HomeMy WebLinkAbout0991 4 Th~s mo~tgage ~s Dersonsl to the Mortqagor here~n. tn0 no tonveysnce shall De mad~ ~y Mortp~por Of the pr~m~s~s h~r~~n dastnb~d Or ~ny parl
inereaf vr~thout f~rst oDta~n~r~ jh~ prior ~rr~ttsn consent of t~a Morigs~ee In ~ne ersnt Mortp~pae 9~v~s th~s wntt~n cons~nt. th~ pr~ntN nam~d ~n such con-
. eyance snsll assums snd ~qrj~ to pay th~ obl~gaUOn ev~aenced by the prom~ssory not~ secured h~r~by Any conveyinc~ Of tM prop~tty A~r~in d~unbsd or
j~~r par~ tM~eof ~n v~olauon of th~ terms of th~s pa~sprsph s~a~1 entrtie Mortp~p~e to ~cccler~~s the paym~nt ol th~ obl~paUO~ s~tund Mhby ~nd ~II sums of
{noney secur~d htr~Dy shall st tA~ opt~on of Mortp~pee. become du~ ~nd payable snd ~n Mf~ult wh~th~r Or r?ot the sam~ ~r~ sp du~ ~nd pay~Dl~ ~nd ~n
~e~ault Oy tM sp~uf~c terms h~r~ol Nott~~np hsre~n conts~ned sh~li D~ constru~d to consututs a nov~tson or r~l~~s~ Mortys9or w any suDspu~nt own~r ol
i~ab~l~ty or oDlifl~t~on under Ihe p~omissory note s~cursd hsr~by or this mortpaqe by re~son ol tM afot~sard ~ssumption Ot the obl~p~tion und~r tht nOtO
secursd her~py, by s suCseQuent ownar ol the property d~scr~bed Aere~n
5 Thst ~n t~e event ol a su~t ba~np ~ns~~tuted to foreclose th~s mortgap~, the Mortqapee shsit be ent~tl~d to apply st ~ny t~m~ dur~ny wch fw~cbsure
su~t lo tIN Court havinq ~unsd~tt~On lh~rsol lor tM appo~ntment ot a r~ttrv~r ol sll and s~ngul~r tM rtwrtQay~d property, ind of all r~nts. ~ntomes. prof~ts.
~ssues snd ~evenues thersof. (rom whstsoevtr source denvsd •nd thereupon ~t ~s nereDy eRpressly co~v~nanted and aflreed th~t tM court sA~ll (orthw~th ap•
po;n~ such rece~ver w~~h the usual powars and dut~os of recewers ~n I~ks cases. and sa~d appointment shall b~ made by tM tourt af ~ matt~r ot stnct npht to
cne Mortqa9ee. an~ :-:thou~ refsrsnce to tM adsquacy or ~nadequacy of the vslue of ~Ae property h~~~by morty~~d. or to IM soiv~ncy o~ ~nsotv~ncy o1 tM
!~!ortp~9or or ~ny other psrty def~ndant to suth swt Tha Mortflsgor hereby spec~(~cslly wa~v~s th~ n9ht to ob~~ct to tM appo~mrr~nt of a nc~rr~r ~s
aforesa~d ~nd her~by exprsssly tons~ntt thst suCh appo~ntrr~~t shsU be msd~ ~n adm~tted pu~ty and as ~ mattM of absolut~ npAt to tM MO+ipaqN N~d
~nat tM sam~ may bs dons w~thout r?ouc~ to tM Mortqagor
6 That ~f sny proc~ad~~~s shoufd be ~nst~tuted aya~nst the property cove~ed by th~s mortpaQs upon ~ny oth~r I~~n or claim wMtMr w~nw o+ ~unwr
to ~he hen o( thls mortgape the Mon9apee m~y at us opuon ~mmsd~atoty upon ~nsbwt~on ol such swt a dunn9 tM psndency tMrsol dectar~ tMs mortyaq~
and tM ~ndeb[edn~ss secursd h~rsby dus sr+d paysbie torthw~th and may at ~ts op[wn procsed to fatclos~ thn mortpape
7 To pay all s~d s~ngular tAe costs. fees. charqes and e:penses ot ev~ry k~nd. ~nclud~np tM cost of in ~bstract ot otie to ss~d linds ~ound to b~ con•
ven~snt a~xped~~nt ~rt co~necaon w~th sny su~t tor th~ (oreclosure ol th~s monpape. snd also ~nclud~nq. whethtr tM Mortpsyee ~s obl~pstod to psy sam~ or
rsot. re~sonab{~ attorn~y's fNS ~ncurred or ~xpsnd~d st ~ny ume by iM Mortyaye~ b~caus~ oi tM ta~lura of tM Mortps9or to ps~(orm, comply with snd sbds
Gy ail or any of tM covsnancs. cond~uons and sapul~t~ons ot sa~d prom~ssory note. or th,s mo~tga~s. m tM for~clowr~ o( th~s mortqsqs and m coll~ct~nQ tM
amount setur~d hereby wrth o? without legs! procsed~nqs. ind to ramburse tM Mortg~gN for evtry paym~nt msd~ a incurr~d tOr a~y such purpos~ with m-
terast Irom date oi every such payment at the h~ghest ?ate auehor~zed by Isw such payments and obl~gauons. w~th ~ntersst tMreon ss aforssa~d. shall W
secursd by the hen Aeroo1
8- TO k~sp tM bw!ding or bwidings now Or hereafter on ss~d la~d insured aflsmst loss Or dsms~~ by hrs. sxtsndsd covarsfle snd other penls.
