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HomeMy WebLinkAbout0970 ! 4 TAis moRgags is personal to ths Mo~t~apor hersin. snd no conveysnce shali bs made by Mon~a9or ot ths prsm~sss Mre~n descnbed or any part rne~eof wrthout fust obta~ni~g the prior wnttsn conssnt ot the Mortgaflee In ihe evant Mortpagee g~ves th~s wnttsn consent. tM ~rantse ~amsd wch con- veyance shall sswme and agree to pay tM oW~yst+on svidencsd by tM promissory note ~scursd ~ereby. Any conveyance at ths propsrty Mrs~n dsscnbsd a an~ part thereot in violat~o~ oi the te~ma ot this para9raph that4 entitle Mortpsqse to accel~r~ts ths payment of ttN obfipatron sscursd hersby snd all wms ot n~oney secu~ed hareby shall. at the opt~on ot Mortgagee. become due and paysble and ~n detault whether or not ths same ars so due and payabls and in detauft by tha specific terma hereof. Noth~n~ hersin contamed ahall be co~strued to constituts s nov~tion or raleass Monpapor or any subsequent owner oi i~ab~hty or obligat~on under the prom~ssory nots secu~ed heraby o~ this mortgage by reason of the s~oresaid sssumpt~on oi ths obligstion undar ths note secured hereby. by a subsequent owner oi tM property dsscnbed hersin. . 5. That m the event of e suit bein8 instituted ~o toreclose this mortga~s. the Mortgagee shell be ent~tled to apply st any time during wch foreclosurs su~t to the court having jurisd~ct~on thereoi tor the appointment of a rece~ver ot all and singuter ths mo~tgaged property. and ot all rs~ts, incomes. p~of~ts. ~ssues and revenues thereof. trom whatsoever sou~ce deriveci: and thereupon it ~a hereby expressly convenanted and agreed Ihat tha court shsll (orthwith ap- nomt such rece~ver w~th the usua! powars and duties ot ~eceivers ~n 6ke cases: and ssid eppointment sha11 bs made by ths court as s metter ot strict right to cne Mortgagee. and w~thout re(erence to the adequacy or inadequacy of the value of the p~operty hereby mortgaged. a to the solvsncy o? msotvency of tM hlortgagor or any other party defendant to such suit. The Mortgaqor haraby speci6cally waives the right to object to the appomtment ot s recenrer as aforesa~d and hereby expressly consents that wch appomtment shall be made as an adm~tted aquity and as e maner oI aDsolute ngfit to the Mongsgee and tnat the same may be done without notice to tha Mongagor. 6. That i( any proceedings should be ~nstituted against the property covered Dy th~s mortgage upon any othe~ lien o~ claim whethec supe~~o~ or jun+or co the t~en oi thi~ mortgage, the Mortgagee may at rts option immediately upon institution of such suit or dunng the pendenCy thereof declara th~s mortgage ar~d the ~ndebted~ess secured hereby due and psyable torthwith and mey at its opUOn proceed to foreclose th~s rtwrtgage. 7 To pay all and singular the costs. fees, charges and expenses of every kind. mcludmg the cost of an abstract of title to sa?d lands tound to be con- ven~ent or exped~ent connect~on with any suit fot the toreclosure ot this moKgage. ard aSso includmg, wheiher the Mo?tgagee ~s obligated to pay same or ~,ot reasonable attorney's (ees incurred or expended at any time by the Mortgagee because of the tailure of the Mortgagor to per(orm. comply with and abida :7y alt or any of the covenants. conditions and stipulations oi said promissory note. or this mo?tgage. in the toreclosura of this mortgage and in collect~ng the 3mount secured hereby with or without legal proceedings. end to ~eimburse the Mo~tgagee tor every payment msde or incurred tor any wch purpose with in- terest (rom date oi every such payment at the highest rate authorized by law. such payments and obligat~ons. with interest thereon as atoreseid. shall ba ~ecured by the 4~e» hereof. 