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HomeMy WebLinkAbout09944 Th~s moitgaye ~s personal to the Mortgagor here~n, end no conveyance shali be made by Mortgayor of the prem~ses here~n descnbed or any part ~r~e~~~o( wrthout tust obta~n~ng the pnor wniten Consent of the Morigagee. in the event Mortgagee gives th~s wntten consent. the grantee nampd ~n such con :~•v~~,ce shall assume and agree to pay the obl~gation ev~denced by the prom~ssor- note secured hereDy Any conveya~ce ot the property here~n descnbed or ~i~v part thereot ~n v~olat~on o( the terms of this paragraph shall ent~tle Mortgagee to accelerate ihe payment of the obl~gat~on secured hereby and all sums of -~;uney secured he~eby shall, at the opt~on ot Mortgagee. become due and payable and in delault whether or ~ot the same are so due and payable and ~n ~~~fauit by the speci8c terms hereoi. Nothing here~n conta~nad shall be construad to const~tute e novat~on or release Mo~tgaga a any subsequent owner of .,b~nry or obtigat~on under the prorri~ssory note secured hereby a this mo~tgege by reasun ot the ato~esa~d assumpuon oi the obl~gaUO~ under the note ,~•~ured Aereby. by a subsequent owner of the properry descnbed herein. 5 That m the event oi a suit be~ng ~nst~tuted to (oreclose this mortgage. the Mortgagee shall be ent~tled to apply at any time dunng such (oreclosure ,,~~c to the cou~t hav~ng ~unsd~ct~o~ thereot for the appo~ntment ot a retervar ot ell and singuler the mortgaged property. and ot all rents. incomes. profits. ~sues and revenues ihereof, trom whatsoever source derrved. end thereupon it ~s hereby expressly convenanted and agreed that the court shail torthwrth ap- ;~,~ni ~uch rece~ver with the usual powers and dut~es of recewers ~n I~ke cases: and said appo~ntment shall be made by the court as a matter oi stnct ~~ght to ~r,f, Mortgagee. and w~thout reterence to the adequacy or fnadequacy ot the value of the property hereby mo~tgaged. or to the solvency or ~nsolvency of the :~urtgagor o~ any other party de(endant to such swt The Mortgagor hereby specifically wawes the nght to object to the appoiniment of a recewer as ,,+~resa~d and hereby expressly consents that such appo~~lment shall be made as an adm~tted equ~ty and as a matter of ahsolute nght to the Mortgagee and ~!,~t the same may be done w~thout notice to the Mortgagor 6 That ~( any proceed~ngs should be mst~tuted aga~nst the property covered by th~s mortgage upon any other I~en or cla~m whether supenor o~ ~umor ?c~ the her. ot th~s mortgage. the Mortgagee may at rts opbon immediately upon ~nsutuUOn oi such surt or dunng the pendency thereof declare this morigage .,~~~f ihe ~ndebtedness secured hereby due and payable fo-thw~th and may at ~ts opt~on proceed to toreclose th~s mortgage 7 To pay all and smgular the costs. fees. charges and expenses ol every kmd. ~ncludmg the cost ot an abstract ot t~tle to said fands lound to be con- ..•~~~ent or expedient m conne~tion w~th any suit /or the foreclosure ot thls mortgage. and also ~nclud~ng. whether ihe Mortgagee ~s obl~gated to pay same or .~; reasonable atto~~ey's fees incurred o~ expended at any time by the Mortgagee because oi the tailure of the Mortgagor to pertorm, comply with and abide ,,~ii or any of the covenants. cond~tions and st~pulations of said prom~ssory note. or th~s mortgage. in ihe toreclosute of th~s mortgage and m collechng the ;+~nuunt secured hereby with or w~thout legal proceed~ngs. and to re~mburse the Mortgagee Ior every payment made or ~~~urred for any such purpose w~th ~~- ~•~~.~sc from date o( every such payment at the h~ghest rate authonzed by 1aw. such ~ayments and obl~gat~o~~s. w~th ~nterest thereon as atoresa~d. sl,all be ,.~ ured by the I~e~ hereof 8 To keep the building or buildings now or hereafter on sa~d land ~nsured against toss or damage by fire. extended coverage and other penls. in- ~.