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HomeMy WebLinkAbout0992 ~ , ~ , 4 Th~s mortgac,~e ~s personal to tho Mortyagor here~n and no conveyenCe shal~ be made Gy Mortyayor uf the prAm~seS ?~~rn~n ~~es~ ~~bed or any part the~eol w~thout hrst obtammg the pnor wrilten consent ot t~e Mortaagee In the event Mortgayee gwes ih~s wntten consent tha grantee namnd ~n such con- ~eyance shall assurne and agree to pay the obliga~~on evidenced Dy ihe prom~ssOry ~ot9 securld hersby Any convey3nce o~ the properly herein descr~bed pr .~ny part thereol ~n v~oiauon of the ~erms o} th~s paragraph shall enude Mortgagee to accelerate the psymem ol t~e obhgauon secured hereby and all sums of money secured hereby sha11 at ~he opt~un of Mortgagee become due anJ psyable and ~n detsult whether or not the same a~a su due and payable and :lefault by the specitic terms hereo~ Noth~ng here~n conta~ned shalt De construed to constituta e novat~on or release Mortgagor or any subsequent owner of I~ab~hty or obl:gat~on under the prom~ssory note secured hereby o! th~s mortgage by reason o( the aloresa~d assumpt~on of t~e obl~yat~on under the note secured hereby hy a subsequent owner of 1he propeity descnbed here~n 5 That in the event of a su~t be~ng inst~tuted to foieclo5e Ih~s mortgage. the Mortgegee Shall be entitled to apply at any t~rne dur~ny 5uch loreclos~~re tiuit to the co~rt hawng ~unsdict~on thereof for t~e appo~ntment of a recerver ol all and s~ngular the mortgaged property and ol all rents mcomes prohts. ssues and ~evenues ihereol hom whatsoever source Aerrved and thereupon rt~s hereby expressly co~venanteA and agreed that the couit shall fort?~w~th ap point such recewer wrth the usual powers and dut~~s of rece~vers in hke cases and sa~d appo~ntment shatl be made by the coure as a mattar of stnct ngM Ip tne Murtgagee and wrthout reference to the adequacy or ~nadequacy of the va~ue ot the property hereby mortgaged or to the sotvency or ~nsolvency of the Mortgagor ~r any ot~er ~arry defendant to such surt The Mortgagor hereby speahcally wawes ihe nght to ob~ect to the appo~ntment of a rece~ver as aforesa~d and hereby expressiy consents that such appointment shall be made as an adm~tted equity and as a matter of absolute r~ght to the Morigagee and ihat the same may be done w~th~ut nohce to the Mortgagor 6 That any proceed~ngs should be ~nst~tuted aga~nst the property covered by this mortgage upon any other I~en or cla~m whether supe~~or o~ ~urnor to the !~en o( ih~s mortgage. the Mortgagee may at its opt~on immed~ately upon ~nstrtuUOn ol such surt or duriny the pendency thereof declare ih~s morigage and the ~ndebtedness secured hereby due and payable forthw~th and may at ~ts opt~on proceed to foreclose th~s mortgage 7 To pay all and s~ngular the co5t5 fees charges and expenses ot every kind. ~nclud~ng the cost ol an abstract ul utle ro sa~d lands found ro be con venient or expedient ~n connect~on with any su~t for the (oreclosure of th~s mortgage. and also including. whether the Mortgagee is obligated to pay same or not reasonable attorney's tees incurred or expended at any time by the Mortgagee because of the fa~lure of the Mortgagor to perform. tomply wnh and ab~de by all er any ot thR covenants. condrt~ons and sLpulations of sard prom~ssory note. or th~s mortgage. ~n the lo~eclosure of th~s mortgage and ~n collect~ng the ~mount secured hereby wuh o+ wrtho~t legal proceed~ngs. and to reimburse tha Mortgagee fo~ every payment made or ~ncurred tor any such purpose w~th in- eerest from date ot every such payment a[ the h~ghest rare authonzed by Isw, such payments and obhgaUOns w~th ~nterest tnereon as a(oresa~d sha~l be secured by the I~en hereof 8 To keep the bwidmg or bu~ld~ngs now or Aereafter on sa~d ia~d ~nwred aga~nst loss or damage by hre. extended coverage and other pents in c~ud~ng war r~5k ~nsurance ~t ava~table ~n a sum noc less than the~r futi msurable value at the cost and expense ot the Mortgagor ~n a company or compa~~es a~,t>ro~ed bv the Mortgagee the pol~cy or pol~c~es to be held 4y the Mortgagee. and such pol~cy or pohc~es of ~nsurance shall have af(~xeo thereto a Standard tiew Yurk Mortgagee