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HomeMy WebLinkAbout0109 4. Thn mortgage ~s personal to the Mo~tgagor herein. and no co~veyance Mell bs made by Monyagor of the prem~ses hers~n descnbed or aoy pan crereot w~thout first obtsining the p~io~ wntten consent ot ths Mortqeges. In ih~ event Mortpagee ~~ves th~a wntten consent. ths grentee named m such con• . rya~ce Shall aswme snd agree to pay ths obl~gatwn svidencsd by tM p~om~swry nots sacursd hsreby. Any conveyance oi the p~opsrty here~n described o~ .,~,v part thereof in violat~on ot the tarms o( this para~raph ahall entitte Mongagee to sccalerste the payment of ~he obl~gatwn secured flereby and all sums of ~noney secured hereby shall. at the option o( Martgugee. become dus and payable and in deiault whethsr a not ths same ars so due and payabta and in ;letault by ths specific ta:ms heraot. Noth~n~ herain co~tei~ed shall be construed to consatuts a novat~on or releass Mortgagor or sny subsequent owner of !~ab+l~ty w oW~gatior. under the promissory note sscured hereby w thia mortga{~e by reason oi tM atoresaid sssumption oi ths obl~gstio~ undsr tl~e note secured he~eby. by a subsequent owner oi the propsrty desCribed herein. 5. Thst in the event of a suit baing institutsd to forsclose th~s mortgags. the Mortgagee ahall be entitled to apply at any time during such /wecbwra ~~~i to the court having jurisdictio~ thereoi tor the eppointme~t oi s receiver of all snd singular ths mottgaged property. and ot all rents. incom~. profin. ~ssues and reva~ues thereot. hom whatsoever source derived: and thereupon it is hereby expressly coovenantad snd ag~eed that ths court shsll fortAwith ap- Uo~~t such receiver with the ususl powars and duties oi ~scaivers in like cases: and said appointmsnt shall bs mads by the court as a mstte~ of stnct nght to tne Mortgagee. and without ~eference to ths adsquacy or inadequacy oi tM value ot the property he~eby mortgaged. or to the solvency a insolve~cy of the ~iortgagor or any other party defendant to such suit. Ths Mortgagor hereby specifically waives the nght to object to the sppantme~t oi a receiver aa c3furesaid and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of sbsolute right to the Mortgagee and cnac ~he same may be done without notics to ths Mortgagor. 6. That ii any proceedings s:wuld b~ i~stitut~d against the prope?tY cove~ed by this mortgage upon any other t~en or claim whether supena or jurna ro cne Iien of this mongage. the Mortgagae may at its option ~mmedietely upon instrtut~on of such suit or dunng the pendency thereof declare this mortgage and the indebtedness secured hereby due and payable fonhwith and may at its optwn proceed to fo~ecloss this rtwrtgaqe: 7. To pay all and singular the costs. fees. charges and ezpenses of every kind. including the cost ol an abstract of title to sa~d lands found to be con- ven~ent w expfldient in eonnection with any suit Ior the foreelosure ot this mortgage. and alw intfuding. whethe? the Mortgagee is obligated to pay same or not reasonable sttorney's fees incurred o~ expended at any time by the Mortgagee because of the failure ot the Mongagor to perform, comply with and abide. by alt or any of the covenants, conditions and stipulstions of ssid promissory rtote. or this ma~tgags. in the toreclowre oi this mortgage and in collecting the a mount secured hereby with or without legal p~oceedings, and to ~eimburse the Mortgagse Eor every payment made w incurred for any such purpose with in- serest from dete of every such payment at the highest rate authorized by law: such payments and obl~gations. with interest the~eon as eforeseid. shall be secured by the lien hereof. 8. To keep the building or buildings now or hereaher on sa~d land insured against loss or damage by fite. eztended coverage and othet penls. in- ~I~,dmg war risk insurance it available, in a sum not less than their fu~l insuraDle value at the cost and expense of the MoRgagw in s company o~ companies <~~proved by the Mortgagee. the policy or policies to bs held by the Mortgagee. and such policy or policies oi insurance shall have aifixed thereto a Standard New York Mortgagee C18use.'making all loss or bsses under such policy or polic~es payable to the Mo?tgagee as its interest may appear. and to deliver said ~ol~cy or policies to the Mortgagee when~issued with the receipts for the payment of the premium therefor: and in the event any sum ot marwy bacomes payable unde~ such policy or policies. the Mortgagee shall have the option to receive and apply the same on etcou~t of the indebtedoess secured hereby or to ;~erm~t the Mortgago~ to receive and use it. or sny part thereof, iw other purposes. without thereby waiving or impairing any equity. lien or nght under or by ~ ~rtue of this mortgage: and the Mortgagee it it deems necessary may place and pay for such inwranCe. or any part thereot, without losing, waiving or affec- c~ng Mongagee's option to toreclose for breach af this covenant. w e~y part thereof, or any right w optio~ under this mortgage. and every wch psyme~t shall t~ear ~nterest from date thereof until paid at the highest rate authori=ed by law. and al! such payments with interest as afo?esa~d shell be secured by the lien nereof In the event any loss w damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within torty-eight (48) hours after the happersrnng cr,ereof: the ia~lure to give such notice shall constitute a dafauh and the Mortgagee shall have the rights herein given tor al~ defaults. 9. To pe~mit. commit or suHer no waste and to maintain the improvements at all times in a state of good rspair and condrtion: and to do or permit to be done to said premises nothing that will altet or change the use and tharacter of said property o~ in any wey impair or weake~ the security of said mortgage. t n case of the retusal. neglect or inability of the Mortgagor to repair and maintain said property. the Mortgagee may, at its option. make such repeirs or cause *~~e same to be made and advance mon~es in that behelf which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by ~aw t O To deliver the abstract o~ abstracts of title covering the mongaged propertY to Mortgagee or its designated agent, which shall at all times. dunng ;r:e !