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HomeMy WebLinkAbout0710BALLOON MORTGAGE 4 This mortgage ~s pers~nal to the Mo~tgago~ here~n. and no co~veyance shall be macfe by Mortgagor of the prem~ses herein descnbed ur any part ;~~~~~eot wUhout fust obtaimng the pnor wntten consent of the Mortgagee In the event Mo~tgagee grves th~s w~itten consent, the grantee named ~n such cun .:•~;:snce shaU assume and a~rae ta pa~r the ~bt~aai~on evc~enced by the pcarr:~ssary note se~ure~'~eraby Any ca~~ayan;,e of the pcaperty hera;n des+.r:t,ad or .i~,v ~~art thereof ~n wolation oi ihe terms of this patagraph shall entrtle Mortgagee to accelerate the peyinent af the obl~gat~o~ secured hereby and aU sums ol ~~~uney secu~ed hereby shall, at ihe option of Mortgagee. become due and payable and m defauit whettier or not Ihe same are so due and payable and ~n ?!~•(ault by the specific terms hereoL Nothing herein conlained shall be construed to constitute a novat~on or relaase Murtgagor a any subsequent owne~ of +t~~l~ty or obl~gat~on under the promissory note secured hereby or th~s mortgage by reason of the aforesa~d assumption o( the obtigat~on u~der the r-ote ~~~~ u~ed hereby. by e subsequent owner of the properry descnbed herein 5 That in the event af a surt be~ng instituted to forectose th~s mortgage. the Mortgagee shall be ent~tled to apply at any ume du~~ng such foreclosure ti.,~! to the court having ~unsdict~on thereot tor the appointment of a retewer of all and singuler !he mort~aged properly. a~d of all rents. ~ncomes. Rrot~ts. ~;~~es and revenues thereof. /rom whatsoever source der~ved. and thereupon it ~s hereby expressly convenantod and ag~eed that the court shall forthw+tA ap~ ;~.~:nt such rece~ver w~th the usual powers and dut~es oi recervers ~n fike cases. and sa~d appo~ntment shall be made by the court as a matte~ o( str~ct r~ght to ~~~~~ Mortgagee. and w~thout refe:ence to the adequacy or ~nadequacy oi the value of the property hereby mortgaged. or to the solvency or insolvency oi the ti5ortgagor or any othor pa-ty defendant to such sud The Mortgagor hereby specd~cally wawes the nght to ob~ect to the appointment oi a recewer as ,!~,resa~d and hereby expressly consents that such appointment shall be made as an adm~tted equ~ty and as a matter ot absotute right to the Mortgagee and ~~~at the same may be done w~thout not~ce to the Mortgagor. 6 That ~( any proceed~~gs shOUld be mstituted ega~nst the property covered by th~s mortgage upon any other I~en o~ cia~m whather super~o~ or ~un~or ~~; the lien oi this mortgage. the Mortgagee may at ~ts option ~mmediat~ly upon ~nst~tution o1 such suit or dunng the pendency thereof declare th~s mortgage ,-~~f the ~ndebtedness secured hereby due and peyable fo~ihw~th and may at rts option p~oceed to foreClose th~s mortgage 7 To pay all and s~ngular the costs. (ees. charges and expenses o( every k~nd. ~nclud~~g the cost of an abstract of htle to sa~d lands lound to be con .~-~~~ent or exped~ent in connec2~on w~th any suit for the /oreclosure oi th~s mo-tgage. and also ~ncluding. whether the MorLgagee is obl~gated to pay same or ,~c reaso~able attorney's fees incurred or expe~ded at any time by the Mortgagee because o( ihe failure of the Mortgagor to perform, comply wrth and ab~de , aii or any oi the covenants. cond~Uons and stipulaUOns of said prom~ssory note. or th~s mortgage. ~n the foreclosure ot this mortgage and m coltecung the ~~~unt secured hereby wrth or wrthout legal proceedings. and to reimburse the Mortgagee (or every payment made or ~ncurred (or any such purpose wrth in- .-~s~ from date of every such payment at the highest rate authonzed by law. such payments and obl~gations. w~th ~nterest thereon as aforesa~d, shall be . ,,red by the I~en hereot 8 To keep the bu~id~ng or build~ngs ~ow or hereafter on said land ~nsured aga~r.st toss or damage by f~re. extended coverage a~d other penls. ~n- ;ct~ng war nsk insurance ~f ava~lable. ~n a sum not less than the~r full insurable vatue at the cost and expense of ihe Mortgagor ~n a company or companies +, v~u~ed by the Mortgagee. ths po6cy or pol~c~es to be held by the Mortgagee and such pol~cy or pol~cies oi ~nsurance st~ail have aff~xed thereto a Standard '~~•~v York Mortgagee Ciause. making all loss or losses under such pol~cy ~r polic~es payable to the Mortgagee as ~ts ~nterest may appea~. and to del~ver said .