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4. This mortgage is personal to the Mortgagor nerein. a^d no conveyance shall be made by Mortgagor of the premises herein described or any part
;t,e~+eof without fast obtaining the prior written consent of the Mortgagee. In the s:vertt Mortgagee gives this written consent. the grantee named in such con•
to°yance shall assume and agree to pay the obligation ev?denced by the promissory note secured hereby. Any conveyance of the property herein described or
,+rZy part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of
iiioney secured hereby shall, at the option of Mortgagee. become due and payable and rn default whether or not the same are 5o dua and payable and in
~!efault by the specific terms hereof. Nothing herein cortarned shall be construed to constitute a novation or release Mortgagor or any subsequent owner of
:ability 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 8 subsequent owner of the property described herein.
5. That rn 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 srngular the mortgaged property. and of all rents. incomes. profits.
issues and revenues thereof, from whatsoever source derived. and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap•
;,o~nt such receiver wrth 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
tree 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
~tortgago? or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a receiver as
,,foresaid 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
Gnat the same may be done without notice to the Mortgagor.
6 That if any proceedings should be rnstituted against the property covered by this mor-gage upon any other hen or claim whether superior or junior
to ;he hen of this mortgage. the Mortgagee may at its option immediately upon institution of such swt or during the pendency thereof declare this mortgage
;,rid the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgage
7. - To pay all and srngular the costs. tees. charges and expenses of every kind. including the cost of an abstract of title to said lands toured to be con-
: r. n~ent 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
,ot reasonable attorney's tees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to perform. comply with and abide
t,; ail or any of the covenants. conditions and stipulations o1 said promissory note. or this mortgage. in the foreclosure of this mortgage and in collecting the
.,~,uunt secured hereby with or without legal.proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in-
cerest from date of every such payment at the highest rate authorized by taw: such payments and obligations- wrth interest thereon as aforesaid. shall be i
secured by the ben 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-
, 'tiding war risk insurance if available. in a Sum not less than their full insurable 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. end such policy o? policies of insurance shall have affixed thereto a Standard
Yew 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
;x,i~cy or policies to the Mortgagee when issued wrth the receipts for the payment of the premium therefor, and m the event any sum of money becomes
payable under such policy or policies-thellfioTtgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to
;,errnit the Mortgagor to receive and use it. or any pan thereof. for other purposes. without thereby waiving or impairing any equity. I+en or right under or by
~rtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for such insurance. nr any part thereof, without losing. waiving or affec-
rig 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
c,ear 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
-:c•reof In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 1481 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 m 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.
in ease of the refusal. neglect or inability of the Mortgagor to repair and maintain card property. the Mortgagee may. at its option. make such repaus or cause
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
t 0 To deliver the abstract or abstracts of title covering the mortgaged property to Mortgagee or rts designated agent. which shall at all times. during
!~fe of th+s mortgage. remain rn the possession of the Mortgagee and in event of the foreclosure of th+s mortgage or other transfer of title, alt right. tole and o
•r,.F~rest of the Mortgagor in and to any such abstract or abstracts of title shall pass to the purchaser or grantee.
t 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
reins hereof or of the note secured hereby. or future waiver of the same covenant. -
t 2 That rn order to accelerate tl)e maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment.
,::,!ry. obligation or encumbrance upon said property as herein provided. rt shall not be necessary nor regrusrte that the Mortgagee shall first pay the same.
13 That if the Mortgagor shah fad, neglect or refuse-tor a period o! thirty 130) days fully and promptly to pay the amounts regwred to be paid by the
c.te 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
;:Frform. execute. comply with and abide by each. every or any of the covenants. conditions or stipulations of this mortgage. the prom+ssory note hereby
>F :tired and'or the construction loan agreement. rf any. then, and in either or in any of such events. without notice or demand. the said aggregate surn men-
f ~ Dried m card promissory note. less previous payments. if any. and any and all sums mentioned herein or secured hereby shall become due and payable j
III -ortnwith or thereafter at the continuing option of the Mortgagee as fully and completely as rf said aggregate sums were originally stipulated to be paid at
4 ,..:.n time. anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter without
f o.~ce or demand to +nstitute surf at law or in egwty to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any
.e'auit or breach on the part of the Mortgagor hereunder or under said promrssory note. the Mortgagee shall have the continuing option to enforce payment #
,,v au sums secured hereby by action at law or by suit m egwty to foreclose this mortgage. a+ther or both. concurrently or otherwise. and one action or suit ~
seen not abate or be a bar to or waiver of the Mortgagee's right :o institute or maintain the other, provided said Mortgagee shall have only one payment acid
.+t~5faction of sa+d indebtedness.
14 That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial pair of Mortgagor's
assets or 121 be adjudicated a bankrupt or insolvent. or file a voluntary petmon m bankruptcy. or admit m writing rts inability to pay rts ifebts as they become
t.:e or i31 make a general assignment for the benefit of creditors. or (4# file a petition or answer seeking reorganization or arrangement with creditors. or to
:ak? advantage of any insolvency law. or (51 file an answer admitting the material allegations of a petition filed against the Mortgagor rn any bankruptcy.
•ecrganization or insolvency proceeding, or (61 action shall be taker by the Mortgagor for the purpose of effecting any of the foregoing or 17! any order, judg-
~»nt or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent lunsdiction approving a petition seeking appointment
a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order. lodgment or decree shall continue unstayed and in effect for any
. ~r ed of thirty (301 consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in-
•:=rust 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
;;elated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a swt at law and/or m egwty as if all monies
~~rad 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
- „able times
6 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 120? years from the date
r t^~s 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
-.r-nasty as the original indebtedness a ct tQ~It the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstare-
a ~~y at any time shall not exceed UU 1. or if the preceding blank is not completed, then an amount equal to one hundred and fifty per cent
~ ' SO~t of the print+pal amount originally secured hereby shall apply.
17 That. if required by Mortgagee. the said Mortgagor will pay unto the Mortgagee. on the first day of each and every consecutive month, a sum
:-c~ .al to one-tweihh of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly sum to be es-
r~sated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous
,Far. 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 ii this mort~Q
age rs in connection with construction loan financing. then this mortgage +s subject to the Construction Loan Agreement
dated April 2 , ly$U .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 defaul[ 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 written statement of the amount owing on the obligation which this mortgage
secures and therein state whether or not Mortgagor claims any defenses or offsets thereto e
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