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HomeMy WebLinkAbout12444 Th-s mo~lgage is personal to the Mortgagor herein. and no conveyance shall be made by Mortgagor of the prem~ses herein descnbecf o~ any part ~n~•~eof wUhout h~st obta~n~ng lhe pr~or wntten consent of the Mort~agee In the event Mortgagee g~ves this wnlten consent. lhe grantee named ~n such con Yf~Yance shall assume and agree to pay the obl~gatwo evidenced by the prom~ssory note secured hereby. A~y conveyance ot the property herem descr~bed o~ .+~,~~ part thereol ~n wolat~on of the terms oi this ps-ag~aph shall entitle Mortgagee to accelerate the payment oi the obl~gal~on secured hereby and all sums oi ~„~,ney secured hereby shall. at the opuon of Mortgagee. become due and payable and in defaull whether or not the same are so due and payable and ~n ,?c,lault by !he spec~(~c te~ms hereoi Noth~ng herein conteined shall be construed to tonstrtute e novat~on or ~elease Morlgagor o- any subsequem owner of ~.it,~l~ty or obligat~on under the prom~ssory note secured hereby or this mortgage by reason of !he b!oresa~d assumption o( the obligat~on under the ~ote ,~~cured hereby. by a subsequent owner of the property descr~Ded here~n. 5 That ~n the event oi a su~t being instituted to foieclose th~s mortgage. the Mortgagee shall be entitled to apply at any time dunng such foreclosure ~~,~t to the coun hav~ng junsd~cuon thereot fo- the appo~ntment o( a receiver of all and singular the mo~tgaged property. and of all ~ents. ~ncomes. prof~ts. .sues and revenues ihe~eof. ftom whatsoever source denved. and thereupon it ~s hereby expressly convenanted ana agreed that the court shall (orthw~th ap- c~~„nt such rece~ver w~th the usual powers a~d dut~es ot rece~vers in I~ke cases. and sa~d eppointment shall be made by the court as e matter of stnct nght to ~~•r Mortgagee. and w~thout refe:ence to the adequacy or ~nadequacy oi the value ot the property hereby mortgaged. or to the solvency or ~nsolve~cy o/ the V:ur~gagor or any other party defendant to such surt. The Mortgagor hereby spec~t~cally warves the nght to ob~ect to the appo~ntment oi a recerver as ~~oresa~d and hereby expressty consents that such appointment shall be made as an admrtted eqwty and as a matter o( absolute nght to the Mortgagee and ~~~~t tne same may be done wuhout noUCe to the Mortgagor 6 That ~f any proceedmgs should be i~satuted against the property covered by thfs mortgage upon any other t~e~ or cla~m whether super~or or ~uroor t~ ~!t,e I~en ot this mortgage. the Mortgagee may at ~ts option immediately upon inst~tution o( such swt o~ dunng the pe~dency thereot declare this mortgage .,~~ci ~he ~ndebtedness secured hereby due and payable fo-ihwith and may at ~ts opt~on proceed to t~reclose th~s mortgage 7 To pay all and smgular the costs. (e!es. charges and expenses oi every k~nd. ~ntlud~ng the cost of an abst~act of utle to said lands found to be con- .~~:~:ent or expedient in connechon with any suit (or the toreclosure ot th~s mortgage. and also including. whether the Mortgagee ~s obhgated to pay same or t reasonable attorney's (ees ~ncurred or expended at any t~me by the Mortgagee because of the ta~lure of the Mortyagor to perform. comply w~th and ab~de .~, a!I or any ot the covenants. condrt~ons and stipulat~ons o( said promissory note. or th~s mortgage. in the (orectosure ut this mortgage and m cotlect~ng the I,~~~~,unt secured he-eby wnh or wrthout legal proceed~ngs. and to re+mburse the Mortgagee for every payment made or ~ncurred for any such purpose wrth ~n- •. •. si from date of every such payment at the h~ghest rate authonzed by law. such payments and obl~gauons. wuh ~nterest thereon as aforesa~d. shatl be ,.~. ~,red by the hen hereoi 8 To keep the budding or budd~ngs now or hereafter on said land insured agamst loss or damage by f~re. extended coverage and other penls. ~n- ,d~ng war nsk ~~surance ~i ava~lable. in a sum not less than the~r full insurable value at the cost and expense of the Mortgagor m a company or compan~es .;,i>ruved by the Mortgagee. the policy or pol~c~es to be held by the Mortgagee. and such pol~cy or pol~c~es of ~nsurance sRatl have a(f~xed thereto a Standard '~~w York Mortgagee Clause. making all loss or losses under such pol~cy or pol~c~es payable to the Mortgayee as ~ts ~nterest may appear. and to delrver sa~d ~~~!