Loading...
HomeMy WebLinkAbout0921 • ~ 4 This mortgage ~s personal to the Mortgagor herei~~. and no conveyance shall be made by Mortgagor of tM prem~ses her~m described or any part tr~ereof wrthout fust obtaining the pnor written consent of the Mortgegee. In the event Mortgagee grves this wntten consent. the grantee named m such con- ~~yance shalt assume and agree to pay the oblieation evidenced by the prom~ssory nute secured hereby. Any conveyance of the p?operty herein described or any paR thereof in viotat~on of the terms oi this paregraph shell entitle Mongagee ta accelerate the payment oi ths obli~at~on secured hereby and al~ wms oi n,oney secured hereby shall, at the option of Mo~tgagee, become due and payable and m deiault whether or not ths same ars so due and psyable arxf in defau(t by the specific terms hereof. Nothing harein contained shall be const~ued to constitute e novation or release Mortga~ or any subaequent owner of !~ab~lity or obligation under the ptomissory note secured hereby or this mortgage by reason of the aforesaid assumption of tha obligation under the note secured hereby. by a subsequent owner of the property described herein. 5. That in the event oi a suit being instituted to foreclose this mortgage. the Mortgagee shall be entitled to apply at any time during such foreclosure ,~:~t to the court having jurisdiction thereof tor the eppomtment ot a receiver ot all and singular the mortgaged property, and of all rents, i~comes. profits. ~ssues and revenues thereof, from whatsoever source derivec'. and thereupon it ~s hereby expressly convenanted and ag~eed that the court shall forthwith ap- po~nt such receiver with the usual powers and duties of receivers in like cases: and seid appointment shall be made by the court as a matter of strict nght to tne Mortgagee. and w~thout reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency or insoivency af the "Aortgagor or any other party d9fendant to such suit. The Mortgagor hereby specifically waives the right to ob;ect to the appointment of a receiver as aforesa~d and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and ~',at the same may be done without notice to the Mortgagor. 6. That if any proceedings should be instituted against the property covered by this mortgage upon a~y other lien or claim whether supenor or junior co tne I~en of this mortgage. the Mortgagee may at its option immediately upon ~nst~tution of such suit or dunng the pendency thereof declare th~s mortgage ~nd the mdebtedness secured hereby due and paVeble forthwith and may at ~ts option proceed to toreclose this mortgage. 7 To pay all and singular the costs. tees. cherges and expenses of every kind. including the cost of an abstract of title to said lands found to be con- : e.n~ent or expedient in connection with any suit for the foreclosure of this mort~age. and also including, whether the Mortgagee is obligated to pay same or -:oc reasonable attorney's fees incurred or expendad at any time by the Mortgagee because of the tailure oi the Mongagor to pe~form, comply with and abide z~~ atl or any ot the covenants, conditions and stipulations ot said promissory note. or this murtgdge. in the (oreclosure of this mortgage and in collecting the ;mount secured hereby with or without legal proceedings. and to reimburse the Mcrtgagee for every payment made or incurred for any such purpose with in- ;~rest from date of every such payment at the highest rate authonzed by law: such payments and obligations. with interest thereon as atoresa~d, shall be ~e~ured by the 6en hereof. 8. To keep the building or buildings now or hereaher on said land +nsured against loss or damage by fire, extended coverage and other perils. in- _!ud~ng war risk insurance if available, in a sum not less than their full insurable value at the cost and expense oi the Mortgagor in a company or companies ~pproved by the Mortgagee. the poGcy or policies to be hetd by the Mortgagee. and such pol~cy or policies of insurance shall have aff~zed thereto a Standard r~ew York Mortgagee Ctause. making all loss or losses under such policy or pol~cies payabte ta the Mortgagee as 6ts ~nterest may appear. a~d to defiver said ;;el:cy or polic~es to the Mortgagee when issued with the receipts for the payment ot the premium Lherefor: and in the event any sum o1 money becomes ;;ayable under such poticy or policies. the Mortgagee shall have the opt~on to rece~ve and apply the same on account of the indebtedness secured hereby or to ae~mit the Mortgagor to receive and use it, or any pan thereof, tor other purposes, w~thout thereby waiving or impairing any equiry, hen or right under or by c~.,e of this mortgage: and the Mortgagee if it deems necessary may place and pay (or such insurance. or any part thereof, wrthout losing, waivmg or afiec- ~;y Mortgagee's option to toreclose for breach of this covenant. or any part thereof. or any nght or opt~on under th~s mortgage, and every such payment shall b-~ar ~n2erest from date thereof until paid at the h~ghest rate auchonzed by law. a~d all such payments wrth inte~est as aforesaid shall be secured by the lien ~~ereoi In the event any loss or damage is suffered Mortgagor shall nouty Mortgagee of such loss or damage withm (orty-eight (48) hours after the happening r.nereof: the fa~lure to give such notice shall constitute a default and the Mortgagee shall have the rights herein given tor all defaults. 9 To permit. commit or suffer no waste and to maintain the improvements at all t~mes in a state oi g~od repair and condition: and to do or permrt to done to said Fremises nothing that will alter or change the use and character of sa~d prcperty or ~n any way impair or weaken the security of said mortgage. - case of the refusal, neglect or inability of the Mortgagor to repair and mamta~n said property. the Mortgagee may. at its option, make such repairs or cause ~~~e same to be made and advance monies in that behalf whlch sums shall be secured by the I~en hereof and bear interest at the highest rate authorized by t 0 To det~ver the abstract or abstracts of trtle covermg the mortgaged property to Mortgagee or rts designated agent. wh~ch shall at all Umes. dunng ~ i fe of th~s mortyage. rema~n ~n the possession of tha Mortgagee and m event of the foreclosure oi th~s mortgage or o2her transfer of title, ali nght. title and cerest of the Mortgagor m and to any such abstract or abstracts of title shall pass to the purchaser or grantee. 