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Home My WebLink About0935 4 iMS mwtype ~t p~rso~nl 1o IM Mo~tyryo~ h~a~+n ~rW ~u conv~y~t?c~ sMU p~ ma~ Oy Mo~lp~pqr D1 ~~nYN? MrM~ ff~~'~t~d ur ~n~ y~+~ U~a~aof w~Ihout h~~~ obuin~ny ~tw ix~w wr~u~n cons~nt ul ~M Matp~ws In IM ~wnt Malp~pM q~v~s tMS wrNl~n n~ ~M W~ ~~n~d ~n such cu~ ~ayanc~ aMN ~asum~ ~nd ~wN to p~y tM odpaUOt~ w~nc~u by IM prom~asory rwl~ sr~u~~d Mr~by Any conv~Y ~ ot tM prap~rly M~~~~~ Wur~Wd w any ps~t tM~~ol ~n vwl~iwn ol IM tNm~ ol Ifi~s par~pr~pA sA~p ~~I~II~ MaIV~~~ lo ~ct~l~~~l~ tM paymsnt of IM obl+patwn s~cW~d A~i~bY and ~U sums ol ~nuney stcwW M~My shaH al IM oplro~ ot Mo~tpaQN. D~com~ dw ~~xi payabl~ and ~n dti~ull wMtMr w no~ ~M s~rn~ a~. so dw ~~w p•yaw~ and ~n :te1~uH by tM s{~c~fit t~rms M~wl Nolh~np Mr~~n conuin~d th~ll b~ co~stru~d Io tonsl~tul~ ~ ~?O~r~twf~ O~ i~l~~s~ MO~IQ~Qw a a~Y ~uDS~qu~n1 owM~ ol ~+a[,d~~~ a obbpa~~on unMr ~1?~ prom~sswY ~oi• s~cw~d M~~Dy a ~h~s ma~9~~ Dy ruson ol tM ala~s~~d ~swmp~wn o1 tM ooi~~aaon und~~ tM noa aACUr~d A~r~DY. by a subt~qu~n1 owna ol tM p~op~rty d~su~bW Mr~~n 5 Thal ~n ~M event ol a wi1 b~+np ~ntatulsd to lo~~tlose Ih~s malp~~e. the MortpapN sf?sll be ~nt~INd to spply ~1 any um~ dur~ng such loi~dosur~ swi to ~M coun h~v~ny ~unsdKlwn IM~wi fa tAs appo~mm~nt ol a r~caw~ of NI and s~npular IM mo~tflaq~d Prop~rty. and ~I all r~nts ~ncomet prohts ~~sues and ~evsnues Ihereol trom w~atsoevsr source derrvsd. and Ihe~~uporf H ~s h~r~by exp~~tsly co~v~n~nt~Q and ap~e~d tASI tM couit snal~ fo~thw~~~ ap ~r~~n~ such recave~ w~th ths usua~ powsrs and du~~us ol isce~w~s ~n I~I~e cases. •nd s~~d appo~nlmsnt shNl W made by ~M cour~ as e mann~ ol su~ct upn~ to ine Mu~tdryr~ +~~~~I W~II~WIi f~~~lY~Kn 1u llw ud~ywcy w~n~de~ur~:y ul ~h~ wluu ul UN Wu~w~~y M~N,y nw~~y~pml. w ~u ~1?e .ui~un~ ~u•ulvsn~.y ul 11~• MSo~tfl~qa a any o1Mr parly del~nd~n1 to such su~t The MwtQapo~ Mr~by sp~ut~cslly w~rv~s tM rpht to ob~~ct to IM appo~~tmen~ ol a~sc~w~~ ss afor~s~~d and hsreby exp?essly consents that tuch sppo~mrr?~nl shall bs mad~ ~s ~n admitt~d ~qu~ty and as ~ mattsr of sbsolute u9ht to the Mortpafla~ and ?hat tM sarn~ ma~ b~ do~s w~thout not~c~ to ~M Mortp~flor 6 Tha! d a~y Wocesd~nps should be insututad againsl lhe propeity covered by th~s matpaps upon ~ny olhei bsn or cla~m whalhe~ supenor o~ ~un~or io the I~n ol IA~s mortgaQs IM Monpap~s may at ~ts opt~o~ ~mmsd~ataly upon insututwn ol wch w~1 w dur~ny the psndsncy thsrsol declare tA~s mo~tga~ and ~he ~nd~btsdness sscursd MrWy dus sr?d pay~ble IonhwuA and may s1 ~ts optwn proc~sd to 1o~~clos~ tA~s mortpa9e 7 To pay all and s~ngula~ the cosls. lees. charges ancl eapsnses ol ~vsry k~nd. ~nclud~ng the ws1 ot abstract of htle Io se~d lands lound Io De con ven~ant a exped~e~t ~n connect~o~ wuh a~y sw? lor the fo+edosure of th~s matgage. and also ~nclud~nq. wAetRer the Mortpa9ee ~s ob~~ga~eG to pay same or aoi reawnable attaney's teas ~ncurred or e¦psnd~d at ~ny ume b; +he Mortpaps~ b~c+us~ ol tM ta~lun o1 [M Mongsflor to psrform. comply w~ih snd a:;.