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This mwtgsgs is pe?sonal to the Mortgagor here~n and no conveyance shall bs msde by Mortgagor of !he prem~ses here~n descr~bed or any p~~~
thereof without first obtaining the piw wrirttsn oonsent oi the Mortgagee In the event Mortgagee grves th~s wr~tten consent. the g.antee named ~n such co~
veyance shsU sswme a~d sgree to pay the obligstion ewde~ced by tha prom~ssory note secured hereby Any conveysnce oi ths p.operty herem descnbed o~
~ sny psrt thereof in violation of the te~ms oi th~s pa?agraph shall entitle Mongagee to accelerate the payment o( the obl~gst~on secured hereby snd s11 sums ut
money sscured hereby shall, at the option ot Mortgagse. become due and payable and de(auH whether or not the same are so due and paysble anci ~n
_ deiwlt by the specific terms hereo/. Nothing here~n conta~ned shatl be const~ued to const~tute a novat~on or release Mongaga or any subsequent owner nf
- IisMlity or pblqatio~ under the promissory note sacursd hereby or th~s mortgsge by reason of the aforesa~d aswmpt~on ot the obl+gsuon under the note
secured hereby, by s subsequent oevnar of the property descnbed here~n.
5. That in the event ot a wit be~ng ~nstituted to (oreciose th~s mortgage. the Mortgagee shall be ent~tled to apply at any time dunng such /oreciosu-e
wit to the Cou?t having junsdiction thereo( tor 2he eppomtment o} e recerver o} all end s~ngular !he mortgaged property. and o( all rents, incomes. pro~~ts
iswes and revenues thereoi, trom whatsoever source denved: and thereupon it ~s heroby expressly convenanted e~d agreed that the court shall /onhw~th as,
Dant wch rece~ver w~th the usual powers and dut~os ot receivers m like cases, and said appo~ntment shall be made by the court as a matter of stnct r~gnt fo
the Mortgagee. arxl without roferenca to the adequacy w inadequacy o( the value o( the propeny hereby mortgaged, or to the solvency or ~nsolvancy uf ~nP
Mortgagor or a~y other party detsndar~t to such su~t. The Matgagor hereby specifically wa~ves tM nght to object to the sppo~ntment ot a rece~ver as
aforesaid and hereby expressly consents that wch appoi~tment shall be made as an adm~tted equ~ty and as a matter oi sbsolute nght to the Mortgagee and
tl?st the same msy be do~e without nouce to the Mortga9or.
6. That ii any proceed~ngs should be ~nstrtuted agarnst the property covered by th~s mortgage upon any other 6en or cla~m whather wpenor or iun~or
to the fien o( this mortgsge. the Mortgsgee may st its opUOn ~mmed~ately upon ~nsuwUO~ ot wch swt w dunng the pendency ihereot dec0are th~s maregage
and the mdebtednsss secured hereby due arb paysble (orthwith and may at its option proceed to faeclose th~s mortgage.
7. To pay all and s~ngular the costs, tess. charges and expenses of every kind. including the cost of an abstract oi utle to sa~d lands found ta be co:,
venient a sxpedient ~n connactwn with any w~t 1or the foreclosure oi M~s mortgage, and also mcluding, whether the Mortgagee ~s obl~gated to pay same ;~r
not. reasonable attorney's fees ~ncurcsd w expended at any t~me by the Mortgsgee because o( the la~lure of the Mortgagor to periorm. comply w~th ana ab~de
~ by all or sny ot the covenants, cond~tions and st~pulat~ons o( sa~d promiuay note. w th~s mortgsge. in the iweclowro of th~s mortgage and in collec~~ng tne
F amount secured hersby with or wrthout legal proceedl~gs, and to ~eimburse the Mortgagee for every payment made or ~ncurred tor any wch purpose wrth ~n
terest trom date ot every wch payment at the hlghest rate authonzed by law: such payments and obl~gatwns. w~th ~nterest thereon as aforosa~d. shail be
± secured by the lien hereof.
