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HomeMy WebLinkAbout1445 1 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 E thereof without first obtaining the prior written consent of the Mortgagee. In the event Mortgages 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. My conveyance of the Ixoperty herein described or ' any part thereof in violation of the terms of this paragraph shall entitle Mortgagee to acceerate the payment of the obligation secured hereby and all wms of r money secured hereby shall, at the option of Mortgages. become due and payable artd in default whether or not the same are so dw and payabM artd in default by the specific terms hereof. Nothing heroin contained shall bs construed to constitute a novation or rolesse Mortgagor a any wbssquent owner of liability or obligation under the promissory note secured hereby Or this mortgage by reason of the aforesaid aswmption of the obligation under the note secured hereby, by a aubssqusnt owner of the property described herein. 5. That in the event of a wit being instituted to foreclose thts mortgage. the Mortgagee shall bs entitled to apply st any time during such forecbwro suit to the court having jurisdiction thereof for the appointment of s receiver of ail and singular the mortgaged property, and of all rents, incomes. profits. issues and revenues thereof, ftom whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- po~nt such receiver with the uwal powers and duties of receivers in like cases: and said appointment shall be made by the court as a matter of strict right to the Mortgages, and without reference to the adequacy a inadequacy of the value of the property hereby mortgaged. or to the solvency or insolvency of the Mortgagor or any other party defendant to wch wit. 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 bs made as an admitted equity and as a matter of absolute right to the Mortgagee and that the same may be done without notice to the Mortgages. 6. That it any proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether wperior or junior to the lien of this mortgage. the Mortgagee may at its option immediately upon institution of wch wit 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 end singular the costs. fees. charges and expenses of every kind, including the cost of an abstract of titb to said lands found to be oort- 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 a 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 note. or this mortgage. in the foreclosure of this mortgage and in collecting the amount secured hereby with o? without legal proceedings, and to reimburse the Mortgagee for every payment made a incurred for any wch purpose with in- cerest from date of every wch payment at the highest rate authorised by law: such payments and obligations. with interest thereon as aforesaid, shalt bs secured by the lien 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- cluding war risk insurance if available. in a wm not Isss than their full inwrable value at the coat 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 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 iswed 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 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{or wch inwrance. or any part thereof, without losing, waiving or affec- ting Mortgagee's option to foreclose for breach of this covenant. or any part thereof. or any right or option under this mortgage. and every wch payment shall bear interest from date thereof until paid at the highest rate authorized by law. and all wch payments with interest as aforesaid shall be secured by the lien hereof. In the event any loss or damage is wffered Mortgagor shall notify Mortgagee of wch loss or damage within forty-eight 1481 hours after the happening thereof: the failure to give wch notice shall constitute a default and the Mortgagee shall have the rights herein given for all defaults. 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 card property or in any way impair or weaken the security of said mortgage. f 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 babel( 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 the 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. title and 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 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 terms hereof or of the note secured hereby. or future waiver of the same covenant. t 2. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. ~~ability. 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 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 wms of money herein referred to or hereby secured. or otherwise duly. fully and promptly to 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 tAnstruction loan agreement. if any, then, and in either or in any of such events, without notioe or demand. the said aggregate wm men- t~oned in said promissory note. less previous payments. if any, and any and all sums mentioned herein or secured hereby shall become due and payable forthwith 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 ~i such time, anything in said promissory note or herein to the contrary notwithstanding, and the Mortgagee shah be entitled thereupon or thereafter without ^ot~ce 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 Mortgagee shall have the continuing option to enforce payment j of all sums secured hereby by action at law Of by suit in equity to foreclose this mortgage. either or both. concurrently or otherwise, and one action or suit 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 satisfaction of said indebtedness. , 14. That in the event that Mortgagor shall l t ? consent to the appointment of a receiver, trustee or liquidator of all or a wbstantial part of Mortgagor's assets, or 121 be adjudicated a bankrupt or insolvent. or file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become due. or (3) make a general assignment for the benefit of creditors. or 141 file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency law. or 151 file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy, reorganitation or insolvency proceeding, or 161 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 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 substantial part of the Mortgagor's assets and wch order, judgment or decree shall continue unstayed and in effect for any ~sr~od 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 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 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 limes. 16. That any sum or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at any time withrn twenty (201 years from the date of this ir:denture, 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 Monty as the original indebtedness and be subject to all the terms and provisions of this mortgage: provided. that the aggregate amount of prinC~pal outstan- d~ rig 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°x) of the principal amount originally secured hereby shall apply. 17 That. it 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 taxes and assessments against the said mortgaged premises, said monthly wm to be es- j 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 t ;ear, 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 if this mortgage is in connection with construction loan financing. then this mortgage is wbject to the Construction loan Agreement dated ,between the Mortgagor and the Mortgagee. an executed copy of which is in the possession of the Pllortgagee artd is incorporated herein by reference arxf made a part hereof: any default by Mortgagor under said agreement shall constitute an event of default under this mortgage. ' E l 19. That the Mortgagor will on the request of the Mortgagee furnish a written statement o/ the anwunt owing on the obligation which this mortgage secures and therein state whether or not Mortgagor claims any defenses or offsets thereto. ` 2 ~ ~~331 P~144~ f