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HomeMy WebLinkAbout0679 • ~r ~ 4. Thrs mortgage is personal to the Mortgagor herein, and no conveyance shall ba made by Mortgagor of the premises herein desCrit>ed or any part thereof without fast obtaining the prior written consent of the Mortgagee. In the event Mortgagee gives this written consent. the grantee Warned in such con- ~~eyance 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 in viola ion of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of money secured hereby shall, at the option of Mortpapee. 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. Nothing herein contained shall be construed to constitute s novation or release Mortgagor or any subsequent owner of I,abdrty 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 foreckus this mortgage. the Mortgagee shall be entitled to apply at any time during wch forecosure su+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. ,ssues and revenues thereof. from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- po,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 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 Mortgages or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a receiver as a(o+esaid and hereby expressly consents that such appointment shall be made as an a_ dmitted equity and as a matter o! absolute right to the Mortgagee 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 lien or claim whether superior or junior to the Iran of this mortgage. the Mortgagee may at its option immediately upon rnstrtution of such suit Ot during the pendency thereof declare this mortgage and the indebtedness 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 said lands found to be con- ven,ent or expedien* in connection with any suit for the foreclosure of this mortgage. and also includrng, whether the Mortgagee is obligated to pay same or not. reasonable attorney's lees incurred or expended at any time by ilia 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 collecting the amount secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every payment made w incurred for any such purpose with in- terest from date of every such payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesaid, shall lie secured by the lien hereof. 8. To keep the building or buildings now or hereafter on said land insured against loss or damage by fire. extended coverage and other perils, in- clud+ng war risk inwrance if available. in a sum not less than their full insurable value at the cost and expense of the Mortgagor nn a company or companies approved by the Mortgagee. the policy or policies to be held by the Mortgagee. and wch 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, and to deliver sand 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 tt?e same on account of the indebtedness secured hereby or to perm+t the Mortgagor to receive and use it. or any part thereof. for other purposes. without thereby waiving or nmpairing any equity. lien or right under or by virtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for wch insurance. or any part thereof. without losing. waiving or affec- t,;ry Mortgagors s opiiuri to iureciose for breach of this covenant, or any part thereof. or any right w option under this mortgage. artd every such payment shall 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 wch loss or damage within forty-eight (48) hours slier the happening thereof: 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 suffer no~waste and to maintain the improvements at alt times in a state of good repair and condition: and to du or permit to be Gone to said premises nothing that wil{ alteror change the use and character of sard property or in any way impair or weaken the seeunty of card mortgage. I 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 repa+rs 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 :aw 10 To deliver the abstract or abstracts of title covering the mortgaged property to Mortgages or +ts designated agent, which shall at all Mmes, during ne life of th+s mortgage. remain nn the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. all right. title and interest of the Mortgagor in and to any such abstract or abstracts of title shall pass to the purchaser or grantee. 1 1 That no wanner of any covenant herein or in the obligation secured hereby shag at any t+me hereaher 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. 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. ~~ab~hty. obligatOn or encumbrance upon said property as herein provided.. it shall not be necessary nor requisite that the Mortgagee shaft first pay the same 13. That if the Mortgagor shall fail. neglect or refuse for a period of thirty 1301 days fully and promptly to pay the amounts required to be pand by the hate 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 perform. execute. comply with and abide by each. every or any of the covenants, condiUOns or stipulations of this mortgage. the promissory note hereby secured and/or the construction loan agreement, if any- then, and in either or in any of such events. without rtotrce or demand. the said aggregate sum men- ~ toned in said promissory note, less previous payments. if any. and any and all sums mentioned herenn or secured hereby shall become due and payable fortnwnth or thereaher at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at su~:h time. anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shall be entntled thereupon or thereaher without nonce or demand to institute wit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory nose. In the event of any aefauit or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgages shall have the continuing option to enforce payment r,f alt sums secured hereby by action at law 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 snail have only one payment and sat,sfacuon of said indebtedness. 14 That ?n the event that Mortgagor shall (1) consent to the appointment of a receiver. trustee or liquidator of all or a substantial part of Mortgagor's assets. or 121 be adjudicated a bankrupt o1 insolvent. or file a voluntary petition in bankruptcy. or admit in writing its inability to-pay its debts as they. become ~ sue or 13) make a general assignment for the benefit of creditors, or 14! file a petition or answer seeking reorganization or arrangement with creditors. or to take advantage of any +nsoivency law, or 15) file an answer admitting the maternal allegations of a petition filed against the Mortgagor in any bankruptcy. reorganization or insolvency proceeding. or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or (7l any order. judg- - - d?i'rEE mall ontar :~rvrn a ~a n rrdrit nr ~ a ! t ..5.'ji tit:^ sd ~ n appii do of a . cr Mortgagor by a cou o comps e..;u^ char: approving a;.a s;:~ ..a appci^t:reni of a receiver or trustee of all or a substantial part of the Mortgagor's assets and wch order, judgment or decree shall continue unstayed and +n effect for any period of thirty l30) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- terest 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 ornginally stipulated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a aunt at law and/or in equity as if all 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 :+sonable times t 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time wrthnn twenty 1201 years from the date of this indenture. together with interest thereon et the rate agreed upon at the time of such loan or advance. shall be equally secured with and have the same 8 o~~ority as the original indebtedness and be s b ect to all the terms and provisions of thns mortgage: provided. that the aggregate amount of principal outstan- d~ny at any time shall not exceed IS o? if the precednng blank ns not completed. then an amount equal to one hundred and fihy per cent 1 50%) of the principal amount originally secured hereby shall apply. 17. That, ii required by Mortgagee. the said Mortgagor will pay unto the Mortgagee. on the fnrst day of~each and every consecutnve month, a win Pqual to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises, sard monthly win to t>e es- 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 i 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. I 18. That if this mortgage is in connection with construction loan financing, then this mortgage is wbject 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. - - 19. That the Mortgagor will on the request of the Mortgagee furnish a wrntten statement of the amount owing on the obligation which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offset~tt:ereta. 2 ~~~328 Pay 6~9