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HomeMy WebLinkAbout02014. This mortgage rs personal to the Mortgagor herein, and no conveyance shall be made by Mortgagor of the premises herein described or any part u,ereot without lust obtaining the prior written consent of the Mortgagee. In the event (4lortgagae g+ves this written consent. the grantee named m such con .eyance shall assume and agree to pay the obligation evidenced by the promissory note secured hereby. Any conveyance of the property herein described or +r~v Part thereof in violation of the terms of this paragraph shall entitle Mortgagee to accelerate the payment of the obligation secured hereby and all sums of ~ironey 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 ~afault by the specific terms hereof. Nothing herein contained shall be construed to constitute a novation or release Mortgagor or any subsequent owner of !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 a 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 such foreclosure 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. ,slues and revenues thereof. from whatsoever source derived: and thereupon rt is hereby expressly convenanted and agreed that the court shalt forthwith ap- i:o~,~t such receiver with the usual powers and duties of receivers in like cases: and said appointment shall be made t: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 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 ,aforesard and hereby expressly consents that such appointment shalt be made as an admitted equity and as a matter of absolute right to the Mortgagee and c^.at the same may be done without notice to the Mortgagor. 6 That if any proceedings should be instituted against the property covered by this mortgage upon any other Gen or claim whether superior or junior !~+ the Gen o~ this mortgage. the Mortgagee may et its option immediately upon institution of such suit or during the pendency thereof declare this mortgage .+r,U 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. fees. charges and expenses of every kind. rncluding the cost of an abstract of title to lard lands found to bee eon- enfant or expedient rn connection with any suit for the foreclosure of this mortgage. and also rncluding, whether the Mortgagee is obligated to pay same or ,,~! reasonable attorney's fees incurred or expended at any trine by the Mortgagee because o! the failure of the Mortgagor to perform. comply with and abide :,ti ail or any of the covenants. conditions and stipulations of said promissory note. or this mortgage. rn the foreclosure of this mortgage and rn collecting the :!mount secured hereby with or without legal proceedings. and to reimburse the Mortgagee for every payment made or incurred for any such purpose with rn- ~erest from date of every such payment at the highest rate authorized by law. such payments and obligations. with interest thereon as aforesaid. shall be ,rcured by the Lien hereof. 8 To keep the building or bwldmgs now or hereahe- on lard land insured against Toss or damage by fire. extended coverage and other peals. m- !tiding war risk insurance if available. in a sum not less than them full insurable value at the cost and expense of the Mortgagor rn a company or companies approved by the Mortgagee. the pobcy or policies to be held by the Mortgagee, and such policy or policies of insurance shall have aHaed thereto a Standard New York Mortgagee Clause. making alt loss or losses under such policy or policies payable to the Mortgagee as its interest may appear. and to detrver Bard policy or polrcres to the Mortgagee when rssuiad with the receipts for the payment of the premium therefor. and in the avant any sum of money becomes payable 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 ;,ermit the Mortgagor to receive and use it. or any part thereof. for other purposes. without thereby waiving or impairing any equity. Iran or right under or by ~: ~rtue 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 afteC- ~:riy Mortgagee's option to foreclose for breach of this covenant. or any part thereof. or any right or option under this mortgage. and every such payment shall ,,e°ar interest from date thereof unfit paid at the highest rate authorized by law. and elf such payments with interest as aforesard shall be secured by the hen ~•+•reof In the event any loss or damage is suffered Mortgagor shaft notify Mortgagee of such loss or damage within forty-eight 1481 hours after the happening !r~ereof, the failure to give Such 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 improvements at all times in a state of good repair and condition: and to do or permit to fie done to lard premises nothing that will alter or change the use and character of lard property or rn any way impair or weaken the security of card mortgage ~ ~~ case of the refusal. neglect or rnabdity of the Mortgagor to repair and maintain said property, the Mortgagee may. at its optwn. make such repairs or cause ~~e same to be made and advance monies in that behalf which sums shall be secured by the iren hereof grid bear interest at the highest rate authorized by a~.v 10 To detrver the abstract or abstracts of title covering the mortgaged property to Mortgagee or its designated agent. which shaft at all times. during ~• :~fe of Thrs mortgage. remain in the possession of the Mortgagee and in event o1 the foreclosure of this mortgage or other transfer of title. ail right. title and +erest of the Mortgagor rn and to any such abstract or abstracts of bite shall 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 •er^,s hereof or of the note secured hereby. or. future waver of the same covenant 12 That rn order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, .et;.