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Home My WebLink About2687 , ; . ~ 3. 1bu iu e6c eveut of a fuit bein~ instituted w foralae e6i~ mort~ase, tbe Mort~a~:~e s6a11 be eacitled to apPl,p at auy tLne duci~ ~uc6 focalowre suit m che oou~t havia~ jurisdicaoa tbe~eOf for the appoiatment of a ranrer of all aad ua~lu the taortss~ed propecq, oi all cenb, iatoma, profits. issua and reveaua thereof, from ~shaqoever aurce derivcd; and thereupoo u is 6ueby ezprasy co~eaaated snd a~etd t~at tbe oourt sIIall forthwit6 appaat ~uch raeiver witb the usual povren aad duda ot recei~ecs. in like casa; snd ~sid ap- poiAdoeot sLall be made b~ dx oourt as a matter ot strict ti~6t M the blort~a~ee, aod wit6out refereace to t6e adequacy or Inadeqwq of tM ?due of the pcope~q ~eb~ mo~t~aged, or to the ~olvency or inwlveacv of t e Mortga~or or any ot6cr party defeadaut to sucti wit. Tbe Mon~a~or ~sreb ~pecifica ly waiva t6e right to objcet to the appaauaent of a raeive~ ss aforaaid aad hercby e:pres~ly cooseat~ that ~ appdauoeat shal~be made as an admitted equicr sad as a matter oE ~bwlute ri~6t to the MortgaQee u?d that the same msr be doae wit6ou~ aodoe to the Mortsa~ur. T6at I~ aqp proceedio~s sbould be imtituted ~airat the property oo~ered br thi~ morcQage upou an otber Uen o~ claim wlettier ~upcrior or juolor ~o t6e Gm of t6is morc~a~e. cbe Mon~a~ce ma~ at its optioa immcdi:tely upon instituaon o~such suit or durins t6t pend- eac~ theccof dalsre t6is ~aortgsge and the indebtednas utured he~eby due aad pa~'able fortLwuh and may at ip optia? proeeed eo foreeiat thi~ mortpge 7. To pay dl aod siagular t6e cost~ fea. ~6arges and ezpensa oE e~ery kiad. includiag the coat of an abstrsct of title to uid land~ found to be oon~enieot or ezpedieat in oonaecaoo wit6.soy suit fo~ t6e fomlaure of dus mo~tQage. and also includia~, w6ether t6e Mort~et is obU~ated top~ sawe or not. reawnabie attomey's 4ea incu~red or e:pcoded sc any dme br cbc More~a~es because of e6e failure tbe Mortp~or eope rfortq caaply wit6 and abide bT aU or i[I~' O~ tb! COOtQtbtf~ COOdIt100~ aud stipulatiau of ssid promiroryr note, oe thia aa~e, ia tbe foreclaaure of this mortgage and in collectiae t6e unouat sccuced he~cbr with or witbout leQal proatidin~, aod ~o re~ni- bu tbe MortQa~e for erery pa~ment made or iacurrcd fo~ an~ ~uch ~urpose v?ith iaterat from date of every such pqment at the rau of eisbt per oeat (t9i) per anoum; sucb paymmq and obliguioas. wich iate~at tLer~oa as aforaaid. shsll be securcd b~ tLe lia~ Dereof. 1b keep the buildin~ or botldings now or 6e~eafter on said land insured sgaimt loa or dama~e b~ fire, emaded oo~era~e aad other perib, iaeludias wu risk insuranee if available. in a~um ~not las than thdr fui? imur.:ble value st the cat and e:petne of t6e Mott- ga~or in a compaoy or oompaoia approved bp t6e MoKgagee, me policy ot po6da eo be Leld by ~he Moregagee, and sacb policy or potida o~ insuraote ahall Dave affi:ed t6ereto a Stsndard New York AAortga8ee Clause. making all lo» or lonc~ under suc6' poUcr or policia paYable eo t6e Mongagee as id interest map appear. aad to deliver said policy or policia to the Mortgagec whrn issued wit6 the receipts for the