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HomeMy WebLinkAbout0196 4 Thrs morigaga is personal to the Mortgagor herern. and no conveyance shall be made by Mortgagor of the premises herein tle5tntied or any part thereof wrthout first obtaining the prior written consent of the Mortgagee In the event Mortgagee gives this written consent. the grantee named in such con ~eYance shall assume and agree to pay the obhgstion evidenced by the promissory note secured hereby. Any conveyance of the property herern described or .rnv part thereof rn violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of money secured hereby shall, at the option of Mortgages. become due and payable and rn default whether or not the same are so due and payable and in ,iefault by the specdic terms hereof. Nothing herern contained shall be construed to constitute a novation or release Mortgages or any subsequen! owner of '~abrhty or obhgstion under the promissory note secured hereby w this mortgage by reason of the aforesard assumption of the obligation under the note secured hereby. by a subsequent owner of the property described herein. 5 That rn the event of a suit ~ecrg •..^stitutad to torectose thtt; mortgage. the Mortgagee shaft b$ entitled to apps'; at any ttr^C der:rig Stich }OrBCtoSUr@ curt to the court having jurisdiction thereof for the appointment of a receiver of all and srngular the mortgaged property. and of all rents. incomes. profits. issues and revenues thereof, from whatsoever source derived: and thereupon it is hereby expressly convenanted and agreed that the court shall torthwrth ap• point such receiver with the usual powers and duties of receivers in like cases: and sand appointment shall be made by the court as a matter of strict right to the Mortgagee. and wrthout reference to the adequacy or inadequacy of the value of the property hereby mortgaged. 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 reserver as <i!oresaid 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 trial the same may be done without notice to the Mortgagor. 6 That d any proceedings should be rnstituted against the property covered by this mortgage upon any other Gen or claim whether superior or tumor ~ the Iran of this mortgage. the Mortgagee may et its option immediately upon institulron of such suit or durrng the pendency thereof declare this mortgage ,rr~<f the indebtedness secured hereby due and payable forthwith and may et its option proceed !o foreclose this mortgage. 7 To pay al! and srngular the costs, fees. charges and expenses of every kind. including the cost of an abstract of title to Bard lands found to be con- . en,ent or expedient in connection with any suit for the foreclosure of this mortgage. and also +ncluding. whether the Mortgagee is obligated to pay same or ;~,it reasonable attorney-s lees 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 Bard promissory note. or this mortgage. in the foreclosure of this mortgage and m collecting the ,,mount secured hereby with or wrthout legal proceedings. and to reimburse the Mortgagee for every payment made a incurred for any such purpose with in- terest from date of every such payment at the highest rate auttwrrzed by law. such payments and obligations. with rnterest thereon as aforesard. shall be s.rcured by the hen hereof 8 To keep the building or buildings now o? hereaher p.~ sarri land insured agarnst loss or damagR by tine extended coverage and other perils. rn- !tiding war risk insurance it available. in a sum not less than them full insurable value at the cost and expense of the Mortgagor in a company or companies ,,;: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. making all loss or losses under such policy or pobcies payable to the Mortgagee as its rnterest may appear, and to delrver said ;iol,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 ;,~ryabte under such policy or pohc+es. the Mortgagee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to ;,.~rmit the Mortgagor to reserve and use it. or any part thereof. for other purposes. wrthout thereby waiving or impairing any er;wty. hen or right under or by . ~r.ue of this mortgage. and the Mortgagee if rt deems necessary may place and pay for wch insurance. or any part thereof, wrthout losing- waiving or attec- r~~y 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 :,~~ar interest from date thereof until paid at the highest rate authorised by law. and all such payments with interest as aforesaid shall be secured by the hen ~•reof In the event any loss or damage is suffered Mortgagor shall not+fy Mortgagee o1 such loss or damage within forty-eight 148) hours after the happening ~~•ereof. the tarlure to give such notice shalt constitute a default and the Mortgagee shall have the rights herern gwen for all defaults 9 To permit. commit or suffer no waste and to maintain the improvements at all trines rn a state of good repair and condrtron: and to do or permit to be done to said premises nothing that will alter or change the use and character of sand property or in any way impair or weaken the sscurity of said mortgage case of the refusal. neglect or inability o1 the Mortgagor to repair and maintain card property. the Mortgagee may. at its option. make such repaus or cause ~r a same to be made and advance monies m that bghalt whrch sums shall be secured by the hen hereof and bear rnterest at the highest rate authorized by aW 10 To