+cy or policies to the Mortgagee whe~ issued wrth the receipts for the payment of the prem~um theretor, and ~n the event any sum o( money becomes .: ~~, ~+ble u~der such policy or pol~aes. the Mortgagee shatl have the opt~on to rece~ve and apply the same on account of the ~ndebtedness secured hereby or to ;.•~n,~c the Mortgagor to recerve and use H. or any part thereof. (or other purposes. wrthout thereby warving or impainng any equ~ty. Ben or ngh[ under or by .-c~,e of th~s mortgage: and the Mortgagee ~t it deems necessary may place and pay for such ~nsurance. or any part the~eof. w~thout losmg. wa~v~ny or aHec- ~ ca Moregagee's opt~on to foreclose ~or breach oi this covenant. or a~y part thereoi. or any nght or opt~on under this mortgage. and every such payment shall ~••,~~ ~nterest (rom date thereof untd pa~d at the highest rate author~zed by law. and all such payme~ts w~th mterest as atoresa~d shall be secured by the I~en ~••.,nf In the event any loss or damage is suffered Mortgagor shall not~(y Mortgagee of such loss or damage w~th~~ fortyeight 148) hours after the happen~i~g ••••~of. the fa~ture to g~ve wch not~ce shall const~tute a detautt and the Mortgagee shall have the r~ghts here~n grven for all detaults 9 To permit. commit or suHer no waste and to ma~~tam the ~mprovements at a11 t~mes m a state of good repa~r and cond~tion. and to do o~ permrt to ~• :ione to said prem~ses noth~ng that wdt alter or change the use and characte- oi sa~d property or in any way impau or weaken the secunty of sa~d mortgage .,se of the refusal. neglect or ~nab~lity of the Mortgagor to repa~r and ma~nta~n sa~d property. the Mortgagee may. at its opt~on. make such repa~rs or cause •.• ;arne to be made and advance mornes m that behalf wh~ch sums shali be secured by the I~en hereoi and bear ~nterest at the h~ghest rate author~zed by 1 O To del~ver the abstract or abstracts of t~tle covenng the mortgaged property to Mortgagee or ~ts designated agent. wh~ch shall at all t~mes. dunng •~- ~~e of th~s mortgage. rema~n ~n the possess~on of the R!ortgagee and ~n event ot the (oreclosure of th~s mort,qage or other transfer ot t~tle ali nght. t~tle and ~•~~est oi the Mortgagor ~n and to any such abstract or abstracts of t~tle sha11 pass to the purchaser or grantee t t That no wa~ver oi any covenant herein or in the obl~yat~on secured hereby shall at any t~me hereafter be held to be a waiver ot any of the o:her ~•~-~s hereof or ot the note secured hereby. or future warver of the same co~enant 12 That ~n order to accelerate the matunty of the ~ndebtedness hereby sec~rsd because of the fa~lure of the Mortgagor to pay any tax assessme~t. ~cy. obl~oahon or encumbrance upon said property as here~n prov~ded rt shall not be necessary nor reqwsrte that the Mortgagee snall Lrst pay the same ! 3 That ~i the Mortgagor shalt fad. neglect or retuse (or a penod of thirty (30) days fully and promptiy to pay the amaunts requ~red to be pa~d by the ~~ereby secured or the intetest there~~ spec~tied or any ot the sums oi money herem referred to or hereby sec~red. or othe-w~se duly, fuliy and promptly to .~~.'orm. ezecute. comply w~th a~d ab~de by each. every or any ot the covenants. condrt~ons or st~putat~ons of th~s mortgage. the p~om~ssory note he~eby -. ~_;red and~or the const+~,ct~on loan agreement. ~f any. then, and m either or ~n any of such events w~thout not~ce or demand. the sa~d aggregate sum men- ~~ed ~n sa~d prom~ssory note. less prewous payments. if any. and any and all sums me~t~oned here~n or secured hereby shall become due and payable jr rchwrth ar thereafter at the conunwng opt~on o~ the Mortgagee as fully and compietely as ~t said aggregate- sums were cr~g~nally supulated to be paid at ,. n t~me. anything m sa~d prom~ssory note or herem to the coMrary notwithstand~ng. and the Mortgagee shall be entrtled thereupon or thereatte• wrthout ~~~ce or demand to ~nsntute swt at law or ~n eqwty to enforce the nghts oi the Mortgagee hereunder or under said prom~ssory