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HomeMy WebLinkAbout04664 Th~s mortgage ~s perso~el to tha Mwt9agor here~n. and ~o conveya~ce shall pe made by Mo~tgagor ol the p~em~ses here~n desc~~bed or any part v:~~=eo1 w~thout fust obta~n~~g the pnor wmten consent oi the Mo~tgagee In Ihe event Mortgagee grves this wntten consem. the gramee named in such con• t r~ ance shall assume and agree to pay the obligatio~ ewde~ced by tAe prom~sso~y note setured hereby Any cunveyance of the p~ope~ty here~n descr~bed or 1"y part the~eo( ~n v~olaGOn of ths larms of Ih~s paragreph shail enulla Morigagee to accelerate Ihe payment of Ihe obbgat~on secured hereby and all sums ol ~~,~ney secured hereby shall. at the opt~on of Mortgages. becoma due and payable and ~n delault whether or not the same are so due and payable ancl ~n cfera~it by the spec~(~c terms he~eof Noth~ng here~~ conta~ned shall be eo~strued to consUtute a novat~on or release Mortgagor or any subsequent owne~ of !~ab~n[y or obligat~on under the prom~ssory note secured hereby or this mortgage by reason ol the a(oresa~d assumpuon ol the obl~gat~on under the note ,e~~,red hereby, by a subseQuent owner oi the property descnbed herem 5 That in the event of a su~t being inst~tuted to toreclose th~s mortgage. the Mortgagee shall be enutled to apply at any ame dur~ng such foreclosure ,,,~< <o the court havmg ~unsd~cUOn thereof fo- tha appo~mment ot a recewer ol all and s~ngular the mongaged property. and of all rents. incomes. prolits. ~s~,es and ~evenues thereof. from whatsoever source denved. and thereupon ~t ~s hereby expressly co~ve~anted and agreed that the court shall forthw~th ap• ;;o~~,t such recerver wuh the usual powers and dut~~s oi recervers ~n I~ke cases. and sa~d appo~mment shall be made by the court as a matter ol stnct ~~ght to tne Mortgagee. and without reterenCe to the adequaCy a ~nadequacy ol Ihe value oi ihe property hereby mortgaged. or to ihe solvency or insolveney o( the P.lortgagor a any othe~ party detendant to such suit The Mortgagor hereby spec~(~cally warves the ngM to ob~ect to the appo~ntment o( a rece~ver as a(oresa+d and hereby expressly consents that such appo~ntment shall be made as an adm~tted eqwty and as a mauer oi absolute r~ght to the Mortgagee and cnac che same may be do~e wrthout nobce to the Mortgagor 6 That ~t any proceed~ngs. Should be msututed aga~nst Ihe property covered by th~s mortgage upon any other I~en or cla~m whether super~or or ~un~or tr che lien of th~s mortgage. the Mortgagee may at ~IS option ~mmediatety upon ~nsutut~on ot such su~t or dunng the pendency thereof dec+are th~s mortgage _+~~d cne mdebtedoess secu~ed hereby due and payable (ohhw~th and may at its opUOn prceeed to foreclose Ih~s mortgage 7 To pay all and smgular the costs. fees. charges and expenses ot every k~nd. ~ncluding ihe cost ot an abstract of utle to sa~d lands lound to be con- .e~,~en[ or exped~ent ~n connecbon w~th 3~:y swt (w the (oreclosure of th~s mortgage. and also includ~ng. whether the Mortgagee ~s obt~gated to pay same or ~o; reasonable attomey's (ees ~ncurred or expended at any t~me by the Mortgagee because of ihe (a+lure oi the Mortgagor to per(orm. comply w~th and ab~de t~~ a!I or any oi !he covenants. cond~t~ons and st~pulat~o~s ot sa~d prom~ssory note. or th~s mortgage. m the loreclosure ~f th~s mortgage and in collect~ng the ,+mount setured hereby wrth or without legal proteed~ngs. and !o re~mburse the Mortgagee for every payment rrade or ~nCwred for any such purpose w~ih ~n- ;e=~esc trom date oi every such payment at the h~ghest rate authon:ed by law. such payments a~d obl~gahons. w~th ~nterest thereon as aforesa~d. shall be ~ecured by the he~ hereoi 8 To keep the bwld~ng or bwidmgs now or hereafter on said land ~nsured aga~nst loss or damage by (~re. extended coverage and other penls. ~n- c:~,d~ng wdr nsk ~nsurance ~t avadable. in a sum not less than the~r full ~nsurabte value at the cost and expense of the Mortgagor ~n a company or compan~es ap~roved by the Mortgagee. the poticy or pot~c~es to be held by the Mortgagee. and such policy or pol~c~es ot ~nsurance shatt have aff~xed thereto a Standard New York Mortgagee Clause. mak~ng all toss a losses