cludrng war risk ~nsurance ~I ava~labls. in a sum not less than the~r full ~nsurable value st the cost and expen~e ot tha Mo~tp~Qor ~n a company or compaa~s
approved by tM Monyaflee. the pol~cy or pol~c~es to De held by the MortgaQee. and such polKy or po1EC~~s of insursnce shs11 hsv~ aff~x~d th~nto s Startdard
Naw York Mortysgee Clause. mak~n9 all loss a loues under such pol~cy oi pol~ues psyabl~ to tM Mortqagee as ~ts ~ntsr~st msy appear. and to dN~vsr sa~d
ool~cy w pol~cies to the Mongagee when ~ssued w~t~ the rece~pts for the payment ol the prem~um therator, a~d ~n the even! sny sum of money b~com~s
¢n~aWe under such pol~cy a pot~c~es. the Mwtgsgee shsll have ths opt~on ta rece~ve snd sp~ly ~he ume on sccount o/ the ~nd~bt~dneu s~cur~d h~r~Dy w to
parm~t the Mortgagor to rece~~~e and use ~t. a any psrt thereof. fe~ ocher purposes. w~thout thersby w~~wn9 a~mpsmn~ any equity. I~~n or npAt und~r or by
v~rcue ol th~s mortgage. and the Mortgayee if ~t deems necessary msy place and p~y lor wch ~nsurancs. or any psrt thereof, without fos~n9. w~ivinq or sy~c-
c~r.g Mortgayee's opt~on to foreclose for breach oi th~s covensnt. or any psrt thereof. o? sny ~~ght or opt~o~ unde~ th~s mortpap~. and every wc1+ payrt+~nt sMll
Dear ~ntarest from date thereot unt~1 pa~d at the h~ghest rate author~:ed by law. and all such payments with ~nt~rest ss a(orsss~d shill be s~cured by tM IKn
ne~Pal In the event any loss or damage is suf~ered Mortgagor shall not~fy Mortgagee of such loss or damsy~ weihm forty-e~ght (48) hours ahsr tM hsppernn9
~nereof. the (a~lure to g~ve such nunce shs~l consu[ute a default and the Mortgagee sha11 have the nghts Aerein 9~vsn tor sll defsults.
9 To perm~t. comm~t or suHer no waste and to ma~nt~~n the ~mprovements st all bmes ,n a stats of yood repa~r and co~dit~on: and to do or p~rm~t to
~e ~one to ss~d prem~ses ~oth~ng thst w~ll altar or chsnfle ths use snd character of sa~d property or 1n a~y way ~mpa~r or weaksn the sacunty of said mon9~qe
~ case o( the retusal. neglect or inab~hty of the Mortgago: to repa~r and ms~nta~n sa~d proDerty. the Mortqaye~ msy. st its option. makt such npa~rs or esusa
same to be made and advance mon~es ~n th~t behaU wh~ch sums sha11 be secured by the hen hereof and bear ~neerest s~ the h~ghest rste authonzed by
10 To dehver the abstrsct or abstracts of Utle covenng she mor~gaged property to Mortgagea or ~ts des~gnsted aqent, wh~ch shstl st sll Umes, dunnp
~-e i~fe o~ th~s mortga~e. romam ~n the possess~~n of t1e Mortgsgee and in event o( the foroclosure ot this mortg~qe or othu transfsr of t~tla ~II r~pht. titb snd
~;e~est of the Mortgagor i, ard to any such abstraet or sbstraets ot Ude shalt pass to the purehsser or g~antss.
