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Home My WebLink About0040 s S. 'I~at ia e6e sveoc of ~ auit bcin~ ia~titutsd oo fo~eclas c?i~ ~oort~.~ cae l~to~a~ee ,?a1t be euci~~ed w applr u aoy ci,oe d~rii .ucs foreclo~urc ~uit eo chc rnun 6av~a` jutisdictioa tbueqf (o~ tAe appoiaanca~ of a receiver ot a11 aod Wn~ula~ tAe roorep~ed Prop~Kr~ °as~ of all nattr ioepae~, protiq, uwes and ttvenua ese~eof, from w~Aaaoere~ wutte deri~cd; and tse~eupoo it i~ dcreby c:preply coveoaoted and a~reed t6at tbe court •bsll fottbxitb appoiat sucb ~eceivtr rrlt6 t6e u~ual povron aad dutip ot rasi~ers. in likt casa; and uid ap~ poiotmeat s6a11 be made br tAe cou~t a~ a maaer of uric~ ?irLt to ~be Mortsssee~ aod aithout nfcnace ~o tLe adcquacp or ioadequaep oE tl~e .alue of ehe pcopeKy 6ecebr aq~~i~o~ w the al~cacy o~ i~olvcaey o! t6e Monsa~o~ or ~op othec pa~tp dcfeadaat eo ~ucs wit. 'Ibe Mon~aso~ 6aebr ~pecificatiy wa~va t ri`At ~o osi~tt e~ t~e •ppoiaaosat of a rc~eire~ a. aForeuid aod berebr c:pre~y ooauna ebat we~ •ppaacmcnt shall De made as aa adaucted equicy aad as a maacr of abwlute ri~ht to cse Mort~ajes and t6at tbe w~e may se doae wit6ow notice co t6e Mortp~w. 6. That if toy proceediaQs sbould be [wticuted asaiou t4e propenr ao•e~cd br cbi• ua~ase upon anr oc6er iieu or ctaim wleder ~uperio~ o~ junior to tbe Gea of thii mort~aa~ tbe Moresa~tt may u ia optioo iauaediatelr upoa iwticutioo oE suc? suit or durin~ tbe peud• ency thercof drelarc this mort~a~e aad tbe ialebtedaes~ ~teured hercbr due aud psrable fortDwit6 sod mar at id option pcotecd ~e focalo~e this nq~sgt, 7. To pay ail and siaguitr t6e oo~t~ ira, ctisr~a aad upeasa of everr kind. includiu~ tbe cat of an sbeuset of title to said lsnd~ fouad to be conreairnt or c:pedieat ia connection wltA.aoy suit for the fonc{osure of thi~ mo~a~e, aad atw includia~ whetber t6e Mon~a~se is obliQatcd to pay same or aot~ ceasoaable attorney`s fca incurrad o~ e:pended u any Na~ee br the Mort~a`ee betause of tDe failure of t4t Mo~a~ot to perform, co+nply witb aad abide by all o~ any of the eo~eaaaa, conditioas aud ttipulatiau of wid pwmi~o not o~ t6~ + mongs~e. ia the foralosure of this aoo~t~age aad ia collecciae the amouat ~red 6eeeby wit6 or witbo~et k~s1 eroeeedinp, and~"m reitp. bune t6e MoaQagce fo~ erer~ pa~-ment ae:de or iaeurrrd for any iucb ~urpoee wlt~ interpt from due of eneq sucb payeoeat u che nte ot tea pcr cent (1096) pe~ snaum; such pa~rweoa aud odligatiom~ with interat t6eceoo as aforaaid. ~6a11 be ~eeured by tDe tien 6ereof. t. To keep tbe buildia~ or building taw o~ 6ereafte~ on uid Iwd insured a~aina loN or dams`e by Sre, ertwded oo~erase aad ot6er perils. iacluding war risk ia~uraote if av~ilable. in a~um ~oot ies~ thaa tl~dr ful! iasurnble ralue at t6e eott. and e:peme oE :be Mort- gagor in s oo~npanX or companip approved by t6e Mortgagee, tbe polic~ or poGaa to be held by tLe Mo aad suc6 poliey or policies of insuruxe s6a11 bave affi:ed thereto a Standard New Yort Mongagce Clause, mating all bas or losses uader s ~oGcp o~ policia payable eo che Mortgtgee as it~ interat may appeat~ sad to delirer ssid polier or polida to ehe Mongagee w6en iaued with the recapn for ~he par- mcnt of the p~ium therefor; and ia t6e evmt sny sum of maee becana parable under