HomeMy WebLinkAbout0873 4 This mortgage to personal to the Mortgagor herein, and no conveyance shall be made by Mortgagor of the premises herein described or any part
thereof without lust obtatmng the prtor written consent of the Mortgagee. In the event Mortgages gives flits written consent. the grantee named in such ~o~-
-eyance shall assume and agree to pay the obligation ev?denced by the promissory note secured hereby. Any conveyance of the property heretn described or
a~+y part thereof in violation of the terms of flits paragraph shall entitle MortgagN to accelerate the payment of the obligation secured hereby and all wms of
niuney secured hereby shell. at the Opttian of Mortgagee. become due and payable and in default whether o? not tiN same are so due and payable and in
default by the specific terms hereof. Nothing herein contained shall be construed to constitute 8 novation or release Mortgagor Or any subsequent owner of
~~abdity or obligation under the promissory note secured hereby a this mortgage by reason of the aforesaid assumption of the obligation under the note
~uraii hereby. by a subsuquestt owner of the property described herein.
5. That in the event of a suit being instituted to foreclose this mortgage. the Mortgages shall bs entitled to apply at any time during such foreclosure
quit to the court haying jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property, Arid of ell rents. incomes. profits.
issues and revenues thereof. from whatsoever source derived: and thereupon it is hereby expressly convenanted aril: agreed that the court shall forthwith ep-
uu~nt such receiver with the uwal powers and duties of rscavers in like cases: and said appointment shall be made I:y 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
Mcrtgagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appantnient of a receiver as !
aforesaid an0 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.
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6 That if any proceedings should bs tnstrtuted ega+nst the property covered by this mortgage upon any other lien or claim whether superior or jurnor
to the I+eri of this mortgage. the Mortgagee may at its option immediately upon institution of such swt or during ilia pendency thereof declare thif mortgage
and the tridebiedness secured hereby due and payable forthwith and may at its option proceed to foreclose this mortgage.
7. To pay all aril 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-
..~nient or expedient in connection with any suit for the foreclosure of this mortgage. and also iricludtng. whether the Mortgagee is obligated to pay same o?
'ot reasonable attorney's tees incurred or expended at any lime by the Mortgagee because of the failure of the Mortgagor to perform. comply with and abide
ail 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
~rnount secured hereby with or without legal proceedings, and to reimburse the Mortgagee for every payment made or incurred for any wch purpose with in•
t~•rest from date of every wch payment at the highest rate suthortted by law: such payments and obligations. with interest thereon as aforesaid. shall be
~ecu+ed by the hen hared}.
8 To keep the budding or buildings now or hereafter on said land insured against loss or damage by fire. extended coverage and other perils. in-
,-i~,d+ng war risk insurance 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
aataroved by the Mortgagee. the policy Or policies to be held by the Mortgagee. and such policy or policies of insurance sr~all have aNexed thereto a Standard
New York Mortgagee Clause. making alt loss or bases under such policy or policies payable to the Mortgagee as its interest may appear. and to deliver said
nr~iccy or pOliCtes to the Mortgagee when iswed with the receipts for the payment of the premium therefor: and m the event any sum of money becomes
;,ayab!e 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
per mrt the Mortgagor to receive and use it. Or any part thereof. for other purposes. without thereby waiving or impairing any equity. ben or right under or by
virtue of this mortgage: and the Mortgagee ii it deems necessary may place end pay for wch insurance. Or any part thereof, without losing, waiving Or afferS-
~ : ~ ~ ~g Mortgagee's option to foreclose for breach of this covenant. or any part thereof. or an n ht Or
y g option under this mortgage. and every wch payment shall
gear interest from date thereof until paid at the highest rate authorized by law. and all wch payments with tnterest as a[oresaid shall be secured by the lien
~ ~ ~i-reof In the event any loss or damage is suNered Mortgagor shall notify Mortgagee of Such loss or damage wtthm forty-eight 1481 hours after the happening
r~ereof 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 wHer no waste and to maintain the improvements at all times in a state ei good repair and condition: and to do or permit to y
be done to said premises nothing that will alter or change the use and Character of 58id property or in any 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 its option, make such repairs or cause
the same to be made and advance mgnies in that behalf which sums shall be secured by the I+en hereof and bear interest at the. highest rate authorized by
law
t 0 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 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
'Merest of the Mitgagor in and to any such abstract Or abstracts of title shall pass to the purchaser or grantee.