under such poticy or pol~ues payable to the Mortgagee as ~ts ~nterest may appear. and to del~ver sa~d p:~~,cy or pohc~es to the Mortgagee when ~ssued with the rece~pts tor the payment of the premwm theretor, and ~n the event any sum ot money becomes :;,,~ able under such poi~cy or pol~c~es. the Mo~tgagee shall have the opt:on to rece~ve and apply the same on account oi the ~ndebtedness secured hereby or to ;;rrm~t [he Mortgagor io recewe and use ~L w any part therea(. tor other purposes. w~thout thereby warv~ng or ~mpau~ng any eqwty. I~en or nght under or by ~~cue of th~s mortgage. and the Mortgagee ~f ~t deems necessary may place and pay for such ~nsurance. or any part thereof. w~thout los~ng. wa~v~ng or af(ec- :~ ~_y Morcgagee's opt~on to (oreclose (or breach of th~s covenant. or any part thereof, or a~y r~ght or opuon under th~s mortgage. and every such paymen[ shall ~Pa~ ~ncerest (rom date thereof unt~~ pa~d at the highest rate authonzed by taw. and all such payments w~th mterest as aforesa~d shall be secured by the I~en ~-t=~eof !n the event any loss or damage ~s suffered Mortgago~ shall ~oti(y Mortgagee of such toss or damage w~th~n forty-e~ght 148) hours after the happen~ng ~~~-eof [he tadure to grve wch not~ce shall consatute a default and the Mortgagee shall have the nghts here~n grven tor alt defaults 9 To perm~t. comm~t or suffer no waste and to ma~ntam the ~mprovements at ali ames ~n a state oi good ~epa~r a~d cond~tion, and to do or perm~t to be done to sa~d prem~ses noth~ng that wdt atter or change the use and character of sa~d property or ~n any way ~mpau or weaken the secunty of sa~d mortgage ~ ase oi the refusal. neglect or ~nabd~ty of the Mortgagor to repa~r and ma~nta~n sa~d property. the Mortgagee may. at ~ts opt~on, make such repa~rs or cause ^N same to be made and advance mornes m that behal( which sums shall be secured by the I~en hereof and bear mterest at the h~gt~est rate authonzed by ~~. , 10 To delwer the abstract or abstracts o( title covenng the mortgaged property to Mortgagee or its des~gnated agent. wh~ch shall at all umes. dunng ~ fe ot th~s mortgage. remain in the possess~o~ oi the Mortgagee and ~n event of the toreclosure oi th~s mortgage or other transler oi tnle. ati nght. trtle and ••e•~s[ of the Mortgagor ~n and to any such abstract or abstracts of title shell pass to the purchaser or grantee ~ t That no wa~ver of any covenant herein or m the obl~gatio~ secured hereby shati at any t~me hereafte~ be hetd to be a wa~ver of any oi the o:her ~-ms hereot or oi the note secured hereby. or future wa~ver oi the same covena~t t 2 That ~n order to acceterate the matunty oi the indebtedness hereby secured because ot the failure ot the Mongagor to pay any tax assessment. ai~:~~ty. obl~gat~on or encumbrance upon said property as here~n prov~ded. it shall not be ~ecessary nor requ~srte that the Mortgagee shall 6rst pay the same. 13 That ~t the Mortgagor shall tait, neglect or refuse for a penod of thuty (30) days fully and promptly to pay the amuunts reqwred to be pa~d by the ,n;~ nereby secured or the interest there~n specitied or any of the sums oi money here~n referred to or hereby secured. or otherwise duly. (ully and promptly to ;rfo~m execute. comply with and ab~de by each. every or any oi the covenants. cond~t~ons or st~pulauons of th~s mongage. the prom~ssory note hereby se-.~~ed and/or the construction loan agreement. i~ any, then, and in eRher or ~n any of such events. wnthout noUCe or demand. the said aggregate sum men- ~ o~ed ~n sa~d promissory note, less prewous payments. if any. and any and atl sums menLOned herein or secured hereby shalt betome due and payable `c-!nw~th or thereaher at the cont~nuing option o( the Mortgagee as futly and completely as ii sa~d aggregate sums were ong~nally st~pulated to be pa~d at s.:cn t~me. anything ~n said prom~ssory note or here~n to the Contrary notw~thstanding. and the Mortgagee shall be ent~tled thereupon or thereaher w~thout •o!,ce or demand to mstitute suit at law or in equity to enforce the nghts of the Mortgagee hereunder or under said promissory note In the event oi any ^e!ault or breaCh on the part oi the Mortgegor hereunder or under said promissory note. ths Mortgsgee shell heve the COnt~nwng option to en(orCe peymeni :,` a:! sums secured hereby by action at law or by suit in equ~ty to foreclose this mongage. e~ther or both. concurre~tly or othervnse. and one act~on or swt ~^a ! noc abate or be a bar to or waiver ot the Mortgagee's right to ~nstrtute or ma~nta~n the other. prov~ded sa~d Mortgagee shall have only one payment and ==t~sfacUOn of sa~d mdebtedness. 