~f~ng war risk ~nsurance if available. in a sum not less than the~r fulf ~nsurable va~ue at the cost and expense of the Mortgagor in a company or compames ~;:n~oved by the Mortgagee. the pol~cy or pohcies to be held by the Mortgagee. and such pol~cy or pohaes of ~nsurance st~all have a(f~xed thereto a Standard ^~ ~ w York Mortgagee Clause. making all loss or losses under such policy or pol~c~es payable to the Mortgagee as ns ~nterest may appear, and to delwer sa~d u~~~~cy or policies to the Mortgagee when issued wrth the rece~pts for the payment oi the premwm therefor. and m the event any sum oi money becomes ;.,ti ahle under such policy or pol~ues. the Mortgagee shall have the opt~on to recerve and appty the same on account of the ~ndebtedness secured hereby or to ,•.•rn,~t the Mortgagor to recewe and use rt. or any part thereot. (or other purposes. without thereby wa~ving or !mpainng any eqwty. lien ur nght under or by .- r:~e of th~s mortgage. and the Mortgagee +f rt deems necessary may place and pay (or such ~nsurance. or any part thereof. w~thout los~ng. wa~v~ng or atfec- :a Mortgagee's opt~on to toreclose for bieach oi th~s covenant. or any pan thereof. or any nght or opnon under this mortgage. and every such ~.+ayment shall ,.•~~~ ~nterest (rom date thereof untit pa~d at the h~ghesl rate authonzed by law. and all such payments w~th ~nterest as a(oresa~d shall be secured by the I~en .~•~•~f In the event any loss or damage ~s suHered Mo~tgagor shall not~(y Mortgagee of such loss or damage w~th~n torty-eight (481 hours atter the happen~ng •.~-.>nf the fa~ture to gwe such notice shall constitute a default and the Mortgagee shall have the ngtits herein grven for all defaults 9 To perm~t. comm~t or suffer no waste and to mamtain the ~mprovements at all hmes ~n a state ot good repa~r a~d cond~t~on, and to do or perm~t to .•.ione to sa~d prem~ses noth~ng that wdl alter or change the use and character oi sa~d property or ~n any way impa~r or weaken the secunty oi sa~d mortgage ~~se o( the ~e~usal. neglect or ~nab~l~ty of Lhe Mongagor to repair and ma~ntain sa~d property. the Mortgagee may. at ~ts option. make such :epa~rs or cause ~ Same to be made and advance mon~es ~n that behalf wh~ch sums shall be secured hy the I~en hereoi and bear ~nterest at the h~ghest rate author~zed by ,.: ? 0 To del~ver the abstract or abstracts oi t~tle covenng the mortgaged praperty to Mortgagee or ~ts des~g~ated agent. wh~ch shall at all t~mes. dur~ng ~+~~ of th~s mortgage. rema~n m the possess~on of the Mortgagee and ~n event ot the ~oreclosure o1 th~s mortgage or uiher transfer of t~tte. ali nght t~tle and •~~•~! of the Mortgagor m and to any such abstract or abstracts of trtle shall Dass to the purchaser or grantee " ? t That no wa~ver of any cove~ant herem or r~ the obligat~on secured hereby shall at any t~me hereafter be held to be a wa~ver of any ot she other .-^s hereot or of the note secured hereby. or future warver of the same covenant 7 2 That ~n order to accelerate the matunty oi the ~ndebtedness he~eby secuied because oi the fa~ture of the Mortgagor to pay any tax assessment. ,~- ty obhoat~on or encumbrance upon sa~d property as here~n prowded. ~t shaU ~ot be necessary ~or reqws~te that the Mor,gagee shaft f~rst pay the same ? 3 That ~t the Mo-tgagor shall fa~l, neglect or ref~se for a penod ot th~rty (30) days !ully and promptly to pay the amou~ts requ~red to be pa~d by the r.- ~ereby secured or the mterest there~n spec~fied or any oi the sums of money herein referred to or hereby secured. or othe-w~se duly. (ully and promp!fy to ~••',~~m execnte. comply with dnd abide by each, every or any oi the covenants. condrt~ons or st~pulaLOns of th~s mortgage. the prcxmssory note hereby •.: ~ed and/or the construcUOn loan agreement. ~f a~y. then. and ~n e~ther or m any of such events. wnthout noUCe w dema~cf. the said aggregate sum men- • ed ~n sa~d prom~ssory note. less prewous payments. if any. and any and all sums menuoned here~n or secured hereby shall become due anA payable •c^vr~ch or thereaher at the connnwng option o( the Mortgagee as fufly and completely as ~f said aggregate sums were ongmally supulated to be paid at !~ t;me, anythmg ~~ Said promi55ory ~ote or here~n to the contrary notwithstand~ng. and the Mortgagee shall be ent~tled thereupon or thereafter w~thout ~,~:e or demand to ~nst~tute swt at law or m equrty to enforce the nghts of the Mortgagee hereunder or under sa~d prom~ssory note In the event o( any ~.