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HomeMy WebLinkAbout1105 . 4. This mortgage is personal to the Mortgagor herein, and rte :.onveyance shall be made by Mortgagor of the premises herein described or any part thereof without fast obtaining the prior written consent of the Mortgagee. to the event Mortgagee gives this written consent, the grantee named_m such con- veyance shall aswme and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described or any pan thereoi in violation of the terms of this paragraph shall entrtk Mortgagee to accelerate the payment of the obligation secured hereby and all sums of money secured hereby shall, at the option of Mortgagee. become due and payable and in default whether a not the same are so due and payable and in cfetault by the specific terms hereof. Nothing herein contained shall bs construed to constitute a novation tx release Mortgagor or any subsequent owner of !:s5itity or obligation under the promissory note secured hereby ar 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 forecose this mortgage. the Mortgagee shall bs entitled to apply at any trine during such torecrosuro suit to the court having jurisdiction thereof for the appointment of a receiver of all and iungutsr the mortgaged property. end of all rents. incomes. profits. issues end revenues thereof, from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- point such receiver with the usual powers and duties of receivers in like cases: and said appointment shall bs made by the court as a matter of strict right to the Mortgagee. and without reference to the adequacy Qr inadequacy of the value of the property hereby mortgaged, or to the solvency a insolvency of the Mortgagor or any other party defendant to such suit The Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that such appointment shall bs made as sn admitted equity and as a matter of absolute right to the Mortgages and that 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 hen or claim whether superior n? junior to the lien of this mortgage. the Mortgages may at its option immediately upon institution of such wit or during the pendency thereof declare this mortgage and the indebtedness secured hereby due and payabb forthwith and may at its option proceed to foreclose this mortgage. _ 7. To pay all and singular the costs. tees, charges and expenses of every kind. including the cost of an abstract of title to said lands found to be con- venient or expedient in connection with any suit for the foreclosure of this mortgage. and also including, whether the Mortgagee is obligated to pay same or not. reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform, comply with and abide by all or any of the covenants, conditions and stipulations of said promissory note. or this mortgage. in the foreclosure of this mortgage and in cdlecting the amount secured hereby with or without legal proceedings. and to roimburse the Mortgagee for every payment made or incurred for any such purpose with in- te;~st from date of every wch payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesaid, shall be secured by the lien hereof. 8 To keep the building or buildings now or hereafter on said land insured against loss or damage Dy fire, extended coverage and other perils. in- chiding war risk insurance if available. in a sum not less than their full insureDle value at the cost and expense of the Mortgagor in a company Or companies approved by the Mortgagee, the policy or policies to be held by the Mortgagee. and such policy or policies of insurance shall have affixed thereto a Standard New York Mortgagee Clause. malting all loss or bases under such policy or policies payable to the Mortgagee as its interest may appear. and to deliver said policy or policies to the Mortgagee when issued with the receipts for the payment of the premium therefor: and in the event any sum of money becomes payable 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 permit the Mortgagor to receive and use it. or any part thereof, for other purposes. without thereby waiving or impairing any equity. lien or right under or by virtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for such insurance. or any part thereof: without losing. waiving or affec- t~ng Mortgagee's option to foreclose for breach of this covenant. or any part ttiereol. or any right or option uride? this mortgage. and every such payment shat! bear interest 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 lien hereof. In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight (481 hours after the happening thereof: the failure to give such notice shall constitute a default and the Mortgagee shall have the rights herein given for 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 be done to said premises nothing that will alter or change the use and character of said property or in any way impair or weaken the security of said mortgage. ! n case of the refusal. neglect or inability of the Mortgagor to repair and maintain said property. the Mortgagee may, at its option, make such repairs or cause the same to be made and advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by law 10. To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shall at all times, during tre !:fe of this mortgage, remain in the possession of the Portgagee and in event of the foreclosure of this mortgage or other transfer of title. all right. title and nterest of the Mortgagor in and to any such abstract or abstracts 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 terms hereof or of the note secured hereby. or future waiver of the same covenant. j 12. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. it ' !~ao~l:ty. obligation or encumbrance upon said property as herein provided. it shall not be necessary nor requisite that the Mortgagee shall first pay the same. 3 That if the Mortgagor shall fail, neglect or refuse for a period of thirty (301 days fully acid promptly to pay the amounts required to be paid by the note hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured. Or otherwise duly, fully and promptly to I perform. execute. comply with and abide by each, every or any of the covenants. conditions or stipulations of this mortgage. the promissory note Hereby secured and/or the construction loan agreement, it any, then, and in either or in any of such events. without notice or demand, the said aggregate sum men- toned in said promissory note. less previous payments. if any, and any and all sums mentioned herein or secured hereby shall become due and payable rorthwith 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 5 such time. anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shell be entitled thereupon or thereafter without notice 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 default or breach on the part of the Mortgagor hereunder or under said promissory note, the Mortgages shall have the continuing option to enforce payment o± all sums secured hereby by action at taw or by suit in equity to foreclose this mortgage. either or both, concurrently or otherwise, and one action or suit shall 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 grid sansfacdon of said indebtedness. 14 That in the event that Mortgagor shall (11 consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagor's assets, 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 due. or (31 make a genera! assignment for the benefit of creditors. or (4) file a petition or answer seeking reorganization or arrangement with creditors. or to take advantage of any insolvency law, or (5) file an answer admitting the material allegations of a petition tiled against the Mortgagor in any bankruptcy. reorganization or insolvency proceeding, or flit action shall be taken by the Mortgagor for the purpose of effecting any of the forego+ng or (7) any order, judg- ment or decree shall be entered upon an application of a creditor or Mortgagor b~ a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for any period of thirty (30) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- tP.lP.ST accrued on the note and all other sums hereby.s!icured shall become forthwith due and payable as if all of the said sums of money were originally stipulated 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 if ail monies secured 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 •.-asonable times 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within tv~enty 120) years from the date ct this indenture. together with interest thereon at the rate agreed upon at the time of such loan or advance, shall be equally secured with and have the same t priority as the original indebtedness and subject to elf the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ~ ding at any time shalt not exceed (S li~s 1. or if the preceding blank is not completed. then an amount equal to one hundred and t+fty per cent 1 ! + 5096) of the principal amount originally secured hereby shall apply. j 17. Thai. if required by Mortgagee, the said Mortgagor will pay unto the Mortgagee. on the first day of each and every consecutive month, a sum equal 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- i t~mated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous year. and if further required by Mortgagee to pay all insurance premiums in manner and form as provided herein for the payment of taxes and assessments. 18. That if this mortgage is in connection with construction loan financing, then this mortgage is subject to the Construction Loan Agreement dated ,between the Mortgagor and the Mortgagee, an executed copy of which is in the possession of the Mortgagee and is incorporated herein by reference and made a part hereof; any default by Mortgagor under said agreement shall constitute an event of default under this mortgage. t 9. That the Mortgagor wiN on the request ~+f the Mortgagee furnish a written 5tatemgnt ~f the BmptJnt owing on the obligation which this mortgage ' secures and therein state whether or not Mortgagor claims any defenses or offsets thereto 2 e~326 P~E~.03 BALLOON MORTGAGE