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HomeMy WebLinkAbout1488 _ S. 13u io tb~ eveot of a tuit beins iwtituted ~o foreelae t1w ~ao~a~ the i~fo~tp~se dsli be ecdded oo ~ppty u aay eiAe d~ aucs forabwre suit to tl~e tourt 6avia ju~isdictioa tbue~f io~ t6e appwnaneoc of ~ recei~e~ of all and sin~ula~ t6e ~oonpsed peopeetp~ of all natt, ieicomar profits, issua ~~eveuua tl~e~cof, ftom Rbaaoerer ~oucce derived; and tle~cupon it is 6erebY e:pnsslr oo~eoaotcd snd aQreed tAst t~ co~rt sAal1 EortDwit6 appoiat aucL reteiver witb tDe wusl pov~ers sad duda of recei~ers. io liks tasa; and said ~p~ poiatmeat ~Lall be ~aade b~ t6e oourt at a matte~ ot ucict riQht to t6e Moes~a~cs. aad witbout reEenac~ eo t~e sdequaep w inadeouse~ e~ t?e •atue of t6e propectp 6enb~ mon~a~ed, or to tLe ~otreacr or ~a~olve~,w of eLe Mo~a~or o~ ae~ ot4e~ wetr deEeadaat to wcb ~uit. Tbt Mon~s~o~ keceb syeafica lr wu~a cbe risht a obiat eo t6e appoianneot of a rece~ve~ as afonu;d and he~cbr e:prealy ooo~ece. ~6u w~d ~p~~ M I~o~~ de•as aa admittcd equiqr and as ~ matte~ of abalute ~~pt m che Mo~tpsee and c6ac t!s wne mq ae dooe wicbw i. Tb:t IE anr proctcdioqs ~bould be ia~tityted asaimt tLe propertr oo~ered by t6i~ mon~a~e upon an otbet Grn or claim wret?er •upe~ or junior to t~e lim of t6a mo the Mon~a~ee au~ a ia opcion iauacdiaccl~ upon imticudoo o~wcL ~uit o~ durias ~e pa~d- e~c~r t6c~eot dectace tAis taorttese and the i ebcednea ~acund hercb~ due and py~ablc tortbwit6 aad ma~ at ia oprion proceed tv laedas t6a mottssge, To paY dl aad tie~ lu the eosq~ fea, c6ar~et and c:pen~ of evey kiad, ineludinR tLe oort of an abstrsct of title te said lasi lound eo ee oou~eaicot ~~pedieot in eonoecuon wicb. an~ suit for ibe fo~alau~e of t6is ~and atso iactudin` w6et6er t6e~ u abU~ated ta par iame or no~ reasooablc attorne~r's fea iaeurred or upeaded u au~ ti~r tbe Morqs~e bcume of tDe failuce oi iLe Mortta~w ~o pe~fo~ taoply witr and abide by all or aay of t6e eo~eaana, eoodip'~am and ~tipWatioeu oE said p~o~airory aote, or esia mort~a~e~ ia tbe foncbsure o! tiiis aa~ase and llf OOIIlChtls tbe amouot acnred 6ercb~ with or witLout 1ep1 ptoccedinA and es reiai- burse t4e Mort~a~ee for every payment made w iacurrcd for an~ wc6 ~urpose witb interat from dste of e~ee~ wc~ pa~t at t6e t~ce ~E te~ Pa' cent (tORr) pe~ aanwn: wcb Paymena and obti~atioo~ wit6 wtcrat t6eceon as aforaaid. ~6ali be sauoed a~ t~e 6eo heoeof. To teep cle bniWin~ or butldi~ oow or 6enafter oo said taad inwn~d a~s~o~t ka or darsa~e b~ fire, e:teadid oorerass ua ot6e~ perib~ includins wu tislc imuraace i a~ailsble. 10 ~~Itm OOt Itq tI!!O tha~ fult ieaurable ~alue at tLe cat aod e:pense of ~tawt- ga~oc in a oo~apany or cowpaoia appro~ed by the Mort~a~ee~ cbe polic~ a policia to b~ beld by t3e Mo aod sucL potiep ~ aE insu~ance a6alt bave affiued there~o a Standard New Yott Mo~tgasce Clausq wakiaa sll los~ or la~ses und~ Folic~ or policip papabk q t6e Mo~agee as ib intenst may sppear. and co dcG•er uid polic~ o~ polieia ~o tbe Mortaagce wbeo issued ~n~6 c6e raeipo tor trepa meot of the pnmium t6erefor; a~nd in t6e esrnt aa~ sum of mone~ becomes p,ayaDte under sucA poiict or policid~ t6e