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Home My WebLink About2227 ~ Z S. Thu in t6c eveot of a suit beias in~titutcd oo toteclae t6i~ monQa~ the I~Ion~a~ee s6a11 be eacitled to sppl~ u aoy dme dudn~ ~ suc6 forccbsute ~uit to tAe oouct Savin~ ~u~isdiaioa c6ueQf Eo~ tt?e appoinrmeoc of a recare~ of all aad tingular the mortjsjed propstty~ and oE sll ceaq, iotwaa, p~ofit~ ~uua and reve~ua the~eof, from ~cAaaoeve~ wurce dcri~cd; aad thercupoo u is Ae~eby e:prasly oo~eaantcd and a~reed t?at tbe tourt sLall torthwit6 appoint ~ucb receive~ wit6 the usual po~cen and dutia ot rcccircrs, iu tike eues; and said tp~ panc~eat ala!! be made by tbe ooun at s muter of uria rirht to tbc Nortgagce, aod w;c6ou~ nfeance co ebe adeq~uy o~ ipadequur oE ~6s ralue of t6e propcrtr 6ueby mo~t~a~ed, O< <O lilt fOIYtMy O[ /fUOIYtOty of the blonga~or o~ anp othe~ party dcfeadant to such wlt. 'T6t Mott~a~oor 6eceb spra~cally waiv - t6e rigat to object to tbe appoinunent of a raeiver as aforaaid and bereby esP~esslr ooruenb thu Mrc? ~ppoiatmeat sAal~ be made as an admitted equity aod u a matter of abwlute riQht ta the Mortea~a ~nd tbat tbe samc mar be dooe witbow dotice to the Mort~a~or. 'I~at it sn~ procecdia~s sbould be i4stituted a~aiast t6e propeny ao~ered by t6is mongage upoo aa~ ot6er tien o~ claim wbet~ ~uperior ot juaior to tbe Gen of thia mort~a~e. t6e Mon~a~a may at ia optioc? immediately upoa iwticution o~aA ~uit or duda~ t6e peod- ~~of dalan thi~ mort~a~e and the ~ndebtedaess tecured herebr due snd payable forthwith and may at ib optioo protced tu focec{p~ +~t'G 7. To pay all aad tin ula~ tbe c~pR~ fra, c6arep end upewa of erer~ kind~ Jnclud;n~ the cost of aa sbstrxt of title to ssid laodr tound to be oou~mieat or ezpt~itat in connectioo with.aar suit for t6e foralosuce of t6ii sno~t~~ge, and alao includia~ w6etber tbe is obli~ated to pa ame oc noy reawaabk aaaney's !ea incuned or e:pended at w~ time br the Moct~a~ce bccawe oE tbe fs11u~ MortEa~ot to ~o~, ownpl,~r vrit6 aad abide b~ ~11 or any oE t6e rnvenana. coaditioas aod stipulatiocn said proau~ory note, ot t6is mo~sqe, in t e foreciosure of t6is aartg~Qe and in collecting the amount saured 6erebr v?itA or wit6out Ie~1 ptoccedinA snd to reirs• burx the Mort~a~ee for ere~y pa~•ment msde or incurred for an~ sucb ~urpoee wi~h iaterat from date oE e~ery su~A payment at tbe nte of ba Pa aat (1076) per annum; sucb parmena and obtipciaas, with mtenst tLeceon as aforaaid, ~6a11 be atured by tbe Gen beaof. 1b keeo the buildins ot bnildinp now or 6ercafter on said land iwured a~ainst loa or damaQe Dy fire~ eiteoded co~~ra~e aod otber perib, includins w~r risk insurance if avaitable. in a pum not ics~ than thei~ full imu~able ~alue u tLe cqt and e:peiue ot tbe 1Nott- g~gor in a oaepany or aompania appe~o~ed by t6e Mongagee, tbe policJ or policia to be 6eld bp the Mortgagee~ and sucb polit~ or policia oE ~nsu~aace s6ai1 6ave affi:ed thereto a Standard New 1'ork 1~longagee Clause, making all loss or losses under aue6 Folitp or poticia ptyablt 10 t6e Mortgagce a ib ituerat may sppear. and to deliver said polic~ or policies w tAe Mortgagee wArn iasucd wnb the ceceipb !or t?epa Y_ ment of the pnmiwn t6erefo~; aad in t6e e~eot aay sum of mone~ bccome~ payable uade~ sueh policr