HomeMy WebLinkAbout2912 . 3
t
~ 3
i
s. Tsat ia the erent of a suit bdnj iwtituted to forec{ae tLi~ awtt~~, ttie lrte~s~ee ahaq M eutitkd to ~pplp u my 6we dudo~
.uc6 fnreclosure ~uit to c6e couK 6aviag ~urisdietioo c4e~c
qE for t6e appoioancat of ~ roceiru of all tad da~ulu the mo~a~cd propercr, aad
of ati ~cat~ tucoma, profit~ iswa ~nd reveuua c6e~eof. f~oan Rhatae~cr iource deti~ed; aad thereupon it L 6eresy upceql~ oo~eaanted
aod sYrccd t6at t6e court s6a11 fortbwitb appoiat suc6 scceive~ with tbe wud povren and dupa oi rcai~us. in Gks cases; aad ~aid ap-
poi~tmeac ~hall be aude by c4e oourt as • maae~ of stria rirht to thg Mort~~ee, aud witAont afeaaa to t~e adequary or inadequse~ o! tbs '
value of t6e properp 6crtb~ mortgsged, oc co che wlveoey o~ icuolveaqr of t6e bionsa~oe ot so~ otbe< ps<q defeadant cu sueb wit. ~t f
Mort~a~or 4enb ~peci~ca ly wai~a c6e ri~6t eo objeet co the appdouaent of a reca~e~ o aforaaid aod 6e~eby e:preaty aoosenn c6u suob
~ppoiacaeat shat~ be made ~ aa adraitted tquiq ~ad a~ a muter of abwluce ri~At w the Mort~a~cs aod thst t6e wae may be done witbow ~
notia to t6e Mort~s~o~. i
6. T6at if any procecdin~s abould be inuicuted a~aiase tLs Proper~ oo~erod by tbi~ mo~e upon any ot6er Ua? or claim wbetsec i
•upe~ior or juaior to t6e Gen of tE~is mortQaee, t6e MortpQee may at ia optioa iauaediatey upon imtituaon of wcb soit or dutint tbe peAd• '
t~cy~
ercuf declue chi. morc~a~e and c~e iodeb~edaea ~ecured 6ereb~ due aod pWable fonb..ieh aad mar •c ta op~ion procad ~o foraclae ~
t
7. To psy all aad ~i !ar the cosq fca, eLar~a aad expea~es of t~eep kind, in~ludin; tDe oat of aa abst~set of titk to said laod~
fouad co be ooareaieat o~ ezpe~uint in ~onn~ctiaa witb.anp suit fot tLe foralaure of tbis and abo indudio~ w6etLer die o~t~~ee
i~ oDliQatcd to par ~ame or aot, reasoaable acco~ueys fees incurred or acpended u auy cime~ Mort~ssee bacawe of the failure~ of c?e
1?io~aeot to pecform. canply wit6 aad abide b~ alt or aay oE thc oa•eaana, ooodidoo~ sod ~tipulatio~a o~ ~aid pranisury note~ or t6is
mort~a~e. ia the foraclonure of ehis aarcga~e aad ta rnUaeina the unounc seeured hereby witb or w~tbout le~al prooeediup~ and m tpm.
bune t6e Moct~agee for evecy paya?eac made or iacurred fo~ any such purpose wlc6 inncat fcom date of e~cry we6 pyment at tbe nte of
eitht per cent (i96) Pa anawa: sucb paymena and obligaaoa~, with wterat theceoo as aforaaid. s6a11 be aeured by the Gen 6er~of.
