HomeMy WebLinkAboutL 9103 P 398 ee����pp OPEN-END MORTGAGE DEED Chicago Title Ins. Co.
LINAn.{ (lr)P AI% Title No. 8108-0280gy A`
)� Jt, KTO ALL NOW YE PEOPLE
TO WHOM THESE PRESENTS SHALL COME. GREETING:
Peter Quinn , No #f et. esertf— �'k. G L
("Granton") for the consideration of TEN(SI0.00) DOLLARS and-ofhfr valuable considerations,received to their Nt,r��•r���•"y
s full satisfaction of HARTFORD NATIONAL BANK AND TRUST COMPANY,a natibnial banking association having an office in the
town of Hanford,County of Hartford and State of Connecticut("Grantee"),do give,grant,bargain,sell and confirm unto the said Grantee.
its successors and assigns forever,a certain piece or parcel of land, with the buildings and improvements now or he ed thereon,
situated in the Town of Southold - , County 'of Suffolk and State of Wed
.l nown as
Crescent Ave.,Pishers Island and being more particularly bounded and described as foglloowJw to wit:
See Exhibit A attached hereto and made a pan hereof. ///O Q
Together with all fixtures and equipment now or hereafter attached to or in any way used in connection with the occupation of mid
premises, including, but not limited to,all awnings, window shades, storm and screen windows and door, carpeting, plumbing,gas and
electric fixtures, oil bunen, all air conditioning and ventilating equipment,now or hereafter placed on,in or attached to said buildings,
all of which shall be deemed fixtures and a pan of the realty and subjected to the lien of this mortgage.
To Have and to Hold the above granted and bargained premises,with the appurtenances thereof,unto the said Grantee,its successors
and assigns forever, to its and their own proper use and befnof. And also the Grantors do for themselves,and their heirs,executors and
administraton,conversant with the said Grantee, its successors and assigns,that at and until the enscaling of these presents, they are well
seized of the premises,as a good indefeasible estate in FEE SIMPLE;and have good right to bargain and sell the same in manner and from
as is above written,and that the same is free from all encumbrances whatsoever,except as described herein.
As further and additional security for the performance of the terms and conditions of this mortgage deed,and for the payment of the
indebtedness as set forth in the Loan Agreement secured hereby,the Grantors hereby agree that in case of any default with re=lxt to any
covenant or agreement as set forth herein or in said Loan Agreement,and so long as such default exists,Grantee is hereby authorized and
empowered, by its servants, agents or attorneys, to enter upon said premises and to collect and receive all rents therefrom,whether then
due and payable or thereafter becoming due and payable by reason of any lease or leases with respect to said premises,and to apply the
some in such manner as the Grantee may deem proper towards the payment of any sums then due and owing to the Grantee by virtue of this
mortgage or the Loan Agreement secured hereby,and in ease of any such default Grantors hereby assign,transfer and set over to the Grantee CA
all such rents as aforesaid. Any remedy given by the provisions of this paragraph sha11 be in addition to all other rights and remedies which A
the Grantee may have and not in lieu thereof. - ZJ
Default in the payment of any of the monthly payments required in the Loan Agreement which this mortgage secures,of taxes,municipal ((��
s nmimts or fire or other insurance premiums on aid premises or of taxes on said Loan Agreement,after any of the same becosse due -4
and payable, or failure to keep and perform any of the agreements or provisions contained in this mortgage,shall tender the whole of the
s Loan Agreement which this mortgage secures immediately due and payable at the option of the holder thereof. Failure to exercise any
mid option shall not constitute a waiver of the right to said holder to later exercise mid option. N
Granton,for themselves,their heirs,executors,administrators and assigns,covenant with mid Grantee,its successors and assigns,that: fA
! Grantors agree to keep all buildings on mid premises to good repair and insured against loss by fire and otherwise in amounts and with rn
:ompames satisfactory to Grantee; and maintain such insurance for the benefit of and payable, to use of lou, to mid Grantee. In the 0
t event Grantors shall fail to keep mid premises insured, or fail to pay the premiums thereon,Grantee may have such insurance written and —4
pay the premiums thereon. Any premiums so paid shall be secn secured by this mortgage and shall be repaid by the Grantors within ten(10)
days after payment the Grantee. ® z
OISL
2. The Grantors shall
l not commit or permit waste and will maintain the premises in as good condition as possible, reasonable west and
tear excepted. Grantors agree not to demolish; remove or substantially alter any buildings, fixtures or equipment on mid premises or
J IV D permit any of these things to be done without prior written consent of the Grantee. The Grantee and any persons authorized by the Grantee
shall have the right to enter and inspect the premises at all reasonable times. _
3. Grantors shall not additionally encumber or cause to be additionally encumbered the premises in any manner without prior written
SEC. I❑
consent of Grantee.
4. Granton shall pay all taxes,assessments,water rents,sewer rents,utility charges and any other charges and liens having priority over r
,og0 o the lien of this mortgage, now or hereafter assessed,and shall pay all costs,expense and attorney's fees incurred by the Grantee in pro- 0
(r tecting the lien of this mortgage.
BLOC, 5. Grantee may collect a"default charge"not to exceed an amountequal to Five(5%) Per Cent not to exceed$5.00,of any installment
of principal and-precomputed finance charges not paid within ten(10)days of the due date thereof.
