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HomeMy WebLinkAbout0386 s 4. This mortgage is personal to the Mortgagor herein. and no conveyance shall be made by Mortgagor of the premises herein described or any part thereof without first obtaining the prior written consent of the Mortgagee In the event Mortgagee gives this written consent. the grantee named in such con- e~ ance shall assume and agree to pay the obligation evidenced by the promissory note secured hereby Any conveyance of the property herein described or any part thereof rn wolaUOn of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obhgaUOn secured hereby and all sums of money secured hereby shall, at the option of Mortgagee. become due and payable and in default whether or not the same are so due and payable and in ,felault by the specific terms hereof. Nothing herern contained shall be construed to constitute a novation or release Mortgagor or any subsequent owner of ~~:ibility or obligation under the promissory note secured hereby or this mortgage by reason of the aforesaid assumption of the obligation under the note secured hereby. by a subsequent owner of the property described herein. 5. That in the event of a suit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any time during such foreclosure s„~t to the Court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property. and of all rents. incomes. profits. issues and revenues thereof. from whatsoever source derived: and thereupon tt is hereby expressly convenanted and agreed that the court shall forthwith ap- ao~nt such receiver with the usual powers and duties of receivers in like cases: and said appointment shall be made by the court as a matter of strict right to lase Mortgagee. and wrthout reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency or insolvency of the tilortgagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a recerver as aforesaid and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and ;rat the same may be done without notice to the Mortgagor 6 That if any proceedings should be instituted against the property covered by this mortgage upon any other Iren or claim whether superior or junior r, the hen of this mortgage. the Mortgagee may at its option immediately upon institution of such surf or during the pendency thereof declare this mortgage .,rid the irxfebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgage. 7 To pay all and singular the costs. fees. charges and expenses of every kind. including the cost of an abstract of title to Bard lands found to be con- , enrent or expedient in connection with any swt for the foreclosure of this mortgage. and also rncludrng. whether the Mortgagee is obligated to pay same or +•:ot reasonable attorney's tees incurred or expended at any rime by the Mortgagee because of the facture of the Mortgagor to perform. comply with and abide o~ alt or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. m the foreclosure of this mortgage and in collecting the a~»ount secured hereby with or wrthout legal proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in- t~~rest from date of every such payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesaid. shall be ~e~.:tired by the hen hereof To keep the building or buildings now or hereaher on said land insured against loss or damage by fire. extended coverage and other perils. in- wd+ng war risk insurance if available. in a sum not less than then full insurable value at the cost and expense of the Mortgagor m a company or companies ,uproved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or pohaes of insurance shall have affixed thereto a Standard 'Jaw York Mortgagee Clause. making all loss or losses under such policy or policies payable to the Mortgagee as its interest may appear. and to deliver said rr ~ntrr:ac to thg :ZvrtCSBy^ES :~~t'^ '°^°'^rc tn. rho ~nymnne nt tha nramu~m thPrPfnr and in the event any sum of money becomes 3.abte under such policy or policies. the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to ^ermi! the Mortgagor to receive and use it. or any part thereof. for other purposes. without thereby waiving or impaviny any egwty. hen or right under o?_by . •rtue of this mortgage. and the Mortgagee it rt deems necessary may place and pay for such insurance. or any part thereof. wrthout losing. waiving or affec- • Mortgagee's option to foreclose for breach of this covenant. or any part thereof. or any right or option under this mortgage. and every such payment shall ~•.ar ;merest from date thereof until paid at the highest rate authorized by law. and all such payments with interest as aforesaid shall be secured by the hen .~~eof in the event arty loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 1481 hours after the happening ^ereo(. the failure to give such notice shall constitute a default and the Mortgagee shall have the rights herein gwen (or all defaults 9 To permit. commit or suffer no waste and to maintain the improvements at all times in a state of good repair and condition, and to do or permit to • itUne to said premises nothing that will alter or change the use and character of said property or in any way impau or weaken the security of said mortgage are of the refusal. neglect or inabfity of the Mortgagor to repair and maintain said property. the Mortgagee may. at its option. make such repaus or cause • same to be made and advance monies in that behalf which sums shalt be secured by the lien hereof and bear interest at the highest rate