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HomeMy WebLinkAbout21024 Th~s mortga,ye ~s ~:etsonal to the Mort;Jdg.,~ he~e~n. ~nd nG ~:onybyanCe sl~all be made by Mnrtgdyu~ c~t the prermses he~e~n ~~escnbed ur any part ~'~e~rec~f w~lhout hrsl obtaimng ihe pnor wntten con;~nt ot the Mo~tyayee In the 8vtl~t MOrt~B~Be g~t~es th~s wntten consern, the grantee namyd in such con- ~Ny ~nce shall assume anq agree ~o pay the obl~da2~on av~dtlnceA by the prom~ssory nute sewred hereby Any conveyance ut the property t~ere~n desc~~bed or -+~~v parl lhersot in violauon ol the terms o/ t~~s parapraph shall ent~Ue Mortgagee to accole~ate Ihu payment ol the obhgauon secured hereby and all sums ot n~uney secured hereby shall, at the opuon of Mortgagee. be.:ome due and payable and m default whethe~ or not the same are so due arxf payable and ~n netault by !Ae spec~fic terms hereof. Nothi~g herein conta~ned sl~sll be const~ued to conslrtute a navation or release Mortgegor or any subsequent owner of t~ab~lity or obLgeUOn u~der the promissory note secured hereby or th~s mortgage by reawn ut the atoresa~d assumpbon of the obhgauon uncler the note ,r~ured hereby. by a subsaquent owner of the property descnbsd here+n 5 That m the avnnt of a surt be~ng ~nstrtute~ to loreclose th~s mo~tgage. the Mortgagee shall Ge ent~tled to apply at any t~me dunng such foreclosure ~..,~ co [he court havmg ~unsd~ct~on thereoi tor the appo~ntmen! o( a recewer of all and s~nyular the mo~tgaped property. and of alt rents. mcomes. prot~ts. ~ssues and revenues thereof, trom whatsoever source denvad. and Ihereupon it ~s he~eby expressly conve~anted and agreed that the court shaU tor,hwith ap- vu~nt such recenrer wrth the usuat powers a~d duUes oi rece~vers ~n hke cases: and sa~d appointment shall be made by the court as a matter of stnct nght to tne Mortgagee. and w~thout re(erence to the adequacy or ~nadequacy ol the value oi the prope~ty hereby mortgagad. or to the solvency or ~nsolvency ol the Utorcgago~ or any other party de/endant to such swt The Mortgagor hereby spec~f~cally wa~ves the nght to ob~ect to the appo~ntment ot a receiver as ~foresa~d and hereby expressty consents that such appo~ntment shall be made as an admrtted equ~ty and as a matter ot aDwiute nght to the Martgagee and u~a~ the same may be done w~thout nouce to the Mortgagw . 6 That if any proceedings should be mstrtuted against the property covered by this mcxtgage upon any other Iien or claim whether supenor or ~umor ~u tne hen o( this mortyage. the Mortgagee may at its opUOn ~mmed~ately upon insUtut~o~ of such swt or dunng the pendency thereof declare th~s mortgage .,~~~1 ihe ~ndebtedness secured hereby due and pa~abte fonhw~th and may at its opt~on proceed to foreclose this mortgaye 7 To pay ali and s~ngular the costs. tees. charges and expenses oi every k~nd. ~nclud~ng the cost of an abstract of t~tle to sa~d lands found to be con- : e~~~ent or exped~ent m connection with any swt (or the foreclosure oi this mortyage and also mc~uding whether tho Mortgagee ~s obi~gated to pay same or ~,:r. ~easonable attorney's fees ~ncurred or expendect at any ume by the Mortgagee t~ecause of the ta~lure ol the Mortgagor to parlorm. comply wrth a~d ab~de t,, all or any of the covenants, condrtions and st~pulations ol sa~d promissory note. or th~s mortgage. m the foreclosure of this mortgage and ~n collechng the ~,rnv~mt secured hereby wrth or w~thout leyal proceed~ngs. and to ~e~mburse the Mortpayee for every payment made or mcwred ~or any such purppse with ~n- ~~•reti~ irom date ol every such payment at the h~ghest rate authonzed by law such payments and obl~gaUons. wrth mterest thereon as atoresa~d. shall De ,t•..;,red by the hen hereof 8 To keep the bu~ld~ng or buildi~gs now or hereahe- on sa~d tand ,nsured aga~nst Ioss or damage by fue, exter.ded ~overage and other penis. ~n- : ucl~ng war nsk msurance ii avadable. ~n a sum not less than theu /ull insurable value at the cost and expense oi the Mortgagor ~n a company or compames .+c~v~uved by the Mo~tgagee. the policy or po6c~es to Qe held by the Mortgagee. and such pohcy or pohaes of ~nsurance shall have affixed thereto a Standard V ew York Mortgagee Clause. mak~ng all loss or iosses under such pohcy o~ pot~c~es payabie to ~fie Mortgagee as ~ts interest may appear and to detrver sa~d ,~.,::.