HomeMy WebLinkAbout0202 ~.r~''' ~ ~ ~~iil~~?i~:~4, ~"~.'~~t~s~~'~~ ' ~
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~wd i~l1 ory ~Il etaer aau pevvided to ba ~aW b~ t`M ~bApp, wd Mb~ll pct[arm, eomplr witl~ ~nd abide br e~ch aad
n~r'r tlrt ~tlpulatioiu, spcanents, eoeditba~ ~pd cwen~at~ ~t nid ptaei~wry note and ot thu d~e~l. the~ thu deed aud tba
ataM Mwbf wartad tball eea~a and be null wd rotd. •
AND TNE MORTGAGOR docs t+ereby-TrZ6ec coveaant ~nd kree ~s folb~:
1. To p~r ati ~und un~ulRr tl~s ptieeipa! ~nd laterest an~ .eAer wma ot moner p.r•ble br virtue o( asid promiworr aote
aad ~Air ~~~e, a aitber. p~puy a~ ~be d.~ ,a~.~u..ly d,e ...re .~.~~r Co~~ d~e. -
' Z. To par al! and ain~ul~r tuta~ ~14hti~ kvie~, (ubilitins, obli~ations ~nd encumbrancea ot every natura on vld
de~erlbad /wopcny, eseh ~nd erery, within tbe time tpeel[1ed in P~r~ 6 belnw, ~nd it tha wtne sha)1 not bo promptly p~id. ~
ehe I~tartsyae say, ~t aer time either be(are or rtter dellnerieaey. wr ehe ~ame without w~ivieg or etlecting the opua? to toro- ~
elow, or ~ur rigbt hereunder and every pa~ment ~o iaadn ~hh~11 beae lntere~t tmm the date ther~f at the rue ot 10 peccent
pnr ~neum.
. 3. To iceep the buildiag~ now ot hereaiter on aald land ~nd thc [ixturee and perwnat property t6erein contained in~ured.
(a a canpan~. or companira approved br the morep~ee~ ~a~inat 1ae~ by lirr and ++indslorm, (or tbe highest insurable ~alue w
ae
that ~he mortQa6ee'e i~terest i~ uot subjert to ro•insuranc~, an~1 the rolicr or policiea shall be held by aud be pevable to said ~~T'
mortsa~ee, ~nd tt~e mon6aqee shRil hav~ the option to receive and epply said pny+nent on ~ccoun~ of the rndebteJne+s hc~ebr
seeur~d. or permit the mortgagor to receiv~ or uie 9t, or anr p~rt thcreof, for nny pttrpoee~ wiihout thereby waivin~ or lm•
~irin~ the equit~, lien or right under ~nd b~ virtuc of thi, moR~e and may pl~ce ~nd ~+ay for xuch inaunnce or •ny patt
theraof ~rithout wurina or a{[ectin6 the option lo fo~eclose or •oy right hcreunder, and cech such peyment sheN lirer inter~at (rom
,date at the rate o! l0 percent prr annum. ~
4. 7'o permit. co~mit, or aaffer ao wute, imP~lrment. ab~adonment, or detaior~tion of wid proprrty, or any part there• ~
of, ~ed npos t6e tailnre of thr Morts~~or to kap tha buildlnp ~d penonal propertr on said property in good eandition or re-
p~h, ths Mo~~eo mar demand the tmmediate repair ot ~sld ptvpettr, or tn iech~ne ln t~e amount of ~ecuritr, or ihe Im• i
Maediate repa7m~ent of tbe debt l~erebr ~ecured, a~d tha iailnn~ nt eLa Mort~~or to compiy Mith eaid dem~nd of the Mortrasee
(or ~ period of 15 daTs, thall cw~etitute • breaeh ot thie Mortpre. md at the option o( the Mortgagee, immediatelr raature ~
the entire uaaunt of principd and latesx~t hr,rebr ~ecared, and tbe Mo~siee, immediately snd without notice, msr ia~titute • 1
proceedinp to forecloee this Morta~ge and applr !or the appointaqent of a Receirer, u herein~iter provided. .