note In the event oi any ~••~au;t or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgegee shall have the contmwng opt~on to en(orce paymeat ',~ ~ sums secured hereby by act~on at law or by su~t m eqwty to foreclose this mortgage. e~ther or both. concurrently ar otherw~se. and one action or surt ~~, ~ n~t abate or be a bar to or warver of the Mortgagee's nght to ~nst~tute or mamta~n the other. prov~de~ sa~d Mortgagee shall have only o~e payment and ,~ ,!a~hon of sa~d mdebtedness 14 - That ~n the event thar Mortgagor shall I1! consent to the appomtment of a rece~ver, trustee or I~qu~dator ot all or a substant~al part o( Mortgagor's :,SerS or (2) be ad~ud~cated a bankrupt or insolvent. or i~fe a voluntary petmon m bankruptcy. or admn m wnt~ng rts inab~hty to pay rts debts as they become ,~- or 131 make a general assignment fo- the bene(~t of creditors. or (4) file a pet~UO~ or answer seek~ng reo-ganaat~on or arrangement w~th cred~tors. or to .~~ advantage ot any ~nsolvency law. or f51 file an answer admitt~ng the matenal altegat~ons of a peht~on t~led aga~nst the Mortgagor m any bankruptcy. ~,Y-~yarnzat~on o- msolvency proceedmg. or (6) acUOn shall be taken by the Mortgagor for the purpose of etiecong any of the foregoing or (7) any order. ~udg- -^c or decree shall be entered upo~ an appbcation ot a Creditor or Mortgagor by a court oi competent ~u:~sdichon approwng a peLt~on seeking appo~ntment ':+ ~ece~ver ~r trustee of aIl or a substantial part ol the Mortgagor's assets and such order. ~udgment or decree shall cont~nue unstayed and in effect io~ any .•• ~-d of th~rty 130) consecut~ve days, the Mortgagee may declare the note hereby secured forthw~th due and payable, whereupon the pnn~ipal ot and the ~n- •.~~~~c accrued on the note and all other sums hereby secured shall become forthw~th due and payable as ~f a11 oi the said sums of money were originally ~• :.,~ated to be pa~d on such day. and thereupon the Mortgagee nnthout not~ce or demand may prosecute a su~t at law andior ~n equ~!y as ~f alI momes -~ :~ed hereby had matured pnor to rts ~nstrtuUOn 15 That the Mortgagee or any per;on authonzed by ihe Mortgagee shali have the r~ght to e~ter upon and ~nspect the mortgaged premises at all ~~.ible nmes 16 That any sum or sums wh~ch may be loaned or advanced by the Mortc~agee to the Mortgagor at any t~me w~th~n twenty (201 years trom the date ~•+~~s ~ndenture. together with inierest thereon at the rate agreed upon at the t~me of such loan or advance. shall be equally secured w~th and have the same , ~ ~ ry as the ony~nal ~ndebtedness and be ub~ect to all the terms and provis~ons of th:s mo«gage. prov~ded. that the aggregate amount ot pnncipal outstan- ~; at any t~me shall not exceed (S___~A__ _-_1. or ~f the preced~ng blank ~s not completed then an amvunt equal to one hur.dred and fifty per cent '~~~ -~ r of the pnnc~pal amount ongmally secured hereby shall apply 17 That. ~f requued by Mortgagee. the sa~d Mortgagor will pay unto the Mortgagee. on the t~rst day of each and every consecutrve month. a sum ~:.:a! to one-twelfth oi the annual amount necessary to pay all taxes and assessments against the sa~d mortgaged prem~ses, said monthly sum to be ss- ~~~~,~ted solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed aga~nst sa~d mortgaged premises for the previous .~~,r and ~i further requ~red by Mortgagee to pay all ~nsurance Rremwms in manner arxf form as prov~ded here~n for the payment of taxes and assessments 18 That ~/ this mortgage is m connection with co~struct~o~ loan tinanc~ng. then th~s.mortgag~ ~s sub~ect to the Construction Loan Agreement !:ttHd . N/A . betwee~ the Mortgagor and the Mortgagee. an executed copy of wh~ch ~s in the possess~on of the 'l~~rtgagee and ~s mcorporated here~n by refere~cs and made a pan hereoi. any default by Mortgagor under sa~d agreement shall co~st~tute an e~ent o( ~~~fa~lt under th~s mortgage 19 That the Mortgagor w~ll on the repuest ot the Mortgagee furrnsh a wr~tte~ statement of the amuunt•ow~ng on the obl~gat~on wh~ch this mortgage ,~~_ures and therem state whether or not Mortgagor claims any defenses or offsets thereto BALLOON MORTGAGE - ~~~K~~`~ f'~fi~4~