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4 Th~s mortqs9e rs personil to th~ Monpsyor h~r~~n. and no co~v~Y~nc~ shsll b~ mad~ Dy MortQaqo~ of tA~ pr~m~s~s h~r~~n o~scnD~d or a~y part
~~~eraof w~~3,;;ut'.::s: ~~*a:^:~; ;4~x wrqt~n Gpns~nt ol tM Mortfl~~~ In tM ~wnt Monp~pN prv~s this wntun cons~nt. th~ pr~ntN nam~d ~n such con•
. eyanee shs11 assum~ and a9rN to pay tM obl~qation ewd~ne~d by tM p+om~ssory noi~ s~cueit haripy Any eonwysnc~ of tM prop~~tY Mn~n d~senb~d a
~~~r Dar1 thersol ~n violst~o~ o( tM tsrms o~ th~s par~9r~ph shall ~ntitl~ Mortps9~~ to accN~r~t~ tl+~ Wym~nt of th~ o0l~pat~on stcur~d Mr~by ~nd all wmi of
-~~oney secursd her~by shstl. st th~ opt~on of Mo?ty~g~~. b~com~ Cu~ ~nd pay~bis and ~n d~f~ult wMtht? or not tM sarn~ ar~ so du~ ~nd pay~Dl~ ~nd in
~~elaul~ by the spec~f~c terms hs~fol Noth~nq h~r~~n contsinsd shail b~ tontt~u~d to const~tut~ ~ r?ovat~or? or rN~sN MortQaQa or any subapu~nt own~r ol
~:ao~i~cy or oa~y~t~on unda tM p~om~ssory no~~ secur~d Mr~by or cMs mortpa9~ by r~ason of the a(or~~aid assumpuon of tM ool~q~uo~ u~~w~ :~^_*.a
secured hereby. by a subs~QusM Owner p( the prop~rty d~~Cnb~d Mrt~n
5 That in t~e event ol s swt be~nfl ~nst~tutad to lorsclose th~s mortpspe. the Mortfl~ys~ shall bs ~nt~tl~d to sppty at any t~m~ dunny suth toriclotu+~
s:,~i ~o ~M court hav~nq ~unsd~cuo~ th~rwf la the appo+ntm~~t of ~ r~ce~wr of aU and unpular th~ mortpap~d prop~ny. and ot aU r~nts, mcomes, proGt~.
ss~es and revenues thar~ol. !rom whitso~ver source derrved. ~nd th~r~upon ~t ~s h~r~by upr~s~ly convenantsd and aqre~d th~t tM coun sh~ll fonhvrrth ~p-
~~nt such rsce~ver w~th th~ ususl powers snd dut~os o~ reca~vers ~n I~ks ca~~s. snd sa~d appomtm~nt shatl ~ msd~ by tM court at a matt~r o1 str~ct npht to
;ne Morigagee. and w~thout re/srencs to tRe sdeQuacy or ~nadeQuacy ol 1he valu~ ol the Woperty h~r~by mortpa~sd, or to th~ solvsncy or msolv~ncy of tM
!.~or~gapor or sny other party def~ndsnt to such su~t Tht Monyspor hersby sp~c~f~caliy wa~ves th~ n9~t to oq~ct to Ih~ ~ppo~ntrne~t ot • nc~iv~r as
atoreu~d ~r+d M?reby sxpress~y cons~nts that wch appo~ncrt+~nt shs11 b~ m~d~ ~s ~n admitted puity ~nd as a mattN ol absolut~ npht to tM Mortp~pw and
. .i..... .wrMut rotic~ to tM MOrtplpOt.
6 Thst ~f sny proc~ed~nqs should bs ~~sututed spsinst th~ prop~rty covar~d by th~s matQ~p~ upon any ott?~r litn or claim wMtMr wp~na or junia
~ co ?ne I~en of tA,s mo?tqsQs. ths Mortfl~~e~ may at ~t= opua+ ~mm~d~ately upo~ ~~st~tunon of such w~t a dunn9 ths p~nd~ncy tMnol dectu~ th~s mortpa~
and tne inoeo~eciness ae~.~~e:. '6.~ ~awAl~ Inrthwdh •Ild rt1~V •l ~lt OpU011 pIOC~ld l0 *Of~CIOf~ thli TOftQ~Qf.
