Loading...
HomeMy WebLinkAbout0981 ~ ~ 4 lh~ti n~nrtyt~~~~r iti {iersohal tn the Mo~tgagor tt~roui end no Convey8r~~e 5h311 be mF1de by Mortc)dyc~r o! thN {~~ernuseS I~ete~n desr~itie~l ui :~ny p~ri rhrrruf withuut hrtit ut~tr~m~itq t1ie~ pnor wr~tten conserit of th~ Mort~a,yee In the ew-nt Mo%tyBC~CC q~VCS this wnlt~~n ru!isenl Iha ~~r.lnter! na~n~~~1 in ~uch r.uil~ ~ ;~•yan~:e shall ;~~.ti,~rn~~ ,~ntl ayree to p3y iho obliyation t~wdnnced hy the piom~ssOry note secured hc~reby Any convi•yam i• uf the ~iroptrty hetem deii~nbed or ,+nti {~:ut th~~~rnf ~n vwl,~hun c~f the lerms ot this paraqraph shatl ent~ite Mortgayee to ~'~c,:elerate the payrnenl ol U~c pbU~aiUnn se~:ured hereby and ell swns ul nu;nery sF~cur~d ht~rt:hv shaJ at U~e opUOn ol Alorlydgeo t~eLOme dup and payable and in default whQiher u~ not Ihi~ same are su due and payable ar~d ~n ;tetault by the S~lf!C~I~C !E?ff11S ~1B~f`O} Nolhing herein conta~ned shall br, const~ueU tu const~tute a rovation oi ~eteuse Mortyayor or any suhsequent <iwn~r of t~al~J~ty ui nbi~q<it~un und~r~ the promissory note securc+d hereby or th~s mo?Iqagc by ~B~SUn o} ihe a(oresaid assumpuuu of the t~blu~ation under Ihe nole .c~ sf~~.u~ed heirt,•; by a tiuliteqi,Fent ~iwner ot ihe propprry descnbed herem ~i 1 h,~t t~~e av.tnt cil .i suit I~e~n4~ ~nst~tuted to toreclose th~s mortgage. the hlortgayee shaR be er>t~tted to a~~pl~• at any t~me during such to~er.losuie yuit tu the cc,;~rt ~~~iwn~~ ~ur~s~LcNCm ihe~eot fqr the appoiniment ot a re~e~ve~ ot all and s~nflular tht~ mortc~ayr.d property and ol all rents. ~ncomes. prof~ts ~titiues .ind i~ew~nues therenl irom whatsuever source denved. and thereupon it ~s hereUy expressly cornenante~i and agreed that thr. court shall tort~wrth ap ~~u~nt su~~h ~ecf~~ver w~th the usual powe~s anU dut~es of recervers in I~ke cases. and sa~d appo~ntment shall tie made by the court t15 a m81ICr p1 SUiCt nyM t0 the Mortga[ter. anr! w~thout reterence !o the adequacy oi inadequacy ol tlie v81ue oi the property her~Uy mortgaged. or to ihe soivency or mso~vency ot ihe Moit,ydgor or any other t~arty cfetendant to such suit The Mortga~or hereby specilicaily wa~v~s the r~~~!~t tu atr~ect ro ttie appo~ntment of a rece~ver as a(oresa~d an+i hereby expretisly r.onserits that such ap~~orr~tmer~t shall be made as an admitteq uqurty and as a matter of ahsolute r~ght to the Mo~tgayee and that Ihe stnnrr may he dune withOUt noLCe 10 the iNortgdc~or fi Thit rf any pmceedrngs 5hould be inst~tuted aya~nst the property covered hy th~s mortyacae upon any other hen or c!aim whether supenor or ~umor tu th~~ hen uf this moriqaqe. the Mortgayee may a! rts out~on i~nmed~ate~y upon instituhun nf such suit oi dur~nq ihe pendency thereczf declaie this mortgage ;~nrt the ~nd~~htedness sec~ued hereby due and payabte forihwrth and may at +ts opi~or. proceed tu ~oreclusc th~s mortga~~e 7 io =~ay all and Su~gular the costs (ees. char,yes and expens~s ot every kind mclud~ny lhe cost c~~ en abstrar.t ot htle to said lands fou~d to be con ven~ent or e~;,erl~ent m~-~nnecNOn w~ih any surt for the forectasure ot this moriyage and atso ~ncludmg whether tl~e Mortgayee ~s obhqated to pay same or r~nt reas~~nable tinorne~~ s~ees mcuned o~ expencied at any