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HomeMy WebLinkAbout0454'' i 4. This mo~tgage is personel ro the NSortgagor here~n, and no conveyance shall be made by Mortgayor ot the pre:~~ses here~n desc~ibed or any part ~hKreof without (ust obtaimng the pnor wnlten tonsent of the Moitgegee In the avent Mortgapen givas th~s wntten ccxisent. the grantee namsd ~n such con- vdyance shall assume end agree to pay the obl~gauon ewdenced by the prom~ssory nots secured hereby Any conveyance of the p~o~erty herem descn~ed o~ any part thereot i~ violation ot the terms ot th~a pa~agraph shalt ent~tle Moitga~ee to acceierate the payment of tha obl~gaUOn secured hereby and all sums ot n,oney secu~ed hereby shalt, at the opuo~ of Mortgagee. become :fue and payable and ~n default whelher or not tha sams are so due and payable end m cfefault by tAe speCi6c terms nareo(. Nothing here~n conta~ned shall be construed to const~tute a novat~on or releaw Mo~cgaga w any subs8quent ow~er of i~ab~t~ty or obllgat~on under the promissory note secursd hbreDy or ih~s mortgage by reason of ths aforesa~d assumpt~on ol the obl~gation under the note secured hareby. by a subsequent owne- of ths property deunbed herein 5. That i~ the event ot a swt being mst~tuted to forectose th~s mortgage, the Mortga~ee sha~l be entnled to apply at any t~me dunng such loreclosure su~t to the Court heving ~unsd~ction thereof tor the appo~ntment of a recerver o( alt and s~ngular the mortgaged p~operty. and ot all rents, mcomes. p~ofits. ~ssues snd ~evanues thereot, from whatsoever source denvad. and the.eupon ~t ~s hereby expressl~ cO~venented and agrecd that the court shall fcnhw~th ap- po~~t such reCeiver with the usual powets and duties of -ece~vers in I~ke cases. and se~d sppo~ntment shaN be made by the court as a metter oi strict nght to ine Mortgagee. and wnhout relerenca to the aclequacy o- ~nadequacy of the vatue of the property hereby mortgaged. or to the sotvoncy or ~~solvency o( the Mortgaga or any other party defendant to such su~t The Mortgagor hereby spec~f~cally wa~ves the nght to ob~ect to the appointment oi a recerver as aforesa~d and hereby expressly co~sents that sucl~ appo~ntment shall be made as an admnted eqwty and as a matter ot absolute nght to the Mortgagee and chac [he same may be done wuhout nohce !o the Mongagor 6. That it any proceedings should be ~nst~tuted aga~nst the p~operty coverad by this mortgage upon any other I~en o- cla~m whether supena~ or ~unar [o the lien of th~s mortgage. the Mortgagee may at ~ts opt~on smmed~ately upon ~nst~tuuon of such swt ar dunrg the pendency thereof declare th~s mortgage anct the ~ndebtedness secured hereby due and payable forthwrth and may at ~ts option procsed to forectose th~s mortgage 7. To pay all and singular the costs. fees. charges and expanses ot every kind. includ~ng the cost oi an abstract o( t~tle to said lands found to be con- .~ ~ er,~ent or exped~ent m connect~on w~th any suit for the foreclosure ot th~s mortgage. and also ~nctuding, whether the Mo-tgagee ~s obl~gated to pay sam~ o~ ~,oe reawnable attorney's fees ~ncurred or expended at any ame by the Mortgagee t~ecause of the tadwe oI the Mortgagor to periorm, comp!y .v~th and ab~de t~y all or any ot the covenants. cond~t~ons and stipulations oi sa~d prom~ssory note. or this mo~tgage. ~n the toreclosure ot th~s mortgage and ~n coilecting ths arnount secured hereby wrth or without legal proceed~ngs. and to re~mburse the Mortgagee fo- every payment maAe or incurred tor a~y such purpose wrth ~n- ~e~est from date ot every such pa~ment at the h~ghest rate authonted by law. such payments and obhgdt~ons. with mterest iAereon as a(oresa~d. shall be ~e:.ured by the ben heteo( ~ ~ 8 To keep the bu~ld~ng o~ bu~ldings now or hereatter on sa~d land ~nsu+ed aga~nst loss o~ damage by f~re. extended coverage and ntAer penls. in- ciud~ng war risk ulsurance ii avadable. ~n a sum not Iess tha~ theu futl insurable valua at the cost a~d expense o( the Mortgagor m a company or compames ~pproved by the Mortgagee. the poficy or poi~c~es to be held Dy ihe Mortgagee. and such pohcv or pol~c~es of msurance st~a11 have afi:Ked thereto a Standard N ew York Mortgagee