6. This is an "open-end" mortgage and holder thereof shall have all the rights, power and protection to which the holder of any open-
end mortgage is entitled. It is further agreed that upon request of Grantors, Grantee may hereafter,at its option,at any time before full N
2,100 payment of this mortgage, make further advances to Granton, in amounts and at such rates of interest as it shall determine,and every
such further advance, with interest, shall be secured by this mortgage and evidenced by an additional note or Loan Agreement given by
LM the Grantors,provided,that the amount of the principal secured by this mortgage and remaining unpaid shall at no time exceed the original
LY1 amount secured hereby and provided that-the time of repayment of such advancement shall not extend the time of repayment beyond 1�
.the maturity of the original debt hereby secured. - Q 0
.�� 7. Failure by Grantee to insist upon the strict performance by Grantors of any terms and provisions herein shall not be deemed to be a —4
waiver of any terms and provisions herein, and Grantee shall retain the right thereafter to insist upon strict performance by Granton of
any and all terms and provisisons of this mortgage or the Loan Agreement secured hereby.
B. The indebtedness secured hereby shall become due and payable forthwith at the option of Grantee if Gunton convey away said t
premises or if the title thereto becomes vested in any other person or persons in any manner whatsoever or if Grantors default in any of
the terms or conditions of any prior encumbrances or in the event of any of the terms or conditions of any prior encumbrance are changed as
or altered in any way whatsoever.
(� ! 9. In the event of the filing of a petition in bankruptcy and/or any receivership or insolvency being instituted by or against the.under-
signed of if the undersigned make an assignment of assets to creditors,tben,and in any of such events,the Loan Agreement and all liabilities
4, of the undersigned to HARTFORD NATIONAL BANK 3 TRUST COMPANY shag, without notice or demand, become due and
s� C payable in full.
1
10. All provisisons in the Loan Agreement secured hereby art hereby made a pan of this decd.
ka11. In the event of any default in the perform&=of any of Grantor's covenants or agreement therein,Grantee may,at its option,perform
the same and the cons themofi with interest at the rate set forth in the Loan Agreement secured hereby,shall immediately be due from
Grantors to Grantee and secured by this mortgage.
` 12. Any reference herein to Grantee shall be deemedto include its successors and assigns.
X13. The covenants herein contained shall be binding upon Grantors,jointly and severally, their heirs, executors and administrators and
—t assigns,and shall insure to the benefit of Grantee, its successors and assigns.
14. Whenever used herein, the singular number shall include the plural,the plural the singular,and the use of any gender shall include
all genders.
15. Each signer of this Open-End Mortgage Deed, who is not a signer of the Loan Agreement secured hereby, hereby acknowledges that
he has received a direct or indirect financial benefit from the transaction herein contemplated and hereby guarantees the Loan Agreement
limited to the extent of his property interest in the mortgaged premises and an action thereon.
The condition of this deed is such that whereas Granton are indebted to Grantee in the amount set forth in a Loan Agreement of even
\ date herewith,a copy of which Loan Agreement is attached hereto and made a pan hereof.
NOW THEREFORE, if Grantors pay said Loan Agreement and additional notes or Loan Agreements as shall be secured hereby,
according to their tenor;and if all covenants and agreements contained in mid notes and Loan Agreements and herein arc fully kept and
performed, then this deed shall be void;otherwise to remain in full force and effect.
C IN WITNESS WN EOF,the Grantors have hereunto set their hands and scals this 9 day of SP.Dt, 1981
-J Signed,Sealed a 'vereg
-` in the renin
am
Fritz Peter Quinn
ron zet
STATE OF CONNECTICUT
\•\`,� New London Sept 92 1981.
COUNTY OF New Lonjon E FRi1l, lv
C ate
Personally appeared Peter (Mnn ��� li �t'tM-1 tt��•
I ,. signers and scalers oft __, __s__...o_a_�r .�.,,,,,,.,"�,....h.i,h,. .;..yr-i Aced.l r� tkq,%A Wk'tES M
NOV 20 1981 ARTHUR J. FELICE
V
RECORDED ; ,o �AA Clerk of SOON Comity
JY
✓✓✓✓✓N�,,, Ord
HOME EQUITY LOANS EXHIBIT 'A'
FORM
Bank of o z F0,3
LIBIFFRO PACE399
ALL that piece or parcel of land, hereinafter described and being located
in Fishers 'Island, Town of Southold, County of Suffolk and State of New
York, which property is more particularly described as follows:
BEGINNING at a stone monument on the northwesterly line of Crescent Avenue,
which point is located 2,543.98 feet north and 1,852.41 feet west of another
monum nt marking the U.S. Coast and Geodetic SuLvey Triangulation Station
"PRCS..•
THENCE RUNNLNG North 510 04' 40" West, a distance of 68.85 fee;.; :his line
bounding land remaining to Fishers Island Farms Inc.;
THENCE North 280 45' 20" East a distance of 27.13 feet;
THENCE North 250 54' 40" West a distance of 28.93 feet;
THENCE 400 21' 00" East a distance of 50.117 feet;
THENCE South 470 20' 20" East a distance Of 69.83 feet;
TlUIVCE along the northwesterly line of Crescent Avenue, South 2U° 06' 40"
West a distance of 89.60 feet to the point or palce of BEGINNING.
_ In accordance with Section 253 of the Tax law, Mortgagee
tax is computed on the maximum amount of indebtednels secured oie
which under any contingency may become 'secured - by the mortgage.
The attached mortgage must be amended to include a rec '
that: "The maximum amount of indebtedness secured or which unde
any contingency may become secured by this mortgage is $ 15101roo
The amount so stated will be the basis for computing t he,
tax due and the mortgagee will be estopped from enforcing the
mortgage for any greater amount. _
24588
V
NOV ID 1981 ARTHUR J. FELICE
RECORDED ,� ,� Clerk of Suffolk Comity