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HomeMy WebLinkAbout0971 ~ TA~s maipaee ~s person~l to the Mortgapor h~~at~r~p c~p~ysnce snau be mide by MOrtgegor o~ the promises ~are~n destr~Ded oi anr D+~~~ thereof w~thOUI hrst Obte~n~ng the W~or wn[tan ConSent ot ORQ~~p~i'1A the ewnt Mongaqee qrves th~s wrrtten consem cne grantee named ~n sucn con veyance shalt aswme snd agrse to pay ths obl~gaaon av~cfenced by tM prom~swry note secured AereDy Any convsy~nce o( the property here~~ c7escr~Ded or any pan thsreol ~n v~olaf~on o~ the te~ms of t~~s pa~sgrsA~ shall ent~tie MortyaQee to acceler~ts the payment o~ the oD~~gat~on secured hereby snd all wms of ~noney secured hers~y sl~all et !he opt~On o( Mort9sQEe bsCOme du~ snd pay~Dle and ~n dafault wl~ethsr o~ ~ot the same ara so dua and payable anG ~n cselsult by the spec~f~c tsrms nereof Noth~ng here~n conta~ned shall be construed to consutute a novst~on or release Mortgagor or any subsequent owner ot i~aal~ty a obl~gaaon unde~ the prom~ssory note secured ~ereDy or tMs mortgspe by reason at ~he alorasa~d assumpt~on ol tha oDhgauon unde~ the note secursd hsrsby. by a subsequent owner o( the property descr~bed ~ers~n 5 Thst ~n tha evenl 01 a Swt be~ng ~nst~tuted to foreclose th~s mOrtgape. the MOrtgafles shall be enhtled to apply at any t~me dur~ng sucA (oreclosure suit to the Court having ~unsdett~on thereof tor tAe appo~ntment ol a rece~ve~ of sl~ snd s~ngular the mwtgaged property. and ot all rents. ~ncomes. prof~ts. ~ssues and revcnues thereof from whatsoever sou~ce der~ved. and thereupon ~t ~s hereby expressly convenanted and agreed that the court shalt forthw~tl ap- po~nt such ~ece~ver w~t~ tne usua~ powers and dut~os ot tecewers ~n I~ke csses. snd sa~d appo~ntment shall be made by the court as a matter of stnct r~ght to tne Mortgages. and w~thout retere~ce to the adequacy or ~nadequscy ot the value of the property hereby mongaged. or to the sotvency or ~nsolvency ot the Mortgagor w any other party defandant to such su~t The Mwtgagor hereby speaf~cally wa~ves the nght to ob~a~:t to the appo~ntment of a rece~ver as aforesaid and hereby expressly co~sents that such appo~ntment shall be made as an adm~tted equrty and as s matter ot absolute r~ght to iha Mortgagee and chat the saR+e may be done w~thout notice to the Mortgsgor 6 That ~f any proceed~:~gs should be ~nst~tuted against the property covered ~y this mortgagtt upon any other t~en ar cla~m whethe~ super+or O~ ~urnor ta the I~en of th~s mortgage. the Mortgagee may at rts opc~on immed~ately upon ~nstitut~on oi such swt or durmg the pendency thereof dec~are th~s mortgage and the ~ndebtedness secured hereby due and payable torthw~th and may at ~ts opt~on proceed to foreclose th~s mortgage 7 To pay all ar?d s~ngular the costs. /ees. charges and expenses of every k~nd. includ~ng the cost of an abstract of t~tfe to sa~d lands found to be con- vernent w exped~ent connecuon w~th any wa tor the toreclosure ot th~s monpage. and a1w ~nclud+ng. whether the Mortgagee ~s obl~gated to pay same or not reswnable attwney's fees ~ncurred or expended at any t~me by the Mortyagee becsuse of the fa~lure ot the Mor[gago? to periorm. compty w~th a~d ab~de by a1{ or any of the covenai,ts. cond~t~ons and st~pulai~ons oi sa~d prom:ssory note. or th~s mortgsge. ~n the (oreclosure o( th~s mortgage and ~n co~~ecung the amount setured hereby wrth or w~thout legal proceed~ngs. and to re~mburse the Mortgagee to: every payment made or ~ncurred ior any sucfi purptise with in- cerest from dace of every such payment at the h~ghest race author~zed by taw. such payments and obl~ga~~o~s. w~~h ~nterest thereon as atoresa~d. shall be secured by the I~en hereof 8 To keep the build~ng or build~ngs now or hereaher on said 10nd ~nsu?ed aga~nst loss ar damege by (ire. extended Coverage and other penls. ~n- clud~ng war risk i~surance ~f ava~labte. in a sum ~ot less than the~r tull +nsur8ble value at the cost snd expense of the Mortgagor ~n a company or comparnes approved by the Mongagee. the pol~cy or poiicies to be ~eld by the Mortgagee. and such pohcy or pobc~eS of ~nsurance shall have aff~xed ihereto a Standard New York Mortgagee Clause, mak~ng aN loss or losses