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HomeMy WebLinkAbout0934 ~ Thn mortgage ~s p~rsonal to ths Mort9aQor here~n and r o conv~y~ ~ shaii De made by Mortpsgo~ of the p~ern~ses here~n AescnOed or any pa~t ~ne~eo( wrthoul hrst obts~n~ng the pnu~ wntten conssnt of the Morl~aflN In tM ~wnt Mort y~ pee yrves tA~s wntten consenl the gr,Mee named in Such COn .ayance shau aswme and agres to pay tM ob~~gst~on ev~dencsd by the prom~ssory no[~ s~cursd hersby Any conveysnce o1 tne proper[y here~n descnbed or any part thereof ,n v,olshon ol the terms o} th~s parag?apA sha11 enf~tle Mo?1paQee lo accelersts tAe payment o1 the obl~gauon secured hereby and all wms of rnoney secured hereby shall at the opt~on of Mortgage~. Decome due and payaD~s snd ~n delsutt whether or not the same are so due snd Dsyable and ~n defsult by ths speaf~c terms hereof Noth~ng hero~n coms~nsd sh~li pe construsd ro const~tute s novauon or rele~se Mortgagor or any su~sequent ownsr of ~~ab~hty or obhgahon under the prom~ssory nots sewred hereAy or t~~s mortgage Dy roason ot the aforosa~d assumpuon of the ob~~gadon under tM nots secured hereby. by a subsequent owner of the property descr~bed here~n 5 That in tAe event of a suit be~n9 ~nst~tuted to (oreclose this mortgage. the Mortgagee shsll be ent~tled to apply at any t~me during such foreclosure sw~ co the court hawng ~unsd~ct~on thereoi for the appo~ntmen; oi a recerver of all and s~ngutsr the mortgaged property. and of all rents. ~~comes. prohts. ~ssues and revenues thereof (rom whatsoever sourca der~ved. and thereupon ~t ~s hereby expressly convenanted and agreed that the court shall lorthw~th ap p<i~nl suCA reCerve~ with ihe usual powers dnd dut~os o( recewars ~n I~ke cases. snd sa~d appa~ntment shall be made by tt~e court as a matte~ of stnct r~g~t to ine Mor~gagee and w~thout re(erence to tne adaquacy or ~nadequecy of the value of tt.e property hereby mortgaged. o~ to tl?e solvency or ~nsolvency of the Mor~gagor or any other party detendant to such su~t The Mortgagor hereby speuf~cally we~ves the nght to ob~ect to the appo~~tment of a rece~ver as aforesa~d and hereby expressty consenis that such appo~ntment snall be made as an adm~tted eqwty and as s matter o( absolute r~ght to the Mortgagee and ~na; the sama may be done w~thout nohce to tne Mortgagor 6 That ~f sny proceed~ngs should be ~nsi~tuted aga~nst the property cavered by th~s mortgage upon any other I~en or cla~m whether super~or or ~un~or to the I=en o1 th~s mortgage. tAe Mortgagee may at ~ts opt~on ~mmed~ately upon ~nst~tuuon of such su~t or dur~ng the pe~dency thereof dec~are th~s mo~tgage and the ~ndebtedness secured hereby due and payable forthw~th and may at ~t~ opt~on proceed to foreclose th~s mortgage 7 To pay all and s~ngular the costs. fees. charges and expenses ot every k~nd. ~nciud~ng the cost ot an abstract of t~tle co sa~d lands tound to be con- veniant o? expedient ~n con~ect~on w~th any su~t for the foreclosure of th~s mortgage. and also ~nctud~ng. whether the Mortgagee ~s obl~gatea to pay same or ~o: reasonable attor~ey~s fees ~~cu~red or expended at any t~me by the Mortgagee because of the failure ol the Mortgagor to pertorm. compty w~th and ab~de by all or any of the covenants. condrtions and stipulat~ons oi sa~d ptomissory note. or this mortgage. in the (oreclosure of th~s mortgage and ~n collecting the amount secured hereby wrth or without legal proceed~ngs. and to reimburse the iNongagee for every payment made or ~ncurred (or any such purpose wrth i~- cerQSt irom date of every such payment at the h ghest rate author~zed by law. such payments and obl~gat~ons. w~th ~nterest thereon as aforesa~d shall be secured by the lien hereot 8 To kaep the building or bu~ldings now or hereaher on sa~d land ~nsured aga~nst loss or damage by /~re. extended coverage and other penls. ~n- c.ud~ng war nsk msurance if available m a sum not 1e55 than theu fuli msurable value at the cost and expense of the Mortgagor ~n a company or compan~es ap~roved by the Mortgagee. the pohcy or pohc~es to be hetd by [he Mortgagee. and such pol~cy or poi~ues ol ~nsurance shall have a«~xed thereto a Standard New York Mortgagee Clause. mak~ng alt Ioss or losses under such pol~cy or pohaes payable ro the Mortgagee as ~ts ~nterest may appear and to delrver sa~d pol~c~- or poi~~~es to the Mortgagee when ~ssued w~th the rece~pts for the payme~t of the prem~um therefor. and ~n the event any sum ot money becomes payable under such pol~cy or pol~c~es. the Mortgagee shall have the optio~ to recewe and apply the same on account of lhe indebtedness secured hereby or to ;~ermit the Mortgagor to rece~~e and use rt or any part thereof. (or other purppses. w~thov~ thereby waw~ng or impa~nng any eqwty. lien or nght under or by •.