~ 1 That no +vaivsr ot s~y covsnant hsre~n or ~n ihe obl~qat~on secured hsreby sha!I at any t~me h~rsafter be held to be a wawer of sny ot tht otMr
e~ms hsreof or ot che note sacur~d hsrsby. or tuture wsiwr of the sam~ cov~nant.
12. That m order to sccelersts the matunty ot ths ~ndsbt~dn~ss hu~by secured bscause of tt» lailun ol the Mort9aQor to p~y sny.t~yc as~ssm~nt.
zb~~~cy. obl~p~tion or encumbrsnce upon said property as i nm prov~ded.~t shall not b~ nec~ssary noi requ~s+te thst ths MortQapN shall first pay tM sartw.
13 That ~f the Mortpagor shsli fail. neQlsct a refuse tor a p~riod o( th~rty (30) days tully and promptly to pay the amounts rpuired to b~ pad by tM
-~te hereby sscured or the mterost ther~in spetifisd or any ot the sums o( monay herem rstsrrsd to or here~y sscur~d, or otMrwite duly. tully ~nd promptly to
;e~form. sx~cut~. comply with snd aDed~ by ~ath. ~v~ry or any o( th~ eov~nant~, conGitions o? ~tipulat~on~ ot this rtwnpap~, th~ pro~rrpoe~r ~wq Mr~by
.ecured ~nd/a tM constructio~ ban apcNm~nt. if ~ny, th~n, and in ~ithtr or m anr of such w~nts. wrthout rwtiq a d~mard. th~ sad ayq~pat~ wm man-
~ onad in said promiuory not~. I~ss pr~viou~ paym~nts. it any. •nd srry u~ ~M wms msnUOn~d 1»r~in a NCUrrd h~r~by shall ti~cortN dw and p~yab{~
~ -v-thwrth or t1?~roah~r st th~ conunuinp option ot tM Mortpap~e ~s tully and complet~ly as ii s~id ~gprsy~t~ wm= w~r~ oripinaUq stipLlat~d to b~ paid ~t
E ;~ch time. anythin9 in pid promissory not~ or h~nin to th~ contrary notwithstandin~, and the Mortp~ps~ shall b~ ~ntitNd th~nupon or tMruhK without
~~c~ce a damand to institut~ suit at I~w or in puity to ~nforce tha nyhts ot th~ Mortyay~v h~nund~r or under said p~omissory not~. In th~ ~v~nt o( any
' :stault or br~ach on th~ psn of tM Mortp~Qor h~rwnd~r w und~r said promissory not~, tM MorlpapN shall haw th~ continuinp option to ~nto~C~ paym~nt
° stl sums Ncur~d h~rsby by action ~t I~w or by suit in eQu~ry to forscloss this monflays. ~itF»r or both. concurrently or otMrwis~. and oM action or wit
~ s`~~~ not ~bst~ or b~ ~ bar to or waiv~r of th~ Mortqap~~'s npht to intutut~ or m~inu~n th~ oths~. ~rovided aid MortQ~q~ shsll hsv~ only on~ piym~nt and
~ ~~t~af~ction ot said indsDtsdn~ss. -
~ 1 t. That ~n th~ ~v~nt that Morty~por ahall (1) conNnt co th~ ~ppomtrr~nt of ~ rsc~iva, trustN or liquidata ot all a a wbttantial part of ort '
M Wvo? s
4 !i~e . or 2) b~ adjudic~t~d ~ bankrupt or inwlv~nt, w fit~ ~ volunt~ry pttrtwn in bankruptcy, or admit in writin9 its inability to pay iu dabts ~s tMy b~COm~
!,~e. or (31 maks ~ y~n~r~l ~uiflnm~nt fa th~ b~n~fit oi enditors. or (4) fil~ ~ pat~tion or snsw~r s~~kinp rsot~anis~tion or aRanp~rr~nt with u~diton. or to
aks edvantaQ~ of ~ny insdv~ncy law. or 16) fil~ an ~nsw~r ~dm~ttinQ th~ mat~rial all~yationa of a p~tition filad ~p~inst tM Mo?tQa~a i~ any binlwptry.
