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HomeMy WebLinkAbout0974 . w 4. Th~s mortgsge is perwnal to tM Mortgagor hersm, and no conveyance shall be mede by Mortpapor o( the premisss herain described or eny p~n cner~f w;thout /~rst obtain~ng the p~~o~ writtsn conse~t of tM Mort9a~. In the avent Mortpapee p~vss thi= written consent. the g~antse namsd ~n wch con- veyance ahall assume snd ag?ee to pay tM obl~gstion svidencsd by the promissory note sscursd he~~by. Any conveysnce oi the property henin descnbsd w any psn thsrsoi ~n violation o( ths terms oi this paragnph sAsll ent~tN Mon~eyas to accelerats the payment of ths obtigation secursd hersby and ~II sums ol money secured hereby shall. at the opt~on ot Mortpagee. bscome dus and paysbls and in ds(sult whether a not tM same an so due snd payabls and m default by ths specific terms hsreof. Nothing Aersin contalned shall be co~strued to ~onstitute a novation or rslsase Mortgapw or ~ny subssquant owner of habiliry or obtigation un~fer ths promisscry nots sscured hereby w thi~ mortgage by reason oi the etwssaid assumpt~on of tAs obllgstio~ under ths note secured hereby, by a subsequent owner of ths props?ry dsscnbsd herein. 5. That ,n the event of a auit being institutsd to foreclose th~s mo?tgape, the Mortgagee shall bs ent~tled to apply st any t~me during wch foreclosurs su~t to the court havmg juiisdiction thereot tor ths appointmer~t of a receivar ot all and sin~ular the mortgaged property. and ot all ~ents, income~. profits. ,ssues and revenues thereof, from wAatsoever sourca derivetl: and thereupon it is hereby ezptassly convenanted and agreed that the court shall torthwith ap- pa~nt such rece~ver with the usual powers and duties of receivars in like cases: and sa~d appointment shall be meda by the court as a matter ot strict right to che Murtgagee. a~d without reterence to the adoquacy or inadequacy ot tAe value of the property hereby mortgaged. or to the wlvency o~ insolvency o( the Mortgagor or any other party defendant to such suit. The Mortgagor he?eby spec~tically waives the nght to ob~ect to the appointmant of a receiver as aforesaid and hereby expressly consents that such appointment shall be made as an admined equiry and as a matter of absolute n9ht to the Monga9ee and chat the same may be done without notics to the Mortgagor 6. That it any proceedings ahould be instrtuted ag~inst tha ptoperty covered by this mortgage upon any other lien or claim whether supenor or junior to the I~en ot this mortgage. the Mortgagee may at its option immediately upon instttution o( such suit or dunng the pendency thereoi declare this mortgags and the ~ndebtedness secured hereby due and payable forthw+th and may at rts opt~on prceeed to foreclose this matgage. 7. To pay all and singular the costs. (ees. charges and expenses oi every k~nd, including the cost of an abstract of title to sa~d lands tound to be con- ven~ent or ezped+ent ~n cunnection with any suit for the foreclosure of this mortgage. and also ~nclud~ng, whether the Mortgagee is obl~gated to pay same or not. reasonable attorney's tees incurred or ezpended at any time by the Mortgegee because of the ta~lure of the Mortgagor to pe~form, comply with and ab~da by all or any oi the covenants. condrtions and stipulations oi said prom~ssory note. ar this mortgage. in the toreclosure o( thia mortgage and in collect~ng the amount secured hereby with or without legel proceedings. and to re~mburse the Mortgagee tor svery payment made or incurred for any such purpose v~nth ~n- eerest irom date o( every such payment at the highest rate author~zed by taw: such payments and obligat~ons. witA interest tF?ereon as aforesa+d. shall be secured by the 6en hereof. 