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HomeMy WebLinkAbout1637 4. This mortgage is personal to the Mortgages Mrein. and no conveyance atoll be made by Mortgagor of the premises herein described or any part thereof without first obtaining the prior written convent of tM Mortgagee. In the event Mortgagee gives this written consent. tM grantee named in wch ces?- veyance shall aswme and agree to pay the obligation evidenced by the promissory note secured Mreby. Any conveyance of the property herein described a any part thereof in violation of tM terms of this paragraph shall entitN Mortgagee to accelerate tM payment of the obligation secured hereby and all wms of money secured hereby al?all, at tM option of Mortgagee. become dw and payable and in defauh wMther a not tM same aro so due and payable and in default by tM specific terms hereof. Nothing herein contained shall be construed to constitute a novation es release Mortgagor a any wbsequent owner of liability a Obligation under tM promissory note secured Mreby a this mortgage by reason of the aforesaid aswmption of the obligation under the note secured hereby. by a subsequent owns of tM property described herein.. ; 5. That in the event of a wit being instituted to foreclose this mortgage. the Mortgages shall be entitled to apply at any time during such faeclowro suit to the court having jurisdiction thereof fa tIN appointment of s receiver of aU and singular tM mortgaged property. and of all rants. incomes. profits. issues and revenues thereof, hom whatswwr source derived: and thereupon it is hereby expressly cstwnantsd and agreed that the court shah forthwith ap- point such receiver with the uwal povwre and duties of receivers in like cases: and said appointment shall bs made by the court as a matter of strict right to the Mortgages. and without reference to the adequacy a inadsqusry of the yalus of the property hereby mortgaged. a to the sohrency a insolvency of the Mortgages a any other parry defendant to wch wit. The Mortgages hereby spseificaily waives the right to object to tM appointment of s receiver as aforesaid and heroby expesssly conssnri that wch appointment shall bs made as en admitted equity and as a matter of absolute right to the Mortgagee and that the same may bs dons without notice to the Mortgags. _ 6. That if any proceedings should bs 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 Mortgages may at iri option immediately upon institution of such wit a during the pendency thereof dsclaro this rrwrtgags 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- s venient or expedient in connection with any wit fa the teseCbwra of this mortgage. and also including, whether the Mortgages is obligated to pay same es ! noi. reasonable sttomey's fees incurred s expended at any time by the Mortgages because of the failure of the Mortgags to perfOmn, comply with and abide by all or any of the covenants, conditions and stipulations of said promissory note. es this mortgage. in the toreclowro of this mortgage and in collecting the ~ amount secured hereby with s"without legal proceedings, and to reimburse the Mortgages fes every payment made es incurred for any such purpose with in- terest from date of every wch payment at the highest rate authorized by law: such payments and obligations. with interost thereon as afesassid. shall be j'j secured by the lien hereof. 1. 8. To keep the building a buildings now a hereafter on said land insured agsinsi kiss a damage by hrs. extended coverage and other perils. in- ciudmg war risk insurance if avaibbls. in a sum not less than their full inwrable value at tho cost and expense of the Mortgages in a company s companies approved by the Mortgagee. the policy s policies to bs held by the Mortgagee. and wch policy a policies of insurance shall haw affixed thereto s Standard New York Mortgagee Clause. making all loss a bases under wch policy or policies payable tp the Mortgages as its interest may appear. and to deliver said policy or policies to the Mortgagee when issued with the receipts fa the payment of the premium therefes: and in the event any wm of money becomes payable under such policy es policies. the Mortgagee shall haw the option to receive and apply the same on account of the indebtedness secured hereby es to permit the Mortgagor to receive and use it. s any pert thereof. fa other purposes, without thereby waiving s impairing any equity, lien or right under s by virtue of this mortgage: and the Mortgagee if it deems necessary may place and pay fes wch insurance. a any part thereof, without losing, waiving or affec- t ~ rig Mortgagee's option to toreckose fs breach of this covenant. s any part thereof, s any right es 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 bas or damage is suffered Mortgages 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 fes 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 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. I n case of the refusal, neglect s 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 the I~fe of this mortgage. remain in the possession of the Mortgagee and in event of the foreclosure of this mortgage es other transfer of title. all right. titl@ and interest 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 a in the obligation secured hereby shall at any time hereafter be haled to be a waiver of any of the other f terms hereof or of the note secured hereby, s 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. ~~ab~lity, obligation es 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 n ate 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 s any of the covenants. conditions es stipulations of this mortgage. the pronwssory note hereby I secured and/es the construction koan agreement, if any. then, and in either or in any of such events, without notice a demand, the said aggregate wm men- - oohed in said promissory note, leas previous payments.. if any, and any and all wms mentioned herein s 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 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 thereafter without nonce or demand to institute wit at law or in equity to enforce the rights of the Mortgagee hereunder a under said promissory note. In the event of any default or breach on the part of the Mortgages hereunder es under said promissory note, the Mortgages shall haw the continuing option to enforce payment of all sums secured hereby by action at law a by suit in equity to foreclose this mortgage, either a both, concurrently or otherwise. and one action or suit shall not abate or be a bar to or waiver of the Mortgagee a right to institute or maintain the other, provided said Mortgagee shall haw only one payment and satisfaction of said indebtedness. _ ~ ~ t 4. That in the event that Mortgages shall I1) consent to the appointment of a receiver, trustee or liquidates of all a a substantial part of Mortgagor's assets. or.12) be adjudicated a bankrupt a insolvent. or file a voluntary petition in bankruptcy. Or3dMit in writing its inability to pay its debts as they become € due. or (31 make a general assignment fes 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, s (51 file an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy. reorganization es insolvency proceeding, or 161 action shall be taken by the Mortgages for the purpose of effecting any of the foregoing a l71 any order, judg- ment or decree shall be entered upon an application of a credits s Mortgages 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 per god 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 wms hereby secured shall become forthwith due and payable as if all of the said wms of money were originally stipulated to be paid on such day: and thereupon the Mortgagee without notice s demand may prosecute a suit st law ands 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 ~Fasenable times r I 16. That any sum es wms which may be loanedes 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 rate agreed upon at the time of such loan or advance, shall be equally secured with and have the same pr~onty as the esiginal indebtedness and betjubject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan- ~ . a ding at any time shall not exceed IS N!A 1. es if the preceding blank is not completed, then an amount equal to one hundred and fifty per cent ~ ~ t 5096) of the principal amount originally secured hereby shall apply. - i 1 ` 9 17. That,rf required by Mortgagee, the said Mortgages will pay unto the Mortgagee, on the first day of each and every consecutive month, a wm equal to one-twelfth of the annual amount necessary to pay all taxes and assessmenri 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 fes the previous veer. and if further required by Mortgagee to pay all inwrance premiums in manner and form as provided herein fes 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 f dated N /p ,between the Mortgages and the Mortgagee. an executed copy of which is in the possession of the Mortgagee a is incorporated herein by reference and made a part hereof: any default by Mortgages under said agreement shall constitute an event of default under this mortgage. 19. That the Mortgages-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 s not Mortgages claims any defenses a offsets thereto. - 2 BQ~335 ~~~E~630