HomeMy WebLinkAbout2120 ~
*for the full insurahle value
To k~~p tAs bY1td1~` a~d ati eQuIDM~nt and pe~aonal property pow or heresttrr on nafd premi.~., co~ered Dy thl+ J~furtKaR~,
{~~~~~~t~~lat_l~_o~~~piste Er tlre a~d sucA otAe~ in~urat~ls ~erlls a~ the Aa.roclRtfon ahsll (rum t~mr to time re~uire, in auch
~~'daoRn~i7CtXit~dE ![a~i7~ihalt reQUlrc, 5y a eompany or cocn, anles and throuKh an aRrncy aat~sfwctory to the Axyuc~ation, and
polte~ or po11=1e~ ~hall De Aeld Er the Aswciatlon and •Aal! ~ear a staRdard New York mc~tKuRrr riauie wfthout c:?otrlbutlon,
ma![!as th~ loar under pld po llclea parable to the Aasociation a~ mortga~,e w~ Ils intere~t may appear, and In the event any
sums ot moa~r Mcom~ payRp~e under such policr or policiea~ the Aaaoclatlon shwll hace the option t~~ recel~•e and apply tAr aame
on ~ccount o[ tlt~ Indeptednea~ hereDy secured, or to permit t1~e mort~aRor to reeelvc and u~~ it. o~ aoy part thrrcof, tor otAer
D~rDOae~ wltAout tAereAy waivin~ or Impairiog any edultY, llen or rlRht u~det and by ~Irtue of tAl+ mortgaRe; end in the evcnt the
mart~ or doN pot W~oply wi•h trla co~en~n~ t1e mortgagce msy place •o~! pay [or ~uch insurtnce, ot wny part the~eof. without
~~~~lat or attectlps tAe optloa to torecloae, os sny rl~ht hcreuade~, and every payment so mRdc ahall Decome part ot tAe 1ndeDt-
ednes~ Neutrd by th1~ ~qorttase, Rnd shall be~r interest from the date ot pa yment therrot wt the r+?te provlded In lhe promlasory
•ucA maqp~t y~p~' ~j~~j~ ~h~~ edt so made, and lntetest tAereoa, shal! be npaid by the mortgagor to the Aaaoclatloo 14
repul~a
~~~~~~!~~~~~N~~lDIlIQ K X~lE 1~OGC~7(be~a[R~x ~~O~WtK~ '~dqC~r~~~t~~C~C
~~y~~,~?Q.l~tdCl6~d~u9ii~alf~~di~~~yl~(~l[~aC
• At~OiDC 7[d(d~ ii
At~te~`Hld~fidoltl~~d~Id~~41~d~3-
~~~~aoeKx~~t~o~r~ a~cae~~axncx~~x~xxbar ~oxx ocar~a x
aQ~~~+~c~x~~a~xl~x
i. It ths moet~atoe ~h~l1 h~~a ualsned oe cause to be asel~ned to the Aesociatlon now or hsrratter aar pollc~ of ll[e lwur-
ance u adAldoaal aacuaity tor tQe IndeDtedneq secured br th1~ mort`a60. tae mongaaor ~tees io Soaa u aay ot sald 1ndeDted-
nes~ remala~ uppald pwmptir to W7 ail premiums on uld lnauraacs w/hen the aame become due and payable, aad I! the ume
ahall not De paid promptlr t4e Associstlon mar par the same v~rltAout watvtn6 or aftxtlag the oDilon to toreclose or apr tisbt
Aerenader, aqd e~e~ paymeat w made ahall become part ot the ~.,a~et~an~s. secured Dy this mortgase, and shall bear Intereat
trom the date ot yapenent thereot ~t ths rate provlded in the ptqmissor~ hote secured he[eDr• and every paYmcnt so mada and
~p=~~~ ~~~+4 ~6all bs reyald D~ tbs mortaagor to the At.aociatioa la such manner as the Assoctatloa absll repulre.
t. To permit, eon~mlt or ~utter no Ml~tl, lmDalrment or deterion?tlon of sald property, or aAy part thereof, and upon the
ftllur~ ot tAe a?ort~s~or to keep the Dulldiolrs on sald pmperty ip good condltion ot repair, the Assoclatloa may demand !hs
tmmedlate npalr ot Kid buUdla~s, or an fncrease in the smount of secuNt~, or the Immediate repaYment ot the debt I?ereb7
cured aad tb~ i~ilure of the morttasor to compir with safd dcmand o[ tAe Assoclatloa tor a pe~lod ~f thirtr (]0) daya~, ihall
canatltut~ a breaeh o! tbla mortt~6e. and st the optioa of the Aseociation, immediately mature the eotire amount of principal
and Int~h~t he»bY ieeutyd, and immMiatetr sad without notiee, the Aesoclatlon may lnatltute DroeeedJngs to foreclose tAti mort-
~ats aad apOly for the sppointment ot a Reeefver, as h~reinatter provlded; and the Aasociatlon shall hsvs the rlgbt to tnspect th~
mortpted D~'emisea to aaeertalu compllaace with tAia co~enaat
7. To Dertorm, compl7 wlLa anA ablde D~ eacA and eresy tle stipulatloaS a8reements, eoadltfoas and co~enanb ia ~afd prom•
Iporf aote aad tnb mortta~s deea set forth.