Clause. mak~ng all loss or losses under such pol~cy or pot~c~es payable to the Mortgagee as ~ts ~~!erest may appear. and to del~ver sa~d >:o~~cy or pobcies to the Mortgagee when ~ssued wrth tne rgce~pts /o~ the pay~s~en2 of the premwm thareto~. and m the event any sum ot money becomes . ;~ayable under such pol~cy or polic~es. the Mortgagee shall have the opt~on to rece~ve a~~d app~y the same on a.:couni oi the ~ndebtedness secured hereby or to perm~[ the 6lortgagor to recerve and use ~t, or any pan therooi. for oth6r pwposes. w~thout thetet,y wawmg or ~mpa~r.ng any eqwty. Len or nght under o~ by ~~~cue oi th~s rnortgage. and the Mortgagee ~f ~t deems necessary may piace and pay for such ~nsurance. or any part thereof. w~thout los~ng. wa~wng or aHec- t~ny Nlortgagete'S option to foreClose for breath o( th~s covenant. or yny pa-t the~eot or any :ighi o- option ~nder th~s mortgage. and every such payment shatl i~ear ~nterest (rom date,thereof unnl pa~d at the h~ghest rate author~zed by law and all such payments w~th mte~est as a(oresa~d shall~be secured by the 4en t,ereof In the event any loss or damage is suHered Mortgagor shall not~fy Mortgagee of such Ioss or damage w~th~n forty-e~ght (48) hours after the happen~ng ~nereot. the fa~lure to gwe such not~ce shaU const~tute a Aefault an<f the Mortgagee shal! have the nghts here~n gwen for all detaults 9 To permit comrmt or suffer no waste and to ma~~ta~n ihe ~mprovement~ at alt t~mes ~n a state oi good repau and cond~tio~. and to do or permu to b~ done to said prem~ses noth~ng that wdl alter o- cfiange the use and character oi s3~d property or ~n ar.y way ~mpan or weaken the secwrty of sa~d mortgage ~^ ca~e of ;he refusal. neglect or ~na~+l~ty o( t~e Mortgago~ to reoa~r and ma~nta~n sa~d ~roperty. the Morigagee may. at -ts opt~on. make suc~ repairs or cause cr,e sartee to be made and advance mon~es ~n that behati wh~ch sums sha~~ ne secured by the ~~en hereof and bear ,nterest at the h~ghes: rate authonzed by 3W - 10 To dei~ver the abst~act cr a~stracts of t~tte cover+ng tne mo~tgagea p~ope~ty to Mortgagee or +ts des~ynated agent, wh~ch shall at ati t~mes. dunng "~• :~~e of this mortgage. rema~n m She possess~on of the Mortgagee and m ever.t oi the fareciosure o~ ~-~~s mortgaqe o• othe~ transfer ot htle. aU nght t~tle and ~~~erest of the Mortgagor ~n and to any such abstra~t o~ abstracts of t~tle shall pass to the purchaser or yramee 1 1 That no waiver of ariy covenant herein or ~r. the obl~gat~on secured hereby sAalt at anv :~me hereatter be ~ela to be a wa~ver of any ot the other :e+m~ nereoi ~r of the note secured hereby or future wawer of the same covenant 12 That ~n order to accelerate the matur~ty oi the ~rdebtedness hereDy secured because of the fa~ture oi the Mortgagor to pay any tax assessment. ai,~l~ty, obli~at~on or encumbrance u~on sa~d property as here~n prowded ~t sha~+ nnt be necessary nor requ~s~te that the Mortgayee sfiall f~rst pay ihe same 13 That it the Mortgagor shall fa~l. neglect or refuse fo~ a per~od of th+rty f30~ days fully and promp!ly to pay the amo~nts requ~red to be pa~d by the ~~oce nereby secured or !he ~r-terest there~r. speafied or any ot the sums of money here~n referred co or hereoy secured. or otherw~se duly. fulty and promptly to ;:e~form. execute. comply w~ih and ab~de by each every or any of the covenants. cond~t~ons or sapulat~ons oi th~c mortgage. the prwn~ssory note hereby secured and/or the cons!ruct~on ~oan agreement. ~t any then and m e+ther or in any of such events. v~nthout rwt~ce a der.iand. the sa~d aggreqate sum men- ~~ened +n said promissory note. less previous payments. d a~y. and any and all sums mennoned herein or secured hereby shall become due and payable ~orthw~th or thereaher at the cont~nuing option of the Mongagee as (ulty and compietely as if sacd aggregate sums were ur~ginally st~pulated to be paid at st,ch t~me. anything in sa~d promissory note or here~~ to the contrary notwithstanC:ng. and the Mongagee shalt be ent~tled thareupo~ or thereafter without ~;ot~ce or demand to ~nsutute suit at taw or ~n eGu~ty to enforce the r~ghts ot the Mortgagee hereunder or under sasd premissory note In tAe event o1 any nefault or breach