HomeMy WebLinkAbout1122 Menpqr. I~ evert fvreelwure ot thu mortp~e or other v~der ot title t~ the m~ctp~ed P~sperty in extia~vi~hment of t6e indcbt•
ednew ~ecated ~erebr. all risLt, title rad interc~t tLe Morl~6o~ in md to an~ inrur~nee pei~<ier thca ie farce ~hall paN to the
purcba~ar ~r prvtee.
To perl~~, e~mpl~ witL a~d i6ide by eacb ~ed evar~ tlac rtipul~tioeu, aareemeeh, eeoditieas aad c~vewaaq in ~aid promiaisn
ne~c ~pd 'w t~ia deed ret (e~th.
(i) 'I~t if ~sr ef ~rid suau e( ra~ne7 6erein ce(erred te be not ptomptl a~d twllr pai~ witl~ia fltteen da7~ ~t
dter tLe Mme kvanll~ bcv.wme~ due rnd p~~able, or i( acL ~nd ever~ ~ stipul~pea~. a~reemenb, rwditioa~ ud eovewub ot wid
promir~ wote wd tdis deed, or citlur, are not fully pe~to~ned. coruplied ~+rith and abidcd by, t6e s~id a~p~epute ~um mentiuned ia
Nrid prwuiMOry sate r6dl beeame dYe and pay~rble fartbwith or thereatter at the option ef thc bonsr~ee ar falir ~ad esmpletely w
it tLe saia a~nepte ~ma ot s~id promiswry awc wu oridiwlly ~tipulstad te be p~id oa rucb day, anythi~6 u wid p~~lwry ~ste
o~ hereia t~ t6e eost~ notwitWt~ndin6.
l)) 7'h~t in otder t~ rccelen~e tLc m~turit~ e( t6e indebtedoer herebr ~ecured. beeauu o( the tailure of J~e ~i~+rt~~ ts par rn7
trx, ~YC~scneqt~ Ii~}?i~itr, ~blipti~o O~ lDCYSriIIfitICC U~10p ~11Id At"OPtftr. M 6ereie j?rovided, it ~6a11 not be eecer~a~ rr requisite tb~t
thc u~ortga~ ~hall 6nt p~r the wae.
2. T~e Mort6aaee may, at hie option, and without waiving lus zight to s~ccclerate the indebtedne~ hereby
eecured aud to fareclaee the aamt, pay tither before ar ~fter delinquenc~• any or All of those certain obli~atiane
reqniced by t6e ternu hereoF to be paid by the Mortgagor for the protection of the mortgage eecurity or for the eollec-
tion of the indebteduesa hereby secured. AI1 aumx eo advAnced or paid by the MortgAgee shall be charged into the
mortgage Account and bec~,me an integral part thereof, eubject in all reepecte to the tern~e, conditione, And covenanta
ol' the aforesaid promieeory note, aad thie mortga$t, ~e fully and to the rame extent gs though a part of the ori~inal
i~idebtedneae e~•idenced hy eaid note and ~ured by thie mortgage, excepting h~ow•ever, that said eume shall be repaid
the lYlortgagee forthwith upon ite den~and and be in a~dition to the regular monthly installments provided by the
uie~rtg•age nott.
3. That tlie abetract or abatracta of title cove~ring the mortgaged property- sliall at all tim~a, during the lift of
thia moriga6e~ remain in poesessioa of ihe Mortgagee and in event of the forecloeure of thie mortgege or other tranefer
of title to thc n~ortgaged property ir? eatingusehment oi tht indebtedne~+s eecured hereby, all right, title and interest
o[ the l~~orYgagor in and to aay such abetracta of title ehall pae9 to the pnechaaer or grantee.
4. T'o the extent o[ the indebtedaeee of the Mortgagor to the Mortgagec deacribed herein or eecured hereby.
tt~e ~lastgaga•e ia hereby aubrogated to tl?e litn or liena aad to the righte o! t{re o~rnere and holdera thereof er[ E~CFI
and every mortgage, lieu or other ittcumbrance on the land described herein which ie paid and/or satiefied, in whole
or in pan, out of the proceede of t6e loan deacribed l~erein or secured hereby, and tlie respective liens of asid mort-
~agea, liene ar other incumbnnces, ehall be and the game and emch of them hereb}~ ia preaerved and ehall paes to and
I~e held b}• the Mortgagee herein ae etcurity for the indebtedne~R to the 111ort~agee herein described or hereby secured,
tu tt?e same extent that it M-ould have been preeen•ed a~nd would ha~•e hcen paeeed to and been held by the Mortgc~gce
had it been duly and regulerly aeai~ied, traaeferred, eet over, and delirered unto tl~e Mortgagee b}' eeparate deed of
aw:ip,~unent, notwithetanding thc fact that the eame may be satiefied and eancelled of recard, it being t6e intentioa the
i,arties l~ereto that the same will be aatis&ed and cancelled of record by- the holder~ thereof at or about the time of
ti~e recordin~ of thie morigage.
S. In the event the ownerehip of the mortgaged premiaes, or an~~ part thereof, becomea ve~ted in a pereon ot6er
than tl~e Mortga~r, the '_1'[ortga~ee m~y, without notice to tf?e Nlortgagor, deal with auch aucceeaor or aucceseore in
?{~(QiPAL w~ith reference to thie deed and the debt hereby aecured, in the 9ame manner ae with the Mortgagor without
in anv way ~•itiating or dieeharging the Mortgagor'~ iiabilit}' hereuncler or up~n the ~iebt htreby eecured. No ~ale o[
the prCmiees hereb~~ niortgaged and n~ forbearance oci the pxrt of the '~'Iort~apee, and no exteneion of the time for the
payment uf thz de~t hereb~- sec~ired given by the Mortgagce eh311 operate to release, discliar~e, modif~•, chan~e or aEEect
the ori~inal liabilit}• of the MoRga~or herein either in w~ole or in part.
6. The lien of thie deed securea and ehall continue to secure pa~~n~eut of Raid indebtedneey or indebtedneee,
li~w•e~~er evidenecd, whether by said promisaory note or any ren~wal or exteneion thereof or eubstitute therefor, or
otiienvise, antil all euch in~ebtedneas ehall have been [ullr paid.
7. In tlle ez~e~it tlre mmY~n~rors srll, cnni~e~' ur trans(~°i~ t/tr~ mrnl~a}ed ~~rc~mF.ces rl~nin` the life o~ this ~nort~at;e,
tl~e~. tJ~is nrnlt~a~e shall, at tlte option of the lllor(~a~i~~° Irt~r~ir~, lre~~uriic• imnr~dratel~; dt~e arid pn~~able foi• tlie f~~l! su»i of
tl~r~ ~ri~zci~i~l ba(n~i<e ancl i~tterest t):e~: due.
8. T4~e eermd "Mortgagor" and "Mortgagee" when~ever uaeti in thie instrurnent aliall include the heirs, personal
re~?re~entatives, ~uccesaors and aeei~ne of the respecti~~e partiee hereto. Wherever uned the Rin~;ular number ehall include
the plural and the plural the ein~~lar, and the uee of any gender shall include all Rendere.
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Si~ned, Reale ;~deljver ~in tlie peesence of: ' , _ (5E~L)
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to me well Icnown snd icnown to xne to be the individuai~ dee~ribed in and who executed the foregoing inetrument, And
ackno~+vledged before me that they executed the eame [or tEie purpuees thereia expreeeed. W~'Y'?tiESS my hand and
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