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HomeMy WebLinkAbout1640 • ~ l • 4. .This mortgage is personal to the Mortgagor herein, and no conveyance shall be made by Mortgagor of the premises herein described or any part thereof without fast obtaining the prior written consent of the Mortgagee. In the event Mortgagee gives this written consent. the grantee named in such con- .•eyance shall assume and agree to pay the obligation evidenced kry the promissory note secured hereby. Any conveyance of the property herein described or arty 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 money secured hereby shall, at the 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. Nothing herein contained shall be construed to constitute a novation or release Mortgagor or any subsequent owner of liability w 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 ttte property descnbed herein. 5 That in the event of a suit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any time during such foreclosure 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. ,sues and revenues thereof. from whatsoever source derived. and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- poun such recever 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 t0 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 iv1ortgagor or any other party defendant to such suit The Mortgagor hereby specifically waives the right to object to the appointment of a receiver as atoresaid 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 chat the same may be done without notice to ttte 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 co 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 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- cenie~t or expedient in connection with any Suit (or 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 wrth and abide t,y 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 mo.int secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every payment made or 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 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 tire. extended coverage and other perils. in- cluding 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 comparnes 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 dew 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 pot,cy or policies to the Mortgagee when issued with the receipts for the payment of the prem+um therefor. and in the event any sum of money becomes payable under such policy o? 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 the?eof, for other purposes. without thereby waiving or impairing any equity. lien or right under or by ti Arnie of this mortgage: and the Mortgagee ii tt deems necessary may place and pay for such insurance. or any pan thereof. without losing. waiving or affec- t:•,g 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 gear 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 148} hours after the happening ;Hereof: the failure to give such notice shall constitute a de(au!t and the Mortgagee shall have the rights herein giver+ for all defaults. - 9. To permit. commit or suffer no waste and to maintain the improvements at all times in a state of good repair and condition: and to do or permit to oe 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 sa+d mortgage. i case of the refusal. neglect or inabifiry of the Mortgagor to repay and maintain said property. the Mortgagee may. at its option. make such repaus or cause ~r~e 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 d14 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 • i,fe of this mortgage remain in the possession of the Mortgayee and in event of the foreclosure of this mortgage or other transfer of title. alt right. title and ,Merest of the Moagagor m 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 waver of any of ;he 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. rac~hty. obligation or encumbrance upon said property as herern provided. rt shall not be necessary nor requisite that the Mortgagee shah first pay the same t 3 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 pa+d by the I'~ ~ ote hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured. or otherwise duty, fully and promptly to if ;;erform. execute. comply wrth 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 said aggregate sum men- :~or.ed in said promissory note. less previous payments, if any, and any and all sums mentioned harem Or secured hereby shall become due and payable 'o•thwrth or thereafter at the continuing option of the Mortgagee as fully and completely as d said aggregate sums were originally stipulated to be paid at such time. anything in said promissory note or herein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereafter without ~vc~ce or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note to the event of any ~~e`ault or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgsgee shall have the continuing option to enforce payment ail 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 ;Hari not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other. provided sa+d Mortgagee shall have only one payment and >at~sfaction of said indebtedness. 14 That in the event that Mortgagor shall 111 consent to the appointment of a receiver. trustee or liquidator of all or a substant+al part of Mortgagor's :,sets, or 121 be adjudicated a bankrupt or insolvent, or ide a voluntary petition in bankruptcy. or admit in writing its inability to pay its debts as they become sue or 131 make a generat assignment for the benefit of creditors. o• 14) file a petition or answer seeking reorgamz8tion or arrangement v:•ith creditors. or to •a~e advantage o! any insolvency law. or 15? file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy. eoryanization or insolvency proceeding, or ;Ei) actior, shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 17? any order, judg- .Tent 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 substantial part of the Mortgagor s assets and such order, judgment or decree shall continue unstayed and in effect for any .:nod of thirty (301 consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the pnnc+pal of and the in- *erPst accrued on the note and all other sums hereby secured shat! become forthwith due and payable as if alt of thg said sums of money were originally. sr~oulated to be paid on such day. and thereupon the Mortgagee without noUCe ar demand may prosecute a suit at law and/or in equity as if all monies ~FCCred 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 • sable times a ~ t 6 That any sum or sums which may be loaned or advanced by thi: Mortgagee to the Mortgagor at any time within twenty 120) Years from the date mis indenture. together with interest thereon at the rate agreed upon at the time of such loan or advance, shall lie equally secured with and have the same • r;r ty as the original indebtedness and be sub act to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ~,g at any time shall not exceed (S__2(3-~$1. or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent ' 50°1 of the principal amount originally secured hereby shall apply. 17 That. if required by Mortgagee. the said Mortgagor wilt pay unto the Mortgagee. on the first day of each and every consecutive month, a sum ~!tual to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly sum to be 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 year, and if further requhed by Mortgagee to pay all insurance premiums in manner ar?d form as provided herein for the payment of taxes and assessments. 18 That if this mortgage is in connection wrth construction loan financing. then this mortgage is subject 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 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. . 2 6~ K329 pA6E1~39