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HomeMy WebLinkAbout1010 s S. Thac io ths evcac of s suic bcin~ iwatuted ~o fo~eelo~ tsi~ eoortpp, t?e lRe~ases s~sll be enockd m app1~ u aay time durio~ such foralosure iuit w the couct haviae jurisdictioa t6ereqf fo~ the sppoiotment of a rcrn~e~ of sll and sia~ulu the mo~ased pcoperty. aod of aU rents„ iocoma, profit~, iuua tad reveaua cbucof. fcan w~hapoe~er wura dcci~ed; and the~eupou it L be~ebr e:pcasly oo~eaaated ~ea and a~eed tbat the court shall forthNit6 appoiat sucb ~eceiver wit6 tb~ wud pows~s aad duda ot ~eai~e~s. iu like easa; sad said a poinanent tAall be made by the tourt as a maae~ of uriet ri~ot to t6e Mo a~ and v~itbout rchceaa to the sdeqwe~ or inadeqwcy of ~alue of t6e propecty bercbr mo~ur w the wlveacy o~ ~molvcnc~r of~s Mortja~or or W otber parqr dcfeadaat to suc6 wit. Tbs Mort~aQor hereb specifically ~ea~va c e tiQht to objeet eo t6e appoiaaneat of a recei~e~ as ~fueaid and 6ercby uprcay ooasents chu wci appoiaaaent shal~ be made as an admiaed equiqr aad si a mane~ of abwlute ~i~ht to tbc Moctsa`ee and tLat tbe same may be doae witbow ooace to t6e MortQaQo~. 6. That if an~ proceedinQs sbould be insdtuted s~aic.st tLe properq oo•acd br cbi• mo~e upon aa~r other liea or claim wl~tAet •uperior or juaior to tbe Um uf tlw mort~a~e~ the Mo~t~a may at its option iwnediatel~ upoa t~titutioo of suc6 ~uit or durio~ t6e pead- eocy cbercof dalare tLis mortQa~e and the indebtcdnas saurcd 6ereb~ due aad payasle forthrnt6 aad aur at ta option proeeed ~o foraclae this moct~aga 7. To pay all aad ungular t6e cow~ fees, cLa~a aad ~pea~a of ever~ kind, tacludie~ tbe oat of an abstract of title to ssid land~ fouad to be oon~enieot or upcdieot ia eawadon with.aqr suit for t6e foreclosure of thismo~t~a~e, and al~o iacludin~ wlether t6e Mo~t~ajet is obli~ated to pa7 wne or aot. aasonabie atcorne~~ feei incuned ar acpmdcd at an~ time- b~ tse MortQsses baawe of tLe lsilure of cbe Mort~agor tope dorm. canply witb aad abide b~ ail or any of c6e co•eaana~ ooodiaoo~ and ~tipulatiom o~ ~sid promi~ory note. or thia mortQage~ in the foreclaauro of this aart~a~e and in oollectiag t6e amount sawced hereb~ wit6 0~ withont k~al proeesdinp. sod to ram- bune the Mo~tQagee for eve~y pa~mcat made o~ iacurred fo~ to~ soc6 ~urpose with interat from d~te ot e~ery wc6 parneat u t6e rate of ei~ht per eent (i96) Per annum; sucb papmeots aad obligatioo~ witL ~ntcreu tLeraon ~s aforaaid. ~6a11 be ~ecwred by tLe lien 6ereof. i. To Icap the buildin~ or buildia~t uow or bereafcer on said lsad iosured s~ai~ las or da+w`c br fire. ernndcd oo~era~e aod other perils, including wu rist insunnce if a~ailable, in s tum aot less than tbdr lull imurable ~due u tse oat acd e:peoie oE the Mo~t- gagor in a rnmpmy or oanpania appro~ed by t6e Mortga~ee, t6e poUcy ot policia M be beld by the Mor~ge~ and suc~ p~licy or poliaa af insuraace sl?al! bave affi:ed thereto a Standud New York Mortgagte Clauses makia~ all {or ot loaa under sue?