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Home My WebLink About2022 1 ' . ~ S. That iu t6e event of a sutt bcia~ iastituted w foralae tLii monQa`e, t6e Mortsa~ce ~hall bc eocitled w apply st aoy time durio~ ~uch fo~aloaure suit to the rnurt 6aviag jurudictioa t6e~cqf for the appoiauaeat of a rocei~t~ of all sad sia~ulat the mortQa~ed propecty, and of all reats, incoma. profiq, usua and revenua t6ereof. from ~shaaoever wurce derived; and t6e~eupon it i~ 6ereby e:prasly COYtpiqtld aad sgreed that the court s6all fon6Nit6 appoiat such ra~iver wi~6 t6e uwal po~~en and dutia ot raeiven. ia like cua; aad said ap- pointment ~6a11 be msde by the court aa a matte~ of stdct risht to the Mort a~ee, and witbout cefe~euce to the adequacy o~ inadequacp of t6e value of che prope~ty hers'sT ~^:tga~ or to tde solveney or insolveocy of ~e Monga~or or aqr aher wrtr defcndmt to such tuit. ~e MortQago~ 6ereby specifically waiva- t6e rigbt to object to tAe appoiatmeat of a ~aeive~ n aforesaid and 6e~eby e:presalr eoasena ~bat we6 appoiatmcrtt shall be made u aa admincd equity aad u a matter of absolute riQht to the Mortga~ee and t6at tbe sune roay be done witbour notice to the Hfort~a~or. ~ 6. T6at if aay proceediaga abould be iostituted agaiast the property oore~ed by t6is dart~age upon any other Gen or claim whetAer •uperior or juaior to the lien of this mort~a~e, tbe Mortgaga msy at ib optioa im~nediately upon inuitucioo of such ~uit or duriag the pead• + eocy thucof declue t6is mo~tgage and the indcbtedaas ~ecured 6ertb~ due and p~yabls fort6with aad mar at ib option proceed to foreclae this tnort~sgt. 7. To pay all and siagular the cosn, fea, c6arga aad ezpeosa of every kind, tncludiag tLe co~t of an abatract of dtle to said land~ fOUA/I l0 6! OOIIYlllltqt O! ll~ieat i~ connatioa wich.aay suit fo~ t6e foreclasure of this mo~t~age, and abo includin~ w6et6er the Morcasgct is obligated to pap wme or aot, reasoaable attorneys fees incurred or e:pended at any time br t6e Mortga~ee beeawe of tLe failure of the Mortgago~ tope rform. canplr ~.itb aad abide by all or aay of t6e rn~eaaab. coaditiaa and stipulsaon~ of uid pranieory nae, or tAis mortgage~ in t6e foreclosure of this aartgage and in coUating the amount secured 6ereby wit6 or wit6out legal protetdinp. and to reim- bune the Mortgagee for every pa~•meat made or iacurred for aay suc6 Purpoae witb interat fraa date of every sncA paywrnt at t6e rate of ei~ht per ceat (E96) pe~ annum; sucb paymcnts and obligaaon~ wits ~ntecat tbere~ as sforaaid. s6d1 be iau~ed by tLe Gea 6ereof. i. To iceep the buildiag or buildiogs now or 6ereafter on uid land iosured aQain~t loa or damage br 8~ e~mded oo~e~sge and other perils. including war rist in~urance if available. in a~um -not leu thu? t6ei~ full iosunble ~alue at the ccst and ezpease of the Mort- gagor ia a canpaay or compania appmved by t6e Moctgagee. t6e polier or poticia to be 6eld by the Mo sgee, and suc6 policy or policies of insuraace shall Save affixed therao a Staadud New York Mortgaga Cla~e. making all Iws o~ lossea uade~r s 6 policr or policies papable ~o the Mortgagee u its interat may appear~ and to delive~ said policy or policia to t6e Mortgagee wheu issued with the receipes for t6e par- ment of the premium the~efor; aad ia the tvcat anp sum of