iaterat from dat~ t6ercof until paid at che nte of eig~ per aot (!96) per annwq and a!) socb pa.rments wich ioterat a: aforaaid shall be securcd by the lien he~cof. In tse eteat any lass or danuge is suHercd Mo~tgago~ shall aotifr Moetgsgee of such loa or dunage ~sitlua fort~-eig6t (4!) boun aRer t6~e 6appeniag thaeof; t6e failure to gi~e such notice shall eoastitute a defauh aad tbe Mort~a- gce sha!! 6are tbe rig6b berein given for all defaul~. 9. To permiy cammit or wffer oo wastt aad to maintain the imp~o~emeob at al{ timet ip a state of good repair and condidoo; and co do o~ permit to be done w said pcemises nothing tLat will alter or cLange c6e u~e aad character ot said propertp or io aay way unpair or weaten t6e aecurity of said mortgagr. In csse of the refu~al~ oe~lctt or inability o~ tLe I?lortgigor to repair and waintaia said prope~t~r. t6e MortQagee a?ap, u ia opEioq rnate suc6 ropain oT eauue t6e same to be made and ad~aaa mouia ia t6at bchalf w6i:6 wms a6a11 be ~ccured b~ ebe lien hercof aod bear intenst at the rate of ag6t per senc (i96) pe~ annum. 10. To deli~er tl~e abstract o~ a6stncts of title oo~ering tLe wortgaged prope~ to Mortgag~ee o~ its daigaated sgcat. ~sLic~ s:~sll at all tima„ during tLe life of t6is mo~tgage. ~emain in the poaes~ion of tLe Mortqaget and in e~ent of the foreebaure of this mortgage or a6er cranfer of title, all rigbt. titie tad interat of tbe Mat~a~or in and to anr soch abstraa or abatracts of a!te aSaU pa~s to che purcbaser or grantee. tl. 1bu ao wai~er of aa c+o~~aat Lertia or in t6e obliaatioo aecured bercb~ sbsU it an~ time 6ereafter be 6eld to be i Ki~VK OI any of t4e a6er cera~ heaof or o~tLe note secured heab~. 1~. T6at in order to aotelerate tLe maturiq of c6e indebcednes herebp secured beuuse of cLe fsilure of ~e btongagor co par anr cas asse~nen~ GabiGb~ obu8ation or eacum6tanc~ upon said propert~ as 6adn poo~ided~ it s6aU oot bt neces~ary aot requiaite t6at tbe Mort~~st ahall firat psy tLe same. 13. Tbat if t6c bbrtga~o~ s6a11 fail, neelecc or refine for a period of cLirtr (30) da7s full and promptly to pay t6e amounts re- quired oo be paid by the uote 6ereby seturcd or the interat t6ereia ~pecified or auy of t6e sum~ ~moaq berein ttierred to or hercb~ a? cuad. or at6erwix dWr. ~u11y ~d prom~y to pe+form„ eurute~ eomplr wit6 and abide b~ esc6, everp or anr of ~he-oo.coaoe~ oond;cioa. or uipulaaons of tLis mort~age. the promusorp oote hcnby s~eured and/or tbe oooatruccion ban agreenoeat, if any. chcn, and io dther or in any of s~ch e~rny witbonc no6« or demand~ che said a~cgace sum mear;oned in uid promiawr~ note. las previo~n pa~ments, if any, aod an any aad all sums mmdoaed 6erein or secured 6ereb~ sball beaome dae and payable forthwit6 or tLereafter at the aoatinuingoptan of tLe Mertpget as full~ and oanpletel~ n if uid ag~rega[e sun~s vrece originalts sdpulued to be paid at suc6 tirn~ anrthiag in aaid ~nmiawr~ note o~ lte~da to tbe tontrar~ aot~ritbstandin& and t4e Mort~agee shall be mdtled tbcreupon or