8. To keep the build~ng or t~uildings now or hereaiter on said land insured aga~nst loss or damage by fire. extended cwerage arxi other perils. in- cfud~ng war risk insurance if available. in a sum not less than their tull insureble value at the cost end expe~se oi the Mortgegor in s company or compames approved by the Mortgagee. the policy o+ policies to bs held by the Mortgagee. and such pol~cy or pol~c~es of insurance st~all have affixed thareto a Standard New York Mortgagee Clause. making all loss w losses under such palicy or pol~c~es payable to the Mortgagee as its ~nterest may appear, and to dei~ver said pol~cy or policies to the Mortgagee when issued with the receipts (or the payment of the premwm therefor: and in the event any sum of money becomes payable under such pol~cy or policies. the Mortgagee sha11 have the opt~on to recerve and apply the same o~ account of the ~ndebtedness secured hereby or to permrt the Mortgagor to receive and use it. or any pert thereoi. (or other purposes. wrthout thereby wawmg or ~mpau~ng any equity. hen or nght under or by v~rtue oi th~s mortgage: and the Mortgagee ~i it deems necessary may place and pay fa such msu~ance. or any part thereof, without los~ng, waiving or affec- c~ng Mortgagee's option to torectose for breach of this covenant. or any part thereoi. or any nght or opt~on under this mortgage, and every such payment shall bear ~nterest from date thereof until pa~d at the highest rate authonzed by law. and all such payments with interest as aforesa~d shall be secured by the I~en hereof. In the event any loss or damage is suffered Mortgaga shall notify Mortgagee ot such loss or damage with~n (osty-eight (48) Aours aher the happen~ng enereoi: the failure to g~ve such notice shall const+tute a default and the Mortgagee shall have the nghts here~n gwen for all detaults. 9. To permrt. commit or suffer no waste and to mainta~n the imp~ovements at all times in a state of good repair and cond~tion: and to do or permit to be done to said prem~ses nothing that will elter or change the use and character ot said property or ~n any way impeir or weaken the secunty oi said mortgage , i n case of the refusal. neglect or inability of the Mortgagor to repair and ma~ntam sa~d propeny, the Mortgagee may. at ~ts opt~on, make such repairs or cause the same to be made and advance momes in that behalf which sums shall be secured by the lien hereof and bear ~nterest at the highest rate authoriied by +aw 1 Q To del~ver the abstract or abstracts of ntle cover~ng the mortgaged property to Mortgagee or ~ts des~g~ated agent. wh~ch shall at al! t~mes, dur~ng r~.e i~fe of th~s mortgage. remai~ in the possess~on of the Mortgagee and ~n event of the foreclosure ot th~s mortgage or other transier o( t~tle. ali nght. title and ,nterest of the Mortgagor m and to any such abstract or abstracts of titte shall pass to the purchaser or grantee 1 1 That no warver of any covenant here~n or m the ob6gauon secured hereby shall at any ume hereaher be held to be a wawer of any of the other terms hereof or oi the note secured hereby. or future warver of the same covenant - 12 That m order to accelerate the maturiry ot the indebtedness hereby secured because oi the fadurQ of the Mortgagor to pay any tax assessment. I !~ab~I~ty. obtigaUOn or encumbrance upon said property as herem prov~ded. ~t shall not be necessary nor reqws~te that the Mortgagee shall f~rst pay the same ~ ~ 3. That ~f the Mortgagor shatl fail. neglect or refuse for a penod of tMrty 130) days fully and promptly to pay the amounts required to be paid by the ~ote hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or otherw~se duly, fully and promptly to perform, execute, comply w~th and abide by each, every or any of the covenants. conditions or st~pulations of this mortgage. the promissory ~ote hereby i secured a~d/or the construction loan agreeme~t. if any. then, and in either or m any of such events. wrthout noUCe a derteand, the sa~d aggregate sum men- ~ c~oned ~n said prom~ssory note. less previous payments. if any, ar?d any and al! sums ment~oned herein or secured hereby shall become due and payable ~ forthwith or thereafter at the continuing option of the Mortgagee as tully and completely as if said aggregaxe sums were ong~nally stipulated to be pa~d at such nme. anythmg m sa~d promissory note or herem to the contrery notwithstandmg. and the Mortgagee shall be enUtled thereupon or thereafter w~thout ~ot~ce or demand to inst~tute suit at law or in eqwty to enforce the nghts of the Mortgagee hereunder or under said promissory note. In the event of any default or breach on the part of the Mortgagor hereunder or under ssid prom~ssory note. the Mortgagee shall have the eontinuing opt~on to entorce payment of atl sums secured hereby by action at law or by suit in equity to (oreclose this mortgage, either or both, concurrently or otherwise, and one action or surt sna!i not abate or be a bar to or waiver of the Mortgagee"s right to ~nst+tute or mamta~n the other, provided sa~d Mortgagee shall have only one payment artd sac~sfact~on of said indebtedness. 