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HomeMy WebLinkAbout1772 4. This mortgage is persOMl to tM Mortgagor herein, artd no conveyance shall be made by Mortgagor of the premises herein described or any part tnereoi without first obtaining the prior written consent of the Mortgagee. In the event Mortgagee g+ves this written consent. the grantee named in such con- :~yance shall aswme and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described or any part thereof in violation of tM terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of money secured hereby shall, et tM option of Mortgages. become due and payable and in default whether or not the same are so due and payable and in default by the specific terms hereof. Nathing herein contained shall be construed to constitute a novation or release Mortgagor or any subsequent owner of ~iab+lity Ot 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 wit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any time during such toreclowre suit to the court having jurisdiction tMrsot for the appointment of a receiver of all and singular the mortgaged property. and of all rents, incomes. profits. +ssues and revenues thereof, hem whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- point such receiver with the uwsl powers and duties of receivers in like cases: and said appointment shall be made by the court as a matter of strict right to the Mortgagee. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency or insolvency of the Mcrtgagor 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 wch appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and that the same may be done without notice to the Mortgagor. 6. That it any proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether superior or junior to the lien of this mortgage. the Mortgagee may at its option immediately upon institution of such suit or during the pendency thereof declare this mortgage and the indebtedness secured hereby due and payable forthwith acid 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 said lands found to be con- eenient 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 :got reasonable attorney s fees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to pertorm. compry 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 collecting the amount secured hereby with or without 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 secured by the lien hereof. 8. 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- cluding war risk inwranes if available. in s sum not less than their full insurable value at the cost and expanse of the Mortgagor in a company or companies aeproved 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. making all loss or losses under such policy or policies payable to the Mortgagee as its interest may appear. ano to deliver said - poiicv or policies to the Mortgagee when iswed with the receipts for the payment of the premium therefor: and in the event any sum of money becomes payable under wch 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 Mortgsgee.if it deems necessary may place and pay Io? such insurance. or any part thereof, without losing, waiving or affec- t~ng Mortgagee's option to forecbse for breach of this covenant. or any part thereof, or any right or option under this mortgage. and every such payment shall hear 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 foss or damage within forty-eight (481 hours after the haaperiing ;hereof: the failure to give wch notice shall constitute a default and the Mortgagee shall have the rights herein given for all defaults. 9. To permit. commit or wffer no waste and to maintain the improvements at all times in a state of good repair artd condition. and to door permit to be done to said premises nothing that will alter or change the use end character of said property or in any way impair or weaken the security of said mortgage. 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 ~~e same to be made Arid advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the highest :ate authorized by a •ri 10 To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee cr its designated agent. which shaft at all times. during •ne I~fe of this mortgage. remain in the possession of the Mortgagee and +n event of the foreclosure of th+s mortgage or other transfer of ;~tle. all right.:itle and merest of the Mortgagor m 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 waives of the same covenant 12 That in order to accelerate the maturity of the indebtedness hereby secured because of ±he failure of the Mortgagor to pay any tax assessment. ah~tity. obligation or encumbrance upon said property as herein provided. it shall not be necessary nor requisite that the Mortgagee shalt first pay the same. 13 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 rote hereby secured or the interest therein specified or any of the sums of money herein referred to o! hereby secured. or otherwise duly. fully and promptly to erf~rm, execute. comply with and abide by each. every or any of the covenants. conditions or stipulations of this mortgage. the promissory note hereby s?,-tired andior the construction loan agreement. if any. then, and in either or in any of such events. without notice o? demor+d the said aggregate sum men- t erred in said promissory note. less previous payments. d any, and any and all sums mentioned herein or secured hereby shall become due and payable 'ertnwith Or thereafter at the continuing option of the Mortgagee as frilly and completely as ii said aggregate sums were originally stipulated to be paid at ~ >uch time. anything in said promissory note or herein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon ct thereafter without ~ot~ce 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 er under said promissory note. the Mortgagee shall have the continuing option to enforce payment or aU sums secured hereby by action at !aw or by suit in equity to foreclose th+s mortgage. either or both. concurrently or otherwise. and one action or suit 1 s~a,i 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 ~at~siaction of said indebtedness. 14 That in the event that Mortgagor shalt (1) consent to the appointment of a receiver. trustee or l+quidator of al? or a substantial part of Mortgagor s assets. or (2? be adjudicated a bankrupt or insolvent. or file a voluntary petition .n bankruptcy. cr admit +n wasting its inability !o pay its debts as they become aye or 131 make a general assignment for the benefit of creditors. or 141 file a petition or answer seeking reorganization or arrangement with creditors. or to fake advantage of any insolvency law. or (51 file an answer admitting the material allegat+ons of a petition filed against the Mortgagor in any bankruptcy. ~P~rgan+zation or insolvency proceeding- or 181 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order, judg- ^~ent or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment 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 .;ar~od of thirty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- •4rest accrued on the note and all other sums hereby secured shat) become forthwith due and payable as it all of the said sums of money were originally npulated to be paid on such day: and thereupon the Mortgagee without notice a demand may prosecute a suit at law andior in egwty as if all monies ,Qcured hereby had matured prior to its institution _ 15 That the Mixtgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all • .+sonable times ' 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 1201 years from the date ,~.f 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 s ;.•:onry as the original indebtedness and subject to aft the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ? at any time shall not exceed IS ~A or if the preceding blank +s not completed, then an amount aqua! to one hundred and fifty per cent _ t 5696) of the princpal amount originally secured hereby shall apply. 17 That. ii required by Mortgagee. the sa+d Mortgagor will pay onto the Mortgagee. on the first day of each and every consecutive month, a sum ~•dual to one-twelfth of the annual amount necessary to pay alt taxes and assessments against the said mortgaged premises. said monthly sum to be es- ~ ~~mated solely by Mortgagee artd calculated to be an amount not Tess than the amount of taxes assessed against said mortgaged premises for the previous ,ear and if further regwred by Mortgages to payall +assurance premwms in manner and form as provided herein for the payment of taxes and assessments 18. That if this mortgage is m connection with construction loan finanung, then this mortgage is subject to the Construction loan Agreement Mated jJA .between the Mortgagor artd the Mortgagee. an execuied copy of which is in the possession of the `Mortgagee and is incorporated herein by reference and rrrade a part hereof: any defaul; by Mortgagor under said agreement shall constitute an event of default under this mortgage. 19. That the Mortgagor wdl on the request of the Mortgagee furnish a written statement of the amount owing on the obUgation which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 'i~~7 «~~17~. BI;~1K - - _ ~ -