HomeMy WebLinkAbout1238 2. To permit, commi~ or suHer no .~aste ~ad !a msiwtai~ t1e Nwyro•esnts s~ atl ca~cs i~ a ua~s o( ~oo~ r~osir sFd cond~rop:.and to
do or permit to Ix donc to said premius aothint that Nill slter dan=c chc we srd dsracu~ sJ uid propcr~Y o~ ie as~ ..s~ impsir or
weaken ihe ~ecurity of this mo~~~s~e. Aad io cafc of ~he refu+sl, ~kct w iasb+~~~f d~?e ate~s~or w repai~ aad ~aia~aia •aid pruper~~,
ihe I~1o~tga~ee may. at ia op~ion, make +uch repairs or cause ~he +ase w bc wde a~ ad. s~e ~wwe~s i~ ~Ra~ Aehs1l.
7. To par sll aad singular the uses, assttismcnt~ ka-ies` liabilities~ a~d obti=atioas e1 ~~~crj sst~re oe ssid d~scribcd proper~y
esch snd evc~y whca due and psyable socordias to law, before t?eY beeo~e ~elis9re~t. s~d a dcliser te t?e ~lortsstee ow or betore :~larch
Iith of esch year ta: receipts evidenciat tAe pay~ncst of sl) Iswfull~ i~poseJ tues [w t6e freeediq tslewdsr ~tsr; eo iodnnaify tAe Ator~-
a~ee upon its demsnd for all u:ea, asscssiocaa aad eAartes t6st sa~ De assssae~ rpe~ t4s ~wKs~e e~ t?t i~daetedatss ucu~ed AertoY.
aad paid by the Mor~gagce, NitAo~st reptd to aaY law ?ereeaiore eascteJ er ~creahs~ » Ae esacted iaposias paymeot of tAe whole or
t
any part thereoE upon ~he Mort`aeee.
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lt is further CO~'tO~Dtl"d aad asreed b~ said psrcies tbat :u t?e ere~t ef a sau bei~ isstiaued ~o Eorcclox this raonsase; the ,
I?lortaagee shalt be eo~ided to applr at aa~ time pe~diss soci lorsc7~s~rt srit t~ dr asrt \a~iq juriadiceiw tAtreof fot tAe appoia:meat
of a receirer ot all and sia~la~ tfie mo~ated prope~. aaa ~f all re~t~. iwoo~e~. fro6t~ us~es aaa re~e~ues t~erco~, iw~s ~+hatsocrer
~ource derived: aod thereupoa it is herebr eiprnslr ooveaaated ud ai*eed trat tfe owrt araR fort?wit~ sppa~t sucb rceeirer v~itb the
uaual povrers aad dutics of reeeivers ia like eases; aad said appoi~tec~t s~a11 be ~ade !?T ~?e oourt as a eaaer of atriet ri=6t to the Mor~-
ga~ee, aod without refercnce to tbe adequae~ or inadequac~r of tbe ~alac of tle'sopertT re~ebs ror~aaed. or to t6e wlreneT or inwlreacr
of the Mortpgors or aor othet pa~ defcadau to sner suit 'Re 7?1~apr beres! ~eci6caU! wai~a tbe ri~t m object to the appoiacmen~
of a ~eceiver a~ sEoreaaid and herebp espceasl~ ooaseats t5at soc~ a~poi~seat atiall be made u as sdsiaed eqwtp and as a matter ot
ab~olute ri~ht to tAc Mortgagee and that the same ma~ be do~e witLe~t ~etioe ~s ttie MortsaLK-
S. 'I`o par all aod singular tl~e oosts, d?arses aad e=peaae~ i~drdi~ aaa~se!'s fsrs a~d aDstrstc com, nsaoa:~lY iaenrred or paid
st aar time br the Mortgagee beeause of the failure of t6e Mortsa~or eo ~erfsr~. eosrl~ witk a~d abide b~ eaJ aad eterp ese stipulatioos,
ag~eementa. rnnditions, aad coveaants of said prosis~or7 a~te as~ of tra aortta~ ~t a~e~
That thc.Mortgsgor vrill kecp all _real asd persoral eropertT ww er iereafier e~casbcred bT t4 lies ef t~is sxtsa~e iawred
as m~y be cequircd from time to time b~ t6e 1Nort~a`ee a~aiast loss bT i~ Ri~d~eo~ a~ otieilisardT. wuatties asd-~oetieSeeeier for
suci~ peri~a ~a3 f~r aat lecs t.`.:a a~ss~ as s:ss bt m,~-~'r! bS !4°~*t~!"~ l++~! R~ dYC all ~remiums for sueh
imuraatt. The aroouots of in~uraoee required b~ the Martsaace ~a11 be tLe ~iai~ a~ou~es (er w?ic~ said issurasee a6a11 be written
¦ad it shall be iacumbeot upon the Mortsapor m sautai~ s~i addit~sl iss~ra~oe u m~ be ~eonsarT m Aeet and oaupl~ full~ witA '
