HomeMy WebLinkAbout1137 ~ .
~ s
Thu in tM e~rwt of a suit bdns icuoitutcd t~ foreclae t6i~ morttate, the Mort~:~e ~hall bs ~dtled to ~ppl~ u any time dar[o~
sutL torccbstttt ~wt to t6e ooutt 6aria~ jurisdittion t6ert~Qf tor the ~ppoioancat o! a recn~er of all aod ua~ulu the roonp,~cd properq?. sai
of all reaq, tt~ooma, Profia, issua aad revenua t6ereof, fro~m .~haaoe~er wurce de~i~ed; and c6c~eupon jt b 6ercbr e:p~lr oo~enaated
aod aQceed ttiat tbe couct s6all focthwit! appoiat suc6 raeiver wit6 the u~ual povrers and duaa of recei~ers. in like eases; and ssid
u
poiam~ent s6a11 be made by the oourt ~s a maaer of urict right to t6e Mo~
a~ee, ~nd v?itbout nfereoce to t6e sdequacy or inadeqnaq ot
~alue of tLe pcopcrt~ benby rao~t~a~ed. or to the solvcacJ or ~nwtvency of the Monga~o~ or anr other paetr defeadmt to sucb wit. Tbt
MortQa~or 6ereb ~pecifically wai~a ~be riQht to ebject eu tbe sppoiauneat of a rcceive~ as aforesaid and Lereby e:pnssl~ ooiaent~ t~at wcl
~ppointmeat shal~ br msde at ~n admiaed cquicy aad as a maaer of abwluce ri~ht to the Monga~ce and tbst ehe wne may be doae wicroa
ootia to the Mo~tsa~or. ~
6. That tf aqr praecdiogs should be instituted a~ainst the pmpeny oo~ered by [his mortQa~e upon ar ot6er lien or claim wtietree
ai
superior or juniot ~o t6e Gen of
thi~ roortQ~ge. the Morc~a~ee may at iu option immediacely upon iauieudoo sueb suit or dudns tLe pedd-
eae~ tbereof dalue this mortQa~e aad the indebtedaas ~ecured 6ucb~ due and payable fotthwit~ aad ~na~ at ib option ptoeeed ~u fot~eclo~
rhis mort~aga •
7. To pay all aad siagular t6e oos~ fca, charga aod eapenses of even+ kind, "includIng t6e oost of ur abstratt of titk to ~aid land~
fouad to be ooo~enieot or ezpedieat ia conuectioo witb.an~ suit for the forecio~ure of t~is mo{t~a~e, and alw includia~ R6et6er the Mortsa~a
ia obU~ated to pax same or not. reasoaable attomer'~ ~fea incurred or upended u ao~ time br tbe Mort~aQee ba~awe of the failure of t4
Mort~a~o~ ~ope rfO~m, canpl~ Mitb and abide br all o~ aay of t6e oovenana~ coodidau and ~tipulatjom o~ ~aid promidorp note, ot t6i~
mor~a~ ia t6e forectasure of this mo~age iOd ~D COJIlCtI~ tb! iR10LL11t securtd Lereb~ witb or wit6oot legal praceedinp. aod ts seiui-
bune t6e Mort~agee to~ evcry• pa)meat made o~ incurrcd for any such ~urpoee wjt6 intccaR fram date of every suc6 pa~ment at tLe ra~e eE
ajht pu cent (i96) per annum; suc1~ paymena and obli~aaom, with iaterat tbcreau aa aforaaid. s6a11 be seeured b~ tLe 4ea 6ereof.
