HomeMy WebLinkAbout0935 ~ Th~t mortpap~ p~rson~l to Ih~ MortpsQor Mr~~n. ~nd no conv~Y~ne~ st?all b~ Tad~ Dy MonOapor Of tM pr~m~s~i Mr~~n ~~Knb~d or ~ny part
~~,r~ao1 w~thout hrst obtain~n9 tM pnor wnuen consent of th~ Moreqa9~~ I~ tA~ ~v~nt Morlp~~N p~w~ th~s wntt~n conNnt. tM qr~ntN n~m~d ~n tuch cdn-
. r, ance shall assum~ and sp~s~ to psy the obl~gsuon ewdenc~d by tM p~om~ssory rwt~ s~tut~d h~r~Dy Any tonwyanc~ ot tM pop~tty Mr~~n dtccnbed pr
parl ihar~of in v~olst~on of tho t~rm~ of th~s pa~spraph sh~ll ~nl~tl~ Mortpipt~ to ~ccN~?at~ tM psyrt?~nt ol tM oblpatwn s~cu~~d Mr~ and ~II sums uf
~~~uney secursd h~r~by ~h~l~l~,(11r`~op{!on o} Mortqay~e. b~com~ du~ and paya~le snd ~n d~l~ult wMth~r or not tM sanN to dw ind paYabN a^d
~~iault by Ih~ spec~fic tKe+s A~reol No~Mny nere~n cona~ned sha11 D~ co~stru~d to consuwte a novatwn or rN~as~ Mon9a9a a any subspu~nt owne~ ot
ab~l~ty or obliflat~o~ unda Ihe prom~ssory note sscured h~rtby or this mottpap~ by r~~son of tM afor~sa~d assumptwn oi t1+~ oW~yabon und~r tt+~ not~
>rcured h~ioby. by ~ suDs~puent owner of ths propsrty deunbed h~r~in
5 That ~n ihe ~vent ol a swt be~ng msututsd to for~cbss Ih~s mort9iQ~. tM Mwty~gee shsll be ~nbtl~d to ~ppfy at ~~y t~rtN dunnq wth foncbsu~~
s.,~c w th~ cou~~ hsv~~q ~unsdKbon tMr~o( lor the appomtm~nt of ~ r~c~+wr o~a11 and smpul~r tM mortpp~d ~op~rty. and ot aU rtntt. ~ncom~s. prol~ts.
~s~es and rsv~nues ~he+sol. from whatsoevsr sourp denved. ~nd tt»r~upon ~t h~reby ~:pr~ssly conwnant~d a~d ~prNd tMt tM court shall forthnnth ap-
uo~n~ sucA rece~ver w~th ~h~ ususl powsrs snd duuDS ot rece~vers hk~ cas~s. snd sa~d appo~ntm~nt sh~li b~ mad~ by tM court ss a mstt~r ol stnct nqht to
;ne Morty~fl~e. and w~tAOUt r~f~r~nc~ to Me adedu~cy or ~nadequscy of tM v~tue of IM p~op~rty h~nby mortp~~d. or to tM solvtncy a~nsolv~ncy ot tM
Mortgapor or ~ny oth~r party d~f~ndant to such surt Th~ Mortpapor Mr~by spttif~cslly warv~s tM ~iyht to ob~~ct to tM ~ppo~~trr»nt of a nc~~wr ~s
aforssa+d and Mr~by ~xp~essly tons~nts that such appo~ntmen! ~hsll be mad~ as ~n admrtted puity ~nd ~s ~ mattK ot aDsolut~ nQl+t to tM MortpaQ~ and
~na~ ihs samo may b~ don~ vr~thout not~u to tM Mortqaqa
6 T~st ~f any proc~deps should be ~nst~tut~d a~sinst tM propsrty covered by th~s mortys~s upon ~ny otMr INn or claim wMth~r wp~no~ or jun~a
~a the h~n of th~s mortgap~. tM Matqa9ee may st its opt~on imm~diately upon mst~Wtitm of suth swt w durtn9 tM p~nd~nCy tMrwl d~Ciar~ thi~ mort~ap~
and the ~ndabtsdn~ss secursd h~r~by due snd ptyable forthw~th and m~y ~t ~ts optron proc~sd to fo~~cios~ tMs mo~tpaq~.