~s uy a~~ ~ny ol ths covenants. cond~uons and supulauons ol ss~d prom~ssory nots. or th~s matyag~. ~n th~ lor~closurs of th~s mwtgage and ~n cotlecuny tM amount secured Aersby wrth or w~thout legel proceed~ngs. and to rs~mDurs~ tM Mort~agss for ewry payment m~de a~ncurrsd fa sny such purpose w~th in- terest lrom date ol every such payment at the h~ghest rate au~honted by law. wch paymsnts snd obl~flauons. w~th ~nterost ~hereon as atoress~d. sha11 be sacured by the 6en hersol 8 To k~ep ths bu~lduig W budd~nps nuw or t~srsatter on sa~d land insur~d apa~~st loss Or d~m~ps by tu~. sxt~nded coverage and other penls ~n- ciu~~ng war nsk insursnce ~f avadabb. in a wm nol less ~Aan the~r lull insursble valus ~t tht Cofl ~nd ~xp~nt~ ot the MOttyaqor m a company or compan~es approved by the Mwtgapee. the policy w pol~c~es to be hetd by the MortgaQse and wch pol~cy a pobues of ~nsursncs shsll have ath~ed therelo a Standard New York Ma~gagee Clause. mak~n9 all bss or tosses under wch pol~cy or pohues payaGb to ths Mortgagee as ~ts intarest ~nay appea~. and to del~ver sa~d ~I~cy or pohc~es :o Ihe Mortgagee when ~swed w~tA the ~ece~pts for the paymant ot the premwm therofor: ~nd m tAe evenl any sum of money becomes payable under suth pc?I+cy or pol~cies. the Mortgages shall have Iho opuon to roce~ve and apply the s:~e on account o) the ~ndeblsdness secured heroby or to ~rm~t Ihe Mortyagor ro ~ece~ve and use ~I or any put thereof for olher purposes. without Ihersby warv~ng or ~mpa~nng any equrty. I~en o~ ~~yh1 under o~ by v~rtue of th~s mongaye. and Ihe Morlgagee ~f it deems necessary may place and psy (a wch insurance. or sny part Ihereot. wrthout losing wa~v~ng or aflec- t~ng Mortgagee's opuon tu lureclose (ur txeach ol th~s covenant. or any pan thereof, w any re9ht or opt~o~ undar th~s mo~tgage. and every such payment shall beai ~merest fiom date [hereot unul pa~d a~ ~he h~ghest ra~e au~h~~~ied by law. and aU such payments wrth ~ntsrost as aforasa~d shaH be secured by the I~en hereol in the event any bss or damage ~s sufterod Mor[gagor shall notdy Mortgafleo ol wch loss or damape w~th~n forty-s~qht !48) hours aher the h~ppemnp I ~nareol. the fa~lure to g~ve wch nuuce shall const~tute a detault and ths Mortgagee shall have the ~~fl~ts herein prven la all detaulis 4 To perm~t. comm~t or sutfer no waste and to mamtain the ~mprovements at al! times in ~ stat~ ot good tepa~r and condition, and to do or perm~t to ba done to sa~d promises nottung that wdi alter or chenge the use and Chaiacter of u~d p~operty ot ~n e~y way ~mpau or w~aksn the sew~~ty ol said mortpp~ in case ol t~e refusal. neplect or ~nabdrty ol the MortpaQor to repa~r and m~mtam sa~d pro~»rry. ths Mortgaqes may. ~t ~tt optwn. make such repa~rs or caus~ ;ne sams to bo made and advanc~ mon~~s in tA~t bshal( wh~ch ~ums shail b~ s~cured by ths I~~n Mr~ot and b~ar intere~t ~t ths h~phesl rate authoni~d by !aw 10 To ~tahver Ihe eb~tract or eDttrecls of titls cownnp th~ mortaapsd proporty to MorlQeQee or ~It dss~pnatsd apant. which shall a~ a11 umet. durin9 ~~~e I+le ol this mo~tga~~e nm~in ~n the po~saas~on of ~he Mortq~~~a ~nd ~n ewm o11M la~clown ol th~s moripey~ ur otMr tr~ml~i ol uUs. ell nyM. Ut1~ and ~n~erest of tlie Mortgagor ~n and to any such abstract or abstracts ol t~U~ shsll pass td ths purchis~r or grantee. 