To kap tbe buildin` or butidinas now or bercafter on uid land inwred ~ost los~ or damage by fire. eurndcd oo~ers~e aod
otber perib„ ineludias war rist tnwranee if available. ia a~um ~not tess t6an their fu 1 ~nsurcble ~alue at the cat wd e:pen~e of tbe Mort-
ga~or in a aanpaoy or oompaoia appro~ed by the Mortgagce. tce policT or policia w be 6eld by the Mort~agce~ and such polie~ or polieia aE
iasurance s6a11 Sate affued thereto a Staadud New Yotk Mortgagte Clause, making ali loa+ or loua uader such ~olit~ o~ policia payable 1s
the Mongagee as in intecest may appear~ aad to deliver said polie~ or policia to t6e Mongagee w6rn issued ~nt6 the receipts foe tbe paT-
meat of tLe premiwn the~efor; aad in the eveat aap sum of mone~ beco:na payable under suc6 policy or poGcies, tbe Mortgagee s6a11 haie
tbe opeion ~o reai~c and apply tbe sune on aooount of the indebtedna~ secured herebp or to permit tbe Mongagor to reccive and we i~ or an7
psrt t6eteof. for ot6er purposes, witYout thereby waiviag or impairing an~ equit7, Um or n~ht under or by virtue of tbis gs~e aod
tLe Mortgaga if it deems necessary may plate and pay for sucb insuraatq or auy part tbereof. ~vithoot :asiag~ waiving or affadng ~1+lott-
Qa~ee'~ opeion to forcclae for breach of ehi3 oorenane~ or aay 'lart t6ereof. o~ aar ~t or option uader this mortgage~ and ercq sueh pa~-
meot shali Dear inte~cst from date tbereof ua~il paid at the rte of aght per cent ) per annum. and a11 ~uc6 paymmts wit6 inttrat t~:
aforesaid ihall be saaured by the lien hereof. In the erent any lon or damage is suffend Mortgagor s6a11 notify MoregaYce of sueti las or
damaYe wit6in forty-cig~t (4f) houn ahcr the happening tLereof; the ~ilure to give auch aocice shalf comtitute a defauh and t6e Mortp-
gee s6all La~e tbe rig6b herein givrn for all defaules.
9. To permit, aommit or Niffer m waste and to maintain the impmvemenb at all tima in a state of good repair aad oooditiou; aod
to do orpe rmit to be done to uid premiaes aothiog tbat will alter or change the we and character of uid pmpMy or io any ws~ irnpair er
weaken the secudty of said mottgage. In cue of t6e refusal~ neglect or inabilicr of the Mortgagor to repair and maintain said propatp. tbc
Mortp~ee ma~. at ib opfioo. make such rcpaia or cauu the same to be made aad adrance mot?ia in tLu be6alf wLic6 soms s6a11 be ~ecured
bq t6c Uen henof and bear interat at the rue of agbt per cent (E96) per annum.
10. To dtli~er the abstraet or abstraW of title oovering the mortgaged pmperty to Mortgagee or its daignated agent. ~shicb sball at
ell 6ma. duriag t6e life of this morcasYe~ c«nain in c6e poaession of ehe Mortgaga and in e~cnt of t6e forecb'sure of this mortgage or otLer
tramter of titiq all righy title and interat of ehe Mort~agur in aad to anj ~uch abstrut or abstruts of title shall pass co the purch~ oc
~rantte. .
il. That oo wai~er of auy rnvmant Leaio or in tbe obli~ation secured 6ereby s6a11 at any time hereafter be held to be a~.ai~er el
aay of t6e aLer terms bercof or of the note s,.~vred hereb~.
1Z. That iu orda to aoeelerue the msmrit~ of the indebtedna~ 6ercby secured baaux of t6e failure of the I?~ortga~or to par anr az
assa~matt, liability. obligstion or encumbrance upon said properqr as 6erdn pro~ided, it ~6at! not be oecessaq nor requiaite that the Mort~a~es
sbail Snt par t6e same.
11. T6at if the Mortga~or s6a11 fail, neglat or refuse for a period of t6irtr (30) days fullr wd pr~nptly to pay thc amo~nb r~-
quired to be paid by tbe nate hcreb7 iaured or tbe interest tLerein speci8ed or an~ of the sums of money herein refernd to or 6ereb~ ~
cored~ ot atherwi~e dul~. full~ and promQtly to perfoem, ezecute~ oomp1~ wit6 aad abide b~ cse6. e~ery or any of t6e oorenant~ oooditiaer
or atipulations of t6i~ mo~a~e. tbe pmiwaors note berebr seeured and/or tbe cooatruuion loaa agrcernem, if aaY. tLeo. and in atbu or b
an~ of soe6 evenb. wit6out notice or demand, che uid aggregate sum mentioned in said promis~orr note, les~ proviou~ pa7meab. tf ao~. aaa
sar aod all ~ums meutianed hereia or ~eeured hereb~ s6a11 beoome due and payable forthwith or thereafter at t6e aoodnniaQ ~ ef tre
Moeepsee as full~ and aomple~ely a if ~aId a~rega~e tuma were originalip stiFulated to be paid at suc6 time. /DytblUg ID ai Dnmi~oe~
nots or 6etein eo t6e conuar~ notwit6rtand.ta and t6e Mort~a~ee shall be enntlcd thereupon or thereafter witbw~t aotice or demand to in~
~dtate a~It u law or Ineq
u1q to eaEora the of tbe Mo?taagee l~ereunder or under ~sid promiiarr oote. In tbe ereot of aq~ def~ah
j or brcKi ao tbt psrt of tbe Mo bare, cr or under wd pramiaorp oote~ t6e Mongs=ee ~6a11 6a~e the oauicuias optia~ to enforoe
cr
~i p~omt of all sum~ ~ewnd 6sreb7 saioo ~t law or by ~att ineq
aiep to foralae t61s mort~e, dsher or bot6~ ooocnrreatl~ or otberwbe.