8. To keep the build~ng or buildings now or hereaher on sa~d land insured aga~nst loss or damage by fire. extended coverage and other perils. in- clud~ng war nsk insurance it available, in e sum not lass than their tuf{ insurable valus at the co3t a~d expense oi the I~Inrtgagor i~ a compdny or companies approved by the Mortgagee. the pol~cy or pol~cies to be held by the Mortgagee. and such pohcy or pol~c~es oi insurance shall hava affixed thereto a Standa~d New York Mortgagee Clause. making all loss w losses un~er such policy or poliaes payable to the Mortgagee as its interest may appear. and to delrver said pol~cy or polic~es to the Mortgagee when issued with the receipts for the ~yment oi the premium tfieretor, and m the event any sum of money becomes ~,ayable under such policy or pol~cies. the Mortgegee shall have the opt~on to rece~ve and apply the same on account of the ~ndebtedness secured hereby or to perm~t the Mortgagor to recewe and use it. or any part thereoi, for other purposes. wrthout thereby warving or ~mpairing any equity. I~en or nght under or by vvcue of this mortgage: and the Mortgagee i( it deems necessary may place and pay tor such insurance. or any part thereoi. w~thout losmg. waiving w affec- nq Mortgagee's option to (oreclose fcr breach ot this covenant, or any part the~eof. or any nght or option under this mortgage. and every such payment shall i~ear ~nt2rast irom date thereof untii peid at the highest rate authonzed by law. and all such paYments with mterest as aforeseid shall be secured by the lien ~:e~eof In the event any loss or damage is suffered Mortgagor shall notify Mortgagee of such loss or damage withtn torty-eight (481 hours aher the happening ~nereof. the fadure to g~ve such notice shall const~tute a default and ths Mortgagee shall have the rights herem g~ven tor all detaults. 9. To permit. commit or suHer no waste and to ma~ntain the ~mprovements at all times in a state of good repeir and condit~on: and to do or permit to ;,e done to said prem~ses noth~ng that w~ll altet or che~ge the use and character of sa~d property or ~n eny way impair or weaken the security of said mortgage- ~ case of the retusal. ~eglect or inability ot the Mostgagor to repair and mamta~n said property. the MoRgegee may. at ~ts opt~on. make such repa~rs or cause ~ne same to be made and advance monies in that behelf which sums shall be secured by the hen hereot and bear interest at the highest rate authorized by aw . t 0 To delrve? the abstract or abstracts of title cover~ng the mortgaged property to Mortgagee or ~ts designated agent. wh~ch shatl at all times. dunng ' ~`~e Irfe of th~s mortgage. remain ~n the possesslon o~ the Mortgagea and m event of the toreclosure oi th~s mortgage or other transfer of htle. ali nght. Utle and I --c~~res[ of the Mortgagor m and to any such ahstract or abstracts of t~tle shatl pass to the purchaser or grantee. ~ 1 1 That no warver of any covenant herem or m the obhgatwn secured hereby shall at any ume hereaher be held to be a waiver of any of the other ~em•~s hereof or ot the ~ote secured hereby. or future wawer of the same covenant ~ 12. That ~n order to acce4erate tt~e maturity oi tfie ~ndsbtedness hereby secured because of the fa~ture of the Mongagor to pay any tax assessment, ~ ab~hry. obligaUOn or encumbrance upon said property as herein prowded. rt shall not be necessary nor reqws+te that the Mortgagee shall (ust pay the same. F 7 3 That rf the Mortgagor shall ta~l. neglect ar refuse tor a per+od of th~rty (301 days tuNy and promptly to pay the amounts reqwred to be pa~d by the ~ • r,re ~ereby secured or the mterest therein specified or any ot the sums o1 money herein referred to or hereby setured. or othervv~se duty, fully and promptly to :;ur~oTm. execute. compty w~th and abide by each. every or any of the covenants, cond~uons or sbpulations of this mortgage. the prom~ssory note hereby ;ecured and/or the construttion loan agreement. ~t any, then, and ~a e~ther or m any ot such events, vnthout noUce or demand. tfie sald a99regate wm men- c oned m sa~d p?omissory note. less previous payments, ii any. and any and all sums menUOned herem or secured hereby shall become due and payable ~ortrwrth or thereafter at the continuing opUOn of the Mortgagee as fully and completely as if seid aggregate sums were ongmally stipulated to be pa~d at soch nme, anything m said promissory note or here~n to the contrary notwithstand~ng. and the Mortgegee shall be erttitled thereupon or thereaher without -~ot~~e or demand to mstitute suit at law or ~n equ~ty to entorce the nghts of the Mortgagee hereunder or under said promissory note. In the event of any ; 7efault or breach on the