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HomeMy WebLinkAbout0266 ~ ~ - ...,r _ s_ _ _ - - - s _ ; . ~ . _~~~~~r - - _ . _ ~ . . „ . ~ ~ - , . . _ _ > . . ° „ . , s ' S. That io tee event oE a~uit beins iA~tituted w Eo~alae t6i~ ioortpse, t6e Matsssee ~all bs mtiUed to appir at aor tirne dudot •uc6 forecbsure ~uit to tbe coun 6avin ~uriadiaioa tbereqf fo~ tbe appoiaancat ot a raenet of all snd aia~ular tbe mon~ased propcny~ ~ad of ail reaa. iacomes, profia, issua an~ nvcnua t6e~eof, from .sh~aoever wurce deri~ed; and the~eupou it b Se~eer e:pressly coveuanted and a~recd tAat tbe court aball (ortAwit6 appoint sucb raeire~ witb tee u~ud poMrsn and duda of reeeiven. io like casa; tad said •p- pointmeat shall be made by tbe court a a maaer of ~tria ri~6t to t6e Mo~s~ee~ ~ad witbout reEersace to t~c sdcquacp or iosdequacr ot tbe value of the propenr 4erob~ mort~a~cd„ o~ to the wlveacr or ~~olveacy of tbe Monsasor or snp other wcq deEe~l~ut to tucb wit. T6s MonQa~or hueb~r ~pccifica ly waivp c6e ti`St ~o object to tse appoiatment oE • recei•c~ a. Jore.aid and ee~eby esprealy oo~ucna ~ea~ wcr appoiatmc~t shali be made a ~o ada~itted equity aad as a matter of apalute ei`ht to tAe Mottsa~et aad t6at tbe wne rnay bc done witDou~ notice to c6e Mortsa~w. 6. Tbat 1E aay praecdio~s ~hould be iostituted a~ainst t6e p~openr oo~ered by t6i~ mo~ase upoo aa~ other lim or claim whaser ~upe~or or juaiot to the lieo of thi~ roott~a~e. the Mo~tptce ma~ at ib optioo idunediattl~ upoo io~titution o ~uc6 ~uit o~ durias tbe pead• ency t6ueof dalare thu mortea~e snd tec indebtedaas ~aured senb~ due wd payaple iort6witD aad may at ia optioo p?occed eo foroclae this mo~age. 7. To pay sll and siagular the cat~ fce~ c6a~~a aud e:pensa of ereryr kiud, iaeludias t6e oat of ~a ~btract of title to uid laad~ fouad to be ooave~ieat or upedieat in connectioa witA. anr ~uit fo~ tbe foreclaure oE tli~mo~tp~e, aud also Iacludin~ whaser t6e ia obliYated to pax suae o~ not~ reawc~sble attornep'~ tea ixurrtd or e:peadcd at ~ny time- by tbe Morts~ee baawe of tbe tailure o c?s Mocc~aQor tope rforao. canply with aad ~bide br all o~ aay of thc co~eaaaa, aooditiom~ aod stipulatiaa of said pwmiwory aote, or esit mort~aae, in the foreclosu~e of this mo~t~age and ia collatin~ t6e amouat acured eecebr wit~ or wit6out lepl proeeedinp, acd ts ceus- burie t6e MortQs ce for eve~y pa~meat made o~ incurred tor aa~ such ~urpae wits ioterat f~ date of svery suc6 parmeat at t6e rate of tea Pe~ cent (10~) P« ~o~; pa7arcotf aad obli`uionf„ wic6 ~ntenst theraoo aa aforeaid. ~6a11 be ~ecursd by t6e 4en benof. To keep t6e buildia~ or boildinp aow or hereaher oa uid land inwred a~aimt las o~ dainase br tire~ ertended co~erase aod otAer perils, includ~eg war risk iosunote if a~ailable~ ia a ~um not less tbao thtir fult iasurable ~alue at t6e caat and e:peose of the Mort- gagor in a caapanp or compania sppro~ed by t6e Mocteagee~ tbe polie~ ot poliap to be held by the M ~ee, and suc6 politp ot policia ot insuranee shall Aave af~:ed thereto a Staadard New York Monga~eee Clanse~ ~nakios all low o~ bssa uade~suc6 poliey or policia pay~ble to the Mortgagee u its inte~est may appear~ aad to deliver said policr or policia to the Mongagte ~+hea iswed with the recnpes for tee par- ment of tAe premium t6erefor; aad ia