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HomeMy WebLinkAbout0073 4... This mortgage is personal to the Mortgay.rr herein, and no conveyance shall be made by Mortgagor of the premises herein described or any part thereof without first obtaining the prior written consent of tttc~ Mortgagee. In the event Mortgagee gives this written consent, the grantee named in such con- veyance shall aswme and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described or any part thereof in violation of the terms of this paragraph shall entitle Mortgagee co accelerate the payment of the obligation secured hereby and all wms of money secured hereby shall, at the option of Mortgagee. become due and payable erW in default whether or rtot the same srs so due and payable and in default by the specific terms hereof. Nothing herein contained shall bs construed to constitute a novation or release Mortgagor or any subsequent owner of lability 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 s subsequent owner of the property described herein. 5. That in the event of a suit being instituted to torsckus this mortgage. the Mortgagee shall be entitled to apply at any time during wch foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property. end of all rants. incomes. profits. issues and revenues thereof, from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthvwth ap- point 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 trio 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 Mortgagor or any other party defendant to such wit. The Mortgagor hereby specifically waives the right to object to the appointment of s receiver as atoresard and hereby expressly consents that wch appointment tthall bs made as an admitted equity and as a matter of absolute right to tt?e Mortgagee and that the same may bs done without notice to the Mortgagor. 6. That if any proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether wperior or junior to the Tien of this mortgage. the Mortgagee may et its option immediately upon institution of such wit or during the pendency thereof declare this mortgage ar~d the indebtedness secured hereby due and payable forthwith end 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 expedient in connection with any suit for the toreclowre 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 perform, comply with and abide by all or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. in the #oreclosure 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- cereit from date of every wch payment at the highest rate authorized by law: such payments and obligations. with interest thereon as atoresard. shall be secured by the lien hereof. - 8 To keep the building or buildings now or hereaher on said land insured against bas 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 the 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 bas or Tosses under wch 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 therefor: 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 wch insurance. or any 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 near 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 ^ereuf In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of wch loss Or damage within forty-eight 148) 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 end to maintain the improvements at all times in a state of good repair and condition: and to door permit to oe 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. 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 wms shall be secured by the Iran hereof and bear interest at the highest rate authorized by !an' 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 one 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 ~:terest of the Mortgagor in 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 obigation secured hereby shall at any time hereaher be held to be a waiver of any of the other terms hereof o? 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. ~n~lty, 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 3. That it the Mortgagor shall fail. neglect or refuse for a period of thirty 1301 days fully and promptly to pay the amounts required to be paid by the ^ote 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 uerform. execute. comply with and abide by each, every or any of the covenants. conditions or stipulations of this mortgage. the promissory note hereby i 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 win men- ' honed rn said promissory note. less previous payments, ii 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 rt said aggregate sums were originally stipulated to be paid at such tame, anything in said promissory note or herein to the Contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereafter without -once 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 a!I sums secured hereby by acUOn at law or by suit in egwry to foreclose this mortgage. either or both, concurrently or otherwise, and one action or suit s^ai: 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. I 14. That in the event that Mortgagor shall 111 consent to the appointment of a receiver, trustee or liquidator of all or a substantial 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 due. or (31 make a general assignment for the benefit of creditors. or 141 file a petition or answer seelung reorganization or arrangement with creditors. or to take advantage of any insolvency law. or (5) file en answer admitting the material allegations of a petiliOn tiled against the Mortgagor in any bankruptcy. ~eorganrzation or insolvency proceeding, or 181 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 # ;.t 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 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- forest 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 stpulated to_ be paid on such day: and thereupon the Mortgagee without notice 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 ,sortable times ' = ) 3 16. That any sum or wms whrch may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (201 years from the date ~ .,t this indenture. together with interest thereon at the rote agreed upon at th8 time of such loan or.advance. shall be equally secured with and have the same j ;;rior;ty as the original rrrdebtedness and be subject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ding 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 t 50%I of the principal amount originally secured hereby shall apply. { i [ 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 1 e:;ual to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises, said monthly win to be es- ~ t~mated solely by Mortgagee and calculated to be en amount not less than the amount of taxes assessed against said mortgaged premises for the previous t year, and it further required by Mortgagee to pay all inwrartce premiums in manner and form as provided herein for the payment of taxes and assessments. e ~ 18. That if this mortgage is in connection with construction ban financing, then this mortgage is wbjeCt to the Construction Loan Agreement dated ,between the Mortgagor and the Mortgagee. an executed copy of which is rn 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. c~ arox33~~ P~cE ~J ecac~7 PaGE~4~ ate-t;ecord