~~cue of th~s mortgage. and the Mortgagee ~i ~t deems necessary may place and pay for wch ~nsu?ance. or any part thereof. w~thout los~ng, wa~wng or atfec- c•~u Mortgagee's opt~on to tureciose for breach oi th~s covenant. or any part thareo(, or any nght or opt~on under th~s mortgage. and every such payment shall bE??r ~nterest from date thereof unt~l pa~d at the h~ghest rate authonzed by law. and all such payments with ~~terest as aforesa~d shall be secured by the t~en ~e~eof In the event any loss or damaye ~s suHered Mortgagor shall not~fy M~rtgagee of such loss or damage w~ih~n torty-e~ght 148) hours aher the happemng ~hereof. the fa~lure to gwe such nut~ce shall censt~tute a default and the Mortgagee shail have the nghts here~n g~ven for atl de(aults 9 To permrt commrt or suffer no waste and to maintam the improvements at all times m a state of good repa~r and condrt~on: and to do or permn to ~>e done to sa~d prem~ses noth~ng that w~il alter or change the use artd character of said property or m any way ~mpau er weaken the secunty ot sa~d mortgage ase o( the refusal neglect or ~nab~l~ty of the Mortgagor to .epa~r and ma~nta~n sa~d property. the Mortgagee may. at ~ts opt~bn. make such repa~rs or cause ~~~e same to be made and advance monies m that behalf wh~ch sums shall be secured by the I~en hareot and bear interest at the highest rate authonzed by a ~ti ' 10 To dai~ver tne abstract or abstracts of t~tle covenng the mortgaged property to Mortgagee or ~ts des~gnated agent, wh~ch shali at ali t~mes dunng of th~s mertga~e rema~n ~n the possess~on oF the Mortgagee and m event oI the foreclosure of th~s mortga~e or other transter of t~tte. a1i nght. t~tle and ~i ~~•est of t1~e Mortgagor m and to any such abstract or abstr3cts of utle shall pass to the purchase? or grantee i 1 1 That no waiver of any covena~t here~n or ~n the obl~gahon secured hereby shall at any t~me hereaiter be held to be a wa~ver of eny of the other ~~~ms hereoi or ot the note secured hereby. or future wa~ver oi the same covenant 12 That ~n order to accelerate the matunty of the ~ndebtedness hereby secured because of the fadure of the Mortgagor to pay any tax assessment. ~ ao~!~ty. obhgaUOn or encumbrance upon sa~d property as herem prov~ded, it shail not be necessary nor regu:srte that the Mortgagee shall f~rst pay tha same i i 3 That ~f the Mortgagor shal! ta~l, neglect or refuse for a period of thirty (30) days fully and promptly to pay the amounts requ~red to be pa~d by the ' ~:o~e hereby secured or the interest therein spec~tied or any ot the sums of money here~r, referred to or hereby secured. or otherw~se duly, fully and promptly to ;;erform. execute. comply with and abide by each. every or any of the covenants, condiUOns or stipulaUOns of this mortgage. the prom~ssory note hereby ' secured andior the construction loan egreement. ~f eny, then, and in either or m any of such events, wnthout noUCe or demand, the sa~d aggregate sum men- ! t oned ~n said prom~saory note. leas provioua payments. if any. antl any and all sums menUOned herein or secured hereby shall become due and payable ! +orchwrth or thereafter at the cont~nuing opUOn of the Mortgagee as tully and completely as rf said aggregate sums were ong~nalty st~pulated to be pa~d at i s:.ch t~me. anything 1n sa~d promissory note or here~n to the contrery notwithstandmg, and the Mortgagee shall be ent~tled thereupon or thereaher w~thout ~~ot~ce or demand to institute suit at law or in equiry to enforce the righta of the Mortgagee hereunder or under said promissory note In the event of any ~ de!ault or breach on the part of the MoRgaQor hsreunder or undsr sa~d prom~ssory note. ths MortpaQee shatl heva the continuing opt~on to enforce peyment ~ ot a!I sums secured hereby by act~on at taw or by suit m eqwty to torectoae th~s mortgage, e~ther or both. concurrently or otherw~se, and one action or su~t ~ ~na11 not abats or be a bar to or waiver of the Mortgagee's right to inst~tuta or maintain the other. prov~ded s.