or policies~ t6e Morcgasce s6a11 6aie ~ oP~ ~d ~pPb ~ sane on aaouot of t6e iodebtedner securcd hercb~ or to pe?mit the Moregagor ro recei.e and we i~ w any put thercof, for ot~er purposa~ t*itLout t~ereby waiviag or impairin~ any cq~ity~ lien or ri~et under or by virtue of t6is roortgste• and t6e Mott~asee i! it deam aetenary may piace and pay fo~ sac6 insursncq or any part t~enwf, slit6out laaia~ Rai~ing or affa~ng ~loct- Qa~re'~ optioo to foreclae for breacb of tLis oovenant, or anY ~part e6e~eof~ or any rig6t or option under this mortgase, aad e~ery snc6 Pa~- ment shall beu interest from date thercot uatil paid at t6e tate of Hs per cent (l096) per annwa, and ~11 ~uch paymenb witL interat ~s aforaaid s6a11 be reeured b~ tLe tiea hercof. In t6e eseat 1~s ar dun:ge is auffered Mongagcr sbap notif~ Mort~asee of sue6 kw or damage within fotts-eight (~E) boua after the happening the~eof; tDe faelure to give suc6 notice sball consdtote a defauh aad tbe Mortsa- gee shall 6ave the nghts bcreio given for al! defaulb. 9. To pe~mit, camrnit or suffe~ no waste aad to maiataia t6e impro~anena at alT tima tn a state of good repai~ and oonditioo; and ev do orpc rmit to be done ro said premises aot6ing t6at will alter or c6ange t6e we and character of said propenp or in anr wq impait at weatca the seeurit~ of said mortgag~e. ln cue of the ref4sal, ne~lect or inabilit~ of the Moctgagor to repair and maiatRia aaid propertp. t6e Mort~agee map~ u iq optioa. make such repain o~ eawe the suae to bc made ~ed adrance inooia in tbat behalf w6icd waa shall be ~curcd by t6e lim hereof aod bear interat at t6e rate of un per cent (10%) per annum. 10. To deli~er t~e abstract or abatraeb of otle rn~eriag thc mortgaged ptopaty to Mortgagee or its daigoatcd agent~ ~v6ic6 sAap at aU tima, du~n~ tLe life ~f t6is moaga~e, retoain io t6e poaessian of t6e Mortgaga and in e~eot of the fonrlosurc of tAis mortga~e or ot6er ~ tramfer of titl~ all rig6y title and interest of the Mortgago~ ia aad to aay sueh aburact or abstracts of title s6a11 pa~s to the purchaser or ~rantee. 11. Thu oo vrai~tr of any covcnant hercin or io tbe obligation aecured herebr ~hnll at an~ tiu~e hereafter be 6eld to be a Kai~a ~ any of t6e ut6er tcrms hereof or of the aote securcd 6ereb~. 12. T6at io order to acctlerate the mamrity of the ~ndebcednea, hereby .aund beca„sc of ~be failure of ebe Mor~sa$or co pa~ sny w~ a~asmeat~ Uability~ obGgaiioo or encumbranct upa? said propertp q 6erein provided. it ~6a1{ aa be neeeuary oor rcquiaite ~l~at the Mortp~ee s6a11 fint ps~ t6e same. 13. That if tbe I?Sortgagor sLall fail. ne~lect or refwe for a period of thirty (30) days fulty and promptlT to Pay the aiaouats e~e- quittd to be paid br the note hereby secuced or t6e interest t6erein specified or aaT of the sums of money hereia ceferrod to or hsnb~ ~e- cured, or ot6e~wise dulr. fuly and prompctr ~o perform, eucute~ coaply wit6 and abide by eacb, every or anr of che oovenana, cw,dirioa. or stipulatiow of t6is mort~ag~ tbe promissory aote hereb~ ~ecured and/or the comtructioo Ioao sgreerornt, if any. then, and in dtLet or in anr of socb erent~ without ootiee or deanand. t6e uid sggregate sum mcacioned io said prow;ssorr note, lm pro~ious pa7a~s. !f an aod anr and all suan