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HomeMy WebLinkAbout0552 _ +p 4. This mortgage is personal to the Mortgagor herein. a,~d no conveyance shall be made by Mortgagor of the preen+ses herein descr,bed or any part [Hereof without first obta?n?ng the prior written consent of the Mortyagee. In the event Mortgagee gwes this wntten consent. the grantee named in such con- veyance shall assume and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described or airy part thereof in violation of the terms of this paragraph shall ent?tle Mortgagee to accelerate the payment of the obl,gation secured hereby arto all sums 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 specdic terms hereof. Nothing herein contained shall be construed to constitute a novation or release Mortgagor or any subsequent owner of i:abrlrty o? 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 be?ng instituted to forecbse this mortgage. the Mortgagee shat) be entitled to apply at any time during such foreclosure s„rt 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. issues and revenues thereof, from whatsoever source derived: aril thereupon it is hereby expressly convenanted and agreed that the court shall forthw,th ap- point such receiver with the usual powers and duties of receivers ,n like cases: artd said appointment shall be made by the court as a matter of strict right to tr,e Mortgagee. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. onto the solvency or insolvency of the Mortgagor or any other party defendant to such surf. The Mortgagor hereby specifically avaives the right to object to the appointment of a receiver as afarasa?d and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute r,ght to the Mortgagee and that the same may be done without notice to the Mortgagor. 6. That if any proceedings should be instituted aga,nst the property covered by th,s 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,nstitution of such suit or during the pendency thereof declare th,s 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. tees. charges and expenses of every kind. including the cost of an abstract of title. to said lands found to be con- venient or oxped,ent in connection with any suit for the foreclosure of this mortgage. and also +ncludmg. whether the Mortgagee is obUgated 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 n; all or any of the covenants. condihons and stipulations of said promissory note. or this mortgage. m the foreclosure of this mortgage and ,n collecting the ~moun[ secured hereby with or without legal proceedings, and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in- ;crest from date of every such payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesaid. shall be s~•cured by the hen 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- fading 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 compan,es 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. making al! loss or losses under such policy or policies payable to the Mortgagee as its interest may appear, and to deliver said [,alley or policies to the Mortgagee when issued w,th the receipts for the payment of the prem,um therefor: and in the event any sum of money becomes payable under such po!,cy or policies. the Mortgagee shall have Lhe 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 waning or impairing any equity..hen or nyht under or by ~,rtue of this mortgage: and the Mortgagee if it deems necessary may place and pay (or such insurance. or any part thereof. without losing. waiving or affeC- ?~ny Mortgagee's option to foreclose for breach of this covenant. or any part thereof, or any right or option under th?s mortgage. and every such payment shall ;,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 ~~,ereof In the event any loss or damage is suffered Mortgagor shat) notify Mortgagee of such loss or damage within forty-eight (481 hours after the happernng ?!~ereof. 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 mamta,n the improvements at all times in a state of good repair and condii,on: and to door permit to ba done to sa+d premises nothing that will alter or change the use and character of said property ur in any way impa?r or weaken the security of said mortgage. i r. case of the refusal, neglect or inability of the Mortgagor to repau and maintain said property. the Mortgagee may. at its option. make such repass 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 h,ghest rate authorized by a t O To delver the abstract or abstracts of tide covering the mortgaged property to Mortgagee or ,ts designated agent. which shall at ail *imas. during '~fe of this mortgage. remain m the possession of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. all right. title and -~~erest of the Mortgagor m and to any such abstract or abstracts. of title shall pass to the purchaser or grantee. 