HomeMy WebLinkAbout1999 2. To pe~mit, commit or suller no ~a~te and mainuin tl~e imp~o~emenls at sll Iime: in i+tate ol eoal ~tpsi~ a~d co~dition; ~nd ~u
do or permit to 4e done to said p~emises no~hing tAat ~~ill alter o~ cAs~ee tAevse and charac~er o! said pruper~y or in am ~~a> impair or
Nea?en IAe attu~it~ ot tAis mu~~esee. Aod io cast of the ~e(ueal, ntelect or i~shiliq• of tAe l~tore`aQo~ eu repai~ and maintain •sid prupert~,
~Ae :1tor~`sRce may, at it• op~ion, mate sucA ~cpaira or cause tAe ssme to De madR, aod ad.aace nw~se?s in ~Aat hehal(.
l. To pay sll aud ~in~clar the ta~e~, assessments, le~•ies, liabilities, and obli`a~ioos of •vtrY aature on ssid dex~il.rd {+roper~v
each aad e~ery whea due and payable acco~din` to IaNr, befo~e t6ey becomc deliaquent, aod to deli~er to the Atorteaece on o~ be(ore 111ar;i?
ISth oE eacA Year tas recrip~a evidencia` the paymeat of sll lavrfullp imposed ts:es Eor the precedin~ e:!'ndsr year; to indemaif~ ~he h1o~t-
ssee upoe its demand for all ta:es, asscsuaeau aad ehsr~es tAat may be a~se~sed upoa tAis mortRat i•• tbe iadeMedaes~ ~ccured Aereby,
aad paid by the Mor~gagee, v?ithuut resac~d to sny la~r Aeretofore eoacecd o~ ~t~tafte~ to be cnactru impoain` payment ~f tht whele o~
any part ~Acrrof upon the A1o~tRasce. ~
It i: fur~her co~•enaated aad a`~eed b~ said parties that ia the eveal of a suit beins instituted to foreelose this mortga`e, the
Nto~t~a~ee ahal) be eotitlcd to applr at aaY time pendiog suth foreclosure suit to the court having ju~iadictioa thetrof for the sppointmcat
of s ~eeeive~ of all and ~ia6~lar tAe mort~ased propertr, s~d of ali ~eots, iarnme~, p~o6a, isaues aod revenues the~eof, from .+Astsoevcc
sourte de~ived; and ~hereupoa it is herebr e:presslr tovenanled aad ag~erd tbat the eourt shall forthwith appoiat such receiver wi~h tAe
u~ual po~rers sad duties of receirers in like tases; and said appointment sAall be made by the cvurt as s matte~ of atrict right to the 1?lort-
gsgee. aad witAout refereoce to the adeQuaer or inadequacp of the value of the properer hercbr mortgaged, or to the ~olvtnep o~ iawlveacr
of t~t Mo~taagors or anr o~ee~ par~y defcadan~ eo suel~ sui~. Tec Mo~tgaLo~ hertbr spetificallr waires the tight to objtet to the appoiatmcnt
of a reeci~er as afo~csaid aad htreby e:presslr coauats that- sucA appointmeat shall be made a~ aa admiued equitr aad as a matter of
abwlute ri~ht to ~he ltortga,~ee and tAat the ~ame ma~ be doae witAout aotict to the Mortgagor.
f. To pay all and siagular the costa, eRar~es aad e:peases, iacluding attoroey's fees aad abst~att co~ts, reasoaabl~ ineurred or paid
at sar time Ar ~he Mortgagee beca~se of the failare of the Mortgagor to perform, eomplr with, aad abide br eath aad eve~r tAe stipoSatioas,
as~eements. cooditiona. aad cortaants of said ptanissorr aote aad of ta~s mo~t~ase. or eit6er.
