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HomeMy WebLinkAbout0928 ~ j • ~r 4 Th~; mortgage ~s personal to the Mortgagor nere~n and no conveyance shall pe made by Mor~gagur o~ the pre~n~ses here~n descnt,ec~ or any part r~rraof w~thout hrsi obte~n~ng Me pnor wntten consent ot the Mortyagee In the evenl Mortpapee Qlves this wntten conseM the grantee named m such con . N~ ance shsll aasume and ag~ee to psy t~e obl~gaUO~ ev~denced by ~he prom~swry nots secured hereby Any conveyance of ihe prope~ty ~ere~n descr~Ded or ~-,v part thereof +n v~olauon of the tarms of th~s parayraph shall em~tle Mortgagee to accelerate the paymen~ of the obhyat~on secured nereDy and ai1 sums ot naney secured hereby shall at the opuon oi Mortgagee Decome due and psyable and m delaull whethe~ or nol the same are so due and payable and ~iefauit by the spec~hc terms hereof Noth~ng here~n conta~ned sha11 be construed to constrtute a novsuon o? release Mortgagor or any subsequent owner of abil~ty or obl~gaGOn under the prom~ssory note secured hereb~• o? th~s mortgage by reason of the aforesa~d assumpt~on of the obl~gat~on unde+ t~e note ~ecureA heroby. by a subsequent owner of the property descnbed hete~n 5 That ~n the event of a su~t be+ng inst~tuted to foreclose th~s mortgage. the Mortgagea shall be enNtled to apply at any i~me dur~ng such forac?osure „~~t to the court hawng ~unsd~ction Fhereof for the appomtment of a recewer of all and singular the morrgaged property. and ol all rents ~nr.omes. prohts. ~sues and revenues thareot (rom whatsoever source denved. and thereupon rt~s hereby expressly convenamed and agreed that the court snatt lorthwrth ap ;,.,,n~ such recewer wrth the usual powers and dutws of recewers ~n hke cases. and sa~d appo~mment shall be made by Ihe court as a matter of stnct nght to ~ne tNortgagee. and w+thout reference to the adequacy or ~nadequacy ol the va~ue of the property hereby mortgaged. or to the soluency or ~nsolve~cy of the bloftgagor or ~ny other party de(endant to such surt The Mortgagur hereby spec~hcaUv warves the nght to ob~ect to the appo~ntment of a recewar ss .+~cresa~d and hereby expressly consents that such appo~ntment shall be made as an adm~tted equ~ty and as a matter of absolute r~ght to the Mortgagee and ;nac the same may ba done wrthout noUCe to the Mortgagor 6 That d any proceedmgs should be ~nstrtuted aga:nst the property covered by th~s mortgage upon any other lien or Claim whet~e~ supenor or ~umor ~o ihe I~en of this mortgage. the Mortgagee may at rts opUOn immediately upen insUtut~on ol such su~t or dunng the pendency thereo~ dec~are th~s mortgage ;nd che ~ndebtedness secured hereby due and payable forthw~th and may at ~ts opt~on proceed tu loreciose th~s mortgage 7 To pay a~t and s~ngular the tosis. tees. charges and expenses oi every kind. including tAe tost of an abstract of title to said lands Found to be ton . en~ent or expedient m connechon w~tA any suit for ihe foreclosure of th~s mo~igage. and also mclud~ng whether the Mortgagee is obhgated to pay same or :~c reasonable attomeys fees ~ncurred or expended at any ume by the Mortgagee because o( the tadure ol the Mortgagor to pertorm. comply w~th and ab~de hy ~il or any of the covenants. condrt~ons and st~pulations of said promissory note. or t~~s mortgage. m the forec~osure of th~s mortgage and m tollecUng the ,~~nount secu~ed hereby w~th or w~ihout legal proceed~ngs and to re~mburse the Mortgagee for every payment made or ~ncurred for any such purpose w~th ~n- ~~rest from date of every such payment at the h~ghest rate author~ted by law, such payments and oh~~gauons. w~th ~nterest thereon as aforesa~d shall be 4e~ured by the lien hereo( 8 To keep the Dwiding or buddings now or hereafter on sa~d ?and ~nsured against loss or damage by hre extended cuverage and other per~ls. ,.'~i+.