HomeMy WebLinkAbout1337 _
, S. Tbu In t6e s~en~ of a~uit bdns laxituted eo foreclas t6is mortta~ tre Mo~e ~all be eotitkd co aptlr at aoy tlms duc[o~
sucb loceelo~ure ~uit to t6e couK Lavias jurisdiction t6eroqf for c6e appoin~meut ot a~rn~er of dl aod sia~ulu tl~e monsased properer. sod
of ail renb. ioooma~ Profiq, iswa and nvwua t6ereof, from Rhaaoe~er iouroe dui~ed; and t6cnupon it is 6e?ebr e:pceal~ oo~euaated
and a~cecd t6st ebe couit s6a11 fort6wit6 appoiat ~uch raeive~ wit6 tM wual poRen and duda ot reai~en. is Gb aaa; sai ~tid ap-
poiaanmt ~6a11 be made b~ cbe ooun aa a mane~ of ariet riQht to e6e and wit6out nhceocc oo t6e adequaqr or ioadequaep of t~e
~aiue of t6e properV benb mo~ o~ m the sohene~r or iaal~enq~ of or W ather pa~r dcEeadant to suc~ wit. 1be
Mort~apir Lerea ~peeific~ly wai~a tbe cttht ~o objea b tse appoio~acnt of a rad~er a. afo~aaid and benbr ~pna17 ooaens thu auer
appoiocmeat ihal~ be made as an admitted equiq aod as a~uter oE sbwlute ri~6t to tbe Moctsasee and tLu t6e same m+qr be daoe witbout
ootice to c6e Monp~oa _
6. T6st if s~ procadio~s ~6ouW be iwdtuted apia~t tLe P~operrV ao~ercd b7 tW~ mo~c~e upou an otber Hm or cl~im wsether
~upuior o~ jonio~ to t~e lien of dwm~a~ t6e Moresases aa7 u ia
option Immcdiateb upoa iwd~ucion ~a~ sait or dudns t~e pe~d•
e~r tberoof dalue t6is matsase and tRs indebtedaea ~eeured Lenb7 due sod W11'ible foK6with and ma~ at ia optiao pe~ocecd a ioreclas
t6is moctta~e.
7. To pay all and si lu cbe oow~ fea. eh~r~es snd ~penues of e~a7? kiod+ ineludin~ the oat of an ibstrut of dtle ~o said laod~
iowid to be ooa~euieat or ezpc~~eat In oo~wectioo with.an~ ~uit for tbe toeeclaurs of thi~ moEtp~e~and iho includin~ wiecLrr ebs Mort~ee
u obU~accd to par wne or not. ressonable aetorne~s !ea iacuRed or upeaded at an7 time b7 Mort~a~ee beeause ot tbe failure eLe
Morc~s~or ~ope rfo~m. oanPb wit6 aad abide b~ all or any of tbe ao~eaaots, cooditioa and ~tipulatioo~ of aid prani~ note, or t64
mo~tQa~e, in the forcdoauro of t6is mo and ia oollectia~ the amount ~etured becebp wit~ oe witbo~t lepl procKdinF, aod to rdm'
bune t6e MoctQa~c~e for every pay-mwt m e or incurred for an~ ~uc6 purpae witti interat ftom date ot e~eqr suce psrmeM at t6e rste of
a~t per ant (f7fr) Per amum; sucb paymeats and oblitatiom~ wit6 ioterat thereoo a Jocaaid, ~Lall be ~ecwred b~ tbe lien 6eteof.
