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HomeMy WebLinkAbout0716 4 Th~s mortgage is personal to the Mortgagor here~n, and no conveyance shall be made by Mortgagar ol the prem~ses here~n descr~bed or any pert ;'r~eredi w~thout (~rst obta~ning the p~~or wniten consent of the Mortgagee in the event Mo~tgagee gives this wr~iten consent. the grantee named in such ton- ~eyance shall assume and agree to pay the obl~gat~on ev~denced by the prom~ssory note secured hereby Any conveyance of the property here~n descr~bed or ary part thereof ~n v~olat~on of the terms of th~s paragraph shall ent~cle Mortgagee to accelerate the payment of ihe obi~gauon secured hereby and all sums of n,oney secured hereby shall, at the opt~on oi Mortgagee. become due and payable and ~n detault whether or not the same are so due and payable and ~n de(ault by the spec~(iC terms hereoi Nothing herein Contained shell be construed to constrtute e novat~on or release Mortgayor or any Subsequent owner Of f;ab~l~ty or obligation under the prom~ssory note secured hereby or th~s mortgage by reason of the a(oresa~d assumpt~on ot the obl~gauon under the note secured hereby, by a subsequent owner of the property descnbed herein 5 That ~n the event of a su~t be~ng ~nst~tuted to foreclose th~s mortgage. ihe Morigagee shall be ent~tled to appty at any t~me dur~n~ such foreclosure s;.~t to the court having ~unsdiction thereot for the appo~ntmenc ol a rece~ver of a~l and s~ngula- the rnortgaged property, and of all rents. incomes. prof+ts. :ssues and revenues thereot. trom whatsoever source denved. and thereupon ~t ~s hereby expressly convenanted and agreed that the court shall forthw~th ap- po~n[ such rece~ver w~th the usual powers and dut~es of rbce~vers ~n I~ke cases. and sa~d appo~ntmen[ shatl be made by the court as a matter o1 str~ct nght to ~ tne Mortgagee. and w~thout reterence to the adequacy or ~nadequacy of the vaiue oi the property hereby mortgaged, or to the solvency o? ~nsolvency of the ".lortgagor or any other party defendant to such swt The Mortgagor hereby spec~(~cally waives the nght to ob~ect to the appo~ntment of a rece~ver as , atoresa~d and hereby expressly consents that such appantment shall be made as an adm~tted edu~ty and as a matter o( absolute r~ght to the Mortgagee and tnat the same may be done wnhout not~ce to the Mortgagor , 6 That ~f any proceed~ngs shoutd be instrtuted aga~nst the preperty covered by th~s mortgage upon any other hen or cla~m whethe? super~or or ~unior ~o the hen ot this mortgage. the Mortgagee may at rts option immediate~y upo~ insUtut~on of such suit o+ dunng the pendency thereof detlare this mortgage a~,d ?he ~ndebtedness secured hereby due and payable forthw~th and may at ~ts opt~on proceed to toreclose th~s rnortgage 7 To pay all and s~ngular the costs. fees. charges and expenses of every k~nd. ~nclud~ng the cost of an abstract of t~tle to sa~d lands tound to be con- ~en~ent or exped~ent in connection with any 5urt for the foreclosure of th~s mortgage. and also ~nclud~ng whether the Mortgagee ~s obt~gated to pay same or ~.oc reasonable attome~'s tees ~ncurred or expended at any ume by the Mortgagee because of the fadure of the Mortgagor to per(orm. comply wrth and ab~de ~v aii or any ot the covenants. condit~ons and st~pulat~ons of sa~d prom~ssory note. or th~s mortgage. ~n the (oreclosure of th~s mort~age and in collect~ng the amount secured hereby ~v~th or w~thout legal proceed~ngs. and to re~mDurse the Mortgagee for every payment made or ~ncurred (or any such purpose with in- ~e+ast from date of every such payment at the h~ghest rate authonzed by law. such payments and obl~gat~ons. w~th interest thereon as aforesaid. shall be secured by the hen hereof 8 To keep the building or buildings now or he~eafter on said land ~nsured aga~nst Ioss or damage by f~re. exte~ded coverage and other per~is. ~n- : iud~ng war nsk ~nsurance ~f ava~lable. ~n a sum not lass than the~r ful! ~nsurabte vatue at the cost and expense of the Mortgagor ~n a company or compames approved by the Mortgagae. the policy or pol~c~es to be held by the Mortgagee. and such pol~cy or pol~aes of ~nsurance shall have af(ixed thereto a Standard New York Mortgagee