HomeMy WebLinkAbout1681 2
S. TLat io tAe cveut of a suit bein~ inuituted co foreclaac this ruon~a~e, t6e Mo~a~ce ah~lt be entitted to spptr st aoy time du~t~
•uch forcclosure •uit to tAe rnurt having jutisdiction tLercOf for the appoiatmeat of a ~eceive~ of all tud ~inQula~ the mort~a~cd prope~ty~ aad
of sll reats~ incomes~ protia, issua a~d revenua tsereof, irom RAaaoeve~ wurce derivcd; and theceupon it i~ 6ereEy e:prcssly coveoanted
and agrecd that the court shati fortA~~ith appoint sucd receiver wit6 t6e usual po?ren aod dutia of raciven.iA like cues; aad said ap-
paintmeat i6z11 be msde by t6e court as a matter of atrict right to the Mon~agee, aad wit6out ~efe~eace to the adequacy o~ inadeQuur oE t6t
value of the propeny hereay roort~aged, o~ to che solvencp or inaolveacy of t6e Mortga~or o~ any aba patq defcndant to ~ucb iuit. Tbt
MortQa~a~ hereby sperifiall~ waiva tbe rig6t to objeet to tEe appoiotmcat of a receiver as aforesaid aod Serebr ezprculy oauenn tsat suc6
appoiatment shall be madc u an admincd equity aad as a matter of abwlute riQht to tbe Mo~tga~ee aad that t6e •une mar be done witAout
notice to the l~tort~a~o~.
6. Tbat if tay proceediaga should be instituted aQaiast t6t pmperty covered by this mon~sge upoo aay ot6e~ licn or claim w6ethe~
~upuior or junio~ to t6e lien of thi~ ~oortga~e, tbe Mongagee may at ib optioo immediately upoa iastitution of ~ucs ~uit or du~a~ t6e pead-
cncy c6ereof data~c ~his monQaQe snd ttie ~ndebtedncu secured 6ereb~ due and payable fo~t~with and may :c ia optioo proceed to foralac
t6is tnon~age.
To pay a!! and singulir the cost~ fea, chsrga and e:peases of evtryr kiad. ineludiog t6c cou of aa abstcact of title to said laadt
fouad to bs ooaveaient or e:pedirnt irt connectioa Kith.any suit for the foralaauce of thi~ aw~a~e. and ata iocludia~ whet6er the Mo~t~a~et
is obliQatcd ta pay aame or aot~ reasonablc attoroe~~ fecs incurred or e:psnded ,r any cirne br cbe Mon~a~ee bccause of ~Le fa;lure of tbe
Moagagor to perEorm, canply ~~ith aad abide by all or any of tse corenaab, coaditiau tod tdpulations of uid promiswryr aotq or tAia
roortgaee~ in t6e foreclanurc of t6is mo~tgage and in collecting t6e amouat acuctd herebr witb or witDout kQal procetdinga~ and to reim-
bune tbe Mortgagee for every payment made or incurred for aa~ such ~u~poae Ritb interat fran date of every such payme~t at t6e nte of
tea per ctnt (1096) per wawa; such paymeats snd obliguioro~ wich ioce~at tLereoo as afora~id, s6a11 be saund by tLe lien hcrcof.
