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HomeMy WebLinkAbout1736 • _ _t - 4. This mortgage is personal to the Mortgagor heroin. aixf no conveyance shall bs made by Mortgagor of the premises hereof 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 such con- veyancs shall aswms and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described w any part thereof in violation of the terms of the paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of money secured hereby shell. at the option of Mortgagee. become due and payable and in dsfauh whether or not the same are so dos and payable and in default by the specific terms hereof. Nothing herein contained shall bs construed to constitute a novation or release Mortgagor a any subsequent owner of liability or obligation under the promissory Hots secured hereby or this mortgage by reason of the aforesaid assumption of the obligation under the note secured hereby. by a subsequent owner of tM property described herein. 5. That in the event of a suit being instituted to foreclose this mortgage. the Mortgages shall be entitled to apply at any time during such toreclosuro suit to the court having jurisdiction thereof for the appointment of a receiver of ail and singular the mortgaged property. end of all rents. incomes. profits. issues and revenues thereof. hom whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- point wch receiver with the uwal powers arM duties of receivers in tike 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 insohency of the Mortgagor or any other party defendant to such suit. Ths Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that such appointment shall bs 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 sgainat the property covered by this 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 institution of such suit or during the pendency thereof declare this mortgage and the indebtedness secured hereby dos end 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- venient 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 tees incurred or expended at any time by the Mortgagee because of the failure of the Mortgagor to pertain. 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 ttfe amount 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 authorised 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 hereaher on said land insured against loss or damage by fire. extended coverage and other perils. in- cluding war risk insurance if available. in a sum not less than their full insurable value at ttre 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. and such policy or policies of insurance shall have affixed thereto a Standard New York Mortgagee Clause. making all loss or bases 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 theretor; 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 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 waiving or impairing any equity. lien or right under or by virtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for such insurance. or any part thereof, without bsing. waiving or aHec- t~ng 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 bear interest from date thereof until paid at the highest rate authorized by law. and all such payments vnth interest as aforesaid shall be secured by the lien hereof. In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 148) hours aher the happening thereof: the failure to give such notice shall constitute a default aril 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 in a state of good repair and condition: and to door 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 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 rate authorized by law 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 tr,e life of 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. titleand 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 waiver o1 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 terms hereof or of the note secured hereby. or suture 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. viability. 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 if the Mortgagor shall tail, neglect or refuse for a period of thirty 1301 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. ttie promissory note hereby ~ secured and/or the construction loan agreement, if any. then. and in either or in any of such events. without notice a demand, the sad aggregate sum men- ~ boned 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 thereaher at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at s such time. anything in said promissory note or herein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereaher without notice or demand to institute suit at law or in equity to enforce the 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 Mortgages shall have the continuing option to enforce payment of 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 acUOn or suit i shall 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 sat,sfaction 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 pan of Mortgagor's €1 assets. or (21 be adjudicated a bankrupt or insolvent. or file a voluntary petiUOn in bankruptcy. or admit m writing its inability to pay its debts as they become due. or (3) 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 insolvency law. or 151 fife an answer admitting the material allegations of a petition bled against the Mortgagor in any bankruptcy. reorganization or insolvency proceeding. or (BI action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order, judg- merit 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 period of thirty 1301 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 originally stipulated to be paid on such day: and thereupon the Mortgagee without noUCe or demand may prosecute a suit at law and/or in egwty 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 times 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (201 Years from the date cf 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 priority as the orgmal indebtedness and be subject to al! the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- r1~ng at any time shall not exceed IS 1. or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent 1 50%1 of the principal amount originally secured hereby shall apply. t t ' 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-twelhh of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly sum to be es- [: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 yea:. and if further regwrsd by Mortgagee to pay all insurance 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 subject to the Construction Loan Agreement dated N/A - .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 shalt 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 aril therein state whether or not Mortgagor claims any defenses or offsets thereto. : ' 2 X330 P~~E17~'6