sue6 polic~ or poticia, t6e Moctgagee sbail 6a~e c6e option to racei~e and appiy the same on socount of the ind~es~ securcd be~eb~ or to permit die Mortgagor to receire and use it, or anr part thereof. fot ot6er purpoaes~ vvitLout thereby waiving or impairiaQ any equitp~ Uw or rig6t undcc or by victue of t6ia moctgate; and ~6e Mongagee if it deaw necessary may place and pay Eo~ suc6 msu~anc~ o~ any patt t6eMOf, rit6out faio~ waiviag or affectiag Moct- gagee's option to foreclwe for bnxb ot tbi~ ooveaant, or aay part thercof. or an~ ri ht or opcioa w~de~ this mortgaae, sad e~ery such pap- mmc sball bea~ ioterest from date thercof until paid at tbe rate of t~ape r cent (10~) per amu~q u?d all ~uc6 pay~mcna wit6 interpt at aforaaid s6at1 be secured by the liea hercof. In tDe ertat u~~ loa or damsge is suffered Mortpgor sbsU notify Mo~ee of sucb loa or damage within forty-eight (4i) houn after the 6a~peaing t6e~eof; the failurt to give sucb ootia s6a11 cautitute a. defauh and t6e Mort~- Kee ~hall h.ve ~6e rig6a herein given fo~ all defau b. - . 9. To permit~ oanmit or wffer oo waste and to maiatain t6e impro~aoenb at tll times in a sttte of ~ood cepair and aoodi4on; aad . to do or permit to be done to said premises nothing t6at will alter or c6ange c6e we aad eharacter of said property o~ in any wq impair ot weakm the security of said mongaee. Iu caae of the refwal~ ncglect or inabiGt~ of t~e Mo~a~or to repai~ and maintaie said pmpertp~ tbe Mongagre map~ at its optioo~ make such npain or cawe the aune to be made and ad~ana mooia in t6at be6alf wLieb surm s6a11 be saured b~• the lien 6ereof and beu interat at the nte of teo per cent (1096) per aonam. 10. To deliver tlx aburaet or abstracts of title co~ering t6e mortg:~ed propertr co Mortpsee or ia dpi~nitcd ageuc, .sbicb shall at all times, duriag the life ~f chis uwrtgaee, raaain in the poaasion of t6e Mort~aga add in e~rent of tbe foralosure of t6i~ mongage or a6er tramfe~ of title,~al! rigLti-atle and interest of ebe MortYa~oi in aad to iny su~h ab~tract or ab~tracb of 6de s6ap par to e6e purchascr oc grantee. 11. T6at no ~s~iver of an~* eoveoant 6ereia or in tbe obli~ation securtd 6ereb~ s6a11 at an~ time 6ereafter be hcld to be a Rai~er o1 an~• of the otLer terms hereof or of the aote s~cured 6ereb~. 12. T6at io order to accelerate che mamrih of c6e ~ndebecdnea. 6ereb~ sa,:red becauu of ~be fail~re of cbe More~o~ co par L+r ~ wasment~ liabiliry, obligation or encum6~ance upew said properq as 6eraa prorided. it ~6~11 oot be a~casaq nor requisite tLat tbe Mo~t~s~ee shall fint pay t6e wne. 13. 1'bat if tLe Mortga~or s6a11 fsil~ ac~lat or refwe foc a period of t6irty (30) da~^s fulty aad promptly to pay tbe uoouan te- qu~red to be paid by the noce bereby secured or tLe interat therein specified or au~ of tbt swm- of money 6erein referrcd to or bereb~ K? curcd, or aherwise dul~~ fu117 aad P~P~b ro p~o+m. ~ucut~ oomp~lr ~?itti and abide b~ eacb~ e~ery or an~ of the eovenanqy aonditioa~ or uipuladoas of this mortQag~ the promia~ory note bersb~ iaured andlor. t6e coo~truecioo ban agreement, if anr. tLeq and in eit6er or ia iny of sucb erenta, wiebout notice or demand. ~e said aggregate sum meatiooed in sud promi~wq note. le» pre~ious parmenes, if any~ a~ a any aad all sums