~~d Mortgagee shall have only one payment and t sausfaction of sa~d indebtedness. ~ 14. Tfiat m the event that Mortgagor shall (1) consent to the appo~ntment of a receiver. trustee or I~quidator of all or a substant~al part o/ Mortgagor's ~ asseta. or (2) be ad~udiceted e bankrupt or insolvent, or file e volu~tery petiUOn in bankruptcy. or admit m wriUng rts inab~hty to pay rts debts as they become ~ :ue or (3) meke a general assignment for the benefit oi Cred~tors. or (4) file e petrtion or answer seeking reorgamzation or arrangement with creditors. or to ;aze advantape of any insolvency law, or (5) fite an nnswer admittmg the material allegaUOns of a pet~UOn filed agamst the Mortgagor in any bankruptcy. ~ ~eorganization or insolvency proceeding, or (8) action shall be taken by the Mortgagor for the purpose of eHecting any of the foregoing or (7! any order. judg- +*~ent or detrse shall be entered upon en application oI a Craditor or Mortgaeor by a court of competent jurisdicuon approv~ng a pet~t~on seek~ng appo~ntment ~ ot a receiver w trustee of all o+ a substant~ai part of the Mortgagor's as~ets and such order, judgment or dacree shall continue u~stayed and in effect for any ~ ~ar~od of thirty (30) consecutive days, the Mortgeges may declaro the note heroby aecured (orthwith due and payable, whereupon the pnncipat o( and the m- ~ ~arest eccrued on the note and all other sums hereby secursd ahall become forthwith due and payable as if all of the said sums of mo~ey were ongmally ` s~•pulated to be pa~d on wch dsy: and thereupon the Mortga~ee wrthout notice or demand may prosecute a swt at law andior m equ~ty as if all momes ~ ,e~ured hereby had matured pnor to rts mstituuon. ~ 15 That the Mortgagee or any person auihonzed by the Mortgagee ahali have the nght to enter upon and ~nspect the mor,gaged premises at all ~ •easonable bmes ~ 16 That eny aum or sums whiCh may be ~o8ned or edvanced by the Mortgegee to the Mortgagor at any time w~thin iwenty (20! years from the date ~ tn!s ~ndenture. together w~th ~nterest thereon at the rate egreed upon at the t~me ot such loan or advance. shatl be equally secured with and have ti:e same • on,y as the ongmal mdebtedness and be sub~ect to all the terms and prov~s~ons of th~s mortgage. prov+ded that the aggregate amount of pnnapai outstan- ' ~y at any time shall not ezceed (S _1. or it the preced~ng blank ~s not completed then an amount equa~ to one hundred and t~hy per cent ! 5~) of the pr~ncipal amount ongmally sec~red heieby shall apply 17 That, if requ~red by Mortgagee, the sa~d Mortgegor v:~ll pay unto the hiortgagee. on the f~rst day of each a~d every consecut~ve month a sum ~quzl to one-twelfth ot the annual amount necessary to pay all taxea anC assessments age~nst the sa~d mortgaged prem~ses. sa~d monthly wm to be es- ; ~~*-~ated wlely by Mo?tgagee and catculatad to be an amount not Iess than the emount of taxea assessed against sa~d mortgaged prem~ses for the prev~ous ~ ,ear and i( turther requ~red by Mortgagee to pay ali insurance prem~ums m manner and lorm as provided herem tor the p~yment of tazes and assessments ~ 18 That ~1 th~s mortgage ~s ~n connection with construction loen hnancing, then this mortgage ~s wbject to the Construct~on Loan Agreemant ~ ~a[ed betwean the Mortgagor and the Mortgagae. an executed copy oi wh~ch ~s m the `,iortgagee and is ~ncorporated here~n by reference and made a pert hereof. any de(ault by Niortgagor under sa~d agreement shall cons~ ute a'n e ent of :a~ault under this mortgege 19 That the Mortgagor w~11 on the request of the Mortgagee furrnsh a written statemen! of the amount ow~ng o~ the obl~gat~on wh~ch th~s mortgage ~res and therein state whether or noi Mor~apor~ta~ms any de(enses or aHseis thereto ~ .~l ~ ~ ~ f~R ~ ~ ~ ' ~ 'f t ' ~ 2 dUO~( ~ll~ PaGE c~t~ - - ~ ~ _ _ ~ ~ $ ~r'° ~ .~:~~~Y . ~ -