authorized by ,ti 10 To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shalt at all times. during • re of this mortgage. remain in the possession of the Mortgages and in event of the foreclosure of this mortgage or other transfer of title. alt right. title and •~est of the Mortgagor in and to any such abstract or absbacts of title shall pass to the purchaser or grantee 1 1 That no waiver of any covenant herein or in the obligation secured hereby shall at any time hereafter be held to be a waiver of any of the other ••rns hereof or of the not4 secured hereby. or future waver of the same covenant ~ 1 2 That m order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. qty. obligation or encumbrance upon said property as herern provided. it shall not be necessary nor requisite that the Mortgagee shall first pay the same I 1 3 That if the Mortgagor shall fail, neglect or refuse for a period of thirty 130) days fully and promptly to pay the amounts required to be paid by the 'e hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured. or otherwise duty. fully and promptly to E .•-form. execute. comply with and abide by each, every or any of the covenants. cond+tions or stipulations of this mortgage. the promissory note hereby ~ tired and~or the construction loan agreement. ii any. then, and m either or in any of such events. v+nthout notice or demand. the said aggregate sum men- red in said promissory note. less previous payments. d any. and any and all sums mentioned herein or secured hereby shat! become due and payable -±^with or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at h time. anything m said promissory note or herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter without iii '~;:e or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any ••~`autt or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shat) have the continuing option to enforce payment s - a sums secured hereby by action at taw or by suit in egwty to foreclose th+s mortgage. either or both, concurrently or otherwise. and one action or swt 4i ~ , ~ not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other. provided said Mortgagee shall have only one payment and s'aaion of said indebtedness 14 That in the event that Mortgagor shall (1) consent to the appointment of a receiver. trustee o+ liquidator of aft or a substantial part of Mortgagor"s - n s or 121 be adtudicated a bankrupt or insolvent. or file a voluntary petition m bankruptcy. or admit in wasting its inability to pay its debts as they become •or 131 make a general assgnment for the benefit of creditors. or 14i file a petition or answer seeking reorganization or arrangement with creditors. or to • +te advantage of any msotvency taw. or (51 file an answer admitting the material allegations o! a petition filed against the Mortgagor m any bankruptcy- -•c;ryanization or msotvency proceeding. or 161 action sha!I be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order. judg- •u or decree shaft be entered upon an application of a creditor or Mortgagor by a court of competent lunsdicuon approving a petition seeking appointment a receiver or trustee of al! or a substantial part of the Mortgagor's assets and such order- judgment or decree shall continue unstayed and in effect for any c,d of thirty (301 consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- ~••s! accrued on the note and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally ` , +,iated to be paid on such day. and thereupon the Mortgagee without notice or demand may prosecute a suit at law and or m egw!y as rf all monies ;red hereby had matured prior to its institution 15 That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all nab!e times 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the tilartgagor at any time within twenty 120) years from the date • •na indenture. togeti~er with interest thereon at the rate agreed upon at the time of such loan or advanr_e. shall be equally secured with and have the same r.ty as the original indebtedness and be sublect to all the terms and provisions of this mortgage. provided. that the aggregate amount of principal outstan- at any time shall not exceed (S _ _ 1. or d the preceding blank is not completed. then an amount equal to one hundred and fifty per cent 50=•,i of the principal amount orgmally secured hereby shall apply 17 That. ii required by Mortgagee. the said Mortgagor wilt pay unto the Mortgagee. on the first day of each and every consecutive month, a sum • ; ,al to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly sum to be es- • - ated solely by Mortgagee and calculated to be an amount not !ess than the amount of taxes assessed against said mortgaged premises for the previous . ••ar and if further required by Mortgagee to pay alt insurance premiums in manner and form as provided herein (or the paymen! of !axes and assessments 18 That rf this rnorigage is in connection with construction loan financing. then this mortgage is sublect to the Construction Loan Agreement ,r.~d between the Mortgagor and the Mortgagee. an executed copy of which ism the possession of the :'~rtgagee and is incorporated herern by reference and made a part hereof. any default by Mortgagor under said agreement shall constitute an event of i~rrault under this mortgage 19 That the Mortgagor will on the request of the Mortgagee furnish a written statement of the amount owing on the ooligation which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offsets thereto rr~ 2 ~ :,t,,~8 P~rf 3~F