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HomeMy WebLinkAbout0997 4. This mortgage is personal to the Mortgagor herein. and no conveyance shall M made by Mortgagor of tM premises herein described a any part thereof without first obtaining the prior written consent of the Mortgagee. In the event Mortgages gives this written consent. the grantee named in such con- veyanee 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 Mortgages to accelerate the payment of tM obligation secured hereby and all wms of money secured hereby shall, at the option of Mortgages. become due and payable and in default whether w not ehs same are so due end payable and in default by the specific terms hsr+tiof. Nothing herein contained shall bs construed to constitute a novation or release Mortgagor or any subsequent owner of ~ab+I+ty Or obligation under the promissory note secured hereby or this mortgage by reason of ilia aforesaid aswmption of the obligation under the note secured hereby, by s subsequent owner of tM property described herein. 5. ~ That rn the event of a wit being instituted to forecbae this mortgage. the Mortgagee shalt be entitled to apply at any time during wch foreclosure suit to the court having jurisdiction thereof for the appointment of s receiver of all and singular the mortgaged property. and of all rents. incontes. profits. issues and revenues thereof. from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall forthwith ap- po~nt such receiver with the uwsl powers and duties of receivers in like cases: and said appointment shall be made by the court as a matter of strict right to tr,e 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 w any other party defendant to such suit. Ths Mortgagor hereby spscitically waives the right to object to the appontment of s 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 bs done without notice to the Mortgagor. 6. That ii any proceedings should be instituted against the property covered by this mortgage upon any other lien or claim whether wperior or junior w the hen of this mortgage. the Mortgagee may at its option immediately upon institution of wch suit or during the pendency thereof declare this mortgage :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. tees. charges and expenses of every kind. includ+rig the cost of an abstract of title to said lands found to be con- vPnient or expedient in connection with any suit for the foreclowre of this mortgage. and also includ+ng. whether the Mortgagee is obligated to pay same or ~,ot. reasonable attorney's fees incurred or expended at any time by the Mortgagee because of the ta+lure of the Mortgagor to perform. comply with and abide ny au 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 <+mount secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every Dayment made or incurred for any wch purpose with in- terest from date of every wch payment at the highest rate authorized by law: such payments and obligations. with interest thereon as aforesaid. shall be secured by the hen hereof. 8 To keep the building or buildings now or hereafter on said land insured against loss or damage by fire. extended coverage and other perils. in- ~-iuding war risk inwrance 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 ,+r+proved 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. malting all loss or bsses under such policy or policies payable to the Mortgagee as rte interest may appear, and to deliver said ;,ol~cy or policies to the Mortgagee when issued with the receipts for the payment of the premium therefor: artd in the event any sum of money becomes :~,+yable 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 r,erm+t the Mortgagor to receive and use it. Or any part thereof, for other purposes. without thereby waiving or impairing any equity, hen or right under or by ~ ~rtue of this mortgage: and the Mortgagee if it deems necessary may place and pay for wch insurance. or any part thereof. without losing. waiving Or aHeC- t; rig 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 +nterest from date thereof until paid at the highest rate authorized by law, and all such payments with +nterest as aforesaid shall be secured by the lien r eof In the event any loss or damage is wHered Mortgagor shall notify Mortgagee of wch loss or damage within forty-eight (481 hours aher the happening r~,ereoi. 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 suffer no waste and to maintain the +mprovements at all limes in a state of good repair and condition: and to do or permit to oe 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 ease of the refusal, neglect or inabihry of the Mortgagor to repair and mamta+n said property. the Mortgagee may. at its option. make such repaus or cause +•e same to be made and advance monies in that behalf which sums shall be secured by the I+en hereof and bear interest at the highest rate authorized by 3 A 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 ^e i~te of this mortgage. remain in the possession of the Mortgagee and +n event of the foreclosure of this mortgage or other transfer of title. all right. title and ~~t~rest of the Mortgagor in and to any wch abstract or abstracts of title shall pass to the purchaser or grantee. 1 1 That no waiver of any covenant herein or +n the obligation secured hereby shall at any time hereafter be held to be a waiver of any of the other terms 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. obl+gation or encumbrance upon said property as herein prov+ded. it shall not be necessary nor requisite that the Mortgagee shall first pay the same. t 3 That if the Mortgagor shall fail, neglect or refuse for a per+od of thirty 1301 days fully and promptly to pay the amounts required to be paid by the ote Hereby secured or the +nterest there+n specif+ed or any of the wms of money herein referred to or hereby secured. or otherwise duly. fully and promptly to ::erform. execute. comply with and abide by each, every or any of the covenants. conditions Or stipulations of this mortgage. the promissory note hereby secured andior the construction ban agreement. if any, then, ared in either or m any of such events. without notice or demand. the said aggregate sum men- roned +n said promissory note. less previous payments. d any. and any and all sums mentioned herein or secured hereby shall become due and payable forthwith or thereaher at the continuing option of the Mortgagee as fully and completely as if said aggregate sums were originally stipulated to be paid at s,:~.h t+me. anything m said promissory note or harem to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereaher without ~ ~ot~ce or demand to +nstitute wit at law or in egwry to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any !efau~t or breach on the part of the Mortgagor hereunder Of under sa?d promissory note. the Mortgages shall have the continuing option to enforce payment ail sums secured hereby by action at law or by suit m equity to foreclose this mortgage. either or both. concurrently or otherwise. and one action or suit 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 s ~t~sfactwn of sa+d 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 m writing its inabihry to pay its debts as they become t.~F or 131 make a general assignment for the benefit of creditors. or 141 fde a petition or answer seeking reorganization or arrangement with creditors. or to tape advantage of any insolvency law. or 151 file an answer admitting the material allegations of a petition ided against the Mortgagor m any bankruptcy. •<-oryarnzauon or insolvency proceeding. or 16? action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order- judg- '-~ent 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 race+ver ar trustee of all or a~wbstantial part of the Mortgagor's assets and wch order. judgment or decree shall continue unstayed and in effect for any :;<-nod of thirty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- ~e~est accrued on the note and all other wms hereby secured shall become forthwith due and payable as if all of the said sums of money were originally ~t~aurated to be paid on such day. and thereupon the Mortgagee without notice or demand may prosecute a evil at taw and/or in egwty as if all monies tired 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 +nspect the mortgaged premises at ail „r.nable dines 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 tnre +ndenture. 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 • only as the original indebtedness and be sub act to all the terms and provisions of this mortgage: provided. that the aggregate amount of pnnapal outstan- t . ~•q at any time shall not exceed I5.],QTQQ~.rQQ__?. or rf the preceding blank is not completed, then an amount equal to one hundred and fifty per cent 5G x) of the pnnapal amount ong_in_alliy 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 i ~ ;ual 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- ^ated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous ,ear and ii further requued by Mortgagee to pay all inwrance premiums in manner and form as provided herein for the payment of taxes and assessments. 18. That if this mortgage is in connection with construction loan financing, then this mortgage is wbjeCt to the Construction Loan Agreement a tad - - - - - - - - - - - - - - - - - - ,between the Mortgagor and the Mortgagee. an executed copy of which is m 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 evenYOf •tefault under this mortgage- 19 That the Mortgagor wdl 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. 2 ' ~~x 340 PEE 997