pan of the Mortgagor he?eunder or unde? said promissory note. the Mortgages ahsll have the continuing option to eniwce payment i c,F ail sums secured hereby by act~on at law or by suit in eqwty to foreclose this mortgage. either or both. concurrently or othervrise. and o~e act~on or surt ~ ;~~ali not abate or be a bar to or warver of the Mortgagee's nght to +nstitute or mamtain the other. provided sa~d Mortgagee shall have onty one payment a~d =aus.'acUOn of said ~ndebtedness. ~ 14. That m the event that Mortgagor shall (1) consent to the appo~ntment of a rece~ver, trustee or hqu~dator of all or a substant~al part of Mongagor's € ~ ssets. or (2) be adjudicated a bankrupt or i~solvent. or t+le a voluntary peut+on ~n benkruptcy, or adm~t ~n wr?Ung ~ts mability to pay rts debts as they become ~:~e or l3) make a general ass~gnment (or the benefit oi cred~tors. or (4) f~le a petitio~ or answer seek~ng reorganizabon or arrangement with cred~tors. or to ~aKe advantage of any insolvency law. or (5) file an answer admrtUng the matenal allegaoons of a peUt~on fded a~ainst the Mortgagor m any bankruptcy, ~ eoryan~zation or msolvency proceedmg. or 16) act~on ~hatl be take~ by the Mortgagor tor the pucpose ot eHect~ng any ot the torego~ng or {lf any order. judg- ~~ent or decree shalt be entered upon an applicat~on of a Creditor or Mortgagor by a court ot competent ~unsd~ct~on app?ovmg a pet~t~on seeFung appointment ~ a ~ece~ver or trustee of al{ or a substantial part of the Mortgagor's assets and such order. ~udgment or decree shall cont~nue unstayed and m eHect tor any i E ;~~~~od of th~rty (30) consecutive days, the MoRgagee may declare the note hereby secured (orthwith due and payable. whereupon ti~e pnnc~pal of and the in- ~ ~ •~~es! accrued on the note and atl other sums hereby secured shall becorr~e forthw~th due and payable as ~i all oi the said sums of money were orig~nally ~ } ~utated to be pa~d on such day: and thereupon the Mortgagee w~thout notice w demand may prosecute a surt at law and/or ~n eqwty as if all momes j ~-~ured hereby had matureA pnor to rts mst~tut~on. 4 ; 15 That the Mortgagee or a~y pecson suthonzed by the Mortgagee shaf{ have tfie nght to enter upon and mspect the mortgaged prem~ses at all F ~ ~ r;able t~mes 16 That any sum or sums wh~ch may be loaned or advanced by the Mortgagee to the Mortgagor at any t~me w~thin twanty (20) years from the date ~n~s ~ndenture. together wrth ~nterest thereon at the rate agreed upon at the Ume o( such {oan'or advance. shall be equally secured wnh and have the same ~ :~.o+~?y as the ong~nal mdebtedness and su t tti p11 the terms and prov~sions of th~s mortgage: provided. that the aggregate amount oi pnnapal out5tan- ng at any time shall not exceed IS-~ • UU 1. or ii the preced~ng blank ~s ~ot completed. then an amount equal to ona hundred and f~fty per cent ' 50~) oi the pnnc~pal amount onginaNy secured hereby shall apply. 17 That, if required by Mortgagee. the said Mortgagor wdl pay unto the Mortgagee. on the t+rst day ot each and every consecutrve month, a sum ~.;~,al to one-twelhh ot the an~ual amount necessary to pay a{{ taxes and assessments agamst the sald mortgaged prem~ses. sa~d monthly sum to be es- •.~*~ated solely by Mortgagee and calculated to be an amount not less than the amount of texes assessed aga~nst said mortgaged prem~ses for the previous ,~~ar. and ii iunher required by Mortgagee to pay alI msurance premiums in manner and lorm as provided herein for the payment af taxes and assessments. 18 Thai if th~s mortgage ~s in connection wrth construct~on loan tinancmg, then th~s mortgage ~s wb~ect to the Construction Loan Agreeme~t ~ .;ated . between the Mortgagor and the Mortgagee. an executed copy of wh~ch is in the possession of the a ~~lortgagee and is ~ncorporated herein by reference and made e p8rt hereof; any de(a~{t by Mortgagor under sa~d agreement shall constitute an event of ,Afault under this mortgage. 19 That the Mortgagor wdl on the request of the Mortgagee furmsh a wrrtten statement of the amount owmg on the obkgaUOn wh~ch tlus mortgage secures and therem state whether or not Mortgagor cla~ms anY defenses or oHsets thereto. ~ ~ ~ ~ - 2 ac~K 3~ e~~~E ~ ~E~