The URL can be used to link to this page

Home My WebLink About0987 ~ ~ i.i ~t. ~ . 4 Thn mwtyage ~s penonal to t++e~Matg~yw hers~n. and no conv~y~nce shsll D~ m~de by Mortpagor o( the prsm~ses here~n deur~b~d or any part ihereof w~thout hrst obt~m~n9 tM prwr wntten conssnt ot ths Mortps~a In th~ ~wnt MortpaQ~e Q~ves th~s wntten consent. the prantss nemed ~n such con- .eysncs shsY aswme snd agrN ro pay ths oWpaao~ ev~dsnced by the prom+ssory no:~ sscured hsrsby Any co~vsysnca ot ths property her~~n dsscr~Ded or ~ any part ther~pt ~n vrolation o( th~ terms O( th~s par~praph sMll ent~tle Mortpa~se to accsNrate tM paym~nt of the oblwuwn sscursd Mreby and sll wms of rnoney secursd hersby ahall. at tM opta~ ol Mon9aqee. becom~ du~ and payable ~nd ~n d~tault wMtMr o? not ths same sre so due and payaDle and u~ datsult by tl» spsc~f~t terms hsreof Noth~nfl hsrein tontsinsd shall bs constrwd to constrtut~ a nowbon or r~lsas~ Mon~aqor a any subasquent ownsr of ~ i~ab~l~ry or obl~yat~on unde~ tM prom~ssory nots sec~rsd hecsby or tA~s mortpags by rsason of ths aloresa~d sssumpt~o~ of ths obliflauon unde~ the not~ secur~d hereby, by s subsequent owner oi ths p?aperty descnbsd Aore~n ; 1 5 That m the event ol a swt be~np ~nsututed to forsciose th~s mortgage. the Mort ~ flages shsll bs s~titled to spply at sny t~me during such (o~sclowre su~t to ths ctwrt hav~r?g ]unsd~cuon theraof tor the appo~ntment of a rsceiver of all and smgulsr ths mortyaged p~operty, and of aU ronts. ~ncomes. pro6tt, t ~ssues and revenuas thereoi, irom whatsoaver sourre der~ved. and thereupon u ~s here~y expressly co~venanted a~d agreed thst ihe court shau tonhnnth sp• po~m such recerver w+th the uwal powen and dut~os of reca~vers ~n hka cases. snd sa~d appointmen[ shsll bs msde by the court as a matter of str~ct nght to ~ rhe Mortgagee. and w~thout re(erence to the adequacy or ~nadsQuacy of the valua of the property hereby mortgagad. or to the wlvency or insoiveney oi tM Mortys~o~ a any other psrty defendant to such swt. The Mortys9or Aereby sp~c~6cally waivss tM nflht to ~ect to tha appo~ntment of s rece+vsr ~s ~ a~oresa~d and hereby exprassly conse~ts that wch appo+ntment sha11 be made as an sdm~tted equ~ry a~d as a matter oi absolute r~pht to tl~e Mo?cyaQee and ~ chat the ssme msy be done wrthout notics to tha Mortgagor. 6. TAat ~f any proceed~ngs should be ,nsututed sflainst the propeny covered Dy th~s mangage upon a~y other he~ or cla~m whether superror or ~umor a, ro the I~en oi this mortgage. the Mortgsges may at ns opt~on ~mmediately upon ~nsUtutwn o/ such w~t or dunng the pendency thereof declaro th~s mortpa~s and the ~ndebtedness secured hereby due snd payable torthw~th and may et ~ts optio~ procssd to foreclose th~s mortgage. ~ i 7 To psy all and s~ngular the costs. fees. charges a~d expensss of every k~nd. ~ncludmg the cost ot an abstract o( htla to sa~d iands found to be con- ven~ent or expedient ~n connection wrth any surt for tha (oreclosure of this mortgsge, and also ~nc{ud~ng, whethsr the Mortgages ~s obligated to psy same or no~, reasonsble attorney's fees ~ncurred or expended at any t~me by tha Mortpapes Decauss of ths failure o( the Mortgsgor to pertorm, comply anth and sbd~ by aH or any of tM covenants. condrt~o~s snd atipulations of sa~d prom~ssory note. or th~s mortgage, in the (oreclowre of th~s mortgage and m collect~ng the ; amount secured hereby with or without legal proceedings. arxf to re~mburse tM Mortgagee tor every peyment made or incurred (or any such purpose wnth ~n• ~ terest from date oi every such payment at the highest ?ate authonzed by law: such payments and obligations. with ~nterest thereon as aforesaid. shall be ~ secured by the hen hereot • ~ 8. To keep the buitd~ng or budd~ngs ~ow or hereafter on sa~d land ~nsured agamst losa or damage by fire. extended coverage and other perds. ?n- clud~ng wsr risk mwrance ~i ava~lable. ~n a wm not less than thelr /ull msurable wlue at the cost and expense of the Mortgagor ~n a company o~ companies approved by the Mortgagee. the pol~cy w policies to be held by the Mortgsgee. and such pol~cy or pol~c~es of insurance shall have aff~xed thereto a Standsrd New York Mortgagee Clause, makmg