6. That the Mortgagor will ktcp all real and peraoaal properqr aow or hereafter eRCUmbered br the lieo of tAi: mortgagt iasured
ss may be required f~om time to time br the Mongagee agaiast loss by Bre. wiod~to~m and other hazards. easusltiea aad eoatiogencics for
~uch periods aad for aot le~s tAaa such amounn as mar be required b~ c6e Mo~~p~ee and eo pay p~omp~lr whcn due all premiums fo~ such
io~urance. The amouats of insuraaee required b~ ~~,e Mongagee shall be the miaimum amouots for which ~aid io~uraaee ahall be vr~ittea
•ad it a!?a11 be iacumbeot upon the Mongago~ to maiaFaia such additioaal iaautsnee as msy be neeessarY to meet aad complr fu11Y with
all eo-ia~urance ~eQuiremeata rnataincd ia aaa polieiea to t6e ead that said Mortgagor i~ not a eo•inauror thereuoder. lnsurance shall be
writtea bY a eaapanp or tompaoies approred or deaignated b~ the Mortgssee aad all polieiea and renewala tAereof a6a11 be held b~ the Mart-
~agee. All deailed desigaatioa+ b~ the 111ortga`or which are aocepted br the Mortgagee and sll agrtemtata betr~ecn Mortgagor aod Moct-
a~ee relatins to iosurance, nox e:iating ar he*?~fter made, shall be in writiag and shall be a part of this mortgage agre~ment as fully as
though sct Eorth verbatim herein and ahall co~ern both pania hereto and their auccts~on and auigas. No I~ea upoo anr of sa~d policies of
iaauraoce or YpOO lOy ~efund or retura premium whic6 mar be payable oo the caotellatioa o~ terminatioa thereof, shall be given to othc~
thaa the Mortgagee, e:cept by proper codor~emeat ai:ed to :ueh poliq and approred br Mortgagee. Each policy of insuraace ahall have
aAi:ed thereto a Staedard Ncw York Mortgagee Claux witAout Coattibution, mating alt loss or loues uade~ such policp payable to thc Mort-
gagee as its interest may appear. In the errat aar aum or auma of moaey beeome payable thereuader t6c l1lortgagee shal) have the optioo
to reeeive aad spplf•tht aame on aotouat of t6e isdeDtedaess l~ercbp ~etured, or to pennit t6e MortSagor to receive aad use it, or aaY part
tAereof. vvithout thereby wai~ing or impairing aor equity. liea or cight under aod br virtue of this mortgage. lo ercat of loaa or phYaieal
damage to the mortgaged propertr the Mortgagor ~hall give immcdiate ootiee thercof br mail to the Mortgagee aad thc Nfortgagee may mate
prooi of loas if tAe aame :s oot made promptly br the Mortgaaor. In eveot of toretloeure of this mortgage or wher transfer of title to thc
mortgaged properry in e:tioguiahmeat of t6e indcbtcdnesa seeured ~herebr. all right, title aad intereu of t6e Mortgagor ia aad to aay iasur-
aace polieies thea in foree shall pasa to the purchaur or graatee.
7. Thr MortgaRee mar, at ita option. and without aaiaing its riafit to aetelerate the indebtedae~~ herebr sceured and to foreclose
the same, pay either l+efore or after deliaQuener iar or all of those tertaia obligatioas rcquired b~ the ttrms hereof to be paid by the Atort-
qaRor for tAc protection of the mortgage ateuritr or for t6e collcetioo of the iodebtcdoesa hereby sceured. All ~ums so advaneed or paid br
~he Mor~6agee shall be charged iato t6e mortgase aeeouat aad b~co~ne an integral part thereof, subjeet in all respeeta to the terms, rnndi-
ti.~n., and rn~-enana of tAe aforesaid promissorv nott, and this mortgage, as fullr and to tht same e:tent as thougl~ a part of the original
indebtcdntas e~ idenced br said aote and secured by this mortgage, e:cepting, however, tAat said suma sl~alt be repaid the Mortgagee [orth-
wieh upon its demand aod be in addition to the resular moothlp ioatallmeots provided br the mortgage note.