Clause. mak~ng all loss or losses under such pphcy or poiic~es payable to the Mortgagee as rts ~nterest may appear and to dehver sa~d aoi~cy or p~~Laes to the Mortyagee when ~ssued wrth the rece~pts for the payment of the premwm therefor, a~d m the event any sum of money becomes nayable under such pol~cy or pohc~es the Mortqagee shall have the opUOn to recerve and apply the same on account ot the mdebtedness secured hereby or to ,,e~m~t the Mortya~;~ir to recene and u;e ~t or any pan thereof for other purposes. w~thout thereby waw~ng or ~mpa~r~ng any equrty, t~en or nght under or by ::rt~e of th~s mort.;aye a~r! the Mortgagee rt ~t deems necessary may place and pay tor such insurance. or any part thereot. wrthout ~os~ng wa~vmg or alfec• !,nq Mortgagee~s opUOn tu !ureclose (o~ breach oi this covenant. or any part thereol, or any nght or option under this mortyage. and every such payment shall t~ear mterest irom date the~eof unnl pa+d ac the h~ghest rate authonzed by law. and all such payments wrth ~nferest as atoresa~d shall be secured by the ~~en ^~~~eof In the event any ioss or damage ~s suffered Mortgago~ shail not~fy Mortgagee of such loss or damage w~thm torty-e~ght 148) hours aher the happeneng ~herrof the 1a~lure to g~ve such nonce shaH consutute a deiault and the Mortgagee shall have fhe r~ghts here~n g~ven for ali de~aults Q To Derm~t commrt or suffer no waste and to maintain the ~mprovements at all t~mes ~n a state oi good repa~r and condit~on and to do or permit to aone ro sa~d prem~ses noth~ng that w:il atter or change the use and character of sa~d property or m any way ~mpau or weaken the secuntr of sa~d mortgage ase of the retusai neglect or ~nab~l~ty of the Mortgagor to repa~r and ma~nte~n sa~d property. the Mortgagee may. at rts option make suih repairs Or Caus@ s3me to bc~ made and advance mon,es ~n that behatf wh~ch sums shali be secured by the I~en hereof and bea~ ~nterest at the h~ghest;rate authonzed by ~ 10 To ::el~ver tne abstiact or ahstracts oi trtle covenng the mortgaged property to Mortgagee or ~ts des~grated agent wh;ch shall at a11 t~mes dunng of th,s ~nort,~a •e rema~n m the possess~on of the Mortgagee and ~n even; o/ the torectosure oi th~s mortgage or other transfer of t~tle aii nght t~tle a~d •~~~rst cf n:e h1crty~qor ~rti and tu any such abstract or abstracts of title shall pass to the purchaser or grantee 1 1 That no .vaiver ot any covenant herein or ~n the obl~gat~on secured he:eby shall at any time hereafter be heid :o be a wa~ver of any ot the other -~•~-~s hereo! er of the note secured hereby or future wa~vei oi the same covenant ; 2 That ~n order to accelerate the matunty oi the ~ndebtedness hereby secured because of tr,e ta~ture ot the Mortgagor to pay any taz assessment. !:ty obi~gat~on or encumbrance upon sa~d property as herem prowded. rt shall not be necessary nor requ~srte that the Mortgagee shall (~rst pay the same 13 That ~f the Mortga6or shail fa~I negtect or retuse for a per~od oi th~rry ~301 days ~uhy and promptly :o pay the amounts reou~red to te pa~d ~y the ~~~e hereby secured or the mterest there~n specfied or any of the sums oi money here~n relerred to or hereby sewred. or otherw~se duly fully and promptly to i :~e~form. execute. comply with and abide by each. every or any of ihe covenants, condmons or shpulabons of th~s mortgage the prom~ssory note hereby z ~~:-ured and%or ihe construcflon loan agreement. ~f any then. and m either or in any of suCh events w~thout nobce or demand. the sa~d aggregate sum men- ; ~ oned ~n sa~d promissory no:e. less prewoua payments. ~f any. and any and au sums menuoned herem or secured hereby shall become due and payable ~ `e~thw~th or thereaher at the tontinuing option of the Mangegee as fully and completely as ~f said aggregate sums were or~g~~ally st~putated to be pa~d at ~ _uch !ime. anythmg m said promissory note or hera~n to the cont:ary notw~thstandir.g. and the Mortgagea shall be ent~tled thereupon or ihereaher wrthout ^ot~ce or demend to ~natitute surt at taw or m equitv to enforte the nghts o( the Mortgagee hereunder or under sa~d prom,ssory note In the event o! any - ~ ca'ault or breach on the part oi the