~ity. obligation or encumbrance upon said property as herein provided. it shall not be necessary nor regwsrte 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 ~_rte hereby secured or the interest therein spetifierd or any of the sums of money herein referred to or hereby secured. or otherwise duly. fully and promptly to ,;~rform. execute. comply with and abrde by each, every or any of the covenants. conditions or stipulations of this mortgage. the promassory note hereby secured and: or the construction loan agreement. if any. then, and in either or rn any of such events. without notice or demand. the card aggregate sum men- on2d m lard promissory note. less previous payments. rf any. and any and all sums mentioned herein or secured hereby shall become due and payable ,~,.~rawrth or thereafter at the continuing option of the Mortgagee as fully and completely as +f card aggregate sums were originally stipulated to be Daid at z.,ch lime. anything m said promissory note or harem to the contrary notwrthstandir+.g, and the Mortgagee shat! be entitled thereupon or thereafeer without ~ot~ce or demand to institute swt at law or m egwty to enforce-the rights of the Mortgagee hereunder or under said promissory note In the event of any :iefault or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgagee shall have the contnung option to enforce payment ~! a!I sums secured hereby by action at law or by suit rn equity to foreclose this mortgage. either or both. concurrently or otherwise. and one action or suit s^.a!1 not abate or be a bar to or waiver of the Mortgagee's right to inst+tute or maintain the other. provided said Mortgagee shall have only one payment and s=t~sfacuon of said indebtedness 14 That rn the event that Mortgagor shall 111 consent to the appointment of a recerver. trustee or liquidator of all or a substantial part of Mortgagor's {nets. or 121 be ad~udicateed a bankrupt or resolvent. or fate a voluntary petition rn bankruptcy. or admit rn writ+ng its inab+Gty to pay its debts as they become ..ae or i31 make a general assignment for the benefit of creditors. or (4) file a petition or answer seeking reorganization or arrangement with creditors. or to fake advantage of any insolvency law. or 15) file an answer admitting the material allegations of a petmon filed against the Mortgagor rn any bankruptcy. *eorganizatron or insolvency proceeding, or 161 action shaft be taken by the Mortgagor for the purpose of effecting any of the foregoing or 171 any order, ludg- rr ant or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent turisdicuon approving a petition seeking appointment ~+ a recerver or trustee of all or a substantial part of the Mortgagor's assets and such order. judgment or decree shall Continue unstayed and in effect for any :~Fnod of thirty 130) consecutive days. the Mortgagee may declare the note hereby secured forthwith due and payable. whereupon the principal of and the in- c.~~est accrued on the note and all other sums hereby secured shelf become forthwith due and payable as if all of the said sums of money were originally <t:pulated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law andior in equity as rf 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 inspect the mortgaged premises at all asunable times - 16 That any sum or sums 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 w.i:. 7i•io:oSi a o:vv : ~:: w :.~.:.°. 3^y!°°•! t;;,^r+ ?t *he nmg ~t lath ie;an or advance. she!! ~ equally secured with and have the same onty as the original indebtedness 18~~U~eCIJU all the terms and provisions of this mortgage: provided. that the aggregate amount of pnncrpat outstan- !~ng at any time shall not exceed IS 18 + U UU i. or if the preceding blank is not completed. [hen an amount equal to one hundred and fifty per cent t 50%) of the principal amount originally secured hereby shat! 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 ~~~ual to one-twelfth of the annual amount necessary to pay all taxes and assessments against the card mortgaged premises. said monthly sum to be es- ~,mated solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed against said mortgaged premises for the previous °ar. 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 if this mortgage is in connection with Construction loan financing. then this mortgage is subject to the Construction Loan Agreement riated ntC. ~~! / , 1980, .between the Mortgagor and the Mortgagee. an executed copy of which rs rn the possession of the Mlortgagee and is incorporated herein by reference and made a part hereof: any default by Mortgagor under said agreement shall constitute an event of aefault under this mortgage 19 That the Mortgagor will 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 oNsets thereto. z a~~x ~44 PacE ~. ~ n - - - - -_ _ ~. = 2 ~ -_ _ "