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Home My WebLink About1839 ~ S. T7sat in t6e event of a ~uit bcin~ iauitutcd w fo~alose t6i~ monQa`e, c6e Mo~~ee thall be eutitled to spply u aay dme durio~ sucL foralosure suit to the rnu~t having ~uriadiction thereqf fo~ the appoiatmcat of a rati~c~ of a!1 and sin~ulu the ~nortQa~ed property~ tnd of all «aa~ iacoma, pwfia, issua snd revenua thercof, f~an Rhanoever wurce de~~ed; aad thereupon it is Sucby t:pcasly corcoanted and agrccd that the coun s6a11 torth~~ith appoi~t •uch raeiver wit6 the usual po~ren and dutia of raeiven. in lite casa; aad iaid ap- pointmeat shall be made by thc court as a matte~ of strict rig6t to the Mortgagee, aad wit6out ~efereace to t6e adequuy or ioadequacp ot the value of the propery hereby mo~c~agcd, oc to che solvency or inwlveocy of t6e Mongagor ot an~ othe< pa<ty defendant to tuc~ suit. T6e Mortgagor he~eby specifically waives the rig6t to object to t6e appoiatmeat of a raciver as aforeuid md 6ercby e:presaly ooaseab t6at web appoincment shali be made as an admittcd equity aad as a matter of abwlute rig6t to the Mortga~ee and that t6e suae may be done witbout notice to the Mortgagoc. 6. That if aay praeediags sLould be instltuted against tLe peoperty cove~ed by tbis mortgage upon aay other lirn or claim whetser ~uperior or junior to t6e lien of tlus mortgs~e, the Mo~t~aga may at ia optioc immcdiately upon iauitudon of sucb iuit or duria~ t6e pead- eacy thereof dcelue this mongaQe and the iodebtedaas secured 6ercb~ due and payable forthwith aad may at ia optioo procad to loceelwe this mort~age. 7. To pay all and singular the cost~ fcea~ c6arga aad upeasa of e~ery Itiud, includiag t6e cast of aa abstract of title to uid laads founJ to be conveaieat o~ ezpedieat in connatioa with.aay suit fo~ the forecloaure of c6is mo~tQage. and also includin& wbether t6e MoirtQagee i~ obligated to paY same or not, rcuooabie aaorne~s fea iocurred or e:peaded ac any dme by che Morcgaeee baause of c6e failure of che Mortgagor to perform. canply with aad abide by all o~ aa~ of tbe ooveaanu~ toodidoas wd stipuluions of ssid pranirory notq or t6is mortgage~ in the foreclosure of ehis mo~tgage and in collccting t6e unouut securcd 6ereb~ wit6 or witbont leQal proceedin~s. aod to reim- burse the Mortgagee for every- pa~ment made or iacurred for aa~ such ~urpoee wit6 iatecat from date of eveq soch payrnent at tbe rate o! e;gbt pe~ cent (f96) per annum; such paymeots and obliguiom„ with intenst thereon n aforaaid~ ~6a11 be aeeured by tbe 4en 1~~ccof. t. To Qap the building or butldin~t now or 6ereafter on uid land inaured a~aiost kss oc damage br fire, ernnded oo~ersge and other periL~, including war rist inaurance if available. ia a~um ~not laa t6an t6eir full iasurable value at the oost and e:pease of the Mort- gago~ ia a canpany o~ oompanies spproved by t6e Mortgagee. the polic~ or policia to be 6eld by tLe Mort~agee, and suc6 policp or polida of insuranee s6a11 have affized thereto a Standard New York Mortga8ce Clause. making all loat or losses under suc6 policp or polxia piyable e~ the Mortgagee as its interest may appea~~ aad to ddiver said polic~ or policia co the Mortgagee w6en issued r?ith t6e recapb fo~ tbe pa~- meat of t6e p~emium therefo~; aad ia t6e event any ~um of moaey becana