Loading...
HomeMy WebLinkAbout0945- Z - 7. To keep the building e- buildings now a hereafter on said land inwred against kiss a damage by fire. extended coverage and other perils, including war risk inwrsnce.if available, in a wm not ku tMn their full insurable value st the cost and expense of the Mortgagor in a company or compan'rss approved by the Mortgagee, the pdicy or policies to be held by the Mortgagee. and such policy or policies of inwrarrce shall have affixed thereto a Standard New York Mortgagee Clause, making all loss or losses under such policy a policies payable to the Mortgagee as its interest may appear. and to deliver said policy or policies to the Mortgagee when issued with the receipts fa the payment od the premium therefor, and in the event any wm of money becomes payable undo such policy or policies„ the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured larebll a to permit the Mortgagor to receive and use it, a any part thereof, for other purposes, without thereby waiving or impsirirrg any equity, lien or right under or by virtue of this.mortgage; and the Mortgagee if it deems neces- sary may plaq and pay fa such insurance, or any pxt thereof, without being, waiving or affecting Mortgagee's option t0 foreclose for breach of this covenant, or any part thereof, Or any right or option under this mortgage, and every such payment shall bear interest from date thereof until paid st the rate of eight per cent (8%) per annum, and all such payments with interest ss aforesaid shall be secured by the lien hereof. In the event any loss a damage is wffered Mortgages shall notiy Mortgagee of such loss or damage within torty~eight (48) hours after the happening thereof; the failure to give such notice shall constitute a defwlt and the Mortgagee shall have the rights herein given for all defsufts. 8. To permit, commit or suffer ra waste and to mainbin the improvements at all times in a state of good repair and condition; and to do or permit to be dons to said premises nothing that will alto or chsrrge the use and character M said property o- in any way impair a weaken the security of said mortgage. In ase of the refusal, neglect or inability of the Mortgagor to repair and mainbin said property. the Mortgagee may, at its opYan, make wch repairs or cause the same to be made and sdva.~ce monies in the! behalf which wms shall be secured by the lien hereof and bear interest at the rate of eight per cent (8%) per annum. 9. To deliver the abstract or abstracts of titb covering the mortgaged property to Mortgagee or its designated agent, which shall at all times. during the life of this mortgage, remain ir} the possession of the Mortgagee and in event of the foreckuure of this mortgage es other trans far of title, all right. title and interest of the Mortgagor in and to any such abstract or abstracts of title shall pass to the purchaser or grantee. 10. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereafter be held to be s wa'nrer of any of the other terms hereof or of the note secured hereby. 11. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. liatlilitY, obligation or encumbrarae upon said property as herein provided. it shall not be necessary nor requisite that the Mortgagee shall first pay the same. 12. That if the Mortgagor shall fail, neglect or refuse for a period of thirty (30) days fully and promptly to pay the amounts required to be paid by the note hereby secured or the interest therein specified es any of the wms of money herein referred to or hereby secured, a otherwise duy. fully and promptly to perform. execute, comply with and abide by each, every or any of the covenants, conditions es stipulations of this mat- gage, the promissory note hereby secured and/or the constriction ban agreement, if any, then, and in either or in any of such events. without ratite Or demand. the said aggregate wm mentioned in said promissory note, less previous payments, ii any, and any and all wms mentioned herein a secured hereby shall become due and payable forthwith es thereafter at the continuing option of the Mortgagee as fulry and completely a, if said aggregate wms were Originally stipulated to be paid st wch time, anything in said promissory note or herein to the conrtrary notwith- standing, and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute wit at law es in equity to enforce the _ rights of the Mortgagee hereunder ar under said promissory note. In the event of any defsuR a breach on the part of the Mortgagor hereunder a under said promissory note. the Mortgagee shall have the continuing option to enforce payment of all wms secured hereby by action at law or by wit in equity to foreclose this mortgage, either or both, concurrently es otherwise. and one action es wit shall not abate es be a bar to or waiver of the Mortgagee's right to institute or maintain the other. provided said Mortgagee shall have Doty one payment and satisfaction of said indebtedness. 13. That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee a 1'rquidates of all or a wbstanYral part of Mortgagor's assets, or (2) be adjudicated s bankrupt or insolvent, es file a voluntary petition in bankruptcy, a admit in writing its inability to ply its debts ss they become due. or (3) make a general assignment for the berrefd of creditors, or (4) file a petition or answer seeking reorgan'izaCan a arrangement with creditors, or to take advantage of any insolvency law. or (5) file an answer admitting the material allegations of s petition filed against the Mortgagor in arry bankniptcy, reorganization es insolvency proceeding, or (ti) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing, or (7) arty order, judgment es decree shall be entered upon an application of a creditor es Mortgagor by a court of competent jurisdiction approving a petition seeking appointment of a receiver es trustee of all es a wbsbntial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for any period of thirty (30) consecutive days. the Mortgagee may declare the note hereby severed forthwith due and payable. whereupon the principal of and the interest accrued on the rate and all other wms hereby secured , shall become forthwith due and payable ss if all of the said wms of money were originally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may Prosecute a wit at law and/a in equity as if all monies secured hereby had matured prior to its institution. 