t 1 That no waiver of any covenant herein or in the obl+gation secured hereby shall at any time hereafter be held to be-a waiver of any of the other
;errns hereof of 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,
a:riay obligation or encumbrance upon said property as heretn provided, it shall not be necessary nor regwsite 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
,re 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 -
;:~riorm. execute. comply with and abide by each. every or any of the covenants. conditions or stipulations of this mortgage. the promissory note siereby
secured and/or the construction loan agreement. if any, then, and in either or in any of such events. without rwttce a. demand. the said aggregate win men-
j :~cned in said promissory note. less previous payments, if any, and any and aU wms mentioned heretn or secured hereby shall become due and payable
~ ~~rtnwith w thereaher at the continuing option of the Mortgagee as fully and completely as ii said aggregate sums were originally stipulated to be paid at
such tome. anything in said promissory note or herein to the contrary notwithstanding. end the Mortgagee shall be entitled thereupon or thereafter without
nonce or demand to institute wit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any
~~efault or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgages shall have fife continuing option to enforce payment
s::r^.5 secured heseby by action at law or by suit in 8giiity to forecbs8 tiff; mortgage. aitFier or bUth, cuncurientfy or otherwise. and one action or suet
s^a?I not abate or be a Dar to or waver of the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and
sat~staction of said indebtedness.
~ 14 That in the event that Mortgagor shall (1? consent to the appointment of a receiver, trustee or liquidator of all or a substantial. part of Mortgagor's
assets. or 12! be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy. or admit to writing its inability to pay its debts as they become
d;,e or 13i make a general assignment for the benefit of creditors, or (41 file a petition or answer seekir+g reorganization or arrangement with creditors. or to
take advantage of any insolvency Isw, or 151 6b an answer admitting the material allegations of a petition filed against the Mortgagor in any bankruptcy.
reorganization or insolvency proceeding, or 181 action shall bs taken DY the Mortgagor for the purpose of effecting any of the foregoing or 17) 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 appi~ntment
of a receiver or trustee of all or a substantial part of the Mortgagor's assets aril wch order, judgment or decree shall continue unsteyed and in effect for any •
is er god of thirty (301 consecutive days, the Mortgagee may declare the note hereby secured forthwith due and payable. wh$reupon the principal of and the in-
terest 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 .
s;~pulated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies
s~;cured hereby had matured prior to its institution.
15. That the Mortgagee or any person authorized by the Mitgagee shall have the right to enter upon and inspect the mortgaged premises at all +
~,jv,nable times
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16. That any sum or wms which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty (201 years from the date
this indenture, together with interest thereon et the rate agreed upon at the time of wch loan or advance, shall be equally secured with and have the same '
~or~ty as the original indebtedness end tys~ybject to all the terms and provisions of this mortgage: provided, that the aggregate amount of principal outstan-
d~ng at any time shat) not exceed iS lVV HA 1. or if the preceding blank is not completed. then an amount equal to one hundred and 6hy per cent
t 50%1 of the principal amount originally secured hereby shell apply.
17. Ihat,af_cequ+red~y.ln{origagee. ilia-said-Mai9a9a-will may-rwto ahe•#~lorigagw, ~n ~is<si.day oL seta evil Query•aonsscariive-a+oatb.-a-sraw
-~mel-te•one~twethfri~f-tiieaimtratantamtre~ssary-to~aNtaxtrsanttassessmertnsag~atnsttirssatttmartgagetl-premises: said'ntontfrty-sflrtrto-be~is-
=.-rr«atia~solely.O~µ.Meggegee. ar+d~eslorlated-ts is ew erwerurM++st-Isas-teerwsdnt~tsnee-ssaeassd-egaiwN-esid~+wertgssed-prsrwiss~~~sprewia~
-~eaF ai~d~Flurtlisr~squire~b~Mtsrlgegse•lo-Pe1?awinsurenas~rentidn+aiw~+nennerend~orw~ssprovidedhersiw4o?lhs~petnwsnt~tarteeawdasesearwewte-
18. Thal ii this mortgage is in connection with construction loan financing, then this mortgage is subject to the Construction Loan Agreement
hated N/A .between the Mortgagor and the Mortgagee. an executed copy of which is in the possession of the
Mortgagee and is incorporated herein by reference and made a part hereof: any defeuk by Mortgagor under said agreement shall constitute an event of ,
default under this mortgage. '
t 9. That the Mort a will on the r
g gor equest 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.
~~x 342 Pd~E 8T3