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HomeMy WebLinkAbout0368 ~ S. TDat in ebe event of a suit bcin~ iaxituted to foreclo~e tdi~ mwt~a~e, the Mwtga~ce a6a11 be coticled to ~pP~r u any time ~urias such foralwuae ~uit to tAe rnurt having ju~isdiaioa tLeceOf for the appoinauent of s raeiver of all aad sic?~u!u the ~ooRsased propecqr~ tod of all nats~ iacoma~ Qrofits~ iuua and nvenua t6ereof. fram R6anoc~er ioura derifed; and t6e~eupoo it i~ Se~eby e:p~ly oovenantcd aad s~~eed tbat the court sLall forth~ith appoint such ~eceive~ wit6 tbs wual poKe~s aad dutia ot nui~en. in like caxs; tnd ~aid ap- pointmeat s6a11 be made by the oourt as a mane~ of ucia ri~6t to t6e Mort a~ee, and wit6out refereuce to t6e adequaey w iaadeqwe~r o! tbc value of the prope~t~ haebp mo~c~aged. or to the wlveacy or imolvencp of ~e Mon~a~or or aqp othe~ partp detcndant to such ~uit. Tbs Mon~aQor 6eceb ~pccifically waiva t6e rigbt w objeet to the ~ppoiatauat of a nceiver as aforesaid aad 6erebr upnsstr ooosena tbu weL appoiatment shal~ be made as an admitted equity and as s mstter of abwlute ~Q6t to ths Mo~tg~a and tLat tbe same may be doae wit6out notice to tht Mort~s~o~. 6. T6at if any proceediags s6ould be insdtuted a~aiast the property oo.e~ed by c6i~ noocc~aQe upou an~ ot6e~ lieu o~ clai~n w6etAe~ superior or junior to tAe Gcn of this mort~a~ the Mort~aYee may at ib optioa immediately upoa inuitutioa o sucb ~oit or duria~ the pead• eocy the~eof dalue t6is rtanga~e and the iodcbtcdaa~ secu~ed 6erebr due and p~able fortbwit6 aad may at ia optioo pcoeced oo foreclo~c thia mort~age. 7. To pay all aod siagul:r t6e cosn, fea, cha~a aad upeasa of e~eep 4lnd~ ineludiaQ the oo~t ot an sbstract of dtle to said 1~ fouad to be conrenieat or expedicot in cannectiou wlch:any sgit fo~ the foreclosure of t6L wo~t~aQe. aad ata ineludin~, wLa6e~ t6e o~es ia obligated to pay wne o~ ~ ceasoaable attorney~ teea iacurred or e:peaded at anq timc br tbe Mort~a~ee becawe of t6e failu~i~e of t6e Man8~8o~ ~pe ~rtu, eomply wjtA aad abide b~ all or aay of the aovmauq, condidotu aod stlpuluioos of ~aid promisory oote, or t6ia mortgage~ in the foreclosure of tlw awctgage and in ooUecting t6e amount sccured hereby wit6 or wit6out 1eQa1 p~oatidin~s, aod m reim. bune the Mortgagee for every pa~mcat made or iacurred for aay such ~urpoae witb iatcrat fwm date of erery such ps~aeat u t6e rate of eig6t per ceat (i%) per ~nnum; sucb paymenq and obligatiom, witb ~nterpt t6ereon n aforaaid~ ahs11 1k ~eeured by the Gw heraof. i. To tee tbe bwldio~ or butidia~ oow or hereafter on ~aid I~nd insured ~aiwt ba o~ dams~e by ~irq ernnded oo~erase aod ot6er perils, iacluSiag wa~ rislc insuranee if available. ia' a pum ~not las thaa tl~dr full imurable ~alue at tLe oat and e~cpmse of tDe Mort- gagor ~a a corapany or compaaip approred by t6s Mongage~ tLe policp or polida to be 6eld bp tbc Mo and such policp o~ policip of insurance shall ha~e affized theato a Standard New Yort Moctgagee Ciause. makiag all lo~ or lanus undee s Folic~ o~ policip payable ~o che Mortgagee as ih interat may ~ppear~ aod to detiver uid policr or policia to d~e Morcgsgce wbea iswed ~ntb tLe receipb !or-ttie pa~r- ment of the premium tbenfor; and ia t6e