1 1. That no waiver of any covenant herein or in the obligation secured hereby shall at a~y time hereafter tre held to be a waiver of any o( the other ~-ms yereoi or of the note secured hereby. or future waiver of the same covenant 12 That in order to accelerate the maturity of the indebtedness hereby secured because of the fa~lure oi the Mortgagor to pay any tax assessment. k ~ty, obl~gation or encumbrance upon said property as herem prov~ded. it shall not be necessary ~or requisite that the Mortgagee shall first pay the same. E ~ 13. That if the Mortgagor shall fa~l, neglect or refuse tor a penod of thirty (30) days fully and promptly to pay the amounts reqwred to be paid by the ~ >>.e hereby secured or the interest therein specified or any of the sums of money heiein referred to or hereby secured. or otherwise duly, fully and promptty to .,~r!orm, ezecute, comply with and abide by each, every or a~y of the covenants. cond~tions or sUpulat~ons of this mortgage. the promissory note hereby j :e~~~red andior the construction toan agresment, rf any, then, and in either or in any of such events, wrthaut notice or demand. the sa~d aggregate sum men- i ~ oned in said promissory note, less previous payments, if any, and any end all sums mentioned herein or secured hereby shall become due and payable f ~;;r,hw~th or thereafter at the continuing option oi the Mortgagee as fully and completety as if said aggregate sums were originally stipulated to be paid at ' sur_h Ume, anything in said promissory note or herein to the Contrary notwithstandi~g, and the Mortgagee shall be entrtled thereupon or thereafter without ~.ot~ce or demand to mstrtute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any dFfauit or breach on the part of the Mortgagor hereunder or under said promissory note. the Mortgegee shall have the continuing option to enforce payment f,` a'i sums secured hereby by action at taw or by suit in equity to foreclose this mortgage. either or both, concurrently or otherwise. and one action or suit ~ --~a~i not abate or be a bar to or waiver of the Mortgagee's nght to ~nstitute or mamtain the other, provided said Mortgagee shall have only one payment and ~ ~at~sfacUOn of said indebtedness. . ~ 14. That in the event that Mortgagor shall (1? consent to the appointment ot a receiver, trustee or I~quidator of all or a substantial part of Mortgagor's ~ >>sets. or (2) be adjudicated a bankrupt or insolvent. or fi~e a voluntary petrt~on in bankruptcy, or admit in writing rts inab~lity to pay rts debts as they become :.,e. or (3) make a general assignment for the benefit of creditors, or (4! f~ie a petRion or answer seeking reorganization or arrangement with creditors, or to ~ ~ake advantage of any insolvency law, or 15) file an answer admitting the matenal atlegations of a petrtion fled against the Mortgagor in any bankruptcy. ~ ~~:organization or insolvency proceeding. or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the foregoing or (7) any order, judg- ~-~ent or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent jurisdiction approving a pet~tion seeking appointment a receiver or trustee of atl or a substantial part of the Mortgagor's assets and such order. judgment or decree shall conUnue unstayed and in eNect for any ~ ~~~od of thirty (301 consecuUve days, the Mortgagee may declare the note hereby secured forthwith due and payable, whereupon the principal of and the m- ~ •erest accrued on the note and all othar sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally 5 t~pulated to be paid on such day. and thereupon the Mortgagee without notice or demand may prosecute a swt at law 2nd/or in equity as if all momes ~ -e~ured hereby had matured pnor to its ~nsUtuUOn ~ 15. That the Mortgagee or any person authorized by the Mortgagee shall have the nght to enter upon and inspect the mortgaged pramises at all ~ :±sonable times € 16. That any sum or sums which may be loaned or advanced by the Mortgagee to the Mortgagor at any time within twenty 120) years from the date ch~s ~ndenture. together with ~nterest thereon at the rate agreed upon at the time cf such loan or advance. shall be equaliy secured with and have the same :~~or~ty as the original indebtedness and be ubject to all the terms and provisions of this mortgage: provided. that the aggregate amount of pnncipal outstan- ~ ng at any time shafl not exceed (3 H~~ l. or if the preced~ng blank ~s not completed. then an amount equal to one hundred and fihy per ceni i 50°0) of the pnncipal amount orig~nally secured hsreby shall apply. Th I 5 cl ause I S f10L appl i cabl e t0 th 1 5 mortgage. i 7. That. ~f required by Mortgagee, the said Mortgagor w~ll pay unto the Mortgagee, on the first day of each and every consecutive month, a sum e,~ua1 to one-twelhh of the annual amount necessary to pay all taxes and assessments agamst the said mortgagErd premises, said monthly sum to be es- ; mated solely by Mortgagee and calculated to be an amount not less than the amount ot taxes assessed against said mortgaged premises for the previous ; ear, and if further requ~red by Mortgagee to pay all insurance premiums in manner and form as provided here~~ for the payment of taxes and assessments. r. 18. That if this mortgage is in connecUon with construction loan financing, then this mortgage is subject to the ConstrucUOn Loan Agreement ~ lated N/Q . between the Mortgagor and ihe Mortgagee. an executed copy of which is in the possession of the ~ '~lortgagee and is ~ncorporated herein by reference and made a part hereof; any default by Mortgagor under said agreement shall constltute an event ot ~iefault under this mortgage. 19 That the Mortgagor vvill on the request of the Mortgagee furnish a written statement of the amount owi~g on the obligat~on which this mortgage ~sFCUres and therein state whether or not Mortgagor claims any defenses or offsets thereto. 2 ~tiV fAUL