1b~p t6e bWldin~ ~ buildinp nuw o~ bereafter on ~aid land insured ap~a~t laa or dama~e br fire. ertendcd ao~cra~e and
ot6er perib„ ineludin~ wu rist tnw~ance if arailablq in a~wn aa less thsn t6eir ful{ imucabk ~due at tLe oost aod ~pen~e of t6e Mort-
ga~or in a awnpaay o~ oaapania appro~ed b~6e Mo~a~cq :6e polic~ or polieia to bc bdd e~ tLe ~ee~and suc? polic~ oc policia oE
imuraace s6a11 6a~e affi:ed t6ereto a Stand~ New Yo~k Mortgsgee Clau~e. makins all loa~ or {one~ uoder s polie~ o~ po4ua payable eo
t6e Mortgagee as ia iaterat may appea~. and eo de4~er said potiep or polieia to tl~e Mortg~.~ee w6cn i»ued w~tb t6c eeceipb for the pay
ment of the pcemium tbercfor; and ia tse eveat an~ sum of ~one~ beooma payable nnder suc6 policp or polida„ tLe Mortaagee s6a11 ba~e
t~e option to recane and aPP~7 the same on aooouot of t6e inde~tedna~ sceurcd 6ereby w to permit the Mortgagar to recei~e and we it~ or m~
part thereof. for ot6e~ purpose~, wit~out thereby waiving or imFairia~ aq~ eqnib? 4en or ri~ht andec or br ~rietue af t6is mortp~e; and
the Mort~agee if it deems necassp may p~a~« ana wy to~ ~ce ,~~~.no~ or ~r p.K ~~eof, witbout laing. wai~riog o~ affectiag Mort-
Qasee'~ option to foreclae for breac6 of t6is oovenany or anr part tbereof. o~ anr ri~ht or option under this mortgate, and e~ery s~ W7~
ment a6all bear iaterat feom date tdereof until paid at tbe nte of a~ per amt (t96) pa annum. and dl a~A Wy-menb wit6 ~°te~est a~
aforaaid shall be secored b~ t6e lien Lereof. In d~e e.ent any 1as~ or dama~e ts suffered Mort=s~or sbaU nodf~ Mortp~ce of we6 1oa or
damage witAin fortp-eight (4t) hours afte~ t6e luppeniog t6ereof; thc failure to g~~e suc4 noti« s6a11 oooatitute a defauk aad tbe Mort~a-
qee shall 6xre tLe rights 6erein gi~ea fo~ all defaulb.
9. To permiy commit or wffcr oo wsste aad to maintain tLe impro~aaena u sll tima in a aue of ~ood repair and ooodition: aod
to do orpe rmit to be done to taid premises notling thu will alter or ehaoge t6e uie and c6araeter of said prope~ or in an~ wa~ impsi~ or
wnken the securiq of said mortga~e. In ax of the refwal. neQlat or inabiUt,~ of t6e Moetea~or to cepair and mainain »id prape~tp. tbe
Mort~agee may. at ia opEioo~ make sud~ repain or cauu t6e same to be made aad ad~aate monia in that beAalf wbicL wms s6a11 be securcd
by t6e Gm hereof aad beu iuterat at tLe rate of dg6t per «nt (!96) per anaum.
10. To deli~er the aD~usct or abstraas o~ title ao~erin6 tLe mort8ssed property to MortBa~e or ia dai~uated agent, ~~hic6 s6a11 at
all tima, Jurin~ the life of t6is mort~a~ remain in tDe poaa:ioo of t6e Mort~sYee and in e~ent of t6e focalosure oE t6is mortgage or at6e+
~ransfe~ of titl~ all rigbti dtle and iaterat of the Mort~a~or in and to any snc6 ab~tract cu abstraets of title shap pm to ehe purcbaser or
~rantee.
11. 'T6at oo araiver of an! oovenant Lerein o~ in tLe obli~ation secnred hereb7 s6aU at aW timc 6ereiftcr be bcld to be a~ai~er oi
any of the otha terms 6ereof or of the note sawnd 6ereb7•
IZ. 'Ibat io order to aocelerate tLe msmrit~ of the indebtedne~ 6e~ebr sacurtd because of tbe failure of the Mort~nr to pa~ anr tai
asiesament, liabiliq, obligariaa or mcumbrance npoa atid pi+opaty a~ 6eran pronded. It shaU not be neceasar~ nor requiaite that tbe Mort~s~se
.h.~~ Sne par tLe ame.
13. That if tLs Mott~a~or sLall fail. ne~lat or refu~e for a period of tLir~ (s0) days fully aad Promptl7 to WY t6e amounes re'
quiced eo be paid by the nae Lereb~ ~ecured or the ioterat therein speei8cd or aaT of tbe wt~ of moaey herein referred to or 6ereb~ a-
cured. or ot6erwise dW~. ~ull~ aad prom~dy to perfoem. emut~ oomphr wit? and abide by eacb, e.er~ o~ aar of c6e oo.ensnar ooodu;oo~
or sapulations o! t6is mort~a~ tLe prom~~ory note 6ereb~ ~ecured anajor t6e ooo~tn~ctioa ban a;reemmt, if m7. tLm, aod in dt6er or ia
•nr of sucL eveat~ witbout notioe or demand. the ~aid ag~regate smn meQdoned jn said promiswry oote. !as preriow pa~menb. if aa~. a~
an~ and all su~ mentia~d 6e~ein or secured Lereb~ s6aQ beoome dne and paYable fortLwit6 or tLereafcer at t6e oontinuing opcion of tLe
Mo~ a fullr and aompkcd~ as if ~id s~regue ~ums ~ere ori~inalip stiFulued co be paid ac ~ucb timq anything in said Pn~oq
' nae or becein m tLe aontru~ aotwithstanding. and t6e Mortaagce shall be enatkd t6ereupoo or t6ereafter witLout mtiee or demand to in-
: stitute wit at law or in~q uit~ to mtocce the rigbts of the Mortgagee Lere~nder or onder uid promissory nota In t6e eve~ of an~ default
~ or breac6 ao the part of t6e Mort~a~or baeuoaer or uoder ~aid promis~orp aote. tLe Mortgagee s6a11 6a~e tbe oontinuing option to enforee
` pa~mrnt of a11 suw aecured 6ereb~ b~ aetian u law or by suit iaeq uity m foreeioa this mort~a8e. eitLu or bot~ oootnrnntly or otberwise.
