HomeMy WebLinkAbout2002 t. '1'o permil, cuntmit or .udcr no Mraue and ~n maintsie ~he improvemen~+ s~ sli time~ ia s rute of ~oa! ~epsir ar.d tood~~:on; and
do or pe~mit to Le done to +sid p~emise+ ootAi~~ tha~ ~.ill alter or eAanK~ tAe use and cAaraeter of +aid pruperty or in aa~ ~.s~ ~mps~r or
v.catan ~he sccu~ity of this mo~~~a`e. And in c~u ol ~Ae ~e(uasl..oe`lett ot iaal+ilit~ ot the ~fotttato~'to repai~ and main~ain .sid'prope~~.,
~he l~tortRagee msy, a: its op~ian, make sucA repairs or cause ~he ssme to bs madt. and ad~ anct mo~cys in ~hat !?~hall.
1. To pay all snJ +inRuls~ tht ta:es, assessrrie~us, ie~its, liabilities, and oblita~ions of •~•t~y aatu~t oa +aid destribed proper~v
cacA sad evt~y wAca due and pa~•abte accordin~ to (aw~ Sefere th~y ~ecome delinquent, sod to delive~ w the Plortea`ee on ar Ae(ore I~larch
1 Sih o( escA yea~ ux ~eceipts evidencin~ ~he Rsyment of sll law(ully imposed taacs tor tAe p~eeedint eslendar yta~ ; to indemai(y ~he ~tu~t•
s~ee upoa its demand fo~ all taits, suesuneats aad th~rses thst mar be asscsud upoa this mo~t`ase oa ~Ae iadeAtedacss ucu~ed Aereby, {
aad paid by the Alortgagee, ~+itAuut re~a~d to aay laer heretofore ensctcd or Aereafter to be enaa~d impo~int payment of ~he vrAole o~
any p~rt thcrcof upoo the i?to~t~a=ee.
a. It is (urtAer eo~eaanted aad asreed br ~aid parties that ia the evcat oE a suit bein` iestituted to foteclose this mortease. ~he
41o~t~agee sAall be en~itlcd to spplr at any time ptadin~ such foralosure suit to the court Aavia~ jurisdictioe the~eo( for the appoia~ment
of a raeiver of a!1 a~d ain`ula~ the nart=~cd p~oPertr. and of all reats. iacomes~ pro6ts. issues and reveauea thereof, from whauoevc?
wurce derived; aad tAe~eupoa it is hercby e~pressly coveasnted aad ag~eed that tAe eoun sAall fo~tAwith sppoiat such reeciver v~itA thc
uaual powen aod duties of teceiven io_likt t~sts; snd saiQ appoiatmeat sAall be made by the court a~ a mstte~ of atriq ri~At to the ~1ort-
sa~.~, and ~rithout refe.eace to the •dcquaep o~ iaadcquaey of the value of tAt propertY hereby rtartgaged, or to tl~e wlvenep or inwl~~cncr
of tAe Mortaa~ors or aay other perty defeadaat to sucA suit. Tt~e Mortga`o~ hereby speci6callr wairei the ri~fit ~o o~jeet to the appoiaimeat
of a recei~er as aforesaid and here~r e:preuly oooscnb tt.at auch appointmeat sdall be made as ao admittcd e9uitr snd ss a matter of
aMolutt rieht to the Mortgsgce aad that the aaa~e mar be doae without notice to tAe Mortgagor.
S. To par atl aad siegular the eoscs. chargcs aad e:pease~, includiog attoruey's fets aod ab~ttact Costs, reawnablr iocurred ot paid
st aay time b~ the Mortgagce becauu of the failu~e of ehe INottgasor to p:rform, eornpl~ Nith, tad abide br eacA and everr tAe stipulatioos,
s~reemeats, conditions. and eo~cnsnb of said promiswrJ oote aad of tAis mo~ttate, oc eithe~
That the I?lortgagor will teep •11 res) and perwaal properqr aow or heresher-encumbered by tht lieo of tAis martga`e insured
as may be rtq~ired Erom time to timc ~r :he Mortpgee seaia~t loss br 6re, windstorm aad othe~ ha:srds, caiualtiea and e^otiageacia far i
such pe~iods and for oot less ~Aaa aucA amouats as may be required b~ tbe Morttasee and to paY promptlr v~Aeo due all premiuma for such
iasuraaee. The amouots of insurance required br the Mort~asce ~hal) be the. miaimum amouaa for w6icA aaid ia~uraaee shall be wrinca
~ad it shall be iacumbcot upon t6c Moctgator to maiataio auch additioosl iasutaoee as ma~ be necesaar~ to meet and comply fu11Y rrith
all co-insuranee requirements containcd io •aid polieies to the eod t6at aaid 111ortga~or is,~wt a eo-iasuror thertunde~. loauraace shall be
writtca br a compao~ o~ compaaies approved or desi~nated br tAe 111ortaasee and all policiea aad-rewewals thercof shall be 6eld br tl~e Mort- .