S. To keep tbe buildin~ ar buildiap aow or Deresfter oo said Isnd inwred ~aia~t Iws or dam~e b~ lict, ertended oo~erase and
other peril~. ioeluding war risk insuraoee if a~ailable. tn a~um ~not las tban t6ei~ full insurable ~alae at the oat and e:peme of the Mort-
gagor ~n a company or compania approved by the Moctgagee~ t6e poliep or poliaa to be bdd br tbe and suc6 polie~ or poliaa o~
iasurance s6aU 6ave afR:ed tAereto a Staadard New York Mottgagce Cla~se, making all loa~ o~ lasus under s poliep o~ policia psya6le to _
the Mongagee as in interest may appear. and oo deGver uid polic~ or poticia to t6e Mortgagee whea issued witb t6e raapt~ fot ttiepa
r-
meat of tbe premium tbercfor; and ia tbe evmt any sum of w~~ becoma payable uader such policp or poUda, t6e Mortaa~ee s6a11 6ave
tl?e option to radve and apply ehe same oo aooount of t6e inde~ecdnew secured beceby or to pern?it t6e Mortgaeor co reeei~e and use iy or aa~
part t6ereof. for otber purposes, wit~out t6ereby w~riag or im~airin~ aq)r equity. liea or tig6t under or by ~irtue of tbis mort~a~e• snd
the Mortgagee if it dcems aecasary msy pl~aoe and pay foe sucb insuraaee, oc any part tbeceof~ withoat wai~i
losio& 08 0~ affeaiag tt-
gagee's option to foreclae for breu6 of thia ooveaaa~ or any part tbereof. or aay ng6t or option uader this rao~ag~ snd t+eq suc6 pa~-
ment s6a!! bear interat fm~n date chereof uatil paid at t6e cate of dg6t per oeot (i96) per anown, ~ a~~ pay~d .ri~ ~~.c as
aforaaid s6a11 be aau~ed by the lirn 6ereof. In the event an~ lass or damsge L suffered Mortpaor sbaU naif~ Mort~a~ee of suc6 loa ar .
damage withia forty-eig6t (~3) boun aher the 6appeaing thereaf; "tbe failure to pre such notice s6a11 coustitute a defauh and tbe Mortta.
gee s6a11 6ave tLe rigLa 6ereio givea for all defaulb.
9. To permlq aommit or wffer no waue and to m~aintain t6c improte~ueats at ~11 tima ia a state of ~ood cepai~ and aoodition; and
m do orpe rmit to be doae to uid premi~a aothiag that wili aher or t6ange t6e we and ebatacter of aaid pr~opertp or in aay wsy impair or
Reaken tbe securit~ of said mortga~e. In we of t6e refusal~ aeglat or inibiUq of t4e Mort~agor to npatr and maintaia said propc~tp~ tbe
Mortgagee ma~. ac ia op~ioq make ~uch repain or cawe the same to be made aad ad~anoe monin in c6u 6e6atf whicb wau s6a11 be murcd
by t6e tien heoeof and bear interat :t tLe rue of eig~u per cent (i%) pes annum.
t0. To deliver t6e abstract or abatraw of tide corering tbe inortgs~ed propert~r to Mort~a~a or its daiguatad sgeny ~~6ich s6a11 at
all rima, during tLe life of this mortgaae, remain ia t6e poaasiop of the MoctRagee aad in event of t6e for~c{aure of thi~ mortgage or ot6er
traasfer of titiq alf rig6y title aad ~oterat of tLe Mort~a~or ia aad ~o anr .nch ab~craec or ab~craps of ack s6a11 psu co, the purch»er or
Lrsatse. -
I1. TLat no wai~er of anp coveaant Lereia or in tLc obUgation secured 6ereb~ s6a11 st an~ time bereafter be 6cld to be a nai~er of
any of tAe ot6er terms hereof or of t6e note sec~red 4e~eb~.
it T6at iu order to aocetente tLe maturitp of t6e iadebtednw 6ereby saured baause of tbe faitnre of tLe Mortga~ to psy aar tu
aasa~mrnti Gabititr. obiigation or encumbrance npoa said p~pert~ a~ heran pmrided, it s6d1 oa be necwary nor requisic~ thac cbe Mort~ce
sAsll fint pay tLe ~a~ac.
