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Home My WebLink About0696 ~ . ~ AND tl,e sa;d Mon~ 8 Ea i ts e 1 f i ts ' suaeuors, leQsl cepcesenatira sod assiu~,s. 6aeby oovenanc aad a~ee: 1. To pe~form. campl7 witb snd a6ide b'Y e~ch snd evr~r d~be stipulatioas. agramep~s. conditions. and owreasnts oona,na! aud set fac6 ia said pcomis~y note. tbis moct~e deed and tLe C~onstrucoon l.oan 11Rament exavted in ooanection 6ece~ritb. 2. To pay all and sinQulsr tde prinopd aad intaat aad otber sums of ma~eY WYabk b'f virtue of ssid promiss~ot7? nae-- and chis deed~ or eit!?er. r~r~r ou tbe d~n ~~ecuvelr tbe saoe severallr become due. ~ 3. Tu pay ati auci ~-?gu~ar tas~;. ~.---~r~.-zfts, ~•irs, !ial~ilii:~s, ss!~ag~t~^^~, 4~+•_•n~..~ .+i .~.Mrv natu.~ m sa;d _ describod ptuQe~ty, each and every. and if same be not pranptl~ paid the said Martgage~~ its suceessas. icgal representatives ~ or assigns, may at aay hme pey the sarime wit}wut waiviag or alfecting the option to foieclose o~ any ci~ht hereunder, and every paymeat sa made shall bear inten~st sker default or fmm matwity at the highest nte albwable by law until paid ; i ~ 4. It is furtha covenanted aad sgteed b~ saidp~tt tLat ia tbe eveat of s suit bdng instituud o~ fureclese tbis moceg~age. the Mortgagce shaU be auitkd w applp u aa~ time pa~dingawc~ forecbsurc suit to tbe aau tbaving iurisdiction theraoE for tbe appant- meot oE a rocriver of aq and siagulu tLe mactgi~ed pcopaty. and of all ~enu, incomes. Psofits. issucs and revenna t6eceoE. fmm wbu- soerer source daived: and cLereupon it is hereb~ mvewnted and agreed thac tl,e aaue sbaU fort6vrith appoinc such roceiver with cl~e usual powea and dutia af reoeiras in W~e asefi aod said appointment slull be made bl t6e aourt u a matta of stiict right .to the ~tortga~oe. and v~ndwut refe:encY w t6e adequac7 a uudaluacY of t~ value of thepmpere~ 6erebq mo~ts~8a~. a: a tbe solvencY oc insolvency oE the hlatga~o~s oc any ahapa~t~r defendant to such suit. The Ma~t~gor haeb9? specifia.Ur waives t6e right w object to the app~intment of a reoeiver u aforaaid aad 6are~r e~ly oonsa~cs that wch appoiaanenc shall be msde u an admitted eQuit7 ~ and u a matter of absduce riglit to the Matgagee and tLat the same map be doae wit6out naioe w tbe Mo~t~gor. ~ 5. If forecloaure peoceedin$s sbould be inuituoed against the. pcopatp mvettd b9 this mo~tgsgee upon an atLa lien oc claim ~ w6etha~~~ to be supaior a~unior to t6e lien of this mort~age. tbe Mortgaga may at its opnon ~ia upon instituuoo d sucL suit oc during t6e theceaf dedare this mortg,~8e and t6e indcbtednas secured Laeb'Y due and paribk athwith snd ma7? at its optioa pcoaed to faedo~e~t ' mort~e. 6. To pay all and siag~lar tbe ooats, ~ uP~~. ~~As a 's foa aad abscr~ct oosu. rqwoabh? incurred or th~e uipulaytions, s~ents. oooditians. and ~ a~ said p~rom'u~~iwce~~tLis ~ge.hor n~aa.~ e~ 7. 11at cbe Mo~o~ will l~eep all teal and~~ pcopercp now a hereafcer a~cumbered b~? tbe liw of c6is mongage insured u may be req ' ed Eram cime t~ time by t6e Mactgagee ag¢inst loss by fire~ windsoam and aLer baracds, caswltia and oon- dngeacia for such periais aad fat iwt las tban such amounes u may berequired by the M~tgagee and to P~l? P~'~P~~ w6ea due al) prmuums for such insurance. 