unde? such pohcy or pohc~es payable to the Mortgagee as its mterest may appear. and to del~ver said po"~cy or pol~c~es to the Mortgagee when issued w~th the receipts for the payment ot the premium therefor: and +n the event any sum of money becomes payable unde~ such pol~~y or pol~c~es. the Mortgagee shall have the option to rece~ve and apply the same on account oi the ~ndebted~ess secureci hereby or to permrt the Moctgagor to rece+~•e and use ~t. oi any part ihereof. for other purposeS. wrthout thereby wa~vmg or ~mpaving any eqwty. I~en or nght unde~ or by v~rtue of th~s mortgaye. and the Mortgagee if ~t deems necessary may plece and paY ~or wch insurance. or any part thereo(. w~thout las~ng, wa~v~ng or aNec- c,r,g Mortgagee's opt~on to tureciose for breach oi this covenant. o~ any part thereof. or any nght or opt~on under th~s mortgage. and every such payment shall bear ~nterest trom date thereof u~t,i paid at the highest rate author~zed by taw. and all such payments wrth interest as aforesa~d shall be secured by the lien nereof ~n [he event any loss or damage ~s suffered Mortgagor shall not~fy Niortgagee oi such loss or damage within fortY-e~ght (48) hours aher the ~appen+ng *.hereof. the fa~lure to g~ve such nutice shall const~tute a default and the Mortgagee shall have the nghts here~n given for all defaults 9 To perm~t commit or suHer no waste and to maintain the improvements at all t~mes in a state of good repa~r and condit~on, and to do or permrt to be done to sa~d prem~ses nothing that wiit atter or change the use and characte? o( sa~d property or m any way ~mpair or weaken the secunty ot sa~d mortgage. : n case of the retusal, neglect or mab~hty of the Mortgagor to repa~r and maintai~ said property. the Mortgagee may. at its opUOn, make such repa~rs or cause ~^e same to be made and advance monles ~n that behalf wh~cn sums sha11 be secured by the ~ien heraof and bear ~nterest at the highest rate autho~i:ed by Z ~V 10 To del~ver the abstract or abstracts of t~tle co~ertng the mortgaged property to Mortgagee or ~ts designated agent. wh~ch sAail at ali t~mes. dunng ~~~e i~te of th~s mortga ~e remam m the possess+on of the Mongagee end m event of the foreclosure of this mortgege or other t~ansfer of Utle. ali nght. Ude and ~~:erest of the Mortgagor in and ro any such abstract or a0stracts of t~tle shali pass to the purchaser or grantee 1 1 That no wa~ver of any covenant hare~n or the obligat~o~ secured hereby shall at any ome hereafter be held to be a wa~ver of any of the ot1?er ~erms hereof or o~ the note secured hereby. or future wa~ver of the same covenant 12 That in order to accelerate the maturity of the ~ndebtedness hereby secured because of the fa~lure of the Mortgagor to pay any tax assessment. ab~l~ty. obhgaUOn or encumbrance upon seid property as herem prov~ded. R shell not be necessary nor reqwsrte that the Mortgagee shall first pay the same. 13 That the Mortgagor shall fail, neglect or refuse for a period of th~rty (301 days fully and promptly to pay the amounts requ~red to be pa~d by the r.ote heraby secured or the ~nterest therein spec~f~ed or any of the sums of money here~n referred to or hereby secured. or otherw~se du1y. fully and promptly to periorm. execute. comply with a~d ab~de by each. every or eny ot t~e covanants. cond~UOns or stipulations of th~s mongage. the prom~ssory note hereby li secured and/or the conatruction loan agreemsnt. if any. then, and in erther or m any ot such eventa, vr,thout notic:e or demand. the sa~d aggregate sum men- t:oned in ssid promissory note. less previoua psyments, if any, end any end all suma mentioned herein or secured hereby shall become due and payable i `orthwith or thereafter at the continuing opt~on of the Mortgagee as fully and cortptetely as it said sggregate sums were origmaliy st~aufated to be paid at ~i such tims. anything in sa~d promissory note or herein to the contrary notwithstandmg. and the Mortgagee shall be ent~tled thereupon or thereaher without ~ot+ce a demenQ ta snstitute suit st law or in equity to enforce the rights of tM Mortgsgee hereunder or under said prom~ssory note In the event of any default or breach on the pert of the Mortgaqor hereunder or