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all to-iosurante requiremeau contaiotd 'w said poticiss ta ttct rad thst s~d ~l~r is ~t a ca-i~sszsr t~rre~ltr. Insuraget shall ee i
writtca bY a eanpany or eompanies approrcd or desipatea b~ tie ~i~rgs~ee aa~ a11 P~cies as~ re~e~rab t~ereof ahaQ be beW bT the Mort- ~
gagee. All detailed desigoarioos bp tbe Morttaror w6ieti are socepted b~ ~e ld~nts[ee aad a11 aReeve~s betReen blortSaBur and Mort-
agee relatiag to insuraoce. now ezistius or ~ereafter vaae. akall be i~ writiq aid s\all be a psrt of t~is _o~aae sarec~nent as fullY as
thou~A set forth verbatim Aerciu and sball so~er~ baf parties ~erew a~i t?ear sacce~on ai a~i~si :W ke~ apo~ ao1 of said policies of
inaurance or upou aar refund or return premius wrid~ ~aT be paTable o~ tre wee0aooa er arsi~atio~ tscrcof, s6a11 be siaeo co ot6er
thaa the Mongageq e:cept b~ proper eodorsesest ai:eJ ~s seci polie~ aad a~pr~~d b~ 1~i~~aaee- F.xi policlr of iosuraoce sball bare
afli:cd thereto a Standard Ncw York Mort~a~ce Cla~ae wit~wt Co~tr~ ~aku6 all loss or 3oases ueder s+~c? Polief PalaMc to the Mort-
gagee aa in iatereu may appear. lo the eveot aaJ ws or suss of ~a~e~ bece~e pTable tlerc~der t~ ~1ort6a6ee s6a11 have tAe option
to receive aad ~pplr the same on aaeouat of tre ire~tcd~ess Lereb~ seaze~. ~r a pes~c tre ~lertaaser ts reeei~e and ux it, or ae~ part
thereof, without therebr v~ai~ in6 0~ impairina a~) equit~. lie~ ~r ridt dder ad bT rime of tWs rrtaase_ eccne of bss or physical
aam:ge~e
mor a ~ ~ Y-.makt-_ _ _
proof of losa if the same is not made prooptly b~ t!e Irlortaasor. 1¦ ernt ef foredos~re ~ ttiis ssrtaa6e or ot4er uaasfer of title to the
mortgagcd property in c:tiaguishment of tde indebtedxss seenred icrrbT. a!1 rit?t, tidc aad i~[erest ef the !?'lurtP6or in and to aaY insur- ;
ance policies then io foree shall pa~s to t6e pureba~er or sraatee. ~
7. The MortgsRce may, at in option, aod wii~out wairia6 ib tit?t t~ aoctkrate t~e iadebted~ess 6erebs xcured and to forcclox
~he ~ame, paY either before or after delioquent~ a~~ or ai) of dose artai~ oblisatioas reavired b~ tfe ~erm ~ereof to be psid b~ the ~tort- ~
aaaor for thr orotectioa of the morU[a[e seeurit~ or for the oollcetio~ ef t5e iadebtedee» kreb~ aee~red. Aq soss w adranttd or paid b~
~Ae ~tortgagee s1~a11 be charged into the mortgase aooouat ~d bet,oae a~ i~tega! part ~lereot, sabjea is all rtspeets to ehe terms, eoodi-
tinn., and covcnann of the aforesaid pmmiswn sote, and t~is mortaa`e, u foit~ ud io de sase ezteat as t6ougb a psrt of the original
indcbtedne~s ea~idented by aaid aote aad seeured b~ t6is morgaae. e:cepda& boReoer. t?at ~aid sem ahall be repaid t6e Mottgagee forth- ~
with upoo its demand aod be io additioo to the re~alar aoatLt! iastall~c~u pnsided bf t!e iurtaase oaa ;
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i. That the abstratt or abstracts of title mrerina t6e raortaaaed propertp sraU at aIl tiaes, durus tbe life of this mortgage, rcmaia ~
in the possession of the Mortgagee and in e~ent of the foreclosnre of tlis sort=sae or otLer tranfer of title to tbe mortga~ed property in
cx~inguishment of the iadebtedness setuted hereb~. all ris6t, tide ~d i~tere~t of t~e l~iorgaaor u a~d to an~ auc6 abstracta of title ~hall pasa f
to the purchaaer or grantee.