~ e~ or policia pssabk to the Mortgagee as its interat may appcar~ aad to deliver said policp or pohaa to tbe Mort~agee w6ea issaed w~th t6s receipes for t6e pa~- menc of che pranium t6erefor; and in tLe eveat any sum of mone~ becoma payable uader suc6 poUc~ or poGda, t6e Moctga~ee s6a11 have t6e optioo to md~e aod apply the same oo saoount of tLe indebtednew sccurod Dereby or to pennit t6e Mortgagor to roaive and we iy or aa~ part thereof. for otLer purpoaes~ v~itLout chereby waiviag or im~airia~ an~ equiqr. Gen or rig6t under or by vi~tue of t6is mortgaQe; aad tbe Mortgagce if it deems necesury may place and pay foc such ~asu~ante~ or aay part tbereof~ witboot {aiu~ wai~iaa or affating Mort- gagee's option to foceeb~e for breu6 of thia oovenaot~ or aay part tbereof~ or any ngbt or option under tLi~ moctgage, and enery suc6 pay- mu?t s6a11 bear interat from date t6ereof ua[il paid at t6e rate of dght per aat (i96) per aonum, and all ~ac6 pay~aents wit6 interat as aforaaid s6a11 be saured by the lim Lereof. In the e~ent ao~ laa or damage it suffered Mo~qagor shall nocih Mortaa~ce of wcb las or dunage withia focty-eig6t (4E) boun afte~ tbe ha~peniag thcaof; tbe failuee to gi~e s~c6 nocia sDall comtitute s defauh and t6e Mort~a- gee shall Lave t6e rig6ts 6ereia givea for all defw b. 9. To permit, aoaunit or suffer no waste and to maintain tLe imptovements at all tima in a state of good repair aod ooodirion; snd eo do orpe rmit to be done to said pranisa aocLiag tLat will alter or eLange tbe u~e and eharacter ot taid pwpertr or ~a any, wa7 impair er weakeo t6e seeuritp of uid mort~tge. In case of tLe refwal. neglett oe inabilitp of tbe Mortga~or to repa~r and mainqia wd propcrtp. t6e Mortgagce mar. ac its opfioo, mal•e sneh repaia or cau~e t6e same to be made and ad~anu monia in thu be~alf wLie4 wae ahall be secured by t6e lirn hcreof and bear intcrat at tbe rate of aght per cent (i%) per annum. 10. To deli~er the abtraet or abtncb of titk ao~eting t6e mortgsged property w Mo~aSee or its deai~nated sgeQt, ~vhitA sball at all tima, during tLe life of tAis mortQa~ canain in the poaa:ion of tLe Moet~agee and 'u. cvent of the foncbsure of tbis mortgsge or aher cruafer of title~ all righ~ atle and iaterat of the Mort~sg~or in and to aoy suc6 ab~traa or ab~aaas of atle shaU pa+s eo che purc6ase~ or ~antce. 11. That no waiver of aay oorcnant Derein or in tbe obli~ation saured hereb~ sball at an~ time bereafter be held to be a nai~er of any of tLe atLer terms hereof or of :he oote secu~ed 6ereb~. 12. That iu order to aocelerate tLe matnrit~ of t6e indebtednas 6ereb~ saured baause of t6e failure of tLe Mort~agor to pay sa~ az masmmy liability. obliguion or encumbraace upon said pcope~ as 6ereia pro~idcd. it s6aq not be necessaq nor requi~ite t6at tbe Mortgs~ee ahall fint psy t6e wne. 13. That if t6e Mort~a~o~ s6d1 fail. neglect or refwe ior a period of t6irty (30) days fuUy aad prompcl7 ~ WY t~ quired to bc paid by the note 6ereby saured or tbe interat tLerein speafied or aa~ of t6e sm~ of money 6erein referetd to or Lereb~ ~ cured. or ot6erwise duy. full~ and prom~tiy to perform, ezecute~ oompy witL and abide by eaeb. e~ery or any of the ooveuanar oonditioa~ or stipularions of tbis mort~ag~e. tbe prom~saory nae berebr secured aa~Ior t4e aon~truaion ban agreemeat, if any. tLeo. and in dther or in anr of socb e~ents~ witbo~t notice or demand. t6e