mentioned 6erein or secured 6ereby shall becane due aod pa~able fortLwith or thereafter at the oontiauiag optioo o~f t~e Mottsa~et ss lull~ and oompletdy as if wid aggregate sums were oniQioailr ~dFulated to be paid at such rimq anrt6inR in said Rnmino~ note or berein to tbe oonuaq aatv~ithstandia& and the Mongagce s6a11 be enhtled t6creupoo or tl~ereafter wit6out aatia or demand to io- e stitute wit at la~ or ine~qwtr to enforte t6e rig6b of the Mortgagee Lereuadrr or under said pmmis~or~ ootc. In the c~ent o~ ao~ defaah or breacb oo t6e part of the Mortaagor 6ereuoder or under ~aid pmmis~orr mte~ the Mo~tgagce shall 6a~e t6e contiauit~ optiaa to enforce parmeat of all sums seeured 6ercbr b~ action at iaw or br suit ineq satp to foreclo~e t6is mortgagti eit6er or Aoth~ coocurstntl~ or atbcrwi~ and ooe sction or suit s6a11 na abate or be a bu to or waiver of the Mortgagce's riQ6t to inatitute or maintain t6e aher~ pro~ided aaid Mort- asgee ahall 6a.e oolr ooe paYmmt aad sstisfsetion of said indebtcdnes~. 14. 'Ibat in tbe erent t4at Mort~a~or sLall (1) ooweM to tbe appoinnnent of a recei~er~ trustce or liq~idaror of all or s•abaaoeal ~?art of Mar~pt~oe'~ sseq~ or (2) be ad udiuted a bankrnpt or imot~ent, os file a~oluntsry petition in bmtruptc~~ or admit in r?ritio~ its inabiliq ~o pa~ ip de6q a~ t6ep becomt ~u~ o~ (3) make a geueral aaignmeot ior tbe bea~t oE ccediwn~ or (4) ~le a petition or amwa scelcin~ raorQaaisation or a~ranganent with eredimn~ or to take ad~aatage of any ia+wlrenc~ law~ or (S) file aa aaswtr ~dmittit~ t4e ma- cerisl .lle~anons of a paieion fited a~aime cLe Morcgagor in anr baatr.,p~~r. ~rganizstim or insohmcp praeeding, or (6) action ~hall be taten by t6e Mortgagor for t6e purpae o¢ effeccin~ any of c6e fore~oiag, o~ an~ ordet~ judpnent or datee shall be cetercd upoo ae application of : creditor or Morrgagor b~ a court of competent juriadiction approvina a petitioa seeting ~ppoinanrnt of a reeei~er or trustee of all or a substantial part of tLe Mort~a~o~'s asseq and such ordcr, judgment or darce shall oontinue unuased aod ia effeet for an~ period of thittp (30) a~»etuti~e days~ t6e Mortgagce may declarc t6e aote hercb~ securcd fort6witb dne and payablq nhenupou the principal of and the interat aarued oo t6e note and all other sums 6crebr mured s6s11 beeane fort~witb due and payr~ble as if all of t6e aaid ~ums of mone~r werc originallr stipnlated to be paid os such da~; and thcreupoo tbe Mortga~ee wittaut ooaee or demaad may prosecute a suit at lav~ aad/or in eqvity~ s if all mooia saured Lerebr b~d muurtd prio* to ib institution. iS. ~at ths Mortgagee or any perwn autborised b~ cLe Mortga~ce shall hare t6e rig6t to ceter upoo ~ad impect t6e mortp~ed premisa at aU rea~onable tima. . 16. T6st aar sum or sums wbich map be iwoed o~ advanced b~ tbc Mortgagee to t6e Mortgagor :t an~ time wit6in teu ~f0) Jqn ~ from t1~e date of tlus mdenture. together witb intereyt t6ereoa u t6e rate :grecd npon at t6t timr of sucb loaa or adrau~ce, s6d1 be rquall~ ~c- ~ cured with aad La~e t5e same priority as che original iodebtednas aod bt subjca to sll t4e terms an~ prosisiaa of tLis mortsa~e; pro~ided, ' that tLe aggregate amoaat of principal outstanding at an~ time shall na ezeecd ao aaau~t squal to one 