payable under such policy or policics, the MoctgaQee shall ha~e che option to receive and apply t6e same on acoount of t6e indebtcdnat secured 6ereby or to permit tLe Mortgagor to receive aad use it, or aay part thereof~ for ocher purpoaes, viittiout tLereby waiving or impairiag an~ equitr. lien or rig6t unde~ or by victue of this mortgage; aad t6e Mortgagee if it deean neceuary may place and pay for such iasurance, or aar part thereof, wit6out bsin~ waiving or affating Mor:- gageds option to foreclox fo~ breac6 of t6is aovmanc. or anr 'part thcrcof~ or any rig6t or optioa under t6is mortgage~ and e~ery aueh pa~- ment s6a11 bear interat fran date thcreof uatil paid at the rate of eight per cent (f96) pcr ann~m, and s~) ~~c6 WS~nenb witb ~nt~rac at aforaaid s6a11 be securcd by the lien 6ereof. In t6e event aa~ loas or damage is suffered Mortgagor sLall notify Mortgagee of sue6 loa or damage ~itlun forty-eigbt (4E) 6oun aher t6e happeniog theteof; t6e failute to give ~uch ootice shall comticute a defauh and tse Mort~a- gce ~hall have t6e righb 6erein given for all defaults. 9. To pem~it. canmit or suffer oo waste and to maintain t6e impm~emeat~ at all tima in a state of good repair and ooodition; and to do or permic to be done co said premises nothing t6at will alter or c6ange tLe use and c6aracter of said property or io any way impair or weaten t6e secucicy of said mortgage. In case of c6e refusal, acglect o~ inabiliq of tLe Mortgagor to apair and maiatain said pmperty. t..; Mongagee mar. at ia opfioo. make such npain or cau~e t6e same to be made and ad~ance monia in cLac besatf w6ic6 wms shall be secured by c6e liea hcreof and bear iaterat at tLe nte of agAt per cent (t96) per annum. 10. To deliver t6e abstract or abstracts of dtlt ao~ering the mortgaged property to Mortgagee or its daigntted agent, ~rhich s6a11 at all tima. duriug t6e life of t6is mortBaSq remain in the possasion of tLe Mortgagee and in evenc of c6e foreclosure of c6ii mongage or a6er ~ramfer of title~ all rig6t, titie and interat of the Mortgagoc in and to any such abstract or abstracn of title s6aU pau to the purchsser or grantee. 11. T6at no waiver of any rnvenant 6erdn or ia the obligation secured 6ereb~ sball at any time henafcer be 6eld to be a aai~er of any of t6e ot6er terws bereof or of the note secured hereb~. 12. T6at in order to accelerate tbe maturity of t6e indebtedncs hereby secured baause of tLe failure of the Mortgsgor to pay any tu usessmmt~ liabiliry. obligation or rncumbrance upon said property as hereia pco~ided. it s6all aot be neceassr~ eor requisite that the Mort~a~ce •hall fint pay the same. 13. T6at if the Mortgago~ shall fai4 neglect or refwe for a period of t6irty (30) days fully and promptly to pay t6e amounts re- quired to be paid by t6e note hereby secured or the interat therein sp«ified or aay of ~6e sums of money 6emn referred to or hereb~ ~ cured, or ot6erwix duly. lully and promptly to perfor~n, ezecute. oompl with and abide by eu6. e~ery or any of the oovenanq, eonditiom or stipulatiow of this mortgage, tLe praniswry note hereby secured an~or t6e oon~truetioa losa agreement, if aaY. t6en. and in eitLer or in ~?y of suc6 evrnb, witbout aotia or demand. t6e said aggregate sum mentioned in uid promiswoq note. las p~evious paywenb. if au~~ and ~ any and all sutm mentioned hercin or secured 6ereb~ shall becrome due and parable forthwitL or therea8er at t6e aontinuiog option of tbe ; Mortgagee as full~ and oompletely as if said agaregate sums wtre originallf atipulued to be paid at soc6 time. anythinB in said promiwor~ ~ note or herein to t6e contrar~ notwitMtandin& and t6e Mortgagee shall be eatitled thcreupon or tbereafter without notice o[ demand to in- ~ samte wit at la~c or in eqaity to enforce the rig6ts of t6e Mortgagte 6ereander or under aaid promissory note. Ia the e~ent of an~ default ~ or breach on t6e part of tLe Mortgagor 6ereunder or under uid pranis~ory note. tbe Mortgagee sball La~e t6e oontinuing option to enforee paymmt of all sums secured 6ereb~ by action at !sw or by suit ineq wtr to foreclae thia mortgigq dther or bot6, coocurrentlr or otherwise. i and oae actioo or suit shaU na abate or be a bar to or waiver of t6e Mortgagce's right to institute or maiotain t6e otber. pro~ided said Mort- ~ gagec s6a11 Lave only one paymmt and suisfsction of said indebtednm. ~ 14. That iu t6e e~ent t6at Mo~tgagor s6a11 (1) ooment to tbe appointment of a recaveq truuce or liquidator of all or a subatantial Qart of Mort~a~oe's a~eb~ oc (2) be ad~nditaced a bankrupt os insolveny or $Ie a~olantarp petition in bant~ptcy. or admit in writing ib mabilit~ oo pa~ ib deba a~ tLe~ baome ~~e, or (3) make a general a~si~t for t6e beaefit of creditors. or (4) file a petition or answa seelcin~ reorQaaization or arranganent witL eredieors. or to take ad~anage of anr imol~enc~ law. or (S) file an answer admitting tbt ma- ~ terial allegatiau of s petition filed against the Mortga~or io aoy baakrupccp. reorgaaisation or in~olvency Proceediu& or (6) action sLaU be takeo b~ t6e Mortgag~or for the purpose of effaKing an~ of the forcgoin& or (7) an~ order~ judpnent or darte s6a11 be entercd upon ao ~ application of a creditor or Mortgagor br a rnurt of oompetcnt jurisdiction approving a petition seeking ~ppoinanrnt of a raei~er or trustee of aU or a substantial part of the Mortgagor's a~ets aad such order, judgment or daree shall oontiaue anstayed and ia effect for any pcriod of thirty (30) consecutire days, t6e Mortgagee may declare the note 6eceb~ secured forthwitb due aod payable. w6ereupon the principal ef aod the interat aaraed on t6e note and all other sums 6ereby mured s6sU beoome fort6wit6 dae and pa~able as if :11 of t6e uid surns of moosr were origiaallr stipulated to be paid on sucb da~; and t6ereupoo tbe Mortga~ee wit6out notice or demand msy prasecute a suit at IaN and/or in equitr as if all monia ~ecured 6ereby Lad matured prior to ~b iosticution. tS. T6at t6e Mortgagee or any peison a~cLo*iud br che Mortga~ee ihall 6a~e t6e right ~o mter upon and inspect tbe mortgaQed ~ premisea at all rcasonable cimes. ~ 16. T6at any sum or sums v~hich may be baned or advanad by t6e MortQagee eo tbe Mortgagor st any ame within ten (10) yan ~ fran t6e date of this iadrnture~ to~ether witb interat theraon u the rate agrad upoo at the eme of wcb loan or advance. shall be equsll~ se- ~ cured wit6 and ha~e the same pnonty as the origioal indebtednas snd be sub~ect to all tLe tenas and pmvisioro of t6is mortgage; pro~ided, z:; that t6e aggregate amount of principal outstanding at any 6me sball not e~ceed an amount equal to one hundred and fifty per cent (1S0%) of ~ che principal amount originallr secured herebp. 