~'~~It or breach on the part of the Mortgagor hereunder or under said promissory no!e. the Mortgsgee shall have the cont~numg opt~on to enforce payment •:, Sums secured hereby by action at law or by su~t m equily to torectose th~s mortgage. e~tner or both. concurrently or otherw~se. and one act~on or sun • ~' not abate or be a bar to or warver ot the Mortgagee's nght to inst~tute o- mamtam ihe other. prowded sa~d Mortgagee shall have only one payment and • ;!act~on of sa~d mdebtedness 14 That m the event that Mortgagor shall (1- co~sent to the appointment of a rece~ver. trustee o~ I~qu~dator ot all or a substant~al part oi Mortgagor's +, ••cs o~ (2! be ad;ud~cated a bankrupt or msolvent, or fde a voluntary petrt~on m bankruptcy. or admrt m wnUng ~ts mab~hry to pay rts debts as they be~ome ~~ or 13) make a generai ass~gnment for the benefit of c~editors. or 141 ide a petmon or answer seek~ng reorgamzauon or arrangement w:th credrtors. or to ,~~~ ~dvantage oi any msolvency law. or (5) file an answer admrttmg ihe matenat allegations of a petrt~on filed agamst the Mortgagor in any bankruptcy. ~:~-~an~zat~on or msolvency proceeding. or (6) action shall be taken by the Mortgagor for the purpose oi etfect+ng any of the torego~ng or (7) any order. ~udg- ~~- c of decree shall be entered upon an appbcauon of a credrtor or Mortgagor by a court ot competent ~unsd~cbon approving a pet~UOn seek~ng appomtment `_, ~ece~ver ~r trustee oi all or a substantial part oi the Mortgagor's assets and such order. ~udgment or decree shatl continue unstayed and ~n eHect ior any --~,cf of thirty i30) consecut~ve days. the Mortgagee may deciare the note hereby secured (orthw~th due and payable. whereupon the pnnc~pal oi and the ~n- ~•~~s~ accrued on the note and all other sums hereby secured shatl become lorthw~th due and payable as ~i atl oi the said sums of money were ong~nally :: ;~ated to be paid on such day. and thereupon the Mortgagee w~thout not~ce or demand may prosecute a surt at law and%or m equ+ty as d alt momes .;,~ed hereby had matured pnor to its instrtuUOn 15 That the Mortgagee or any person authonzed by the Mortgagee shall have the ngfit to enter upon and ~nspect the mortgaged prem~ses at all ~ ~~:ible t~mes ~ 6 That any sum or sums wh~ch may be loaned or advanced by the Mortgagee to the Mortgagor at any hme w~th~n *.wenty (20) vears from the date `~! :s ~ndenture, together with interest thereon at the rate agreed upon at the ume of such loan or adva~ce. shatl be equally secured w~th and have the same . ~~!y as the onginal indebtedness and~n ;~n~ect to al! the terms and prowsions of th~s mortgaye. prov~ded. that the aygregate amount of prmapal outstan- ~ at any Ume shall not exceed (5. ~_._Q0_l. or ~/ the preced~ng bla~k is not compteted. then an amount equal lo one hundred and frfty per cent '= ~~ ~ ot the pnnc~pal amount ong~nally sec,ered hereby shall appfy ' 7 That. i/ reqwred by Mortgagee; the sa~d Mortgagor w~ll pay unto the Mortgagee. on the f:rst day oi each and every consecut~ve month, a sum •;: ~; to one•tweltth of the an~ual amount necessary to pay all taxes and assessments aga~nst the said mc•rtc~aged prem~ses. said monthly sum to be es- ~•~eFCf solely by Mortgagee and calculated to be an amount not tess than the amount of taxes assessed aga~nst sa~d mortgaged prem~ses for the previous ,~ ~r and ~i further required by Mortgagea to pay all ~nsurance premwms m manner and form as prowded herein fw the payment ot taxes and assessmenis 1 S That if this mortgage ~s in connection w~th construct~on loan t~nanci~g, then th~s mortgage is sub~ect to the Construction Loan Agreement ~"P`~ ~tlOt a~glieable) . between the Mortgagor and thP Mortgagee. an executed copy oi wh~ch is ~n the possess~on oi the :"•~:~igagee and ~s ~ c rporated herein by reference and made a part hereof, any default by Mortgagor under sa~d agreement shalf const~tute an event oi !• ~a~;lt under th~s mortgage 19 That the Mortgagor w~ll on ihe request of the Mortgagee furrnsh a wntten statement o~ the amount ow~ng on the obl~gat~on wh~ch th~s mortgage ~~~_,~-es and there~n state whether or not Mortgagor claims any defenses or oifsets thereto ~ ar~~X3~t~ PecE ~