time by ihe Mort,yagee hecautie of the fadure of the Mortgagor to ~:erform ~.omply wrth and abide tiy all or ~ny of the r.nvenants cundrt~ons and st~pulations at sa~d prom~ssory note. or th~s martyage in the toreclos~ire o( th~s mortgage a~~d +n r.pllect~ng !he amou~t secured f~ereby wi~h o~ w~thout lec~a~ proceedings and to re~mburse the Moitgagee for every payment made or ~neurred tor any such purpose with ~n tt~resl frnm ~1ate of every such payinent ~t the hiyhes[ rate authorized by law. such paYmen;s and obhyaUuns w~th interest thereon aS aforesaid sh0~1 be ,Fe~ ured hy the I~r.n hereol 8 To keep ~he hu~lding or bu~idings now or hereafter on sa~d land ~nsured aga~nst loss or damaye by t,re extended coverage and other penis. ~n- ciud~~y war nsk ins~irance ~i .~vadabte. ~n a sum not Iess than their futl ~nsurable value at the cosl and expense a( ihe Mor(gayor in a company or compames approved by thr, Mortyaget• [he pol~cy or policies to be held by the Mortgayee. and sur,h ti~ol~cy or pol~cies cif insurance shall have afhxeA ihereto a 5tandard Ne~v Yo~k Mortgaqee Clause. mak~ng ail loss or losses under such pohcy or pohcies payabte to the Mortgac~ee as ~ts mterest may appear. and to delrver sa~d pnhry p~ ~~p~1~IFtS 1Q lFlf• Mortgayee when ~ssued w~th the rece~pts for the payment of the prem,um therefor. and ~n the event any si~m oi money becomes ~>ayable under st~i h pol~cy ar pol~aes the Mortgagee shatl have the option to recetve and apply lhe same on account et the ~ndebtedness secured hereby or to ~ieimit Ihe Mortyag~r to re<:e~ve and use ~t. or any part ihereof, for other purposes. v~~thout there~y w~ivmg r,r impd+nng 8ny Cqu~ty hen or r~ght under or by ,~rtue ni th~s mortyage anci che Mortqayee ~f it deems necessary may place and pay Por such uisurar.ce. o~ any part thereof. ~ti~thout losing. warvinc~ or aHec t~ny Mortgagee s opt~r~n to foreclose for breach ol th~s covenant or any part thereof, or any nyht or opt~on u~de~ th~s mortyaye. and every such payment shatl hear interest frr~m date thr~re~~ untd pa~d at the h~ghest rate author~zed by law. and all such payRTertts w+th u~terest as ati~resaid shall be secured by the hen hereoi tn the event any foss or darnage +s sutfered Mortyagor shall noi~ty kiortgagee of such loss or rfamaqe wEth~n forry-e~_yht (481 hours aiter the happemny ~hereof. the fa~lure ~o g~~•e such nohce s!~all const~tute a defauit and the Mortga,yee ahatt have the nyhts here~n g~ven for a11 delauits 9 Io neim~t. comrmt or sufter ~~o waste a~d to ma~ntam the ~mprovements at ali Umes m a state of good repa~r and condrt~on. and to do or permrt to t,e done to sa~d premises rioth~ng that wdl alter or change the use and character oi sa~d prope~ty or ,n any way impair or ~veaken the securrty of sa~d mortgage In case oi the refusal. neglect or ~nah~hty oi the MoKgagor to repa~r and ma~~ta~n sa~d property fhe Mortgayee may at rts opt~on. make such repaus or ~ause t~ie same ro be made and advance R~on~es m that behalt wh;ch sums shal! be secured by tne lien hereot and hear mterest at the h~ghest rate authonred by fa~~ 10 To rlehver the ~~hstract rn abstracts of t~tle coveriny the mortgaged property to Mortya,yee or ~ts desiynated agent wh;ch shall at a~l hm~s. dunng