17. T6ay if required b~ MortgaQee~ tbe uid MortgaQor will pa~ unto the Mortga~ on t6e fint day of escb and every oonsecutire ~ moatb, a wm cqual to ono-cwelfch of the annual amount neces~ary oo par dl tua and anarmmts :gaimt the uid mortgaged premises, ~aid - mootbly swn to be atimated aoldy by Mortgagee and cakulated to be aa amo~mt not las tLan tLe amount of tues a~~ened against said mort- gagrd premisa for t6e prtvious year, and if furt6er required by Mortgagee to pa~ aU imurance premium~ io manner and form as pm~ided - herein for the papment of. tues aod a~sesmenb. - 1~ That in tbe e~eat tLe loan w6icL t6i~ moct~sQe L prea to ~ecure is made for t6e purpae of fiaaxina dther the ooonruction ~ of new buildings or tLe oomtnxcioo of Impro~emena and/or addidoa~ to es~stia~ buildin~. the Mortp~or. if reqWred br ~6e Mo~~. ~ ezpressly agrea to depo~f witb t6e Mortgigee or its dai~ated agent an atoount of mone~ equa) to t6e diffeaace betwaa t6e net proeeeds ~ of the loao aad the total amount~ as daermined by t6e Mort~agee, required to fully oomplete satd oonstn~ction in aaoo~dance wit6 the pia.:: ~ and specifications heraofore submitted by the Mortga~or and appro~ed b~ t6e Mort~a~te. Said amonnt of mooe~ shall be placed b~ t6e ~ Mortgagce io a"I.oaw in Procea Aoooant" in the aame of tbe Mortga~or~ aad tLe same ~hall be wcd b~ tbe Mortgagee to pa~ the cab„ cLarga and ezpensa incurred in ooonaYioo with ~aid oonst~etioo prior tn di~bunin~ of t6is loaa It is fnrtLer agreed tLu in tLe t~eat said comtrucrion u na fa117 canPlaed on or before t6e due wted in t6e Coo~troetioa Loao Agreement or in tbe r~ent tLat tLe work on said oonuruction ~hall uase before full caa~letioo wd suc6 casation s6al! eontinue !or a period o~ ten (10) ds~s, orif subwndal oontinuow ~ progras s6s11 not be made in ~uc6 cou~trurnon~ thea and in any ~ucb e~eat the ~aid aggregate s~ principal aad IDtKlft~ mmtioned in said promiron ootq and all moaia secured hereby. shall beoane due and pa~able foctbwith or thereafter. at tbe option of said Mortgagee; and in ~3 the e~ra+t of ~oc6 easaaon of wort upon said comtrocdon for a period of un (10) dan„ or if s~tantial oontinuous pro~res~ s6all na ~ made in fuch ooastruction, a aforaaid. tbe Mortgagee ma~ at [q opdon rnter into and upon t6e mortgsged premisa and complete said oon- 1tIUCt10O ID WCb mSQQK as it dcans adriaable wit6out ~n~ interference fro~n tbe Mortga~nr. tLe »id Mortga~or 6erebr p~ing and ~a~ to the Mortgagee full power and autboritr to make soch mtp into and apon said mortga~ed pranisa, to mter into wc6 oootrub or ar- rangunrnb as ma~ be neaasar~ co eomplete ~aid oomtrnctioo~ aad to ezpend an) monia remaining in ~aid "Loans in Procea Aooount' and in addition aa~ ~ums of mooe~ na~uar7 to complete ~a:d ooo~troction; and an~ and all monia upended b~ t6e Mortgagee in connection m i witL suc6 canpletioo of cautn~etion in euas of tbe monia in stid "Loanr in Protts Aocou~" ~Lall bt added to tbe said priocipal debt and w:; a6a11 dnw interat at t6e rate pro~ided in said prani~aor~ note, and s6a11 be securcd b~ this mortQage, and s6a11 be payable b~ the Mort~aQor y~$: on demanQ. ~ ~n~~~ ~1$3~ ~ - ~ : . _ _ _zF s~ ; ~ 1~`~'-~.( _ a r.:eav~i _ a _