Mortaa=re dra11 ra~e tbe optioo ro ieceire and apply t6e ~ame oo saount of t6e indebcedaew ~ecuad 6c~eby or ~o pernut t6e Mon~agor to receive and we i~ ot aa~ part t6eceof. fo~ otbe~ purpoae~, ~sitb~t t6e~eby wairios o~ irapairini aar eqnitg. lien or rig6t uader or by ~imx oE t6is moctp~e• and the Mortis~e if it deems aecessaqr may place and pay fw web imuraaes, or any part thereof. ~itAout {osinL wsi~in~ or affectios ~to~t- ga`ee s optwu to foreclae f~ breec6 of tbis oo~eoau~ ot an~ ~put thcreof~ or anr ngLt or optioa under tDis mottsa6e, and e~rery suc? W7- meot ahdl bea~ iacenu feom date t6ereof uotii paid at the rate of ~spe~ cent (1096) pe~ annwn, and a!1 aue! paymsab wit? interat r afoiesaid sAall be seeured br the lim ecrcof. In the e~eot ~o~ bs~ o~ da~aase is snffercd Mo~a~or snril aotifp Mortpsee of we6 ion or damage witWn torty-eigbt (4!) boun after the 6appenic~ t6ereof; t6t tai~nre to ~ire sue6 ~tice shal! eoostitnte a defauh aal tie Mo~a- gee shaN bave t6e ri6hb 6erein p~eu for all delaulb, 9. To perm~y oocomit or wffer no ~vam aad to maiaain tAe lmproianmts at all dmes ia a state of ~ood repair and aoaditioe; aod co do o~pc rmit co be done to said pranises nothia~ t6at will aher or c6an~e t6e use and cbancte~ of said propertr or in aup wq impair K weaten t6e securitp of said mortsaPe. In we oi tbe refwat, ae~lcct or inabiGt~ oE t6e Motepgor to npair and maiatain »idprope rtp, tbs Moresagee mss. at ia optioq make saeh cepain w eawe tLe sa~ae to be made ~nd ad~aoce monia in t6at behalE w6ic6 wms shall be seeond ~p t6e lien 6etcof and bear interat at the rate of tm per cent (109fi) per annum. 10. To deli~er che sb~aet or absnacb of titk conrins t6e mortgs~ed propertp to MortEssce or in dai~oated s~eot~ ..6ici s~all at all tima. durin~ tbe life of t6i~ moetga~ remain in tDe poaenion of tbe Mort~a~ce and in e~eat of t6e forecbsurr of t6is ea~a~e or a6er traipfer of tid~ all rigbt, tide and intecat of tbe Mor~a~o~ ia aod to aoy ~ucL abutaet or abstraets of titk shall pas ts ctie purelase~ oe erantee. 11. T6u oo w~i~er of aa ao~easot ~erein or io tbe obtisation sccured 6creb~ sball at any tirne 4cnalttr be Leld to be s arai~er d any of t6e ot6er terms Aereof or o~ tbe oae secnred Ae~eb~. l2. Thac ia orde~ to aoeelcrate du maturit~ of t6~ iadebadn:a~ hereb~ secuced because of c6e failure oE t6e Mortp~r co pa~ an~ tu ana~nca~ Gabilit7~ oblisatioa ot esrcum6nace npun said propectp p 6erein pro~ided, jt a6a11 noR be oecess~q oor requisite tiat t6e Morty~e~s aball firn par t6e arna 4 z3. Tbu ;E ~6e More~s~or ~a11 fail~ oe~leec or refwe tor • per;od of t~irc~ (so) days full y~ow~c~~ ~o wr c~ amo~mb ` now quired M be paid br tbe note 6erebr secured or t6e ioterat t6errin spocified er ao~ of tbe suw aooneY 6erein refernd to or reieb~ ~ ; cu~ed. o~ a6erwi~e duly, futt7 +~nd P~~h ~ 1~+~~4 ~te~ coa~pb wit6 and abids b~ eae6, e~er~ or anr of tLe co~enaot~ ooodicieo~ ar ~tipulaciaa of tlw moet~a~e~ t!e pro~wawry note 6erebr sanred aa~Ior tbe cca~truction baa a~,rcaoent~ it ~n7. eLeu. aod ia at?er er te anr of auc6 esents, witba~t aotice or demand~ t6e ~aida~e~a te sua~ akotioocd in uid n tar::ad al! ~ums meutioaed ~erein