HomeMy WebLinkAbout1132 . ;
S. 'lLac ia t5e e.eac of a suic beias Instituced eo to~eclwe ttia oo~a~t. ttie ~rt~x ~alt be eWitkd to a u
suc~ foc~ccbwre swit eo ebe c~owt baviat ju~iadictioa t~ero qt f:.r tbe sppoisr.~ea~ oE a rece~~e* o[ al! aod u lst cAc~ ~0ir tist dut~'a~
oE dl ra?q, iacome~. P~ofia. iswa ~od cevwua t6eroof. from Rl~anoerer wuroc de~ired; and t?cnu~on~ti b 6ccebr~ c:~pressl~~~ ~i~d
snd aYceed thu the court s~~ii toctANit6 ~ppuiat ~uc6 nreicer wica t6~ usual poxees aad duda oE recd~ers. ie like casa; ~d aid ~
poiaaoeat s6a11 be aude br tbe court as a maae~ oE ~uiet ri~ht to tbe Mo~a~e~ aod without afeceoce eo tie adeqwc~r or ioadcauaqr oE t~*e
•alue of t6e pooperty be~y ~or co cLe tol~eae~ os ~a~oheary of c6e Mon~?r u an~ ocierra~er defcadaat oo sucs ~wt. Z1e
Morc~a~or ~erear specificslly ri-a~ves ~ ri~6t eo obiat ~o c?c appoiaanent of a ncei•c~ a aforaaid saf bcceby ezPc~lr ooa~m~s cda~ s„d
appoiocmeac shal! be au?de as an sdmiued equiq snd as a muter of abaluce tis6t to che Moct~stoe aad tlac t6e wne aa~r be doae wit6oa
notice oo t6e Mortp~o'
i. Tsat if an7 P+~ocecdia~s s6ouW be ia:oituced asaia~t ttie properh a~.errcd br ~~;s mo
•upe~ior o~ junior en tbe Gm of t!w ~aort~a~, tbe Monta~ce ~oar ~t ib o npoa sa ot6~r 4ea or claua w?etaer
eoeY t6ereof dcclare t6it mo~t~e and t6e indebtednea ~auced acceb~ d
~ imn~atc~o
Lw~th tod~mq a~~wch suit a~ ducios tb peod-
mo j+rion procced io toresloK
tbis mort~a~ - .
7. To par ill and la~ the cast~ fea. cbar~a aad ~pea~a of rreqr kind, indudin~ the aat of aa absthet of titk cs said law$
found to be ooa~eaicat or e:~pe~'mt ia oonnectiao wit6. an~ ~ait for tbe forcclaure of t6i~ mo{tta~ snd siss ixludiny w6eeher t6e Morttatee
a abti~atcd to pa ~ame or rwr. reaioaablc attoraey'a lees ineurred ar espended u any tiau by tbe Mortta~ee becaiw of tbe failure f t?e
~w
Mo~tgagor tope rm. oanply v.ic6 ~nd ~bide b~ all o~ aay of the oo•caann, ooadidoas aod ~tipu4aoia of ~aid peumiaory swee, or thia
morcgaQe, ia the forecbsurc of t6is mo~age and Qu coiteccins che anoount aecvred be~eb~ wit~ o~ wit~out k~a! praaeedin~s~ aod to ~ei~.
burse t6e Mo~cQa~ce for every pa~•meat made or iacu~rtd for an~ suc6 ~urpox Rith iaterat from date of e~eq wc~ pa~ at tbe nce of
at~ P~ ~'(s7~i) pec anawu; s~ pay~a ~ obt~~~o,, wcereu thereoo ~s sforaaid, ~6alt be sec~red Sy tl~e liee Lcreof.
