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HomeMy WebLinkAbout0756 4. TMs mortgage is personal to the Mortgagor herein, and no conwyanq shad be made by Mortgagor of the premises herein described or any part thereof without first obtaining the prior written consent of tfie .Mortgagee In tM event Matgagae g.ves tMS ti+rr,tten consent. tM grantee named in such con- veyance shall aswme and agree to pay tfie obligstwn evidenced tw the pronussory note secured hereby Any conveyance of tM property herein described or any part thereof in valation of the terms of this paragraph shall errata Mortgagee to acceNrate the paymrent of the obligation secured hereby aria alt wms of money secured hereby shall, at site option of Mortgagee. become due and payable and rn default wMther a not the same are so dw and payable and in default by the specific terms heraoi. Nothing herein contained shall be constrwd to constitute a novation or reNase Mortgpa a any wbsequent owner of i~ab+liry or obligation under the promissory rats secured Mreby or this mortgage by mason of the afaessw aswmptan of tM obligatan under the note secured hereby. by a wbsequent owner of tM property desaibsd herein. 5- That in the event of a wit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any tifrN durwp such fotecbsurs Burt to the court hawng jurisdiction thereof for the appointment of a receiver of all and sinptilar the mortgaged property. and of aY rants. incomes. profits. issues and revenues thereof. from whatsoever source dsnved: and thereupon +t is hereby expressly convenanted and agreed that the court shall fpthw+th ap- po~nt wch receiver with the oval power and duties of receivers in Tike cases. and said appointment shall be made by tM COiirt as s matte? of strict right to ilia Mortgagee. and without reference to the adequacy Or inadequacy of tM value of the property Mrsby mortgaged. Or to the solvency w insolvency of the Mortgagor or any other party defendant to such wit. Ths Mortgagor hereby specifically waves the nght to object to the appointment of a receiver as aforesaid and hereby expressly consents that wch appointment shall bs made as an adrr.,ned equity and as a matter of absok,te nght to the Mortgagee and treat the same may bs done vwthout notice to the Mortgagor. 6. That if any proceedings should be instituted against the property coveted by this mortgage upon any other lien a claim whether wper+or or junior to the Iran of this mortgage. the Mortgages may at its option immediately upon institut+on of such wit or during the peitdenty thereof declare th,s mortgage and the indebtedness secured hereby due and payable forthwith and may at us option proceed to foreclose this mortgage 7. To pay all and singular the costs. fees. charges and expenses of every land. including the cost of an abstract of title to sad lands found to be con- venient orexpedient in Connection with any wit for the torecbsure of this mortgage. and also inctudirig whether the Mortgagee K obligated to pay same or nat. reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the fedora of the Mortgagor to perform comply with and aside hr aft or any of the covenants. conditions and stipulations of said promissory rote. or this mortgage. in the foreclosure of this mortgage and in cdkcting the ,,mount secured hereby with or vrithout legal proceedings, and to re+mburse the Mortgagee for every payment made or ir.:.uned for any wch purpose w+th in- terest Irom date of every wch payment at the Mghest rate authorized by law: such payments and abbgstrons. with interest thereon as aforesaid. shall be secured by the hen hereof. €3 8. To keep the building or buildings now or hereafter on said land inwred aga:rst loss a damage by fire. extended coverage and other penis. m- ctuding war risk insurance if available. in a sum not less than their full ,nwrable value at the cost and expanse of the Mor•_gaga m a company or companies approved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or polraes of uisirrance stab have aff+xed thereto a Standa?d hew York Mortgagee Clause. making all bss or losses under wch policy or policies payable to the Mortgagee as its interest may appear. arxi co deliver said potrcy or policies to the Mortgagee when issued with the rece+pts tOr the payment o! the p:em,um therefor. and in the event any win of mOr+ey becomes payable under wch policy o• policies. the Mortgagee shall have the option to receive and apply the same on account of the +r?debtedness secured hereby or to permit the Mortgagor to receive and use it. Or any part thert:of. for other purposes. without thereby waving or impairing any equity. lien a rcght under or by ~rtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for such mwranCe. or arty part thereof. without los+ng. waving or affet- tnii 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 shah gear interest from date thereof until paid at the highest rate authorized by law. and all such payments w,th interest as aforesaid snail be secured by the ben Hereof. In the event any bss or damage is suffered Mortgagor shall notify Mortgagee of wch loss or damage vwth+n forty-eight 148! hours aher the happening tnereof: the failure to give wch notice shall constitute a delauft and the Mortgagee shall have the r,ghis hereto green fo. all defaults 9. To permit, commit or suffer no waste and to msintair the ,mpnovements at all times ,n a state of good reps+r and cixidit:on. and to do or permit to be done to sa+d premises nothing that wdl alter or change the use and character of said property or m arty 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 ,ts option. make sucn repa+rs or cause the same to be made and advance monies in that behalf which sums shall be secured by the ben hereof and bear interest at the h,ghesi rate authorized by aw 10 To detwer the abstract or abstracts of title covering the mortgaged property to Mortgagee or ,ts designated agent. v+itur.ti