on the part of the Mort9agor hareu^sfer or under sa~d promissory note the Mortgegee shall have the continu~ng opt~on to entorce payment ~~! al~ sums secured hereby by aci~on at law or by swt ~n eqwty to foreclosa this mortgage. erther o~ boih_ conc~rrentty or otherw~se anA one acnon or su~t ~~ai+ not abate or be a bar to or wa~ver of the flAortgayee's r~ght to ~rst~tute or ma~nta~n the other, prov~ded sa~d Mortgagee sha~l have only one payment and ~at~stact~on of sa~d ~ndebtedness 14 That ~n the event tt~at Mortgagor shall I 1) consent to the appomtment ot a rece~ver. trustee or I~qu~dator oi a11 or a substa~t~ai part of ilAortgagor"s ~ssets. or (21 be ad~udicated a bankrupt or mwtvent. or tde a voluntary peUUOn ~n bank~uptcy. or adm~! m wnLng rts ~nab~f~ty to pay rts debts as they become due or (3) make a geneia: ass~gnment for the benefit of cred~tors. o~ (4) fite a peht:on or answer seek~ng reorgan~zat~on or arrangement w~th cred+tors. or to !~ke advantage oi any msolvency law. or 15) file an answer adm~tt~ng the matenal al;egat~ons o( a pet~UOn Gled against the Mongagor ~n any bankruptcy. ~~oryanization or ~nsolvency proceed~ng. o- IB) acuon shal! be taken by the Mortgagor tor the purpose oi effect+ng any oi the fo:ego~ng or (7! any order. ~udg- ~nent or decree sAall be entered upon an apphcaUOn o( 8 cred~tor or Mortgagor by a court o( competerst ~unsd~ct~on approwng a peiiho~ seek~ng appointment r,! a rece~ver or trustee of all or a substant~af part o( the Mo-tgago~'s assets and such orde~ ~udgment or decree shall cont~nue unstayed and in eNect tor any p~r,od oi th~rry {30) c~nsecut~ve days. the Mortgagee may declare the note hereb~ secured fonhw~th due and payable whereupon the pnnc~pal ot and the ~n- +u~est accrued o~ the note and all other sums hereby secured shall become torthw~th due and payable as ~f all of the sa;d sums of mcney were orig~naily ~t,Lulated to be paid on such day, and thereupon the Mortgagee w~thout noace or demand may prosecute a su~t at Iaw and~or ~n eqwty as ~f aH mon~es ~_~ .,,red hareby had mawred pnor to rts instiwhon ' 15 That the Mortgagee or any person authonzed by the Mo-tgagee shali have the right to enter upon and ~nsFect the mo-tgaged prem~ses at all ..~,~~nabte t~mes 16 That any sum or sums wh~ch may be laaned or advanced by the Mottgagee to th~ Mortgagor at any ;~me w~th~n twenty ;201 years irom the date ~! ~n~s mdenture. together with ~~terest thereon at the rate agreed upon at the t~me of such toan or advance. shall be equally secured w~th and have the same ;.~~ur~ty as the onginal indebtedness and be subject to a(I the terms and prov~s~ons of ih~s mortgage. p~ov~dad. that the aggregate amount ot pnnapal outstan- ~:~~~g at any t~me shall not exceed IS 1. nr i~ the precedin blank is not cern leted, ~hen an amount eQual to one hundred and f~it g P y per cent ~ 50~ 1 oi the pnnapal amount ongmal y sec~red hereby shal! apply 17 That. ii requ~red by Mortgagee. the sa~d Mo-tgagor w~ll pay unto the Mortgagee. on the -~rst day oi each and every consecut~ve month, a sum ~~~~ua~ to one-twelhh ot the annual amount necessary to pay all taxes and assessme~ts agai~st the sa~d rr,ortgaged p~em~ses, sa~d monthly wm to be es- ~~.nated solely by RAortga~ee and calculated to be an amou~t not less than the amount of taxes assessed aga~nst sa~d mortgaged prem~ses for the prewous ~::ar and it iurther reqwred by Mortgagee to pay all insuraRCe premwms nr manner a~d (orm as provKfed herem tor the payment oi taxes and assessments. 18. That it this mortgage ~s m connecuon wrth construction loan f~nanc~ng, then th~s mortgage is sub~ect to the Construcuon loan Agreement `~~'ed . between the Mwtgagor and the iVlortgagea. an exe~uted copy of v-~h~ch ~s ~n the possess~on oi the ^.~orcgagee and ~s incorporated herein by reference end made a part hereof, any default by Mortgagor under said agreement shall const~tute ar event o( ~fefauit under th~s mortgage 19. That the Mortgagor will on the request af the Mortgagee turnish a wrrtten statemertt of the amount ow~ng on the obl~~at~on wh~ch this mcrtgage ,ecures and therem state whether or ~ot Mortgago. r.la~ms any defenses or ofisets thereto . g~~~~~$ pa~~ 454 ~ ~_x~~.~:~