HomeMy WebLinkAbout1610 2. To pe~mit, commit or sulfe~ no wsue and ta maintsio the imp~o~•emenu at all times in ~ iute of ~ood ~epai~ ard coadi~ion; ~nd ~o
do or permit to Ix done to said premises nothin~ tAat will alter or chan~e the use and character o( said proparty o~ in sn~• ~+ay impsi~ o~
weaken the security ot this mort~sse. And io case of the tefusal, ae~leet or inabili~y of the Mort~a~or to ~epai~ snd msio~~ie •aid proper~>,
~he I?1ort~a=ee msy, at its op~ion, mate ~ueA ~epsi~s or cauae the ssme to ~e made, and ad~•aace moneys in that bchalt.
3. To par all and singula~ the la:es, asu~sments, le~~ics, liabilities. and obligs~ion+ of ~ve~r eature oo said deuribed propeny
each and every when due snd psyable accordint to law. before tAey ~ecome deliaQucnt, aad to delivt~ to the Mortea~ce on or ~efo~e Ma~cA
Ifth ol each year ta: reeeipti evidencing the psymeat of d) Iswtully impoud u~es fo~ the prectdia~ caleadar r~ar; to iademaify ~he Mort-
a`ee upoa its demand fo? ~II taxCS, issttsmentf aad tbar~a that msr se ssusud upon this mortaa~e oa the iadcbtedaess ~eeured Aercb~,
aad paid br the Mort~agee, vrithout ~c`ard to any law Ae~etofore enaacd ot hereafter to be eaaaed imposins paymeat of ~he whole o~
any part thereof upon the Mortsa~ee.
It ia furthe? covcnantcd and atreed b~ said p~rties tA~t ia the evcnt of a suit beio~ iastituted to forecloie this mortYa~e, the
Ptort~a~ee shall be eotitlcd to applr at sor time peadia~ ~ucA foreclo~ure suit to the tou~t h#vioQ jutisdictioa thtrtof fot the appointmeat
of a reeeiver of all and singula~ the ~oort`ated propertr. :nd of al! rent~, inrnmeti probts, i~iues aod ~eveaues tAereof. from what~oeve~
wuree derived; and thereupoa it is Ae~ebr eapre»Ir coveasated aad agrccd ehat tAe eourt sAall Eorthwith appoint auc6 rcceiver with the
usual powecs aod duties of receiven ia like case~; aad »id appointmeat s6a11 be made br the oourt as e matter of ~trid ri~At to tbe Mort-
ga`ee, aod without rete~eact to tht adequae~ or iaadequaer of the value of tAe properry Aerebr mortgaged, or to tAe solveacy or inwlveacr
of the Mortgaaors or ~or otAt~ pa~ defeodant to ~uch sui~ TAe Mort`aaor Aereb~ speei6call~ waives the rigAt to object to tht appoiatmeat
of a receive~ as aforesaid ~d herebr e:presaly oonuaq that sueA sppoiatmeat ~hal) De msde a~ :n admitted tquitr •ad a• a matter of
absolute right to the Mortgagee and chat t6e »mt ms~ be done without notiee to tAe Mortga~or.
5. To pay all aad singular the eosts, charges and espea?es. includiug attoroer's tees ~nd abstcaet eosts. reawaablr iaeurred or paid
st anr time by the Mortgagee because of the failurt of the Mortgs~ot to perform. complr with, and abide br each and everyr the sNpulationa,
agrccmeats. rn~ditioas~ and covcoaoa oE ssid praniswry aote and of tAis mo~t~a~e~ or either.