t. To ~eep t6e b~ldio~ or buildinp now or hueafter m said land iowred a~aiont tou or dam~ge by fire, e:tended co~era~e aal
o~6er perils~ iaciudiug wu risk fnsuran~e if a~ailablti in a~um 'oot lw t~sn thd~ full imur.ble ~alue at t4e cwt aa~ e:pense of tbe Mo~t•
ga~or in a oaapanr or oanpania appro~ed br t6e Monga~cq tbe polic~ o~ policia to bc 6eld 67 tbe and such palicp o~ policia of
~
iasuraoce s6al1 na~e affimt c6ereto : Saada~d New York Moresag~e Clausq making sll bas or Imxs ueda • polie~r o~ ~olicia pa,rabk q
tLe Mortgagce as iq iaterat ma~ appcar. aad to deti~er ssd mliep oc policip to t6e Mo~agre wLeo i~ued w~ch t6e .r~ceepd for t?epa
ment of the p~aaiwn therefor; aad in the e~cat aay sam of moae~ becomd parabie uadee suck poticp or policia, tbe Mortaages s6a1! ba~e
tbe optiou to mdn and aPply the same on acooant of t6e iadebtcdnat securcd berrb • or to
patt theceof. for ot6er purposes~ v~itbut thereb' v~ai~ins ur im rio an ~ ~~t ~~0~8~0r to reoei~e aod ~~se it~ or an~
t6e M if it deera~ necessa ma place and ~ ~ 7~wh'• ~tO or n t unda o~ bY cirtue of tais mortaage; and
~8~ q' r Ps7 for wcb .nsurance~ or say part t6eceo~ wit6out losinj, wai~ins or affaa MoK-
gsaec's option to fotalo~e far breae6 of t6is oorenap~ or aay part thereof. ~x ao~ ng6t or option uader thi~ morcga~ and erery s~uc6 paT-
meat s6a11 bca~ intsrat fran datc t6ercof uatit paid u t6c nte of aght pec unt (tyfr) pa ann+~. aad all we~ p~yyndus wit6 in~ere~t a,;
aforesaid shall be secund by the Gm 6ercof. In the e~c an~ lo~ or damage D~ snffered Moctga~oe ~6aU nocifp Mocc~aaee of wc6 lws or
damage vrithin fortp-eig6t (4i) 6oua after tbe 6apteaiog thece~f; tLe failure to gi~e such notice sAall comtitate a defauh and t6e Moct~a-
gre shall bare the rigbp hereia givea for a11 defaul~.
4. To permiy aooimit or wffer no waste aud to maintain tbe impro~em~ts u ali ti~na in a state of good repair and oooditian; and
eo do or permit to be done eo said praaises oot6ing tLat will alter oc change t6e use and c6ar~ctcr of ~aid pwpe~q or ia aa~ wap impai~ or
weaEen t4e secusity of said moregage. In case of the refusal~ negleet or ~aabiGt~ of the Moregagor w repair and maintaia said ~roDtrtp, t6e
Mortgagee rwp. a: ia opf'~oo~ make suc6 npain o~ cause the s~me to be made aad ad~aace mooia in tbat be4alf whic6 wms sha 1 be aaund
by tbe Urn hercof and bcu interat at the nte of aght per cmt (!9G) per ~nnum.
10, To dc:i~er the r.batrsct o~ abstracb of titk oo~e~ing t6e mortgaged propertf to Matgagce or its daiQnated agrnt. .s6ie6 ahal! at
all tima, during rLe life of this mortgaYe. remain in t6e pos~ession uf the Mortgagee aad in event ot tbe foacloaure of tLis mortgage or a~
trausfer of citle. all ri~6t, title and iaterest of che Mo~tQa~t ia and to an~ such sb~tract a atis:racb of titk s6aU pa~a to che purc6ber or
Erantce.
t 1. 17ut no wai~e~ of anx oovmant bettin ar in t6e obti~tion secvrtd herebr sbs]l u anp time 6ereafter be 4eld to be a_ Rai~er o!
any of the ot6er tcrms hereof or of tLe nae se~vred heab~.
12. That io ocder to aoalente t6e matnrity of the indebtednew 6erebY saured baa„se of tbe failure of t~e I?tartgagor [o pa7 au7 wc
a~y Gability. obligation or encumbraoce npon said Penpe~t7 as 6ereio pro~ided~ lt sball aot be neoeasary not requisite tbu t~e Mortga,~ee
s~!) f'int paY the same.