under said promisaory ~ota. tha Monqayss ahatl heve the continuing opt~on to eniarce payment ; of al! sums sscured hsreby by ection et lew or by suit i~ squiry to foreClose this mortgage. eithe? or both, toncurrently or otherwise, and one action or surt [ ahal! not ebate o~ bs e bar to or weivss ot the Mort9agee"s nght !o institute or maintain the other, provided sa~d Mongagee shall have only one payment and ~ aat~sfaction ot said indebtsdness. f a { 14. That ~n the evsnt that Mortqeyor ahall (1) consent to tfie appo~ntment oi a receiver, trustee or tiquidator of all or a substant~al part of Mortgagor's ~ assets. or (2) be adjudicated e bankrupt or insolvent, or file e voluntery petit~on in bankruptcy, or admit in writing its i~ab+lity to paY ~ts debts as they become F due or (3) mske a fleneral ass~gnmsnt for the benafit of crsditors, or (4) file a petition or answer seeking reorgsmzat~on o? arrangament w~th cseditors, or to ~ cake advantage oi any insolvency law, or (51 file an answer admitti~g the ma:erisl atlegstions of a pet~t~on iiled agamst the Mortgagor in any bankruptcy. ~ reorganizetion or insolvency procseding. or (8) action shatl bs taken by the Mortpayor for the purpose of eHecting any o( the forego~ng or (71 any order, judg- ment or decree shsll bs sntersd upon an spptication Of s Creditor Or Mortgagor by e court oi Competent jurisd~cUOn approvmg e petit~on seekmg appomtment ~ o( e receiver or trustee of all or a substential part of the Mortgagor's asseta snd such o?der. judgment or decree shall cont~nue unstayed and m effect for any per~od of th~rty 130) consecutrve days, the Mortgagee may declare the note he?eby secured forthwith due and paYab~e. whereupon the pr~nc~pal oi and the m- ~ cerest accrued on the note snd sll other sums hereby secured shall become forthwith due and psyable as if all of the sa~d sums of money were ongmally ~ sc+pulated to bs pa~d on wch day: end thereupon the Mortgagee without not~ce or demand may prosecute a suit at law a~dior +n egu+ty as ~i all mon~es ~ SeCUred hereby hed matured prior t0 rtf +nsUtuUOn. 4 ~ 15. That the MoRgagee or any peraon author;zed by the Mortgagee shal! have tha nght to enter upon and mspect the rnortgaged prem~ses at all ~ ~easonable t~mes 18. That sny sum or aums whlch may be loaned or advanced by the Mortyegee to the Mongagor at any t~me w~th~n twenty (20) Years from che dace ; eh~s mdsnture, together w~th mtarest thereon at tAe rote agreed upon at the Umo of auch loan or advance, shail be equally secwed w~th and have the same pr,ority as the ong~nal mdebtedness and be sub~ect to ali the terms end prowsiona ot th~s mortgage. prov~ded. that the aggregate amount of pnnc~pal outstan- ng at sny bme shall not ezceed (3 1. o~ rf the preced~ng blank is not completed. then an amount equa~ to one hundred and t~hy per Cent ? 5096) of the pnnc~pal amo~nt on~tinally sacurod hereby sha11 appiy ' 17 That. ~f requ~?ed by Mortgagee. the sa~d Mongsgor w+tl pay unto the Mongagae. on the f~rst day of each and every consecut~ve month. a sum equal to one-twelhh o( the annual amount necessary t~ pay all taxes and assessments aga~nst the said mortgaged prem~ses. sa~d mo~thly sum to be es- ,.mated so~ely by Mortgagee and calculsted to be en amount not fess thsn the smount of taxes atsessed a~9a~nst sa~d mortgaged prem~ses lor the prewous Year. and ~i further reQu~red by Mortgagee to pay all ~nsurance premwms ~n manner and form as prov~ded he?e~n for the p~yment ol taxes and assessments ~ 18 Thst ~i th~s mongage ~s in connecuon wrth co~atruct~on loan f~nsncing. then this mortgage ~s wb~ect to the Construct~on Loan Agreement ~a!ed betwsen the Mortgaflor art~ tt?~ Mort9sgss. sn exacuted copy of which ~s ~n the possess~on ot th3 ~ ~ !~tonflaqee and ~s ~ncorporated herem by rolsrencs end mAde s psn hsreot. any defauft by Mongsgor under sa~d agreament shatl constrtute an event ot ~e~ault unde~ th~s mort~sas • . 19 That the Mongapor w~ll on the ?squsst ot the Mortgsgee furrnsh s wr~ttan st~teme~t ot the amount ow~ng on ihe obl~gauon wh~ch th~s mohgsge s~curos and cherem stat~ W1i~thes o~ not MOr~~po~ cls~ms any ds(er~sss or aHsets thereto F ' ~ ~ ' ' ~ ao`~i ~Q9 P~sE 9~'1 - ~ - - - ~r ~ ~ a ~