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Home My WebLink About2991 2. To permit, tommi~ or wAer no ~ra~te and tn main~aio the improvements at all ~ime+ in a state of good r~pair ar~d cundi~ion, and w do or permit to Le done lo said premises nottinK that ~vil) altcr o~ cAa~re the use snd charactcr of aaid prupeny or in a~> ~~s~ impa~r ur wealen tAe ~ecurity of ~hi+ moitgsge. Aod io case ot the re(u~al, neelttt uc inahilit?• of the \tor~eseor ro repair snd main~ain •aid pruper~~. ~he Atort~agee may, at i~s option, make ~uch repairs o~ cause ~he same ~o he made and ad~ ance money~ io ~hat hehal(. 1. To pay all aod ~inRular the tase~, ss~essments, le~ies, (iabilities, sod obligations of ~~~cry nature on said described properly each and every when due and pa~adle according ~o law, before ~hcy become delinyuent, and to deli~•er to tAe lllortgagce on or Ae(ore 111arch ISth of each year tsx receip~s evidencing the pa~~ment of all lawfully imposed ~~xes for the preeeding ealendar ycu; to indemnify ~he \tori- agee upo~ its demand for all ts:e~, asseasments aod charges thst may be a~aessed upon thi• mortgage oa the i~deb~edneas secured hereA~, aad paid by the Ator~gagee, wiiAout regard to any law heretofore enacted or herea(ter to be enacted imposing payment of ~he whole or any part thereof upon ~he Mor~~agee. , It is tur~her covenantcd and agreed b~ •aid partie~ that io the event of a ~uit beiag instituted to foreclo~e tAia mortgage. th~ Plo~tgagee ehall be enti~lcd to applr at any time pending ~ucA foreclosure auit to the tourt having jurisdiction thereof for the appointment oE a ~eeeiver of all and singular the mortgagrd property, and of all reot~, incomes, profits, issue~ and revenues tfiereof, f~om ~.hatsoever +ource derived; aad thertupoo it is hereby t:pressly rn~•en~nted and agretd that the eourt shall forthwith appoint such rectiver with ~he usual powcrs aad duties of receivers ia like e~se~; and said appointment ~hall be made by the court a~ a matter of strid right ~o the ~1ort- gsgee, and without refereate to the adequaey ot inadequacy of tAe ~•alue of the property he~eby mortgaged, or to Ihe solveney or iasolvency of 1he Mo~tgagors or any other party defeadaat to aueh suit. The Mortgagor hereby ~prci6eally waives the right to objcct to the appointment of a rteei~•er ss aforesaid a~id hereby eapresaly rnasents that such appointmeat ahall be made as aa admitted eyuity and a~ a matte~ of abwlute right to the 111ortgagee and that tAe ~amt mar bt done witAout notice to the Mortgsgor. S. To pay all and singular the eosts, chargea and e:penses, includiog attoruey's fecs and aburact rnsta, reawnably incurred or p~id st any timc b~• the Mottgagee becau~e of the failure of the I?tortgagor to perform, comply with, aad abide by each aad every the atipulations, agreements, rnnditions, and rn~•enana of said promiswrr aote and of thia morttrse, or either. 6. That the Alortgagor will keep all real and perwaal propertp now or Aereafter encumbered by the lien of thi~ mortgage iasurcd as may be reQui~ed fcom time to time by the Mortgagee agaiast los~ by 6rt, wiodstorm aod other ha:ard~, easualties and matingencie~ for ~ucA perioda and for not le» thaa such amounb aa mar be ~equired by the Mort`agec and to pay promptly whea due all premiums for such ia~urance. The amounts of insuraate required by the Mortgaget ~hall De tAe minimwn amouab for whith said inauranee shall be written •od it ahall bc incumbent upon the Mortgagor to maintain aue6 additioaal insurance a• may be oeeessary to meet and rnrnply fully witA all rn-iosurance requirements conained ia said policies to the eod that said 111ortgagot is not a eo-iasuror thereuoder. ln~urance ahall be written hy a compaay or eompanies approred or dtaigaated by the Mortgagee aad all policies aod renewals thereof s6a11 be held by the Mort- gsgce. Al) detailed deiignations by ths Morteagor which are accepted br the Mortgagee and all agreements betwcen Mortgagor and Mort- agee relating to insurance, tww e=iuing or hereafter made, shall be ia writing aad shall be a part of this mortgage agreemcnt as fully as thougA set forth verbatim heceia and shall gorero botA parties Aereto and their suecesaora aad as~igns. No lien upoo any of said policies of insu~aace or upon any rcfuad or return premium which may be payable oa the cancellation or termination thercof, shall be given to other than the Mortgagee, c:cept b~ proper eodorsemeat a~:ed to ~uch polier and approved by Mortgagee. EacA policy of insurance shall have aFh:cd thereto a Stsndard Nevr York Mortgagee Clauu without Coatribution, making :II loss or loases uoder such policy payable to the Mort- gagee as in interest msy appear. lo tht evtot any sum or sums of moaey beeome payable thereunder the Mortgagee shal) ha.•e the option to reeeive and apply the same oo aocount of the iodebtcdness hereby ~etured, or to permit the Mortgagor to receive and ust it, or any part thereof, without thereby waicing or impairiag aay squity, lien or right uader aad br virtue of thi~ mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor s6a11 give immediate notict thereof by mail to the Mortgagee and tAe Alortgagee maq mate proof of loss if the same is not made promptly by the Mortgagor. In eveot of forecloaure of thi~ mortgage or other transfer of title to tht mortgaged praperty in eztinguishmeot of tAe indebtednes> >ecured hereby, all right, title and interest of the Mortgagor in and to an~• insur- aoce policiea then ia forec shall pas~ to the purcha~er or graatee. 