shalt at au times. during of this mortgage. remain in the possess+on of the Mortgagee and in event of the foreclosure of th+s mortgage o. other t+ansfer of uNe art right. titer and -Merest 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 t+me hereafter be herd to be a wa+ver or any of the other terms hereof or of the note secured hereby.. future waiver of the same covenant 12. That in order to accelerate the matur+ty of the indebtedness hereby secured beca.,se of the failure ~t the Mortgagor to pay any tax assessment. :~ab~trty, obligation or encumbrance upon said property as harem provided. it shall nbt be necessary nor requisite that the Mortgagee shah fast pay the same. 13. -That ii the Mortgagor shall fail, neglect or refuse for a period of thirty 1301 days rally and promptly to pay fhe amounts required to be paid by the ,,ore hereby secured or the interest therein specified or any of the wms of money herein referred to or hereby secured. or otherwise duty. fuCy and promptly to perform. execute. comply with and abide by each. every or any of the covenants. conditions or su;wlat+ons of tlis mortgage. the promissory note hereby ~ secured andror the construction loan agreement. if any. then. and in either Or m any of such events. without not,ae or demand. the said aggregate win men- t toned in said promissory note. Tess previous payments, ii any. and any and alt wms mentioned herein Or secured hereby shall become due and payable forthwith or thereaher at the continuirig option of the Mortgagee as fully and completely as if said aggregate wms were origenally stiputa:ed to be paid at such time. anytMng +n said promissory note or here+n to the iantrary rwtw+thstand,rr and the Mortgagee shalt be entitled thereupon or thereaher witt?out notice or demand to +nstitute suit at law or rn equity to enforce the r?ghts of the Mortgage= hereuriier Or under sad prom,ssory note in ttie even, of any default or breach on the part of the Mortgagor hereunder or under sad promssory note. the Mortgages shall have the continuing option to enforce payment o! at! sums secured hereby by action at law or by wit m equity to foreclose this mortgage. ether tx both. concurrently or oti,erw+se. and one act,on or wit snag: 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 sarsfaction of said indebtedness. 14. That in the event that Mortgagor shall 111 consent to the appointment of a receiver. trustee or liquidator Of alt or a substantiwl part of Mortgagor s assets. or 121 be adjudicated a bankrupt or insolvent. or file a voluntary petition >n bankruptcy. or admit +n wasting its inability to pay +ts debts as trey become due. or 131 make a gene?al assignment for the benerit of creditors. or (41 f+le a petition a answer seeking reorgan+zatari or arrangement with ueditors. or to fake advantage of any insolvency law. or i51 file an answer admitting the material a~lagations of a pet,tiori filed against the Mortgagor ,n any bankruptcy. ~eorganrzation or insolvency proceeding, or 161 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 17' any order. judg- ment or decree shall be entered upon an applicaUori of a creditor or Mortgagor by a cot.n of competent lunsdiction approving a petrtWn seeiurig appointment of a receiver or trustee of alt or a substantial part of the Mortgagor's assets and wch order. lodgment or deuee shall oontuiire unstayred and in effect for any period of thirty (30?consecutive days. the Mortgagee may declare the note hereby secured fortAwith due and sayable. whereupon the prir?Cipai of and the in- ter~st accrued on the note and all otl?Qr wms hereby secured Shall become forthwith due and payable as if all of the said wms of money were originally st,putated to be paid oni such day: and thereupon the Mortgagee without r?otice or demand may prosecute a wit at Ww andfa in equ+ry as d alt monies secured hereby had matured prior to us institution 15. That the Mortgagee or any person authorized by the Mortgagee shall have the r+ght to enter upon and inspect the r*?o`tgaged premises at alt •~•a~oriabfe limes . 16. That any sum or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at airy trine vermin twenty !201 years from life date of this indenture. together with interest thereon at the rate agreed upon at the Urfa of such loan or advance. shall be equally secured with and have the same cr~onty as the original indebtedness a Abe ct Il the terms and provis+ons of this mortgage: primded. that true aggregate amount of principal outstan- ,;ng at any time shall not exceed IS or if the pieced:rig blank ,s not completed. ttier? an amount eq;,al to one hundred and fifty per cent t 50`1 of the principal amount originally secured hereby shat! apply 17. That. ii required by Mortgagee. the said Mortgagor will pay unto the Mortgagee. gri the first day of each and every corisecu:we month. a win ~~ual to one-twelhh of the annual amount necessary to pay all taxes and assessments against the sad mortgaged premises. sand monthly win to~be es- r mated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against sad mortgaged premiises for the previous :ear and if further regwred by Mortgagee to pay all inwrance premiums rn manner and form as provided herein fa the payment of taxes and assessments. 18. That if this mortgage rs in connection with construction koan financing. then this mortgage is wt>)ect to the Construction Le?n Agreement dated $gb tefnber 9 198 between the Mortgagor and the Mortgagee. an executed copy of which +s m the possessior? of the Mortgagee aftid is incorporated herein by reference and made a part hereof: any default by Mortgagor under said agreement shall constitute an evert d default under tMs mortgage 19. That the Mortgagor will on the request of the Mortgagee furnish a written statement of the amount owing on the ubl+gatiori whch th+s mortgage f secures and therhrn state whether or not Mortgagor claims any defenses a offsets thereto ~Q 3 2 thJC7 P~ Y