-y or pohcies to the Mortgagee when issued with the receipts for the paymen; ot ihe premwm therefor and m the eve~t any sum of money becomes ;-~; able under such poLcy or pohc~es. the Mortgagee shall ha~e the opnon to recewe and apply the same on account o( the ~ndebtedness secured hereby or to : e~rn~t the Mortgagor to recewe and use ~t. or any part thereof. tor cther purposes. wah~ut tnereby warv~ng or impa~nnp any eqwty. ~•en or nght under or by ~•r.,e of th~s mortgage: and the Mortgagee ~t it deems necessarv may place and pav tor such ~nsurance. or any part thereof, w~thout l~s~ng, warving or affec- !~~~; Mortgagee's opt~on to toreclose for breach of th~s covenant. o~ any part lhereof. or any :~ght or opLOn under this mortgage. and every such payment shall ;:.•,~r ~neerest trom date the~eof untd pa+d at the h~ghest rate authonzed by faw. and a1! suc~ payments w~th in[erest as aforesa~d shall be secured by the hen ~•.•r.~ot In the event any Ioss or damage is suffered Mortgagor shalt not~fy Mortgagee of such loss or damage with~n lorty-e~ght (48- hours after the happen~ng ~~~r~~euf the (a~lure to qrve such not~ce shall const~tute a~fefault and thp Mortyayee sha~l have the r~yhts here~n g~ven for all defaults 9 To permrt. commit or suHer no waste and to mainta~n the ~mprovement~ a; ai1 t!mes in a state of good repau and condrt~on. and to do or permit to !~r done to said prem~ses noth~ng that wdl alter or change !he use ar.d character ot sa~d property or m any way ~mpau or weaken the secunty of sa~d mortgage ~~~ ase o/ the refusal. neglect or mab~4ty oi the Mortgagor to reoa~r anA ma~ntam sa~d property the Mortgagea may. at +ts upUOn. make such repa~rs or cause ^:~• tame to be made a~tid advance mornes ~n that behaH wh~ch sums shal! be secured by the ben hereof and 6ear ~nterest at tAe h~ghest rate authoraed Dy ,.,~ 10 To delwer the aDStra~~ or a~saacts ot t~tle co.enng the mortgaged D~ope~sy to Martyogee or rts des~gnated agent. wh~ch shall at all t~mes. dunng ~~ ~~ f~ of ~his mortgage rema:n ~n the possess~on oi the Mortgagee and ~n event ot the toreclosure o1 th~s mortgage or othe~ transfer o( trtle. ali nght t~tle and ~~~~es! of the Mort~agor m and to any such abstract or abstracts of utie sha~~ pass to ,he purchaser cr yrantee 1 1 That no wa~ve- ot any covena~s herein or ~n the obl~gauon secured hereCy sha{t at any s~me hereafter be held to be a wa~ver of any ot the other ~r~"~s hereof or o~ the note securecf nereby. or fut~re warver of the same covenant 12 That in orde• to ac~eierate the matur~ty of t'~e ~ndebtedness hereby secured beca~se of the fa~lure ol the Mortgagor to pay any tax assessment. ~-;t, i;ry obhgat+on o~ encumbrance upon sa~d property as here~n prowded, rt shalt not be necessary nor rsqws~te that the Mortgagee shatl Lrst pay the same ~ 3 That ~I the Mortgagor shall fa~l. negiect or ~e~use for a per~od of th~rty !30) days 1~ity and promp!ly ro pay the amounts reqwred to be pa~d by the •~~te nereby secured or the ~nterest theretn specrf~ed or any ot the sums oi meney herem ~efened to or hereby secured, or otherw~se duly, fuliy and promptly to ;•~-fo~m execute. comply wrth and ab~de by each every or any of the covenants. condrt~ons or st~puiations o1 th~s mortgage. the promrssory note hereby s~ _:~,~ed and~or the construction loan agreement. +t any, then. and ~n e~ther or ~n any of such eve~ts. w~thout nouce or demand, the sa~d aggregate sum men- • or,ed ~n said promissory note. les~ prewous payments. rf any and any and all sums menUOned hereir. or secured hereby shall become due and payable '~x~hw~!h or thereafter at the ronu~wng opUOn of the Mortgagee as futly and completely as ~f sa~d aggregate sums were ong~nally supuiated to be pa~d at s,, _r: nme. anything in Said prom~55ory ~ote or herein to the contrary notw~thstandmg, and the Mortgagee shalt be entrtled thereupon or thereafter wrthout -o~.ce or demand to ~nstrtute swt at law or m equ~ty to en(orce the nghts of the Mortgagee hereunder or under sa~d prom~ssory note In the event of any :~~fauit or breach on the part of tne Mortgagor hereunder or under se~d promiswry note. the Mortgsgee shall have the conUnwng option to eniorce payment ~.