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4 This mortgage ~5 persona~ to the Mortgagor here~n and no conveyance sha~! be made by Mortgagor oi the prem~ses here~n descr~Dad or any part
e:eof wrthput f~rst obtaming [he pnor wr~tten consent of the Morigagee In the event Mortgagee g~ves this wntten consent. the grantee named in such con-
:.ry ance shaii assume and agree io pay ;he ob~iga[+on ev~t]arced by the p:om,ssory note secured hereby Any convevance of the property here~n dascnbed or
a~~> part thereof in violat~on of the terms of t~~s paragraph shall ent~[le Mortgagee to acceieraee the payment of the obhgauon secured hereby a~d all sums of
,~~o~ey sewred hereby shall. at the opuon of Mortgagee bacome due and payable and m default whether or not the same are so due and payable and ~n
:!efault by tha specific terms hereot Nothing here~n Contained shall be Construed to Const~tute a novation or release M~rtgagor ct any subsequent owner Of
aD~!~ty or obl~gation under the prom~ssory note secured hereby or th~s mortgage by reason o~ the aforesa~d assumpt~on of the obhgat~on under the note
~e~ured hereby. by a suDsequent owner oi the property descnbed herein
5 That in ihe event o( a su~t be~ng ~nst~tuted to foreclose th~s mortgage. the Mortgagee shall be ent~tled to apply at any time dunng such (oreclosure
t to the court having ~un5dict~on thereof for the appo~ntment oi a rece~ver oi aU and s~ngular the m~rtgaged property. and o( aU rents. ~ncomes. pro(~is.
s;ues and revenues thereof. (rom whatsoever source denved. and thereupon ~t ~s hereby expressly convenanted and agreed that the court shalt torthw~th ap-
oo~nc such rece~ver w~th the usual powers and dut~es oi rece~vers ~n t~ke cases. and sa~d appomement shail be made by ehe court as a matter of stnct r~ght to
h"crtgagea. aad w~thaut reference to the adequacy or ~nadequacy of the value of the property hereby mortgaged or to the solvency or ~nsolvency of the
!41o~tgagor or any other party defendant to suc~ su~t The Mortgagor hereby spec~f~ca~ly wa~ves the nght to ob~ect to the appo~ntment of a+ece~ver as
af~~resa~d and hereby expressly consents that such appo~ntment shall be made as an adm~tted equ~ty and as a matter oi absolute r~ght to !he Mortgagee and
:~~a~ the same may be done wrthout not~ce to the Mortgagor
6 That ~f any proceed~ngs shoutd be instituted aga~~st the property covered by this mortgage upon any othe~ ~~en or cla~m whether supenor or ~umor i
tne i~en of this mortgage. the Mortgagee may at ~ts option ~mmediately upon insirtuUOn of such surt oi dunng the pendency thereoi declare th~s mo~tgage ~
r d che mdebtedness secured hereby due and payable fortnw~th and may at rts opUOn proceed to foreclose th~s mortgage
7 To pay all and s~ngutar the costs. fees. c~arges and expenses of every k~nd ~ncluding the cost of an abstract of title to said lands found to be con-
. e~'~~ent or expedient in connect~on wrth any surt for the toreciosure of this mortgage. and also including. whether the Mortgagee ~s obhgated to pay same or
r o* reasonable attomey's tees ~rcurred or expended at any t~me by the Mortgagee because ot the fa~lure of the hlortgagor to pertorm. comply w~ih and ab~de
i,, al! or any of the covenants. cond~t~ons and st~puiat~ons of sa~d prom~ssory note. or th~s mortgage. m the (oreclosure of th~s mort~age and m collect~ng the
a~nount secured hereby w~th or w~thout Iegal proceed~ngs. and to re~mburse ihe Mortgagee for every payment made or ~ncurred for any such purpose w~th ~n-
ce~es~ from date of every such payment at the h~ghest rate authonzed by law. such payments and obl~gauons. w~th ~nterest thereon as aforesa~d. shall be
~ecured by the hen hereof a
8 To keep the building or buildings now or hereafter on sa~d land ~nsured aga~nst loss or damage by t~re. extended coverage and other penls. in-
~ ~d~ng war r~sk ~nsurance ~t ava~lable ~n a sum not less than the~r full ~nsurable value at the cost and exaense of the Mortgagor ~n a company or compan~es
~.~~~roved by the Mortgagee. the pohcy or pol~c~es to be held by the Mortgagee. and such pol~cy or pol~c~es of ~nsurance shall have affixed thereto a Standard
rvew York Mcrtgagae Clause. mak~ng all loss or losses under such pol~cy or pohaes payable ro the Mortgagee as rts ~nterest may aapear. and to delwer sa~d
;;ol~cy or pol~c~es to the Mortgag2e when ~ssued w~th the rece~pts for the payment of the p~em~um the~eior. and ~n the event any sum of money becomes
,,~yable under such pohcy or pol~c~es. the Mortgagee shall have the opUOn ?o rece~ve and apply the same on account of the ~ndebtedness secured hereby or to
~~rm~: the Nlortgagor to rece~ve and use ~t. or any part thereof. for other pu~poses. w~thout chereby wa~v~ng or ~mpa~r~ng any equ~ty. I~en or nght under or by