pay- ment of tbe premium therefo~; aod ia tbe event aay sum of money btcoma psrable under sue6 policy or policia~ the Mortgagee ~aU 6a~e t6e optjpp ~p raei~e and spply the sa:at on acoow?t of the indebtedncw sccured Lereby or to permit t6e Mortgagor to reccive aod use it, or atU put t6ercof. for other purposa, v~itLout thereby waiving or im~ai inQ aay equity. Gen or right under or by rirtue of t6is ~~and the Mortgagee if it dams aectssary msy place and pay for such ~nsu~anee, or auy part thereof~ without :osing. waiving or aff ng Qa~ee9 opt~on to foralae for breaeh of thia oovwsn~ or any ~1art Q?ercof~ or any ri~t or option under this mortgagr, and e~ery wr ment ~6a11 bear interat from date thereof until paid at tbe rcte of eig6t per cent (i ) pec annum, and all sacD payynents wit6 interat as aforaaid s6a11 be sacared by the lica herecf. In the event anp loss or duna~e is suffered Mortgago~ shall nocify Morcgagee of sucD laa or damage wit6in forty-eight (4E) boun aher tbe happeaing thereof; the failure to give such ootice shsll cooatitute a default and the Mortp- gee shall have t6e cigba hereia gi~en for al! defaults. - 9. To permit~ aomtnit or suffer no wste and to muntain the impcovemeaa at a!1 tima io a state of good repair :ad coadition; aad 0o do orpe rmit to be doae to said pranisea nothing t6at will alter or change !6e we and character of uid propercy or in anr, wq impair or s~ceatea t6e seeuriqr of uid awrtgage. Ie cax of t6e nfuaal, aeglect or ia~itity of the Mortgagor to repair and maincain said propertr, tDt Mo~qagce map. at ib opfioo. make sach repain ot cauae the same to be made and adrance monia in that behalf w6ich swns s6a11 br securtd by tLe Gm heraof and bear interat at the rue of eig6t per cent (i96) per annum. 10. To deliver thc abatract or abstracts of title aovmiag the roortgaged pmperty co Mortgagee or its designatcd ageot, ~.•hech s6a11 at all tima. duriag tbe life of this mongagc. remain ia the poaessioo of the Mortgagce and in event of t6s foreciosure of thi~ mortgage o~ ot6er truufer of titl~ all righy title aad interat o~ the Mortgagor ia aad to any eucL abstract or aMt~aets of ti:le shaQ pi+s to the purchaser or graatee. - 11. 'Thu no vc~iver of an rnvensnt hercin or in tLe obligation secured 6ereby sball at aay wne hereaftcr be 6eld to be s~eaiver At any of tLe otLer tcrms hereof or Q~ the note secured hereby. 12. 'Ibat in order to aaelerate tLe matnrity of t6e indebtednas 6ereby saured because of the failure of the Mortgagor to pay aay tas asu~na~y liabilit~. obligation or encumbrance upoa said property ss herdo pmvided. it s6a1! not be naessaq nor rcquieitc that tbe Mort~e ahall Snt ps~ tLe same. 13. Tbat if the Mortga~ur sLall fail. neglat or refuse for a period of t6irty (30) days fnll and promptl~ to pay the amounts te- quired co be paid by the nae Lereb~ secared or the ioterat t6erein specified or any of t6e s~uns o~ TDODlj~ b!fl10 referred to or 6ereb~ ~ cured. or otberwi~e dul~. f~il~ aud prom~tir to ptrform. exautq campt~ wit6 and abide by escb. every or any of the oorenanta,. ooodttiaa~ ' or Mipulatiaos of tLi~ mort~s~e, t6e promu~ory note hereby sauted and/or the coo~truction loan agreement~ if any. thsn. aad ia atber or !e any of wcb wwb, witbout notice os demand. the said agg~egate sum mmtiooed in uid promissory note, les~ prcvwus paymenb. if any. and ' w an~ and all swm mentioned bereia or aecured hereb~ shall beeome due aad payable focthnit6 or tLereaher at t6e ooonn~ing option of t~e ; Mortsa~ee n full~ and oomp{etd7 as if said a~egue wiw were originallr idFulated to be paid at such timq aoything ia said pm~niNOr~ note or berein to the ountrar7 notwithuandin& and the b!ortgaQee ahali be enhtled t6ereupon or t6ereafter witlwut aotice or demaod ~o ia- ~ stit~m sait at law or ineq it~r to mforee then~6 a of the Mortgagee bercunder or under said promisary oote. In t6e erent of ~ar ddanit or besaeb on t6e put ot tbeu Mort~Or 6ereunder or uoder said p~+nminor~ not~ t6e Mortgaga ahall ha~e t6e aontinuiag option to enfoca ~ pa~nnent of all sum~ ~awred 6enb7 by aetion u law or br~uit iacq ui~q to foralae this mort~age. athe~ or bot6. ooaeornntly or ot6erwbe, ~ aad ooe aedau ot wit s6aU nat ~bate or be a bar to or wairu ot the MoreQa~a'~ ri`6t to io~titute or maiotain the ot6er, pro~ided satd Mort- ~ ~6a11 6a.e only o~e pymme aad ~f~etlan of aid iedebtsdoeN. ~ 1~, 'T6at iu tb~ wtnt tbst Mo r ~6a11 (1) oooMnt to t6s ap~oln~aeat of a reed~er~ tnuta or Ilquidator of all or ~~ubaadal p o!Mor~ • w~e~ or (9) b~d u a banksupt os iwoheot. oe ~te a~oluacu~ petit[on tn bankruptc~ or adalt io wrida~ te~ fa biliy M pq f d~bt~ ar t6~ 6eromt ns. or (1) malu ~~meral aMisommt fot tht b~flt ot crediton. or ~ile a petidoe~ or ~o~w~s ~~issdou ~arrso~a~ t wit6 credtt~on~ or to tilu ~d~aatajt of aar {awhmcp isw~ or (s) Rle an awwer adm{tdos tl~ ma~ ~v ~ a p~~ g{ed ~ai~t tbe Mo~Or io aay banlwpte~. reor~sniu~ or inal~e~ proeadla~ oe (6) ~edoo ~hdl bt eskee bp Mo~o~r tor t6t purpat of effeedns aor of the forefpin~ or (7) anr order. jud~ment or d«rte 'Latl be euand npon u applkadon oE a utdi~or ot ~r by a oourt of oanpetmt~nri~dledoo approrIes ~ peddon ~eekins ~ppoinuaeut of a receher oe ttwb~ of all o~ a~nb~v part of tLe r~l~ we~ ~d ~~h o sr. )u~t or decree ~Ii ooadoue watarsd aad ia effea fora~r eE t~trqr (30) ooo~~e daM tbe Mo~t~a~a ma~ declare the note Lerab~ ~cut~d forthwitL due and pa able, wbereupon tbe prlad~ad tbe i~ae~ aoero~d oo the note and all aher ~um~ 6erebp secured ~dstl beoom~ lo~witb dne aad pa~le as if ait of tbe utd ~um~ of mose~ were ort~taallr wpnlaed w be pa;d oa socb day; aad t6ereupon t6e Mort~es wit~t nodce or danand may proieeute s sutt u law ~od/or in equtt~ a if sp mooia ~ecurod bereb~ had matured prto~ ~o ib turticutiao. 1S. 'I'hat tbe Mort~atee or anp penon a~tborised b~ t~e Mort~ee ~hall 6sve t6e right to enter upon aod impect the mo~ pranisa st all raamabic tima. 16. Zbat ao~ sum or sums w6ic6 may be laaned or advanced by the Mon~agoe 6o tbe Mortgsgor at any ame withio tm (IO) reus from t6e date of t~s indentnre, tosether with interat tbtreon at t6e rate agreed upon :t t6e time of sucb loaa or advance~ ssall be equallr se- e~red wit6 and 6a~e the same priority as tLe oriQinal Iudebtednas and be ~ubject co all tLe team and pro~is;oro of this mort~a~e; pm~id~d. t6at tLe a~ate amount of prindpal oubtanding u an~ time sball na ezceed an ~mount equal to onc hundred and fift~ per tent (15096) a~ t6e prlnelpsl amamt ori~iodl~ ~ecnrtd Lereby. 