mmtioned 6emia or securcd heceb~ s6ai1 6eoome dne and parable fort6wit6 or thcreaftet at the oonnnuingopboo of tre Mortga~ee as fully snd o~pktelr as if said a~egate swas wert ori~nall~ sd~ulated to be paid at ~uc6 timq SOytblOg ia said pnmiror~ note or berein to the contnry aotwit6standin& and the Mort~agee shall be enhtled t6ereupoo or thereafter witLout aotiee or demand to in- ~e;tute suit at IaK or incq mcr to eoforee the ri of the Moregsgee bereunder or under u~d pranis~ory note. Ia the e~a~t of an~ de~ault or bresc6 on the part of tbe Mortga~r er or uuder ~aid promissory notq tLe Mortgasee s6a11 6a~e tLe oondauing optiou to mforce pa~rnent of all sums sccurcd here6y by attioo at lsw or br suit intq mcp to foreeio~e t~is murtgagy atbsr or bot6~, ooncurrauly or aberwisG and a?e actian or auit s6a11 oot abate or be a bu to or ~+aiver of tbe Mongagee'~ rieht tv imtitute or maintain t6e ot6er~ pro~ided said Mort- gagee sball ha~e only ooe paymmt aod satisfsetion of iaid inde6tedoew. 14. 'I3at in tbe event that ~or shall (1) ooment to tbe appointrnent of a retei~tr~ tru~tee or fiquidator of ali o~ a subttanti;l ~art of Mort~a~o~~ areb. or (2) be~uditated a banktopt or imoheot, or file a~oluotacr petitiaa iu banktuptc7. or admit io writia~ ib mabilit~ to paT ib debts as tbe~ baamt ~ne. or mske a teuenl a~siRnment fot tbe beoefit ot ereditun„ or file s pe6tion or an~wes salrine reorQaaization or amngement with crediton~ or to take ad~sots~e of aa~ imol~eotr law~ or (S) filt an answer admittin~ t6e ma- ceri~l ~Ilegations of a petition filed a~aiaat the Mortp~or in an~ bankrup~. reorganisstion or in~oltrtocr praceedin~ or (6) actioa s6a11 be caicm b~ .t6e Moctgagor for the purpae of effactin~ anr of t6e foregoin~ or m~ onler. judpneut or decn+e s6a11 be mtered apoa ao application of a crediwr or Mortgagor br s court .of oompetent jurisdictioo approvios a petitioo stekins appoinqaeat of a raei~er or trustce of all or a substaacial part of tLe Morteago~'s a~seb aad sucb order~ judgment or daree shdl oontinuc uoua~rod and ia effat for aa~ period of tAirty (30) ooosecuti~e da~ t6e Mortgagce ma~ dalace the nae berebr sccared fortDwitL due and pa~able, w6ereupon t6e pnncipal of aod ~ the iaterat ucrued on t6e note and all abcr sums berebr seeured shall bcor~me fortbwitti due and papabk a if aU of the said sums of mone~r were origiaalty stipulated to be paid on suc6 day; aad t6ertnpon t6e Mort~s~ee witbout ac~tioe or damand ma~ praecute a suit at law and/or ;n equity~ a if all monies saured bereb~ Sad matured pcio~ to its In~ticutioo, ~ t5. 1~at tbe Mortgasce or anq person suthorised by tLe Mort~a~ee ~6a11 bare the riQLt to eater upon and inspoct the mortpsed ; premises at all reasooable tima. l6. That anv sum or sums which may be luaned or ad~•anced by the Mortgag~e to the Mortgagor at any time within twenty ~20) years Crom the dat~ of this indenture. together with interest thereon at the rate agretd upon at the time of such loan or advance, shall be equally se•cured with and ha~•e the same prioriry as the original indebtedness and be subject to all the terms and pro~•isions bf this mortgage; pro~~ided. cbat the aggregate amount ot principal ouutanding at any time shatl not exceed an amount equal to one hundred and fi(ty per ceot (150;'c? of ' chc principal amount originally secured bereby. 