Clause. mak~ng all loss or losses under such pol~cy or polic~es payabte to the Mortgagee as ~ts ~nterest may appear. and to del~ver said pol~cy or policies to the Mortgagee when issued w~th the rece~pts for the payment of the prem~um theretor, and ~n the event any sum of money becomes payabie under such pol~cy or pol~c~es. the Mortgagee shatl have the opt~on to rece~ve and apply the same on account of the ~ndebtedness secured hereby or to pe~m~t the Mortgagor to rece~ve and use ~t. or any part thereof. (or other purposes. w~thout thereby wa~v~ng or ~mpa~r~ng any equ~ty. I~en or r~ght under or by v~rtue of th~s mortgage. and the Mortgagee if it deems necessary may place and pay for such ~nsurance. or any part thereof, w~thout los~ng. wawing or affec- ?~ng Mortgagee's option to toreclose for breach of this covenant. or any part thereof. or any nght or opt~on under this mortgage. and every such payment shall bear ~nterest from date thereof unUl pa~d at the h~ghest rate authonzed by law. and all such paVments wrth interest as aforesa~d shall be secured by the lien ~ereof !n ihe event any loss or damage ~s sutfered Mortgagor shall not~fy Mortgagee oi such loss or damage with~n torty-e~9ht (48) hours aFter the happening rnereof, the fa~lure to g+~e such noUCe shall constrtute a detault and the Mortgagee shall have the nghts here~n grven for all defaults 9 To permit. commit or suffer no waste and to ma~ntain the improvements at all times in a state of goo~ repair and condition; and to do or permit to ~~e done to sa~d prem~ses noth~ng that w~ll alter or chznge the use and character ot sa~d property or ,n any way ~mpa~r or weaken the secunty of said mortgage. ^ case of the refusal. neglect or ~nab~hty of the Mortgag~r to repa~r and maintam sa~d proFerty the Mortgagee may. at rts opUOn, make such repaus o~ cause ~ne same to be made and advance mon~es m that behali wh~ch sums shal! be secured by the I~en hereoi and bear ~nterest at the highest rate authonzed by a ~.ti 10 To det~ver the abstract or abstracts of t~tte cover~ng the mortgaged property to Mortgagee or ~ts des~gnated agent. ~vh~ch shall at all t~mes. dunng i~fe of ih~s mortgage. remain ~n the possess~on of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title. ali nght. t~tle and ~erest of the Mortgagor ~n and to any such abstract or abstracts of trtle shal! pass to the purchaser or grantee 1 1 That no wa~ver of any covenant here~n or ~n the obl~gat~on secured hereby shalt at any t~me hereatter be held to be a wa~ver oi any of the other ~e~ms hereof or of the note secured hereby. or future warver of the same covenant 12 That ~n order to accelerate the matunty of the ~ndebtedness hereby secured because of the ~ailure of the Mortgagor to pay any taz assessment. ab~i~ty. obl~gauon or encumbrance upon sa~d property as here~n prowded. u shall not be necessary nor reqws~te that the Mortgagee shall first pay the same. 7 3 That ~f the Mortgagor shafl ta~l, n2glect or refuse for a per~od oi th~rty 130! days (ully and promptly to pay the amounts requ~red to be pa~d by the ~ ~oce hereby secured or the ~nterest there~n speafied o~ any o( the sums of money herem referred to or hereby secured. or Qtherw~se duly, futiy and promptly to ; erform execute comply w~th and ab~de by each. every or any of the covenan(s. condiUOns or sUpulaUOns of this mortgage. the prom~ssory note hereby _ecured andior the construcnon loan agreement. it any. then. and m e~ther or ~n any o( such ever~ts. w~thout nouce or demand. the sa~d aggregate sum men- i ~ oned ~n said prom~ssory note. less prev~ous payments. rf any, and any and all sums ment~oned herem or secured hereby shall become due and payable i r,hw~th or thereafter at the contmu~ng opnon ot the Mortgagee as fuily and comptetely as ~t sa~d aggregate sums were ongmally st~pulated to be paid at I such t~me. anyth~ng ~n sa~d prom~ssory note or herein to the contrary notwrthstand~ng. a~d the Mortgagee shail be ent~tled thereupon or thereaher wrthout r.ct:ce or demand to insutute suit at law or in equrty to entorce the nghts of the Mortgagee hereunder or under sa~d prom~ssory note In the event of any default or breach on the part oi the Mortgagor hereunder or under said prom~ssory