6. That the Mortgagor will keep att real aad penona) propertr oow or heresfter eocumbered by tAe lieo of this moctg~ge iosu~ed
as may be required from time to time by the Mort~agce ataiast loss b~ 6re. windstorm and otAer hazards, tasualties aod oontingeoaes for
sucA periods aad for aot lcss thao aud~ amounb as may be required b~ the Mortp~ee and to pay pranpttr w6to due all premiums for iuth
io~uraace. The amounts of iasuraace required b~ the Mortgagee sAal) be t6e miaimum amouab for w6ich said iasurance shall be written
and it shall be iaeumbent upoa the Mortga~or M maintaia a~eh sdditioosl iaiuraott as mar be neecssary to meet aad oompl~ fully with
all co-in~uranee requiremeats coataincd in aaid polides to the end that said Mortgaaor is aot a eo-ia~uror thereunder. losurance aLall be
wriaea by a eomP~ol a~ ro~P~~~h ~PP+~r~ or desisnated b~ t6e Mortga~ee aod all policies aad renewals tAercof shall be beld b~ the Mort-
gagct. All detailcd desigaatioas br the Mortga~or which are aceepted b~ the Mortgagee aad al) agreeweab betweea Monga~or aad Mort-
agee relating to inauraoce, aow esistia` or 6ereafter made. s6at1 be in w~itias and ~hall be a part of this mortgsge agrcement as fullr as
thoush aet fort6 rerbatim hereia and ahall gorern bot6 pa~ties 6ereto and their sueeessors and auigns. No lien upon any of said polities of
inauraoce or upoo aar refuad or returo premium w6ich mar be payablt oo the eaneellatioa or termiaatioo thereof, ahall be givea to ot6er
thaa t6e Mortgagee, e:cept br proper endorsement aized to auch polier aad approvcd br Mortgagee. Each polic~r of iaauraaee ~hall have
aRi:ed thereto a Standard New York Mo~a`ee Clause wit6out Contribution, making all loss or lossea unde~ such policr parable to the Mort-
gagee as its interest may appear. lo the evtat anr sum or sums of mone~ beaome pa~able thereuader thc Mortgagee ahall have the optioo
to reeeive and apply the same oa socount of the indebttdaeu herebr ueurtd. or to permit the Moregagor to rcceive and use it, or aoy part
thereof, without tberebr waiving or impairing any equitr, lien or ri~hht under and b~ rirtue of tbis mortgage. In eveat of losa or physical
damage to the mortgaged propertr the Mortgagor shall ~ive immcdiate notice thereof by mail to tAe Mortgsgee and the 111ortgagee may mske
proof of losa if the aame is not made promptlr b~ the Mortgagor. Ia erent of foreclosure of c6is mortgage or other traasfer of title to the
mortgsged propertr in eztingui~hment of the iodebtednesa seeured hereby. all right, title aad iatetest of the Mo~tgago~ in aod to aoy ia~ur-
ance policiea theo ia foree s6a11 pass to the purd~aser or g~aotce.
7. The MortgsRce m~y, at its option, aod without wai~ing its tig6t to aceelerate the indebtedaess 6ereby seeured and to foreclose ~
the same, pay either before or after delinqucoc~ aar or all of those eenain obligatioos required br the terms hereof to be paid br the 1?torc- ~
gagor for the protection of the mortgage securitr or for t6e rnllectioa of the iadcbtcdness hereby secured. Ali ~um~ so advanced or paid by
the Mortgagee ahall be cl~arged into the mortgage aooount and become aa integral part t6ercof, subjeet in all respeets to the terms, condi-
tions, and rn~•tnants of the afore~aid promiswrp aote, and this mortgage. as fully and to the samt e=teot as t6ougl~ a part of the original
indebtednesa evidenccd by aaid aote and seeured by this mortgage, e:cepting, however~ that said sums s6alt be repaid the Mortgagee forth-
wirh upon its demaad and be ia addition to t6e re~ul~r montAl~ installmeab provided by t6e mortgage note.
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i. That the abstraet or abst~acts of titlt rnvering t6t mortgaged propertr shall at all times, during the life of thia mortgage, rcmain ~
in ~he posses~ion of tAe Mortgagee aod in event of the foreclosure of t6is mortgage or ot6er traa~fer ot title to the mortgagcd property in
c:~inguishment of the iodebtedness secured 6ereby, all right, title and interest of t6e Mortgago~ ia aod to aay auth abstract~ of titie shalt pass
to the purchaser or graatee.