or serund 6enb sbsll bcoome dne and p~ oote. ica~ preriow pa:meats~ If wy~ aad 7 pa~able fortLwit6 or tLereafcer at t6e eantiumotoptws o# t1e ; Mocepqee as fully and oompletd~ as if said a~egate wms wece oripnslls stipulated to be paid at suc6 timG anJt6iog in said ~ i note or 6sroin to t6e ooncrart oocwit6~taadio~ and c6e Mort~a`re thall be entitlcd thcawpoo or tbcnafter rntbout aotice or demaod to io- uicute wit at lavo or ioeq wtp to mforte t6e~ of t6e Mort~saee ?ereuader or uoder sud ~ promiaon oae. In t6e e.eat of ao~ ddauh or breac6 0o the part of t6e ~ tia~euuderaor uoder said p~uaus~oq mte~ t6e Mort6atee s6a1! 6a~e tlie oonaaui ot opt+oa es eafoees Parroent of al! suaos ~eeured bereay y ictioo u law or by wit iaeq uie~ eo foreclae e6ia morKage~ dtLer or baA, oQOCUrrencl~ or et~ and one action or suit s6a1{ oot aDate or be a bu ~o or wairer of t~ee Moct~ee'~ ri~6t to i~sticute or ma;atain t6e otber. pra~ided said Mat- ~a~ee ~Aalt ba~e only ooe pa~ot ~od wwfaetion of ssid indebtsdnew. 14. 'Ibat ia t6e erent d~at Moet~a~or ~ball (l) aoo~eot to tbe appoiatmeat of a meinr. trwtee ~ Gquidaoo~ of ali oc a subsastial ~art oE Mortsa~~ aseeti ae be ad atcd s bankrnpt or imoi~eat, or Sle a~olvatar~ petitian io baekrupa~, or admit in writi~ is inabilitp ~o ~a~ tb deba a~ tbe~ become ~n~ or (3) make a~eaerat ad~meot for tbe benefit oE endta~n, or (i) fik a pedriaa er ao~wa ~ i seetir,s reo~aoisatioo or ana~emeac witb eeedi~on„ or to talce ~dnota~e of an~ imd•eae~ law. or (S) Sk an ans..er admietins cre ss- terial dle~atiow of a paitioa 61ed aQainst c4e Mo~a~or in aas baotruPec7. roor~anisatioa ~ imohenc~r proceedios, or aeticn ~hali be i taten br t6e Mo~cpror fot the purpae of effcctio~ sn~ of t~e foresoin~ or (7) as erdet ~ 7 . 1~0t or detcee shall be enteted npoe as apylicaeion of a creditor or Mo~ b7 a oourt of oompete~~t ~'uarrisdictioo appea~ie~ a petition uetins appoia~ of a rccei~er or trunee of all o~ a subuwtial paR of eLe Moct~o~s as~ets aad sucb orde?. judQoent or deera ~Aall ooatinue ao~ta~ed aad ia effea for aa~ period of t6irtr (30) aaaecud~e da~ ~ b e Mort~aree ma~ dec l aa t~e oote bcreb~ iecut~ed fort6witti due aod pa~ablq wbereupon tbep~ oci of snd cbe iaterat sarned an t6e oote aad afl a4er ~ums berebr securcd sAsli ba+ame fortrwjt~ due aad pa~abk as if sll of ~6e said ~um~ ot mo.e~ nea ore6iuaitr stipulated to be Paid oo snc6 da~; sod ttiereupoo t!e Mort:Ysee wit6ont ootia or dema4d mar pcosec,ne a suit at law aad/or in equin as if atl mon;e, .ccored 6eeYby bad man,rcd prior eo ;e in.c;nrt;oo, preaaisessat a lurs~oabl~e a' ~.or an~ peesoo autbrised b~ tre Mo~t~se ~6d1 tia~e tbe ri~6t eo ente~ upon aad iospect t~e mat~a~d 16. 'I'bat an~ sum or ~u~ w6ich mav be lo~ned or ad~anoed bp tbe 0~fort=s~ee to tbe 1lfortsagior u ant time wit~io tea (10) ~n fran t6e date o~ thia iadauory tosetLer wit6 iate~at thereoa at tbe rate a~recd upoo u tbe tiwne of soc~ ban or ad~ancti s4a11 be cqwU~ se- cured wic6 aad 6a.e t6e same pnootf as tbe ori~inal indebtednea and be sub'eet ro ap tLe eern~ aad prons,oos of chis aare~s~e: ded, chat e6e a~ste asnouat of priacipa) outstaadiag at ao~ tirne aball not ~ an aTaoant equal to one 6undred and fift~ per e:nt (ISO%) ef t6e principal amount oripnall~ ~ecured Aerebs. 