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Home My WebLink About0819 pQflli~ IOGIWU~ ww• ~~aw mar wn.v ~ ~wr.a~ ' - comPS~'iY a comPanKS aPR~~ bY ths Mat~sQee. the vo~icY a policies to be held by the Matga~gee. aod such policy or oo~icies W insurance i shs11 have attixed thereto i Staodud New Yor1t MortQaQos Cbuse. mskir~ all loss or bsses under wch policy or poliCies psrabts to the I~Aort~sQee l as its Interest msy sppMr, snd to delivw aaid policy o? policies to tM Mort~sQes wheo iswed with the receipts fa ths psyment ot ths premium therofa: a~d in the event anY sum o1 ma~s!? bec~ WY~ u~ ~h policfr or polkiea. 1hs MortQsQee shall have the option to roceive snd spplr the same on sctount M tha indebtednass securod hereby or to pe~~nit ths Mort~ to receive and use i~ a any part theceof. fo? other purposes. witAout tM~eD~? waivinQ or impairin~ aoy epuib, lien a ri~ht under a by virtue of thit mat~aQe; and ths Mort~aQee if it deems nsces- sary may ptace and psy for wch inwrance~ a sn~r C~ thereof. without bsin~, waivin~ a aHecti~ Mo~aQaa's optiop to foreclose fa bresch W this oovansnt~ or sn~r psrt thereoi. or a~y ri~ht or optio~ under this mat~a~e. and ewery wcA psy+na+~t shall beu interost from dste thereof until psid ~t the rate of ~ ps? oeM~ annum, and all wch payments with tnterest ss aforesaid shall be securod by the lien I~eteof. In the event ~M? lou o? d~rt?a~ s wlterad shill nOtity Nlort~aQe~ Of wCh ioss or dama~e wiiriih fatr-ei~itt ti8) t~rs aftar ith3 t~7pwt~tyZ tisara~f; tha failutr to ~ive such iwtice sA~ll constitute a default snd tAs MortQa~es shall havs ths ~iQhts hereir? ~iven for all dsfwlts. d. To pem~tt~ canmit or wt(er no wsste snd ~o main4in ths improvements st sll times in a stat~ of ~ood repsi~ and condition; snd to do pr permit to bs do~a to said premises ~~othi~ thst will sttar a chanQs the use and chuacter of said propertl? or in sny wsy impai~ or vreaken the secu~ity M said mort~a~s. In tsse of the refussl~ neQlect or inability of the Mortgagor to reptir a~d mainlain said prope~ty. the Mort~aQee maY. at its optia+. maka wch ropsirs or causs the sama to pe msds and sdvsnca monies in that beAslt which wms shall be secured by tl~e 1'~ee he~aM snd Desr interest at tAs rste M~ P~ ~~~.P~? annwn. • . 9. To delive? the abstraCt or abshscK of titk oovering the mortgaBed propertY to Mo~tgagee or its designated aQent, which Shall st sll times, durinQ the lifa of thts mortQsge. ?emain ~n the posseuion of tNe Mortgsgee and in event ~ the forecbsure of this mortgage or other tnns tar of titie, sll right, title snd interest of the Mort~agor in snd to amr such sbstract or abstracts oi title shall psss to the purchaser or 6rsntee. 10. Thst no wsiver ot sny corensnt herein or in the obligaYan secured he~eb~? slw~~ at any time he?eafter be held to be a wairer of any ot the othar tertns hereof or Oi the nott seturod he~eDy. ~ 11. That in ondo? to sooele?ate the msturity of the indeDtadness hereby secwad because of tlw failure of the I~Aortgagor to paY any tax • sssesamenQ lisbility, obligstion or encumbrance upon ssid properb as he+ein provided. it sl~all not be oacessary nor requisite that the Mortgagee shsll first PaY the same. 12 That ii the Mortgsgor shall fail, neglett or Muse for s period of Mirty i30) daYs fulry r?nd D~~+Pthl to PaY the sn+ou~ts roQ~ired Lo be paid by tAe rate f~eby sewred a the interost therein speCiBed or arry oi the sums ot monef? he?eio refened to or hereby secured. or othervrise duhr. tullr and P~P~b to perfom~. execute. comPh? wiM snd abide 4Y esch~ everY a aep of the covenants. conditions or stipulations M this mort- gage. the promissory note hereb~r secured and/or the oonstniction ban agreement. if any. tAen~ and i~ either or in amr of wch eMents. without notice w demand, the said aQgregate wm ment~oned in said promissory note. less previous payments. if