moaey bern+na payable uader such policy or policia, t6e Mortgagee s6a11 6ave the option to rcceive and apply the sune on acoount of tLe indebtednew secured Lereby or to permit the Mortgagor to receive and ux it. or any part theccof~ for otLer purposa. wit~out thcreby waiving or imFairing any cquity. lien or nght unde~ or by ~irtue of t6is mortgage: and tse Mortgagee if it deems necesury may place aad pay for such ~asuraneG or aay part the~eof, a~itLout losiag. wsiving or affecting Mort- gagee's option to foreclose f:.r ~r:_.~± ef this oovenany or any part thereof~ or any rig6t or option undcr this mortgaBe. and every such pay- ment s6a11 bear interest from date t6ereof until paid at tbe rate of eig6t per cent (i96) pe~ aanum4 and all suc6 pay-mena wit6 interat as aforesaid shall be secured bs t6e lirn he~cof. In t6e event any lou or damage is suffercd Mortgagor ahail notify Moagagee of such kss or damage witlua fort~•-eight (4E) boun aher the happeaiag tLereof; the faiture to g+ve such notite s6a11 comticute a default and t6e Mortga- gec s6a11 6ave t6e rig6ts he~ein givca for all defaults. 9. To pamit~ commit or suffer no waste and to maincain t6e impro~emwa at all tima in a state of good npair aad oondition; aad to do or permit to be doae to said prrnuses aothiag that will alter or c6ange t6e uae and c6aneter of uid propertr or in any wa~ impair or weakcn t6e aecuritr of uid mortgage. Iu case of the refusal. aeglect or inabilitr of t6e Mo~tgsgor to repair and maintain aaid property. t6e Mortgagce mar. ac ia opiion. malce suc6 repairs o~ cau~e t6e same to be made and ad~aace wonia in that be6alf w6icL sums shall be secured by t6e lien 6ereof and bear interat at the rate of ag6t per ceat (E%) per annum. 10. To deliver the abstract or abstrscts of title oovering the tnortgaged pmperty to Mortgagee or its daignated agent~ ~sLic6 shall at all times~ during t6e life of this mortgage, ~emain in the poasession of the Moctgagee aad in e~ent of the foraksure of this awctgage or other transfer of title. all rig6t, title and interat of t6e Mortgagor in and to any sac6 ab~tract o~ abstracts of title s6a11 pass to the purchaser or ~antee. I1. T6at no ~aaiver of ~Dy COYCIIiui ~Ltltlll or in t6e obliguion tecured 6ereby s6a11 at any time Sereaftsr be held to be a ssaiver of any of t6e other terms 6ereof or of t6e note securcd herebp. 12. T6at io order to accelerate che macuricy of che iodebcednes, 6ereby seeured because of tbe failure of cLe Monga~or co pay any cu auasraa?t. liability~ obligatioa or encumbraace upou said property a~ 6ereia pro~idtd, it s6a11 aot be neceuary aor tequiaite that the Mortga~ee s6a11 fi~ psy ~he same. 13. Thst if tbe Mortgagor sball fail~ aeglcct or refuse for a period of t6irtq (30) days fully and promptly to pay t6e amounrs re- quired to be paid by the note Lereby secured or the interat the~tin spaafied or an~ of t6e s~uns of money heain rcferred to or bereb~ ~e- cuced~ or ot6ertiae dulr. lully and promptly ro perform, ezecutq oompl~ wit6 and abide by euh. e~ery or aDy Of [bt COYt11~Db~ coaditioo~ or stipuladons of this mortgage. t6e promiswry note 6ereby saured aad/or the oomtn~etioo ban agreement, if any. tbeo. md in eithcr or in any of suc6 erenb. v~ithout ~atice or demand~ the said sggregate sum mentiooed io uid proaissoq