i. It an~ of t~s rum~ ot moas~ Aeretn refc~rcd to be not promDtlr aad fully patd wtthio thtrtr (!0) dars aext a[ter the ~ams
~evera117 becoeq~ due and DaraDle, or it each aad every the etipulstfons, agreements, coaditlone, and covenaats ot wid promlwor~
note and thl~ mottaa~ or elther, are not duly pestormcd, eompllM witA aad ~bidcd by, the atCRregate suae mentloned 1n si14
Dro~i~aor~r nots ~hall Decotqe due and pay~Dle forthwith or thereaiter at the optlon ot the Aaaociation, as tully and completelr u
If uld a«retate sum of moaer wu origiusiir stipulated to be pstd on such day, ii~rLAlpg'Ip uld yromisaory aote or hereln to tb~
contr~r~ notwtth~taadlnt.
f. lt la tarther co~enanted and agreed by aafd parttes that fn the event of a suit Deing inatituted to foreclore thls mortgage, the
A~welation ~hali be eatltted to appl~ at tny time peadlna such toreciosure suit to thc court having ~urladiction tt~ereof to~ the
appolatsqent ot a receiver of aii an3 ai~gular •ta ir.ortgaged ~ra~c rtp, and of al! the rent~. incomes, proflts, tssues and revenues
thereot, trom whatsoe~er source derfved; and thereuDon ft Is herzby e:presaly covenantM and aRreed that the coutt shall forthwtth
appolnt a recei~er ot sald mortgagsd property, all sad ain6ular, aad ot sucA rertts, fncomes, profits, Issues and revenu! thereot tro~4
whataoe~er ~oures derived, wit6 the ususl poaera and dutlea ot receivers ia ifke csaea: and such appointment shall De made by sueA
court u a matter of atrlet rlsht to the mortKagee, its succesaora, legat represeqtatires or asslgns, and without retereace to the
adepuac7r or fn~deQUacy ot the ~alue ot the prope rty hereby mortgaged, or to the aolvency or taaolvency of the mortgagor, and thet
euch rant, protib. fncome, fques ~ad rere~ues shall be appited bY such receirer to tAe ~ymeat ot the mortgaga fedeDtcdnea~, ewte
aod chartea. acoordin~ to tAe oMer :,f such couK.
°'~~~~~~x~k~~~~"~t~E~~e4~~E9k~3E ~ ~ ~x~~~~t°~'A~iN~~jP~~'k~lc9e~~t°kxhc
11. ~at tn the e~ent the prem[ses hercby mort td, or an~ part t~?ereot, shall be condemned anA taken fos Dublic use under tl~s
powes o[ emincnt domafa, the Aaeoelstlon shall have~e right to demaed tbat all datna6ea awar~5ed for the taking of or damsaea '
co satA premtsea shall be paid to the Assoctatlon up to the amoaat t6en unpaJd oa tbls mortsage and st the optiou of t6e Assaclatfoa
may be ayplled upon the payment or payment~ laat DayaDle thereon
12. 1hs mortaagor bind~ himaelf not to erect or permlt to be erected anr aew buUdings on the premises heretn mort~nsed or to
add to or permit to be added to any ol the ezisting [mproremeaU thereon or make any cLang~s or elteratloas la satd 1mprn~ementa
whlch msteriallr change the ume or the uae thereot, without Lhe e?ritten conaeqt of the Aseociatloa, aad ia the erent of anr vlola-
tloe or attempt to vlolate tbis stiDqlatlon tdf~ mortsage and aU su ms securcd hereb~ shall fmmediately become due and collectible st
the optlon oi the a~sociaUoa
li. It la speci[Icalir agreeA tLat time Is of the easeace ot Wts rnntract and thai no waiver ot anr obllratlon Dereuader or of tbs
oDlisatlon eecured hereb~ shall at aoy time be beld to be s wslver of the terms he~eo! or of the fnstrum-nt secured Aerebr•
14. I[ foreclosure proceedlags ot an~ second mortgage or ucoad trust deed or say ~unior 1len of anr klnd ~hould be lnstltuted,
the Asaoclatioa ma~, at 1L optloa. lmmediatelr or 1Lereatter dcclare this mortgage and the lndebtedness secured hereby due and
payable forthwft6, and ma~ at ib oDttoa groceed to loreclose thi• mortgage.