17, ~at. if required by Mortga~ tbe said Mort~a~or will pa~ uoto tre Mo~t~a~e~ oo tbe fir~t day of eacb and erery ooosecuti~e mont6~ a sum cqual to ono-cwdh6 of tbe anaual amount nece~ar~ ~o pay a11 caza and ase~nenb a~airot the said nwrega~ed pranise~. ~aid ~ monthly sum to be tstimated wtely by Morcgagee and uiculaccd co 6e aa smouat not lew cban t6e amamt o~ wus ase»ed agaimt said mort- g~ged premises for tbe previous year. and ~f furt6er tequired br Mottga6ee to pay ~Il insurwce praoium~ ia a?annet and focm a~ pro~ided herein for the paymrnt of taus aod asa~meub. lE. T6at in the e~ent the ban whic6 ti?is moct~s~e ~s p~ea to ~ecure u made for t6e a rpae of finaneins dt6er tbe ooartruetioo of aevr buildia~s or tLe oonsrruecioa of iinprorea?enn snd/or addidoos o~ e~tins buildinq t~e 1 o1R rtp~or~ if required br tbe Mort~ c:pressly agrea to depo~it wit6 t6t Mortgagte or in daignated agent an amouut of mont~ equal ~o t~e diffeteate between tbe uet proceeds of t6e ban and t6e taal amount. as detertniaed br tbe Mort~agce~ rtqairtd ta futl~ cos~lete aaid cooitruction ;n ~ooordanct wit~ tht plam and specifications 6eretofore submitted b~ tbe Mortgagor aad ap~ro~sd br tbe Mortpcee. $ald aenount of mootf s6all be placed br t6e Moctgagee ie a"Loans in Procas Aaouat" in ~6e nune of t6e Mongagor~ aod tbe ~ame .bati be wed b~ c6e Morc~a~ee w Qar t6e co~es, c6arga tnd t:pensa iocurred in toancction witb uid oowtructioo pnor ~o di~bunins of tbit lo~n. It it turtber a~ted thst in t6e t~ant ~aid conscruction is not fully complaed on or before t6e due aated tn tbe Con~tructiaa Loso or in t6e event that t~e worE o0 ~aid oonstructioa shali cease before fuit oorn~letioo and ~ue6 reratioo shall ooatiane ~or a period ten (10) days, or-if sub~tantial oonenuow progras s6a11 not be made in ~uc6 coast~uct~oo, t6m and in urr ~uc6 e~eot t?e aid aqresste ~ueo„ principtl aod interat. mentioned ia said promi~ory note, aad all monia securod 6eabr, :hall 6eoorne due aad ps~able fo~tbwit6 or t6enesfter~ u the optioo o~ s~id Mortgagee: and ta the e~ent of ~,xb casation of work u said coostruction for a period of ten (10) da or if subfandal aontinuo~a progres~ ~6s11 not bt made in soc6 coastruction, as aforeui~ebe Mort~a`ee ma~ at ib option cnter ioto aad upon t6e mo~tgagcd premises aod canptete said con- strnctioa io wc6 manner as it dcems ad~isable wicbout anr imerfereoce frono tbe Morep~nr; tLe said Morcga~ bereby d.iuj aad ~ni co the Mortgagee full power aad autlwrity to make sucb entry into aad upon ~aid mort~tstd premiua, to .nter into suc6 oootrscts or ar- rangemcnq a~ mar be naasary to oompltte said ooo~tnKtion, and eo ~pend aar moaia rrmaiaia6 in said '2ot~a io Proays AooouAt" and in additioo anT sums of moner naeaar~ to canplete ~aid oon~truetion; and anr aad all moaia upeaded by the Mortgagee in eonoection wit6 sue6 completion of co~utnxtion in tzeess of t6e rtania in ~aid "Loa~a in protes Aocou~" ~ball be added eo tbe said priocipal debt and ~hail draw interest at t6e rate providcd in said Qromiuory note, :nd s6a11 be secured br r6u morc~a~e, aud .hal~ be Day,ble b~ t6e Mon~or ~ on eemaad. ~o~ 189 ~E 4p 's~+- • . ~ ~ - , - " ~ _ . . , r- ~ - ~ ~ „`x.'~ - . . - . .riir~.-~.~:-