~ a~! sums secured hereby by action at law or by su~t m equity to foretlcse th~s mortgage e~ther or both conr.urre~tly or otherwise. and one acuon or su~t :^a ~ not abate or be a bar tc or warve+ of tRe Mortgagee~s nght to mstrtute or ma~nta~r. the other. prowded sa~d Mortgagee shall have only onr. payment and ~a~~;tact~on of sa~d ~ndebtedness ' 4 That m the event that Mortgagor shall (1! co~seni to the appo~ntment ot a rece~ver trustee or liq~~dator o( all or a substant~al part of Mortgagor's ~~sNrs o+ f2i be ad~udicated a bankrupt or mso~vent. or (~le a vuluntary petrt~on ~n bankruptcy. or adm:t m wr~ung rts ~nabd+ty to pay rts debis as they become '-~~ o~ 13- make a gene~al ass~gnment Ioi the benefit of cred~tors. or i4) 6ie a peuoon or answer seekmg reorgan::at~on or arrangement w~th crednors. or to ~~K~ advantage ot any msolvencq taw or (5) file an ansv~er adm~n~ng the matenat allegaaons ot a petrt~on f~ted agamst the Mortgago~ ~n any bankruptcy. •~•~~r:Janizat~on or msolvency proceed~ng, or 16I acUOn shal! be take~ by the Mortgagor for the purpose o( effectmg any of the forego~ng or (71 any order. ~udg- ~~~~~! or decree shal! be entered uaor~ an appt~cat~on of a cred~tor or Mortgagor by a court of competent ~unsd~ctian approv~ng a peUOOn seekmg appointment ~'~ ~ecerver or trustee c~ aI~ or a substant~al pari of the Mortgagor's assets and su:h order. ~udg:nent or decree shall cont~nue unstayed and m effect for any ~~•,n~i of thuty 130) co~secutwP days. the Mortgages may dec~are the ~ote hereby secured forthwrth due and payabte. whereupon the pnnc~pal of and the m- ~~~ >t accrued on the note ar,d all other sums hereby secured shall berome fortl:w~th due and payable as ~i all of the sa~d sums of money were onginally ~• :; ,!ated to be pa~d on such tlay. and thereupon the Mortgagee w~thout noUCe or demand may prosecute a surt at law and!or m equ+ty as ~f all momes ~:N ;~~d hereby nad matured pr~or to ~ts mstrtuUOn ~ 5 That the Mortgagee er any person authonzed Ay thA Mortgagee shall have the nght to enter upon and ~nspect the mortgaged prem~ses at a!I +°.. ~~~able t~mPs 16 That any sum or sums which may be loaned o+ advanced by the Matgagee to the Mortgagor at any hme w~th~n twenty l201 years from tne date `~*~~s mdenture. together w~th ~nterest thereon at the rate agreed upon at the time of such Ioan or advance. sha11 be equally secured w~th and have the same . ~~~rr as the ur~gmal :ndebtedness and be sy~b ect to all the terms and provis~ons of th~s mortgays: provided. that the aygregate amount of prmc~pal outstair ~:: at any nme shall not exceed (S_E1Q~~J~ .D~_.1. or ~t the preceA:ng blank ~s not com~leted the~ an amount equaf to one hund-ed and hity per cent ~' S~~+i o/ the pnnapal amount or~gmaily ser_ured hereby shail apply 1 7 That, ~i requ~red by Mo-tgagee. the sa~d Mortgagor w~ll pay unto the Mortgagee. on the first day o~ each and every consecut+ve rr~onth, a sum ~• .::a, tu w~e-twglfth of the annual amount necessary to pay alt tazes and assessments agamst the sa~d mortyaged prem~ses. said monthly sum to be es- ~•r +red solely by Mortgagee and calculated to be an amount noi less than the amount of taxes assessed agamst said mortgaged prem~ses for the prewous ,~•a~ and ~f furthe~ reawred by Mortgagee to pay atl msurance premrums m manner and torm as prov~ded here~n for the payment of taxes and assessments. 18 That ~f th~s mortgage ~s ~n connect~on w~th construct~on loan i~nanang, then th~s mortgage ~s wb~ect to the Construction Loan Agreement ~ ~ "'~ - - - - - - - - - - - - - - - - - - - - -. between the Mortgagor and the Alortgagee. an executed copy o1 which ~s m the possession of the "•~o~!gage@ and is incorporated herein by reterence a~d made a pan hereof: any default by Mortgagor under sa~d ag-eement shall const~tute an event ot ~;Y~ault under this mortgage 19 That the Mortgagor will on the request of the Mort~agee furn~sh a wntten statement of the amount ow~ng on the obl~gahon wh~ch th~s mortgage serures and therein state whether or not Mortgagor cla~ms any defens~ss or oNsets therato ~ .~ ~~- ,~~..~~,;~ ,.,~~ z . 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