t~ent any aum of mone~r bccomes pa~abk under such policp or policia~ t6e Mo~tga~ee shall ba~e t~e option M recei~e and ~pply tbe same on sooount of t6e indebtednp~ secured henby or to pern~it t6e Mortgagor to rccei~e and use iy or +n) part therrof, for ot6ec pu~posa~ witlout tbereby waiving os im~airia~ aq~ equiqr, lien or right~wder or by ~irtue of this mort~age• and the Mortgagee if it deems necasary may place aod pay fo~ suc6 ~asuranc~ or aay part t6ereof. without losiog, wai~ing or affectiag ~tort- gagee's option to foreelose for breu6 of t6is oorenanti or aay part tbercof, or anr rig6t or opdon under tbis mortgage, and e~ery suc~ pq- ment shaU 6ear iaterat fmm date the~eof uatil paid at the rate of eigLt per cmt (t%) annumy aad aU sveh pay~mwts wits intere~t as mw aforaaid aLall be secured bp the lien heceof. In t6e event any lots or damage ts suffer Mort~agor s6ap ootif~ Moctga~ce oE sueh low or d~age within forty-eigbt (4E) boure sRer tbe happeaiag the~eof; the failure to gi~e auc6 ootice s6a11 eomatute a defauh and tbe Moctta- ~ee shall have the rigbd herein givrn for a11 defautb. 9. To permit, oommit or wffer oo waste aad to maintain t6e impro~aueab at all timKS in a uate of ~ood repair and oondition; aod to do o~ permit to be done m said premisa nothiag tLu will alter or cLaags t6e we aud cbaracter of said propertr or in any wa~ impair er weaten the aecurity of said morcgage. In case of t6e refwal. oeglect or inabiGtr of t6e Mortgagor to repa~r and maiotaia said propertp. the Mortgagee may. at its opfioa. make sueh repain or cawe the same to be made aad ad~aace monip in thu be6alE wbic6 waou s6a11 be seeurcd b?• che Gen 6ereof and bear iaterat at tLe rue of eig6t per cent (f96) per annwn. 10. To delirer t6e abstract or abstracb of title oo~eting t6e tnottgagcd property to Mortgagee or its dpignsted .ageay ~vhicb s6a11 at all cimcs~ Juring the life of this a?ortgage, ranaia in tLe poaession of tLe Mort~agee aad in e~ent of ~he forecbsure of tdis mortsage or oc6er cramfer of title. ati righy atle u?d interat of the Moct~agor ia aed to anr iuc6 ab~M~et or abstraas of titie s6W pa~s to the pucc6a~er or grantee. 11. That o~ vraiver of wy tovenant hecein or in tLe obli~ation securcd henb~ shal! at an~ ame Lereafcer be 6eld to be a Kai~er o1 any of the ot6er terms hereof or of t6e aote saured 6ucb~. 12. That in order to ~cclerate c6e maturity of the indebtedna~ 6e~ebr secured beause of t6e failure of the Mortgagor to Qay an7 taz auaammt. liabilitr~ obligation or eacumbrance upon said pwpert~ as 6etein pro~ided, it shall oot be eaoessaep oor requiaite t6at t6e Mort~a~te ~hali fint par t6e ~ama _ 13. That if t6e Mortga~or s6a11 fsil~ neglccc or rofwe tor a period of thitty (30) days fully ~d p.