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HomeMy WebLinkAbout170980fi~ ~~ PAi,{<.•t.~~ (})) lie:~abce !)f 1>€rsollal property ~xill t,~: givaaz ul7or, r)<ryrltel:t to Mortg~-~;ee. t)f a r)urn equal tc.~ thr. fair rr~rket v~ilue tllrret)f. t~ic)rigagf•e shall, a[ the tune. application iN IaTaci€ fc~r reic-af;c• of per clonal proptrty, bubrnit to Mortga.~tor a clctailed list of the pf^r4onal pro},rrty for v:•hic17 releaeex are sought, diving Mc)rtgag,or'a eStilrltr.tr a~f the fair ;?lark€t value L27ereof. li Mt)rt}~hKer. shall disa};ree with Mortgagor's estianate of th€ fair n><i.rkt-t vri-ltle, tric:rtgagct~ may' a!lb€stitute Mor[gs.gc€'s F~ti- rliact• of t}lt' fair Illarkt•t value, anci notify Mortgayolr of I?ucli s!lbstitutt~d value ',ti'ithin tt'I1 ciayE7 of 6U1JIallti~iorl of the appltcatial; for rf:le~.srE; to 1`iurt~;agt~e. If Mortgaf;or shall disagree with *:iartgakf•c•'a sl/bstitut<<l rstitraatc of the fair market value, then ?~St)rt~;a};or r;la~• ha•re fhe fair nlarke[ vali.lr of slid property tit•tt•rr?lint~:l by a})praisa} tTkl tle t.;• a qualifi€d i*Ider~ndellt appraiser at•i~ctt•d by Mortga€t)r and approved by 151<~rtgag€€, and the. gcx)cl iait}: cit•t~ rminatioll by said a}>praiaer shall bf~ biti~~inK ul>,7n '.ic)rt~,a~,f ~ and Mf)rtKagor. (;' } 1ti4aE•tnagor must add to t11e relr.aee price for rt;al pr t)}:t`r+.. •: st•L fc)rth in j)ara2;r..p11 ti(a} hereof the relc~arac p?ic€, aIa tlr•terrl:ir:ed irl acc:~rdane-e with paragraph 6tb} h€reof, of all prrso-~Il prc7pt•rty located orl car associated with the real pre:};eriv ;t~2' '.'.'}11C 11 aI?`' rt'}f'a St` 1H NU!1~}?'•. cind ITIUSi }k3 ~' S!1C 1-i add1t1~3r1R1 r lt•at:t~ pric<• zt the tin:t• t)f })<Iti IT:eilt of t'r.f• rele.lEae }>rict~ for *,he rrai })r:)}>t~rty ir:•.'c)1`.~ed. (cl; Ir, tllt° t".'s~nt M.)rt};agor s't1all t lest to }s~.lrchast• nt~~: t,r ad~li'it)rlal p:'rt;c)nal pror>E~rty gild shall el€ct to }~=rtial}y p:~y ii,r Sui:I. I:t't~" Lr UClditlori3l }>,'I'Sl)Ii<tl prc,pcrty t)y the. Efate, a.1rl't'iltlt'r C)I' traClirl~ lY: 0I }?f'i SOPaI propf'rLy e.nCllI?Il)fnrr:il 1)y' t}liS r:lorty,a~;f•, t}:.`n the' pre>pFrty to be eolti or traded in eha}i be rf:}eased frolT: thf~ licr. o=` ti-?a mortgage, v.•if}lout tl-,e ppaS~rr:ellt t)f dati' Cd_511 CCiabitlt'T3L1Uri; IiCwE":t•r, t}it: nE'v,~ }it'rsOnal prOpert}- s}lall, upc)I: };.lr. c hattt•, be security for t}if- paylllent of tide indet:~i- r~cil:t~SS :>f this Ino.'"tt{~il,?f' anti s}Iali t)e encumbered t?}' tht• lien: t;{ this lnortga}:;e, ~U)•3JF;t;'r, ilowever, to any purchaEae nlnlet°y ' favor of the iicr., t.hattc l Inc)r•t~;a~;e or r<'tail: title contract in clellt~r t)f saki nt~•,~ l;t:rst;nal property. M~~rtgagee zr's,ay regilire:, .~~: a ~uritl:tior~ to rt•lf~asing ;iny ouch }x,rE:Deal pro};~rrty frarTl ;~:" lif:I: Ui it115 l:ltirtf{d~t°, that i`.iC)rLgagOr eX£•Ciitf` EtllCl'i d000- IIIE'rltH 1IlCi taF--. t' SuC.I: aCtli)Il it t3 tT1:l ti' l., f' neCf'SSai y' t0 t'. IICUIYiIi C•r ;~ }, r:+°w <,r at}<iit:•c~nal })rod=erty 'A'ith ttlr lien of t}Iis nlorts~age. (t`~ }i('Et'3st`~, i)I rFdl t)r pL`I'SUrlal pre>prrty frorrl the ilrri 'h.is rll:)rt~;aC;t° ahali t)t• }{i~-~°rl un}1- u,nn t•.~'erlty days prier 's.': ,.tt'r. :.t)Ltc f- tt> MOTt~;a~*t't'. fj 14dr,rt~,lil;t'E' tiia%ll ii};plti' <!f1V }3ciVrIlP.Iit I7?ade CO OCit<lll t~;e`i+.i£'Ei T1r~f'1I1 tt. ?11 .~t'tll1~-i!U?. f)f thf' 11CXt t)r-1nClp.~.1 }=;y?T1Ellt -. r/t :ct: 'i, ?~'lc)rt};<<k,<.;I t)•,•e?.alltr; anti ,:are•ea that the })crf:c:~::1 prc,l,. - , };~: t•in rll::r't}.;~ike<1,- t~xc t•pt Y<)r t>ffice furllituTZ? alld equi}?rr:erit tik•}li~.}1 --,~ ;)i' 12104'+'(~ tri,II1 (_lIlt' t.)ff1i~C' C)I t1~UTtQ~~;Or tt) nnOtStilf:T frCirfl Lirt1E', tC) .:rlt~C, i!E' i rC~12I-, t,riJlrl~'.ES, ITiII}t t.aFt'B, ~iIid rrliSCt'.11cTnr?OUS ltt'Tl'IS I1LV121~; « .:ui .•.., .t uc)t t' t xt t`t.d ~' , 'SOU. t.)(.), ~=•ili nc>ti lie relnt)vF-r~ from its