HomeMy WebLinkAbout0079 3. '!o keep the building and all equipment and personal pro{xrty nuN e~r herca[trr on said pmmises, co~•ered by this Ttortgage, insu~ed against loss or
dama[e bY fire and such uther ~nsurable penls as thr Aacuciat~uu .hall trom tm~c to Gme ~eQwre, in such amounts as the AssociaUon shall require, by a
company ot compan~es and througn an aK~'~~~.1 • -`w`~::-•=. •~r ~~I~c1~c shall be held b~ lhe AuociaUon and sAall bear a
,tandard New York l~iorlgager clause w•it~out cuntnbutiun, mak~ng the loss'unAer said putic~es pa}~aGle tu the Assoc~atiu~ as Murtgagee as its ~nterest may
:~ppear; and in the erent any sums ot muney become pay~able under such polic~~ ca pulicics, the Aswciatiup shall hace the option to reeeive and apply the
.ame on account o[ the indchtedness hcrcb>• secured, or lo permit the !11urt~agur lu mceive and u;e it, or any part thereot, tor other purposes, without
thrreby waicing o~ impairing any equiq•, licn or nght under and by cirtue m lh~a murtgagr, and in the e~•ent tAe moAgagur does nut comply with this
r~,vena~t, the Mortgagee may place and pay for such insurance, ur any part thercot, withuut wah~~ng or atfecting the optiun to (omdose, or any rigAt
ticreunder, and every paymeat so made sh~ll become part ot the indebtedness securrd b~ this mortKage, and shall bear interest trom the date ot payment
thcreo( al the rate provided in the promissury oote secumcl hereby; and evcry pa~~mrnt so made, and interest ihercon, shaU be repaid by the 1ltorlgagor to
the A~tociation irt such maoner as the Association shall requim.
f. In ordet to more tulty protect the security ot fhis mortgage and pro~•ide tor the pa~•ment o! taxrs, asscssments and insurance prcmiums upon the
property encumbered Aereby, tAe rlssociaUon may requim, a~d in that rvrnt tAc \1urtKaRnr aRrces to pa~• to the AssociaUon each monih at the time the
payments proti~ided by said prumissory note are due and in additiwi to said µ~~ments a sum equal to one-twcl[th of an amount estimated by tht Association
tv be su[ticient Io~ the Associatiun to Fay said taxcs, asses,mcnts and ~n,urancc prcmiums whrn tAe same are payable. 1[ the amounts paid under this
paragraph ahall nol be sutficient to enable the Avoc~aUon tu ~1[~ I~XCS, 7SSl'551TCI1L5 :lll(I lnsur.~nm premiums, the \lortgag;ir shalt pay the dit[erence to
thc Association on demand.
5. It the Morigagor shall ha~~c auiRned or cause to be assignM to the Association now or herca[ter an>• poliey ot lite insurance as additional security
lhe indcbtedness secured 6}• this mortgage. the Atortgagor agnrs su lung a~ an~~ ot wid ind~•btcdn~~ss remains uopaid prumpUy to pay all premiums on
-a3d insurance vrhen the same becume due and payabte, and Ihe same shaU nut be paid promptly the Association may pay the same without waiving or
a«ecling the optiun to torectosr or any r~ght hereunder, and erery pa>'mcnt c~~ m:,de shall brcome a part o[ the indebtedness se¢urM by this moHgaqe, and
:halt bcu intercst trom the dale ot papment thcrcof at Ll~e rate pro~•idcd in the prumiswry note sccurM hereby; and everp payment w made, and interest
therron, shall be repaid by the ~tortgagor to the Associateon in such mam~er as the Assc,ciatiw~ shall require.
6. 'fo permit, commit or sut(cr no wastc, impairmcnt or dctcriuration of saiA propert>, or any part ihereo[, and upon the iailure of the 1?iortgagor to
Kecp the buildings on said property in B~ cond~tiun ot repair, the Associati~,n may dcmand lhe ~mmediate repair ut said buildings, or an increase in the
amount o[ security, or the immedtate repayment of the dcbt hcrcby sccurcd and the failure ol lhc rSortgagor to comply with said demand of 1he r~ssociation
t~~~ ~ period of thirty (30) days, shall coost~tute a breach ot this ettu~tKagr, ~nd a! the opti~n of the Assuciation, ~mmediatel~ mature lhe entire amount of
principal and interest hercby secured, and immediately and w•ithout notice, ihr Associatiun may ~nsUtutr proceecfings to toreclose this mortgage and apply
fur the appointment of a Reteiver, as hereinafter provided; and thc Associativn shall have the nght to inspect the mortgaged premises to asccrtain tompliance
K~ith this co~enant.
7. To peKorm, complp with and abide by each and ecer~• the stipulations. agreements, eonditions and covenants in said ptomissory note and thb
~~ortgage decd set torth.