7 To pay all snd s~npulsr the costs. tees. cnarqes snd expsns~s ot ~v~ry kind. ~~clud~ny the cost ot ~n sbstrsct o! t~tl~ to sa~d lands tou~d to b~ con-
ven~ent a a:ped+enl ~n co~ruetwn w~[h a~y su~~ la tM for~elosur~ ol t3~~s mortpsps. and slso includ~ny. wMtMt tM MortpaQ~~ ~s obt~p~t~d to pay s~m~ or
~o~. reaso~sble attorney's hes incurrsd or ezpended st ~ny ume by the MortpapN ac~usa of tM tailur~ of iM Mort~a~or to p~rfam, comply with and sb~de
cr ait a ~ny o/ tM cownsms. cona~tions and st~pulat~on~ ot p~d promissory not~. a tA~s mo~tpsp~, in tM ta~cbw~~ ot tlus mo~tpap~ ~nd ~n coll~ctin9 th~
amount secur~d htr~by wrth or w~thout legsl procesdups. and to reimburse tM Mortpsgee for ewry paym~nt m~ or incu~nd for any wth purpos~ vmth m-
:eres~ from date ot every such payment at the h~ghast ?ate au~honied by law. such p~yments snd obl~pu~ons. witA int~nst tMr~on ~s afo~~=a~d. shsll b~
secured by the lien herool
8 To keep the bwid~ng or Du~ld~ngs now or hereahsr on sard land msured sy~~nst loss o~ damape by f~re. ext~nded coverap~ snd other p~r~IS. ~m
ciud~ng war nsk inwrance if svs~lable. ~n s sum not less than the~r (ull ~nsur~bte valus at tAe cost and expsnss ol thi Mortp~qOt in a tompsny o+ compam~s
aoVroved by the Mortgagee. the pol~cy or pol~c~es ~o be held by the MortqaQ~e. and such polKy o~ pol~c~~s o! ~nsuranc~ shstl hsw aN~xsd tMreto s St~nda+d
New York Mortgsgee Clause. makmg sll loss o: losses under such pol~cy or policies psyable to the Monyapee ss its int~~Kt miy ipp~ir. ~nd t0 d~i~vfr ss~d
ooi~cy or polKies fo ehe Mortgsgee wnen ~ssued w~t~ the rece~pts tor the paym~nt ot th~ prem~um tMnfor: snd in tM twnt ~ny wm ol monsy b~com~s
~ayable under such polKy or pohc~es. the Mortgagee shall hsve the opt~on to r~cerv~ and appiy th~ sams on sccount o1 tM ~nd~badn~u sacur~d h~r~by w to
aerm~? ~Ae Mortga9or to rece~~~e and use ~t. or any psrt th~reo(. for other pu?poses, wrthout thereby ws~vin~ or ~mpsinnp any equiry. IMn or npht und~r or by
~ ~r;ue o( th~s mortgage. and the Mortgagee if ~t deems necessary msy place ~nd pay (a wch msuranc~. or a~~ wn en.not, wrthout bsin~. wainn~ a sH~c- '
~ ng Mortyagee's opuon to loreclose tor breach ot tn~s covenant. or sny psrt tMr~of. or any n~ht a optwn und~r this matpap~. snd ~v~ry wch psym~nt sA~ll
oear ~nterest f~om data the~eof untJ pa~d at the h~ghest rate suthc~nted by law. snd all sucfi paymtnts vinth mt~r~st as afor~sa~d;hall D~ s~cursd by the b~n
~:e~eo( In the event any loss or damaQe ~s suNered Mortgaga shsll not~fy MortyaQss of wch loss or dsmaQ~ vmthm torty-~i~ht (48{ hours sha tM happernnq
~nereof. the ta~lure to g~ve wch not~ce shall const~tute a defauft ~nd the Mortgagee shsll hava the nyhts h~rtin piv~n for ~11 d~fsults
~ 9 To permit. comm~t o? suHer no waste and to mamts~n the improvements at sil t~mes ~n ~ stst~ of Qood npsir and cond~t~o~f: ~~d to do or p~rmit to
e done to ss~d premises nothinp that will alter or chany~ ths use snd chsracter ot s~id property or in any wsy impair or w~~k~n th~ s~curiry Of said mort9aq~.
K ase of [he refusa~. ney'.act or inabifity of ~he Mort9sQor to repa~r snd ma~ntsm said property. the MoRfl~9t~ may. ~t iq option. mak~ tuch npa~n or esuss ~
~e same to be made and sdvsncs momes ~n thst behsl( wh~cA sums shs11 b~ s~cured by the lisn h~no! snd bNr int~nst st th~ hiQh~st rat~ authori=ed by
1\Y
i 10 To del~ver the abstract a abstracts ot btle cover~ng ths mortyaped property to Mortpsyee or its d~s~pnated ~pent. wh~ch shNl st sll t~mts. dun~?y
~ a i~~e of th~s mortga~e. rema~n in the possess~~n of the Mortgspee and m event oi the toreclosure o( th~s monpaQ~ or otMr transtsr o( trtls. NI npht. titl~ and
F r~erest ot the Mo?tgagor m and to sny such abstrstt or abstratts of trtle shsll pats to the purth~ser or pr~ntN.
f t i That no warvsr nf any cwenant hsrem or in th~ oD6yat~on s~cured Mreby shall at ~ny t~ms h~r~shsr b~ h~ld to b~ ~ ws~ver of sny o1 th~ oth~r
; •arms hereo( or o( th~ not~ secursd hersby. or (utur~ waiwr of th~ sam~ cOV~nant.