said aggregate sum meadoned in said pmmiaor~ noce. Im pre~iow pa7mena. if ao~. aod anr aad all sums mmtioned 6erein or secured 6erebr s6a11 bcoome dne aod pa~able fort6witL or tLerafca at t6e oootinuiag option of tre Mort~ee a fuil~ and oompletd~ as if said s~regate ~wm were otipndly~ stiFulued to be paid at such dme. anndiog in said pnmi~wry oote or 6erein to the oootrarp notwitLsqnding. and the Mort~agee shall be endtled tbereupon or tbereafter ~ntLout nocice or demaad to in- stitute wit at law or ineq wt~ to eaforce tbe rig6b of t6e Moregagee 6ere~wder o~ under uid pmmisw~y nota In tLe e~ent of an~ default o~ brcac6 on t6e part of the Mortga~or 6creunder o~ uoder said Promis~ory note. tLe Mortgaga s6a11 ha~e t6e conanuin6 opion to enforee ' papmrnt of all sums saured henb~ by aaian at law or by snit ineq ~nc~ ~n foreciae t6is mort~ge, atbe~ or botb. ooocarrently or a6erwisq i aod ooe actioa or suit s6a11 not abate or be i bu to or wuver of t6e Mo~tgageds riQht to imtihm or maintain t6e a6er~ pro~ided said Mort- ~ ~agee a6a11 ha~e only ooe paymeat and ~tisfaetion of said indebtedna~. ~ 14. 'I'bat in tLe e~ent t6at Mo ~or sh~dl (1) conseat to t6e appointmeat of a reai~er. tru~tce or liquidator of a11 or a subaantial part of Mo~~~ a~eb. or (2) be ad~udicaad a bsniwpt or insol~ent, or Sle a~oluntul Petition in bankrupay. or admic in ..ridn~ in ~ ina~iliq to paJ ih de6tr a~ tbe~ baome ~ue. or mate a ~meral a~si~oment for tbe benefit of crcdiwn. or Sle s petitioa or amwa seeinns roor~aaisaaon or an~nQanent wit6 cecdi~on. or to take adraoa~e of an~ insol~eac~ law. or (S) Sk an aa~wcr admitein~ tbe ma- terial alle~adoos of a petidoa fifcd a~aiost the MortBa~or in any bankrupa~. rcorganisuion or insol~eucy procecding or (6) ~ction s6a11 be aten b~ tbe Mortgsgor for the purpae of effaans anr of the foregoin~ o~ (7) an7 ordu. l~d~nent or dccm aha11 be eatend upon an application of a credioor or Mortgs~or b~ a oourt of oanpetent !'urisdiceon approrin~ a petition ~atin~ appoiuaaent of a reca~er or trmtee of all or a substancial part of tbe Mortea~nr's ~ea aad s~c6 order. jud~nent or daree shall oootinue ~nstared and ia effea for an~ periad of t6icty (30) ca~secvti~e day~ t6e MortgaQte may dalare the oote Le~eb~ acaced fort6wit6 doe and parably wbereupon tbe priocipal of and t6e inte~at aaroed oo t6e note aad all oc6er sum~ hereb~ securod s6a11 beoome fort6witb dne and pa~abk as if all of cLe said ~urns of mone~ were oripoallr stipulued to be psud on such da~; and thereupon tbe Mortptce witbo~t notiee or danand ma~ proieeute a suit u Isv~ and/a in equi~p as if all monia ~ecnrcd 6ereb~ 6ad matorcd prior to ib iadtutioo. 1S. Z3at t6e Mortga~ce or aay penon authoriud b~ eLe Mortsajee s6a11 6a~e tLe rig6t oo mter upon and impect t6e mortpsed premisa at all rea~onable times. 16. T6at ao~ sum or surm w6ich mar be loaned or advanced by the Mat~a~ee ~o tbe Mort~a~r u aay ame withio ten (10) 7can from t6e date of this iadmture, oo~ether wit6 interat tDereon at tbe nte airecd npon st t6e ame of Hxh Iwa o~ ad~ance~ s6a11 be eqwll~ se- cured wit6 aad ba~e t6e ~a~ae prioriq a~ tLe oripnal indebtednea and be ~nbjea oo all tbe ter~s and prorisioos -of t6a mortPa: P~~, tbat t6e a~e~uc amount of prinapal o~tstandins at ~n~ tuse shall not esasd an aowunc eqwl co one hw~dred and fift~ per een~ (1S09fr) of cbe prindpal amount oripnall~ ~ceurcd 6ereby. 