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HomeMy WebLinkAbout0040 • irr 4. This mortgage is persona) to the Mortgagor herein. and no conveyance shall be made by Mortgagor of the premises herein described or any part thereof without first obtaining the prior written consent of the Mortgagee. In the event Mortgagee gives this written consent. the grantee named in wch 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 part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligatwn secured hereby and all wms of money secured hereby shall. at the option of Mortgagee. 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 a novation or release Mortgagor or any subsequent owner of I~abitiry Or obligation under the promissory Hots secured hereby or this mortgage by reason of the etorasaid aswmption of the obligation under the note secured hereby. by s wbsequent owner of the property described herein. 5. That in the event of a wit being instituted to foreclose this mortgage. the Mortgagee shall bs entitled to apply at any time during such forecbwre suit to the court having jurisdiction thereof lot the appointment of a receiver of all and singular 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- po+nt such receiver with the ewer powers and duties of receivers in like cases: and sad 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 Mortgagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a receiver ss 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 bs 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 wperior or junior •,o 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 end 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- ~ enfant 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 Hate. 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 wch 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 be secured by the lien hereof. 8. To keep the building or buildings now or hereafter on said land insured against loss or damage by fee. extended coverage and other perils. in- clud>ng war risk inwrance ii available. in a vein not less than their full insurable value at the cost and expanse of the Mortgagor in a company or companies approved by the Mortgagee. tfis policy or policies to be held by the Mortgagee. and such policy or policies of inwrance 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 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 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 end use it. or any part thereof, for other purposes. without thereby waiving or impairing any equity. lien or right under or by v+rtue 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 thereof. of any right or option under this mortgage. and every such payment shall bear interest hom date thereof until paid at the highest rate authorized by law. and all wch payments with interest as aforesad shall be secured by the lien Hereof In the event any bas or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 148) hours aher the happening chereof: the failure to give wch notice shall constitute a default and the Mortgagee shall have the rights herein given .for all defauFts. 9. To permit, commit or wffer 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. 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 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 :ate authorized. by ~a.v 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 the I+fe at this mortgage. remain in the possession of the Mortgagee and in_event of the foreclosure of this mortgage or other transfer of title. all right. title and merest 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 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 *_he failure of the Mortgagor to pay any tax assessment. lability. obligation or encumbrance upon said property as herein provided. it shall not be necessary nor requisite that the Mortgagee shall first pay the same. 13. That it 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 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. if any. then. and in either or in any of such events. without notice or demand. the sad aggregate vein men- coned in said promissory note. less previous payments. if any, and any and all sums mentioned herein or secured hereby shall become due and payable `orthwith or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be pad at such time. anything in said promissory note or herein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereafter without nonce or demand to institute wit et law or in equity to enforce tie 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 Mortgagee shall have the continuing option to enforce payment of all 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 snarl 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 saustaction of said 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 part of Mortgagor's assets. or 12i be adjudicated a bankrupt or insolvent. or file a voluntary petition .n bankruptcy, cr admit in writing its inability to pay its debts as they become due. or 131 make a general assignment for the btinefit of creditors. or 141 file a petiUOn or answer seeking reorgarnzation or arrangement with creditors, or to sake advantage of any insolvency law. Or 151 file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy.. reorganization or insolvency proceeding. or 181 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or t71 any order. judg- ment or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a wbstantial part of the Mortgagor's assets and wch order. judgment or decree shall continue unstayed and in effect for any oenod of thirty 130) 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 wms hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated to be paid on wch day: and thereupon the Mortgagee without notice or demand may prosecute a suit 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 ~~~asonable Umes. 18. That any win or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 120) years from the date of 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 ar~ority as the original indebtedness and be subject to all the terms and provisions of this mortgage. provided. that the aggregate amount of principal outstan- c'.:ng at any Gme shall not exceed IS DT11a or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent ~ ~ .5096) of the principal 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 equal to one-twelfth of the annual amount necessary to pay all razes and assessments against the said mortgaged premises. said monthly vim to be es- timated 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 inwrance 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 wblect 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 paR hereof: any default by Mortgagor under said agreement shall constitute an event of default urxler 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. - ? B(:(1K~~J PeGE 4O _ _ _ _~y::_~ , _ _