+,,~cue of th~s mortgage. and the Mortgagee rf rt deems necessary may ptace and pay for such ~nsurance. or any part thereof, w~thout ios~ng. warving or aNec-
e ~g Mortyagee"s ophon to foreclose for breach of th~s covenant or any part thereo(. or any nght or opt~on under th~s mortgage. and every such payment shali
i,=ar ,nterest from date thereof unt~l pa~d at the h~ghest rate authonzed by law. and a11 su~h payments w~th ~nterest as aforesa~d shal! be secured by the lien
~Pof in che event any loss or damage ~s suf(ered Mortgagor shall notrfy Mortgagee oi such loss o~ damage w~thm forty e~ght 148) hours after the happening :
e~eot the fa~lure ro g~ve such nou~e shal! consutute a defau~t and the Mortgagee shail nave the nghts herem g~ve~ for all defaults ~
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9 To perm~t. commrt or suffer no waste and to ma~nta~n the ~mprovements at all t!mes ;n a state of good repair and condiUOn and to do or permrt to ~
c!o~e to sa~d prem~ses nothmg that w~i! alter or change the use and character o~ sa~d property or m any way ~mpa~r or weaken the secunty of said mortgage.
_;;a of the refusal. neglect or ~nab~l~ty of the Mortgagor to reFe~r and ma~nta~n sa~d property. the Mortgagee may, at ~ts opUOn. make such repairs or cause
sa^,e to be made and advance monles ~n that behatf wh~ch sums shatt be secured by the hen t~e~eot and bear ~nterest at the h~ghest rete authorued by ~
' 10 To del~ver the abstract or abstracts of t~tle cover~ng the mortgaged property to Mortgagee or ~ts des~gnated agent. wh~ch shall at all t~mes. d~nng ~
~!~`e uf th~s mortgaye. rema~n ~n the possess~on of the Mor,gagee and ~n event oi the foreciosure of th~s mortgage or other transfer of utle. ali nght. utie and ~
~-ese of the hlortgagor ~n and to any such abstract or abstracts of ntle sha~i pass to the purchaser or grantee
1 1 That no wawer of any covenant here~n or ~n the obi~gat~on secu~ed hereby shail at any t~me hereatter be held to be a wa~ver o} any of the other #
_~^~s hereof or of the note secured hereby or future warver of the same covenant
1 2 That ~n o~der to accelerate the matunty of the ~ndebtedness hereby secured because o( the fa~lure ot the Mortgagor to pay any tax assessment.
j ty obhga[~on or encumbrance upon sa~d prope~ty as here~n prov~ded ~t shatl not be necessary nor requ~s~te that the Mortgagee shall t~rst pay the same.
j 13 That ~i the Mortgagor shall fa~l neglect or refuse tor a per~od of th~rty 1301 days fuily and promptly to oay the amounts requ~red to be pa~d by the ~
i ~e hereby secured or ihe interest there~n specrfied ar any oi the sums oi money here~n referred to or hereby secured. o+ 4therwise duly. fully and prompdy to ~
~ ~-~'c~m execute. comply wrth and ab~de by each. every o~ any oi the covenants condrtwns or st~pulaUOns ot th~s mortgage. the prom~ssory note hereby ~
` ~curec~ and/or the co~struct~an loan agreement. rf any, then and ~n e~ther or ~n any oi such events. w~thout nouce or demand. the sa~d a~gregate sum men- 3
` ned m sa~d prom~ssory note. less previous payments. rf any. and any and all sums ment~oned herem or secured hereby shall become due and payable ~
! 'o~thw+th or thereafter at the cont~nu~ng ophon oi the Mortgagee as fully and complete~y as ~f sa~d aggregate sums were ongmally stipulated to be pa~d at ~
,:ch hme. anyth~ng in said promissory note or herem to tt.e contrary notwrthstand~ng. and the Mortgagee shall be enUtled thereupon or thereafter wrthout ;
-?~ce or demand to mst~tute swt at law or in eq~rty to eniorce the nghts oi the Mortgagee hereunder or under sa~d prom~ssory note in the event o( any '
~ ~e~ault or breach on the part of the Mortgagor hereunder or under sa~d prom~ssory note. the Mortgegee shall have the conanu~ng opt~on to en(orce payment ~
• a!~ sums secured hereby by act~on at law or by su~t ~n equ~ty to foreclose th~s mortgage e~ther or both concurrently or otherw~se. and one act~on or suit
~ :-a'' not abate or be a bar to or wawer of the Mortgagee s nght to ~nstrtute or ma~ntam the other. prov~ded sa~d hlortgagee shai! have only one payment and ;
s!act~on of sa~d indebtedness
14 That ~n the event that Mortgagor shail ! 11 consent ±o the appo~ntment of a rece~ver, trustee o~ I~c,u~dator of all or a substant~al part of Mortgagor's ;
~~ecs or (2) be ad~ud~cated a bankrupt or ~nsolvent, or i~le a voluntary petrt~on ~n bankruptcy or adm~t ~n wnt~ng ~[s ~nab~l~ty to pay ~ts debts as they become ;
` ~_:e or 131 make a generai ass~gnment for the benef~t of cred~tors or 14) f~ie a peUbon or answer seek~ng reorgan~zat~on or arrangement wrth credrtors. or to ~
~ •~Ke advantage of a~y msotvency law or 15) f~le an answer adm~tuna the matenal allegat~ons oi a petrt!on filed aga+nst the Mortgagor ~n any bankruptcy. ?