1 1. That no waivsr of sny covenant hsn~n or in ihe obliQation secured hereby ~hall at any t~rt~ h~rsaher be held to be s wa~ver ot any ol iM otMr ~~rm~ h~rwl or ot 1M note ~scund h~nby. or futur• w~~vu of tM urt?~ cov~n~nt 12. That ~n order to acc`~srat~ the mawriry of the inde~tedness hsreby secured bec~use ot the fadurs ot the Morty~Qor to psy any t~ assessmen~. I:ab~l~ty. obliyat:on or enc~mDnnc~ upon sa?d property a• ~ rsm prov~ded.~t sheli not be necessary nor rpwsrte that the Nlortpapee shall hrst pay the sarr~. ~ • 13. That if the Mortp~por shdl lad. nspl~ct o~ rsfu~e lor e pu~od of th~rty 1301 d~Y~ lully ~nd pru?nptly to pry the lmounl~ ieqwred ~u be pa~d by the note henby sscured or the ~merpt thsr~in spsuhed or any ot Ihe sumt ol money heran roterred to or hereby secured. or otherw~se duly fulty and promptly to p~~form. •xscut~. comply with snd ab~d~ by •ach. sv~ry or ~ny o( tM cov~nants. condrtions or st~putatrons oi th:s mortpsq~. the prom~ssory note hsnby f.acursd and/or th~ constructwn loan ~9r~em~nt. if sny. tMn. snd m eitMr or ~n any of wch ev~nts. vinthout rwt~cs or dsma~d. ths sa~d aflgregate s;:m men- ! t~on~d in ~a~G r~m~swry not~. i~ss prw~ou~ paYm~nts. ~I any. ~nd any ~nlf ~tl sums menUOnsd Mrein a s~cursd henby shall become dus and paysbl~ ~ !onhw~ch or thsreshsr ~t th~ conunuing opt~on oi tM Mortpapes ~s fully and completahr ~s if se?d ogqrepate sums wsrs or~p~nally sapulaied to bs pa~d at ~ as,ch t~m~. anythinfl in asid prom~~aory not~ or h~r~m to t1u contrary notwitAstanding. snd ths Mortpa~e shall be enUtled thersupo~ or thereahsr w~~hout ; no~~c• or d~mand to ~nstitut~ wit at law or in puity to ~nlores th~ nph[s o( t~+a Mortpay~e henunder or under s~id prom~ssory note In the ~vem o1 ~ny detault or brsach on tt?~ part of tM MortQ~por h~r~unMr ot und~r ss~d prom~saory not~. th~ MortpipN shNl hav~ th~ cont~nwng opuo~ to sntorc~ paym~nt ; of alf sums s~cur~d Mr~by by ~ction ~t I~w or by swt in pwty to forscios~ thu monp~ps. anh~? or both, concuresndy or otMrw~s~. and ons acuo~ or w~t ~ ~hau not ~bat~ or b~ a bar to or wa~v~r of th~ Mortp~pN'i npht to insUtuts or m~~ntain tM otMr. prov~d~d sa~d Mort~~~ ahall have only one pavm~nt and - sat~s~sc[an o/ sa~d ind~badn~. € ~ . ~ 14. Th~t m tM w~nt th~t Mortpapor shall (1) cons~nt to lhe ~ppomtrrant of a rece~va, truscN or liqusdator of all or a wbstanpal part of Monpayor s ~ sssst~a 12? b~ ~djud~c~t~d ~ bsnkrupt or insolv~nt. or fil~ a volunt~ry p~t~t~on in benkruptcy. or admrt in writ~nfl it~ ~nab~l~ty to pay ~ts debts as tMy b~come Oc,s. or (3) m~k~ ~ p~r?