To keep the buildina ot buildings aow or 6eresfter oo said land inwred s~unst bp or duna~e by firs, c:tmded ro~etaae aod
r e
othe~ peril~, iacludiag war risk iosurance if arailable, in a pum not laa t6an t6dr full iasurable value at the cost and c:pcme of the Mort-
gagor in a canpany or canpaaiea appmved by the Mortgagee, t6e policp or policia to be beld by t6e Mortgagee. aad ~uc6 policy or policies of
insu~ance s6a11 6ave af~:ed t6e~eto a Staadard New Yort blortgagee Clause~ making :11 los~ or lossa under sucb polic~r ar policies payable ~o
the Mortgagee ss its inte~est may appear~ and to delivcr ~aid policy or policia to the Mortgagee wben iuucd wich the receipb for t6c par-
ment of the premium t6erefor; and in the e~ent anp sum of moner becoma payablc uade~ ~uc6 polic~ or policica, tae Mo~tgagee sball hare
the opcion to rcceive and apply tbe same on account of tbe indebtednc~ securcd hercby or to pertnit the Mortgagor to receive and ux it~ or anr
part thereof. for other purposes, v~it~out thereby waiviag or ir~airing any equiry. lim or rig6t unde~ or by virtue of thia moctgage; and
the Mortgaga if it deems ncceuary may place aad pay for aucb in~urance, or any part t6ereot, ~itbout losing, waiving or aEfecting Mort-
gagee's oprioa to fombae foe breach of thi~ coveaant. or any ~part thereof, or aay right or option under this mortgagq and e~ery sucs pay-
ment shall bear intereu from date thereof until paid at the ratc of teo pcr cent (1096) per annwa, and aU ~uch paymenb witb interat ~s
aforaaid :6al1 be srcured by the lien 6ereof. Ia t6e event any tosa or damage is ~uffercd Mortgagor ~hall notifp Mortgs~ce of suc6 loss or
damage within fony-eigAt (4E) houn after the happcning t6ereof ; the failu~e to g+ve suc6 notice shalt coostitute a defa;uh and tbe Mort~a-
gee shall 6ave the rig6ts hcrein given fo~ all defaultr.
9. To pumit. commit or suffer oo aute and to maintain t6e impm~emenes at all times in a state of good repair aad aondition; aod
to do o~ permit to be doae to said ptemisea nothing that will alter or c6ange tAe we and ebaracter of said property or in any way impair ot
weaken the security of said mortgage. Ia case of the refwal. neglect or iaabilitr of t6e Mortgag~or m tepair aad maiatain said propertp. tbe
Mortgsgee ma}~ at ia optioa, make ~uch repain or cause t6e same co be made and adrance aania in tAat be6alf hhic6 swm a6a11 be secured
b} t6e lien hereof aad bcar interat at the rtte of tm per crnt (10%) pe~ aa~um.
10. To deliver the aMtraa or abstracb of title cove~ng t6e mortgaged propeny to Mortgagee or its designated agent~ ~shic6 shaU at
all timea, Juring t6e life pf this morcgagc. remaio ia the jwa~ion of the Mortgagee and ia neot of che foreclo~ure of this mortgage or a6er
tramfer of title. all rig6y title and interest of the biortgagor in and to aoy suc6 abstrut or ~bstraeta of title shall paas to the purchascr or
~antee. ;
i
11. 'That no ~aivcr of any covcaaat herein or io tLe obtigation accured Lerebr s6a11 st any time 6ereafter be Ldd to be s aaiver ol
any of the ot6er terms hereof or of :6e note secured hercbp.
12. T6at io order to accelerue t6e maturicy of tLe indebcednee hereb~ saured baause of cLe fail~re of c6e Mon~a~or co pa~ sar ~u
auaamrnt~ liability. obligation or rncurnbrance upoo said pmperty as heran pro~ided, it s6a11 aot bc necessaqr nor ~equi~ite ~6at tbe Mon~a~e
•6a11 fint pay the suae.
