HomeMy WebLinkAbout1367 s.
S. ~3at ip t6e ~veot of a~uit bdns in~titutcd eo foceclae e~ mortsa~e, tM /+Io~ee ~6aU be tntitled to appy u awr eLw durloR
~uc6 forociowre suit to ehe oouct 6a
n'a~ juri~dicdoa t6e f tor eba sPpoinaoeot of ~~~er of dl aod~~ la ths roortpsed properRy. ~ad
of all reoa. inoom~+. Profic~ i~~wa aud ~aveaua t?ereof~rom ~hat~oe~er wura deci~ed; and t~ereuponon it b 6ereey ~Prasb oo~?ewattd
~nd aQ~eed ttiat tre oourt ~6a11 forthwit6 appoiat ~uc6 ~aei~er wlt6 tbt uwal po~en snd duda ot ~~ccs. in 8k~ ena; and ~d
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paatmeat shall be mads b~ t6e oourt a~ s maaer oE ~tr(a ri~6t to t6e t~e~ and wit~out ttkreoee ~o the adeV~7 ~~~9w4? ~
ralue of the prope~t~ be~n~b7 a;ut~ed~or co che ~ol~eae~ or laalven4
o~f~ tLe Mort~or or ao~ otler varq? defeadaot to web wi~ 1tis
Mort~a~o~ ~ereb ~peaficall~r ai~a t rl~e m ob~ea ~o the •ppdna~ oE ..ae~.e~ a. aforeafd and herebr uprwly co~osene. ~hae wxL
appduemeat shal~ be made a an admieeed ~qnid? aod a~ a mutcr of abwlute ri~6t to d~t M~ort~ee and tLu tbe ame m+~1 be daae wittiow
notia to the Mortsa~or.
'I3at if ~n,~ proeeedi~s ~hould be imdtiued ~aint tbe ProP~~7 oovercd by eWi mortsa~e upon an~ ather itm or el~im wtietber
superior or junior ~o t6e tien of thirmo~a~c, t~ Mo~a~ee ma7 u ia option im~ediatsb aPoo touitudoa of w~ wit or d~utnr tre pe~d-
ene~ tDecaof dalue t6i~ moctp~e aud t~e iadebcednw secured tiereb~ due sud pnYabk fortLwit6 and ma7 at Ib op8on pi+e~~eed es ~oaelon
cAis mo~t~e.
7. To par all sad lu tLe oat~ fea. dyr~a and eiPemes of ra7 dod. iodadtai tbc oo~t ot ao aburatt ot titk es ~aid lani .
fouad ~o be oon~enieat or ~ent In aoaneeeiau wit6.aqp wit for t6e foralaurt of t~bmo~~ and abo IocludiuL whetLa t6e ~
is obli~aced copa~r same o~ ooq rwooabk aaorae~'s ~ea ioenned or ezpended u asp time- br tbe Mortta~es beume of tbe t~ilura o~ -
Mort~or to perforn~. oompUr wit6 aud ~bide b~ dl or an~ ot t6e oo~enann, ooaditioo~ ~nd ~tipula8ooa oE aid Promt~orp not4 0~ thia
mort~aQe, in t6e foreelosurc of thismo~a~e aad ia aoUann~ tbe an~ount ~aured 6ecebr witti o~ wltb~t kpi oP+~ ~ m~~'
bune tLe Mort~a~ce tor every p~ymeat msde or ine~rrcd for aar wc6 purpae wtt6 tnterat fcom da~e of everp ~p~ent. ~t tbs ra~s ef
pt~ Pa (=9i) Pa aoown; soch papmenes and obli`aeioo~, wit6 inurat t~ereoa a~ aioraaid. s6sp be ~eeuad b~ ebe Lm Mreof.