~~ur ~ wr ~nb *e- quired to be paid br tLe note Leceby secured or t6e interat t6e~eia specifitd or aa~ of t6e s~ms of mone~r henin rcfemd to or hereb~ re- cured, or at6erwise dulr. ~uly and PromQtlr tu perform. ezec~te, oomp1~ wit6 aod abide by eae6. e.err or anr of che oo.enaaes~ oood;cioo. or stipuluiow of this mortQa~e, t6e promwory aote hereby saured and/or t6e oonstnxaon ban sgrcement~ if aaf. tLen. aad in atLer or ia any of sucb cvent; witbout naiee or danand, the said sg~regate sum meationed in said promisror~ note. las prcvious parmeots, jf mr~ aod any and all sums mrntioned he~ein or secured 6erebr a6a11 beoo~ne due and pa~able forthwith or c6ereaher at t6e oontiauing optioo of t6e Mort~sgee as fully and oompletelr as it ssid a~gregate wim were originsllf sd~ulated to be paid at such a~ aoything in aid Pnmisror~ note or herein to t6e concnp nawitLstandin~ and ~6e Moctgagee shall be enhtled thereapon or tLercafter witbout aotice or demand eo io- scitute wit at la~s or ineq wtr to eafora t6e rig6a of the Mortgagee hereunder or undcr said promiaor~ nota In t6e raent of anr default or breac6 on tbe part of the Mortgagior 6erounder or under said p~omisaoq note~ tbe Mongagee s6aU ha•e ~e oonrinain o g Ptaa eo enforee paymrnt of all :uma saured 6erebr by aaion u law or by suit ineq mtp eo foreclae t6is mort~ag~ either or botby caocurreatlr or oc6erwiaG and ooe sction or suit ~hal! aot abate or be a bu to or wairer of the Mortgagee's ri~t to imtitute or maintain the otLer~ pro~ided said Mort- gagee ~6a11 6a~e only one paymmt and ssdsfaction of uid ind~ 14. TLat in t6e ermt t6at Mort~+gor s6a11 (1) ooment to t6e appoinuoeat of a rectiver. trustee or Uquidator oE all or a subaantid ~an of Mortga~oc'~ a*ets, or (2j be adJndicated a bankrupt o~ imot~e~ or 51e a~oluntar~ petitioo ia bankruptc~, or admit ia wriao~ iet ~nabilic~ eo pa~ ia deba as ~ become du~ or (3) make a Qene~al aari~ !or tbe beuefit of crediton. or file a petitioo or amwee ~aiciag roorganization or arrangement wit6 creditoes~ or to take ad~antage of anr imot~enc~ taw~ or (3) 81e an answer admitting t6e ma- ceriaf allegat'ant of a petition filed againu tbe Mortgsger in any bankruptey, reorganiution or in~ol~mcr Proaediu~ or (6) sctian shill be takeo by t6e Moctgagor for t4e purpae of effating an~ of t6e foregan~ or (7) an~ order, jad~nent or decree shall be eatered upon an n applicuion of a creditor or Mortgagor by a eaurt of oompetent jore~dictiaa approvieg a petition saiciaY appoiatmaa of a recei~er or truseee of all or a sub~tantial part of the Mort~ntgor's a~ets and such order. judgmeat or daree sLall aontinue unaa~ed aod ia effat for an~ pcriod of thirtr (30) oauecutire days, t6e Mortgagee may dalare the nae 6erebr secured forthwit6 due aod ps~abty wher+eupon tbe principal of and che interat aocruod oa t6e note and all a6er ~mm 6e~eby aecured shall beoome fort6witb due aad pa~able ~ if all of cLe said sumu of moner were originally stipulued to be paid on suc6 day; and tbereupoo the Mortga~ee withoat naice or demand may proiccute a suit at tan and/or in equiry as if aii monia ~ecnred bereb~ 6ad matured prior to ib fn~ticutioo. 15. 1'6at t6e Mortgsgee or any penoo authorited br tLe Mortga~ aball ba~e the ri~bt to rnter upon and impat tLe aart~a~cd prcmises at all ra:oaable tima. 16. T6at an~ awn or sums whic6 may be baned or advanad b~ ~he Morc~aagee co ~be Mongagor ac any ume wiebin tea (10) yan from c6e date of this iadeature, together with interat t6ereon at tbe nte sgrecd upon at tbe Bme of suc6 ban or ad~anc~ s6di bt equalir cured wit6 ~d 6are the ume priority n tbe original indebtodnas aad be subjea to all the terms :nd pro~isioas of t6is mortga~e; prorided, t6at tbe tggregate amount of principal oubtanding u sn~ time s6a11 nat eueed aa amonnt equa! to oae hundred and fift~ per cmt (1S096j of che principat amount originaUy securad hereby-. 