+ng war nsk ~nsurance ~f ava~lable ~n a sum not less than theu }ull msurable value at the cost and expense of the Mortgagor ~n a company or compames a,~v~~~ved by the Mortgagee. ihe pohcy or pohaes to be held by the Mortgagee. and such pohcy or pol~aes o( insurance shall have af~~xed thereto a Standard ~ew Yurk Mortgagee Clause. mak~ng all loss or losses under such pol~cy or pol~c~es payable to the Mortgagee as ~ts ~nterest may appear. and to dehver sa~d ,,,.i:c~ or pohc~es to the Mortgagee when ~ssued w~th the rece~pts tor lhe payment of the premwm therefor, and ~n the event any sum of money becomPs ;~.3vabie under such po6cy or pohc~~s the Mortgagee shal{ have the opt~on to recewe and appty the same on account of the ~ndebtedness secured hereby or to .~erm,t the Mortgagor to rece~~e and use ~t or any part thereo(. for other purposes. w~thout thereby warving or ~mpainng any equrty. I~en or iight under or by , rtue of this mortgaye and the M~rtgagee rf rt deems necessary may place and pay (or such ~nsurance. or any part ihe~eof. w~thout los~ng wa~wng or affec- •,a Mortgagee's ophon tu tareclose for breach of th~s covenant. or any part thereof, or any nght or opt~on under th~s mortgage. and every such payment sha~~ ;~ar ,nterast (rom date Uiereof untd pa~d at the h~gRest rate authonted by law. and all such payments wrth interest as aforesa~d shail be secured by the hen .•-~,,f In che event any loss or damage ~s su'fered Mortgagor shau noufy Mortgagee ot such toss or damage w~th~n (orty-e~ght (48) hours aher the happemng ,N~~,of the ta~lure to g~ve such nut~ce shall ~onsutuse a detault and the Mortgagee shall have the nghts here~n g~ven tor a~l Aefaults 9 TO permU commrt or suffe~ no waste and to maintain the improvemenls at all Lmes ~n a state ot good repau and condrteon, and to do or permit to I, :iene to sa~d prem~ses nothmg that w~il alter o~ change the use and character of said property or m any way ~mpau or weaken the secunty of sa~d mortgage I _ ase of the refusa~. neg~ect or ~nab~l~ty of the Mortgagor to repa~r and mamtam sa~d property. the Mortgagee may. at ~ts opUOn. make such ~epa~rs or cause same to be made and advance mon~es m that behalf wh~c?~ sums shall be sewred by the I~en hereot and bear ~nterest at the h~ghest rate authonxed by ~ 0 To dai~ver the abstract or abscracts of trtle cover~ng the mortgaged property to Mortgagee or +ts des~gnated agent wh~ch shall at alt t~mes. dunng o( th~s mor?y~ ~e rema~n ~n the possess~on of the Mortgagee and m event ot the foreclosure of th~s mortgage or other transter oi t~tle ali nght uNe and ~s[ of [he A1c+tgagor ~n and to any such abstract or abstraccs of t~tte shall pass to the purchaser or grantee ~ t That no wa~ver of any covenant hare~n or ~n the obl~gat~on secured hereby shail at any t~me hereafter be held to be a wa~ver of any ot the other •--~s nereo( or oi the note secured hereby. or tuture warver of the same covenant t 2 That ~n order to accelerate the matunty of the ~ndebtedness hereby secured because ot the /a~lure of the Mortgagor to pay any tax assessmenl. ::y. ObhgeUOn O! encumbrance upon said property as herem prowded. rt shali not be necessary nor requ~s~ie that the Mortgagee shaU first pay the same 13 That if the Mortgagor shall tail negiect or re(use for a pe~+od of th~rty 1301 days fully and promptly to pay the amounts requ~red to be pa~d by the :te ~ereby secured or the ~nterest therein spetdied or eny o~ the sums of money herein re~e~red to or hereby secured. or otherw~se duly. fuity and promptly to ; : e•'orm execute. comp?y wrth and ab~de by each, every or eny of the covenants. tondiUOns or stipulations o( this m~rtgage. the prom~ssory note hereby ; =.ec,;red andior the construchon loan agreement. if any. then. and in erther or ~n any of such events. ~nnthout noUCe or demand, tha sa~d aggregate sum men- F ~ o~ed m seid prom~ssory note. less previoua payments, if any, and any end all sums mentioned here~n or secured hereby shait become due and payable ~ ~„•*.nw~ch or thereaher at the cont~nwng opUOn ot the Mortgagee as fully and compiecely as ~f sa~d aggregete sums were or~g~naliy sapulated to be pa~d at ~ s~_h t~me. anythmg In sa~d promissory ~ote or here+n to the contrary notw~thatend~ng, arsd the Mortgagee shatl be entitled thereupo~ or theroaher without ~ ~ot~cs or damand to enstitute suit at law or m equiry to enforce the nghts ot the Mortgegee herounder or under sa~d promissory note In the event of any ~e'ault or breach on the part of the Mortpagor hsrounder or under se~d prom~swry note, the Mortpaqse ~hell have the cont~nwng opaon to enforce payment ~ a!i sums secured hereby by action at law or by surt ~n equ~ty to ~oreciose th~s mortgage. e~ther o: both. cancurrendy or otherw~se. and one act~on or su~t ~ s~a!