any, and sm? snd all wms mentia~ed herein or sacured hereb~r sha11 become due snd payable fathwith or theresfter at the continuing option oi the Mo~tgagee as fulry and completely ss ii said agg~egate sums were ariginalyr stiputated to be paid at such time, anything in said promissory note or herein to the oonrtrary notwith- standing. a~ the Mortgagee shsll be entitled thereupoo or theresfter without notice or demand to in.titute wit at law or in equity to entorCe the rights M the Mortgagee hereunder o? under said promissary note. In the event of any tfetault or breach on the part of the MoKgagor hereundet or under said promissory rate. the Mo~ga~gee shall 1?ave tF~e continuir~ option to enforce payment oi all sums secured he~eby bY action st law or b!? wit in equity to forecbse this rtw~gage. either or botA, concurrentfp or otherwise, and one sctioo or suit shsll not sbate or be a bsr to or waiver of the Mottgagee's ~ight to institute or maintain the other. pro~vided sa~d MortBaSee shall have onh? one paymeet and Satisfactio~ of ssid indebtedness. 13. That in the event tAat Mo~tgagor shall (1) consent.to the appoiMment ot a~receivcr. truslee or liquidator of all or a wbstantial part of Mortga~gor's assets, a(2) be adjudicated a bankrupt or insolven~ or file a voluntary petition in bankruptcy. o? admit in vrriting its insbility ts pap its debts u tl~ey become due. or (3) make a gene~al assignmept for the benefit of creditors. or (4) fila a petition or answer seeking reorgan'astion or aRangart~ent with creditors. o~ to taite advantage of aml insolvencl? law. Or fib sn answer admitting the mate?ial allegations ot s petition Hled a~gainst the Mortgagor in any bankniptcy. reorganization or insohrency proceeding. or (6) action shall be taken by the Mortgagor for the purpose of - eHecting aoy of the foregoing. or any order. judSment or decree shall be entered upon an application W s creditor or Mortgagor by s court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee oi all or a wbstantial part af the Mortgagors assets and such order.ludgment or decree shall continue unstayed and in effect for any period of thirty (30) oonsecutive days. the Mort~agee maY declare the note I~eb~r secured forthwith due and payable. whereupon the principal of and the interest acen~ed on the note and sll aRher wms hereby sccured shall become torthwith due and payable as if atl of the said wms of money were originally stipulated to be paid on such dap; and thereupon the Mortgagee without notice or demand mar prosecute s suit at law and/or in equity as if all monies secu~ed hereby had matured prior to its institution. 14. That the Mortgagee or amr person authorized by the Morigagee shall have the right to enter upon and inspect tl~e mortgaged premises at all reasonable times. i 15. That any wm or wms wli~ch may be loaned a advanced by the Matgagee to the MortgaBor at any time within Mrenty (20) Years from the date of this indenture, togett~ with interest thereon at the rate agceed upon at the time of such {oan or advance. shall be equaly secu~ed with ~ and have the same pr'writy as the ori8ina~ indebtedness and be subject to all the terms and provisions of this rtwrtgage: provided, that tNe a~gre- ~ gate amount of principal outstanding at any time shall rwt exceed an amouM equal to one hundred and fifty per cent (150%) oi the principal amount originally secured hereby. ~ 16. In order more fully to protect the security of this mortgage, the Mortgagor, together with and in addition to the monthly payments under [he tums of the note secured hereby, on the first day of each month and until said rate is fully paid, shall pay to th~.l~AwtBaBee sn instal- ment of the taxes and assessments next to become due against ihe mortgaged prerP~ses. an insWlment of premiums next to become d~ on insur- ~ ance policies required by the Mortgagee. and amr