note. las premow paymmts, if any. aod any aad all sums mentioned Lerein or secured 6ereby s6all beoo~e due and pa~able forthwitL or tLeret€:~: ~ the oontiouiog option of tbe Mottgagee as futly and aompleteiy as if said aggregate sums wcre originallf stipulated to be paid at suc6 tiroe, anything in said praniswry note or herein to t6e contnry notwit6standin& and the Mortgagee s6a11 be eodtitd thereupon or tLereafter witbout aotice or demand to ie- stitute suit at la~c or in equity to euforce the righb of the Mortgagee 6ereaader or uader said promia~or~ aote. In the evrnt of an~ default or breuh oo the part of t6e Mortgagor hereunder or under said promis~ory note. the Mortgagee shall 6a~e the continuing option to mforee pa~meat of all sums secured Lereby by acteoo at law or by sait ineq mtY m foralwe t6is mortgage~ atLer or botb. concunently or ot6erwise, m i and ooe xtion or suit s6a11 aa abate or be a bar to or waiver of the Mortgagee's rig6t to i~aoitute or maintain t6e other. provided uid Mort- gagee s6s11 bave only one paymrnt aod utisfaetion of uid indebteduea. ~4 14. That in t6e erent t6at Mortg~+~or sball (1) aomeot to t6e appointmeat of a nuiver. tnntee or liquidator of all or a subuandal f ~ut of Mortgagols a~et~ or (2) be adjudicated a bankrupt or iosol~ent~ or 81e a~otuntar~ petition in baokruptcy, or admit io writiog its ~nabilit~ oo pay Ib deba as tLef bcrnme due, or (3) make a general assignmeat for tLe beoefit of crediw~a, or file : pctirion or answa seeting reorganizarion or arrangemenc wich crediton. or m take advantage of anr imoheney law~ or (S) file an answer admitting t6e ma- cerial allegaaoas of a peti6on fited agaiast tLe Mortgagor io any bantrupcep. reorganiution or insol~ency proceedin~ or (6) action shaU be tatm by tLe Mortgagor for t6e purpae of effating an7r of tLe forcgoing. or (7) an~ order~ judgment or decrce s6a11 be entercd upa~ sn appl;euion of a creditor or Mortgagor bp s court of oompetent juri~dicdon approving a petition seeking appoiaanmt of a recei~er or trustce of all or a substantial part of tLe Mortgagoc's a»ets tnd sucL order, jud~nrnt or dane shall conanut ~nstayed and in effect for any period of ttirt~ (30) oonsecutive days~ t6e Mongagee may dalare t6e note Lerebr secuted fortbwith due and payable. w6ereupon the principal of aod the interat ucrued on the oote and all other aums 6ereby secured s6a11 beoane forthwith due and pa~able as if all of tLe said sums of money serc originaily stipulued to be paid oa such day; and thenupon tLe Mortgagee without notice or demaod may prosccute a suit at law and/or in equitp a if all monia saured 6ereby 6ad matured prior to ib iwtitutioo. iS. Z1at tLe Mortgagee or aap penoa aut6ocised br tLe Mortga~a s6a11 ha~e tLe tig6t to enter upon aad inspect the mortgaged premises at all reawnable timea. 16. Tbat any sum or sums vvhich may be baned or advanad by tLe Mort~agce to t6e MoRgagor at any time witbin ten (10) yean fmm t6e date of this indenture, togetLa witL intcrat tbereon at t6e rate sgreed upon at t6e time of such loan or advancq shall be equally se- curcd wit6 and 6a~e the same priority a tLe original indebtednas and be subjat to all t6e ttrms and pmvisions of this mortgage; pro~ided, that t6e aggregate amount of principal ountaading at an~ time shal) not ticeed an amount equal to oae bundred and fifty per eent (15096) of tLe priocipal amount ori~nally ~ecured herebp. 