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HomeMy WebLinkAbout2116 ~ S. ZUu iu tAe erent of a suit beins in~tituted w foralae this morttate, tse Mart~a~ee ~6a11 be endtled w app1~ u aay time dut~'u~ such forecbiure suit to t6e court havia jurisdictioa tlerc ~f fo~ t6e appoioancut of ~ raa~er ot all and ~ia~ulu the mcrtp`td pwperty. wd of all reats, inrnmes~ protia, iswa an~ ceveaua tLeroof, from a~hwoe~e~ wucoe deri~cd; aud t6creupon ft is 6ereby e:p~ealy co~eaanted aad a~ncd tbat t6e couct sball focthwith appoint such reaiver with c6e uwal porsen and duria of raeivcn. in Gke casa; snd said ap- pa~tmeat aLsU be made by c6e oourt ss a matter ot urict rirht to the Mo a~ee, and v~ithout cefereoce to ehe adequacy o~ inadequscp ot tbs ~alue of t6e propert~ he~eby aw~c~a~cd, or to t6e wlveacy o~ inwl~eacp o~~t e Mo~tsa~ue oe sop othcr ~q defsadaat to ~ucL wit. T6e Moct~a~or 6eceb ~pecifitalty waiva c6e ri~ht to objcet to tAe appoinuneat of a cece~.er aforaa;d an~se~eby uPcealr ooasenn cbu web appoiaaacat shal~ be made as an admiaed cquic~r sad as a muter of ab~olute ~i~6t to t6e Mo~s~ec and tbat the wae ~ns~ be doae wic6ow ootice to the Mort~a~ot. 6. T6at iE an~ proceedin~ should be imdtuted apimt t6e propeny oovercd b~ this mort~e upon say ot6e~ Gea or cl~im whether ~uperio~ or juaior to the Gen of t6is ioort~a~e. t6e Mo~a~cs ma~ at ia optioo immediately upon iauitutioo of wch sutt or durio~ t6e pend- e~r tDer~of dalue t6is mort~aQe aad the iodebtedaas taured hereb~ due and p~able foct6with aad mar at in option protted to foreelac tbis mo~t~age. 7. To pay dl aad siagula~ ~he oos~ fca„ eh}raa aad ezpen~e. of e.ecp kind, toeludiag c6e ao~ of an aburace of acle co uid land~ fouad to be ooavenimt or e~pedimt ia oonnectiaa with.anr tuit for tbe forabsure oE this mo~t~a~e, and al~o includin~ whether the Mort~ee is obli~ated to pa wae or aot. aaaonable attorney's fea iacurrcd or e:peoded u aqp time br t6e Mort~a~ee baause of e6e tsilure of tbe Mort~a~or tope ~orm, co+nply ~+it6 and abide br al) or any o( t6e rnvcaana, co~ditioos and stipulatio~a o~ taid p~omiwory note. or t6is mortga~e, in the foreclosurc of this mo~age and ia oollaaa~ tDe amount ~ecured heeebr with or wit6out le~al procctdinp, and to reim- burse the Mort~agee tor every* paymrnt made or iacu~rcd for anr tuc6 ~urposc wits intece~t fcom date of tveq sucL~papmeat u tAe rate of aa6t pe~ eent (i96) pe~ annum; such pspmeots and obli~aaom, witL ~nterat tLereou a~ aforaaid, shsll be ~ecured by tae Gea Lereof. i. To teep tLe bnildin~ or buildingr aow or bereafter oo said laud ina~ed a~a~nst la~s or dams~e br 8re. ernaded co~ers~e and other perib. includia~ war rist insuraoce if availsble, in a~um -na less than thar tu11 iasurable ~alue u the oat and e:pense of the Mort- gagor ia a canpany or aompanies approved by the Mortgagce. t6e polief or polieia to be 6dd by tLe r~agee. aad suc6 policy. or potiaa of iasunnce shall have affi:ed thereto a Standard New York Mortgagce Clause, making all lo~ or lossa unde~~ r suc6 ~olie~ o~ poliua parable co the Mortgagee as its inte~at may appear~ aod ro deli~er said policy or policia oo the Mortgagee w6en issued wu6 the receipb for t6e par• ment of the premium t6erefor; and ia t6e e~eat an~ snm of moae7 beeotnes