14 That in the event that Mortgagor shall (1) consent to the appointment of a rece~ver. trustee or I~qu~dator oi all or a suDstantiai part ot Mongagor's ~ssets. or (2) be ad~udicated a bankrupt or msolvent, or file a voluntary petiUOn in bankruptcy. or admrt in wnUng rts mabdity to pay its debts as they become d~e or ~3! make a general ass+gnment tor the benefit of creditors. or (4) file a petition or answer seeking reorgarnzation or errangement with creditors. or to ?ake advantage oi any ~nsotvency law. or (5) f~le an answer admitt~ng the material allegat~ons of a pet~t~on i~led against the Mortgagor in any bankruptcy. reorgan~zaUOn or insolvency proceeding, o? (8) aCUOn shall be taken by the Mortgagor for the purpose of effect~ng anyof the foregang or f7) any order. ~udg- rr,ent or decree shall be entered upon an appl~cation of e creditor or Mongagot by a court of competent jur~sd~ction approvmg a pet~tion seek~ng appointment of a receiver or trustee of all or a substential part of the Mortgagor"s assets a~d such order. ~udgment or decree shall continue unstayed and in effect tor any ;;~r~od ot th~rty (30) consecut~ve days, the Mortgagee may declare the note hereby secured forthw~th due and payable, whereupon the pnncipal of and the ~n- ~erest accrued on the note and all other wms hereby secured shall become forthw~th due and payable as ii all oi the sa~d sums of money were ongmally sr~pulated to be pa~d on such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equrty as if all mon~es s~;;ured hereby had matured prior to ~ts mst~tution ~ 15. That the Mo:tgagee ar any person authonzed by the Mortgagee shall have the nght to enter upon and mspect the rreortgaged prem~ses at alt ~ - -+sonable hmes ~ 16 That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time w~thin twenty (20) years trom the date 3 0! tn~s ~ndenture, together wrth mterest thereon at the rate agreed upon at the time oi such Eoan or advance. shall be equally secured wrth and have the same t ;!~~or~ty as the onginal mdebtedness andb~bie~t.to all the terms and prows~ons oi th~s mortgage: prov~ded, that the aggregate amount of pnnc~pal outstan- • ~ d~ng at any time shall not exceed IS s 1, U U or if the p;ecedmg blank is not completed, then an amount equat to one hundred and fifty pe~ cent ~ 5096) o/ the pnncipal amount originally secured hereby shall appty. i- a 3 i 17 That. ~f reqwred by Mortgagee, the sa~d Mortgagor w~ll pay unto the Mortgagee, on the f~rst day of each and every consecuuve month, a sum ~ equai to one-twelhh of the annual amount necessary to pey eU taxes and assessments agamst the said mortgaged premises. said monthly sum to be es- f ~~mated sotely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed agamst sa~d mortgaged premises for the prev~ous ~ year, and (urther required by Mongagee to pay all insurance premiums in manner and torm as provided here~n for the payment of taxes and assessments. 18 That ~f this mortgage is ~n connection w~th construction loan f~nanc~ng, then this mortgage ~s subject to the Construction Loan Agreement dated , between the Mortgagor and the Mongagee. an executed copy of wh~ch is in th~ possess~on oi the Mortgagee and ~s intorporated herein by reference and made a pert hereof: any default by Mortgegor under said agreement shall const~tute an eve~t o( default unde~ th~s mortgage 19. That the Mortgagor will on the request ot the Mortgagae turn~sh a wntten statement o( the amount owmg on the obbgaUOn which this mortgage ' secures and therem state whether or not Mortgagor cla~ms any detenses or offsets thereto j 2 G~~K391 ~~~:E ~~74 f