8. To keep the buildmg or buildings now or hereaher on said land ~nsured aga~nst loss w damage by (ue. extended coverage and other perus ~n
tlud~ng wa~ risk insurance if available. in a sum not less than their full ~nsurable value at the cost snd expense ot the Mortgagor ~n a compa~y or compan~es
approveA by the Mortyagee, the pol~cy or pol~cies to be held by the Mortgagee. and such pol~cy w pol~c~es o( ~nsu~ance shall have aN~xed thereto a Standa~d
New Yorlc Mortgegee Clause, making all bss or losses under such pol~cy or pot~c~es payable to the Mortgagee as ~ts ~nterest may appear. and to del~ver sa~ci
policy w pol~cies to the Mo?tgagee when issued with the receipts (or the payment ot the prem~um there(or: a~d m the event any sum ot money becomes
payable under such pol~cy or pol~cies. the Mortgagee shall have the opt~on to recerve and spply the same on account of the ~ndebtedness secured hereby o~ to
permit the Mortgago~ to receive and use ~t. or any psrt the~eof. tor other purposes. wrthout thereby waiwng or impainng any eqwty. I~en or nght under or 5~•
virtue of th~s mortgage, and the MoRgagee if it deems necessary may place snd pay (w such ~nwronce, or any part thereo(, without los~ng. ws~vmg or aHec
tmg Mortgagee's opt~on to foreclose (or txeach oi th~s covenant, or any psrt thereof, or any nght or.option under th~s mortgage. and every wch paymen~ shai! I
beer inierest from date thereof until paid at the h~ghest rate atlthonzed by law, and all suCh peyments with interost as aforeseid shall be secured by the nen ~
hereo/ In the event any loss or damage ~s suHered Mo?tgayror shall noUfy Mortgagee of such loss or 0amage within torty-e~ght (48) hou~s aher the happernrg
thereo(: the /ailure to give such notice shall constitute a default a~d the Mortgagee shall have the nghts herem given for all defaults ;
9. To permit, commit or suffer no waste and to maintain the ~mprovements at s11 t~mes in a atate ot good repai~ and cond~twn. and to do or perrrut co
be done to sa~d premises nothing that wilt alte~ or chsnge the use and characte? of ssid property or ~n any wsy impair or wesken the secunty of sa~d mortgage ~
In csse of the ~efusal, neglect or inability bf the Mo?tgagor to repa~r snd maintain sa?d property, the Mongsgee may, at its opt~on, make such repa~rs or cause
the same to be made and advance monies in that behalf wh~ch sums shaU be secured by the lien hereoi and bear interest at [he h~ghest rate authonzed bv ;
law.
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10. To defiver the abstrsct or abstrects ot title covenng the rtwrtgaged property to Mongagee or ~ts designated agent, wh~ch shsll at atl umes, dur~rg III
the hte of this mortga~e. remain in the possessian ot the Mortgagee and in event oI the foreclosure oi this mortgage or other transter ot title. ali nght. t~tte ana ~
mterest of the Mortgagor in and to sny such abstract or abstracts of btle shall pass to the pu~chaser or grantee. '
1 1. That no waiver ot eny covensnt hersi~ or in the obligation secured hereby ahetl st any time hereafter be held to be a wa~ver of s~y ot the other
terms Mreoi or ot the nots secured heroby. or future waiver ot the same covenant. I
12. Thst in ords? to accebrats the maturiry of the indebtedness hereby secured becsuse oi the failuro o( the Mortgsgw to pay any tsx assessmenc. '
liability, obtigation or encumbrancs upon said property as herain providsd. it shall not be nacessary nor requisite that the Mortgegee shsll first pay the same ,
13. That if the Mottgago? shall fail: neglect or refuse for a period of thirty (30) days fulty and promptly to pay ths amounts required to be pa~d by the '
nots hsreby securod a ths intsrsst thersin specifisd or sny oi the wms of money here~~ referrod to w hereby secured. or otherw~se duly. tully and promptiy to
pKfam. executs, compfy with and abids by sach. svsry w any ol the covsnants, conditions a stipulations ot this mortgags, the promissory note hereb~ I~
t~tund ~nd/or th~ construction ban spr~sment, if any, then, and in sither or in sny of such svents, without ~ or demand, ths said a9g~eyate sum men-
tion~d in s~id p?omiswry note. Nsr prsviau piymsnn. if any, and ~ny and all sum• mendonsd hsrsin a secured hersby shall bscoms dus and payabie
tathwith o? tMro~ltar at ths oonbnuin~ option oi the Mortya~se as fu11y and complecsly as if wid sg~?sgate wms ws?s originslly stiputated to be pa~d ac
wch tim~, a~ythinp in pid promistory nots or Mni~ to the oontrary notwithstanding, and ths MongaQse shall be entitled thereupo~ w thsroafter w~chout
notiCS or dsma~d to instituts wit ~t law w in equity to snforce ths ri~hu oi the Mortgapee hsroundsr or under seid promissory nots. In the evsnt of any
detwh or brsach on ths pan of tha Matpa~w Mnund~r w und~r said promissory not~, tM Mortp~p~s ~haN heve tM continuinp optio~ to snforce payme~c
ot dl wms s~curod h~rsby by ~ction ~t I~w or by suit in equity to forsclose this matps~s, eithe~ w both. concurrentty or othsrwise, and ons action or s~~t
shall not ~bat~ or M a bar to or waiwr oi ch~ Mortqa~se's nQht to in~titute or msintain the other. providsd ssid Mort~a9se shall have only o~e payment and
~atiNaction of ~aid ind~Dt~dn~ss. .