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7 To pay atl ~nd sinyulsr ihe costs. fe~s. ch~r9ss snd ~¦pensss o1 ~v~ry k~nd. ~nclud~np the cost ot ~n sbstract of t~tl~ to sa~d I~~ds found to D~ co~-
~ en~ent ar ~~ped~~~t ~n eonn~eta~ w~th sny sw~ tor tM for~closur~ ol th~s monpa9a. ~nd also includ~n9. wMthN tM Monpap~e ~s obl~pat~d w p~y s~rt+~ w
~~oc. ressonsDl~ ~ttaney's Ites encurr~d a~xpend~d at ~ny t~me by th~ Malpaq~ b~c~usa o! tM i~ilun of tM Mwtyaqa to ps~orm. compl~r with ~nd ~b~de
oy au or any ol cM covan~nts. cond~tions and stipubbons of sa~d prom~ssory not~. or th~s moNy~y~. in ihe tor~cbsur~ of tA~s matysps ~nd ~n coll~etinq tM
;mo~ne secured hersby with or w~thout teyai p~oce~d~r+ys. and to re~mbursa tM Monpape~ ta ev~ry psymant msds or ~ncurrsd fa any such purpow vinth ~n-
~eress ~rom date of every wch paymsnt at ths h,flhest rate authonisd by law. such psyments and obl~flsuons. with ~nter~st thsr~on ss ata~sa~d, shall b~
secured by the hen hersof-
8 To keep th~ bu~ld~n9 or bu~ld~nys now or hsreahsr on sa~d land insured aps~nst loss pr damaps by fu~. sxtsnd~d cov~rafle snd oth~r p~r~ls. rn-
c~ud~ng war r~sk Inwrsnce d svailabl~. m a wm not lass thsn tAe~r tutl ~nsurable wlue at ths cost ~nd sxp~ns~ of tM Mortpapor in a compsny or compsni~i
app=oved bv the Monya9ee. the policy w polic~es to bs held by the Mortfla~se. and such pol~cy or pol~c~~s of inwranc~ sh~ll hsv~ ~f/~xed thsnto s St~ndud
!v ew York Mortgagee Clause. mak~n9 all loss w losses under such pol~cy or pol~cias psyable to the Mortysyse ~s its inte~est msy sppsar, and to dttive? ss~d
;:ohcy or pohcies to the MonysQee when ~ssued w~M the rece~pis for the payment ol the prsmium therefor: ~nd ~n tM event ~ny sum ot money DeCOmts
~~ayable unde? such polky or polK~as. the Mortgafles shall h~v~ the optwn to r~cs~v~ ~nd apply tt?~ same on account ol tM ~nd~budn~ss secur~d h~r~by or to
~arm~c the Mortgagor to rece~ve and uss ~t. or sny part thereot. for othsr purposes. w~thout thereby wsiviny or impairinQ any puity. l~en or npht und~r or by
iue of th~s mongage. a~d the Mortqage+ if ~t deems nscssssry msy place and p~y tor wch msursnce. or any p~R thsroof. without los~nfl. walvin9 or ~H~c-
~;ng Mortgagee's opt~on to lweclose for bresch ot th~s cove~snt. or sny part thereof. or sny nght or option und~r this mortya~. ~nd ~very wch payrrNnt shatl
Gear ~n[erest from date thereof unuf paid at the h~ghsst rate suthor~zed by I~w, and all such psymenis with int~nst ss ~tor~ss~d shsll be s~cund by tM lit~
ne~eof ;n the event any loss or damage ~s suHered Mo~tgagor shall not~ty Mortqagee ot such loss or d~m~9e within forty-eiyht {48) hours shsr tM !?~ppaniny
cnereok the tadure to grve wch nouce shall constatute a de(sult ar?d Me Mortflagee shsll hsw the riyhts Mrein qivsn /or aU d~faults
9 ro permrt. commit or suHer no wafte artd to mamt~lm th~ improvemsnis it aU umsi m ~ stat~ of qoc~d r~pair and conditiOn: a~d to do or p~rmit to
::e done to sa~d premnes nothing that w~ll alter or chsn9e ths uss and character o( sa~d property or in sny wsy impair or wesken the aecuriry ot said mortQ~flt.