" S. 'fo perfam, complr with wd .b~de br erch aad eve~ the ~tipuiatfon~, agreemenU, conditione, and covenents In ~aid
araeiawr~ note ~nd dced ~et fonh,
6~ To delirer W tF?e Mort6a6ee, on or beforo Febrnarr 1 of each ~ur, ux receipt~ evldencing the paTmeat of all lawftdlr 'w ~
~nl~d ~a ~Pon tLa mort~secd pmpertr for the preeeding cakndar year: to deliver to the Martg~gas rcceipq avldencin` ths
p~7Mat~ ol d) lkns for public iinproremeats wlthin Ninctr (90) ~p aEter the eame ~6a11 become due ~nd parable, aad W pe~
or tNahares within Pljaet~ (90) da7n after doe d~te~ ~n~ ted dt ~overnmcatal lerirx th~t mar be made on tbe mortaa~ed
P~*b'. ~to~ o~ Aoe~ o: u, apr abar ,~.r r~c~n~ ~ e~e nwetgose indebtednw secnred b~ this Mon~e,
7. ?o p~r aU aod slo~ular the w~b„ cbar~a~„ ~od expeare~. lncludlns 1Ynper'~ fees, rea.onably inaurred or paid rt aa~
~ b1 ~ 1N+~pi~. beeause o{ tbe taUure of tl~e ~doctp~Or to ~pem~ comply ~+ith aad ~bide b~ each ~nd ererr the ~tipu-
1~O°~ eoedit~as and wreoant~ of M.id prasl~r aot~ ~nd tbir deed. or c3t}?er. and averr aneh p~~nent ~hall ~
be~r intsrat inom d~te Rt tl~s rate oi 30 peraent yer ~aeaw~.
8- T~R ~+p1 ~ Prooxdin~. ~hail bs oa~menoad b~ anr penon ocber than !he holder of this morepp (except
aa ~tiea~ b foreclo~e t6ia mott~~e, or to eolleet tl~e debt ~e~cnred tberobp) w which ~ction, or procadin~. t6s 6olda ot thi~
u?ortpp i~ m~uds ~ partr, or in whLc6 !t ~hali becane nect~urr to defend, or upbold~ ehe llen of tl~ie man~a~, ail wau ~
paid b~ tMr bolder ot t6ia atoct~e for the expeo~e ot sn~ 11ti~uioA to prwecuu, or detend, the rl`64 aad Ikn~ created b~
ch» moetsa~o (laelndin= rwonable cona~e! fea). ~hal! be p~Id br t5e 11[ortp~or, to~etlus Mith lnterat tLereoa, at tbe rate af ,:~•j
10 perceae r anaum, and r»r wch wa?, and the interac~t tber~oq~ sh~l1 be a claUn npon wid premises, and ~hail be deemod w '
bs seeurod ~ Wb ewrtra~e. 7We ~ura~ p~id b~ or incurred b~ ehe holckr hereof ln rccordaace with thc terme of this pan~raph,
~hvl be Wfd br d~e Mertr~~o+' unco che Lolder beraoi pithin thirtr (30) da~s, ead the fallura or omis~ion of the Mon~aior w W do ~
~}ull a?tlsk ths Mortr~ee w~dd wch wa~s w tbe prindpal indebtednew oi e6h mort~a~a wd eha note it securea~ and/or u iss
optiou declur t~M maet~e ~nd the nate it ~etura ~o be ie dehult, t6ereupon m~ttuin~ all oi the unpaSd Indcbtednew incladin,f j
tbe wtw ~~ectd beneunder. , 1 i
4. ?hat ao exteasion of the time ot modiftcttiou of the tartas of p~rment 6erelnahova and no relwe of anr put or parts ~
o! tbe mortpred premire~, even thou~h msde Mithout tbe cooaeat oi tl~a Mortpior ilWl rolease, relieve. or disch~r~e the ~ '
Mort;s~or from the pMyment of any of the ~wn~ herebw ~ecured but ia ~ueh t»tnt t.6e Mortp~or ~La11 aeverthelas bs 1}~61e to i`,
pa~ wch wms ~ccordina to the terAts of wch exteniion or modiiications ualeu ~peclSkaU7? reiwed and diicharged In nrttini ~ •
by tl~e Mo~a~ee; ~nd furthermore, thet ueeptance of part parruent of an~ in~tallmeat af principal or intere~t, or both, or of i
part periormapce of ~nr cover.ant or detay for an~ pertod of t4ne in oxertLia~ the opttoa W mature tha eatire dcbt, ~hall not '
opetata aa a wriver of the right to extcute ruch option or act ai wch dei~ult, partlrl accxptanca or arry ~ubrtqr~ent dtfaulG
l0. lintil detault in the perform~nce of the co.enanta ~ad ~s~eemeap of thls Mort=s~e, tbe Mortra~or ~h~li be entitled '
w coAect tbe ronts, awa, tnd pro(it~ irorn the premi~ hereInbefore dacribed, 6ut ta cue af a default in anr of the term~ of "i
tbL Mort~,r., ~•c the filing of a bitl ta toreclo~e thb or aay other avortp~a eacwaberfni the within deseribed prnpertr, the