~ eo~p~ni:~~w^ ~ insolv~ney prou~din~. w(81 ~etion shatl bs uk~n by t1+~ Mo?tp~yor tor tM purpos~ of eHictiny ~ny oi tM torpanp or (7) sny ordrr. judp•
~ ~.anc or d~crN shaU b~ ~nt~r~d upon ~n ~ppliC~tion of a cnditor or MortpaQor t~r a court of Comp~t~nt jurisdictipn approvinp a p~tition sNkinp ~pppintrtwnt
' e r~csiv~r or trufts~ o( all or ~ subft~nti~l psrt of tM Morty~por s ass~ts ~nd weh ord~r. jud~m~nt or d~erp shall opntinw unsq~r~d ~nd in ~Hkt for any
;er;od o( thirty 130) w~~cutiv~ d~ys. th~ Monpapoe msy Mcl~r~ th~ not~ her~by s~cursd fonhwith du~ and pay~bl~, wh~r~upon tM principa! of ar+d iM in-
~ ere~t ~ccru~d on th~ not~ ~nd all oth~r sum~ harsby secured sh~1l b~coms forthvmth dus and pay~bl~ ~s it all of th~ qid wms of mon~y w~r~ ori9inally
~ -'~cuiat~d to b~ paid on wch day: and thersupon ths MortQapee w+thout notice or demand m~y prosacut~ a suit at law and/or in puity as i~ all moni~s
~ e~ured hereby had m~tur~d prior to its institution
~ t~ That ths Mort ~ ee or an non sutho!!:sd b ths Mort e ee shell havs the n ht to enter upon and in
fl G Y W Y Q 9 fl spect the m~rtqayed pnm~tss ~t ~II
-~;onable nmes
~ 18 That ~ny sum or sums which may be losnsd or advanced by the Monpa~ee to the Mony~por st ~ny tim~ w~thm twenry (20) y~ars hom tM ~su
; ~;r:~s ~nd~ntun, toy~thsr w~th intenst thereon at ths rate apreed upon at the time ot such losn or sdv~nc~. shall b~ squally ~acursd w~th and hsw th~ ~srt?~
- o~~ey as ths oriq~nsl ~ndsbtsdn~as snd b~ subj~ct to sll ~he terms end prov~s~ons of th~s mon9age. prov+ded. that the apflrepate amount of pr~nc~p~l outssan-
~ ~a at sny time shall not exc~ed (S or ~t the preced~ng blank is not compieted. then ~n amount ~qwl to one hundrod ind fihy psr t~nt
~ ' 5~61 of the pnnupsl amount or~Qinally secured heroby shall apply ~
~
~ 17 That. r~qwr~d by Mortflapee, th~ said Monyaflor w~ll psy unto the MortQspee. on tM first day of esch and svery consecutiw month. a sum
~.:a+ to or»-tw~lhh o/ ih~ annwl ~mount nec~ssary to p~y all t~xss and asssssments ap~~nst tM aid moftQaped premis~s, said monthly wm to be ~t-
~ --ated solNy by Monflaps~ and ulCUlatsd to b~ ~n amount not lets th~n th~ ~mount oi tex~s aas~ssed p~inst said mortQ~lp~d pr~mists fw tM pr~v~ou•
~ e ar. and il turther rsqwrad by Monyayea to pay a11 msurance prem~ums in manr?sr and lorm ~s p?ovid~d h~r~in fw tM p•ym~nt of tax~s ~nd sts~ssm~nts.
~
18 Thst ~f th~s mortpape ~s m conn~cbon wRh construcaon lom t~nanu~p, then this mwtqa~ is wbj~ct to tM Con~tructio~ Loan A9r~sm~nt
~ ~~Q~ betws~n the Mortg~pw and it?~ Mortpspee. an ~x~cut~d copy o( which is in tM posqsi~on ot tM
~ 'ortp~pes sn0 is incorpor~t~d h~r~in py r~(~r~nc• ~nC msd• ~ p~n harao(: any de(ault by Mortpa~or undtr said awNmtnt shsll constitut~ an w~nt o(
e~ault unOtr this mortpap~.
~ 19 Th~t the Mortgaflor wllt on th~ rsqusst of the Mortgaqee turmsh ~ wntt~n st~t~ment ol th~ amount ow~ny on the obt~ation which thia mortyaQ~
As~res and there~n stste whetner or not Mortge9or cia~ms~any defenses or oHsets thereto
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