~ case of [he re(usal. neplect or ~nabil~ty of the MortpsQor to repau snd mamtam sa~d property, tAe Mortpspee may. ~t its option. maks such ~~p~irs or esus~
~^e same [o be made and advance mon~es in that behalt wMch sums shsll b~ secured by the 6en hereot anA be~r intersst at the h~qh~st rste authori:ed by
~ r.
t 0 To del+ver the abstract or abstrscts oi t~tle covenng ~he mortflaQsd p~operty to Mortflayee or rts des~y~sted apent. which sh~tf st atl tim~s, dunny
a i~re o( ~h~s monga~e. rema~n in the posssss~an of [he Mort9syee and in event af tha foreclowre ol this mortpaQe or othar tnnsfsr o( trtls. all nqht, titt~ ~nd
;e-est of the Mortg3gor in and to sny such abstrset or abstracis of UN~ shall pass to tAs purchaser or qnntse.
t t That no waiver of sny covenant t?erein or in ths obi,pstwn secured 'nsreby shaii at a~~~ i~~~.a ha:a:'.;o: ~ he!d to be a waiver of sny of tF?~ otMr
:e~ms hsreot or of th~ noU sscured h~nby, or tutur~ w~~v~r ot th~ sam~ covenant.
t 2. Thst in order to acceleats ths m~tunry of the mdsbt~dn~ss hereby secursd bec~usa of th~ f~ilun of the Monqapar to pay ~ny.t~c as}essrrwnt.
ab~Jrty, obl~q~tion or sncumbranC~ upon:aid prop~rty as Mr~m providsd.~t shall not be necessary na rpufsit~ ihat tM ~AortQaye~ ahafl first pay thi sarn~.
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? 3. That i! ~hs MortQagor shell tail. nepl~ct or refuse for ~ p~riod oI th~?ty (30) dsys (ully and promptly to pay tAe ~mounts requued to b~ paid by ths
~ oce nereby secured or the intarost [her~in spscifi~cf or any ol ths sums ot monsy herein roferra~ to or heroby sscund. or otMrwise duly. fuNy ~nd prompiiy to
;,erform. •xecut~. comply with and abid~ by ~aCh. ~v~ry a any o~ iM cov~nants. conditions w stipul~tions ot this monpa~. tM promwtory not~ hsreby
~cured and/or th~ construction loan aprNm~t. if any, th~o, and in e~tMr or ~n ~nr o( wch w~nts. without rwtio~ or d~msnd. tM said a9prpat~ wm m~n-
~~oned in said promitsory not~. Nss pnviou~ paymentt, if any. ~nd ~rry' u+~ aN wms m~ntion~d h~r~in or s~tur~d Mr~by shall ti~com~ du~ and paysbN
'cnhwrth or tl»n~h~r at th~ con~rwinp opt+on ol U~ Monysp~~ ~s fulty and complsuly a~ ii pid ap~rpatt wms w~r4 erig~nallr stioLl~tsd to b~ paid et
such t~m~. anychin~ in said promissory not~ cr hu~in to th~ conu~ry notwithstandiny, snd th~ MonpapN ~hall b~ ~natl~d tMnupon w cMnahtr without
~oc~ce w d~m~nd to i~atitut~ wit ~t I~w w in puity to ~nfarc~ tM ri9ht~ ot ~h~ MortQ~Q~~ ha~und~r or urbsr said promissory nots. In th~ ~vtnt o1 a~
~etault or brs~ch on th~ put of tM Mortpapor h~r~und~r a und~r taid prom~awry not~, tM MortpapN ihall haw tM continuin9 option to ~nforc~ pa~»~t
aIl sum~ pcur~d h~r~by by ~ctio+~ ~t law or by iuit in squiry to foreclos~ thi~ monp~y~. ~iih~r a both. conCUrrentfy w othtrwiq. and one aciion M suit
~ha;i not ~b~t~ or b~ a bar to or w~iv~r ot th~ MortyaQN'i ripht to instiwt~ or ms?ntain tM other. providsd ~aid Mortg~gss ahall haw only one piym~nt and
sa~~sf~ct~on of said indsbt~dn~u. '
14. Th~t +n ths ~v~nt that Martpapa shall I1) cons~nt co cM appointrr~nt o1 a receiv~r, tru~tN or Ipuidator ot all or ~ wbstanqal pan oi iklortpa~oi s
esse . or 21 b~ edjudiCat~d a b~nktupt w in~olv~nt. or fil~ a voluntary p~tition in bankruptty, or ~dmit in writir~p its; n~bility to pay its dabts ~s tMy b~cortw
~us. or (3) mak~ ~ y+n~ral assiynm~nt lor tt» b~n~fit ot cnditors. or t<) nl~ ~ p~tit~on or aruwer s~~Icinp r~o/par?izatioA or ~rnnp~m~nt with cr~ditors. or to
;ake advant~Q~ o! iny insolv~ncy law, a(6) td~ ~n aniw~r ~dmittinp tt?~ mat~risl ~Ilsyations o( a p~tiaon fil~d apsinst tM Mortya~or in any bankruptcy.