13. T6at if tbe Mortga~or shall fail~ neaket or refwe to~ a period of ~irc~ (so) da~s fnUp prompur ~ wr ~b ~
quircd to be paid by t6e uote 6enb~ secured or the interat t6errin s fiod or sn of tbe sam~ of
P~+ 7 monh' berein refetred to or berebj a-
curcd, or a6ervriae dul~, fally and P~~7 ~ Pu~n0. ~~S ~P witb and abide b~ eacb. r~eryr or an~ of tt~e oo~cnanb~ ooadi[i~
or kipuluions of this mo~sge~ t6e proro~»ory nae bercbr saured ~or tbe aon~tcuctioa ban agreemeat~ if aar~ then, and in at6cr or In
anr of sucb events, witbout nodce or demand, tbe uid aggregate sum mentioned in said prominoc~ note, las pre~ian paymeab, if au~~ and
anr and all sums mentioaed 6ecein or secured 6ereb~ shall•beoane due and pa~able forthwitb or theraker at t6e ooodnuingopt~oo of t6e
Mortgsgee as fult~ and oomptetdy as i! taid s~regue sums were originallp stipeducd m be paid at sucb timq anything in said
nae or hereen co che oontran aawichstaodin& aad the MortQagee s6a11 be mtitled cbcreapou or c6ereafter wichoac aotice or demiad~
stimte suit at la~c or incq ~ut~ to .eaforce the righa of t6e Mo~tgagee 6ere~nder or uodcr ~aid promissoq note. Ia t6e erent of an~ defank
or b~eacL on t6e rt of t6e Mo r~g
pa rtgagor hueunder or undee wd Prominorp note, tLe Mottga~ee s6a11 ha~e tLe ooaanuiag optioo to enforee
pa~rtnent of dl sums saured hereb~ by aetion at law o~ b~ suit weq
mtp to foreclae this mo~ dt~er or bot6, ooocurrmtlr or ot6erwisG
wd oae action or wit shalt na abate or be a bu to or waiver of t~e Mortgagce's ri~Lt to imdtute or mainuin t6e a6er, pro~ided said biort-
gagec sball La~e only one paymeat and satufaction of said indebtedneN.
14. ~at in tbe event tLatMo~a~o r i6a11 (1) ooment to t6e appointmeat of a raa~er~ trwtee or Uquiduor of all or a subaaatid
part of Mort~a~~ s~ets, or (Z) be ad'udiated a 6anlctupt or iowi~mt, or fik :~olantat~ petiaaa in bantrupec~. or sdmit io writios Iu
inabilic~ e~ W~ tts debb as tbe~ became ~ne, or (3) make s tmeral as~ipmeat for tbe beaefit of eredito~s, or (4) fite a petition or amwa
sednn~ reor~ani:aaoo or arranganent wit4 ercdiwrs, or to take ad~aotage of anr imoheoep law. or (S) fite an amwer admitting t6e ma.
ceriat allegaaan of s peeiaoa fited s~aiau che Moregagor ;n aay bantrupecy~ reorganisatioo or in~ohency proceedin~ or (6) sction sLap be
akm by tLe Mortga~r for the purpae of effactin~ any of tLe foregao& or (7) any ocdeq jod~nent or dacee shall be eatered upon an
application of a eredi~ur or Moregagor by a oourt of eanpetent 'usisdtaion aPP~ot • P~~ aPP~nement of a neei~er or trwtce
of all or a sobsttntial psrt of tbe Mott~agoe's as~ets and such ~er. jud@meot or decroe ~haU oontinne omu~ and ia effat for aa
7 period of
tWrt~ (30) oomeeuti~e dsps, the Moetgagce may dalare t6e oote 6ereb~ secnred forthwit6 dne ~nd Pa7sb 4 ~6ereupon tbe principal of aad
t6e interat socroed oa t6e aote and all otber sums 6ereby secur~d s6,l1 becnme forchwi~ dne and parabk as ;f all of c6e said ~ams of woory
~?ere originaly stipulued to be paid on snch dar; aad tbereupon t6e Mortga~ee withoat ooace or danand may proiecote a suit :t law wd/or
in equitp as if all monia secnred 8ereb~ h~d munred priin ~o iu iardtution.
IS. T6at tLe Mortgaeee or any penon autLorised br t4e Mortp~ce ~h~l 6a~e t6e right ~o enar upon aod ias,xtt tbe mortp~ed
premises at all ra~oasblt tima.
16. T6at an~ sum or sums whic6 may be losned or advaaced b~ tbe Moctp~ee ~o tLe Mort~or u an~ time within tea (10) yan
from the date of tLis iadenmr~ to~et6er witL interat thereon st t6e rate ~reed npon u the 6me of sncb Iwn or ad~
anee. shall 6e cquait~ se-
cured with aod 6a~e t6e same priority a~ tLe original indebte~na~ and be ~ubjat to aU tbe terms and pw~isioas of t6is mort~age; P~~.
c6at t6e sg~egite amount of prioapal o~andin~ at any time s6a11 not rsceed an amouot eqnal to oee hundred and fiftr per oent (]S09(~) of
the printipal amou~ originall~ secuted 6erebp.