14 That ~n the event that Mortgagor shall (1) consent to the appo~ntment of a rece~ver, trustee or I~qu~dator oi all or a substant~at part oi Mortgagor's ;ssets or 12) be ad~udicated a bankrupt or insolvent. or fde a voluntary petition m bankruptcy. or adm~t ~n wnting rts inabdrty to pay its debts as they become ::e or f3) make a general assignment (or the benefit of credrtors. or (4) fde a peUUOn or answer seeking reorgartizaUOn or arrangement w~th credrtors. or to •aKe advantage ot any msolvency law. or (5) f+le an answer adm~tting the material allegauons oi a pet~t~on f~led aga~nst the Mortgagor ~n any bankruptcy. •.=:,~gan~zaUOn or msolvency proceeding. or (6) action shall be taken by the Mortgagor tor the purpose ot eNectmg any of the `oregoing or (7) any order. ~udg- -. _^~ or decree shall be entered upon an app6Cation of a c~editor or Mortgagor by a cou-t of competeni ~unsdiction approving a pet~t~on seekmg appo~ntment ,!~a rece~ver or trustee of alt or a substantial Fart of the Mortgagor's assets and wch order. ~udgment or decree shall continue unstayed and ~n eHeat (or any ; e~~od ot thlrry (30) consecuuve days, the Mortgagee may declare the note hereby secured forthwrth due and payable. whereupon the pnnc~pal of and the m- ~e~est accrued on the note and all other sums hereby secured shall become iorthw~th due and payable as ~f all of tha sa~d sums of money were o~~g~nally 4~ , u!ated to be paid on such day: and thereupon the Mortgagee w~thout notiCe or demand may prosecute a suit at law andior m equrty as ~f aIl mon~es ~e°u~ed hereby had matured pnor to rts insUtutwn 1 5 That the Mortgagee or any person authonzed by the Mortgagee shall have the r~ght to enter upon and ~nspect the mortgaged prem~ses at aIl • . ~~able t~mes 16 That any sum or sums which may be loa~ed or advanced by the Mortgagee to the Mortgagor at any t~me w~thm twenty 120) years from the date `±~~s ~ndenture, together w~th ~nterest thereon at the rate agreed upon at the time of such loan or advance. shatl be equally secured w~th and have the same ~~ r ry as the ong~nal s~debtedness and be subject to all the te+ms and prov~sions of th~s mortgage. prowded. that the aggregate amount of pnnupal outsta~- ~- ca at any t~me shall not exceed (S~QQ,DQ 1. or ii the precedmg blank ~s not completed then an amoum equal to one hundred and (~fty per cent ' S0"~,1 of the pnncrpal amount origina ly secured hereby shall apply 17 That. ~t requ~red by Mortgagee. the sa~d Mortgagor w~ll pay unto the Mortgagee. on the (~rst day oi each and every consecut~ve month. a sum ~-~ual to one-twelhh of the annual amount ~ecessary to pay all taxes and assessments agamst the sa~d mortgaged prem~ses, sa~d monthly sum to be es- -^aced solely by Mongagee and calculated to be an amount not less than the amount of taxes assessed aga~nst sa~d mortgaged prem~ses for the prev~ous .?ar and ~f turther required by Mortgagee to pay all ~nsurance premwms m manner and form as provided here~n for the p~yment of taxes and assessments 1 S That ~f this mortgage is ~n connection with construction loen financing, the~ this mortgage is sub~ect to the Construction Loan Agreement ~ated betwee~ the Mortgagor and the Mortgagee. an executed copy oi wh~ch ~s m the possess~on of the `rio*tgagee and ~s ~~corporated here~n by re(erence and made a part hereof, any default by Mortgagor under sa~d agreement shall const~tute an event of ~Pfault under this mortgage 19 That the Mortgagor will on the request ot the Mortgagee furnish a wntten statement oi the amount ow~ng o~ the obligation which th~s mortgage ;~ ~ures and there~n state whether or not Mortgagor claims any de/enses or offsets therero ~ _ Z ~ ~~`~347 P~~F 4fi5 , ~ ~ ~~ . - ~ha , a~: , . .. . . . ~, _ . T~`?~.~."~3K x=,.~ ~~..: tu> u. _ .~ ~ ,_.x'.~~.t+t'~~~.