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HomeMy WebLinkAbout1102 r~ 4. Th;s mortgage is personal to tM Mo ,or Mrein, and no conveyance sMll bs made by ~ rgagor of tM premises Mnrrin described or any part thereof without first obtaining tM a~ vvnnen consent of tM Mortgages. In tM event Mortgagee gives this written consent. tM grsntbe named in such con- veyance sMlt assume and agree to pay tM oDligrition evidenced by tM promissory note secured Mreby. Any conveyance of tM poperty Mrein desuibed or any part thereof in violation of tM terms of this paragraph shall entitN Mortgages to acceleats tM payment of tM obligation secured Mreby and all wms Ot money secured Mroby sMU. at tM option of Mortgagee, become dw and payable and rn tMtauft whether a not the same are so dw end payable and in default by tM spersfic terms hereof. Nothing herein contained shall M construed to constitute a novation or release Mortgages or any wbsequent owner of liab;lily or oblpation under tM promissory note secured hereby or this mortgage by reason of tM aforesaid aswmpt;on of tM obkgatio:t urtde? tM note secured Mreby, by a wbsequent owner of tM property described Mrein. 5. That in tM event of a wit being instituted to forecbse this mortgage. tM Mortgagee sMN bs entitled to apply at any time during such foreclowro suit to tM court having jurisdiction tMrsoi for tM appointment of a receiver of all and sirtgula? tM mortgaged property. and of as rents. incomes, profits. issues and revenues thersol, from whatsoever sours derived: and tMroupon it is Mreby expressly convenanted and agreed that tM court shall forthwith esp. point wd1 receiver with tM uswl powers and duties of receivers in like uses: and said appointment sMll be made by the court as a matter of strict right to the Mortgagee. and without reference to the adequacy or irudequacy of IM valor of the property Mreby mortgaged. a to eM solvency or insolvency of tM Mortgagor or any other WrtY dehrtdant to such wit. TM Mortgages Mreby specifically waives tM right to object to tM appointment of a receiver as aforesaid and Mreby expressly consents tMt wch appointment shaft be made as an admitted equity and as a matter of absok?te right to tM Mortgagee and that tM same may be done without notice to tM Mortgagor. 6. That if any proceedings should be instituted against tM property covered by this mortgage upon any other lien or daim whether wperior or junior to the lien of this mortgage. tM Matgagss may at its option immediately upon institution of such wit or during tM pendency thereof declaro this mortgage and the indsbtednsss severed ttsrsby due and payable forthwith and may at its option proceed to foredoss this mortgage. 7. To pay all and singular tM costs. fees. dtarges and expenses of every kind, including tM cost of sn abstract of title to said lands found to bs con- vernent or expedient in Corxtection with any wit for tM foreCbwro of this mortgage. and also including. whether tM Mortgagee is obligated to pay same or not. reasonable attorney's fees incurred or expended at ar?y time by tM Mortgagee because of tM failure of tM Mortgagor to perform. comply vanM and abide by all or any of tM covenants. conditions and stipuletiorts d said promissory Hats. or this mortgage. in tM toreclowro of this mortgage and in collsctirtg the amount secured hereby with Or without Mgal proceedings. and to reimburse the Mortgages for every payment made or incurred ior eny such purpose with in- terest from date o1 every such payment at tM highest rate suthrxi:ed by law: wch payments and obligations. with 'snterest thereon as aforesaid, sMll be secured by tM lien Mroof. B. To keep tM building or buildings rtow or Mrsaftsr on said land inwrod against loss or damage by firs. extended coverage and other perils, in- cluding war risk inwrance if available. in a wm not less than their full insurobk value at tM rest and expense of tM Mortgagor in a company or oomparies approved by tM Mcxtgagee. tM policy or policies to bs Mld by tM Mortgagee. and wch policy or polenties of inwrortcs sMll have affixed thereto a Standard New York Mortgagee Clause. making all loss of losses under wch poliry or policies paYabb to tM Mortgagee ss its interest may appear. and to deliver said policy or policies to tM Mortgagee when issued with tM rorxipts for the payment of tM premium therefor: and in tM event any wm of rrtortey becomes payable unde? wch policy or pdicies. tM Mortgagee shall Mve tM option to rsuive and apply tM same on account of tM utdebtedrtess secured hereby or to permit tM Mortgagor to receive end use iL or any part thereof, for other purposes. without thereby waiving or impairing any equity, lien or right under or by wrtue of this mortgage: and tM Mortgages if it deems necessary may plan and pay for sud? insurance. or any part thereof. without being. waiving or affec- t~ng Mortgagee's option to foreclose for breach of this covenant or any part tM:eof. or eny right or option under this mortgage. and every wch payment shall bear interest from date thereof until paid st tM higMst rate authnxusd by law, and all such payments with interest as aforesaid shall be secured by tM lien hereof. In tM event eny loss or damage is wffsred Mortgagor shall notify Mortgages of such bss or damage within forty-eight (481 hours after tM Mppening thereof: tM failure to give wch notice shall constitute a deiauft and tM Mortgagee sMll Mve tM rights Mrein given for all defaults. 9. To permit. commit or suffer rto waste end to maintain tM improvements at all times in s state of good repair and condition: and to do or permit to be done to said promises nothing that will alter or change tM use and charoctsr of said property or in any way impair rxr weaken tM security of said mortgage. 