delrver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. whrch shall at all trines. durrng I~te of this mortgage. remain in the possession of the Mortgagee and rn event of the foreclosure of this mortgage or other transfer of title. aft right. true and rerest of the Mortgagor m and to any such abstract or abstracts of title shall pass to the purchaser or grantee 1 t That no waiver of any covenant herern or rn the obligation secured hereby shalt at any trine hereafter be held to be a warver of any of the other berms hereof or of the note secured hereby. or future warver of the same covenant 12 That rn order to accelerate the maturity of the indebtedness hereby secured because of the tarlure of the Mortgagor to pay any tax assessment. ,b,hty. obliaabon or encumbrance upon card property as herern provided. rt shall not be necessary nor regwsrte that the Mortgagee shall first pay the same. 13 That if the Mortgagor shall fart, neglect or refuse for a period of thirty 1301 days fully and promptly to pay the amounts required to be pard by the -tile hereby secured or the interest therein specdred or any of the sums of money herein referred to i~ereby secured. or otherwise duly, fully and promptly to cerform. execute. comply with and abide by each, every or any of the covenants, conditions or s rpulations of this mortgage. the promissory note hereby ,attired and/or the construction loan agreement. if any, then. and in either or m any of such events. wrthout rioUCe a demand, the sad aggregate sum men- s ~ned in sand promissory note. less previous payments. if any. and any and all sums mentioned harem or secured hereby shall become due and payable 'ortRwith or thereafter at the continuing option of the Mortgagee as fully and completely as rf sand aggregate sums were originally stipulated to be pard at ~ ;,,ch time. anything in said promissory note or herern to the contrary notwrthstandmg. and the Mortgagee shall be entitled thereupon or thereaher wrthout uuce or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under sa+d promissory note. In the event of any default or breach on the part of the Mortgagor hereunder or under sand promissory note. the Mortgagee shall have the continwng option to enforce payment 'ail sums secured hereby by action at taw or by suit in equity to foreclose this mortgage. either or both, concurrently or otherwise. and one action or sort f ~^alr not abate or be a bar to or warver of the Mortgagee's right to institute or maintain the other. provided said Mortgagee shat! have only one payment and {ti ~~t~sfactron of said indebtedness. E 14 That in the event that Mortgagor shall 111 consent to the appointment of a reserver. trustee or Irquidator of all or a substantial part of Mortgagor's -,sets. or 121 be adjudicated a bankrupt or insolvent. or file a voluntary petition m bankruptcy, or admit m wrung its inability to pay its debts as they become 1.:e or 131 make a general assignment for the benefit of creditors, or 141 the a petition or answer seeking reorganization or arrangement with creditors. or to sake advantage of ony insolvency law. or 15l file an answer admitting the material allegations of a petition fled against the Mortgagor in any bankruptcy. ~eorgamzation or insolvency proceeding, or It31 action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or 17! any order. judg- r.•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 reserver or trustee of all or a substantial part of the Mortgagor's assets and such order, lodgment or decree shall continue unstayed and in effect for any -rood of thirty 1301 consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable- whereupon the principal of and the rn- ~.•rest accrued on the note and all other sums hereby secured shall become torthwrth due and payable as +f alt of the said sums of money were originally auiated to be paid on such day: and thereupon the Mortgagee wrthout notice of demand may prosecute a swt at law andror in egwty as rf all monies tired hereby had matured prior to its institution. 15. That the Mortgagee or any person authorised by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at alt ,.~,nable times 1(i That any sum or sums whrch may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 1201 years from the date th,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 I runty as the original indebtedness ec~{q~aB the terms and provisions of this mortgage. provided. that the aggregate amount of principal outstan- ~ s ~ g at any time shall not exceed (5~4~ LJ~ . v V 1. or if the preceding blank is not completed. then an amount equal to one hundred and fihy per cent ' 5Q>~) of the principal afiount originally secured hereby shall apply ; 17 That, rf required by Mortgagee. the said Mortgagor wilt pay unto the Mortgagee. on the first day rof each and every consecutive month. a sum ~•-~ual to one-twelhh of the annual amount necessary to pay all taxes and assessments against the said mortgaged premises. said monthly vim to be es- ' mated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed agarnst said mortgaged premises !or the previous .Far and if 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 subject to the Construction Loan Agreement ~-,fed - - - - - - - - - - - - - - - - - - .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 event of -tefault under this mortgage. 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 ;attires and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 $~~x 342 PEE 196 ~ 4