~,~ y or pol~c~es to the Mortgagee when ~ssued w~th the rece~pts (or the payment of the prem~um theretor. a~d in the eve~t any sum of money becomes ~, abie under such pohcy or pohc~es. the Mortgagee shall have the opt~o~ to recerve and app~y the same on account ol the ~ndebtedness secured hereby or to ,.•~m~t the Mo+tgagor to recerve and use it. or any part thereot, tor other purposes. wnhout thereby warv~ng or ~mpauing any eqwty. hen or nght under or by .•~:~e of th~s mortgage. and the Mortgagee if it deems ne~essary may place and pay for such insurance. or any part thereof. without losing. warving or affec- :; hlortgagee's opt~on to toreclose tor breach of this cove~ant. or any part thereof. or any r~ght or opt~on under this mortgage. and every such aayment shall c••,~~ ~nterest from date thereoi unt~l pa~d at the highest rate authonzed by law. and all such payments w~th ~nterest as atoresaid shall be secured by the I~en ••~•:~f In the event any loss o- damage ~s suifered Mortgagor shall notify Mortgagee o( such loss or ~amage w~th~n forty-e~ght (48) hours after the happen~ng •.•-F~~~f the ta~lure to g~ve such not~ce shall const~tute a defautt and ihe Mortgagee shall have ihe nghts here~n g~ven for all defaults 9 To perm~t. comm~t or suffer no waste and to ma~ntam ihe ~mprovements at all t~mes ~n a state ot good repa~r and cond~t~on. and to do or permit to ~ 1„ne to sa~d prem~ses noth~ng that w~ll alter or change the use and character oi sa~d property or m any way ~mpa~r or weaken the secunty of sa~d mortgage ase o( the refusal, negtect or ~nab~l~ty of the Mortgagor to repa~r and ma~nta~n sa~d property. the M~rtgagee may. at ~ts ~pt~on. make such repa~rs or causE •-• same to be made and advance mornes i~e that behali wh~ch sums shall be secured by the I~en hereo( and bear mterest at the h~ghest rate authonzed by ! 0 To del~ver the abstract or abstracts of t~tle covenng the mortgaged property to Mor!yagee or ~ts des~ynated agent. wh~ch shall at all t~mes. dur~ng •. te of this mortgage. remam ~n the possess~on of the Mortgagee and ~n event of the foreclosure o~ th~s mortgaye or other trans(er of Utle ali nght t~;le and -•-•~s[ of the Mortgagor ~n and to any such abstract or a~stracts oI t~tle shall pass to the purchaser or grantee 1 1 Tfiat no wa~ve- of any covenant here~n or ~n the obl~gat~on secured hereby shall at any tome hereatter be held to be a wa~ver o( any oi the other ~•-•-~s hereof or of the note secured hereby. or tuture wawer of the same covenant 7 2 That in order to accelerate the matur~ty of the ~ndebtedness hereby secured because of the ta~l~re of the Morcgagor to pay any tax assessment. ~ r~ obl~aahon or encumbran~e upon sa~d property as here~n provufed. rt shall not be necessary nor rEqws~te that the Mortgagee shail first pay the same ? 3 That ~f the Mortgagor shail fa~l. negiect or refuse (or a period o( ih~rty (30) days iully and promptly to pay the amounts requ~red to be pa~d by the •~• hereby secured cir the ~ntesest there~n spec~f~ed or any oi the sums oi money here~n referred to or hereby secured. or otherw~se duly (ully and promptly to .•*~~m, execute. comply wrth and ab~de by each. every or any ot the covenants. cond+ho~s or sUpulanons of th~s mortgage the prom~ssory note hereby ~.,~ed and'o- the construct+on loan agreement. ~i any, then, and ~n e~ther or ~n any of such events wnthout noi~ce or demand. the sa~d aggregate sum men- ••~ed ~n sa~d prom~ssory note less prewous payments. ~f any, and any and all sums ment~o~ed here~n or secured hereby shail become due and payable •~^w~th or thereafter at the conunuing optio~ of the Mortgagee as tuily and completeiy as ~f sa~d aggregate sums were onginally stipulated to be pa~d at .~~ t~me, anyth~ng ~n sa~d prom~ssory note or here~n to the cont.ary notw~thstand,ng. and the Mortgagee shail be ent~tled thereupon or thereafter witt~uut ,~ ~..e or demand to ~nstrtute surt at law o- in equrty to en(orce the nghts oi the Mortgagee hereunde- or under sa~d prom~ssory note in the event of any ~.