Tbkcep t6e balldins ot buildinp unw ot ~ereafter on said land inwred las or dareap 67 ~re. este~dcd oo~era`e aad
o~her perib. ineludin~ wu rist imurana if s~ailable. in a tam 'na iw ~han tbeir L t~nnble ~slne at tbe cat sod ezpen~e of t6e ld~
gaQor in a oompao7 or ooapaoia apprmredb~r the Moctga~ce. tbe poliey or polieia to be beld by tbe Mort~ee. aod weti poli~7r or polieia of
insuraace s6a11 hane affi~oed t6cc~o a Sandud New Yort M Clawe. makins sit lo~ or lo~ses uoda suc polie~ or policies W7~k a
the Mort~a~CS as ib inte~at ma7 iPP~. aud o~ delt~er uid~ or polieia ~o t6e Moct~a~ee when Iwed witb tLe raodpb fae t1epa
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ment o~ t6e pcmiuav therefor; and in t6e ercut ~n~ snm ofmoae~ bcooma k under sueb poliep or potida, ttie Mocttasee thall 6a~e
cse opBos eo r~cei~e sod appt~ tie wne ou aooouot of tbe Iade6tedoa~ ~eeured y- or to permit ttie ~ to reoei~e and use iy ar aq~r
put thereof. for otber pucpo~a. wit~out t6crebr wai~tn~ or im~airin~ aq~ cqnib'. liea or rigtit unde~ or by drtuc of t~is moet~,ye• and
tbe Moct~a~ee if it dea~u paa~ary ma plaa and pq for weD ~muranoe~ os my put thee~eof! witbout lains. wai~ies or affea~as ~lo~t-
~a~eeh op~o~ to foralae for breaeh ~ this oovenaoy oe a~U? put tbereof~ ur W_ ri~6t or opaon under this mo~tp~ and e~erp s~ p~-
ment sbdl bear interat fi~om due dreaof until paid u tbe rate o~ d~it per emt (t96) annum. and d1 wer P~e~ w~tY iatere~t •
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e e~eat an~ loa or d a m a~
e L sufl~No~a~ur sball nodf7 Mort~a~ce of suef IoN or
dama~e withio tortY-ei8ht (N) Mun after t6e happaung tleeeoE; tbe failure ~o si~e sueh notice ~Lall camtitnte a ddauh aad t
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e 14ioet~a-
gee s6a11 6a~e tLe rigLa herein ~ivm foc all defauld.
9. To petmi~ aammit or a~ffer no wa~te aad to. maintain the impm~emmb u all tima in a state of ~ood repair aod aooditioa: aod
eo do orpernue eo be daoe eo said premi~er uothint t6at will aher or cLan~e c6e ~e and e6araeter of a1d properep or in aqr w~,~ impalr ee
weakm the seeuriq of said mort~a~a In aae of t6e refu~al. ne~lat or inabilit~ of the biort~a~r to repair and maintiin said ~ropertp. t6e
Mon~agce maj. ac .~ts uPE'ao. malce sneh repain or uu~e t6e same co be made and ad~anoe mooia jn that behatf w6ier am~s s6a 1 be ~eeored
by tbe lim hereof and bear i~r~ at the rate o! ~6t pa cmt (!96) per annum.
10. To deU~er t6e abtraet oc ab~tncb of title oonrint tLe mortas~ed peop~rq to Mo~a~ee or Ib dai~oated a~eac. r6icb shall at
all time~ durin~ t6e life of t6ts mort~a~e, ~main In tLe po~swion of the Moctpeee and in event of tbe foreclanre of ttiis mort~ase ~ a6er
cramfer of ritie. all ri~t. dtk aad interat o~ the Mort~or in and to an~ sucL ~b~traet or abatraeb o~ dtk ~haU Pa+s eo t~e P~~~
grantee.
11. Thu ao w~i~er of m~+ oo~enant Lerein or in tLe obfisation secored ~ sraU u aa~ time l~creafcer be 6dd to be a srai~a e!
any of tbe other term~ beraof or of tLe oott tecnc~d ber~b7.
tZ T6ac in orda to aoederau tLe matarib of t6e indebtedna~ 6ereb7 ~ecnred beeause oE tLe fail~ue of tbe Morcp~ to W7 ~7 ~
a~y liabilit~. obliptian or cncwnbraoee npon sdd ptopert~ a~ bereia pe~ided. tt ~al1 aot be neoewc7 nor re~lui~ite t6at tLe Mott`s~ee
shall f'int pa~ t6e same.
13. T6u if t6e ~ort~a~or s6a11 fail. neQlea or refo~e ior a peeiod a~ ddrtf (30) dap folly and peumPN7 tu pap tbe amoanb e~e-
quircd to be paid b~ eba noce ~ereb~ seenred or tre i~ecat t6arein speaRcd or ao~ of tbe sum~ af moaey beran referred ~o or beieb~ aa
curcd, or otherwise dulr. fall~ aod prom~dr ~u perfocm. ~ oam~r witk and abide b~ eac6, ever7 or an~ of tbe co~enann. aoadItior
or te'pnlatiaos of thi~ mott~a~e. ttie Promwon' t~e ~~7 seeored sna/or the om~tnxtian ban asreemeat. i~ ~W. and ia at~er er i~
' any of s~c6 e~mt~ wit~out notiee or demand. t6e ~aid sms mmtiaued in ~aid promiro~7 note. ia~ P~~ W7~. tf aa~. aod
~ any and all sumu mmtioned beceja or seeured 6ereb~ all beoome dae and pa7able fortrwith or tbereafcer at tbe aootinuini ~ o~f tre
~ ~r~.,~ee as ~nlly snd comptadr a. if said a~reaa~e sums were ori~oall~ sei~nlaeed m be paid at snc6 time. an7~8 P*~~?