~ not abete or be s bar to or warver oi the Mortgegee's nght to ~nstrtute or ma~nte~n the other prov~ded sa~d Mortgagee shaU have only one payment and ~at s+act~on of sa~d ~ndebtednass 14 That ~n the event that Mortgagor shall (1 ~ consent to tha appo~ntment of a rece~ver, trustee or I~qu~dator of all or a substant~af part ot Mortgagor's assats or (2? be adjudicated e bankrupt or msolvent. or f~le e voluntery petibon in bankruptcy. or admrt in wndng rts mab~lrty to pay rts debis as they become - :i_e or 13) mske a general astlgnment for the benefit of cred~tors, or (4) f~le a pet~t~on or answer seek~ng reorgan~zat~on or arrangement w~th cred~tors. or to ~are adventage of any insolve~cy iaw. or (5) tile an enswer adm~tting the metenal ellegetions o! a pet~t~on f~led aga~nst the Mortgagor ~n any bankruptcy. ~ eo~ganizeUOn or ~nsoivency procsed~ne, or (8) acUOn shal{ Ce taken by the Morteagor for the purpoae of ef(ecbng any oi the forego~ng or (7) any order. ~udg- ~ "~nt or decrss shall be entsred upon an eppl~cet~on of a credrtor or Mortge~or by a Court of competent ~unsd~cuon apD~owng e pet~t:on seekmg appo~ntment receiver or trustee o( all or a substant~el part of the Mortgego? s assets and such order. ~udgment or decree shatl cont~nue unstayed and ~n eNect for any -e- od oi th;rty (30) consecutwe days. the Mortgagee may declare the note hereby secured forthwrth due and payable, whereupon the pnnc~pal of and the m- ~ ~•^~est accrusd on the note and all other sums hereby secured shall become forthwith dua and payable as if a11 ot the sa~d sums of money were ong~nally o- c.,lated to be paid on such day: and theroupon the Mortgegee w~thout noflce or demand may prosecute a surt at law and~or m equrty as rf all momes ~ e-..,red hereby had maturod pnor to rt3 ~nstitutwn ~ ~ 15 That the Mortgagee or any person authonzed by the Mortgagee shall have the r~gF,t to er~ter upon and ~nspect the mortgaged prem~ses at all ~ ~ =?so~able bmes ? 8 That any sum ~r aums wh~ch may be loened or advanced by the Mortgagee to the Mortgagor at a~y t~me w~th,n twe~ty 1201 years from the date s,ndentura. together w~th mterest thereor. at the rate agread upon at the ume oi such loan o~ advance. sha~t be equally secured w~th and have the same ~ ~ . ty as the onginal indebtedness and be sub~ect to all tne terms and provisions ot th~s mortgape piovided tnat the agg~egace amount o! p~~nc~pa~ outstan- - ~ ;~g at any hme shall not exceed {5.---- 1. or ~I the pr~ced~ng blank ~s not completed. then an ~mount equal to one hundred and (~fty per cent ~ ;;;?c1 0~ tt~e pnncipal amount ong~nally sec~red hereby shall apply $ ~ 1 7 That. ~t requ~red by Mortgagee. the sa~d Mortgagor will pay unto the Mortgagee on the first daV of each and every consecut~ve month a sum ~ -;,ai to one-twelhh ot the annual amount necessary to pay all taxes and asaessments aga~nst the sa~d mortgaged prem~ses. sa~d monthly sum to be es- ~ •~~~~tad solely by Mortgagee and catculated to be an amount not 19ss then the emaunt oi t8xes essessed against said mortgaged premises tor the p~ev~ous ' ar and ~t further requ~red by Mortgagee to pay all msurance prem~ums m manner and form as prov~ded here~n tor the p~yment o~ taxes and assessTents ~ ~ 18 That it this mortgage is in connecbon wrth conatruct~on ioan financ~ng, then this mortgage ~s sub~ect to the Consiruction Loan Agreement ~ :~;ed between the Mortgagor and the Mortgagee. an executed copy of wh~ch ~s ~n the possess~on o( the ~ '"o~tgagee and is mcorporeted here~n by reference and mede a part he+eot. any ae~su!? by Mortgagor unde~ sa+d agreement shatl constrtute an event ot ~N+ault under th~s mortgage ~ ~ t9 That the Mortgagor w~lt on the request of the Mortgegee furmsh a wntten statement o! the amount ow~ng on the obl~g~t~on wh~ch th~s m~rtyage ~~es and ih9re~n state whether or n t Mortgagor cla~ms any defenses or ofisets therero :~~y ~ . . ' t~~(~ ~~e~ ~ ~ Z ne~ac `'HJJ P~GE •~V ~ ~ _ - ~ _ - ; ` ` ~