the e~ent aar sum of m~oc?ey beco~na payable unde~ sucA policyr o~ policia~ t6e Mortp~a s6a11 6ave t6e optioo to ntei~e and apply tbe same aa aooount of tbe indebtcdnw securtd 6ereby or to permit ~e Mortgaror to receive and use it, or aa~ patt tAereof~ for ot6er pu~posa~ v~itbut thereby waivio~ or impairin~ any equiq~ Um o~ rig6t under or br ~irtuc of t6is mort~ase; and the Mortgagee if it dcems neceasary may lace aad pay for soch ~asuraaee, or aor part t6ereof, ~itbout losin~. waiving o~ affecting Mort- ~agee's option to foreclase for breuh of ~ oovenan~ or aay ~part t6ereof, or aay right or option unde~ t6is mortga6e. and e~cry such pa~• ment s6a11 bea~ interest fmm date thercof until p:id at tht ~ate of tMper cent (10%) per aanwq aud all t~ pa)menb witb ioterat ar aforaaid shall be secured by the liea hereof. In t6e e~reat aay las or dama~e i~ suHercd Mortja~or s6a11 ~otify MortQa~ee of ~ucb loa or ~aiaage RlfAlp forty-eight (ii) boun after the ~appet~iag t6sr~of; t~t faiture to sire suc6 notice s6a11 coostitute a detauh aad tbe 1~'Wrt~a- gee shall 6yve t6e rig~u herein Qi~ en for all defaulb. 9. To permit, commit or wffe~ oo waste aad to inaiatain tbe impro~em~ts at all ti~aa in a uate of ~ood repai~ and ooodidoo; and m do or permit to be doae to said premixs aothing t6at will alter or c6an~e t6e we ~nd e6aracter of said properqr or io any wsr impair or weakcn tbe security ot said mortQa~e. Io case of t6e refwal. ne~lect or iaabi4t! of t6e Morepgor to repair md mainai~ said Propcrty. tbe MortQagee may~ at ia optioo. make sucL «pain oc c~use t6e same co be made and ad~ancc mooia in c6at behalf whics wms shall be secured by t6e lien hercof aad btar interat at the rate oE tm per cmt (1096) pec annum. 10. To delirer the sburact or aburacts of title oo~eria~ t6t ~nottgssed propectp to Mottp~ae or iq daienated agrnt. ~s6ic1? s6alf at all times, during the life ~f tlus mortga~e. raaaia in the pasasion of tbe Mo~a~ee and in e~reot oE the foralosure of tLis monga~e or aber craasEer of ~itlq all'right, title and interat of tbe Mort~or ia aad to anr suc6 abtraet or abatracu of atle ~6a11 pau to the purcbaser or gra~tce. 11. T6at ao ~aive~ of any coveaant 6ereia o~ in t6e obli~ation sccurcd 6eceb~ s6all at any time 6ereafter be 6eld w be a~ai~er o! any of t6e ot6er terms Atreof or of t6e nate securcd 6eteb~. 12. That in order to accelerate the maturitJ of tLe indebtedna~ 6erebr saund baause of tbe failure of tLe Mortp~or to py aar tas auesnnmt. liability. obligatioa or eacumbrsoce upon said prope~ as berein pro~ided. jt ~6a11 aot be aeceasq aor tequi~ite that tbe Mort~sice shall fint par cLe same. 13. That if tbc Mortgs~or a6a11 fail. neglect or refwe ~or a period of thirty (30) daps full and promptl~ to pay t6e aawunb te- quired to be paid by t6e nae hereby secured or tbe interat thereia specificd or ao~ of t6e sums o~mooer bcrein referred to or 6ereb~ ~ cured, or otLerwise duly, fully and prom~tly to perfonq e:aut~ oomplr with and abide br tac6. e~eryr or an~ of the oovenaob, oonditiao~ or stipulatioas of this moct~a~ t6e prooa~aon note herebr secured and/or tLe oonstrvetion loan a=reemeat. if anr. tLeo. and in at6e~ o~ i. aay of such ecenb, withoac notiee or danand. the said a~regatt sum mentiooed io said praaiswq aote. la~ ~reriow paymeats. if anf. and