ea~te• All dctailed desigaation~ by the Mortsato~ which are aecepted br tbc Mortga`ee and all a~reemeoa be~Nreea 1lortgagor and Mort- i
a`ee ~elatiat to iosuraote, oow e:istios or he~eafter made. shall be in writiat aad sAall be a part of thi~ mortgate agreement as fully as f
tAouth ~et forth rerbatim 6erein and shall 6o~eto 6oth partits hcrcto aad t6eir sncees~ors aod auigos. No lien upon anr of said policies of
iasu~aoce or upon aar refuad or retura premium whid? mar be pa~ablt oa the ta~tellation or tcrmiaatioa thereof, ahall be given te ot6et
tAaa the Mortgagee. e:cept br proper eadorsemeat a~ed to sueh politr aod approved bY Mortgagee. EacA poticp of in~uraace ahall have
adi:ed tAereto a Standard New Yotk Mortgatee Clause witlwut Cootributioo, makiag all losa or lo3ses uader such policr payable ~o chc Mor~-
gasee as its iaterest may appear. la tAe ereat aoY sum ar swes of mooe~ beeome pa~able taereuader ~he Mortgagee ahall ha.•e the optioo
to rcceive aad spplY the same oo attount of tbe iedcbtedetss hereb~ setu~ed, or to pena:t t6e Mortgasor to receive and use it, or aar part
thereof. without therebr wai~inY or impairia` aaY equitr. lien or ri~ht under aad bY virtue of tAi~ mortgage. In event of loas or p6ysical
damate to tAe mortga~ed propcrtr the Mortgagor aAal) gire immediatt notice thereof b~ mail to the 111ortgagee and the ~tortgagee maY mate
proof of bss if the same is not madt promptl~ b~ the Mott~stor. In eveot of forcelosure of this mo~tgage ot other traosfer of title to the
mortaaged property-in e:tiaguishment of tbr iodebtedaesa seeured hereby, all ri~ht~ title a~d iatereu of the INortgagor in and to any iasur-
aoce polieies tAc~ io foree shal) pa~s to the purc6aser or grratce. -
TAe MortgaRee may: at in option, aod withaut wai~•+ng its right to acrelerate t6e iadebttdaess hercb~ aecured aad to foreclose
+he same, psy either tufore or after deliaqueoeT aa~ or all of t6ose eenain obligations reQui?ed br the terms hereof to be paid br the ~1ort-
gagor Eor the protection of the mort`age securiqr or for tAe rnlleetioo of tAe indebtedness hereby seeured. All aums w ad~ anced or paid by
thc ~tor~gagee shall be eAsrged into the martgage aooouot and become ao intrgral part thereof, subjeet ia all respeets to the terms, condi-
tions, and rn~~ertsnts of the aforesaid Fromi~wn oote, and this mottgage, as fully aad to the ssme e:teat as though a part oE the original
ind~btedne.s evidcnccd bp aaid aote aad secured br this mottgagq t:teptiog, however, that said sums shall be repaid tht Alortgagee forth-
rrith upoa its dcmand and be in addition to the resular mont6ly ia~tallmeats provided by tbe mort~a`e note.