1 1 That no waver of any covenant herein or in the obligation secured hereby shall at any t+me hereafter be held to be a waver of any of the other ?arms 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 fa+lure of the Mortgagor to pay any tax assessment. ab irrr obligation or encumbrance upon said property as here+n provided. rt shall not be necessary nor requisite that the Mortgagee shall fast 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 regwred to be paid by the ,~,e rTereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or otherw,se duly, fully and promptly to i .erform. execute. comply w,th and abide by each, every or any of the covenants. condit+ons or st+pulabons of this mortgage. the promissory note hereby Secured and/or the construction loan agreement. ,f any. then. and in either or in any of such events, vwthout nonce Or demand. the said aggregate sum men- ! ? oned rn said prom,ssory note. less previous payments, if any, and any and all sums mentioned here+n or secured hereby shall become due and payable `orthw~th 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 s,; ~n t,o:e. anything in sa+d aromissory note or harem to the contrary notwrthstandrng, and the Mortgagee shall be entitled thereupon or thereaher without once or demand to institute swt at law or in equity to enforce the rights of the Mortgagee hereunder or under sa,d promissory note. In the event of any ciefautt or breach on the Dart of the Mortgagor hereunder or under said promissory note. the Mortgagee shall have the continuing opt,on to enforce payment ail sums secured hereby by action at taw or by suit in egwty to foreclose this mortgage. either or both. concurrently or otherwise. and one action or swt cnau not abate or be a bar to or waiver of the Mortgagee"s right to,nstitute or maintain the other. prov+ded said Mortgagee shall have only one payment and sau;faction of said indebtedness. - 14 That rn the event that Mortgagor shall (t l consent to the appo,ntment of a receiver. trustee or I+quidator of all or a substantial part of Mortgagor's assets. or 121 be adjudicated a bankrupt or insolvent, or Tile a voluntary petition ,n bankruptcy, or admit m writing its inabil,ty to pay its debts as they become -t.;e or 13) make a general assignment for the benefit of creditors. or 14? file a pet+uon or answer seeking reorganizaUOn or arrangement with creditors. or to ?aKe advantage of any insolvency law. or (5) f,le an answer admitting the material allegations of a petrt,on filed against the Mortgagor in any bankruptcy. -e_,rgarnzation or insolvency proceeding. or (fi) action shat) be taken by the Mortgago+ for the purpose of effecting any of the forsgo+rg or { 11 any order, ludg- T.ent or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approv,ng a petition seeking a~po,ntment 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 ,,•~od of thirty (30! consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- ,~rest accrued on the note and all other sums hereby secured shall become forthwith due and payable as ,f ail of the said sums of money were originally s' pulated to be paid on such day: and thereupon the Mortgagee without nonce or demand may prosecute a suit at law and!or m equity as +f all monies .:,:red 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 ,~,.,nabte trines 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty t20r years from the date ~~r [rtes ,ndenture. together w,th interest thereon at the rate agreed upon at the time of such loan or advance. shalt be equally secured with and have the same or,ty as the engine! +ndebtedness ec~j~ all the terms artd provisions of this mortgage: prov,ded. that the aggregate amount of principal outstan- I, ^g at any nine shall not exceed (5~~ ~L1L-!. or ,f the preced+ng blank +s not completed, then an amount equal to one hundred and fifty per cent S0a ! of the principal amount originally secured hereby shall apply. 17. That. if required by Mortgagee. the sa+d Mortgagor wilt pay unto the Mortgagee. on the first day of each and every consecutive month, a sum :.goal to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly Burn to be es- ? Hated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous ;~.ar. and d further regwred by Mortgagee to pay all +nsurance premiums in manner and form as provided herein for the payment of taxes and assessments. 18 That ,f this mortgage is in connection with construction loan financing, then this mortgage s subject to the Construct+on Loan Agreement t ated - - - - - - - - - - - - - - - - - - - - betvyeen the Mortgagor and the Mortgagee. an executed copy of which is in the possession of the `.lortgagee and is ,ncorporated herein by reference and made a part hereof: any default by Mortgagor under sa+d agreement shall constitute an event of 'efault under this mortgage. 19 That the Mortgagor will on the request of the Mortgagee furn,sh a wntten statement of the amount owing on [tie obligation which this mortgage secures and there,n state whether or not Mortgagor claims any defenses or offsets thereto ncc~~ 2 Bt~~K 3~.J PAGE 552