16. To the eztent of the indebtedneas ot the mortgagor to tbs Aasoclatton desctibed hereto or secured hereby the Aesoclatloa 1~
hereDy ~ubrogate3 to the lten or llena and to the rlgAts ot the owrners and holdero thereof ut each and e~erY mort~age lieo or other
Incumbrances oa the Isad daerlbed hereiq which Is pald or satia[ied In w6ote er in part out of the proceeds ot tha loaa de-
ecrlbed herefa or seeured hereDy, and the res~ec tive llens oi said mortgages, Ileos or other incumDrances, shall be and the same
and esch o[ them hcreby Is preserved and shali ~aas to ~nd be heid Dy the Aeaoci3tion herein aa aecurltr tor the Indebtedaeas to
the A~soclation hereln deacribed or herebr securcd, to the same estent that 1t would bave been preserved and wrould have beea
pasaed to and been Aeld Dy t6e A~soclatlon Aad it been duty and regulacly aaeigocd, traasferred, aet over ~?nd delivered u4to the
waeociailon br separate deed o[ asst6nment. notwfthatanding the tact that t6e eame may De satlstled and cancelied of reeord. 1t
beiag the tqtentlon ot the partles hereto that alI prlor eacumbraoces w1!! be sat3afied snd cancelled ot record b~ the hoiders thereo!
at or about the tlme ot the recording of thts mortgage, but that t6e Assocfatlon will neverthelesa be subrogated to tLe liens there-
of a~ Aersiaabove provlded.
lt. To pay a"late ~arge" ut aot less thsaito.00and not more than 12/ of any Inatallment payaDle br •frtue o[ the sald prom-
Issory note or anr pa ymeat reQUfred to be msde Aereu~der w+hen ald lnstwllment or payment is aot paid w~e~in ~sqa aftar loe
due date thereof, tde amount ot ~ucL "late char6~" t? M de!ermlaa3 by :8a d?auciatiou.
17. To par alt and afngular the coats, cha~ges and ezpensea, iacluding tawyer'e fees, reaeonably fncurred or patd at anr tlme
bY the Assoctatloa, because ot tAe fa(ture_ot tAe mortgagor to perform, comply wtth end abide Dy eech aad every tbe ~tipulatlons,
s8rcemente, conditiona and covenante of aald promiaaory note and t619 deed, or either, and every ruc5 Datment shali bear intereat
from date at the rate pourne br the prlnctpal iodebtedness eecured Lereby.
withla twrentrgt20j reara~from t
cgda
e hereofeto the same extent~as I[ suc~h tuture dvanees
were msdetoa the ditegof the ezecutlon
of thli martgage; Drorldsd, howerer, that the total unpafd balance of the indebtedners ~ecured h~ thle mortgage at anr ooe time
ahall not esceed a mazimum prlnclpal amount epual to 200 per cent ot the principal amount oriBina(Iy aecured hereby, ptus intereat
on such ma=imum priaclpai amouqt apd any disbursementa made tor the Dayment of tates, leviea or lpsurance on the propert~
:orered b~ t61~ mortsage, wlth 1pte~eat oa auch dfsDursements.
1!. Whea any amount ot moae~ to be petd bY the Ddortgagor !o tke Mortga8ee under tt~e terma hereot ahall be fn defau~t, or
~houid the ~[ortgssor default in anr ot the other terma, provlaiane or conditiona of thla Sfurtgage, then snd in that caae, the ]tort-
Bagee shsii ha~t ti~e ri6ht, without notlce to the Ddortgagor, to collect nnd recelve trom any tenant or leasee ol sald wortgaged
premlies the rents. Isauea and Drofit• o[ the reai estate hereby mortgaged and the fmprovemente thereot, and to give proper re-
ceipte and acQuittaecee theretor, end after paying a!1 eommfaseons o[ any renta! agent collecting the ~ame, and any reaeonable attor-
neys tees Rnd otAer neceesary e:penaes incurred 1n coliecting same, to apply the proceeda oI auch collectiona upon anr indebtedhesr,
obligailon or llabf!lty, ot the ~(ortg~gor Aereunder. The rlght granted the llortgagee under :hla psraqraph shait be !n addltlon to,
and rhall aot lfmit or reatrlc~ apr other rlght or rlghts granted t6e ~ortgagee In thta ]fortgage,
~ ~o~K 211 ~~~i 2118 v
~'?ra~.~~3.r~ .r ~ e. - -
F ~ ~~~.5'YM`~ ...~r ~ ~:~'3
~~4~c'~~ $ + ~ ~
z
.iy,~° ~4,~5 :~..f Y ~n..'4~~~ s
_ :.r ~ - i~ t~, ~
_ a ~ ~ . .r~'~'~~-..
~ ,:~+'e`