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HomeMy WebLinkAbout0703 . '~i I 4 Thrs rnortyagrr is personal to the Mortgagor herein. antl no .onveyance shall be made by Mortgagor of the pr©nnse; herein descnbeil nr any part thereof with,wt first obtauung the luior wntten consent of the Mortgagee In the event 1Aurtgayee gives this wntten consent. the grantee named rn such ron- .•eyance shall assume and agree to pay the obbgaUon evidenced b~ the promissory note secured hereby Any conveyance of U,e properly herern described or any part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accblera[e the payment of the obligation secured hereby and all sums of money secured hereby shall, et the option of Mortgagee. become due and payable and in default whether or nut the same are so due aril payable and in default by the specdic terms hereof. Nothing herein contained shall be construed to constitute a novation or release Mortgagor or any subsequent owner of I+ability or obhgahon under the promissory note secured hereby or this mortgage by reason of the aforesaid assumption of the ouli;tahun wxier the note secured hereby, by a subsequent owner o/ the property described herein. 5 That in the event of a suit being instituted to foreclose this mortgage. the Mortgagee shall be antitlod to apply at any time during such foreclosure sort to the court having luasdiction thereof for the appointment of a receiver of all and singular the mortgaged property, and of all rents. incomes. profits. +ssues and revenues thereof. from whatsoever source derived. and thereupon it is hereby expressly convenantetf and agreed that tfie court shall forthwith ap- oou,t such receiver with the usual powers and duties of receivers m tike cases: and said appointment shall be made by the court as a matter of strict right to the Mortgagee. and without reference !o the adequacy or inadequacy of the value of the property hereby mo+tgaged. or to the solvency or insolvency of the Mortgagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and rhat Ute same may be done without notice to the Mortgagor 6 That d any proceedings should be instituted against the property covered by this mortgage upon any other hen or claim whether superior or tumor trr the lien of this mortgage. the Mortgagee may at its option immediately upon institution of such sort or during the pendency thereof declare this mortgage and the u,debtedness secured hereby due and payable forthwith and may at its optron proceed to /oreclose this mortgage - 7 To pay all and singular the costs. fees. charges and expenses of every kind. mctutLng the cost of an abstract o1 title to said lands found to be cun~ . emenf or expedient rr connection with any suit for the foreclosure of this mortgage and also +ncluding whether the Mortgagee is obhgatect to pay same or ,ot reasonable attorney"s fees incurred or expended at any time by the Mortgagee because tit the tailors of the Mortgagor to perform. comply with and abide try all or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. in the tare:.losure o! this mortgage and in collecting the r:nount secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with m- r.•rest from date of every such payment at the highest rate authoared by law: such payments and ebhyahons. with interest thereon as atoresard. shall be tenured by the Iran hereof 8 To keep the building or buildings now or hereafter on said land insured against loss or damage by fire. extended coverage and outer ;,eats. in- ~'4u1u,g war risk insurance if available in a sum rrot less than their full insurable value at the cast and expense of the Mortgagor in a company or companies auoroved by the Mortgagee. the policy or policies to be held by the Mortgagee. and such policy or policies of insurance sf+all have affixed thereto a Standard New York Mortgayee Clause. making all loss or losses under such policy or pohaes payable ro the Mortgagee as ,ts interest may appear. and to deliver said nr,~•cy or pohaes to the Mortgagee when issued with the receipts for the payment of the premium therefor. and in the event any sum of money becomes nay able under such policy or policies. the Mortgagee shall have the option to recerve ar?d apply the same on account of the indebtedness secured hereby or to .:•r~nrt the Mortgagor to recerve and use it. or any part thereof. for other purposes. without thereby waiving or impairing any equity. Iran or rght under or by . •tue of this mortgage. and the Mortgagee if it deems necessary may place and pay for such ,nsurance. or any part thereof. without losing. waiving or aHec- • ~U M1lortgagee s option to foreclose for breach of this r_ovenant. or any part thereof or any right or ol,tiun under this mortgage. and every such payment shall hear interest from date thereof unfit paid at the highest rate authon:ed by law. and all such payments with interest as aforesaid shall be secured by the lien •••eof In the event any loss or damage is Buttered Mortgagor shall notify Mortgagee of such loss or damage within forty-eight 1481 hours after the Happening +~reoi the failure to give such notice shall constitute a default and the Mortgagee shall have the ayhts•herern y,ven ter all defaults 9 To permit. commit or sutler no waste and to maintain the improvements at all times in e state of good repair and condition. and to do or permit to done to said premises nothing that will alien o? change the use and character of sa+d property or m any way impair or weaken the security of Bard mortgage. ass of the refusal. neglect o? inability of the Mortgagor to repan and maintain said property the Mortgagee may. at its option make such repairs or cause same to be made arld advance monies in that behalf wtrich sums shall be secured by the !ran hereof and Hear interest at the highest :ate autt+o++rer1 by a,. 