the ~~Fe oi th~s rrortg~qe remain ~n the possession of tne Mortyagee and in event of the torpr.lo5u~e of th~s murtgdge nr oiht~r transfe, qf i+tie aU nght. t~tle and i ~n~~~rest o( the M~rtgayor ~n and to any such ahstraCt c,~ abstracts of htle shall pass to the purchaser nr yrantee I 1 1 That no wawer of any covenant herem or ~n the obhc~aUon secured hereby shall at any ame hereafte~ Ue t;eld to be a warver of any of the other terms he~eof c+ of the note sec~red hereby. o~ (uture vva~ve; oi the same covenant 12 that ~n order ro acce~erate the matur~ty of the +ndebtedness hereby secured because oi ti,e fa~lure af the Mvrtgagor to pay any taz assessment. ~~ab+irty obl~yabon or enc~,mhranr_p upon sa~d property as here+n urov~ded rt shali not be necessary no~ reqws~te tteat the Mortyayee shall first pay ihe same , 13 that ~f the Mo~tqagor shati (a~?. neg+ect or retuse for a penod o! th,•!y t301 days tu!!~~ and promptiy to pay the amocnts requ~red to be pa~d by the nofe hereby secure~t or the ~nterest therem spec~fied or any oi the sums of money herem referred to or hereby serured. or otherw~se duly. iully and promptiy to ;~e.form e¦erute compiv w~th and ab~de by each every or any of t~e ccvenarzts condR~ons o~ st~pulat~ons of thrs mortgage tt~e promissory note hereby a cecured and or the construct~~n loan agreement. ~t any. lhen. a~d ~n erther or in any ot such event5 without rzi~uce or demand. the said aggregate sum men- honed ~n sa~d prom~ssory note. ~ess prevwus payments rf any a~d any and alf sums menhoned herem or secured hereby sha(I become due and payabte forthw~th or thcrFatter a; the cont~numg option of the Mortgagee as tully and r.omptete~y as ~t sa+d agg~eyate sums were ony~nally shpulated to be pa~d at sucli hme. anyth~ng ~n sa~:f p~om,ssory note or herein to the contrary notw~thstand~ng and the Mortgagee shali be ent~tted thereupon or thereafter vrithout ~obce or demand to mst~tute swt at law or in equ~ty to enforce the nghts of the Mortgagee hereunder or under said prom~ssory note tn the event o( any defauh or breach on the part o! the Mortgagor hereunder or ur•der sa~d promissory note. the Morigagee shall have ihe continumg opt~on to en(orce payment of alI sums secured !~e~ehy by act~on at iaw or by surt m equ~ry to foretlose this mortgage erther or ho!h. cor,currently or otherwise and one act~or• or swt shaU r~ot abat~ or be a ba! t~, or wa:vei ot the Mortgagee s nght to mshtute or mamta~n ihe other. prov~ded sa~d Mortyayee sha~t have only one payment and satisfact~on oi sa~d ~ndebteAness 14 That ~n ihe event that Mortgagor shall (11 consent to the appomtment ot a recerver trustee or ~~~u~N.ato! of aN or a siibstanbal part nt h1ortgagor's assets. or ;21 be ad~ud~cated a bankrupt or ~nsolvent. or h1e a vo!