14. That the Mortgagee es srry person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises bk times. at all reasons 15. That any wm es wms which may be loaned es advanced by the Mortgagee to the Mortgagor at any time within twenty (ZO) years from the date of this indenture, together with interest thereon at the rate agreed upon at the time of such loan or advance, shall be equally secured with and have the same priority as the original indebtedness and be wbject to all the terms and provisions of this mortgage: provided, that the aggre- gate amount of principal outstanding at any time shall rat exceed an amount equal to one hundred and fifty per cent (150%) of the principal amount originally secured hereby. 16. In order more fully to protect the security of this mortgage. the Mortgagor, together with and in addition to the monthly payments under the terms of the rate secured hereby. on the first day of each month and until said note is fully paid, shall pay to the, Mortgagee an instil- ment of the taxes and assessments next to become due against the mortgaged premises. an instalment of premiums next to become due on inwr- arrce policies required trtr the Mortgagee. and arty other charges in connection with the commitment to finance. Such instalments shall be equal respectively to such taxes and assessments and inwrance premiums. all as estimated by the Mortgagee, loss all wms already paid thereon, divided by the number of months that are to elapse before one month prior to the date when such taxes and assessments and inwrance premiums will become due. Said instalments shall be held by the Mortgagee in trust to pay such taxes and assessments and inwrance premiums. All pay- ments made under the terms of this paragraph and under the note secured hereby shalt be added together and the aggregate amount thereof shall be paid by the Mortgagor in a sirgtk payment each month to be applied by the Mortgagee in payment of the items and in the order folktrring: (a) taxes and assessments, and inwrance premiums; (b) interest on the note secured hereby; and (c) amortization of the principal of said note. Any deficiency in the amount of wch aggregate monthly payment shall constitute a default under this mortgage. When wch taxes, assessments and insurance premiums fall due. if the amounts deposited by the Mortgagor for wch purposes are not s,utficient to pay said taxes, assessments and insurance premiums, as the case may be, then due, the Mortgagor will pay to the Mortgagee such deficiency immediatery. When such taxes, assessrtrents and inwrance premiums fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such taxes, assessments and insurance premiums, the excess may, in the discretion of the Mortgagee, be applied on subsequent monthly payments to be made by the Mortgages. In the event of default under this mortgage any unexpended funds in the bands of the Mortgagee deposited by the Mortgagor to meet the obligations of taxes, assessrtrerrts and insurance premiums shall be applied by the Mortgages upon the indebtedness hereby secured in the folk;wing oYiler; (a) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee: (c) interest on the principal: and (d) the principal debt hereby secured. When arty such taxes, assessments a inwrsnce premiums fall due the Mortgagor will promptly obtain and deliver to the Mortgagee statements with respect thereto. The Mortgagee may collect a "late charge" egwl to 2'Jr on any monthly installment paid more than 15 days after the due date thereon. 17. That the Mortgagor will comply with sll building, zoning, fire and halth regulations now es hereafter imposed by ggvernmental authority and will comply with all deed restrictions. declarations,ot restrictions, and plat, reStrit;liorrs krhich nay De >lppli~ble to,the p rreiq-,ise;.: _ 18. To indemnify the Mortgagee upon its demand fes all taxes, sssessmeMs and charges that n-ay be assessed upon this mortgage es the indebtedness secured hereby and paid by the Mortgagee, without regard to any law heretofore enacted es hereafter to be enacted imposing payment of the whole es any part therwf upon the Mortgagee. - .~: That the Mortgagee shall have the right at arty time and from time to time and without notice es consent of the Mortgagor to release any portion of the premises from the lien of this.lrprtg~ge, tofekrsse.ary person Ii~We. foj piyt~etrt of any indehtedrress secured hereby, to extend the time for payment es alter the terms of payment of all o: arty part of the indebtedruss es otherwise modify this nartgage es the promissory note secured hereby without affecting es releasing any person (other than the person released purswrrt•hereto) from liability upon this mortgage es the promissory note secured hereby. and without otherwise aNecting es diminishing the lien of this mortgage. 20. That the Mortgagor will on the request of the Mortgagee furnish a written statement of the amount owing on the obligation which this mortgage secures and therein able whether es not Mortgagor claims any defenses es offsets thereto. aooK 179 ~~ 944 rs - ~ .Z :c~36.~s.-.+- _~__; _ _. ,Wi=s. ~-