13. T6at if tbe Mortga~r shaU fail. negket or refwe for a period of t6irt~ (30) days fuUy and promptl~ to par t6e am~ouna ro-
qwred to be paid br tbe mte 6ereby ~eeursd o~ t6e ioterpt t6erein ~paifitd or aa~ of tbe smm af monq 6erein ceferred to o~ 6ereb~ ~
euced. or ot6erwise duly. ~u117 and Prom~tll' to P~rfon4 ezecut~ ooo~p~lT witb and =bide b~ ac6, r~er~ or an~ ot t6e co~enaots~ aoodiiwos
~ stiPulatioas of this mo~tYag~ tLe prornuwry oae hereb~ sanra! aad/or c6e ooratruciiou ban agreement, if an7. tLeo. and in dther or in
aay of such evrnts, wit6out notice or demand. t6e said aggregaa sum menaoncd io ssid promiawry note. leas
an7? and all sums mentioned 6ecein oe secnred hereb s6a11 bccome dnc and P~ WJ~a? if an~, aod
bbct~agee ss full~ and aanpletdy as if said a~reg
ie sums wae orig:nalls s6
~tated to be paid uerea~ha at t6e ouatinuing optioo of the
oote or 6erti4 to tht oonirar~ notsritMt~oding, ind t6e Mortgagee sball be enat~led t6ereu ~°~a6 ~D ~"d P~f
~ pou or tbereafter wit6art notice or dmiand to in-
stitute suit ~t law or ineq ~uty to enforee the n~ of the Mortsagee berenndn or aoder said promi~aor~ iwte. In t6e e~eot of an~ defanlt
or breac6 an the part of tLe Moctga~o~ 6ert~o~er or ander iaid Promia~or7 aotG tLe Mortgaget s6a11 6are tbe aoncinuia6 option to eaLoroe
payment of all swm ucured hcreb~ b~ adion at law or br suit incq
m~q tn !'oreclo~e t6i~ mortgage. atLer er both. ooocarreatly or otberwi~e.
and one action or sait sbaQ na abate o~ 6e a 6u tu or waiver of tbe Mortgagoe's right to iasatnte or rnaiauin tLe atber,-pro~ided said Mort-
Sagre sbal) hare ooly one payment and tatisfaetian of said iadebtedoar.
14. T6at in tbe ermt tLat ~r sball (1) ooment to t6e appointment of a rccdver. awt« or Gquiduor of all or a w6~twtid
put of Mort~or'~ asw. or (2) be ad'a 'at~d a bankropt or iosol~eot, o~ Sk a roluncu~ petition in baokrapap, or admit in writia~ Io
jaaWtiry ~o pa~ Its debq as t6e~ beooatt ~uq or (3) make a~eaeral wi~nmwt for tbe bmrfit of aeditoes, or file a peatioa or am~va
sabn~ *eorQanisac;oo or arran~emenc w;~ cred;con~ or ro nke ad.anage of anr iu:~lrent~ law. or (S) fik an answer admitting the ma•
taial alle~ations of a pcti6on filed a~ainst t6e Mortga~or iu aa~ bankruPtep. r~eor6anisation or inaol.eaer praceedin& or (6) sniba sLall be
akm b~ tLc Moctgs,~or for tLe purpwe of effecting anr of tLe foregoin~ or (7) an~ order. j~aent or decro s6a11 be entered upon aa
applieatiau of a ereditor or Mortgsgnr b~ a ooart of oompetent !'nrisdietioa app~vvint a petition seekin~ appointmeat of a reearer o~ trustee
of afl or a snbstanrial psrt of ~6e Mortgagpr'a a~ets and s~cb wd~. judgtoent or daree s6s11 oontinne unsts~r] and ia effat for aa~ period of
tbi+tp (=GI oooseeutive da~ the Mortgagee ma~ deelare ~Le aoce hereb~ secared foethnitL dae aod WYable. ~?6eeeupoo tLe principal of aad
the intercu acerocd oo the note and all a6er sums hereht securcd s6~11 beooaoe fartLwit6 due aad pa~abk as if all of t6e said sums of mooe~
nere oripnally stipulated to be paid on socL ds~; and t6ereupon tbe Mortgagee vrithout ~ or demand may proiccote a snit u lavr and/or
ia equitT as if all mooia saared Lereb~ 6ad muared prior to ib Imtitutioo.
1S. T6at t6e MortQagee or aay perwo aot6orixed br t6e Mortsaga shatt 6a~e tbe rigtit en mtcr up~ aod impea tbe mort~ed
premises at all res~ooable timd.
16. T6u aor wm or sumo v~~Licb mar be Ioaned or sd~anced by t6e Mo~t~agee to tbe Mortpgor H-aa~ time ~?it6in ten (10) yan
fcom t6e date of this indmtnre~ together wit6 interat tbereon u tLe rate sgad upon at tLe time of we6 loaa or ad~ancq shail be eqnall~ sc-
eared with and 6a~e tbe same prioritf as the ori~inal indebtedna~ a~d be subjea to all tbe term~ and p~o~»io~ of this morega~e: Pro~ided,
tLat tbe ag~egate a~ooant of principal ouutanding at an~ tin~ ~11 not erceed an anwunt equal to oae hondred and Tiftr per omt (IS09G) of
the prinapal amount oripnall~ ~ecured 6enbp.