~ and ooe action or wit ~hall not abate or be a bu to or wai~a of the Mortgageds ri~Lt ~o imtimte or mainain t6e ot6er. pm~ided said Mort-
~ ~a~ee shali ha~e ody ooe pqment aad tatsfaetion of aid indebtednar.
E 14. T3at in the erent t6at r s6aU (i) oomnu ~o tbe sppoi~eat of a rad~er. uwtee or liquidator oE all or a suMtantid
E pan o~ Mor~o~~ s~eb. or (2) be~~ad~'~eaeed a bastrnpt o~ in~ohmt. o~ Sle a~oluntu7 Petitioo in bantruptc~. or admit in writin~ tu
inabi4t~ b ps7 ib deba r ttie~ beoome ~n~ or (3) make a~menl a~dpment for t6e beaefit of eredito~s„ ot (i) Sk a petition or amwa
seekins reorQaniution oc arran~aoent with crediton~ or to ake ad~aoeage of as~ 'smoheae~ Isw~ or (S) file an a~wer admittin` t6e ma-
cerial dl~ations of a paitioo hled a~aimt c6e Morep~or in an~ bankruptq. reor6anisation oc inaol~eocp Praeedia~ or (6) action shall be
tateo b~ t~e Mort~s~ur for tbe purpae of dfectina an7 of t6e foregoin` or (7) an~ order. judpneat or daerce sLall be eatered upoo an
application of a enditor or Mortgs~or by a ooart of oompetmt !'nri~dictioo approrin~ a petitioa seeluns appoinvaent of a recei~er or trwtee
of all or a su6sautid part of tLe Mort~or's aaets and such order, jod~oent or daree i6aU aontinue nmta7ed sod ia effat for an~ period of
thirt~ (30) ooaseeuti~e da~t, the Mortgagee ma~ d«lare c6e ooa bereb~ .aured toccYwi~ due and payabt~ w6eceupon tbe prioeiPal of and
cbe iaerat aarued oo ~6e ooee and all a6er s„rm rereb~ scc~red shsll beoome focthwit6 dne aad pa~abk a~ if all o~ c6e said sums of mooe~
..en orianaly sdp~lued m be paid on wc6 day; aod tLereupon tLe Mottp`et witbout notloe or demaod mq ptoiecute a ~uit u law and/or
in equit~ ss if all mooia ~etorad bteeb7 6d matured Pcior ~ ib iatitut~oo.
iS. ~u tfe Mortsa~ce or aay penon au~Lorised br e~ Morcp~ce .Lalt bs.e ehe riQbt ~o eater upon and iospact ttie morep~ed
pmnises at all rea~oaable tima.
f 6. T6at an~ wm or su~m w6ic6 may be loaned or ad~anoed b~ tbe ~asae ~o t6e Mort~ur u anT time within teo (10) 7ean
fran tbt date of this iadenmre~ oo~etLer wit6 interat tber~on u tbe nte a~ad opon u tbe time of sncb iwo or advaaa, s6d1 be equally rc-
cured wit6 and hare tbe ssme prioritr n the ori~inal indebeednea ~nd be wb~'
tta dl tbe terms and pro~sioas of tha mo*K~a: P~~,
chae t6e a~re~ace amou~ of principal oues~aadins u anr eime s6a11 na e~ceed an amouot eqnal to ooe bw~dred and fi~ per ee~ (IS09L) of
c~e priutipal amount oripnall~ ~eenred 6ereby.