17. T6at, if reqaired b~ Mortgage~ the said Monga~o~ will pa~ unto t6e Mortga~ oo tLe firu dsy of each aad every co~sccutire raoot6, a sum equal to one-twelft6 of the aaaual amount necasap to pa~ all tua and asaemeab agaimt the »id mortgaged premiaa, uid moothly aum to be estimated ~olely by Mortgagce and calculated to be an amoune not la~ thm the amount of tua asased against said mort- gaged premixa for t6e prtvious sear, and if further required by Mortgagee to pa~ aU insur~ace premiums in manner aad form as provided herein for the pa~ment of. ta~a and a~sasmeob. lE. T6at io t6e e~wt tLe loan w6ich t6is mort~age u~~m to secnre is made for tbe pnrpae of Snancing atber t6e oonstructioo of new buildings or t6e onnstructioo of impro~eancou and/or addiaoas to esson~ buildin~. the Mortp~or, if rcquired by t6e Mortgagee, ezpressly agrm to deposit wit6 the Mortgagte or ib daignated ageat an amoaat of mooe~ tqual to t6e differeace becweeo the oet procceds of t6e loan and the total amount, as daermined by c6e Mo~sgagce, nqai~ed to fnll~ oomplete ~aid oomtnudoo in aocordaace wit6 the plam and spaifieations 6eretofore submitted b~ the Morcga~or and a~pp m~ed b~ the Mort~a~ee. Said amount of mooe~ a6ali be placed by c6e Mortgagee io a"Loaas in Proccss Aarnunt" in t6e nune of tLe Mortgagor~ and t6e wne ~Lall be ascd b~ tLe Mortgagee to pay t6e c+osts. eLarga and ezpemes incurred in oonnatioo witb said oomtnxtion prior to di~bunins of tLi~ loan It is furtber agreed tLu in tbe event sa;d oomcnxtion ia na full~ coaopieted on or beforo tbe due statcd in t6e Coostnxtioa Loan Agreemrnt or ia the c~eot t6u tbe work on said oautruaioa a6a11 cease before full oan~letion and sucb ce~adoo shall oontinue for a period of tea (10) days, or~i4 substaadal o~otinuous prograr shall not be made in sucL oomtr~cnoo~ tLeo and in an~ sne6 e~eat the said aggregate ~um, priocipal aod interat~ mmtioned in ~aid promieory o~e, and all monia secured 6ereby, s6a11 beoane due aad parable fo~thwit6 or t6ereafter. at the option of said Mortgagee; and in t6e eveat of sac6 casation of work u said ooostnxtioa !or a period of ten (10) da,ys~ a if iubaantial oootinuous progre~ sball not be made in suc6 ooostr~ction. as aforaai~t6e Mortgagee ma~ st ib optioa eater into and upon t6c mortgaged premixs and complcte uid aon- itit1tt100 ~p qlCb mtDOli as it dcems adviuble wit6out aar interference from tbe Mortgs~r; tLe said Mortga~ur 6ereb~ ~i~ing and aranBns eo cLe Mortgagee full powcr and autbority to mate socb entr~ inco and upon said mortgssed pranisa, to eoter into soch oootrub or ar- rangemmts as may be nocasary to oomplete said ooo~ttnctioo~ and to e:pend an~ mooia remaioing in said "Loam in Proca~ AooouM" u~d in additioo aa~ sums of moner oaeaary to owoplae said oon~tnxtion; aad anr and all monia ezpended br tbe Mortgagce in oonnaaon wit6 suc6 oompletioa of oonstn~ction in escas of t6e monia in said "Loa~ in Proces Aooount" ~6a11 be added eo tbe said priacipal debt and s6a11 dnw interat at tbe rate provided in said pranissory aate, and shail be sctnred br tLis mortgage„ and shall be payable b~ tbe Mort~or o~, aemwe. D R~ i 2~~C~F.V.1.~ g 800K • '~~~'~u - _ _ - ~ - ~ ~ ~ - P