~ i. That the abstratt or abstratts of title toveriag the mortgaged property shall at all times~ during the (efe of this mortgage, remaio
io ~he po.~cssion of the N~fortgagee aad in e~ent of the foreeloaure of this mortsage or other traosfer of title to the mortgaged propertr ia ~
citingui~bment of the iodebttdaess seeurtd 6etebr, all right~ title and intere~t of t6e Mortgagor in and to any auch abatracts of title shal) pass
io ~6e purchaser or graatee. ~
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9. That no vrai~er of aoy toreaaot herein or of t6e obligatioo seeure,~ herebY s6a11 at anr time hereafter be held to be a waivcr ~
cf the terms hereof or of the aote utured herebr
t0. That in order to accelcrate the maturiq of the indcbtedaesa hereby secured becaux of the failure of the bfortgagor to pay any
~si a•.c•~mcnt, liabiliry, obligation or eacumbrante upoo said propertp as 6etein pror•ided. it shall not be necessarr oor requisite t6at the
1lortgagee sAall 6rat pay the sama
11_ To the e:tent of the iodebtedoe» of the Mortgagor to t6e Mortgagee deaeribed herein or secured 6ereb~, the Mortgagee is herebr ;
.ul.rogat~d to thc lien or lieos and ~o the ~ia6ta of the owners and holdera thcreof of each aad every mortgage, lien or other ioeu~nbrance '
on ~he land dc.cribed herein arhich is paid aod/or satis6ed, in whole or in part, out of the proeeeds of the loaa deaeribed herein or aeeured ~
her~by, and ehe ~esp~cti~•e lieas of ~aid mortgagea, liens or other ioeumbraotes, s6a11 bt aad the same and each of t6em hereby is preaervtd.
and •hall pass to and be held by the Mortgagee hereio as seturity for tbt indebtedness to the Mortgage• hereio described or hereby secured,
to ~he ~ame extcnt that it vrould ha~•e beea pteserved aod would 6ave been paaed to aod bten held by the Mortgagte had it bero dul~ aod
r~Kularly a~.igned, transferred, xt over, aad dcli~er~d unto the Mottgagee by separate deed of asaigoment, notvcithstandiog the fact that-
~he .am~ mar lx ~atislied and eancelled of record, it beiog the intention of the parties hereto that the same will be satisfied and eaacelled
of rernrd b~- the holdera thereof at or about the time of !he ~ernrding of this mortgage. -
12. If any of ~he ~um~ of moaeY hereio referred to be oot promptlr and fu!IY paid within thirty (30) days ~e:t after the same sever-
all~ come due and payahle, or if tach and e~•err the atipuluions, a6teements, rnaditioas aad tovenants of said promiswry note aad this mort-
KaRe or either, are not duly performed, complied wit6 and abided by, the aggrcgate aum mentioned in said promiswrr notc or otherwix ~
.ecurcd hcreb~ shail beeome due and payable fort6~sith or thereafter at the option of the bfortgsgee, as fullY and eompletely as if said aggre- ~
Kat~ .um of mone~ ~rt~ originallr ~tipulated to bt paid on such daY, anythiag in said promiswry note or hereia to the eontrarr ootvrithstanding. j
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13. Th~ 111ortRaqor, its succeswrs or s.sign., is to comply with the terms and eonditions of a rnastruction loan agreement hetvrern tht ~
~tor~RaXor and ~he ~1ortKagee, an e:ccuted copr of ~shich is ~n the po»ession of the Mortgagee :nd aaid rnnstruction loar. agrcement i. f
h~reb~ inrnrporated herein by reference and made a part hereof, and anp default by Mortgagor under said rnastruetion loaa aRreement i
- ~hfll be considcred an eveot of dcfault under this mortgage. Z
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1~. It is hcreby e:pre.~lv agre~d that the ~tortRaRee, ite succeswrs and as.iR~s Kill release from the lien of this mortgage sny of Iht i
lot. drerilxd fierrio upon which ~h~re has heen constructed a building upnn Ihe pa~mrnt by tht Alortgagor to the ~tortgsgee of such suma a. i
hare betn adranced by the Atortgagee on tht lot or lots to bt releaxd, toRethrr with acrrucd intereat, pro~ided that the Mortgagor, it.__ ;
~ucc~..or. or assigns are aot in detault under an}• of the tcrms or condition. of ~hi~ mort~age or any obligatioo or liability xeurtd hereb~•, (
and ha~e fullr compli~d with the term~ and conditions of tht Con~truction I.uan :?grcement betHeen the AtortgaRor and the :1lortgagee. ~
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