9. That no waiver of anr tovenaot 6ereio or of tk obliastios see~red krebj a~all at uf oae hcreaher be 6eld to be a wai~•er
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€ of [fie ternn fiereof er of- tl~e sete secLrrd Lrreb~ _ _ _ - - - - - -
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~ !0_ That in order to acceterate the maturitp of t5e indebtedoess iercbf stcnred becaose of rLe failare of c6e ~ioregagor to pap any
tax a«e.sment, liability, obligation or eocumbrance upos uid propert~ as rereia procidt~ u~6ad not. be neees~aq nor requisite that the
~ Mortgagce ahal) 6rst pay the sam~
~ I1. To the e:teot of the iodebtedness of ttie Mor[aaa+or ts tre ~tor~aaee dexribed Lerw or seeoted ltrebT, the Mortgagee ia 6ereb~
~ ~ubrogated to the lieo or lieas aod to t6c ri~a of tbe owoen asd ~eldera t?creof of eac~ a~d e~erT vortaase, fies or other inc~brance
on the land described hereio whic6 is paid and/ot utis5ed, io wiole or u part. oat of tre prooreds of t6e bae dexribed Lerein or seeured
hercby, and the respectire lieos of said mottga6es, lieos or ot~er i~c~bneoa. s~all be aad tie samr and ex6 of them ~ereb7 ia prexr~td,
and .hall pas~ to and be held br t6e Nortga~ee I+etein as secarits for t~e iadeb~ed~eu ts tk Mo~a6ee krei~ dexribed or herebp securtd,
to ~he ~ame e:tent that it would bave bccn prext~ed and Kould hase bee~ paaed ~o a~d bee~ ke{d b' He 6lort6a~ee Aad it betn dulY and
rrKularly as.igned, transferred, xt over, and deli~ercd uato tLe Mort6aaee b~ xparate deed of assianoeoc, wt~sithatandiag the fact tbat
~hc same may be satisfied and eaocelled of reoord, it beins the inte,tioa of ~e partiea ?ere~ tLat t~e same will be satisfied and eancelled
of record b} the holden thereof at ot about t6e time of t6e reeordioa of tLis sertaa~e. j
~ 12. If any of the sums of moaeY herein referred to be not pro~ptlt a~d fdlf paid ~sit~ t~itt! (IO) da~s ne:t after t6e suoe xrer-
~ ally come due and payabte, or if each aod e~ery tAe stipulstioas. aare~, os~didoas and eore~snts of aaid prwaissory aoce and tbis mon- '
Kage or either, are not duly performed, eomplied wit6 and abided bj, tle a~resate s~ oe~tio~ed i~ said promissory oote or otherwix `
~ ~ccured hereh~ ahall brrnme due and payable fon6vcit~ or t6ereaher st t~e opoo~ ~f t6e l~torga6ee a~ futl~ aud compietdT as if aaid aggre- ~
~ Ra~e <um of money ~rss originally stipulatcd to be paid on such da~~ u}tLi~g i~ said pro~iborf ~ote or hertis to tLe eontrarJ ootwithstaudiag_ ~
~ 13. Thc Mortgagor, its succeswrs or assigns, is to comph• ~citi t6e f~17~4 ~L~ lOOA~tiOOS Of i LOYNfi![tWO IOi6 ~~~lrllfpt I1rtNttO 1I1! ~
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tilorigaRor and tfie :~tortgagce; an nccated ropY ef +v~+el?-+re~ tbe--pw~asioa-oi-tie ~f~tas~ee-aad ~id eoAUruction_loa~_agreement i. ~
hcreby incorporatcd herein by reference and made a part Aereof~ and a~s defaah b}~ ~lortaaaor ~mder said eouxruetioo ban agrcemeat
~ sihll be rnnsidered an event of default under this ~aortga6e.
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~ li. It is hereby e=prcssly agrecd that the 1lortgagee, its sucnsson aad a~~i~as will releax fro~a the lien of ~6is roortgage any of the
~ lot~-d~~cribed herein upon-which there h~s heeo rnastructed a buildinE upoo ehe pa~mrat bs [?e ~tortgasor to the ~tartgagee of such sums as
ha~e been ad~•anced by the Alortgagee on tfie (ot or lots to !x rdeased, t~rther with acrrued intereu, pro~ided t6at the l~tortgagor, ita
~3 successors or assigm ore not io dehult under any of tl~e terms or cundirioas of tLis mortaa6e or an~ obli6uioa or liabilitT xrured herebr,
~ and ha~•e fully rnmplied Nith the trrms and conditions of the Coasuuctioo Loao ~6rermeat betv~een [he \tortgagor and the ~tortgagee_
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