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HomeMy WebLinkAbout0694 4. This mortgage rs personal to the Mortgagor herein. and no conveyance shall bs made by Mortgagor of the premises herein described or any part thereof wnlwut first obtaining the prior wntten consent of the Mortgagee. In the event Mortgagee gives this wntten consent. ttre grantee named in such ~ort- veyanca shall assume and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described a any part thereof in violation of the terms of this paragraph shall entitle Mortgages to accelerate the payment of the obligation secured hereby and ell wins of money secured hereby shall. at the option of Mortgagee. become due and payable and in default whether or not the same are so due and payable and in cletault by the specific terms hereof. Nothing herein contained shall be construed to constitute a rwvatiort or release Mortgagor Or any subsequent owner of i,ability Or obligation under the promissory note secured hereby Or this mortgage by reason of the aforesaid assumption 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 foreclose this mortgage. the Mortgagee shall be entitled to apply at any time during wch toretbsure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property. and of all rents. incomes. profits. ,sues and revenues thereof. from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- ;,omt such receiver with the usual powers and duties of receivers in like cases: end card appointment shall be made by the court as a matter of strict right to ;rte 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 nr any other party defendant to such suit. The Mortgagor hereby specifically wanres the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that wch appointment shall be 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 Mortgagor. 6 That it any proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether superior or junior t~ the Iren of this mortgage. the Mortgagee may at its option immediately upon institution of such evil or during the pendency thereof declare this mortgage ,ind 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. tees. charges and expenses of every kind. including the cost of an abstract of title to said lands found to be con- ernent or expedient in connection with any suit for the foreclosure of this mortgage. and also including, whether the Mortgagee is obligated to pay same Or ~,ot 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 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 anx,unt secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with in- !Nrest from date of every such payment at the highest rate authorised by law: such payments and obligations. with interest thereon as aforesaid. shall be ,r-ured by the hen hereof S. To keep the building or buildings now or hereaher on said land insured against loss or damage by fire. extended coverage and other perils. in- iuding war risk insurance ii available. in a sum not less than their full insurable value at the cost and expense of the Mortgagor in a company or companies ±c,aroved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or policies of insurance stall have affixed thereto a Standard "yew 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 uot~cy 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 avable under such policy or policies. the Mortgagee shall hays the option to receive and ;,pply the same on account of the indebtedness secured hereby or to ;:.~rmit 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 . ~ r t1,e of this mortgage: and the Mortgagee if it deems necessary may place and pay for such insurance. or any part thereof. without losing. waiving Or affec- ~.r,q 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 :~.rar ,merest from date thereof until paid at the highest rate authorized by law. and all wch payments with interest as aforesaid shall b@ secured by the hen r•Fof In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of wch loss or damage within forty-eight 1481 hours after the happening N•eof. the failure to give such notice shall constitute a default and the Mortgagee shall have the rights herein gwen for 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 door permit to of done to said premises nothing that will alter or change the use and character of said property or m any way impair or weaken the security of said mortgage :ase 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 same to be made and advance monies in that behalf which sums shall be secured by the hen hereof and bear interest at the highest rate authorized by .v 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 ~:f~ 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 ••~-est of the Mortgagor in and to any such abstract or abstracts of title shat) 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 •~•ms hereof or 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. ab ~~ty. obligation or encumbranr_e 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 -.~,te 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 :,N,form, execute. comply with and abide by each. every or any of the covenants. conditions or stipulations of this mortgage. the promissory note hereby If :tired and/or the construction loan agreement. it any. then. and m either or in any of such events. without notice or demand. the said aggregate win men- ~ ~ ;red in said promissory note. less previous payments. if any. grid any artd all sums mentioned herein or secured hereby shall become due and payable ` ~~thwrth 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 .:h time. anything in said promissory note or herein to the contrary notwithstanding. and the Mortgagee shall bi3 entitled thereupon or thereafter without i ~~t: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 s ! ,:-fault or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shell have the continuing option to enforce payment `ail sums secured hereby by action at law or by suit in equity to foreclose this mortgage. either or both. concurrently o: otherwise. and one action or swt 11 ~ :not abate or be a bar to or waver of the Mortgagee's right to institute or maintain the other. provided said Mortgagee shall have only one payment and ;at sfaction of said indebtedness. t 4 That in the event that Mortgagor shall 11 !consent to the appointment of a receiver. trustee or liquidator of all or a substantial 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 inabil+ty to pay its debts as they become :F or 13) make a general assignment for the benefit of creditors. or 141 file a petition or answer seeking reorganization or arrangement with creditors. or to •:aye advantage of any insolvency law. or 15! fde an answer admitting the material allegations of a petition hied against the Mortgagor in any bankruptcy. ~oryani:ation or insolvency proceeding. or 161 action shat) be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order. judg- • eat or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment ` a receiver ~r 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 . ed of thirty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- -.•-est 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 t,.,lated 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 au monies -;red 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 • ~~~able times :1 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 120) Years from the date t~~s 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 ,iffy as the original indebtedness and be subject to all the terms and provisions of this mortgage. provided. that the aggregate amount of principal outstan- n ,t at any lime shall not exceed IS O-1. or if the preceding blank is not completed. then an amount equal to one hundred and fifty per cent d ' 50 ~l of the principal amount originally secured hereby shall apply 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 . ; ,al to one-twelfth of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly vim to be es- • ---tired solely by Mortgagee and calculated to be an amount not less than the amount of razes assessed against said mortgaged premises for the previous , mar and d 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 d this mortgage is in connection with construction loan financing, then this mortgage is wbject to the Construction Loan Agreement ,-3ivd October 1, 1980 .between the Mortgagor and the Mortgagee. an executed copy of which is in the possession of the ".~crtgagee and is incorporated herein by reference and made a part hereof: any default by Mortgagor under said agreement shall constitute an event of '.~•fault under this mortgage i 19 That the Mortgagor will on the request of the Mortgagee furnish a wntten statement of the amount owing on the obligation which this mortgage ;u,.ures and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 a~~ 340 P~: • f~4 - - -a - ~