note or Lereia ~o t6e oonuary and t6e Mort~ee stiall be eabtkd tbereupon or trereafter wit6out aotict or deaoand eo is-
i stitnte atit at law ot incq to enforte t6e~ of t6e Mott~ee bttenudet or undet uid promis~or7 note. In ttie eveot o~ an~ deEsnlt
or breach ao tbe part of the~ laeunder or onder ~aid promisaq? aote, ttie Moitgasee ~6aU ~e t6e aoatinuin~ opcian to eoioroe
M7~t of ~II swns recated 6eteb~ aceiao at law or~r sidt in~~r ~o ioreelo~e t6is mort~e, dttier or botb. oooture~eatl7 or aeLe+wLe.
aod one aetion or wit sball na abate or be a bu o0 or wa~~ru o~ tic M-ict~a~eds ti~6t ~o imdt~m or maintain t6e otber ded said Mat-
~aaee s6aU ha.e only ooe p~poeac and atkfaetlon of aia jndebeedoes.
i* 'i3at in tLe e~ent tLat r~ap eoo~ent ~o tLe appointmmt of a reeei~er, tr~cee or liqui a11 or a wb~taotid
part a~ More~oi's a~et~ o~ (Z) bs~~~ s baalanPt ar imd~eot. er Sle a~olmtac7 Pedtion ia bankrnpeeq or sdmit in writlu~ teb
Cnabiliq te pa~.ib debts a~ tbe! be~'ome ~nti or ma~e a ~merd aripmeat to~ tbe bmeSt of acditoe~. or (4) ~le s paition or w~wtc
~doi reo~~msation or arrao~emeM wh6 credi~on„ or to ake ad~anare of an~ imol~me~? iaw~ or (S) 9k an aorwer admitdns tLe ma-
terial al oE a pedtiao Flcd apimt tbe Morts+~or in an~ bsnkrupee~. e~eo~anisation or imohmep P~or (6) aetjon ~hall be
takm b~~Li~~a~oe for tbe Pu~Pae of effatioi an7 of ~e fo*e~oio` or m~ orda. ind~nmt or deeree 1 be entered npw aa
applieation of a credioor or Mort~s~oc b~ a aourt of oompetmt !'vi~diaion appe~o.ini • P~~ ~PPa~ of a raei~er or tn»tee
of all or a sub~anBal W*t o~ the Moct~e's awen and sne6 order. l'ud~ment or d~cree ~6aU oootinne mKa sod in effat fo~ atn period of
ebirtp (30) ooo~etudn
da~ t~ MortBs~ce ma7 dalare the aoee 6ereb~ ~eeured forthwith doa aod Pa7ab~wbereunpon tbey~ pal of sod
~e interert aocrned an t6e noee and all ot6er sum~ 6eeeb~ sanred a6a11 ba~ome fortLwit6 dne and paribk a~ if stl of t6e saia n~ of mooe~
were ori~insll ~tipnlued to be p~id on soeb da7: ~~P~ witLout notice ~ danand ma~ proieeafe a suit at law aod/or
ia equity a~ i~ all moota ~ecnred 6atib~ tiad matnted ptiot oo ib iMtituooa
1S. That ttie Matt~ee or aay penoa autbodsed b7 t~e Mat~ee s6a11 ba~e t6e ri~t ~o ester npoa and intpett tbe moetp~ed
premises u all renonabk dma.