6undred and fiftr per eent (1S09fr) of ~ r6e prindpal umuet orig'~n:Ur secured herets}. . ~ 17. T6ay iE rcqaired b~ Mortgage~ tbe ~aid Mortgagor will pi~ nnto t6e Mort~a~ oo the fint da~ of esc6 aod erery ~omecutise montb, a wm equal to au-tweift6 of tbe anaual amount naes~aq to pa~ all tua and e~armma saaiast c6e uid mortgaged pranise~ said mon~6ly swn eo be arima~ed solelr 6y Mongagee snd catcutaced ~o be sn amoant noc ta. chaa cbe amouae of tua as~e,.ed aga;nu ,aid more- gaged premisn for the previow rear~ and if further cequired by Mortgagee to pa~ all in~urmce premiuma in manner and form as pro~ided herein for t6e papmmt of tua and a~sesments. lE. T6ac in the evrnt tLe baa wbie6 t6is mortsagt » p~ea to aceare is madt for t6e parpae of fiaaacing at6er tbe ooo~truceaa ~ of uesr buildio~s or t4c aomtrnetioo of impro~tmsnts aad/or additioas to easting building~, tQe Mortta~ot~ ;f rtqmrcd b~ tbe Mort~ e:pressl~ agcea to de t with the Mo ~ posi rtgagte or ib daignated ageat an anquM of moot~ eqaa) ~o tbe diffetence betReeo t6e nd of ehe ban and c6e toai amouor, as dasrauned br the Mort~agce, nqwrcd eo fuli~ oompkte ~aid ooostructioo ta aooordaace witb c~e plaa~ aad spaifiatioes ~ecetofore wbnieced by the Mortga~or and appro~ed by t6e Mor~a~ee. Said smount of mone~ s6s11 be plsced br t~e Mortgagce io a°I~oaa in Proca~ Account" in tbe name of the Moregagor, and tbe same t6a11 be wed br tbe Mort~aace ro pay t6e eo~~, e6arges and ezpcwes iacnrred io eaanection witb said ooomuctioo pnor eo dliburda~ of this lotu. It L futther agreed t6at in tbe t~tat •aid eoauruccion is not full~ waapleted on or bc~fore tLe due stacM in t6e Comtructioa Loan Agreaaent or ia t6e e~eot tLat t6e work aa said aon~truetion ~6at1 uase before futl oom~letion and such easatioo sbail oootiawe for s period of tm (10) da~a, or•if suMtantisl oootiniaos ptogras shsll oot be msde in ~uc6 wastrua~on, tben snd in any ~ueh e~ent tbe ~aid aggegate ~nmiy priocipsl aad interat~ rnent;ooed in atld promisw~ aote, and all mooia saured bereb~~ shall beaaoe due and pa~able foctbwit6 or tLtrssker, at t6e optioo oE ~aid Mortgsgee; tod ia tbe erent of ~uc6 c+watioo oE work upon said oowtructiop for a period of ten (!0) days, or if inbsbntial oontinuous progras thall aot be made io sec6 ootatruction. as aforeuid. t6e Mortga~ee may at in option enter ioto and upon t6e mottgaged psemi~a aod tanplete said oo~a- uruction in ac4 msaner as it deerns :d~iaable wi~bo~ aa~ iate~aeoce fran tbe Mort~agar; tLe ~aid Mortaa~or bereb~ ~irias and ~raotlns e~ t6t Morty,s~ee full power and authorit~ to makZ soch mtq iaoo and upon said aDOrtgaged prvnisa~ ta enter i~o wc6 coatrsces or ar- pngemena a~ mar be neeessarJr M eomplete said oa?a~rnction~ tnd to upend an~ mooia remaiains in ssid "Loaro in Proces~ Aaoou~u" uid in addition aa~ swns of rnooe~ aecca~srr to complete ~aid conatnxtion; and an~ aad all mo~ia espended b~ tbe D1~tortgs~es in tooaa~tion wit6 socb oanptetioa of oonstruaion in e:ces~ of t6a monia in eaid "Lc+ans in Procees AccouoP' sball be add~d b t6e taid principal debt and ~6ali draw interat at the rate provtded in said prominory aote. and shall be sceured bT t6is monga8e, and r6a11 be pa7able br t6e Mortpp~ w1 dtmand. aooK 1$0 ~~~4 ~ - _ _ - - - ~ ~ _ . _ . . 4 ;