8. II an3' of the sums ot money herein rnterred to be not promptly and [uliy paid ~vithin thirt~• (30) da>~s next after the same sevenlly become due and
pacable, or i[ each and every the sltpulations, agreements, conditiuns, and cucenants of said prom~~sory~ note and this mortgage, or either, are not duly
performed, comptied w•ith and abided by, the aggregate sum mentioned in said promissory• note shall become due and payable [orthvcith or tRereatter at the
~~ption of the Association, as fully and completely as i( said aggregate sum ot muney vcas originatly stipulated to be paid on such day, anything in said
promissory note or Aerein to the conlrary notwithsWnding.
9. it is turther eovenanted and agrecd by said parties thai in thc ercnt ot a suit be~ng tnstituted to toreelocc this mortgage, the ~Ltsociation shall be
e~~titled tu appty at any time pending such toreclosure surt to the court hacing ~unsd~ction thereot [or the appointme~t ot a receicer oE alt and singular the
mortgaged property, and of atl the rents, incomes, protits, issues and rerenues therrol. (rom w~hatsoea•er source den~•ed; and thereupon it is hereby expressly
co~enanted and agreed that the rnurt shall [orthwith appo~nt a rcceiver ot said mortgaged propert>~. all and singular, and ot such rcnts, incomes, profits,
i;;ucs and revenue lhereot trom ~rhatsoe~-er source deri~•cd, w•ith ihe usua! powcrs and dutics ot remt~ers ~n like cascs; and such appointment shall be made
b> such cuurt as a matter of striet right to the ~Sortgager, its succeswrs, legal ~~prescntati~~es or ass~gns, and w•ithuut mterence to the adequacy or inadequac~•
the value of the property hereby mortgaged, or to the solcency or insolvency ot the Afortgagor, and that such rent, protits, income, issues and revenues
,hal! be applied by such recei~~er to the payment of the mortgage t~debtedness, costs and charges. accurding to the order uf such court.
10. If a convey~ance shait herea(ter be rtsade o! the mvrtgaged premises hercie described or ang part thereoi. then at the option of the Association, and
K~~thout notice, all sums ot money secured hereby shall immediatel~~ and concurrently w•ith such cunceyance become due and payable.
il. 'I'hat in the ecent the prem~ses hereby mortRaged, or am' part thereuf, chall be condemned and taken tor publie use under the pov~er ot eminent
i~main. the Associalion shall have the n~ht te demartd that all dama~rs awarded the laking of ~r dama¢es to safd premises shall be paid to the Associalion
ip to the amount then unpaid on this mortgage and at the optum ot the aswciatiun mac be appli~•d upen the pay-ment os pa>~ments last payable thereon.
I2. Tt~e ~IortKagar Ginds himself not to erect or prrmit to be erected any nrw• bu~ldings un the pmmises herein mortgaged or to add to or permit to bc
.:~ided to any' of the existing ~mpru~ements therctim or make an>• chan~~~s or alteraAnnc in sa~d imprueements ahich matenally change the s~me ot the use
tF~~mnf. ~citnoid the w-ritter: cansent of the Assucia6un, and in the rccnt iaf an>~ ~~lolat~un ur attempt to ~•iulate this stipulation this mortgage and all sums
s~ cured hereDy shall immed~ately become due and collectible at the uption ot the Associat~on.
t3. It is speciftcall~~ agreed that time is of the ec;ence uf this cuntract and that no w~an~ec of an~ ubLgatiun hereunder or ut the obligalion secured
~~~reby shall at an>• time be held to be a vrai~•er o[ thc terms hcreot or ot thc ~nstrumeut secured hereby.
, 14 I[ foreclosure proceedm~c o[ any sen~nd mortgage or SCCUnd trust deed o~ an>- ~unwr licn of any kind should t~e instituted, the ?l.ssociation map, at
i it< option, immediately or thereafter declare this mortgage and the~ ind<•t,2rdnrs_ securcd hereby due and payable forthNSfli, and may at its option proc.,~ed
; !o fureclose this mortgage.