17. 'T6at, tf reqaired b~ Mo t6e ~d Mort~or wjll pa~ unto tLe Mort~a~ oo the fint day of euh and e~ery oooueud~e s fumeqw 1 eo onNtr?elfth of~ionusl amuunt nece~aq ~o pq sll •tasd and asermenb a~aimt t6e uid mortB~B~ P*~~ ~ moatL]r ~om to be ewmated s~kly by Mortgs~a and ukulaed to be aa amo~rn~ not lar than tbe amounc of tua a~ed a~simt said mort- aa~d Premise~ for the pre~iow yYar~ and if fnrther required by Mortgasre to pty aU imurana gremi~ms in manner aad form a peodded herein foe tbe papmeat of. w~a wd ana~mmt~. it. 13u In eLs e~mt the lwn wWeb this mort~a~e b si~m to terire t~ made for t6e pnrpae of finandns at~a t6e ooo~eruaio~ of nsw bniWinp or tLe oomtroc8on ot impro~emeaa and/or additiau o~ a~dn~ b~ildinp. tbe Mort~or~ if requiced b~ tbe Mo~tsa~eq ezprar~r ascees eo depo~if~ witti tbe 1Ylort~aBee or its dai~na~ted a~eat an ~meunt ot mons~ equ~l oo t6e differeoee between tbe na ef tbe foan aod cl~e total ~mam4 a~ det~rm3ned b~ the Mort~a~se. requtred co ~n11~ oompts~e ~aid oomwcdoo In aooordaou witti t6e plao~ aad ~pecilieatioo~ baeoofore submitted b~ the Mort~or aad a~ppro~ed br c6e Morepsee. Said ~mount of money ihdl be pl~oed bp t?s Mort~a in a"Lo~ in Procar Aooonnt" in c6e name of t6e More~a~or~ and tbe ~ame t5ali be used b~ t6e Mort~a~ee to ps~ the oowr cLarps wd espeosa iaenrrtd 4n oonnecdon witb ~d ooo~trnetion pdor oo di~bur~ins of this loaa. It is furt6er a~reed that in tbe e~eat ; ~Jd oomtn~aioo i~ not fullr completed oa or before tbe due ~tated in tbe Comtn~ctioa Loan A~reernrnt or in t6e e~mt tbu the work ao sald aonstroedm ~hall oease before fu11 compledon aod sach ee~adoo sball ooatinue foe a period of ten (10) da7~, or-if ~aMtanti~l eontinnar proQeN sbsll not be made in sneb oonstrucaa0. thea aid ~o ~ny ~ue6 e~ent the atid sg~ce~ate ~nm. Prindpal and tntereu. meatiooed in taid peamlSOr~ ~ and all monia ~red 6aeb~, s6aU beoome due and parabk fort6~rich or thereafter at the option of said Mocsg~ee snd iA : the snat ot ~oeb ea~adon of work u said oomtroction for a perfod of an (10) da~ or if ~u~anrial oootinuou~ prosre~ t6a1~ aot bs ; mad~ in ~ncb oomvucdoo~ u aforaai~tbe Mortsa~e ma,~ at Ih option enter inw and upoo the ~aort~aged premisa and oomplete said eoa- ~ ~rnedoa In sueL maaaer a~ it dam~ sd~isable without ~n~ interfereace ~ran tLe btorep~r; t6e ~aid Mort~a~or 6creb~ Qivins and ~es , m tDe D~ee tnll po~er snd authoritp to mate s~ entn toto and upon safd mortQa~ed praniw~ w enter into sucb oontncb or at~ ; no~aneab a mq be aeasuq to oomplete said aoastruaio4 and eo apead aa~ mon:a r«nsining io aid "I.oan~ in Procen Aooo~nt" ~nd ~ in additioo w~? sums of n~~oner naasar~ to oompleta said aoortr~etion: and an~ and dl mooia upwded b~ tLe Mort~asee in ooooeaioo wTth we6 ownpletiun of oon~tniction in euea of t6e moaia in said "Loanr io Proees Aooouat" ~hall be added tu the satd prineipa) debt aad ~ s6a11 dnw interat at t6e rate pro~ided ia ~aid promi~ory note, and a~~~ured b~ tW~ mort~a~e. and ahall be pa~~ble b~ tbe Morep~ot j oA a~maaa. ] ~ ~ - . - - - - _ - ~ - ~ ~~M~;=w;-~~``~x--`= _ ~