1~. Tba~ if required b~ Moet~ee, tbe said Mort~ will ooes t?e Mortpje~ on tbe fi~st dar of eac` ~nd e~ery ooo~ecuti~e mooth, a wm equal to ooe-cwelhA of tbe aaoual amouat neoawr~ ~a pa~ s11 tase aud asanneaa ,a~aimt the ~aid mo ~ed moachl~- ,wn co be es~imsad aolelr br Morrga~ee and cakutued eo be w smouo~ aa la. c6,m ebe a~mo+me o~ e~a awa.cd s~ ooe~t- s~~d Premixs for tbe prerioas rear~ aod if turt6e~ rcquired br Mortgasce ea p~r ~ll iroa~ance premiums in maaoer and for~ ~ p~o~ided here~n for t6e paJmeot of. tua aad aetameas. : 1i. T6u in t6e e~reat tle bau w6ici t6iseoo~t~a~c b p~a to ~ecare ts made for tbe pw of finaaciss eh~er t6e eoo~d+ntf~ of new buildin~p or tbe oon~tueaon _of twpt+otiemena and/er sdditims to e~dsdn~ buiWiapr t1e ~a~or. if c~qoired bp tLe 1~tp~e~ e:prpslr a~uss to depo~it wic6 ~he Morep~ee or jts dai attd atmt ao atoomt of moae~ eq~at ~e t~e diffeceacs betwem t6e set preece8~ o f c 6 c b a n a o d ~ 6 e e o c a l smouny d e e e r m i n e d by c6e~Monp~ce. «q~tnd ee fnlb eoy{ecs aid eoaseraceia~ b.ooordaoce wi~! ~e plao. and specificarions Leretofore snbmieced br ctie Monaa~sr aad aP ro~ed~b~ e?e Said ~monat of Mo ia a"Loam ia P~+xes~ Aa+ount' ia tbe name oE t6e M°et~ee' a d oeee~ sWt be p[aotd b~r tie ~SK ~qa~o?. and tye sase ~?all be wcd Dy t~e Nortp~e m pqr t~e oow, e6ar~es and e:yenses incnrnd in eonoettioo witb said ooo~rocs~~nepnor ~s di~nt et t~is lou. It i~ futtber ~p~ad tkat i~ t~e e~eat ~~i d co+ntruttion is not f o l y eamp l e t e d oa or b t f o r s t6e datt ~ s d ia fbe CAe~teuetion Loan~ ot in t~e e~tat t6at tye work o~ aid coeuroetioo sh:p t+eue before full tom~ktioo sod suc~ teratioo i6dl oo~d~ae ior • period e~ t~ (10) da~s, or•if ~ob~t~nd~ ooatiuooa~ Fro~re+s s6a11 not tie wade in ~ucr oomtrucpoo~ tnen aad in ao~ wtti e~mt etie wid aRrepte soo. Pri~ciP~1 snd iahcat. ~ntioaed is said Promi~ory aae. and all monia ~ecured ~ereDT. ~al! berome ~ue aad W7ab1e fat~wjc~ or t6enakcr at tLe option d said Mo~eep aod io che e~mt of suc6 ce~saaoo ef wort upoo said oomcroetDoa fot a bal oootiona» rnade in suc` ~owu~ction. as aforaai4 t6e Mortsa~ee oa,pr ~ ib of tes (10) dar, ur if ~a~t~n ' p~n~res ra oot be ` 0 opeion entu into aad npou tie mort pcam[ses aod compkte aaid ooo- ~tructioo in wc6 ioanner ~r it deems ad~uabk aithout an~ intetfereoee fco~ ttis ~a~pt: t~e wd be~eb7 d~i ~ i~ni t eo t6e Mort~a~ts fnll power a~ aneborit~ b~sske ~oer estr~ inea sad npoo pid mat~a~ed p~ses, ts enter u~o ~i oootrseb or ar. ! raoscments d ma~ be oeonraep ro aompkte uid ooa~trncti~ a~d ts eipead an~ moaa raoa;dos ib aid "Loati !s Yroc~es A~oa~at' aod ia addi~iao m~ sum~ of mooey oecenan co complece aId e~oa~tnxeioo; aod aor and all moaia espeoded b~ tLe Matsa~re in ooae~eei~o wit6 suc6 aaapletion of oautroctioo in e:cas of t6e moaia in sa;d "Loaas io Proas Aaooont" s1aA b? added w t~e iaid triacipsl de6t aaa rbal) draw iAttrat at tLe rate prorided in uid prombaq oote, and sh~l1 be seenred br t6i~ ~ase, ~od ~6a11 be pUabk b~ t~e DRortia~K ~ ~ ~m~d. g~ 180 ',t ~~Y ~ . ~ ~ ~ - - _ _ - ~ r.~< r;~'~~~~.~,.~~~ _ - I ~ ~