~ortjssee ~hsll tmmediatslr and witLout aotlce be entiskd, w• m~tter of ri~ht, and +ris~out re~ard to the ~alua oI the premLa~ ~
wleencr or inaolvency of thn pania, to the sppointment oi a Recei~er oE ebe mort~yed property, lwsb retl wd perwad, ~nd
er . ~
of tbe rents, i~wes ~nd pmfiu chercqf, with the u~u~ power of Recelreaa ln ~uch cyea. and wch Receiver m~~ be continued
ta po+rsrssion af tha raid propaty ~ntil the tima of the We thereof, under aucb foreclowro, ~nd uetil tbe contitmstiun of ~ach i~. ~
r wlc by the Court. -+1
11. lf f~;c~losure procer~~oxa ~tinul~ bc inrtituted on any mort~a~e inferior to thie mortgagt or if any toreclosure pro-
ceadin~ n iostituced o~ a.nr lier+ of anr kind, the martgagee mey at it~ option lmmediately or t}tereatter declare thi~ mort~aQe
and tho indobtedne~ xcured hercLy, due and payrble. If thtre L any mortga~e superior to thia mortga~e, then failuce to per
rald ruort`~ie whan dua ~nJ in ~ccordancn with it~ termt ur fstture to abide by tLe termi uE said mort~aQe ~ha}I be deemed a
breaeh of this mortse;e ~aJ the u?ortgakee ~t iq opiion maT immediasaly er tbareaftec dec~ue thu mortQsge Rctd the indeLtedaaa
lurebr recured due and payabin. Any modification of anr mortae~e ~upcrlox to th{~ mortpse or waiver of auy prlncipal or intenit
p~ymenu on an~ nae or mortgagc ~uperior to t6b mortp`e sbatl bo deeened s bresch of tLe terriu and covenanu o! thu tnort~a=e ~
u?d the moctp~ee hereof may rt tcs ~ ption decl~ro thfa mort~e aad tbe ladcbtednas recured hereby due and payable. ~
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lZ. Tbat tbo msllin~ oI a wrlttea aotlca of dea~aa~~ ~ddreMed tn the ownar ot rscord of tLo mortp~ed premiras, dirncteJ 1'
to t!M wid ownar at tLe lut addrea actwllr furniahed to tbe Mar';ya, or dlrected to the rald owuar at Wd mnrt~a~ed pra ~ j
:t~a„ wd mailed br eho United Sutas snaila, ~hrl1 be sufllclent notlce aad daanind ia anr owe arlsln= und~ tbii L4atrw»eat aad ~
required by tl~e pr~vuinna lwreoE or by law.
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13. Thet in the cven: fhr tif~rtgagur a}~outd as~ign tha :eata of the rnortgaged premir. r* any pert thc~eot witlwuc tbe
eoa~ont o! the MortgsQee, tl~en tl~e entire principa! sum recured herci;y rhall, at the optioo of the btongey~ee, becoma irnroediett- ~
lr a~ .,,a p.~t~t~. -
M, 14. 'Ib the exteat of the iud~~tedncsa oE t~io Mortqagor co tht Mortsrgee dcacriGed herein or srcured hercbr, the b[o~taegee !
t, i~ barebr iuLro~etod tu tl,e licn or liens und to tt~e rig6t,~ of the owuen and holdrr~ thereof oi euch aud every mortgage, lien or ~
• ot6u encumLrence on the land dcticribcd hu~w wl?lcl~ ir {~sid ~nd/or wtLe[ieJ, !n wleola or in p~n, out of the proceed~ o( tdo loat?
dMCrjbed hereia or ~cured 6areLy, and tba rerNective leens of ~ald mort~ttes, !lea~ or other errcwnbran~a, ~iull I~e and iha aas?n ~
~?d e~ch of t6em hceebr is ~~re~ervud and s1u11 ~ws w snd be held by d~e Moctgs~ee hertin u eecurity tor tho Indebtednas to thc
Morep~ee herein Jexril?Cd or herchy recureJ, to the wme extet~t that it would hevo l,een prr~erved Rud wuuld l~rve bcen pa~ed to
and been held !rr the Mortgaqee t~od it }rccn July ar~d rrgularlr ~,wlgveed, trana(e:rred, xt ovcr anJ deliverod unto thu :4torty~gec Lr `
~eparate deGd oI ~+aibnmcut uutwithnt~ii~u~o tlie lact tl~at thr eum~ niry Le uutie(ic~ unJ cxncrllGJ oE i~e~ora, it Leinw the intention
of the puties hcretu that the .aiuc w;U bc ~.:tis(ied aoJ caucelled u[ record Ly thu LulJcro ii~rrcv[ ut ur abuut the tin~e u~
i'. rccording ot this h{ur~~a~r.
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