10 To delver flip absrract or abstracts of title covering the mo+tgaged property to Mortgayee pr +ts des+ynateri ayenL w%nch shall at alt h+nes during • '.!e nt this mortgage Tema+n in ;hp possession of the lblortyagee and m event of the lorectosure of this mortgage or other transfer of title ail right rifle and •rst of the Mortgagor m and to any such abstract er abstracts of title shall pass to the purchaser o• grantee T t That no waiver o1 any covenant herein or rn the obt+gatron secured hereby shat! at any time hereafter be Held to be a waiver of any of the other •v•~~c hereof or of the note secured hereby. or futuro waiver of the same covenant 12 That rn order to accelerate the maturity of the +ndebtedness hereby secured because of the latlure n1 the Mortgagor to pay any tax assessment. rt•, 'av obl+yation or encumbrance upon said property as herern provided. rt shall not be necessary nor requisite that the Mortgagee shall first pay ilia same ' 3 That rf the Mortgagor shall tar! neglect or refuse for a per+od of th+rty 1301 days fully acid p+ompNy to pay the amounts requued to be paid by the 'r ~ereoy secured or the rnteresi therein specified or any ar the sums o! money r•erein referred to or hereby secured or otherwise duly. tufty and promptly to ~ . ~ `orm. execute comply with and abide by each. every or any of the covenants. conditions o+ stipulations of this mortgage thr+ Vrorn;ssory note neretry ~e, •.,red and or the construchen Ivan agreement, rt any then and m e+ther or rn any of such events wrtfrout not+ce w derived. the Said aggregate sum men- I ^~~eA m Bard promissory note. less previous payments. if any and any and a!I sums inert+oned harem o+ secured hereby shall become due and payable { ' ,•thwith or thereafter at the continuing optron of the Mortgagee as fully and completPty as rf Bard aggregate sums were ongrnal!y stipulated to be paid at r- r.me. anything +n said promissory note or herein to the contrary notwrthstand;ng and the Mortgagee shah be entitled thereupon or thereaher without ,-.c.•~e or demand to institute sort at law or m equity to entar~e the rights of the Mortgagee hereunder or under said promissory note In the event of any ~P!autt or breach on the part of the Mortgagor hereunder or under Bard promasory note. the Mortgagee shall have the continuing optron to encore payment ` a'~ sums secured hereby by action at taw or by surf rn egw?y to foreclose this mortgage. either or both, concurrently or otherwise and one action or sort + not abate or be a bar. to or warve• of the Mortgagee s right tc ~nstitu!e or mamtam the other prov+ded s3~d Morgayee shall have only one vavment and staction of said ,ndebtedness 4 That m the event that Mortgagor shalt (t l consent to the appointment of a receiver. •rustee or !rqurdator of alt or a substant+al part o! Mortgagors a~sPts or 121 be adludreated a bankrupt or insolvent. or file a voluntary petmon m bankruptcy. or admit rn writing rs inability to pay ,ts debts as they become i. or 13) make a genera! assignment for the benefit of creditors, o! 14? file a petiiron or answer seeking :eorgan,tatior, or a?:anyerrent with r_reditors or to • jkp advantage of any rfisolvency law. or 15) file an answer admitting the material allegations of a peutien filed against the Mortgago+ .r. any bankruptcy. •yamianon or rr+solvency proceeding or i61 action shall be taken by the Mortgagor for the purpose of effect+r,g any of the foregoing or 17i any order. iudg- ^t or decree shall be entered upon an application of a cred,tor or Mortgagor by a court of competent lunsdict.on approving a petrtrrin suck+ng appointment • ' , :ecerver or trustee of a!I o+ a substantial part of the Mortgagors assets and such order lodgment or decree shall r_onhnue unstayed and .n effect for any - ~-~i of thuty 1301 consecut+ve days the Mortgagee may declare the note hereby secwed forthwrth due and payable, whereupon t!re pr,ncrpaf of and the m- +,.F,, accrued on the note and all other sums hereby secured shat! become forthwrth due and payable as rt all of the said sums bf money were ongmahy r :sated to be paid on such day. and thereupon the Mortgagee without notice Or demand may prosecute a suit at taw and-or m equrry as rf all monies .•ed hereby had matured poor to +ts institution 15 That the Mortgagee or any person authorrred by the Mortgagee shall have the right to enter uix?n and ,rspec* the mortgaged premises at all - atii~ tim~5 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time 7Vrrh+n twenty !201 years from the date • ±~•s indenture together with interest thereon at the rate agreed upon at the time of such loan or advance shall be eq:ratly secured with and have the same ty as the o:,gina! indebtedness a7~d.~ ~i~ ct ~Q h she terms and provisions of this mortgage. provided that the aggregate amount o! pnnapal outstan- c , at any time shall not exceed fS.,7L*S7S/~ ._tJ_~_) or rf the pieced+np blank rs not completed. then an amount equal to one hundred and fifty per cent ' of the principal amount ongmalty secured hereby shah apply ? 7 That if required by !1ortgagee the Bard Mortgagor will pay unto llre Murtyeyte tin the first day of each and every consecutive month. a sum . :.a~ to one-twethh of the annual amount necessary to pay alt taxes and assessments against the Bard mortgaged pramrses Bard monthly sum to be es- - --.aced solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous a• and ,t further required by Mortgagee to pay at! insurance premiums in manner and fo+m as provided herern (or the payment of taxes and assessments 18 That rf th,s mortgage +s rn connection w+th construct+on loan irnancrng, then this mortgage rs subject to the Cl;nS'.tUCtion loan Agreement '3'e~ October 1, 1980 .between the Mortgagor and the Mortgagee, an executed copy of which s m the possession of the '.'-+•'gagee and rs incorporated here n by reference and made a part hereof, any default by Mortgagor under said agreement shall constitute an event of ,~'a.,it under the mortgage , t 9 That the Mortgagor w+ll on ins request of the Mortgagee furnish a wntten statemwnt of the amount owing on the ohhgatron which this mortgage .r• .,•es and therein stare whether or rtpi Mortgagor clams any defenses or offsets thereto e~ 2 Bt~F 3~~ PaGE ~3 - _ z-._ -'3 -