'ILe amounts oE ins~uanoe required bY the M«tga8ee , shsll be tbe minimwn amounu o: wLich said insurance s6all be wriccen and ic sLall be in~vmbeac upon che Mac~ga to mainwn such dditioad insutanoe as ma7 be neassuY w mat and comply fully wich all ao-ins~anoe requimnenu ooo t a i n e d i n said polida co the end tbac said Mu~goc ts noc a ao-ins~uor tbereunda. Insuranee shall be writtm by a cam~an7?~ or aompania a ar daignated b7? the Mu~tg~gee aod aD p.o1xi''a and renev+- ak t6ercoE shall be held hr th~ M M detailed daignacioas~ Mo~tgag« whic6 are aacepted b7r tLe M~ and dl a~eements between Mong~gor and~o~agee ie3ating oo insuraace. naw e~usun~ oc berafur made. sLall be in wri and shall be • part oE tlus morcga8e a~ceanent as fu117 u thwg~ set fortL verbnam he:r4m and sball gwrin tiah putia hereco and~ suocessors and ass;~s. No l;en uya, any oE sad~ poL~a of ins~uanee or upon snp refund ot teturn pcemium wbich ma7~ ~be~a yabk on the ancelLtioo oc taa~inatiao the~eoE. shall be ~vra to aher than tLe 11~Iatgagee, e~cept b~ ~roPa endocsemeac aEfiud to such policy _ ~ L. ~..,_......r ...a:.~. ..s .1,.n 1....~ .cr.~.d ~ c....,i~ Yn~rk Mrntv,aee CLuse witbdu Can- -~::v aj~j..::ati: :a~ ca::::-___-_ r=~3 ~ - _ _ _ . - - cdbution. all ~ ac losses under wc}, polic7~ ~slbk co che Mo~tgagee u iu inte~c ma' sppear.7a tbt ev~mc .ny wm or wms of money~ecnme payabk t6aeunda the Mortgagx shall hav the opao~n to reoeivr and app~ty the same oo aoooant oE the indebt- edness hereby sccured. or to pecmit die M~tgagpr w recdne and use it. or aa~ put tbaeoEa without thaeby waiving or impniring ~my e4uih+. ben or rig6t under and by virtue of d~ismo~a~e In event a~ bu a physical co t b e~ pcopatr t h e Mart- s6all ~ve immediaee naioe ~hereaf mail co tLe M and t~ Ma~c~ee ma~y p~oof of 10~ i~ tbe same u na made P~Pvy b'f th~ Moregagor. In event d~orecloau:e oE this~~m~~t~e or o~ ~nn~er o~ titk to the mott~e m ea~tinguish. ment oF t6e indebtedixss secored haeb7. aD rigbt, titk nad intecat of tbe Mortgpg« in and to any iasutanoe j~ tbm in force shall poss co tLe purchaser oc ~ancae. j 8. The Mongagee may. u its . and wit6ouc waiving its zigbt ~o aooekrate the indeboednas hereb7 secuted and to foroclose fbe same, PaY eitba befare oc afar ~uency any or all of those oataia ohliga rioac uiied bp the mms haeaf to be paid by , - f tbe Mo~gagor for tLe pmtectiao oE the muritq oc for the ~n oF the in~e~odne~ haebp senued. AII sums so ad- vanced or paid by e6e Mo~gagee shall be inoo tLe ~no~tgage aooo~mt and became an in~egral put tLaeof. subjecc in all l capxts to cbe cerms, condidons. and onnmants tbe ~oraaid promissay nae and this matgage, u full~ and -to tbe ume «crnt u ~ ,tbough a pnrt of .tl~e original indebtedne.s~ evidenced bs said note and secured ~Y tbis mortgage. ea~cepun& haare~er. tbat said uims t sha11 be repaid the Mortgagte fathwath upon its dm~and aad be iu ad~tioo to tbe tegalaz montbly installmma ptwided bY the ~B~ 9_ That tbe abstract or abstracts of tide rnvering the mortgage propertv shall at all tima, during the life of this mortg,age. ~ remain in the possession of the ~1oRgagee and in erent oE t6e fureclosure of t}us mortgage or ot6er tnnsfet d titk to the mwtgag,ed g ~ property in extinQuishment of the indebtedness secared htreby, all right, tide and interest of the l~iortgagor in and to any suc6 absvxts of ciile shall pus co tbe purc6aser or g~anoee. 