17. Tbu, if reqoired b~ Mo~ee, tbe ~aid 1~lortp~or wip pa~ mto tie l~o~ aa t6e Srst da~ of eac6 and e~ery aowecoti~e
moot~. a wmeq
ual ro ooNtwelfth oi annud amonnt oeowap to pa~ ail tua aad araments spidt tLe said mort8~s~ P?m~isa. ~fd
rr.oothly sum to be atimated solel~ by Mo~a~ce aad ealeulued to be so aoouat aot te~ ttias tbe amonat o~ taus a~eMed agaio~t said mo~t-
B~i~ Pnmises for t6e pr~~ow rear. and f furt6er required b~ Mortgs`ce eo ps~ sll imnranoe premiums in maantr and foro a~ pro~ided
hcrein for tbe paymeat of. taus and aseament~.
1R T6at fo t6e e~e~ t6e iwn wrich ti~m~r~p b st~s to ieenn i~ made tor t~e pn~rpo~s of finaodat at~er tbe ~oounKOOO '
of oew buildinp or tLe oomtr~ction o~ impea~emenMeb ~nd/et addidons eo rs~da~ bni{diop. t~s eM rt~o~s if nq
mted b~ ttie 1rlortiaice~
~pressiy a~rees oo depait wit6 tbe Irtortp~et or tta deripated a~eat ~a mou~t of moaa~ eq~d Io t4 difkreate betwsm tbe oet proaed~
o! tht bao aod t6e totd aoount. as determiocd b~ tM lso~ase~ reqnlred ~o la11~ oos~le~c aid aereroedo~ is ~ooord~noe wit~ t6e plam
and specificatioos ~eatofots snbmitted b7 tLe Mortp~or aad ro~ed br tM Mottppe. Sdd aoenwt of mooef ~a11 be oiaad b~ t?e
b[octp~ee ie a"I.oans io Preaw A~ooow~' !a tls nmc af ~e aad trs ase ~WI bt Med b~ t~e Nort~a~ec w pq ~6e oo~n.
eA~r~es asd apea~es iatutte~ h aoeeeeke witl said amrtro~tiN
i ~ i o r M di~baeie~ d tW b~o. It M fuet6er ~eed t~at ia t?e e~eat
ne
said oomtruetioo is eot fuly oospktsd aa or belers t
b s d
m ~ a c
e a i n t
~ e L
l s o r t
r u a i o a L
o
a
o or io e?~ e~ e n
t t? a~ e! e w
o
r t a a
said ooostruetioo ~all eea~e before fnll cam~tetiao ~nd ~oe~ ca~do~ aball oootiaue tor a period aa (10) da~s, at-if s~btantial ooaeiauar
pro~ra~ s6a11 not be made ia web ooo~~n~awo. ~6ee aod i~ aal' a~ ~reet t~
e Mid a~ep~e ~ud. Kioci P
s
l aod inee*a~. mentioa~d ia ~aid
P?oaisot7 oooq ~od all monia ~eeured bereb7. sWi beeame dus ~ad pa~abk btt~witr er erereafat ~t t6e optioo o! wd Moct~a~ee: sod is
t6e e~eet oE wcr oa~a8oa oE work upoo said roo~trocdoa fx a~iod eE ta (10) da~ a- if ~a~aotial oandnuar p~o~ees ~all na be
ewde in sue` oo~trncdoo. a aforaald. tbe aal? at ib ~i~o eotet intn sod opoo t~e ptmisa and ~aapkte ~aid coe-
str~cdoe ia w~ci woorr • it deaas ~d•i~abk~~ ae~ i~ter(en+~e~ ~tos eM N~pr tre ~d~l ferif d~i ~ R~et
~o t?e Mertsa~es folf pswer aod aut6oti4 b makt ~ner mtr7 few ~ op~ ~ s~ea ~siMS. ~o eater iaea wer ooatneet or ar-
ransernena ar ma~ be ~carar7 a oanpieee saia a~e~. a~d w e~ed ~s~ s~aia ?aaai~3o~ is Mid "Lo~a~ is Preeas Aooo~e' ~ ;
in additie~ n7 su~ of ~oaef o~~aT to ooopiee~ aid aa~traetio~: ~od ~~ed dl mooia e:peoded er tie Mortp~ee ia cmne~ebe
wit~ socr aaspktiou of ooa~trnctioo in esees~ of t~e meoia ie said "Lwo~ i~ rroaa A~+oouu" ~q be ~dded ts tw uid ~riscipst debt ~ua
s~all dnw ieterat at tLe r~e prarided in said qaai~or~ oae. and ~ball be ~ee~red so~e. aoa ~all bs M7~ h~~
op ksa~.
aQO~ 175 ?~cf 1334
. _ _ . _
y
M1`~ .,J 3 ~ ~ ~V~yyi ~L5 ~
I . ' ' Jy..~',k.trs _ _
..E