other cha?ges in con~ection with the commitmeM to finance. Such instalments shall be equal ~ respectively to such taxes and assessments ar?d inwrance premiums, all as estimated D~r the Mort~agee, less all sums already paid thereon. ~ divided by the numbet of mo~ths that are to elapse before one month prior to the date wt~en such taxes and assessments and inwrance premiums will.become due. Said instalments shall be held by the Mortgagee in trust to paY such taxes and asse55meMs and insurance premiums. All pay- f ments made under the terms of this paragraph and under the note se:.~red t~ereby shall be adde~fbgetl~er and tbe aggregate amount thereof ~ shall be paid b~r the Mortgagor in a single payment each month to be applied by the Mortgagee in payment of the items a~d in the order following: ~ (a) taxes and assessments, aod inwrance premiums; (b) interest on the' note secured herebp: and (c) amatization of tfie pri~ipal of said note. My det'iciency in the amount of such aggregate monthly payment shall constitute a defauN under this mortgage. When such taxes, assessments and inwrance p~emiums fatl due. it the amounts deposited by the Mortgago? for such pnrposes are not sufficient to pay said taxes, assessrt~ents and insursnte premiums, as the case may b~ then due, the Mortgago? will pay to the Mortgagee such deficiency irtrnediatelp. When wch taxes, assessments and insurante premiuns fall due. it the amounts deposited by the Mortgaga fa wch purposes exteed the amounts due for such taxes, assessments snd insurance premiums. the excess maY. in the discretio~ of the Mong~ee. be applied on subsequeM month~Y POY~nts to be made bY the MoRBago~. In tf~e everK of default ur~ this mortgpge any unexpended funds in the hands of the Mo~agee deposited bp the Mortgaga to meet the obligations oi tsxes, assessments snd inwrarxe premiums shall be applied by the AAortgagee upon the indebtedness he?ebr secured in the following o1'Otr: (a) iMerest on advaoces nwde by the MortB,aBee: (D1 adwances rtwde by the MortgagPe: (c) i~tuest on the principal; and fd1 the principal debt hereby secured. When any wch taxes, assessments or +nwrance premiums tall due the Matgaga will promptly obtain and deliver to the Mortg,agee statemen9 with rcspect thereto. , " WI~o,Z7.~arya+n~x+Wly-+ iiar~d~wd~clsflwrpR. n~ ~ ~ 17. That the Mortgaga will tomply with all buildir~, Zoning, fire and health regulations taw or hereatte? imposed DY Bovemme^ta~ authorit~r 8nd will ~ comply with all deed restrictions, declaratio~s of restrictions, and plat resbictions which may be appticable to tt~e premises. 18. To indemnify the Mortgagee upon its demand for all taxes, assessments and charges that may be assessed upon this mortgage a the indebtedness secured Aereby and paid by the Mwtgagee, without regard to any law heretotae enscted a hereafter to be enacted imposing payment ot the whole or amr parf thaeof upon the Matg,agee_ - 19. That the Mortgagee shall have the right at arry time and from time to time and without notice a consent of the Mortgaga to release ar~r portan of the premises from the lien of this mortgage, to release anp person liabk for payment of any indebtedness secwed hereby, to extend the time tor payment or alta the terms of payment of at1 or any part ot the indebtedness w otherwise modity this mortgage or the promissory rate secured hereby without aHecting a releasing arry person (other than the person released purwant hereto) from liability upon this mortgage a the promissory rqte secured hereby. and without otherwise afietting or diminishirtg the lien of this mottgage. ~ ~ 20. That the Mwtgaga wi11 on ihe request of the FAortgagee tumish a written statement of the amount owing on the obligatioa whiCh this mortgage secures and therein state whether a not Mortgagor cia~ms any defenses or offsets thereto. g~R~ 243 P~~E 820 . . , - ~ - - . ~ _