any and all sums mentioncd 6ereia or secured bereb~ s6a11 beaome due and parable foctLwitb ot tLerafter at fb! OOD~IOIUD6 option of t\e [?1ort~aga as fullt and oanpktelr as if uid a~regate wms were origiaallp sdpulatcd to be paid at suc6 time. aoJt6ing ia said pnmi~or~ r.ote or herein to the rnntrar~ aotwit6saadin~, aad the Mortea~ee s6a11 bc eatitled tsereupun or t6ereafter witbout aotiee or demand to io- ttitute suit at law or ia tquicy to enforce tLe rishts of t6e bioctgagte 6ereunder or under said praniasory oota In the event of an~ default or breac6 on the part of tbe Mo~t~a~or 6ercunder or uoder said promissoq note, tLe Mort~a~ee shall 6a~e t6e aondnuiag option to enforee payment of all siuns seeured 6ereby by aetioo u law or by suit iaeq u~tY to foreelae t6is moretage, atder or bocb. conturreutlr or aberwise, and one xtion or suit shall aot abate or be a bu ~o or wairet of tbe Mortgaga's rieht to iastitute or maiataia tbe abcr. pro~ided said Mort- 'i gagee sball Lare oaly one ptywrnt and ~uisfaetion of said indebtednaa. i 14. 'I3at in tbe ercnt that MoK~agu, r sball (1) aooxnt to t6e appoiatmeat of a recei~er. matee or Gqwdaror of all or a subuantid ~ ~an of Mort~a~o~~ aseb. or (2) be ad ndxaud a bantrupt or imol~eo~. or Sle a~oluatar~ pedcioo in baakrupcc~. or admit io writin~ its ; roabilit~ to paY id debn a~ tbt~ become ~u~ or (3) wake a~eneal awi~ for t~e beaefit of cnditoes~ or file s petition or amwer { ~eekinQ reorQaaisarioo or arraagement w+t6 cnditon. or to take ad~anta~e of anr imol~eoc~ Itw. or (S) filt an aoswer admittia~ tbe ms- ` teria~ .llegatioos of a petitioa filed a~aimt t6e Mortgagor io aoy bantrupcer~ raor~anisatiao or insol~enc~ proteedins. or (6) scdon s6a11 be ~ takrn b~ t6e Mortgagor fot t6r purpae of effatin~ an~ of the foregoing, or (7) aar order. jad~neat or deem sAall be entered upon an applicatioo of a creditor or Mortgagor by a court of oompetent juri~diction appro~ins a petitioo ieekiu~ appoiatmrnt of s raei~er or trnstee of al{ or a substaotial part of the Morteaaor's aaets aad suc6 order~ jud~nneoc or daree s6a11 oonanue umtared and ia effect for any period of ch;rty (30) consecua~e days„ t6e Mongsgee may dalare tAe oote 6enbr secured fortbwitb due end paJsble. w6eroupoo tLe pri~cipsl of snd t6e incerrst accrued on t6e note aad a11 aber sums 6ereby sec~red sball bcooaec focc6wic~ dae and parable as if a11 of ~be said sums of mooe~ were originally stipulated to be paid on suc6 day; and t6ercupon t6e Morc~asce wit6ont noeice or demand ma~ pro~ecute a suic ac law aad/or in equity- as if all moaia ~anred 6ereb~ 6ad mstured prior to ib iakitutioo. ~ IS. T6at t6e Mortgara or any petson authorised b~ the Mortp~et sLall ba~e t6e ri~ht to mter upon aad ie~pect tbe mort~ prcmisa at all rtasonable t~mea. 16. That an~ sum or sums which map be loaned or ad~•aneed by the Mortgagce to the Mortqagor at any time within twenty (20) years (rom the date of this indenture. together with interest thereon at the rate agr~ed upon at the time o( wch loan or ad~•ance. shaU be equally :~~cured with and hacc thc same priorit~ as the original indebtedness and be subject to all the terms and pro~•isions of this mortgage; pro~•ided, that th~ a¢gregate anwunt o[ principal eutstanding at any time shall not exceed a~i amount equal to one hundred and (ifty per cent ( ISO;'~ ) ot the principal amount originally secured hereby. 