17. 'I'bat~ if requircd b~ ~t6c aid Morts~ will p~ m~s t!e Moetp~ ao tbe Sr~t da7 of euh and e~ery ooas«uti•e montli. a wm c9ua1 co oac-cv.elhb o~~ cbe anoud amounc naca~ar~ eo pa~ dl ta~s aad ~ apimt tLe ~aid mort6~8~ P~. said moot6ly sum ~o be esumsced sokly br Morc~as« and caiculued m be an amo~mt na 1sM tWe tre amouat of tua aweacd aQaimt ~aid mort- ~a~ed Premisa for t6e pre~iaa jcsr. and ~f furt~er required br Mort~a~ee to pa7 all imnr~na premiams in mame~ and form r pro~ided herein fot tLt paYmeat ot. u:a aad a~e~menb. lf. 'Ibu io tbe e~eat t6e lo~n w6ie6 t6is mort~e b ~i~roe to ~ecate i~ m~dt ~ t~s oE finanein~ eitfer tbe ooortrudioa of oer. buildiop or ttie aoown~ctiao of impro~emeoa aAd/or sdditiow ~o dstiu~ b~dldinp, t~ep l~. if reqwrod b~ tbe Moctsa~ cti c:prealr a~ea to depoat wit6 ebe Montsa~ee or la daisnatcd a~wt ao a~ouot of moee~ equsl b t~e ffereoee betwan tDe aet proceed~ of tbe loao and t6e toal araouoy a~ detcrmiaed b~ t~t l~o~a~e~ mred eo fnli~ ao.~i~ee rda ooa~tnrctiaa in a~ooordance witL tbe plaw aed specifieations rerecofore submieced b7 tbe Moct~a~x ~od ~~Pp ~ b~ t~e Mocttapt. 3aid ~soast oE me~ef ~?all be Placed br t~c ?lonpsee io a"I.oaw in Proceis Aaoo~eat' ia t6c aame ot tLe Mo~tP~~ aod t~e a~ae ~sll be wad bl t~e l~o~a~a b Pa7 tbc ao~~ clar~es aod c:pea~a ioenrnd in ooaoeetioo witl~ uid ooo~tr~ciw ptior ~s diibania~ d tY~b {wo. It i~ fuet6er ~p~eed tkat is tLe erent w d o o m t r u e e i o o a n o t f u l i t o a n p k c e d o 0 o r b e l~ r t tM date u~etd ia e~s Coortructio~ Loaa A; r t a a e n t or ia t`s e~ene e6u t'e wat oa ~aid ooastruetioo srall cea~e before full oompietioa ~od wer ca~atioo ~iail cootiaue period ~ f cea (t0) da or if aab~tandd ooodnuou~ pro~ras sAall sot be o~de ia wef ooacruawo. t6ce ~od ia an~ s~ t~eat t~t MW sarepb aor N~ o c i P d ~ i~tersat. mentiooed jo ~aid P~~7 aod aIl monia ~erured le~~. s6a11 beoane dne aad oapsbk 6~wie~ er d~e~ u t~e opcioe of uid Mertsa~e~e: u~d i~ d~e e.~ent of sncf awsdoe of work np~o ~aid ooo~traedoe !or a~e*iod oE ea (10) da~s, or if w~taoaial cootioaoa, pro~ns ~all net be ieade ia wcL cm~crnccion, a aEores~id. t6e Mosc~apt sa~ rt fes optkn eoter i~o aod npon t~e Pndsa aad caopkte uid ooo- ~tructiao ia wc~ ataooer a~ it deam adrbabk wit5oat ae~ iaterkr~nee Erw tre Mert~apt: tre soid~ ~7 d~ ~ R~~i p t!e Mo~a~ee fali pwet ~ad autbo~ity b make wc` eotrf IWO eaa o}on Mi~ sat~a~e~ Keoi+eti 1o eoter iaeo ~ ooatnas oe ~r~ nose,seoa M ava7 be ~eeessu7 w caapleee said oowt*~4 ~ w ripead u~ eoois ns~jdet in ssid '4.eao~ is Pnons Aoo~ait' wd io ~ditian an7 ~s et mone~ aaca~ar~ to coen~leet ~sia oeatroetbo: ~od aar aod di soaia ape~ded b~ tie l~o~asce ~ aom~ctiea wit~ suel ooaapktioo of cartwcteoa in ems~ o( tbe reo~ia io uid '[.o~a~ ia Peoeea~ Aacowe" rall be added ~o tM Wd ?eiecip~! debt aod .6~t1 draw iaterat ac ~1e rm ~o.ided in ~a;d 'wmi.wr~ ooe~. ~nd ~?all bs secYnd 6~ dii ~ed ~1a11 b~ N~~Is cb ~ee~apr oa A~ea~. doox 1~j~ e+~t ~.1~~ ~ a r . . _ ~ 9.~::~ ,e3 C....~~~_ . - .e~ . .