all loss or losses under such polrcy or policies payaMe to the Mortgagee as rts mterest may appear. and to debver sa~d po~~cy or policies to the Mortgagee when ~ssued w~th the rece~pts for the psyment Ot the premium therefor; end ~n the event any sum of money beCOmes payable under such pohcy or pohc~es. the Mortgagee shall have the option to receive and apply the same on account otthe mdebtedness secured hereby or to permrt the Mortgagor to recerve and use n. or any part thereof, for other purposes. withaut thereby waivmg or ~mpa~nng any equlty, I~en or nght under o~ by v:rtue of th~s mongage. and the Mortgagee if ~t deems necessary may place and pay tor wch mwrance. o~ any part tt?ereof, w~thout los~ng. ws~v~ng or aHec- ;~ng Mortgagee's opt~on to foreclose ~or breach of th~s covenant. or any part thereof. or any rigAt a option under th~s mortgage. and every such payment shsll • bea~ interest from date thereol unt~l pa~d at the h~gAest ?ale authonted by law. and all such payments with mterest as e(oresa~d shall be secured by the I~en hereoi in the event any loss or damage is suffered MortgBgor shalt notify Mortgagee of suCh loss or damage w~thin forty-eight 148) hours aher the happening ~ chereo(: the tailure to grve such notice shalt constitute a detault and the Mortgagee shall have the nghts here~n given for all defaults : 9. To permit. commit or suHer no waste and to ma~ntsin the improvements at sU timas ~n a stste oi gpod repair and condition: and to do or permit to s be do~e to said prem~ses nothing that will alter or change the use and character oi said property or in any way impair or weaken the seCUrity of se~d mpRgage. i n case o! the refusal. neglect or inability of the Mortgagor to repair and mainta~n said property, the Mortgagee may, at its option. mske such rapsirs or cause ;`~e same to be made and advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the highest rate authorized by '~Y1 t 0 To delwer che abstract or abstracts ot ntle covenng the mortgaged psoperty to Mortgagee or rts des~gnated agent. which shall at all times. during ~ c'~a i~1e of this mortga~e. remam ~n the possessi~~ of the Mortgegee end in event ot the toreclosure of thia mortgage or other transfer ot trtle. ati nght. title end ~ ncerest of the Mo?tgago? in and to any such abstrect or abstracts of utle shall pass to the purchaser or grantee. ~ 1 1. That no waiver oi any covenant heroin or in the ob6gation aecured hereby shall at any time hereaher be hetd to be a waiver of any oi the ott~er ; ; :zrms hereof or of the note secured hereby, or future waiver of the same covenant. ~ j i 12. Thai in order to accelerate the maturiry of the mdebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. j ~ ~ ab~lity, abligation or encumbranCe upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same. ~ ~ 13. That if tha Mortgegor shall fail, neglect or refuse tor a period of thirty 1301 days fully artd promptly to pay the amounts tequired to be paid by the ~ noce hereby secured w the interest therein specified or any of the aums oi money herein referred to or hereby secured, or otherwise duly, tully and promptly to perform. execute. comply with snd abide by each, svery or any oi the covena~is, conditions a stipulations oi this mongage, che promissory note hereby : ~ secured and/or the construction loen agreement. it any, then, end in either or in any of such events, without notice or demand, the said aggregete sum man- ~ ~~oned in said promissory note. leu prsviou~ payments, it eny. end any and aIt sume mentionerl herein or secured hereby shall become due and payable ~ ~ fenhwith or thereaher at the cont~nuing option ot the Mortysgee as fully and completely ss if said aggreyate sums were originaty stipulated to be paid at such time, anything in said promissory note or hsrein to the contrtry notwithstanding, and the Mortgsgee shatl be entitled thereupo~ or thereafter witAout = r;o~~ca or demand to institute suit at Iaw or in squity to enforce the rights of the Mortgagee hersundsr or under seid promissory note. In the evsnt of sny E ~afault or brsach on the peK of the Mort~aQor hsreundtr or undsr pid promissory nots, th~ Mort~~ ahalt havs the