7_ The FlortgaRee may. at its optioo, aad without vraia•iag ib right to accelerate the indebtedne~s herehy aecured and to foreclose ~he ~ame, pay either txfore or after delinqueaey any or all of those eertain obligationa required by the terms hertof to be psid by the ~tort- gaRor for the protection of the mortgage aecurity or for the rnllceiion of the indebtednese hereby aeeured. All aums w ad~•anced or paid by the ~lortgagee shall be charged into the mortgage aceouat and beeome an integra) part thereof, subjeet in all re~pecb to the terms, rnndi- ti~~n., and co~~enant~ of the aforesaid promiawrr aote, and t6is mortgage, aa fully aad to the same exteot as though a part of the uriginal indebtedne~s e.•ideaced by said oote and seeured by t6is mortgage, ezcepting, however, that said sums shall be repaid the Mortgagec forth- with upon it~ demaad and be 111 lddlt100 t0 ~II! itslll~f f11011[IIIy IOftillfQt~[7 provided by the mortgage aote. E. Thst the abstract or ab~tracts of titlt rnvering t6e mortgaged property shall at all times, during the life of this mortgage, remain in the po~scasion of the Mortgagee and in e~eot of the foreclosure of this mortgage or other transEer of title to the mortgaged property in eitingui.hmrnt of the indebtrdnesa secured herebr, all right, title aod interest of the Dtortgagor in and to anp auch abstracts of title shsll pass tu th~ purchaser or grantee. 9. That no vsai~er of aay rnvenant hereio or of the obligation seeured hereby s6a11 at any time hereafttr be held to be a waicer ; ot the terma hereof or of the notc seeured herebr. ~ !0. That in order to accelerate the maturity of the indebtednea~ hereby secured because of the failure of t6e Mortgagor to par anr ~ ta~ a..e.~ment, liability, obligation or encumbrance upon said property as herein pro~ided, it ahali not be oecesaary oor requi~ite that the £ Atortgagee shall first pay the sama ~ ~ • : ' 11. To the c:tent of tAe iadebtedneaa of t6e Mortgagor to the Mortgagee dexribed hereia or securtd hereb~, the Mortgagee is hereby ~ .ul,rogated to thr liea or liens and to the righb of the ownen aod holdecs thereof of each aod every mortgage, liea or other ioeumbraace ~ on the land dexribtd hertin vrhich i~ paid and/or ~atisfied, io whole or ia part, out of the proceeds of the loan destribed hertin ot saured ~ hcrebr, and ~he respectire liens of aaid mortgages, liens or other iacumbrances, sAal) be and the aame aod each of them hereby ie preaerved, ~ and .Aall pass to and bt held Ay the Mortgagee herein aa security for t6e indebtedncsa to the Mortgagtt hereio dexribed or hereby secured, # io ~he ~ame e:tent thac it xould have Deen preser~•ed and would ha~•e been passed to and beeo held by the Mortgagee had it been dulp and ~ reKularly a~•igned, tnnsferred: set o~er, and deli~ered unto the Mortgagee by separate deed of assignment, notwithstanding the fact t6at ~ the •ame mar• t+e ~atisfied aod eaacelled of reeord, it beiag the intention of the parties hereto that tAe ~amt ~cil1 be sati~fied and eancelled ~ o( record M thr holders thereof at or about the time of the rernrding of this mortgage. ~ ~ ~ 12. If any of the sums of money herein referred to be not prompdy and fully paid within thirty (30) days ne:t after the eame aevcr- all~ come dur and payable, or if each and !\'tfY IIfC stIQUIlt1007, agreements, tondition~ iOd M~l09Of3 Of said promiswry notc and this mort- . =a K~R~ or ei~her, arc not duly performed, complied with and abided br, the aggregate sum mentioned in said promiswry nott or otherwise ~ ~ccured hereby .h~ll heeome due and ps~able forth~sith or thereafter at tht option of the titortgagee as fully and completely as if aaid aggre- 3 Kate •um uf money was originally stipulated to be paid an such dar, anythiog in said promiswry note or herein to the eontrary notwithstanding. ~ ~ I3. Th~ ~tortRagor, its succeswrs or a.sign•, is to eompl~• vrith the terms and conditions of a eonstruction loan agreement hetvreen the ~tortAaRor and the ~1ortKagee, an e:ecuted copy of ~+hich is in the po»ession of the Aiortgagee and said construction loan agreement i. ; - h~reb~ incorporated hercin hy reference and made a~art hereof, and an~ default by l~tortgagor under said eons~ruction loan agreement s .11f11 be comidered an e~ent uf default under this mortgage. } ~ ~ r~ li. It is herebr e:pres.h• agreed that th~ ~1ortRag~e, it~ wae~son and a~.iRns w~ill relea~e from the tirn oE thi. mor~gage am~ of the x lnt. d~•cribed herein upon achich there has been con.tructed a buitding upan the pa~ment hy the Atortgagor to the Alortgaget of such sum. a• ° = ha~•e been ad~aaced by the ~lortgagee on the lot or lots to be releascd, toRether ~~ith accrued intcrest, procided that thr Atortgagor, it. ~ = .u~c~.~or• or as~igns arr not in default under an}• of th~ term~ or conditiuns of this mortgage or am• obligation or liability atcured hereb}, ~ and haae fully complicd with the terms and cunJi~ions of the ('onstruction I.oan AKreement he~~seen the ~tortgagor and the Ntortgaqee. 3~ CY~ ~Y ~ ~ OR ~ aaoKi~ 2987 ~ ~ ~ s.: - ~ _ - ~ ~ ~A k~.~~~~~~.,~ . . _ _ , _ . . . a ~ _ - _ ~