! and aoe ~etion or adt ~hall na abate or be s bu to or wd~sr of t6s Moct~a'~ ri~ht to iastltute or maintda tbe aLer~ pro~ided ~aid lrtat-
j ~s~et ~6ai1 ba~e only oot P~ment aod ~faetion of ~aid indebteda~.
~ 14, 'I3at in tbe svent tbu Mo r~hall (1) ooment to tbe appotntment of a roceirer~ uwtec or Gqnidaoor of dl o: a subnaodsl
~ o!~+
• a~eb, ot (Z) be ~d~cated a bsnkropt or jnal~eut, or fi!e a~olontar~ petitiao in bantruptc~~ or :dmit in wddos Iei
, ~liq ~s pq7 d~ba ~ the7 beeame ~ue, ~(3) make a~enenl a~d~nmect for tbe bwefit ot crcditoc~ or file a petitiao oe ~oaw+r
~ r~sadm or t with crcditon. or to take ad~ranta~e of anr in~ol~e~ law. or (S) ~ile an aoswer admitdn~ tre a~
ak
e b~j~ a~~0° led a~iau the Mort~Or in aay bantrupa~. nor~aaiution or imol~eoc~ proceedia or (6) ~~6a11 be
~+Iore~or ior t6e purpoa of effeedo~ an~ of tLe fore~oio~ or (7) aa~ order, jud~rnent or decree ~ali be entered opo4 ~e
ap~liadaa of • creditoc or Mort~or b~ s aourt of aompetent lurisdictlon approvins a petitioa ~eekins appoinuneat of : reai~er or tnsb~
of ~Il ot a snb~dd part of t6e Moet~s~or's wen and such onler~ j~td~nent or deeree sball oontinue unua~ and ia effea for aa~ period o[
t~lrq (f0) tooreeudre daM tDe Mort~ee mar dalare the nae beceb~ ~ecured forthwitb dne and ~a~abfe, whaeupon tbe prindp~l of sod
tLe la~ ~cerwd on eM nots and al otber snm~ bnebr ~ecured shsll b~oome fortLwit6 due aad pa~able a~ if ail of tLe ~ai~f of mooe~
wers orisinaU rdpnlued ~o bt paid m~oe6 da~; ~od t6erenpon t6e Moet~a~se wit6ont notic~ or demand ma~ proiaute a~uit at law ~nd/at
ia equih a!~ all moeda Neand henb~ bad mstnnd prio~ co ib ta~dcudua
iS. 'ibat t~t yloitpsee or an~ penon autborised b~ t6e lriortsa~ee ~haU 6avs t6e ri~ht ~o enter upon aad in~pect the mo~tppd
premisa u all ceaonabk tima.
ti. 'PSat anr wm or ~urn~ whkL mar be baned or advaneed bf tbe Mortsasee to tbe Mort~a~or at an~ timc within tea (10) lesn
fenm tDs dste of eLis indentnre. co~ether wit6 ieuerat tDereon ar tbc rate a~reed upon u tbe time of sucL ban or sd~ance~ ihall be eqnall~ ~
~ cured witti aad ra~t t6e umt ~ciority n t6e ori~inal iadcbtedaar aad be wbiea to all tbe term~ and proei~ioar of t6is mortp~e:
that ebs a~repts ~mount of pr~neipal oubnndins at an~ dme ~hall not ssead ~n amount equal to oae handred and fifry per emt (1SOXr)
~ ~ P~~PV ~ ~i~~l~ ~eeored bersb~.
i~. 'itis~ U cequired b~ Mo tbe atd Mor~or ..ill rar uam c~e bforesasee, m ehe finc d.r of ue6 and e.err oon.eend••
a~eqnal es ao~twslfeb oE~innuat aaouac neeeMar~ eo par all -a~ snd asaaneaa asaiwt ~hs ~cid aare~aQed Premi~ey ~ii
a
~ monvly sas to be admaeed wld~ b~ and eakulued to be aa amo~me na IeN chan the ~a~oanc of aia aNe~ed ea~atart ~dd soet-
~ Premi~ f~ t6e Pre~iou~ nar, and f furt6sr nquired b~ Mort~a~ee co pq all tusurwcc premi~ io aoaaaa aad iorm a~ pro~id~i
~ herdn fot !~e pz~mmt o!; tau~ ~nd ara~otab.