~ -o~Gan~tat~on or ~nsolvency proceed~ng. or (61 acUOn shall be taken by the Mortgagor for the purpose of effect~ng any of the forego~ng or (7) any order. ~udg-
enc or decree shall be ente~ed upon an appi~~at~on ot a cred~tor or Mortgagor by a court of compe:ent ~ur~sd~cUOn approving a petition seeking appointment ~
~ a recerver or trustee ot all or a substanhal part of the Mortgagor s assets and such orde~ ~udgment or decree shafl cont~nue unstayed and m effect for any ~
~ -•~od ot th~rty (301 consecut~ve days the fVlortgagee may declare the note hereby secured forthw~th due and payabte whe~eupon the pnnc~pai ot and ihe ~n-
a ~°~i accrued on the note and all other sums hereby secured sha~l become ~orthw~th due and payabfe as ~f alt oi the sa~d sums ~f money were ong~naliy ~
~ ..:'ated to be pa~d on such day and thereupon the Mortgagee w~thout not~ce or demand may prosecute a surt at law and ar ~n equrty as if ali monies ~
R r2d hereby had matured pnor to ~ts :nst~tut~on
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~ 1 5 That the Mortgagee or any person author~zed by the Mortgagee sha~i have the r,ght to ente~ upon and ~nspect the mortgaged premises aS all I
ibie !irnrc I
I
16 That any sum or sums wh~ch may be loaned or advanced by the Mortyagee to the Mortgagor at any ume wrthm twerty (20) years from the date ~
s ~ndenture toyethe~ v~~th ~nterest ihereon at the rate agreed upon at the t~mP of such loan or advance shall be equaUy secured wrth and have the same i
~~ty as the or~g~na~ ~ndeb.edness and be sub~ect to all the terms and provis~ons of this mcrtgage prov~ded that the aggregate amount of prmc~pal outstan-
; ai any t~me shail not exceed i5 - ~ o~ ~f the preced~ng blank ~s not compteted then an amc,unt equai tc one hundred and (ihy per cent
~G';I of the pnnc~pa! arnount originaUy sec.,red hereby shau app!v
€ 7 7 i hat ~f requ~red by Mortgagee the sa~d Mortgagor w~l! pay unto the Mortgagee on the f~rst day oi each and every consecutrve manth, a sum
::a~ to one twelfth of the annual amount necessary to pay ail taxes and assessments aga~nst the sa~d mortgaged prem~ses. sa~d monthly sum to be es-
~^aced solely by Mortgagee and calculated to be an amount not less than the amount of taxes assessed aga~nst said mortgaged prem~ses for the previous
~ .=1~ and ~f (urther requ~red by Mortgagee to pay all ~nsurance prem,ums ~n manner and (orm as prov~ded herem for the payment of tazes and assessments.
~ 1 g That ~f th~s mortgage ~s m connecbon wrth Construct~on loan f~nanung, then th~s morlgage ~s sub~ect to the ConStrucUOn Loan Agreement
;~~ed Setween the Mortgagor and the Mortgagee. an executed copy oi wh~ch ~s ~n the possession of the
~ ortgagee and ~s ~nco:porated here~n by refererce and made a part hereof, any defau!t by Martgagor under sa~d agreement shaU const~tute an event of
;e~ault under this mortgage
19 That the Mortgagor w~ll on the request of the Mortgagee furn~sh a wntten statement of the amount ow~ng on ttie abligat~or, which this mortgage
~r:ures and there:n state whether or not Mortgagor claims any dc•fenses or offsets thereto
~ ~GO ~ L 804 (6/88} 2 gooK f?5 ~~E1578
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