•~,~ult or breach on the part of the Mortgagor hereur,der or under seid prom~ssory nOte. the MoRgegee shall have the cont~nuing opt~on to entorce payment `~~~ sums secured hereby by acnon at law or by swt m eqwty to foreclose this mortgage. erther or both. concurrently or otherw~se. and one acUOn or su~t ~.~ not abate or be a bar to or wa~ver of the Mortgagee's nght tp ~nst+tute or ma~nta~n the other. prov~dsd sa~d Mnrtgagee shall have only one payment ar~d .• .`act~on ot sa~d ~~debtedness 14 That ~n the event that Mortgagor shall (11 consent to the appo~ntment of a rece~ver. crustee or I~qu~dator oi alt or a substantial part ot Mortgagor's ~~~~s or (2) be ad~ud~cated a bankrupt or msolvent. or (de a voluntary peULOn m bankruptcy or admrt in wrmng rts mabdity to pay ~ts debts as they become ..,r i31 make a general assignment tor the benefit oi credrtors. or (41 ide a pet~UOn or answer seek~ng reorgamzaUOn or ananyement w~th cred~tors. or to •-~ edvantage oi any msolvency law. or (5) i~le an answer adm~tt~ng the mate~~al allegat~ons ot a pet~t~on f~ISd aga~nst the Mortgagor ~n any bankruptcy. ~~c~an~zat~on or ~r~solvency proceeding. or (61 act~on shall be taken by the Mortgago- for the purpose o~ effect~ng any of the lorego~ng or (7i any order. ~udg- ~• ~c or decree shall be ente~ed upon an apphcat~on of a cred~tor or Mortgagor by a court ot competent ~unsd~ct~on approv~ng a peUt~on seek~ng appo~atment `. ~ece~ver ~r trustee ot all o~ a substant~al part of the Mortgagor's assets and such order. ~udgment or decree shaii cont~nue unstayed and ~n effect ior any ••h of th~rty (301 consecut~ve days. the Mortgagee may declare ihe ~ote hereby secured ionhw~th due and payable, whereupon the pnnc~pat oi and the ~n- ~~~:? accrued on the note and ail other sums hereby secured shall become forthw~th due and payable as ~( ali oi the sa~d sums of money were ongmally .::ated to be pa~d on such day. and thereupon the Mortgagee w~thout noUce or demand may prosecute a surt at law andior m eqwty as rf all momes ~ rcrd hereby had matured pnor to ~ts ~nsUtubort 1 5 That the Mortgayee or any person authonred by the Mortgagee shall have tne r~ght to enter upon and ~nspect the mortgayed p~em~ses at all ~ ~nble t~mes 16 That any sum or sums wh~ch may be toaned or advanced by the Mortgagee to the Mortgagor at any t~me w~th~n twenty 1201 years from the date ~•~~ s ~ndenture. together w~th interest thereon at the rate agreed upon at the t~me ot such loan or advance. shalt be equa~ly secured w~th and have the same ~~ty as the originai indebtedness anj~~ sub~ect to ail the terms and prov~s~ons oi th~s mortgage. prowded, that the aggregate amount of pr~napal outstan- ~ ~ at any t~me shali not exceed (S 11L~__. ______1. or if the preceding biank ~s not compieted, then an amvunt equal to one hundred and hfty per cent '"~ ~ of the pnnc~pal amount ong~nally secured hereby shall apply 17 That. ~t requ~red by Mortgagee. the sa~d Mortgagor w~lt pay unto the Mortgagee. on the f~rst day of each and every consecut~ve month. a sum •:.<~+ to one twe~fth o( the annual amount necessary to pay all taxes and assessments aga~nst the sa~d mortgaged prem~ses. sa~d monihly sum to be es- •-~,ced solely by Mortgagee 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 .•., ~ and ~f further re~u~red by Mortgagee to pay all ~nsurance prem~ums ~n manner and (orm as prov~ded here~n for the payment of taxes and assessments 18 That ~f th~s mortgage is ~n connection w~th construction loan financing, then this mortgage ~s sub~ect to the Construct~on Loan Agreement ~+~~d N~/~ . between the Mortgagor and the Mortgagee. an executed copy oi which is ~n the possess~on oi the :'~~rsgagee and ~s incorporated here~n by reference and made a part hereof. any detault by Mortgagor under sa~A agreement shall consutute an event o( :~~fault under th~s mortgage 19 That the Mortgagor will on the request oi the Mortgagee furmsh a wntten statement of ihe amount ow~ng on the obl~gat~on wh~ch th~s mortgage ~• ~~~es and therem state whether or not Mortgagor claims any detenses or offsets thereto r,^,~''K-JW F~,r,F ~lO BALLOON MORTGAGE