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i. That the abstratt or abstratts of title coveriog the mortgased propertY shall at aU timea, duriaa the life of this raortsage, remaio
in tht poxsesaion of the btortgagee and in event of the forectosure of this mortgage or other traoafer of title to tht mortgaged propcrty in
extingui.hment of the iadebtedaess xcured hereb~. all righti title aod ioterest o( t6e Mortgagor io aod to aa~ auth abstrscts of title s6a11 pass
i' to tAe purchaser or grantee. _
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9. That no waiver of aar coreaant herein or of t6e obligation seeu~ed herebr shall at an~ time hereafter be held to be a waivcr
j of the terms hercof or of the notc eccured hereby
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10. Thst in order to accelerate tht maturiqr of tht indebtedocss 6etebr secnred becau~e of t6e failutt ~f the Mongagot to pap aor
~s: a•.e•~meo~, liability, obligation or eocumbranee upon said propert~ aa hercin ~wvided. it shall not be neeesaar7r aor requisitc t6at the
Alorigagee shall 6rst pay tde ssma
11. To the esttnt of the indeMednesa of t6e Mortgasor to tht Mortgatee deacribed itereia or aeeured herebT, the Mortgagee i~ 6ereb~
>uf.rogstcd to the lien or lieas and to the rishb of the ovrners aod 6olders thcreof of eath and erer~ mottgage, lien or other incumbrasee
un ~he land describcd hereia which is paid- and/or satis6ed, iw whole or io part, out oE the proeeeds of the bao deseribed herein or secured
htrehy, and the rc~pective lieas of said mortgages, liens or othtr ioeumbranees, sAall be aad che same and each of ~6em herebT is preurved, 4
aa~ .hall pass to and ix held br the 'Alortgasce 6erein ss seturitr for tbe indebtedness to tAe Mortga~ce 6treia deseribed or hereb~ secured, ~
to ~Fc •~me e:tent that it would 6are beeo preset~ed aad would 6ave beeo paased to and beca 6eld b~ the Mortgagee had it beea dnly and ;
rcKularly s~•igned, transferred, ut over, and delirered unto tfie Mortgasee br xparate deed of a~signment, notvsithstanding tht fact that ~
rhe •ame ma> he satisfied and eancelled of reeord, it being tbe intention of tAe parties hereto that the same ~sill be satia6ed snd esncelled ~
of record by ~he holders thereof st or about the time of the rernrdiog of this mongage.
12. If any of the sn~of moner Aerein reterred to be not promptlr aad fullr psid within thirty (30) dara ne:t aftet the samc serer- F
all~ come due and pacable, or if cach and e~er~ the stipulatioos, ssreements, eooditions aod eoreaants of aaid promissory aote aod thi~ mort-
K~R~ or either, sre not dulp performed, complitd with and abided b~, tbe aB6regate sum meationcd in ssid proraissor~ note or otAerwise
•~cur~d heref.~ shall become due aad payahle forthwith or thereafter at the option of tAe Mortgatrr as full~ and complettlr as if said aggrt
Ra~e •um of mon~~ was originally stipulated to_1+e paid on sucd dsy, sn7rthia6 in sai~,p_so~aiswrr aose or herei~ to the eootrlry notwithsqndin~.
13- The Nortgaqor, its suceeswrs or a»igns, is to comply with ~he terms and eonditions of ~ tonatrurnon ban aRreemeat lxaseen tht
~tortRaRor and the llfortKaRee, an eaccuted copy of vrhich is in the poasession of tbe 1?lortgagee and said rnostruction ban a~recment i.
her~h~~ incorporated herein hr reference and made a part hertof, and an~ def~ult nr Mortsagor under said rnaslruetion loan s6reemeat
shfll be eonsidtred an c~cnt of de(ault un~er this mortgage. "
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-li. It is Aerebr eapte~slr agreed that ~he \tortgagee, its succeswn and as•iRm wili release from the tien of this mertgs~t anr of the ~
Ic~t• d~•crihed herein upon which there has been rnns~ructed a buildinq upon the pa~mcnt hy the AlortgaRor to the Atortgagee of such sum. s• ~
hs.•e b~en ad.~aneed by tht ~tortgs6te on the Iw o- lots to tre rcleased, toRe~htr Kith accrucd inTrrest, pro~ided that the ~1ort6sgor, it• -
su;c~+wr~ or a~siRns are not ia default under any of th~ terms or conditions of this mott~age or an~ obliRa~ion or liabilitr secured hereb~,
and ha.c fully c~mplied vsith the term~ and ainditiona ot the Construction Loan :\gre~mc~t 6etweeo the ~tortgagor and the A1ort~a~ee.
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