17. That, if reqnired b~ Mortga~ t6t ~aid Mort~or wilt pa~ auto t?e Moctp~ee. oo tbe firat day of tuh and erery ooo~ecudre
rooet6, a aun equal to ooe-twelftb of cbe amual amoont naea~ar~ to pa~ dl aza and araanems a~aina t6e said uwrcgaged Pranises. uid
monc6ly sum m be atimaced aolely by Mortgagee and calculated to be an amoune na lar c6an t6e amouut of w~a asaMed agaimt aaid mort-
B~B~;d P~~~ ~r t6e pre~ioat year~ aad if fvrtber reqoired b~ Mortgaget ta pal ap imnrance premi~ms in msaner aad form as pro~ided
hcmn for tLe payment of_ t~:a wd asesmems.
If. T6at in t6e e~ent the ban w6icb thismort~c b p~ea to ~ecnre L made for tbe pn~finaoeins oa~tn~ioo
of neM buildings or tLe amstnietion of impro~emenb and/or additions ~o e~stin~ baiidin~, the . ifnq w~nd
ezpres~l~ sgrea to depoait with tbe Mongaga or it~ dai~asted stent ~n amo~mt of mooe~ tqusl oo de differeaoe betweea t6e neR
pr~aoeeds
o f t 6e l o an a n d t Le cota
l amount~ a dete r m j n
e d br tbe Mort~ee~ req~ured to ~nlhr oompkte said ooo~cueaoo in aao~daaa wit6 t6e p[aos
u~d specifieaaoos 6eretofore sabmitad b~ ebe Mor~or aad appr~md b cbt
Mortgagee in a"Loans in Proeew Aaooune" in tbe aame of tbe Moct 7 ~d amou~ of mooe~ ~6a11 be plaad by tLe
6+~r~ and the ame ~ba11 be o~ed b~ tLe Mort6a~ee to W7 tbe cow.
cDarga and tzpensa i~rred in oonnacdoo witL taid ooostroctiN nor oo diibutda~ of t6is bau. It u Eurther aareed tLtt in tbe e~e~
sa;d connructi~ is aot fuly eamplaed OO Ot blf0(! tbt dat! ~ IO tL! C•OfMttllCVOD LOtp or in tbe e~ent t6at tbe work o0
said conrtruction s6aU eease before full oom~letioo and ~nc6 eacatioo s6a11 aootinne ior a period~0) da~s. ~-if substantial oontinuar
Pragrea s6aq aot be made ta ~crch oomtrnaioq t6eo ~d in aa~ sucb enat t~e isid a~gregue ~om. PriaiPa~ aod interat. meatioaed in said
promisorp noce~ and all monia secured hereb~~ shall beoome due aad payable focthwntr or ttienaf~er. at t6e option of said Mortgagee; and io
cbe e~ent of soc6 oeaation of wort u uid aoo~truction far s period of ten (10) days, or if ~a6~taatial onntinuous prognar a6a11 not be
msde in suc6 oonstruetion, as aforesai~t6e Mort~s~ee mq at ib c,tiao enter iuto and npon tbe mortgat[ed premi~es and caoplea taid oon-
structioo in wc6 manner a~ it deems adrisabk without any incerferenee fram t4 Moe~or; d~e said I~ioryta~or 6erebl ti~int i~~
~o ehe Mo~aete full power aad autboritr t~o make soc~ eatr~ Ineo and npoo ~aid mortpsed £temises„ to mter into axb aootraas a u-
raaQemeots » ma~ be oeoa~ary eo oompkte uid ooostruetioo, ~d to upend an~ mooia rema;mos in sud "I.oan~ !n Pracea Aooowt" ~nd
in additioo ~a~ sums of moae~ oecewr~ to comptete said ooastruetion; and an~ aod dl monia apeaded br t~e Mortgsgee ~n oonneedoo
wirb ~ucb oanplecian of oo4stnxtion ~n esces~ of ehe moeia in uid "I,wm in Proee~ Aooou~* ~ball be added eo tLe aaid prioetpal debt and
s6a11 draw interat st t6e rate pro~ided ia uid pra~niqor~ note~ aod ~6a11 be secnred br t6ir mor~ aod ~hail 6e p~yabk bf tbe Mortap~ot
on acmand. ~p nR^y ~,6 / f~iCt1(rt7~o
DW1 r
~~.~ys~~~s ~ ` ~ y '
-
~ :
~