1:. T6at, if rcqaired br Mor~ga~ce. ~he aaid Mor~~or wi11 p.~ uooo t1e Moetp~ee. oa tbe ~rst day of eu6 aad e•err ooosecuti~t ~ r~antb. a sum cqual to one-[Kelfth of t6e anaual amount naes~ary to par all t~es aad a~a~rnenb asaiast tbe said reortgaged premisa. ~aid ~ monthl~• sur~ to be escimated solely bs Mortgagee snd cakulated to be an awoune not ks [han t6e amount of t~a ~~esed agaiou said mort- ~ gaged premises for tbe previous ~tar. and if furt6er reqaired by Mortgagee to pa~ dl insu~ance pami~ma in manner and form as pro~ided herein for the pay-mcat of tua and ase~meoq. y ti. T6at in ebe e~ent the lwn w6ich t6i~ mortp~e is p~ea to ~ecure is mads for t5e p af finaoeiuf dtber tbe eautructioo ~ of new ~uildings or the construaioa of imp~emeon md/or addiaoas to easdus buiidia~„ t6e ~p~or. If requ~rcd b~ t6e Mortea~ee, ~ e:pressly agreea to depo~it with the Mortgagee or ib dai~nated s6ent an amount of mont~ equal ~n tAe differeote between tbe aet ptoetedr ~ of t6e loan and the total amount~ as daermiaed br cbe Morc~aaee. reqwred oo fultr oompkee ~aid ooo.e~ucdoa tn ~coordaoce wit6 tbe plam ar.d specifications 6eraofore submitted br t6e Mortga~or and appro~ed by t6e Mortja`ee. Said ~mouat of mooe~ sbaq bt plsced br t6e Mortgagee in a"I.oans in Proccu Accouot" in t6e nune oE tbe Mortgagor~ and tbe wne ~hdl be wed br t6e Mortgasee to par tbe cow, charga aod e:pensa iocurred ia tonaation with ~aid aoostructioo prior to di~bunint of ttiis Iean. It i~ furt6er a~reed that in t6e e~ent ; ~ sa;d conuruction is na fullr canpleted on or beforc tbe due stated in t6e Conseruetion Loan A~reernent or ia e6e e~ect tha work on ; ~ uid con~truction shall ccase before full aan~letioo and •uc6 cara6on s6a11 oootinue Eor • petiod of teo (10) dt or if su~ta 6a1 oootinuou~ s 0 ~ progress s6a11 na be made in ~uc6 construcnoa~ thea and in an~ sne6 e~eot the ai~ aaregate ~um. priocipal an intenst, cioned ia said I promissory notq and all monia secured hcrebr. ~hall becane due and pa~sble fort6wit6 or tseroahsr u tbe opaoo of said Mort~agee; aud io ~ che e.mt of sucb ces~stion of work upon uid oonstruccion for a period of ten (10) dar. or if ~u~tantial ooacinuou~ progre~s s6a11 rat be ~ made in suc6 construction, as afo~esaid. the Mort~asee rnar at ib optwn enter into and upon t6e rmrtgaged premiut aod complete ~aid eon- rtructia~ in wch manner as it deems ~d~i~able witbout aar iaterfereace from tbt Mortp~r; t6e said Mart~a~or 6ereb~ ~i~int and ~r~ntios co tbe Mortgagee full power and autbority to make ~at6 tatr~ into and upoo said eoortpsed premises. to enter into suc6 cootr~tt~ or ar- rangemenn a~ may be oecessar~ to oomplete said oonanKtioo, and to ~pend an~ enonies ranaioiog ia ~aid "I.oam ie Proeea Aeoouat" u~d in sddition snr sum~ of rnooe~ oaes~ary to complete said oonxnution; aad an~ and all monia ~pended br che Morc~a~eee ia conoertiao wit6 socb complaion of construction in euaa of t6e monia in said "Loaro io Proces AooouaN' ~6a11 be added oo the ~aid principsl deet aod ~hall draa interat at the rate pro~ided in said Qromissorr note, and s6alt be ucured br ~6;s roorcpse~ and •ball be par,bl b~ tbe Mortp~or on Aemand. ~ 0 R ~ ~ ~o~c 191 2048 eoou l$2 _ ~ ~ _ . ~~~~.~~_~}~~,~:',m. . .