note. the Mortgagee shall have the cont~nwng option to enforce payment i o` ali sums secured hereby by action at law or by swt m equrty to foreclose th~s mortgage. e~ther or boch. concurrently or otherw~se. and one action or suit s~a!I not abate or be a bar to or warver of the Mortgagee s nght to ~nstrtute or ma~ntam the other. prov~ded sa~d Mortgagee shall have only one payment and E ~;*,,sfact~on of sa~d mdebtedness f f ~ 14 That ~n the event that Mortgagor shall ( i) consent to the appo~ntment of a rece~ver. trustee or I~qu~dator of all or a substant~al part of Mortgagor's ! assets. or (2) be ad~ud~cated a bankruRt or ~nsotvent. or f~le a voluntary pet~t~on ~n bankruptcy. or adm~t ~n wnt~ng ~ts ~nab~l~ty to pay ~ts debts as they become ? ~.~e or 13) make a general ass~gnme~t for the be~efrt oi credrtors. or (4) file a pet+UOn or answer seekmg reorganization or arrangement with credrtors. or to E c~ke advantage of any ~nsolvency law. or (5) f~le an answer adm~tuna the matenal allegat~ons o( a peut~on f~ted aga~nst the Mortgagor in any bankruptcy. E ~Porgan~zaUOn or insolvency proceeding. or f61 actioc ~hall be taken by the Mortgagor (or the purpose oi eifectmg any of the forego~ng or (7) any order, ~udg- ~ ~^ent or decree shall be entered upon an apphcation of a creditor or Mortgagor by a court of compecent ~u~~sd~ct~on approwng a peUt~on seek~ng appo~ntment or a receiver or trustee of all or a substant~al part oi the Mortgagor"s assets and such order. ~udgment or decree shall cont~nue unstayed and ~n eifect for any ; Ar~od of th~rty (30) consecuuve days the Mortgagee may declare the note hereby secured (orthwrth due and payable. whereupon the pnnc~pal of and the in- ~~~est accrued on the note and a~l other sums hereby secured shatl become forthwrth due and payable as ~t all of the sa~d sums oi money were onginally ~~~~~~iated to be pa~d on such day and thereupon the Mortgagee wrthout not~ce or demand may prosecute a surt at law and-or ~n equ~ry as ~f all mon~es ~ __cured hereby had matured pnor to ~ts ~nshtuhon i ~ 15 That the Mortgagee or any person authonzed by the Mortgagee sha!I have the r~ght to enter upon and ~nspect the mortgaged premises at all ~ ~:~ablp hrnes i i 6 That any sum or sums wh~ch may be loaned or advanced by the Mo~tgagee to tne Mortgayor at any t~me w~th~n twenty i20) years (rom the date '^~~s ~ndenture together w~th mterest thereon at the rate agreed upon at the t~me of such loan or advar,ce. shall be equaliy secured w~th a~d have the same ' nr~ty as the or~g~nal ~~debtedness and be sub~NCt to alf the terms and prov~s~ons of th~s mortgage prov~ded that the aggregate amount ot pnnc~pal outstan- ~ y at any t~me shall not exceeG 1S_ ___1. or ~t the preced~ng b~ank ~s not completed then an amount eq~al to one hundred and (ifty per cent '.50'-~I of the pr;napal amount or~g~nally s~~cared hereby shatl apply 1 7 That. ~f requ~red by Mortgagee. the sa~d Mortgagor w~ll pay unto the Mortgagee. on the f~rst day ot each and every consecut~ve month, a sum ~ ~;,a~ co one-twelfth of che annual amount necessary to pay all taxes and assessments aga~nst the sa~d mort9aged prem~ses, sa~d monthly sum to be es- rated solely by Mortgagee and calcufated to be an amount not less than the amount of taxes assessed aga~nst sa~d mortgaged prem~ses for the prev~ous ~ , ear and ~f funher requued by Mortgagee to pay all ~nsurance premwms ~n manner and torm as prov~ded herem tor the payment of taxes and assessments. e ~ 18 That th~s mortgage ~s m connecUOn wrth cons*.rucUOn loan (~nanc~ng. then th~s mortgage ~s sub~ect to the Construction Loan Agreement 4 ;atad between the Mortgagor a~d the Mortgagee. an executed copy of wh~ch ~s ~n the possession of the ~ `~"•~,~•gagee and ~s ~ncorporated here~n by reterence and made a part hereoi. any default by Mortgagor under sa~d agreement shall constrtute an event of ~ 'e!auit under this mortgage r F 19 That the Mortgagor w~ll on the request oi the Mortgagee furmsh a wrrtten statement ot the amount ow~ng on the obl~gation wh~ch this mortgage secures and there~n state whether or not Mortgagor clarms any defenses or otfsets thereto - t no0 I L 804 (6/88) 2 s eoQK s~~ - - - F . x.,...~. ~ ,t-s: = ` - - - - `