1~. 'I1at i~ tM s~mt ttie lo~n w~ic6 t~is soctsa~e is~ to ~acore b made tor eM e~ finaaetas eit~er tbe ooautueliM ,
of at~r buildinp or t6e aomtruedou o~ imp~r ~ad/ot dItions to edtd buildia~, ese . it c~uited b~ tDs Hatppt.
acpre~l7 ~e+ ro deporit wltb tbs Mortpsee or ib daip~aced a~eat an amo~mt ~ moaef ~9us1 ~o tbe fEereaes oetweeo ebe net ~
of tre ban aod t6s taa) tmoun~ r daermfned br tLe Mo~ required ~s ftill~ ooopka ~ai~ ooo~tnKtiaa io ~ooordanu wit~ t6e plar
aed sped~ ~ae~fore s~baiaed b~ t`e Mortia~or aod ypro~ed b~ ere Nortpre. 8aid aioonnt of mooe7 ~hdl be plsced b~ tfe
yloetp~ i~ a A~ooouat" in e6s. ca0e oE [tie e~o~et+~or. ~od t~e amt s~aU b~ wed b~ c6e Mortsa~ee a p~ Ne co~
c5arp~ aea espes.s ineurnd tn oooneeebo wich .aid aooKroeeioo ~ior a di~bur~tni ot tlds b.o. It b furtber s~sd t~t b tM e..r~
•dd o~oe~teueeioe b aot fulb oaapleeed oa or bef~n tbe d~es ~aed !a t~s Co~rtrnct~os Loan A~reeraeot or in tbs e~ent t6u trt weet M
aW eomtroetioo ~halt t~ass bsfort full aom~letioo and ~ocD eesatioo sball aoadaut fot a period ef tm (10) da er-if subrtandd ooad~nwr
ptopa~w ~?aU oet bs o~de ia wei aomeraaoo, cba~ aod io aor soe~ ~n~t tM wid ~repte sunti Priaeipal ~ intere~t. mentiooed ia ~d
ee~iwq ~~nd ttl ~ooia Ncared ~eceb~ ~hali beoome dw and ps~le fo~~dtl or ebs~esft~r ~t tb~ opaoe ef atd p~ ~ad ~
•h
eM et~t a/ wei a~tioa of wort ~poo ai~ coo~traetioa !er s pertod of a. c 10) e.~., e~ tf .Y6a.ut~ai ooottnuou. prosre.~0fti'~6aii oet e.
iasd~ 1~ we6 ao~octio~. a~ atoraai4 eM b~~mq at ie~ epda~ eneer iaeo aod upon ebe ee~ny~preoba wd c+oeoptet~rr aN ar
~!e wc~ ~er a~ h ds~ sd~sbk ao~ faeerfereaes ~ ttie Morep~: ~e ~ald 1 M~7 d~[ ~ R~
~s eM Matp~e !np power and ~ndwrit~ ~o mate ~ue6 mtr~ i~ ~od apoa wid oo~ed p~aai~ eo a~sr ieeo weti a~trae~ ot aN
nepsead r w b~ neoa~sr~ ~o oom~lett uid aeutru~ie4 and r eipeod ~aT sooia randnfos ia aid "Lwa~ is Proe~w~ Acaa~t' ~
ia addle{~ ~a7 aaw o~ eAOe7 oece~a+7 ~o c«nplea ald oowtroetioo; wd as7 wd all eeoela sspeadea br t!~ )r~ortpzee is o~etlw
witti we~ ees~leooa of ooe~truaiao in em~s o! cbe moeia in ssid "[qaa~ io Procea Aooouoe" ~Aall be addsd w~s uid priscip~l de6t m/
~iall drsw i~te~t at t?e nte pro~ided ia uid pe+omt~on oae. aod ~6ai1 be ~etured br ch~ mertpse, and ~Aal! be /yaNe y trs MatwK
e~ ~e~aM. WI~~~