13. T6at if the Nortgagor shall fail, neglect or refose for a period of tbirty (30) days fully and pranDtly to pay the unouab rc-
quired to be paid by t6e nae 6ereby securcd or t6e intcrest therciq specified or anr of the aww of money herein referred to or 6cceb~ ~e-
curcd. or otherwi~e duly. full~ and promptly to pcrform, ezecutq comply witb aad abide by eae6. e~ery or iDj Of Ibt OO7tAfDff~ coaditioor
or ~tipul:tiona of thia mongag~ tLs pranissor~ note hereby secured and/or tbe oomtnxtion baa agrcemmt~ if aay. theq aad in atLer or iu
any of auc6 e~ent~. ~sitlaut notice or danand~ the uid aggregate aum rnentiooed ia said promissorp note, les~ previous paymeats, if an~~ and t
a~~nd--ait-sarnr ' nd a able fortLwith or thertafter at t6e oontinuing o tion of t~e ;
' p e
MoRgagee as fully and canpletelp as if said a~rega~e sww Rcce originallr stipu at to~e-pi~~i~E'tl~~ia-said-pnysiwr~
note or herein to the cantrarf aot~sit6standing, aad tde Nortgagee shall be eatitled thereupou or t6ueafter witbout notice or demand to io-
stitute suit at latio or in equity to enforce the rig6ts of the Mortgagee hercunder or under said pmmissoq note. Ia tAe e~mt of ao~ defauh
or breu6 on the part of the Mortgagor hereuodcr or uoder uid prwaissory oot~ the Mortgagee shall ha~e t6e eantiauing option to eaforte
parment of aH sums secured 6ereby by aaioa at Iaw or Ey suii ineq uiq to foreelae thia mortgage, either or both, concurrrntly or otLerwisG
and one action or suit s6a11 not abate or be a ba: to or waiver of t6e Mortgagee's right co imtitute or maintain c6e ot6er, pro~idcd aaid MoR-
gagee shall have only one paymeot and satisfsetion of said indebtednas.
14. That in the event t6u Monga~to r s6att (i) ooraent to tbe tppaotmeot of a rctarer, tnutee ar liquidator of all or a substancial
~?art of MortgaQo~'s asets, or (2) be adjudicated a bankrupt or i~ol~mt, or Sle a ~oluntar~ petition in bankruptcy. or admit in wririo~ ib
inabilitp w pap ia deba as the~ becnme due, or (3) make a~eneral wignment fo~ the benefit of e~editors, or (4) file a petition or u~swes
seeking reorganizatioa or arrangemcnt wit6 endiron„ or to take advana~e of anr insol~toey law. or (S) $le an answer admittiag tAe ma-
, terial allegatioaa of a petition filed agairot t6e Mortgagor in any bwkruptcy. reorganisatioo or inioheocp proceediag. or (6) action shsU bc
[akeo br the Mongagur for t6e purpose ot etfecaog any oE tbe foregoin& or (7) aar order. judpncnt or decrce s6a11 be entered upon m
applicarioa of a creditor or Mortgagor by a rnurt of canpetrnt juri~dictioo approvins a petition aeking appoiotmrnt of a raei~er or trustee
of all ot a substaatial part of tLe Mortgagot'a a~eb and ~uch order, judgmeat or daree sAall ountinue nnstayed :nd in eHect for anr pcriod of
t6i~ry (30) oo~accutire day~ t6r Mortgagee may declare the note Lercby secured fort6witL due tnd payabl~ w6e~eupon t6e pri~ipal of aod
t6e interat ucroed on the aote aad all aher aums 6erebr xcured s6a1) beewne fort6witb due and paytble as if aIl of tbe said sums of nwne~
wcre originalty stipulated to be paid on such day; and thereupoa t6e Mortga~ee witbout naice or danand ma~ prosecute a auit at law and/or
in equits as if all monia ~ecured dereby hed matured prior w ib institution.
IS. 'Ibat the Mortgasee or any person aut6oriscd by tLe MortgaQee s6a11 have t6e right to enter upoa and iwpat t6e mortQa~ed
premises at all «asonable tima.
16. That any sum or sums vc6ic6 map be loancd or advaaced by tbe Mort~a~ee to tLe Mortgagor at aay time withie tra (10) ~an
. l~WU ~ut u~ic oi iuu : e~.~~: 'n~~•"'~ ~f f~~ yfr lOT!!d uom at che ome of wc6 ban or ldYfdCl~ !fl.1~~ ~ tqNS~~~ ~
cured wit6 and 6a~e the ~amt priority u the origiaal indebtcdueu and be subjat to all the terms snd pro~isions of t6is mortgagr; pro~naco.
that the aggregatc amouot of principal outa[andiag at any time shsll na eueed an amount equal to one 6undred and ~fty per cent (ISO%) of
ebe priacipal amouut originallq secuied 6eredp.