~~~iary pet~t~on ~n bankruptcy or edin~t ~n ~vntiny its ~nab~I~ty to pay ~ts debts as they become due. o~ 131 m;~ke a~eneral assignment for ihe bene(~t of cred~tors. or 14i i~lc a pet~t~on or answer seekmq reorgamrat~on o~ arran_yement with credrtors or to I take advantage o? any ~nsolvency law. or i51 (i!e an answer adm,ttmy the matena~ al!eyat~ans c~f a pe;~t~on filed aga~nst the hlortgagor m any barkruptcy. ~ reorgan~zauon or msci'vency proceedmg. o~ ;6) act~on sha~~ be taken by the Mortya,yor f~;~ !he purpose ot etfer.hny any of the for~~o~ny or f 71 any order. ~udg- ment ur decree shei~ he en;~red upon an apphcaUOn oi a credrtor oc r/lortgagor by a co~zrt of competent ~unsd~ct~on approwng a peU:ion seeking appointment ` of a rece~ver or trustee of atl or a substant~al part of the Mortyaqor~s assets and such orde~ ~udG^'er:t ar !!crcree sha!I cont~nue unstayed and ~n ettect for any ~ perrod of th~.ty 130} consecutive days the Mortgagee may de~~are tt:~ note hereby secured f~rtrnv,r, due and payahie whereupon the principal of and the in- terest accrued on the note and ail other sums hereby secureo snalt become torth~vrth due ,inh ~:ayan'e as ~f a<< ~f the sa~d sums of money were or~g+nally ~ st~pulated to be pa~d on sur_h day. and thereupon the r~iortyaqee v.~thnut nnt~ce or demanrl rr~ay pr~~sect:te a su~i at ~aw anA~or ~n equrty as rf all mornes secured hereby had matured pnpr t0 rt5 ~n5titution I 15 That ;h~, 1Ao~tyac7ee o+ arty person author,red by the tJ:oJtyzgee shalt ha~e the ~•~)ht to ente• ~~pon ~nd ,nspert thr, mortgaged prem~ses at ali ' rq;lSpn;ttr'~~ ~ - lfi Th32 3ny 5•.:m i)r 5~1m5 Whr~~~ m8y bP. !va^r_d or a:i•;anced by Me M~~rtyayee t0 !hC h1qrt.:;!~;!,• ]T :i~y !~me;• Wit~i~n t~Venty i201 years (rom the d2te of this inde~~ture toyerhe• v~~!h ~nteres! thereon at the rate agreed upon ar the t~mc~ r,f such !oan ~r a:~•: a~~:,e sr,~~i he ~.qualty sec u~ed w+ih and hace the same prionty as the qng!nal inclet3tndness and be sub~ect to a`i th~~ t~~rms and prpv~5~an5 of tti~s rnortc~:iye ~r.ov.,ir,,f ih,il t1~r~ aygre;aatt~ a~nuunt of princ~pal outst8n- d~ny ~i iny t;:r~R si~J~! r~~iT ~rrC6~•d ?S . . . Or ~f trP. Iin~i~.~~dmq htank, ~5 nOt ~~.r~m~i~r•~r~~1 t'u:~, a~~ Hr~t~uni er~u;~l !p pnc> h~.:ndrCd .lnd ~~ity pBr i C~t 115~1'{:;1 0~ 1t~g (in~i~.indl ~n~i>~~nt pnyir~dlly S~rC.tred her~~y qr~~l; ~U~~~~ 17 Tt,at ~f requ~red by Mortyagee the SaiA MUrt,y~gr~~ ,v~~i ~fay unto the MOrtq:tgBC r~n tt~~. l~~st ciay of each and every cansecutrve month, a sum eq~at t~, one !v~eHth o! the annuai amoun! ne~essary tcr pay at! taxes and assessments aga~r~st tne sa~~f mo~tgaye~l p+em~ses, sa~d monthly sum to he es I~mated so~ely by Mnrtyaye~~ and ca~cu~ated to be ar, amnunt •~o? less ihan the amount of t~xes ~ssesse~i aqa~nst sa~d mortgaged premises for ihe previous year. and i( further roquired by Mort~aayee to pay all msura~ ;~ern~ums ~n manner and fonr ~s nro~~ded herem for tt~e payment of taxes and assessments I 18 That ~f ttns m~rtyaye ~s ~n cor.nection wrth ca~c~•~:.t;on loan tnancmy. then th~s mortyage ~s sub~ect to the Construct~on loan Agreemeni datec! (~~A betwee~ thP t~lort,yagor and the Mortgac~ee an executed copy of which is m the possess~un of the Mortyagee anrt rs r~r.OfOO+r7TQ!} hg(P111 by reference and made a part herPOf any detault by Mortc~ayor under said a4reement shall const+tute an event ot de~auft under thiz m~r!yage 19 7ha; the Mor.y~qor •.v~U on the reques? o~ i1~r Mnrt.~:i:;e~'~r.i~:s~~ a v:ntten statement o( the amount owmy on ~hP obl;gat~on wFuch th~s mortyage SCC~11@5 8rn) !1~:r!rc!~r S1R1C VYn~±QIiNf Or np~ !V~p•1f~c~(~pl (;I~•fn5 d~ly ~}Bie^SCS Of Ut~5C25 INE~CiO ~ , t, 4 568 h~~ 981 800K e rr -~.-.n......~r~.