~ ~
E
; 12. Thst in ordor to scc~l~rstt tM mstunty ot tha md~bZ~dn~ss hsrtby s~cund bec~use oi tM t~ilur~ ot th~ Morty~qor to paY ~~Y-iy~ as~!samMt•
t i~ab;~~cy. obl~qacion a~ncumbanq upon said prop~rty as Mn~n provid~d.n shall not b~ n~c~sssry nor rpuisit~ tAat tM (MonQsp~ ~hsll fint pay tM sam~.
~ ~ • .
13. That it the Mortpsqw shall fail, nepl~ct or r~tuse for a p~riod oi th~rty (301 dayt tully and promptly to pay tM amou~ts rpuind to b~ pad by th~
~ note her~Dy s~cur~d or th~ int~n~t th~nin ~pscifi~d or ~ny of ths sums ot mon~y h~r~m nierred to or hereby s~cund, or oth~wis~ duty. fully a~d promptly to
periorm. ~xK'uts. compfy with ~nd sbid~ by ~ach. ~v~ry a any o( tM cov~n~nts, conditions a stipulations of this mortqa~s. N» pra~ws~ory noa hsreby
sacur~d and/a th~ construction Iw~ prNm~nt. ii any, cMn. snd in .~tMr or in any of such w~nn. w+thout notic~ a d~nyrd, fM ~aid apprpatt wm rr~n-
t~on~d in said promissory not~. Ns~ pr~viou~ paymsnt~. if ~ny. ~nd a~r snb ~M wms m~nuorwd h~r~in w s~wnd h~r~by shaH p~oorrN dw and payaW~
tcrchwith a t!»nah~r at th~ conUnuin~ option ot tha Monpa~ ss tully and compl~t~ly a~ if Mid ~~prpst~ wms ori~inaUy stipblat~d to b~ psid ~t
such tirt?a. anythino in ~aid promiswry not~ a h~r~in to th~ conuary notwitAst~~~nQ. and tt» Monpap« ~hsu b~ ~ndtNd th~nupw~ a tMnaRK withou~
notic~ or d~mand to institut~ suit at law a in puiry to ~nforc~ th~ ri9Ats o! t~ Mortpape~ Mnund~r o~ und~r said promasory nob. In tM ewnt of an~r
delault or lx~sch on th~ pan oi tM Mortpaqa h~nund~r or und~r said promiswry not~. tM Mortp~pN ih~q Mw tM co~tirwinp option to ~nto~ ptym~nt
of ell sums s~tund h~niby by action at law a by suit in ~quity to tor~clos~ thij mort~~ps. ~ithN 4t ~oth. COneu?nr?tly or otlf~rvvis~. ~nd on~ action or wit
! snail not abat~ or b~ a bsr to w waivar ot th~ Mortqap~~'s ripht to in~titut~ or mamtain th~ oth~r, provid~d said Mortp~ shall haw only on~ piym~nt ~nd
F 53lif~~ction ot ~aid indsbtsdnsu. ~ ~
14. That in th~ ~v~nt that Mortpapor M~II (1? co~Nnt to tM appointrrNnt o( ~ r~ceivsr, trust~~ or liquidata ot all or ~ wMqnaal part 9f !4{ortpapor's
~ aase . or 2) b~ sdjudicst~d a bankrupt or insolv~nt. or fil~ a volunt~ry p~titwn in bankruptcy. or ~dmit in writinq its inabdity to pay its d~bta a~ thty b~com~
~ o~e. or 131 malu ~ p~n~r~l ~ssignm~nt (ar tM b~n~6t ot u~0~ton. w 1~) fil~ a p~t~[ion o? ~nswer N~kirp r~ofp~nisation a~rrsnp~m~nt with u~diton, w co ;
;eks •dvantap~ ot sny insolwncy i~w. ~r (61 6t~ u? an~w~r ~dmittinp th~ mat~~al all~patans of a p~tition fil~d p~w~st th~ Mortypor in srqr bankruptey.