17. T6at, if nquired b~ MoagageG the said Mortga~vr will pay nnm t6e Mortga~ on tbe ~ra day of acb snd e~ery con~ecuti~e month. a sumeg ual to one-twelft6 of tbe annual aaaunt neoa~ary to pay a1) tua snd a~asmenes a~aimt t6e said mortgaged premises„ said mon[hly awn to be atimated eolely by Mortgagee and cakulated to be an amoune not las than t6e amount of taus a~seased agaia~st said mort- gaged pruniua for the previan pear~ aad if furtbet required b~ Mortgagce to pa~ a11 insuranee premi~ms in manner and form as prorided heran for the paymeat of. tues and a~a~meob. 1t. 1bu in t6e e~ent t6e loan wLie6 t!w mort~a~e i~ ~i~ea to ~awre is uude for t6e pl~finaacing atder the ooo~rueaoo of new bnitdin~ or the oonstruction of Impro~emeaa ~d/or additioas ta e~ostir~ bwldiag~ tLe if reqmrtd b tbe ezprasly agrea to deposif with the MorcgaQa or in daignsced ageat an amount of mone~ equal to t6e differmee betwaa tbe ~p of t6e !wn sod the tot~l amount. as determined b~ t6e Mort~a~e~ seyuired to folt~ oomptete said oo~Yiaa in aooord~nu with tbe plam and ~peei~i~tions 6eraofore s~bmitted b~ tLe Mortga~or and a~pp ro~ed b~ tbe Moeqa~ee. 8~id amount of ~u Mortgagee in a'7,wns in Proceu Aaoount" in che nawe of tLe Mortga~or, and the ~aau ~6a11 be n~ed ~~~~1 be plaoed b~ tbe b7 rt~ to PaP tLe ca~b~ charga and ezpensp incurnd in eounation with said ao~trocdon pnor to dIabursias of tbi~ lwn. It is fort6tr agad tLst in tLe e~ent said oonscn~ctioo is not fulir ooamplaed on or before the due stated in the Coestn~aioa Loao or ia tLe e~ent t6at the work on said ooostruaiao shall cease 6tforc full oom~letian and snc6 ce~aeon shall oonanne tor a period ten (10) da,!~ or•if sobatanti~l ooadnnoa~ Pragras sbsl! nat be made ia ~aeh eoastrucnoa, c6en and in ~n~ suc6 e~eat tLe aid a~gregate ~om. PsinciW?~ aod iocerat. mentioned io said promisor~ nae~ end all mooia secured 6ereb1~ s6a11 beoane dne and pa~able fmtbwic6 or t6emfter. u t6e option of said Mortgaga; snd in t6e e~eat of suc6 aaation of work o uid ~ructioa for a made in suc6 ~omtr~ctio a aforaai~t6e Mo Pm~ of ten (10) d~~s„ os If snbtandal oontinoow Pro8*as a6a11 not be om 0. ct~aga ma~ u ib optim entcr i~o and upon the mo ~6~8~ Premius and canplete iaid aou- scnudoo in wcb m~nner a~ it deems ad~isable witbout any intedetence fram tbe Mor~or; tbe ~aid Mo~~ 6enbl ~f~ a~od ~n~ to tLe Mortgagee full powcr and autbority to make ~ne6 entr~ into aad upon said mort~a~td ptanixs. w enter imo wc6 oootrscb o~ ar- ranganeod s~ ms~ be netessaq to aomplete said oonsttuctioo. and to ~zpend an~ mooia r~aioi4g in ~aid "Los~ in Procea Aooount" aad in addition ~a~ :ums of moor~ oeaaary to oomplete ~a9d ooestroction; snd an~ aod all moaia e:peaded br tLe Mortgagee in oonnecdao wit6 ~ucL romplaion of aonstnxtion in e~u of the maiia ia said "I,oans io Psocea~ Aoooant" s6d1 be added to tbe said priocipal debt and ~hall draw ioterat at tbe rste provided in •a;d p~+omiswr~ noee~ and ~hali be se~cared ~ morega~ ana ~all 6e pay,b)e by ~6e Mortp~r d~m~d. ~o~~17U ~6~ ~ ~ . ~r'~ ' t~:,. ~ ~ - ~ _ ;