1 n case of tM refusal. neglect or inability of the Mortgagor to repair and maintain said property. tM Mortgagee may. at its option. make such repairs or cause the same to be made and advance monies in that behalf which wms shall be secured by tM lien hereof end bear interest at tM highest rate authorized by law. 1 O. To deliver the abstract or abstracts of title covering tM mortgaged property to Mortgagee or its designated agent. which shall at all times. during the I;fe of this mortgage. remain in tM possession of tM Mortgages and in event of tM foreclowre of this mortgage or other trsnsier of title. all right. title and interest of the Mortgagor in and to arty such abstract or abstracts of title shall pass to tM purcMser or grantee. 11. That no waiver of any covenant Mrein or in tM obligation secured Mreby shall at any time hereafter be held to be a waiver of any of tM other terms Mreof or of the note secured hereby. or future waiver of tM same covenant. 12. That in order to accelerate tM maturity of tM indebtedness Mreby secured because of tM failure of tM Mortgagor to pay any tax assessment habihty. obligat;on or encumbrance upon said property as herein provided. it shall not be necessary nor requisite that tM Mortgagee shall first pay tM same. 13. That if tM Mortgagor shall fail, neglect or refuse for a period of thirty (30) days fully and promptly to pay tM amounts required to be paid by tM note hereby secured or tM interest therein specified or arty of tM wms of money herein referred to or heroby secured, or otherwise duly, fully and promptly to perform, execute, comply with antd abide by each, every or arty of tM covenants. conditions or stipulations of this mortgage. the promissory note Mrsblr secured and/or tM construction loan agreement. ii any, then, and in either or in any of such events, without notice or rdemend.lM said aggregate wm men- ' honed in said promissory note. less previous payments, if eny, and any end all wms mentioned Mrein or secured Mreby shall become due and payable forthwith or thereafter at tM continuing option of tM Mortgages as fully and completely ss if said aggregate wms were originally stipulated to be paid at such time, anything in said promissory note or Mrein to tM contrary notwithstanding. and tM Mortgages shaft be entitled theroupon or thereafter without nonce or demand to institute wit at law or in equity to snforu tM rights of tM Mortgages Mreunder or under said promissory note. In tM event of any default or breach on tM part of tM Mortgagor Mreunder or under said promissory note, tM Mortgages nftall Mve tM continuing option to snforu payment of all sums secured hereby by action at law or by wit in equity to foreclose this mortgage. either or both, concurrently or otMrwiss. and ors action tx wit E sha?I not abate or be a bar to or waiver of tM Mortgagee's right to institute or maintain tM other. provided said Mortgagee shall have only one payment and satisfaction of said indebtedness. 14. That in tM event that Mortgagor shall (11 consent to tM appointment of a receiver, trustee or liquidator of all or a wbstsntial part of Mortgagor s assets. or 121 be adjudicated s bankrupt a insolvent or file a voluntary petition in bankruptcy. or admit in writing its inability to pay its debts as they become due. or 131 make a general assignment for tM benefit of crsditoro, or (41 file s petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency Isw, or l51 file an answer admitting tM material allegations o! s petition filed against tM Mortgagor in any bankruptcy, reorganization or insolvency p?oceedirtg, or 18! action shall bs taken by tM Mortgagor for tM purpose of effecting any of tM foregoing or l71 arty order, judg- ment or decree shall be entered upon an application of s creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of tM Mortgagors assets and wch order, judgment or decree shall continue unstayed and in effect for any period of thirty (301 consecutive days, tM Mortgages may declare tM note Mreby secured forthwith due and payable, whereupon tM principal of and tM in- terest accrued on tM note pnd all other wms Mreby secured sMll become forthwith due and payable as if all of tM said wms of money were originally stipulated to be paid on such day: and thereupon tM Mortgagee without notice of demand may prosecute a suit at law and/or in equity as if all monies secured hereby Md matured prior to its institution. 15. That tM Momgages or any person sutltorizsd by tM Mortgagee shall have tM right to enter upon and inspect tM mortgaged premises at all reasonable times. 16. That any wm or wms which may be bared or advanced by tM Mortgagee to tM Mortgagor st arty time within twenty (201 years from tM date of this indenture. together witA interest thereon at tM rate agreed upon at tM time of such ben or advanu. shall be equally secured with and Mve tM same priority as tM original indebtedness and be subject to all tM terms and provisions of this mortgage: provided. that IM aggregate amount of principal outstan- f ding at any time shall not exceed IS 1. or if tM preceding blank is not completed, then an amount equal to one hundred and fifty per cent 3 i t 5rJ96) of the principal amount originally secured Mreby sMlt apply. t 17. That, if required by Mortgagee, tM said Mortgagor will pay unto tM Mortgages, on tM first day of each and every consecutive month, a wm equal to one-tvwlfth of iM annual amount necessary to pay all taxes sndissessments against tM said mortgaged premises. said monthly wm to be es- timated solely by Mortgagee and ulrxrlsted to be an amount not less than tM amount of taxes assessed against said mortgaged premises for tM previous year, and if further required by Mortgages to pay all inwrance premiums in manner and form as provided Mrein for tM payment of taxes and assessments. 18. That i( his matgsge is in connsct;on with construction loan financing, then this mortgage is wbject to tM Construction Loan Agreement dated ~ .between tM Mortgagor and tM Mortgagee. an executed copy of which is in tM possession of tM Mortgagee and is incorporated Mrein by reference artd made a part Mreof; aMr default by Mortgagor under said agreement sMll constitute an event of default under this mortgage 19 TMt tM Mortgage will on tM request of tM Mortgages furnish a written statement of tM amount owing on tM obligation which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 ~ BALLOON MORTGAGE ~ BOOK~~ PAGf11,w ~