~fe of th+s mortgage. .emam fn the possession oi the Mortgagee arxf ~n event of the forecfosure o1 tn~s mongage or otner transier oi iiiie. aii riy~~i, iiiie a~~ci ~~;e~est of the Mortgagor in and to any such abstraet or abstracts of title shall pass to the purchaser or grantee3. t t. That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereaher be held to be a waiver of any of the other *.erms he~eof or of the note secured hereby. or tuture waiver of the same covenant. t 2. That in order to accelerate the maturity ot the indebtedness hereby secured because of the failure of the Mortgagor to pay any taz assessment. ~~~b~,~cy. obligation or encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same. ; - 13. That if the Mortgagor shall fail, neglect or refuse for a period of thirty (30) daYs fu1~Y end promptly to pay the emounts required to be paid by the ~ ~~ote hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby seeured, or otherwise duly. fully and promptly to f ;,e+form. execute, comply with and abide by each, every or any of the covenants, conditions or stipulations oi this mortgage. ihe promissaY note hereby ~ecured and/or the construction loan agreement. if any. tben, and in either or in any of such events. without notice or demand. the said a99regate sum men- ~ c:one~ in said promisso'ry note. less p~evious payments. if any. and any and all sums mentioned herein or secured hereby shall became dus•and payable t ~orthwith or the~eaher at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipul8ted to be paid at s•,:ch time. anything in said promissory note or harein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or theteaher without ~~ot~ce or demand to institute suit at law or in equity to enforcn the rights of the Mortgagee hereundar or under said promissory note. In the event oi any default or breach on the part of the Mortgagor hereunder o? undsr said promisaory note, the Mortga~ss shall havs the continuing option to eniorce payment _~f al~ sums secured hereby by action at law o~ by suit in equity to foretbse this mortgage, either or both, concurrently or otherwise. and one action or suit ~hall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintein the other, provided said Mortgegee shall have onfy one payment and ~at~sfaction of seid indebtedness. . _ 14. That in the event that Mortgagor shall (1) consent to the appointment of a recerver, trustee or liquidator of all or a substantial part of Mongagor"s ~:ssets. or (2) be adjudicated a bankrupt or insolvent. or file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become ^ue. or (3) make a general assignment for the benefit of creditors, w(4) file a petition or answer seeking reorganization or arrangement with creditors. or to ~axe advantage of any insolvency law. or (5) file an answer admitting the material ailegations of a petition filed against the Mortgagor in any bankruptcy. ~eorgamzation or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 17) any order. judg- r,ent or deeree shall be entered upon an applicetion of a c~editor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment o~ a receiver or trustes of all or a substantial part of the Mortgagor"s assets and such order, judgment o~ decree shall continue unstayed and in effect tor any ~,Q~:od or cn~r~r i3o) cor,sec~~~~e aays, the Mortgagee may declare the note hereby secured forthwith due and payable, whereupon the principal of and the in- cerest accrued on the note and all other sums hereby secured shall become (orthwith due and payable as ii all of the said sums of money were wiginally ~c~o~iated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as H all monies ~•~ured hereby had matured prior to its i~stitution. 15. That the Mortgagee or any person authorized by the Mortgagee shall have the nght to enter upbn and inspect the mortgaged premises at all ~ ~~o~able times. ~ 1 S. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time with~n twenry (20) years from the date ~ ,!~n~s ~ndenture. together with interest thereon at the rate agreed upon at the time of such ban or advance. shall be equally secured with and have the same . o~;ry as the original indebtedness and be subject to all the terms and prov~sions of th~s mortgage: provided, that the aggregate•amount of pnnclpal outstan- :!~~g at any time shall not exceed IS 1. or if the preceding blank ~s not completed. then an amount equal to one hundred and fifty pe~ cent 1 50'~) of the principal amount originally secured hereby shall apply. - 17. That. if required by Mortgagee. the said Mortgagor will pay unto the Matgagee. on the first day of each and every consecutive month, a wm e~iual to one-twelfth of the annual amount necessary to pay all tazes and assessments agamst the said mortgaged premises. said monthly wm to be es- ~,ared solely by Mongagee and calculated to be an amount not less than the amount of taxea assessed against said mortgaged premises for the previous ~a~. and if further required by Mortgagee to pay all insurance premiums in manner and (orm as provided herein for the payment of taxes and assessments. 18. That ii this mortgage is in connection with construction ban financ~ng, then this mortgage is wbject to the Construction Loan Agreement -:ared November .'L~ 1974 between the Mortgagor and the Mortgagee. an executed copy of whECh is in the possess+on of the '~tortgagee and is incorporate4l herein by reference and made a part hereot: any default by Mortgagor under said agreement shall constitute an event of iafault under this mortgage. 19. That the Mortgagor will on the request of the Mortgagee furn~sh a vrntten statement of the amount owing on the obligation which this mortgage ~e~.ures and therein state whether or not Mortgagor claims any defenses or oHsets the~eto. 2 ~~Rr234 Pa~~ i0~ - ~z~ ~ - - - - - : ~ -W, ~ ~ ; ~~.r Y'- .a, ~ . ~~~1~~._....,. • . _ E. ~ .