~ ~earp~nization or insofvst~ey prxNdinp. or (8) ~etion shall b~ uk~r? b~r th~ Mortpapa tor tM purpos~ oi ~tlietiny ~ny d tM fa~poinp a(7) anY orG~. judp-
menc or d~c~N ahall b~ ~ntu~d upon an sppJic~tion ot ~ cr~dita or Matpapa by ~ court o( comp~t~.~t ju?isd'+ction ~pprovinp a p~tition wskinp appointm~nt
~ o~ a rsCNV~r O~ trustN Of ~II pI i iNb~tanti~l nart Of tM MOrtQi~ ~~~i~ ~IId WCh OtdAr, judpm~nt a d~cn~ shall oontinw unsq~r~d ~~+d i~ ~ff~ct for any
par~od o( thirty (30) cons~cutiv~ dayt. th~ Mortpsp~~ m~y d~tlan th~ not~ her~by sscur~d forthwitb dw ~nd p~y~bh, wh~raupon th~ principat of and tM in-
~ ;rre~t •ccru~d on tM not~ ~nd all otR~r sum~ h~rsby~r.tcund sh1ll b~tom~ forthwith du~ ~r~ payabl~ as it dl ol tM qid wms o( monty w~n oriyin~lty
e:~pul~t~d to b~ p~id on sueh day: ~nd th~r~upon th~ Monpipa~ without notic~ or d~mand maY proseeut~ a wit at law and/o~ in puity a~ if ~II moni~s
i ar,cur~d h~r~by had m~tur~d pria to its institution.
E
'a 16. Th~t th~ MORpapN or any person suthorii~d by tF~i MOrt~lpN ihaH havs tFt~ ripht to ~nt~r upon ai1Q irtsp~ct tM martpap~d pr~m~sts st pll
~ ~eason~pte umes
; .
18. Th~t any ~um or wms which may b~ loan~d or ~dvanc~d by tM Matpapes to ths Mortpa9or at sny tin?~ w~thin tvwnry (20) y~an trom tt+~ dat~
o! ;nis md~ntun, toyeth~r with int~r~:t ther~on st th~ r~t~ aQrNd upon at th~ tim~ o/ such lo~n or adv~nc.~, shall b~ pWlly NCUr~d with snd hsw tM sin~
~~~or~cy ~s the oriq~nal ind~bt~dn~ss and b~ :ub~~ct to all tho t~rmt ~nd provisions of th~s mortpa~: p~ov~d~d. that tt+~ wQr~pat~ ~mount of pnncipal outsun-
~ ng ~t ~ny tim~ shall not ~xc~~d (S a i( ths precsdm9 bl~nk is not tompleted. tMn ~n amoum ~qusl to on~ hundr~d and t~hy p~r cent ~
' Sfi9~) ot th• prin~~pal amount oripinally sowrsd heraby shsR sppty. ,
~
1
17. Thst. ii requind by Mortqapss. ths se~d Mortp~yor will pay unto th~ Mortpap~e. o~ tl+~ first day of ~~ch ~nd ~wry conNCUtive month. ~ sum E
e:;ual to on~•twelhh o1 th~ ~n~wl amount n~esssiry to pay all t~x~s ~nd ats~ssm~nts aQamst tM said matpaqsd pr~mists, said monthfy wm to b~ ~s- S
~TateA sol~ly by Mortqsqs~ a~ ulculatsd to b~ ~n smount not I~ss than tM amou~t of t~xos ass~~s~d painst said mortpap~d pnmiitt to~ tM p~tv~ous ~
' ,~ar. ~nd i( (urth~r rsquir~d by Mort9~~~ to psy sll ms~r~nc~ pr~mwms ~n mann~r and tam at provid~d Mr~in !w th~ p~ynf~ni OI taz~s ~nd sas~ssm~nts .
t 8. That ~t this mortpap~ is +n connect~on w~th construction losn flnancinp, th~n this mortQaq~ i~ wbj~ct to tM Co~struction Loan AprNrtNnt
oaceC betw~sn tM Mwtpapw and th~ Matpap~s, ~x~cut~d copy o1 which ia in tM poss~s~ion ol th~
r~onQ~pN and is mcarpor~ted I+~r~in by nt~r~nc~ ~nd mid~ a pan h~nol: ~ny d~fsult by Mortpapor ur?d~r said aprNm~nt shaN constitut~ ~n wa?t of
ael~ult und~r this mOrtya~.
19 That th~ Mort9agor will on the rsqusst of th~ Matgeyee turmsh ~ writt~n stat~m~nt o( tl?~ amount owinq on tM oWpation which this mwt9aq~
secures ~nd there~n stste wh~tAer or not Mortga9or cls~ms sny defenses or otisets thereto
, _ ~ 2 B~OK ~8 !
P~,~ ~`34
~ - _ ~