payable under s~eA polic~ or policie~„ the Mortgaga t6a11 bave tLe option to raeive and appl~ tbe same on aaouot of tbe indebtedna~ aecured 6ereby or to pe~mit tbe Mortgagur to rccei~e aad use iti or any part thercof, for othe~ purpases~ wityout tbereby waiviog or imgairia~ aq~ equiqr. Um or right under or by mrtue of this mortgage; and the Mortgagce if it deems nccessary may place aad pay for wch insurant~ or any part the~eof, pitboot losing. waiving or affatiag Mo~t- gagee's option to foreclae for breach of t6is eo~enant~ or any pact thcceof. or any nght or option uoder this mortgaae. and eveqr sucA pa~- meat shali bea~ iaterat from date t6eceof uotil paid at the rate of aght per oent (i96) per annwq and all ~uch pay7nenb witb interat as aforaaid shall be secoced by the liea hereof. Ia tLe eveat an~ los~ or damage is snffered Mort~agor s6a1! ootif~ Mortgagee of sue6 ba or damage witlun fort~-eig6t (4E) 6oun after t6e 6appening t6ereof; the failure M~ire sueh notice shall ooostitute a defauh aad t6e Mort~a- gee s6all hare t6e rig6es 6erein givrn for aU defaulb. 9. To permiy oommit or wffer ~ waste and to maiataia t6e impro~emenb at sll tima in s stue of ~ood repair aad caoditioo: and to do or permit to be done to said pcemisa notLing that will alte~ or c6an~e t6e we and chancter of uid pcoperty or in any, way impair or weaken the xcuritp of said mortBaSe. In cax of t6e refusal. neglect or inabilit~ of t6e Moregsgor ~o repair and maintain sud propcrtp. tbe Mortgagee may. at ia opEion~ make socb repain or cawe t6e same to be made and ad~ance moaies in that behalf w6ich aum s6a11 be secured b~ tbe lirn hereof aad bear ~nterat at tLe rue of aght per cent (t96) per annum. 10. To deliver the abstract or abstracb of tide wrering the mortgaged property to Mort~agte or its daignued agrnt, ~fhie6 shall at all tima, duang t6e life of this mortgage. nmain in tLe poaasion of tLe Mort~agee aad in enent of t6e ~orecbsure of this aactgage or a6er truufer of ticle~ all righti ritle aad iaterat of che Mort~s~or in and to anr wcb abtrsa or abst~aas of titie shaU psas co che purchaser or ~antet. 11. T6at no Kaiver of any aoveaant 6ereia or in tLe obligatioa sec~rcd 6ereb~ sbsll at an~ time 6ereafte~ be 6e1d to be a Rai~er of any of t6e otLe~ terms hereof or of the oote secured herebr• 12. 'I~at in order to aocelente the msturity of tLe indcbeedna~ hersb~ saured baause of ~be failure of t6e Morc~agor co par any cu assa~ment~ liability. obliguia? or eacumbra~xe npon said propert~ as 6erein pro~ided. it s6all not be necasaq nor requisite t6at tbe Mortga~ce shall fint paY the sama 13. That if tbe Mortgagor s6a11 fail~ neglac or refuse ior a puiod of thirty (30) days fully and promptl7 to psY the amounq re- quired to be paid by t6e note 6ereby ~ecured o~ t6e interat t6erein specified or ac~ of t6e sums of mooe~ hercin rehrred to or hereb~ ~e- euced. or ot6erwix dul~. f~ll~ and pran~clr co perfona eucute. aamp1~ witL and abide b~ eacb. every or an~ of the auveaants. condirioau or stipuluiow of t6is mo~t~ag~ tLe prom~s+ory nae 6ecebr saured and/or t6e oomtruaioa ban agceemeny if u?r. tben. and in dtber or in any of such evrnq~ withont ootice or daaand~ the said sggcegate sum meadoned in ~aid promiswr~ aote. lm prerions pa7meats. if