~eorp~ni:~tion or inwlv~ncy proc~~din9, or (8) ~ctiOn ~halt b~ t~k~n by tt?~ Mortp~yor (or tM putpos~ o( ~HiCtiny ~ny of ih~ torpc~r~y or (71 any ord~r, judQ-
~ent ar d~crN shsll b~ ~nt~nd upon an spplicatian of a creditor or MortQ~pa by a court of wmp~tsnt jurisdiction ~pproviny ~ p~tition s~ekinq appantm~nt
a rece~vu or trustN ot ill or a substantial part of tM Mortqapa's aas~ta and wch ord~r, judpm~~t or d~crN shall continu~ unstay~d ~nd in ~H~ct for any
~sr~od o( thirty t30) cons~cutiv~ days. th~ Morty~pe~ may d~cl~n th~ not~ hereby sscured forthwith dui and p~yabl~. wfNr~upon ih~ prer~cipal ol ~nd tl~ in-
;erest sceru~d on th1 not~ and R11 otha sums h~rsby'sreur~d sh~p b~comt tathwith du~ and p~yabl~ ~s if ~11 ot tM ssid sum~ of mon~y w~n oriqinalf~
~c;p~litsd to b~ psid on wch day: and th~i~upon the Mortpa~~ without notic~ or dem~nd may pros~cuts a suit at law ~ndia in puity a~ if all moniss
sec~rsd F?~r~by h~d matursd pripr to it~ inttitution
16. Thit th~ Mortpsy~ w sny p~rson authoriz~d by tM Mor~p~pse sh~ll h~v~ th~ riyht to ent~r upon aild insRect tM martQa~eA pr~mit~s at i!I
eason~b~e times ~
18. That any sum a suma wh~ch m~y be {oan~d o+ advancid by the Mort9apee to th~ Mortqayor at sny tim~ within tw~nty (201 ye~?s lrom tM dat~
th~= indentur~, toy~t!»r with int~r~~t tMr~on at th~ ~~N apnsd upon ~t tbs tima o( such loan or sdvanc~, sh~ll b~ pu~ll~ ~cur~d w~th and tuvs tM sarrw
Nr;onty ~s th~ or~p,nal mdebt~dn~ss and b~ wbj~ct to ail 1M tam~ ~~d prov~sions ol th~s mort9sps: prov~d. tAst the sflyr~pate ~mount ol pnncipsl outstan-
~,ng st ~ny tim~ shsll not exeNd (S i. o~ if the preced~ny blank is not completed. thtn an amount ~Qu~! to ons hundrsd and fihy g~r C~nt
t 5096) of the princ~pat amount a;p~nilly a~cund h~reby sh~ll apply.
17 That, ~f r~wnd by Mortpaqs~. th~ said Mortpaqor will pay unto th~ Mortp~pfe. on tM first day Of ~~ch ~nd ev~ry consecutiv~ month. ~ sum
~4uai to on~•tw~lhh of th~ •nnuat smount n~c~ssary to pay NI t~x~s ar?d asa~asmenti ~pama~ tM ?aid matyspsd premis~s, sard montAly wm to b~ ss-
• mated wfely by Mortyeyee ~nd c~lCUlatld to b~ an smount not I~ss th~n th~ ~mount ot t~x~s ~ss~si~d painst said mort~a~d pnmises fo? th~ previous
, ea~ and ~t turths~ reqwred by Mortqayee to pay aH insurance premwms manr?~r ~nd fwm as provid~d h~r~i~ for t1+~ pWrt+~nt o1 taxq a~d ~ss~am~nts.
18. That ~i th~s mortyip~ is ?n conn~tbon w~th cOnstruction loan fmancmfl, tMn this morcya~ is wbj~ct to th~ Co~struction Lo~n AqrNm~nt
ie~ed betws~n the Matqapor and th~ Mony~fle~. •n •x~cut~d copy oi which is in th~ poss~ssion of tM
Monyapee and is ~ncorporat~d h~r~m by nf~r~nc~ ~nd m~d~ a p~rt h~t~of: •ny dsfaulE by MOrt~~yW unMt siid lprN~MM shalt conttitut~ an ~v~nt ot
~etauJ~ und~r this mortp~Q~.
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19 That tM Martya9or w~N on the roqusst ot the Mortg~Qee furmsh s wntt~n staUm~nt ol tM in~nt ~n~ ~ th~ oblpstwn which this mat9ap~
>ecures and tMr~in stat• wh~th~? or not Mortyapor cla~rns ~ny defens~s or oNs~ts th~r~to.
2 8Q~?K 47~ PlGF ct~
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