tLereafter wit6out aotia or demmd to io- stitute aut at lavo or meqw ty to enfoae t6e cig6n of the Mortgagee Lenunder or ander said promis~orp nota Ia t6e e~ent of aa~ ddauh or bresrL on the part of tbe Mqrtgsg~or bereuoder or uadet wd promis~orp aot~ tbe Mortgagee s6a11 6a~e t6e ooatinuiag optian to enfuroe parroeat of dl sums se~wred hereb~ b~ acoion st law or br suit ineqm tp to foralwe this mo~ dthet or botb„ eoocurnutly ot ot~erwisq and oae actim or suit shall oot abate or be s bu to or wai~er of t6e Mortgagee's riQht to imtitute or myotsin tbe aLer~ prorided said Mort- gagee sball bare only ooe parawt and suisfaetion of taid iade6tednaa. 14. Tbu ia tbe e~mt t6at r s6ap (1) eomeot to tLe appointrneot of a recd~er. tru~tee o~ liquidacor of all or a substantial part of Mort~a~ola ~seb. or (2) be ad'odicated a bantropt ~ imoheot. or fk a~olunur~ petition in bankruPtq. or admit in writing Its ~nabilits to pa~ Ib dcbo~ d t6e~ beoocae ~ne, or (3) make ~ gmenl arigomeot for tbe be~it of ucditon, o~ fik a petition or ~nawa sakin~ roorginiution or arrangenent wit6 crcdi~as. or to take advaotage of anr imolvenqr law. or (S) file an answcr admittins tbe ma- cerial allegatioo~ of a paitioo fited agaiast ~Le Mortgagor in anT bankruptep, reorgan:sarion or inalveac~ praeedin& or (6) aetioo ~6a11 be nken b~ t6e Mortgagor f:.t t6e purpae of effatins anp of tLe fore~oin& or (7) an~ order~ jud~ncot or deeree a6a1) be rntercd upon au application of = ereditoc or Mongagur br a aourt-of oorapetent jurisdie6oo appwriog a petitiott seeting aPpointment of a mei~er or rr~atee of al! o~ a wbataatial part of the Mortgagor's asets aod such order, judgment or daree s6all oontinae umtsyed aod ia effact for an~ period of t6irt~ (30) ooasecua~e daYs. the Mortgagce may dalare t6e oote Lerebr setured fortLwit6 doe and~a6lS_whereopou tLe prineipal of aad the interat aarued an ~e aote and sil ot6er sumn 6crrb~ saured sbsll bcoome fart~wit~ due sn~ parable a if :11 of the said sum~ of moaep were origin~l~ aipulated to be paid on such day; and t6crtupoo t6e blortgsga wit6out oobee or danaad ms~ pt~oiecute a suit at law aad/or in equitp as if all naoia ~ecnred hereb~ 6ad muured prw~t to ib imtituaoo. IS. T6at t6e MortgaQee or any .pecson autboriud b~ the Mortaagce ~hail 6an t6e rigbt to eater upoa and i~speu c~e mort~a~cd premises at a11 ressooable timex 16. T6at ao~ wm or swm~s vrLicL msy bt losatd or advanud br c6e Mor~~ee ~o cLe Mo~r ac any ~ime wie6ia ten ( io~ Jea,s from the date of t6is ~ndmtnre~ to~etLer witL interat thereo~n at t6e rue aQraed upou st tbe time of weh ban or ad~ance, s6alt 6e tqnall~ ~e- cured wit6 and 6a~e the same priorit~ as tbe onginsl indebted~ss and be ~~bjat to sIl t~e terms and prorisioas of this mory~aie: Prorided, cbat tbe ~ate amount of prinapal autstanding at an~ 6me sball not er~eeed an ~mouot eqnal to ane hundred aad. fiit~l per ceot (1509(r) of tbe prinapal amount wi~nall~ secured Lerebr. 17. 