continuing opt~on to enforce payment ~ of al1 sums sscured hersby by action at law or by suit in squity to foreclose this mortflsge. either or both, concurrently or otherwise. and one action or suit ~ ~hell not absts or be e bar to or waiver of the Mortgapse's right to institute or maintain the other, providad said Mongsgee shall have only one payment and sat~ataction of said indsbtsdnea. ~ 14. That in the event that MortgeQor shell (11 conssnt to ths appointmant of a receiver, trustee or liquidator of aN or a wbstential part of Mortyagor's ~ z saeta. or (2) bs adjudicated e bankrupt or inwlvent, or file a voluntary petition in bankruptcy, or admit in writing its inability to pey its debts as they become due. or (3) make a general auignment tw the bsnsfit of creditors, o? (4) 61e a petition w answer seeking reorganization or arranyement with creditors. or to $ eake edvsntaye of sny insolvency law, w(5) file an answer admittiny the mstarisi sllegations oi s petition filed against tF?e Mortgagor in any bankruptcy. ~ rserganization or insolvsncy procesding, or (8) action shall be teksn by the MoRQaQor for the purpose of eHeciing any of the foregang or (7) any order, judq- ' ment or deCree shsll be entered upon an sppti; ation of a crsditor or Mort9aQor by s court of competent jurisdiction approving a petition seeking appo+ntment x of e rsceiver or trustse of all a s substantial part of the Mortgagor's asssts and wch order. judgmsnt or decree shall continue unstayad and in effect for any s oe~~od ot thirty (30) consecutivs days. the Mortgsgee may declare the nots hereby secured fonhwith due and payable, whereuport the pnncipal of and the in- ~ ~ cer$at ecerued on the nots and alI othsr sums hereby secursd shall bscome forthwith due ar?d payable ss if all of the said sums ot money were originslly E s;~puleted to be paid on wch dsy: and thereupon the Mortpagee without notice or demand mey prosecute a suit at law and/or in equity as if all monies ~Ac~red hereby had matured prior to its institution. q 4, ~ 15. That the Mortgagee or any person authoriZed by the Mortgagee shall have the nght to enter upon and inspect the mortgaged premises at all ~ ~asonable t~mes 18. Thet any sum or sums which may Ge loaned or advsnced by the Mortgagee to the Mortgagor at any time within twenty (20) years from the date ;h~s indenture, together with interost thereon at the rate agreed upon at the time of such loan or advance, shall be equafly secured with and have the same :c~~ty aa the originat indebtedness and be subject to all the terms and prov~s~ona of thfs mortgage: prov~ded, that the aggregate amount of pnnc~pal outstan- :i ~g at sny time shall not ezceed (S or if the preceding blank is not completed. then an amount equa! to one hundred and fifty per cent , 5b9b) of the prinCipal emount originelly secured heroby ahell apply. _ ' 17. That. it required by Mortgagee, the sald Mortgagor will pay unto the Mortgagee. on the firat day oi each and every consecut~ve month. a sum ' aaual to one-twelhh of the annual smount necessary to pay aN taxes and asaessments against tha said mortga9ed prem~ses. sa~d monthly wm ro be es- p - ;;mated solely by Mortgagee and calculated to be an amount not less than the amount oi tsxes assessed against.said mortgagad prem~ses for the previd~s , ear. and if turther required by Mortgagee to pay all inaurance premiums in manner and form as provided herein for the p~yment ot taxes and assessmants. i y ; 18. That ~t this mortgage is m connecUOn with construction loan financing, then this mortgage is sub~ect to the Construct~on Loan Agreament ' ' ~aced between the Mortgagor and the Mortgagee. an executed copy of wh~ch ~s m the ~ ~ Mnrtgagee and is ~ncorporated herein by referoncs and made e part hereo/: any default by Mortpagar under said agreement shal! consptt e an e ent of ~ default under this mortgage. 19 That the Mortgagor wdl on the request o/ the Mort a ~ secures s n d t herem state w het her w not Mortgagor cle~ms any d enses w offsets the eto.t of the amount owm g on t h e o b l ~ g a t ~ o n w h~ c h t h i s m o rt g a g e ' ' ~ • ~ . ; a . 2 ~~Uf1 ~0~ f PUC V~J ~J i , - -ca z - . 2. ~ - - - ~ e~ ; y...~ ~ - ~ - ~