16. That aay wm os s~ms which may be loaaed or ad~anad bT tbe Mo~tp~ee to tbe Moetp~or at an~ dme within un (10) 7esa
from t6e dste of tLis iodeature. to~tLa wltb i~eewt tbet~eoo at t6e rate aireed npon at tbe tinoe of we6 Iwn or ad~aoce, ~hall be eqns117 se-
cared wit6 and 6s~e tbe ~ame Peiorlt~ n tbe a~I~ieal iodeb~ednw aod be sub~'
tto sU tLe teem~ snd pro~isioos of t6is mort~s~e: Pm*1
that the a~repu amount of P~~PV ~~~7 dme sLaU aot eseced an ~momt eqaal ~o oae 6nndred and Ritr pa emt (ISO%)
tLe priadpal amount aisinall~ seeured Le~7•
17. 13ay i~ required 67 ~ tbe aid Mortp~o~ wlll pa~ mto ttie 1~o~t~ateG on tbe Snt day of e~c6 aod e~erp aoa~eeuei~c
~ mootL~ a wmeqna1 0o a~twcl~th of aoaual amamt ueawr7 to pq dl .tua and a~a~b apidt tbe »id mortga6~ P~~ ~
monsLly s~ to be atimated solel7 M' MortQ~ee and eakolmd ~0 6e an amo~a~c aot kr ehaa tbe amoaat o~ tua asered apimR aid moee-
B~~ Pe~a for t~e pmriour ~ear. and i~ Eurt~er req~dred br Mottga~ee to ps~? all insursaee pramiuo~ In manner and for~ a~ pro~id~d
hereia for t~e p;7ment of, aus aod aMa~meab.
is. Zbst in tbe e~mt t6s io~n w6ieh tLit b ~i~w to ~ecare is made ~ ebe oE Rnaodns detier tLe ooo~truatioe
mor~a~e w
of new bntWinss or t6e aomtru~On a~ impt+o~emans aad/or additiow to ~ baildin~,' etie ~!fnq
uired b7 ~~P~.
~zpreMy s~ea to depo~if, wic6 t6e btorc,p~ee or ia da3pated a~mt aa amoant mooe7 e4ua1 0o ttis ffenooe 6etweeo t6e net proaed~
of t6e bsn and tbe ~onl smouot. r dae~mined b7 t~s lsortp~a. ceqdred eo ialip ~Ple~e sdd~ ooa~troeBoe ia ~ooordaaee witti tLe plao~
and ~paificstioo~ becaodore sabmitced b7 tLe MorePix ~od rared b~? t~s Mortppe. 8atd amoaat ot mo~e7 ~6a11 be plaad b~ etie
Mort~s~ee in a"Lwa~ i~ Pnooer A~oo~oust" in tbe nams oE trs ~or~ and t~e woe s6sU M aed b~ tre Mortp~ee b pay t6e oo~t~,
char~es aad apeare~ inenrrcd ia ooo~etioa wkh ~tid ooortrue~~ ts a~ t~ Ioao. It b fattLer ~reed t6at ia tbe eneet
said oomtrucdm i~ na ~olly oompleted o0 or befors tb~ aats ~taad L tLs C~a~oe Loan or ia etis e~mt t6u tbe w~ort as
ssid ooatroaiao ~halt aase betore fnq oom keioa aod sae6 ca~adoa ~11 aainne tor a perbd ~ea (10) da7s. or-if sa6.taoad coaeinnou~
PeoQes ~Lall noc be msde la weti ~ tLm and in m~ soei enat tre aid a~epte sn~ PeindPsl !nd ia~n~. meaion~d ln said
pe+omi~oc7 not~. aod all moaia ~eeared bereb7 ~ha11 beoome -doe aod pa7abk ~r~it~ or t~erafar at ttie opuoo af aid . aod !s 's
tbe areot of sa6 oewdou of work u ~ai~ oooKroeaae for a teriod oE cea (10) da~r. or if ~a~ndd oo~aow pro~~ 1 not bs ~
mads in sue~ ooa~t*uc~oo. a aforasl~t6e mq ~t hs optim euter iut~ and npoo tre y ptemba tod comPk~e said oon-
~troeaon ia w~c6 mamer a~ it deem~ ad~i~ab~l~i~t ao7 interfereoes f~+em die 1rlort~a~or: tbe add 1~ tia'sb7 d~
ro tbe Mort~sge foll power and autbority tu m~ke sueL mtr~ in~o aad npon aid moefsa~d ~o e~ar ~o wer ao~rsces or u-
raa~ N mq be aeoarar~ ~o oanpkte uid eoatroedoo. ~nd eo e:pead m7 mooia remdni Ia -aid "Loaor !s P~ooeN A~ooooot" and
In addicioa as7 ~mms of mooe~ oeaaac7 to oompku aid ooo~eroe~ian: aod as~ and ~p mooia espeadcd b~ ebe ylortptee in ooooeedoo ~
witL ~octi eampktion of coo~erocKtoo ia esaa ot t6e moaia in said "Imd ts Proec~ Aooo~nt" ~sll be added ~o t~s said priodWl debt aod
~6a11 dnw interat at tbe ratc pro~ided in raid pe~omiMOr~ not~ aad sball be ueored by t6i~ moet~ca~e. aod ~hall be p~~abk 67 ~~i~
~ ~m~. go~~~.73 p~~f~358