Mortgaeor he?eunder or unde+ ta~d prom~~sory note. ths MortpsQee shall have the contmu~ng opt~on to eniorce paymer.t ~ a~i sums secured hereby by act+on at law or by suit in equity to foreclose tn~s mortgage. either or both. concurrently or otherw~se. and one act~on ~r swt s^a~; not abate or be a bar to or wa~ver ol the Mortgegee s nght to ~nstrtute or maintein the other. provided said Mortgagee shall have onty one payment and sat~stacUOn ot sa~d indebtednass ~ 14 Thet in the event that MoKgagor shall ( t? consent to the appo~ntmeni oi a rece~ver. trustee or I~qu~dator of all or a substant~al part of Mortgagor s ~ assats. or (2) be ad~ud~cated e bankrupt or ~nsolvent. ot fite e voluntery peUCan in bankruptty. or edmit in wntmg ~ts mab~hty to pay rts ~ebts as they betome ~,e or 131 make a ganeral ass~gnment tor the benefit of credrtors, or 14) /de a petiuon or answer seek~~g reorgarnranon or arrangement wrth credrtors, or to ~a+ce advantage ot any insolvency law. nr (51 file an a~swer admitt~ng the matenal atlegaUOns of a pet~UOn f~ted agamst the Mortgagor m any bankrupicy. ~ ~eorgarnzaUOn or ~nsolvency proceedin~, or (81 acuon shall be taicen by the Mortgagor for tAe purpose of eNectmg ar.y ot the forago~ng or (71 any order. ~udg- ^~ent or decree shafl be entered upon an appl~cat~on of a cred!tor or Mongagor by a court of competent ~ur:sdictio~ approving a petit~on seek~ng appo~ntment a receiver or trustee of ell or a substenl~ai pa~t of the Mortgagor's assets and such order. ~udgment or decree shatl cont~nue u~stayed and in effect for any = : e~~oC ol th~rty (30) consecuuve days. the Mortgagee may declare tha note hereby secured forthw~th due and payabie. whereupan the pr~nc~pal o! and the m- 'e~est accrued on the nota and all other sums hereby secured shall become forthwrth due and payable as ~f alt of the sa~d sums of money were ongmaily sr ~ulated to be paid on such day: and thereupon the Mongagee wrthout not~ce or demand may prosewte a swt at law and%or ~n eQurty as a11 mqrnes ~ecured heroby had matured pnor to rts ~nStituUOn ~ 15 That the Mortgagee or any person authonzed by the Mortgagee sha11 have the r~ght to enter upon and ~nSpeCt thg mortgaged prem~ses at ali g' •-•a;onable times ~ 16 That any sum or sums wh~ch may be loaned or advanced by the Mortgaeee ro the Mortgagor at any t~me w~tn~n twer.ty i20~ yeass from the date ~ t'~ s indenture. t e:her with interest thereon at the rate a ~eed u = og g pon at the t~me of such toan or advance shall be equally secured w+tn and have tne same onty as the ong~nat ~ndebtedness a 6 /~o alt ;he terms and prov~s~uns oi th~s mortgage. proti~~ded that cne aggregate amou~t ot prnc~pa~ outstan '^g at dny time shall not exceed IS 1. o~ il the prer_eding blank ~5 not Completed then an amount e~uai to one hundred dnd Iifty per cent ' S0`~) oi the pnnc~pal amount ong~nally sec~red hereby shall apply ~ 1 7 That. ~i requ~red by Morigagee the sa~d Mortgagor w~li pay unto tne Mortgagee on the t;rst day ot each and every co~secunve month a sum ~ :;~al to one-tweifth of the annual amount necessary to pay all taxes and assessments aga~nst the sa~d mortgaged prem~ses said morihly sum to be es ~ -,a~ed soleiy by Mortgagee and catculated to be an amount not iess than the amount o( taxns assessed aga~nst sa~d mor,gageA prem~ses (or the prev~ous . Fa! and ~f further required by Mortgag9e to pay att insurance premwms ~n manner and form as prowded here+n for the p-yment of taRes and assessments uA 18 That ~t th~s mortgage ~s m conne~t~on wrth construct~on loan hnancmg then th~s mortgage ~s sub~ect to the Construct~on Loan Agreement ~ between the Mort a or and the Mort a ee. an exec~ted co ~ ~"Pd 9 9 9 9 py of wh~ch ~s ~n the possess~on of the ~ 'ao~tgagee and ~s ~ncorporated here~n by reference and made a part hereoi, any default by Mortgagor under sa~d agreement shail const~wte an event ot :•~'~uit under th~s mortgage ~ ~ ' 9 That !he MOrtgagor w~ll on the re4uest ot (he Mortgagee fum+sh a wntten statement of the dmount owing on the obi~gat~~n wh~ch th~s mortgage ~~es ar.d there~n state wnether or not Mortgag~~ cla~ms any defenses or of(seis [hereto ~ ' ~ ~ . ~ aoo~ 4~ PccE ~ _ _