14. That in ths wMt that Mortppa ~h~ll (1) con~snt to ths eppointment ot a recsivsr, tnistee or liquidator ot all or s wbsuntial pan of Mortflagor s
~tMts, w' (2) b~ bjudic~t~d a b~nkrupt or infofvent, w fil~ a voluntary pstition in bankruptcy, or admit in writinp its inability to pay its dsbts as thay become
dw, or (3) m~ks a~ral a~i~m~nt fa th~ bsnefit of cnditors. a(4) fils a petition or answsr ssskinp reor~ani:ation or enangsment with crsditors. or to
tab adv~ntps of a~y imolwncy bw, o? (6) fl1s ~n ~nswtr edmittinp ths materiat ~Ilepstio~s of a
; «i petition filed painst ths Mortg~gor in any bankruptcy.
~~~Y P~~Ndin~. or (d) action shatl bs taken by tM MortpaQor for the purpose ot eNsctiny any of the forspoinp or (7) any wde?. iudg
i n+Mt a d~c~ shalt b~ Mtsnd upon an application oPa cnditor or Mortp~qo? by a court of oompetsnt jurisdiction approving a pstition ssekinq ~ppointme~t
ot ~ ncNwr a trustN of aN a~ wbatanti~l psn of tM Mortp~yoi s assets snd wch order, judpm~~t or decroe shall oontinus unsteysd and in ~ifsct tor any
pKiod ot thirty (30) oons~cutiw day~, the Mon~sq~ may dsclars tM nots hersby secured ionhwith due and
t~nst ~xu~d on dw ~ot~ ~nd all otha wms AsroDy sscurod shsll b~come fonhwith dus and ~ro~ of and tt~e ~n
nipulat~d to b~ PNd on wch da1?: and t1+KSUpo~ the Mort a PaYebls as it all of th~ qid sums ot monsy we~e ong~nai~y
Ncu?~d Mnby had matuhd pria to its institutio~. 9~ N"tlwut notics or demand may ptosscute a suit at law and/o~ in sQuity ss ii all momes
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16. That tM MortypN a any psnon suthorizsd by chs Mortpasps shN1 havs the n9ht to encer upon ~~d inspacc ths monpagsd prom~ses at aii
roaso~abl~ times.
' 18. That ~ny wm a wrm whicA may be loaned or ~dvancsd by the Mat to the Mort a ~
oi this ind~ntun. t ~ 9a ~t any time withln twenty (20) ~rsan hom the date
~ op~th~? with int~nst tMreon ~t the rate s9rsed upon at the time of such loa~ or advance. shsll bs squally sscured with ~nd havs the same
~ priairy ~s th~ oripinal indsbtsdnes~ and b~ wbjact to alt the tsrms and p?ovisio~s ot this mortpspe: {xovided. that ths ag~~egate amount of pnnc~pal outs~an
di~sp at amr tim~ ~hall not ~xcNd (t o~ it the procedi~q blank not complsted. then ~n amount equal to one hu~d~sd and fifry per ce~~
(160%) o/ tM principal ~mount oripin~lly secursd hsrsby shall ~pply.
17. That, ii nquind by Mortpa~s, iM ~aid Mortpaqa will pay unto tM Mortga~ss. on the Rrtt day ot each snd ewry co~secutive mont~. a sum
pu~l to oM•tw~lhh of tM a~nuN amount nec~ss~ry to pay all tsxn ~nd astessm~nri wainst tM said mwtpspscl pr~mis~a, qid monthly wm to be es
Nmat~d wlN~r by MortpapN and cdculat~d to be ~n amou~t not Isss chan tM amount oI t~xy ~s~sss~d ap~inst ~aid mortpa~d pnmi~s lor ths p~ev~ous
war. ~~d if (unM~ nquired by Mataa~ss to pay all inwrance prsmiumt in m~nnsr ~nd M?m ~s providsd Mro~~ for tM p•ym~nt ot taxst a~d asssssments
~ 18. That ii this matpa~ is i~ oon~actio~ with oonstruction loan financinp, tMn this mort~a~s is wbj~ct to tM Conatructw~? lo~n Apnsment
~ dabd b~tvwen tM Matpa~ and tM Mat
Matpay~ and is incaporat~d Mnin by rohnnc~ and msd~ ~ ~x~tsd Copy of which ~s tM posssss~on ot ine
~ dNault undK this mo?tQa~. Wn Mroot: ~ny dehult Dy Mat9a9a und~r said preement shall constitut~ a~ wsnt ot
19. That tfu Mwtpaya will on tM ?pu~st of tM Matpagae fum~sh a w?itt~n st~temant ol the smount ovinnq on the obl~ga~~on wh~ch th~s mo.~gsAe
s~cur~s ~nd tM?~m st~t~ wMtM~ or not Mortya9or claims any dsfsnqs a ofhets therato
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