15. To the extent ot the indebtedness ot lhe ~fartqaRor to ihc ri~s~~c~at~on de.ceribed herein or secured hereb.• the Acwciation is hereby subrogated to the
?:rr. or liens and to the rights o( the owners and holders thercof uf e~ch and ecrr} murtgage Len or vthE•r ~r.cumbranees on the land described herein which
~s paid or satisficd in whole or in part oul u( thr prc.ceeds of the I~~an d~~~cnbed herein or secured hereby. and the respectiee liens ot said mortgages, liens
~~i c~ther incumbrar.cr~s, shall be and the same and each of thcm her~b~• i~ prescrreci a~id shall pass to and be held b~ the Association herein as security for the
:rdebtedness to the Association herein descnbed ur hereby seci~red. tn the same rxt~~nt that it vrould hare t~ern preserved and would hace Aeen passed to and
t.cen held b}• the Association had it been dul~ and regularlp as~iRned, transicrrcd, set ocer and dclicrred ui~fo ihe AcsociaLon by separate deed of assign-
n:eni, notw•ithstanding lhe fact that the sam~ ma}• be saLsfird and cancelled o[ remrd. ~t be~ng the intention at the parties hereto lhat all prior encumbrances
ill be satistied and cancelted ot record by the holders lhereot at ur atwut the t~me of the recording ot this mortgage, but that the Association will necerthe-
li•<s be subrogat~d tc. the liens themof as hereinalw~~c pro~'Yded
16. To pay a°late cAarge" o! not Iess than St000 and nut n~ore than 12°, ot anc ~nstaUme•rct payable by rirtue o( lhe said Drom~sson' n~te or any
vayme~nf tc~quired tu be made hereunder wfirn said ~nstailmenl or pa>'ment is n~~t p:~id w~thin 10 da~-s after the duc date theteof, the amount ot such "latr
rharge" to be drtermined by tt:c Associatlon
1Z To p.,y all and singular the custs. ~harRrs and ez{xnses. ~ncludinR law'y~'r's (ecc. reasunably incurrrd or paid al any time by lhe A~oc~alion, because
~ ~f The fa~lure of the Jl~~rtga~or to perform, compl}~ w~th and ah;~te I,c each and ecer_ the stipcilatu~ns, c+grc~c~ments, cunditions and eucenants uf said promisso~Y
r.~4c and this deed, or either, ar.d ecep~ such pa~r.u•nt ~hal! IK~ar intrrest (~um ~i~le at the rrtr 1N~urni• by the pnnc~pal mdeGte.iness secured hereby.
18. It is :~greed that th~s mortgage shall secure ar:p t;t~::r a<t~:,rc~~s mad~• by the :1.suciatinn tu the ~l~~rtka~~~r at ar~>• tune w•ithin tu•enty (20) years trom
t,~~ rlate hercot tu tt~e s::me extent as i[ such tuture ;~d.,,nr,•> ~e~•rr made un the datr ut the ezecutiun uf th~s murtgage; procided, hr~ticecer, lhat the total
:ripa~d I~alance ot thr ~ndebtrdni•ss secured Ly thu nu~rt~;a~:~ a!iy mir lim~ shaR nut rxcerd s maxemum princ+pa] amount equal to 200 per cent of the
,~nncipal :~muunt ori~inally secured hen•by~, plus ~nl~•rest ~~n such niaa~mum pnnc~y~al :anuunt ar,d any disbursrments made for the pa~~ment o[ taxes, le~•ies
r inwru~icc un the prupcrt> eoccred by th~s mortgagc, w•~th ~ntcrest ~n such disburscmrnts.
19_ N'hcn ~nc ertu.unt uf m~:ncp ir. tx paid bc th~ SL.rtwa7;~•r U~ tt~i~ 1h~rt~.iG~•u ord~•r thr t~•rnis hcrcoC shall bc in dc(ault or should the Alortgagor dcfault
:r. . m~ nt lho irtiu~r U•rrns, pr~~c~si~~n< ~,r c.~:~dltsun; uf th~s ~I~~rt~:.~R~~, th~~~~ :i:i~1 ~r th:+t ~a;c th~~ \turtf;.q;rc chal[ hacr thc nght, x•dhout noticc to the Jlortgagor,
t•: cuti~~et :~ud rrci•n~~ [n~m any' tert:utt e,r Iesxr uf said m~,:t~.~~~~d pn~mres tti. c.~i,t.. i„u~~. :i:id prv~fd~ ~~t Ihe r~~al es4~te hereb}- murtgaged and the impro~•e-
' mctds flii~tc~~L .~nd t.~ r;~~:F~ ~xr.prr rece:i:!s ::t:d :,cqtntlanc.~. th~~rc(~~r. :nnd aft~~~ pe~~m~ a? ci.rtuni,sum: of anr rental aRent colleet~ng thC same. ar~d any
! .~~:~:~~u.~b~~~ :iftnrr.~•s'c (rts ,tid ~~the•~ r.i~cr~wn' !~x~n•»sr. ~ncu~~ed ln c~dl~~M:c~; ra~n.,. tu appl~ tho pna'erds uf sUCh c~dla•cliut3s u~ivO ana~ ir.debtrdness.
~ ~~bL[:~U~,~~ ~~r liai,~lrtc_ nf th~~ ~lnrt~:~y;~~r h~•r.~uudi r Thc n{~ht ~;rantrd the \l~~rt~;a~;~~~• undcr !h~: paragraph shall h.~ in add~twn to, and shall not limit or
restnct. .~n}• uthor n~;ht ur nqhts gr~rded th~• Jl~~rigabec :n this Jlurt~ay;~•
20. In the event of default herein, Mortgagee shall give Lessor notice of such default and the
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opportunity to cure such default within the time given 11~Iortgagor herein.
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