aor. and any and all sums mendoncd Leaein or secured Lereb~ shall become due and pa~abte forthwith or tbereaher at the oontinaing opoon of tbe ~ Mortgagee as fully aod oompictd7 as if said a~regate wim were originalls sapWated to be paid at suc6 time. an~thing in said pamis~onr ! note or Lerein to c6e oontrar~ notwit6standin& and t6e Mortgagee a6a11 be eotided thereupon or t6eretfter witlaut aotice or demand to in- stitute wit at la~c or io equit~ M mforce tLe rights of t6e Moctgagee 6ereunder or under said pranissoq? note. In tbe event of an~ ddault ~ or breac6 0o t6e pari of the Mortga~or hereunder or under uid promi~orp notti the Mortgagee s6all 6a~e the ooncinuing opcion to enfora 'I papmeat of all sums secured hereby by action u law or by ~nit in equit~ to foreclae tbis mortQag~ atber or botb. aoocnrrenty or otherwise. and one action or suit s6a11 na abate or be t bar to or waivu of tbe blortgagee's ri~6t to imtittm or maintain t6e ot6er. pro~ided ~aid Mort- i gagee s6a11 ba.e only one paymenc and ssdsfaetion of aid indcbtednas. i 14. Tbat in t6e erent thu r ahaU (1) ooment to t6e appoiotmeat of a recei~er. tnscec or liquiduor of all or a su6aautial ; gart of Mort~ols aseb. or (Z) be~cated a bankropt ~ imolrent. or $!e a~oluatu! P~i4on in bankruPte7. or admit in writins ~u ~nabilicy ~o paJ ja deba a~ tb~ betome ~u~ or (3) mske a gsaeral a~ri~ment for tbe beaefit of ereditors, or (4) 81e a petition or amwa seelun~ reorQaniutioa or urangemmt witb credito». or to take ad~aatage of an~ imol~encp Isw, or (S) 81e sn aoswer admitting t6e ms- terial allegaaons of a petitioo Sled against tbe Mortga~or in aar bankrupec~. reorganization or imoheacy proceodin& or (6) action s6all be caken br the Mortgagor for the purpae of effaang aa~ of t6e foregoin& or (7) snr order. jud~meot or daree sbap be rntered upon an applieuion of a creditor or Mortgagor by a court of oanpetenc jurisdiction app?oving a P~d~ ~QB ~pP~atmmt of a rccei~er or trnstec of all or a suMantial part of tLe Morteagoe's as~eu and soc6 order~ jad~neat or daree s6a11 oontinue omtayed and in effat for anr period of tLirty (30) comecati~e daJs, tLe Mortgagee ma~ declace the note 6ercby secared iorthwit6 dne and pa~abtq w6sreupon tbe principal of and the intecat aacrned on the note and au aher :ums 6ereby secured shsll beaome fo~bwicb due and pa~sbte ss if all of c6e sa;d surm of mooe~ were origiaallr stipulucd to be paid on sucL dar; and thereupon t6e Moctp~ae withont aooice o~ dana~ ma~ prosecute s suit at l~w and/or in equitT :s if all monia saured hereby had muured prior to ib imtitutioo. IS. Tbat tLe Mortgsgee or any person aathor~ed b~ the MortgaQee ~6a11 ba~e tLt rig6t ~o mter upon and impect t6e mort~a~ed prem;sa at all rea~oaable rimes 16. That anr sum or sums w6ic6 may be loaned or advanoed by t6e Mort~a~ee to the Mortgagor at any time wit6in ten (10) yan from t6e date of t6is iadenture, wget6er wit6 iaterat t6ereoo u the rate agrad npon u t6e time of wc6 ban or ~d~ancq s6a11 be eqwll~ se- ~ cured wit6 and 6a~e tbe same prioritp as tLe original indebtcdnea and be sub~at to all t6e term~ snd prorisioas of t6is mortgage; pro~ided, chat the agg~e~ate amouot of prindpal outstanding u any time s6ap na ezceed an amonnt eqnal to oae huadred and fift~ per cmt (IS096) of ~ t6e principal amouat ori~inally scc~red berebp. ~ 17. T6ay if required by Mortgag~ce. t6c ~aid Mortga~or will pa~ mtu tLe Mort~ oo tbe 8nt day of ac6 and every aomecutive mont6, a sum equal to ooe-cwelk6 of che annual smoont neceaarp ~ par sll .ta~ca and atie~meab agairot the said mortgaged preniKS. said ~ ~noschly sum co be arimaced aolely by Morc~ ~d e.kulued eo be an amo~m! not la~ tban tLe amo~nt of taza aseised against said mort- ; gagcd premixs for t6e prenions pear~ and if fnrther teqwred b~ Mortgagee to pa~ all insuranee premiums ia manner snd form as pro~ided hemn for tLe paymeot of. t~us and ase~mmb. ~ is. T6at in tLe e~eat tbe ban w6ic6 t6is mo~t~a~e ~s p~m to ~ecure u made for ehe purpae of finaac~ins dtber tbe comtructioo of new buildia~s or t6e oomcn~ccion of impro~emena and/or additioas to adstin~ Wrildin~. t6e Moi~tp~or. if reqmred by t6e Mortga~ ~ expressly agrees to dep~it wit6 tLe Mortgaga or id daigaated agcnt an amount of mouey equal to t6e differenee between tLe oet proceed~ ~ of the loan aod t6e total amouot, a~ determined b~ t6e Mort~ce~ re uired tu lull~ oomplece ~aid ooo~truevon iu aaordaace witr tLe plam a and specifiudons 6erecofore .ubmieced by ~he Morc~or and ap ro~ b~ t6e Mort~a~er. Said amouat of mooef i6a11 be plaad b~ cbe Mortgagce in a'7oans in Proees~ Aooouat" in t6e oame oE tLe ~~or. aad tbe tame ~6aq be ~ued b~ tbe Mort~asee to psy tbe ca~b~ ~ c6arga and e:pcn~cs iacurred in oooneaioo with said ooo~tnx~tioo prior to di~buesi~ a~ this baa It is furtLer agreed tLu in t6e e~ent said ow~s[ructioa is not full~ campleted o0 or beforo ttie due atated in t6e Con~tr~etion Loan Asreanene or in tbe c~ent t6u t6e wort o0 said coa~truction s6a11 cease bcfore full oompletioo and rnch cesation ~6d1 ooatinue for a period of ten (f0) dan~ or•if snb~tantial oootinuas ~ progress shatl noc be made in sueb cooscroaion, ~beo aad in .nr .oc6 e.eoc cbe ..id a~regace sum. princ~pal ana interat. men6oned in uid promisoq note. and all monia aecured 6erebr, shall baome due and pa~able fat6wicb or tfereafar u t6e option of said Mortgagee: aad in tbe event of s~xh ees~aaon of work u said ooostruction for a period of un (10) da~s. or if su~taotial oootiouous progres ~6a11 not be made in suc6 comtnxtioa. a aforaai~t6e Mort~aace ma~ at ib option eoter into and upon tbe mortgaqed premises and canplete uid con- str~ctioo in suc6 msnner as it deam ad~isable without aa~ interference feom t6e Mor~ur; t6e said btorc~apr bereb7 P~ ~ i~~ot to tbe Mortga;ee fnll power ~nd autboritp to make sneb ea~ tneo snd opon raid ma~ed pranisa. to eater into wc6 oootncts or ar- ran~«neaa as ma~ be neu,.ar~ eo oomplece uid oon~er~ion. and ~o czpeod sn~ monia remainins in ~aid "I.oam in Yrocea Aooowrt" and io addic;on an~ sams of monr~ neca~ar~ to oomptece aid eoa~trnetioa; and an~ and dl mooia ezpeaded by t6e Mortgagce io ooaneeBoo witL suc6 oanQlaiao of comtruction in e~cas of tbe monia in uid "Loan in Proc~s Aooo~nt" sLall be sdded to tbe said prinapal debt and s6a11 dnw interat st tbe ratc prorided in said promiswn aote. and i6a11 be secund b~ t6in mortea~e. and s6a11 be pa7able by t6e Mortp~or ~ on dewanQ. ~ ~16i~~3 _ - - . - - _ - •r ' r ~ = ' ' - r-= ~~^`.~h'y.f, ww~.~' . ~~-,,.'r.t~~ - °a' _ . _ °