10. That no Kaicer oi anp covenant 6erein ot of the obligation secured heteb~ shall at any time hereafter be heW ~o be a waiver of thc terms hercof or of the note seaued hereby. 11. That in order to accekratc tLe maturiry of the indeMedness hereb~• secured because of the failure of the Mortgagor to pay any tax assessment, liabilitv, obligation oc ercumbnnce u~x?n said property ac hercin proviJed. it shall not be necessary nor rcquisite t6u t6e MongaRee sball firsc pay che swx. 1L To permit. commit or suffec ao waste, impairmen[ ur deurioration of said property or any part t6ereof. 13. If any of said sums ofmoney 6erein referred to be na pcomptly and fully paid within fifteen days neat after t6e same sevenlly beco~ne due and payaWe, ot if each aad every the stipulations, agretments, conditions and oovenana of said ptomissoty na~ and this deed. or dther, is aoc fuUy perfozmed, complied wicl~ and abided by. tbe said aggtegate wm mentioned in said p~omissory not~ together with all sums of money for which blongagor may be liabk to Mortgagee 6ueunda s6a11 berome due and _ pvyaWe forthwith or thcreafter at the option of the 61ortRa~ its suc+ceswrs,1e~a1 rcpcesentaaves ar usigns, u fully and aompietely - as if the said aggregate sums of money wae originally stipulated to be paid on sucb day, anything in said prom~ssory note- or herein ~ to t6e contnry notwitbstanding. ~ 14. T6is is a Constraction I.oan Mortgage, the pcoeeeds oE w6ic6 are loaoed Eor the p~upose of financing the rnnstnution of improvements upon the above described pcoperty. T6is mortgage is subject to the terms, peovisions and oonditions of tbat eerain Con- : suuction Loan Ag~rement, dated ~tober 23, 1974 ~tued into bctween the 11i ga~r and tLe Matgagee herein, and ~ uid Constnution Lovn AgRement is b~ refaence u~aor~a ted 6uein and made a put hereof~Said C,onsonution Loan Agmment is ~ avsilabk far inspection hy all puda in interest at the o8'icen of the mortg~gee 6a~ein } # 1 S. Nori+itbstanding anyt~hing m dus mortg~ge. and che noce samed hae~y to tbe oonuar~, it is fsut6a agreed by c6c ~ mortga that in the event the b~ilding oc bdldings to be erected on the pcemisa 6ercby m~ are not aanpkced in accocdance with ns and spocifintions wbmitted w the~gee haein on or beFore the due date spetif' m the pmmiswrr note secuced bY this moctgage. or that wort on said oonson~tion s6all oease before completion, and said work shall remain abnndaxd for a period of fifteen da~-s, then and in at6er evrnt the eatire principol sum that bu been disbursui on account of the aote secured bY ~hii mortg~ge . less any artwunu t6at may 6ave been repaid bp t}~e m«t$agocs. s6a11, at the option of tbe moctgagee. at onoe br~ome due and pv~able. witb all accrued ineemt tbereon at the nte~ov~ in said nae; and in the event of abandonment d sv~k upon the oonsccuction of said building or buildings for a period of 'f~ft«n davs as aforeuid, tbe morcgagee may. at its option. also mta into and upon t6e ~8a8~ R~~ses and complete t6e c~nst~uction oE t6e building oc buildings, and tLe mortgagor haeby gives oo the gee full powa and autbority co make suc~ eno,ry ud eo enm inw such e~?cracts or artangemma u maY be n~ry to aompl~the said ' ~ BOOR P~(;~ ~ ~ ~ ; ` ~ ~ ~ ~~r _y_~ _