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HomeMy WebLinkAbout2781 _ ~ - _ 4. ?his mortgage is personal to the Mortgagor herein, and no oonveyancs shall tfe made by Matgaga of tM premises herein described or any part 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 aswms and agree to pay tM obligation evidenced by the promissory note secured Mrsby. Any conveyance of the property herein described a any part tMreof in violation of tM terms of this paragraph :hall entitle Mortgagee to accelerate tM payment of the obligation secured hereby and all wms of money secured hereby shall. at the option of Mortgagee. become dw and payable end in defauh whether a not ttte same are so dw and payable and in default by the :pacific terms hereof. Nothing herein contairtsd shall be otxtstrued to constitute a novation or release Mortgsgo? a any wbsequent owner of I,abiltty or obligation under tM promissory note secured hereby or this mortgage by reason of the aforesaid aswmption of the obligation under the note secured hereby, by a wbsequent owner of the property described Mrsin. 5. That in the event of a wit being instituted to forecbse this mortgage. the Mortgagee shall bs entitled to apply at any time during such (orecbwre su,t to the court having jurisdiction thereof for tM appointment of a receiver of all and singular the mortgaged property. end of all rents, incomes, profits. ,ssues and reverwes thereof, from whatsoever source derit?ed: and therwpon it is hereby expressly comenanted and agreed that the court shell forthwith ap- po,nt such receiver with the uwal powers and duties of receivers in like cases: and acid appointment shall be made by the court as a matter of strict right to the Mortgagee. and without reference to tM adequacy Or inadequacy of tM 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 speciftcally waives the right to object to the appointment of a receiver as aforesaid and hereby exprossly con:srtts 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 bs dons without notice t0 the Mortgagor. 6. That if any proceedengs should be instituted against the property oovsred.by this mortgage upon any other lien or claim whether wperior or junior to the lien of this mortgage. the Mortgages may at its option immedistelti 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 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 orexpedient 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 a expended et 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. a this mortgage, in the forecbwrs 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 wch payment at the highest rate authorised by law:.wch 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 firs. extended coverage and other perils. in- cluding war risk insurance if availeble. in a wm not less than their full inwrabls value at the cost end expense of the Mortgagor in a company or companies approved by the Mortgagee, the policy or policies to bs hekf by the Mortgagee. and wch policy or policies of inwrence shall have affixed thereto a Standard New York Mortgagee Clause. making ell loss a losses under wch policy or policies payable to the Mortgagee as its interest may appear, and to delnrer said policy or policies to the Mortgagee when leveed with the receipts for the payment of the premium therefor: and in the event any wm of money becomes payable under such policy or policies. the Mortgages 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 arty pan thereof. for other purposes. without thereby waiving or impairing arty equity, lien or right under or by v,rtue of this mortgage: and the Mortgages if it deems necessary may place and pay for wch inwrante. Or arty part thereof, without being. 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 st the highest rate authorized by law, and all such payments with interest as aforesaid shall be secured by the lien hereof. In the event any bss or damage is wffered Mortgagor shall notify Mortgagee of wch loss or damage within forty-eight 1481 hours aher 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 cortditwn: and to door permit to , be done to said premises nothing that will after or change the use and character of said property or in any way impair or weaken the security of said mortgage. , 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 st 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 ;ne I,fe of this mortgage. remain in the possession of the Mortgagee and in event of the foreclowre of this mortgage or other transfer a! title. all right. title and ~nrerest of the Mortgagor in and to any such abstract Or abstracts of title shall pass to the purchaser or grantee. 11. 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 - ~I 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. ~~ab,l,ty. obligation or encumbrance upon said property as herein provided. it shall not be necessary nor requisite that the Mortgagee shall first pay the same. i 13. That if the Mortgagor shall fail, neglect or refuse for a period of thirty l30? days fully and promptly to pay the amounts required to be paid by the note hereby secured o? the interest therein specified or any of the sums of money herein referred to or hereby secured. or otherwise duly, fully and promptly to perform. execute. comply with and attids 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 wm men- ~ boned in said promissory note, less previous payments, if any, and any and all sums mentioned herein Or secured hereby shalt become due and payable forthwith or thereaher at the continuing option of the Mortgagee as fully and completely as if said aggregate wms 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 hhereaher without notice or demand to institute wit 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 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 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 I satisfaction 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 wbstantial part of Mortgagor's assets. or 12? 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 j due. or (3) make a general assignment for the benefit of creditors. or (41 file a petition or answer seeking reorganization or arrangement with creditor. or to ! take advantage of any insolvency law, or 15! Tile an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy, reoryanization or insolvency proceeding, or (8? action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 17? 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 wch 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- serest accrued on the note and all other Sums hereby securtid 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 t seasonable limes s s 16. That any sum or sums which may be loaned Or advanced by the Mortgagee to the Mortgagor at any time within twenty (20? Years from the date of this indenture. together with interest thereon at the rats agreed upon at the lima of wch loan or advance, shall be equally secured with and have ttte same 't pr,ority as the onginat indebtedness and be wbject to all the terms and provisions of this mortgage. provided. that the aggregate amount of principal outstan- E ding at any time shall not exceed IS or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent • . 50%) of the principal amount originally secured hereby shat) apply. 17. That. i( required by Mortgagee. the said Mortgagor will pay unto the Mortgagee. on the first day of each and every consecutive month. a wm equal to one-twelhh of the annual amount necessary to pay all taxes end assessments against the said mortgaged premises, said monthly wm 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 required by Mortgagee to pay all inwranee 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 ban financing. then this mortgage is wbject to the Construction Loan Agreement 1 dated NSA .between the Mortgagor end the Mortgages. an executed copy of which is in the possession of the I Mortgagee and is incorporated herein by reference and made a part hereof: any default by Mortgagor under said agreement shall constitute sn event of j 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 c~ BCO~KJJ~ PAGf~~ BALLOtR~I MORTGAGE