9. That no waiver of any rnvenant hcrcia or of t6e obligation seeured hereby ahall at aoy time hereafter be deld to be a waiver
of the terms hereof or of the oote sccured herebr
10. That in ordcr to accelerate the maturity of the iodcbtedness hereby sceured beeause of the failure of the Mortgagor to pay anr
taa a•~e.sment, liability, obligation or ertcumbrance upon aaid properq as herein proridtd, ~t s6a11 not be nece:~ary aor rtquisite that the
I~tortgagee shall fint pay the samG
11. To the e:tent of the iodebtedaes~ of the Mortga6or to t6e Mortgagee deuribed 6ereia or secured 6erebr, thc Mortgagee is herebr
.uMrogatcd to thc lien or lien• and to the rights of tht oaaus and holders thereof of each aad every mortgagr. lim or otAer ioeumbrance
on the land dexribed herein which is paid aod/or ~atisfied, io w6ole or ia part, out of t6e proceeds of the ban dexribed 6ereio or seeured
hcrcl.y, and the respcctive lieas of aaid mortgsgta, liens or othcr incum6rances, ~hall De and t6e same aad tacd of th~m 6trcby is pre~erved~
aod .hall pass to aad be held br the Mortgagee herein ss seeurity for the iodebtednesa to the Mortgagee dereio de~cribed or hereby secured,
to thc •ame extcnt thac it would have been preurved and would have been passed to and been held by the Mortgagee had it been dul~ and
regularly sssigned, tranaferred, set over, and delirered unto the Mortg:see br separate deed of assignment, not~sithstandiog the f:ct that
; ~he }ame may be ~atis6ed snd cancelled of reoord, it being the iatentioa of the parties hereto that the aame Nill be satis6ed and cancelled
~ of rernrd by tAe holders thereof at or about the time of the retordiag of this mortgage.
IZ. if any of the sums of money hereio referred to be not pranptly and fully paid within thirtp (30) days ne:t aftcr the ~ame sever-
all~ come duc and payable, or if each aad e~ery the stipulations. agreements, eonditioas and eoveqaots of said promia~ory note aod t6ia mort-
Kage or cither, are not duly performed, rnmplicd rith and abided by, the aggregate ~um mentioned in aaid promissory aote or otherv~ise
~~cured hereby shal! become due and paysble fonb~+it6 or thereafter at the option of the Mortgagee; as fully aad eompletcly as if said aggre-
i R~te .um of moncy wae originally stipulated to fx paid on such day, aaythiag io said promi~sory note or herein to the rnntrary ootwithstanding.
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' 13. The Mortgagor, its successors or assigns, is to comply with tht terms and conditions of s rnnstre~ctioe loan agretmcnt I~etween the >
j Mortgagor and the Mortgagee, an e:ecuted rnpy of which i~ i~ the poasession of the Mortgagee and said construction loan agrecment is ;
hereby inrnrporated herein by reference aed made a part hereof, and any default by bfortgagor uader uid eonstruetion loan agreement ;
sfhll be considered an event of default under this rrrortgage.
i 14_ It is hereby expre.sly agreed that the htortgagee, ib auccessors and assigns vcill release (rom tht lien of this mortgagt anp of the i
' lota desc~ilxd herein upon which there has bten rnnstructed t building upon tht payment by the Mortgagor to the Atortgagee of such sums as
` have been advaneed by the Mortgagee on the lot or lot~ to be released, together with accrued interest, prorided that tht Mortgagor, it~
succeawrs or assigna are not in dcfault under aay of the term~ or conditions of thie mortgage or aay obligateon ot liabilitr seeured hereby,
and haa-e fully complied with the terms and conditions of the Construction Loan Agreement between the Mortgagor and the Mortgagee.
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