17. Tbat, if required by Mortgagee, tbe ~aid Mortga~or will par noto tbt Mort~e~ oo tbe ~nt da~ of euL aod erery cooaecuti~t
mont6, a sum cqual to one-t~selft6 of the anaual annount necaury eo pa~ sll t~a and ase~meob a~aimt tbe uid raortgaged premixs. iaid
moathly sum to tx estimated solely by Mortgagee and cs)culated to be an amount not la~ than tbe anaunt of tua aseased against said mort-
gaged premises for t6e previous year. and if further reqwred bq Mortgagee to pa~ dl in~uraxe praniums in manner aod fortn ~ pro~ided
herein for the paymeot of tazes aod asasmeuq.
lE. T6ac in the erent t6e loan whic6 t6is mortgage is Qi~eu to secnre it msde for tbe purpae of finincicg atber tbe coo~trucdao
of nev? buildings or t6e aoouruction of impro~emtnn and/or additioas to eustin~ buildings~ the MortQa~or. if rcquired b~ tbe Mortgasee. t
ezprnsly agrea to deposit wit6 the Mortgagee or its daignaced ageot an amount of mont~ equal ~o tbe differeace betwcrn t6e net praecds
of t6e loan and t6e total unouat. as dctermined Dy tbe Mortgagee. required to fnll~ aomplete uid ooo~truetion in aacordaace wit6 tbe plan~
and specificationa beraofore ~ubmicted br t6e Mongagor and appro~ed by the Mort~asce. Said amount of monc~ ~bstl be ptaced br c6e
Mortgagee in a"Loaas in Procsss AccouaP' in tbe aame of the Mortg~+gor~ ~d tbe aame sbsll bt used b~ t6e Mortgaga to pay t6e cats„
cbarga snd ezpenses iocurred in rnnaection with said oooatnktioa pnor to di~bunit~ of this loao. It is furt6er agreed thu in tbe e~mt
said construccion is ~wt fullr completed on or before the due statcd ia t6e Con~cnKtion Loaa A~reement or in t6c eseot t6at the work o0
~aid oonuruttio~ shall cease btfore full com~letioa and sue6 casation s6a11 aontinue for a period of ten (10) da~ or~if suMtantial oontiouow
progras s6a11 uot be made in such coastruchoo, then and in anr ~uch e~ent tbe said a~grcgate sum. priocipal and ioterat~ mentioncd in uid
promiasory notq and all moaia secured 6ereby, shall bcrome due aod parable fortbwit6 or tLeretftcr, at t6e op4oe of s~id Mortgaga; aad io
the e~ent of sucL ce»atioa of work upou said construction for a period of teo (10) dsrs„ or if subantial aontin~ous prog~ae sball not be
made in sucb construction, a~ aforaaid. t6e Mortgagee ma~ at ib aptian eoter into and upon t6e mortgagrd premius aad cumplete »id con-
scruccion in wch m:nner as it deems ~dr;aable withovt any iaterfereace froro tbt Mott~a~ar; t6e said Mort~ag~ur 6e~ebr ~~iag and granBn~
to the Mortgagee full power and aut6ority to make such rntry into and upon wd mortga;cd pranisa, to rnter into sac6 contrsas or ar-
raagemcna s~ may be naeuary to oomplete said constructioo. and to ezpend any monia ranainiog in aaid "Loans in Proeas Aooount" ~ed
ia additioo anr aum~ of nooaer naes~ary to complete ra;d oon~truction; and aa~ and all monia upeaded by t6e Mortgagec IQ MfIDltt10D
with such completion of rnnstruction in ezcess of t6e monia in said "Loans in i'roces AmaunP shall be added to t6s said principsl debt aoA
~hall drav? interat at t6e rate provided in ~aid promissor~ note, and ~hall be secured by t6is mort~aQe, and s6a11 be payable b~ tbe Mortp~or
on a~mana.
BOOR ~d~E
~ . _ . : _ ' - - - ~
_ - _
-