~ral usiynrt~nt tor th~ b~nslrt ot ttsdrtors. ot (~1 file ~ p~tilion or ~nswor s~sk~ny rsofg~n~i~twA or artanpsment with crsd~tors. or to ssks adv~ntap~ of ~ny msolvsncy I~w. ~x (6i fiN ~n aniwu sdmrtung !M m~tenal •Ilspetwns o( ~ peution i~led ~p~inst ihe Mongsgar ~n any bankruptcy. raorQemi~twn or ?nsolv~ncY ProcNduW or (8) ~ction ~hall be uken by th~ Mortg~Qor fw th~ purposs ol eHictiny sny o( ths forapane or 171 any order. ~udy- g ment or d~crN Mall b~ ~m~r~d upon ~n ~pplic~uon o( ~ crsdnor or Mortpa9or by a court o( competsnt ~unsd?ction approv~nq s pet~t~on seek~ng appo~ntmsnt ~ of ~ rsc~w~r or trust~~ ol all or ~ suMuntu~ p~rt of the Mortp~por's auets ~nd such ord~r. ludflment or detrse shsll tont~nue unstayed anA m eNect (or any ~ per~od ot th~rty (30) consstutiv~ days. ths Mortflapee r~iay daclars the note hereby secured (orthwith due and peyable. whersupon the pnnupal of a~d the m- i~rest accru~d on th~ nou ~nd •II oth~r sums Mnby wcursd shall b~coms lonhwnh dw and p~y~bla ~s d~II ot tM said wmc o1 monsy wsr~ or~pmally F ~:~pulatb to b~ pa~d on wch d~y: ~nd tMr~upon tt» Mortp~p~~ wrthout ~otic• a d~mand may prw~cut~ ~ wit at !ew ~nd/w ~n ~qwty as d all monNs ~ c.ocund h~r~Dy had m~wr~d pno~ to ~u msUwtwn. s ~ 16. That tM MortpapN or any p~rson ~utAoni~d by tha Mortp~p~~ ~hall hav~ th~ n9ht to ~nt~? upon •(1d insp*ct ths m~rtpaged prsm+sss ~t all ral60n~D1~ t~Rl~• ~ . ~ 16 Th~. sny wm or sum~ wh+cA m~y be Io~Md ar adv~nc~d by ih~ Mwtpapes to th~ MortQapor Et ~ny tim~ within twenly (20) yeais Irom the d~t~ ~ ot ch+s ~nd~ntun. tofl~tF?~r with mt~ntt th~rson ~t the rate aflrsed upon at the time ol such lo~n or advancs. shalf be equ~liy secursd w~th and have ~he sam~ ~ p{~onty il?~ or~pmal ~nd~bt~dn~ts and b~ sub~~ct to aN th~ terms md provis~ons ot Mn morlpepe prowd~d. tMt ~he appreQat~ ~mou~~ ol pnnap~~ outstan- ~ ~7in9 ~t ~ny Utt» ~h~ll nol ~~cNd 1. o? d the preudin9 bi~~k ~i not comp{~t~C. tMn an amount ~qWl lo oM hundrod and hhy p~r cMl ~ i 160%) ot th~ princ~pal ~rtsount onp~ndly tacur~d Mr~by tA~l~ apply ` 17 That, il r~qwnd by Mortp~p~s. tM s~id Morty~qor wdl pay unto ths Mortpsp~s. on tF?~ hrst day ot s~ch ~nd sv~ry consecutrve month. a sum ~ ~qusi to oM•twNfth of Ih~ annu~t ~mount n~c~f~ary to p~y all t~a~~ and ~asaum~nt~ ~ga~n~t tM sa~d morlQaqsd pr~m~s~~. sa~d montnly sum to be ~s~ , ~ r.m~ttd Wl~ly by Morlp~pN ~nd c11tu~~tod lo M~n ~mount not hp Ih~n 1M ~mounl ot tu~s ~~MNad ~y~~n~t sud mortWp~d Pi~m~ses lur It~~ P~~v~vu~ ~ ° Yaar. and d furiMr r~quu~d by Monp~p~~ to pay a11 insurance p~emwms ~n m~nn~r ~nd tam as provM~d M~~~n Iw tM p~ym~nt ol ua~a ~nd assessmmts ~ i8 That ~t this mort~a~e is in conn~ction wilh construcuon Iwn fmanc~ny. thsn th~t moriflap~ wb~ect to th~ Construcuon loan Agr~em~nt ~ d~t~d b~tw~~n ths Mo~tpapo~ anC tM Mortpap~~. ~n ~~~cut~d copy ol wh~ch ~n ths pussess~on ol tM ~ ~.Sortqwse and ~s incorpaat~d h~r~in by nl~r~nc~ snd made • pan h~r~ol. ~ny dslault by Mort~por und~r sa~d ~~+Nmtnt shall consuwte sn w~n1 0l ~ delault und~r tMs mortp~p~. ~ ~ 19 That the Mortospor wdl on ths request of ihe Mo~tyagee furn~sh e wntte~ ~utemsnt ot tM amount ow~ny on tM oblpatw~ wh~ch ~MS mortyap~ :ecures ~nd tt?~r~~n st~t~ wMther or not Mort~~aoi cla~ms ~ny delenses or oHsels th~rsto • '.f •/i~~~RM ' ~ 2 ~ ao~445 P~cE 9~~ ~ ~ ~ ~ ~ , v ~ - f~ ~ ~:r - ~