17. T6ay if reqairtd b~ Mo t6e said Mort=a~or wip P:7 m~o t4 Mart~,a~ oa tk fint da~ af each and c~ert ooot~c+itire
mostb. a smaeq wl to ooe-twelft6 of~ananal amooat neaa~ar~r bo par dl -tua aad ~sa~meno~ aeaiast tbe s~id mortga~ed Pnmises. aid
moothly sam to be estimated soitl~ b~ blottgaga and alculated to be an amoiane not lew tban t6e amonnt a~ tua ar~a~cd agaimt aid moet-
Qa~ed Pnmises fos ttie pre~ian ytar. and if furt6er reqaired b~ Mortgsgte to pa~ a!) imarsnct premi~ms ia m~nner and form a~ pro~i~ed
Lerein for tbe pa}weat of. taza aod as~.
1t T6tt in tLe s~ent the bau w1ue1~ tLis mort~s~e is ~ina to ~acuce b made ior t5t pnrp of finauein~ cit6et t6e eookruebae
of eew bnildinp or tbe oomaocdon of Lap~emeat~ aad/or additions ~o ~ boiiding~~ t6s Ir7a
qa~. it ne~t 6~ ~e Mortp~
ezpreay a~tes~ to depoiit~ ~It6 tLe Mon~ee or iti dai~aued :~eot sn ~ount of mooe~ eqasl to t6e difhreooe bz~?eea tbe net p~
of the ban aad t6e ~tal arno~o~ ss dearmined by tbe bfort~~ce~ req~und oo fuU~ oompkoe aid eoo~rua3on in aooardana witl~ tfie
and ~paifiea~ioas baecofore ~nbmieced b~ cbe Mort~a~oe aad ap ~ed b~ t6e Mort~a~ea Said ~monnt of mooet ~6ai1 be plaoed b~ tbc
Mortgaga io a"Loaa~ in Pe~oeas Acao~unt" In t6e name of t6e or
~or, aed tLe ~une ~all be wed b~ t6e Mort~ee tn par the eab~
e6ar~a and apentp it~rred in oooneaion wit6 taid e~mtrocwt~a~ pnor ~o di~barsin~ of thi~ bao. It i~ fnrt~er atreed tDat in tbe r?eat
iaid can~truetioe is not fu11y oomplaed on or before tLe date ttated In t6e Codtroaion i.oan A,aremunt or in tbe eneot t~at tbe w~ort aa
said ooostroaion thall «ase before fuli oom~ktian ~ed soc6-oasaeioo ~hall oootio~x tor s peri~d of teo (10) da~y, or-if sab~tantid oootinooa~
Dro~ras s6a11 tat be made ia web ooo~trutuoo~ t6m aad !n ao~ soe~ eseat tbe aid sarKate sum. Princ+Wt sod ;nt~rny mentionsd ia ~aid
Drami«or~ noe~ and ati moaia secnrod 6ereb~ ~dl beoome ~da~ and pa~able toet6.+ieh or e6eresfea a che opeion of said More~: and i~
the ereat of sac6 owatian of work upon sai~ oomtrocBon for s pedod of ua (10) day~. or if s~tantia! aontinnow pr~ra~ sball aot be
made ia iocb ooomuaion, as aforwid, tLe mp u i3s opdao enter into aod upon tbe mo~tgaged premise~ wd oom kte said aon-
ttruetioo in ax6 manner as tt dean~ ad~issble ' ~a~ ioterfeeexe from tbe Mort~a~or: t6e aid Mort~a~or Le~eb7 d~lp ~ i~nt
to t6e Mort~s~re fuli power and aatborit~ ~o make sac6 e~ ia~ md apoo aid e~ ~remiw, to enee~ into a~e6 ooatracn or u- -
rao~anenb n ma~ be ueoa~aq to ommplete ~aid oowtnxtioo, and te e:prad a~ moaia rtmaimoa m aid 'Ioam in Proaw Aaoouot' ~ad
in addicioo an~ swm of a.oaep neeeaarr to oompfete said ooastracaao; ~ad aa~ and all mooia upendcd by tbe Mort~aaee jn eonnatjw
wicb suc6 oanpkcioo of aooamctioo ia esc~ess of cbe a~ooia in said "Loaa~ in Prooes Aooomt" ahall be added ~o tk said priocipal debc aod
~hail draw interat at the nte pto~ided 'w a_id promieop oote, and s6ap 6e se~wrcd by eLis mort~a~ and ~a11 be palabfe b~ tbe Mort~or
on OemanA.
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