'Iba~ if reqaired b~ Mo tbe pid Mortp~or witl pa~ mto t6e Mortpge~ oa tbe firu da~ of ach and esery oowecutire maatb, a aim eqwi to ooe-twelftb of~imud awoant neeewr~ eo Day all tua and a~esmenb a~aimt tbe scid mortB~6~ P*~~. said monc6ly sum to be atimacrd solefy by Mortgagee and akulated eu be aa amouot not las tban tLe amount of tua aseaud a~ainst ssid mort- B~B~ Premi~es for t6e previons par, ~ad if further rtquired b~ Mortgsgee to pa~ all insurauce premiunos in manner and form a~ pro~ided heran for t6e payment of. tua and asea~mems. Ia. TLsi in tLe c.wt tbc ir.za which this mort~e ia p~ea to ~aure is made fot the pu of fiaancing either t6e oomtructioo of new buildiaga or tbe oomtnxtioa of impro~anena and/or additions eo QistinQ b~ritding~ tbe ~r. ifreq wred b t~e ezpraaly agras to deposit witb t6e Mortgagee or id daiQnated agent aa amount of money equal to the differwce betwea~ tbe aet p~ of cbe loao and tLe total amount~ as daermincd b~ tbe Mort~a`ee~ rcqmrtd o~ fuly aompka ~aid eomtrudion In aaordaate wit~ the ptam ~d spaification~ 6aecofore subnicced ~r c6e Moryga~or sod apprmd br tbe Mmt~a~ee. S~id amoaat of mooer ~hdi be plaeed bp t6e ~tortgagee in s"Loaas in Proce~ AahunC' in tbe eame of cbe Mo~t~a~or~ aod tbe ~sme ehall be wed b~ t6e Mo*t8+?sK ~ Pi7 charges and ~pensp iocurred in aounactioo wit6 said ooatrnc~ prior ~o di~buning of ti~ toan. It it fnrt6er sg~eed tLat in tbs ereat eaid aonstnution is not fnll~ c+omplaed o0 or 6cfore t0e dace ~tated in the Coo~tr~ceioo Loan q~ c or in che e~mt t6at tLe work-on ~iid aoastn~etiou ~Lap cease before full cam~letian aod soeh ewation a6a11 e~inue for a period o~ ten (10) di ot •if snb~antial oootinuow Prcegras s6a11 aot be made ia sne~ ooostruwon~ tben aod in anr sue~ ermt t6e uid a~*egm s~, Princips! ~ interat, mmtio4ed tn ~aid promi~ory aot~ and all monia savrad hereb~~ shall beoome due and pa~able fo~th~+ich or t6mafm~ at tLe option of ~aid Mortga~ee: and in the enent of ~ue6 casaeion of work u said oowtrnccioo for a period oE oen (10) da~ or iE ~ob~t~ntiat eoe6auow prograr sAall not be made ia :ucb oomtructiay as aforaai~tbe Mert~a~ee ma~ at ib opdon enter inco and apoa tLe morttagcd premisa aod oomplete wd oon- •cn+~ion in wcb maaaer ai it deena ad~i~able wuhoat an~ interfereace from t6e Mort~s~?r~ t6e taid I13ort~apot bereb7 ~irinr and ~rannns t to tbe Mortga~ce full power and satborit~ en mtke sae5 eretry inao and upoo itid mortgs~ed premisa, to mter into a~c6 ooatrsas or ar- rangaaeab as ma~ be neensary to aaaptete uid eoastrucrioq tod to e:prod an~ mooia remaioing in aid "I.wn~ in Procen Aaoo~t" and in additiao aa~ suna of rrwoep oawar~ to compiete ~aid aaa~rnaao; and an~ ~nd a11 monia ezpeaded bI tbe Mortgagee ia oonntctloa ~ witL sacL oomplaion of const~action in tuess of t6e monia in said '2oans in Proua Aooount" shall be added eo t6t said priocipal debt and ehaU draw iaterat at tLe rue provided in said peomiaor~ note, and ~6a11 be ~ecnred by t6ir morcgaQe, and shalt be payabfe b~ tbe Mortr~por on ~~aad. ~QQ~ ~ ~ ~ ~ ~ ~r~ y - _ _ ~ " , ~ ~ ~~J , . - _ . _ _ '