HomeMy WebLinkAbout1381 ti. Until dcfault in thc pcrfo~mance af the cvn•cuants and a~;r~~•~uents of this mort~;a~~•, tl~c morigagurs shall !x cntitic~cl
collect the mnts, issues :ind pmfits from the premisc~s hereu~befuro descrilxtil, but in rase oE a default in ~ny of the tenn~ u(
this mort~:~Gc•, and the filing of a bill to fomcluse this or 1ny othe~ moriga~e encutnF~ering the «•ithin clescrilmd property, the
l~5(KI:UIOII shal) imme~cliatel~• and ~~•itheut nuticc~ !~e entitl~~c1 tn the aplx~iutment oE a tiecY•iver ~?f the ~rx~rt~afied prc>pe•rh•, and
~~f the rents, issues aad profits then~?f, ~.•ith the usual ~wwer uf ti~r~~ivers in such casrs, and ~ach Recri~•t~r may t~ rnntinuc~l
.n ~ws;c~.+ion of the said propert~• until ihi• time uf the sule th~•rruf unci~•r sueh for~rlusu~r, and untii the• cvmfinnatiuu of such
..~1~~ bv thr Court.
9, li a c~mw~auce shoulcl i,.• ~nacl~• by the inortgut;urs uf tlie ~urmis~•s hrmin ~1c~scrilxYl, ur :u~~' ~~:irt then~vf, withunt
'L~• ~~ritt~n cv»~s~•ut ~~I thr .~ss~x~i.?tiun, and ~~it~~~n~t assuin~~tiun in n~~uL•u form ~~f la~~• b~• th~ krante~• uf ih^ obli~atiuus to th~
\..~K•iatiun cn•atc~cl h~• :ai~l (xumissorv not~• an~l this inurt~a~c, th~~n, cu~~l in th:tt c~•cnt, :uul at tht• u~~tiun ~~f tl~~• A.~~K•i.itiuu.
~n,l a~ithuut n~~ticY•, all :ums of munrv ;~r~~rc~l hembv .ball imm~•~liateh• .~nd c+~ucurn•ntlv ~~•ith such c~~m~e~~.uicY• lx~c•u~~~c ~lur :incl
~~.~~:iblr :~nc) in clefault. The AssociaNon may deal «~th suCCessurs i~i intcrest ~vith rcfemuce to this m~~rt~;u~e and the debt }?embr
,~rurc~cl in the same maniirr as ~vith tl~e murt~a~urs, a~~d may forlx•:ir tu sn~• or m:?~~ ~•~teud tin~c f„r ~~:i~•~ncnt ~~f Ihe debt, secur~vl
h~•rrb~•, or ~~th~•n~~ise act ~rithout disch:u-~in~ ur in am• .vav :iffi~c•tin~; tLe• li:?bility of tl~~• rnurt~~u:;~~r. hemundrr ur u~~ tl?e deLt
he~re•b~~ st~eur~~el, The Assoeiation mav ;~Lco d~:~) ~~•ith the~Nortga~urs anci%or ~t•ith sua•e~ssun in inte•r~~ct ~~•ith refer~•ncr to this
~~~~~rt,:~~~ ari<I the~ ilebt he•rch~• sccur~~l 1»~ forl~ari~~~ t~? su~~, rxtendi~~fi the time fur pa~m~•~rt ~,F the dcbt, pro~•iding for :liFfemnt
~n~mthh• pa~•ments and/or a clifferent interest rate, and bv other rxpn~s mucliiicatiuns uf the~ n~idr,ict, ~cilLuut losin}; am~ ~~riunh-
th~• :lscociation has o~~er other morikagecs ~~r lirnurs u~ hul~lers uF auv jw~ior inten~ts ~n t[~e ~xu~x•rtv s~•curc~l hemh~•. ~ .
10. Ti~at in tht: e~•ent the ~~n•inise•s h~•rebv ~u~irt~a~eYt, ur :im• ~~:trt i~~creuf. shall 1x ~Y?ndr~u~uYi :u~d taken fur ~n~blic i?se-
fm~~rr the ~?~v~•r uf entin~•nt do~~~a~u, thr :\+.wK•iat~u~e ~liall h:w~• the• ri~lit tu ~l~•m:uul th:it all d.?ma~;es :i~~:?rde~ct for the takinfi of or
~3.in~a~i~ to ~;~id premi~es shall be p:?ic~ tii th~ Assoei~tiun, its suctrss~~rn o~ assi~,i~s, ttp t~~ the atno~mt uniMid on thic mortgafie and
,n.i~ be ~~r; li~~cl u~xm tl~e t~:~yment ~~r lui~~ments l:~st lx~v:~ble tht•rc~»
11. lt ic s~erificallv aQre~~cl th:~t time i. the e~suncc~ ~~f this ~Y?ntract and that no ~vaiv~~r o( am• ubli~;atiun herenndi•r ur oE
tl~~• ~~l>ligation securcci herrbv shall at am- ti?n~• thc~mafter be• hclcl to he a waever of the terms or of tl~e instromcut scr~~rcd herebv.
i?. ~lf fomclosurc pmccc~clin~s of :~nt~ scrnnd mort~age or sc~c~ud tnut dcrcl or any jwiiur lien of ::nv kind should bc insN-
~~~t~~d, the Assuciation ma~• :it itc i~~itiun, immediat~•ly or thercafte~r declam this morig:~~e and the iudebtedncs~ s~c•ured hcvrbv due
~r~l j~,~~•ablc. ~ '
13. To thr~ exlent itif the ind~•litcKiness of the \lurt~.it~urs tu thr A~s~?ci.tfion ~iescrilxxi hi~n~in or :rcnrc~i hcmby, tfie Asso-
,.~tiun is hercbv ~ubro~ateci to the lien ~~r liens and t~? the right. af the u~~•nrn snd holders therty~f uf e:ich and cvery mortga~;e,
+i ur othe~r c~x~amhranm on the )and descrilzecl hcrein ~rhich i. ~~:iid an~l(orl s:riisfi~rl, in ~vhul~ or in ~~:irt. ~?ut of the ~xoceec?s
' thi~ lnau descrilx~cl licrein i~r sec~~re~i herch~-, ;~nd th~ ms~xrtir~• lien~ ~:~i~l mort~~a~i•s, liens or othe~r encumhranees, shall i~asc
~.ni~1 ix~ held h~• the~ Ass~x•iatiun herFin as seruritv for the indebtrdne•ss to thc~ Ass~?eiatiun he~r~in desc•riFxYl or hereljv scrurecl, to
:.+inc e•s'e•nt that i+ ~ti-uulcl f~a~•e Ix~en ~resen~ecl anc! a•ould h.~~~~~ l~n ~~ass~Yl t~~ am) lx~~u held bv the Ass~x~iation had it lx~eti
:ul~~ :~nd r~•Gularl~~ assi~ue~l, tr.ins(crr~Yl, .et o~•~•r ancl deliv~~red unt~~ th.• As.~x•i:~tic,n b~• se4~.ar.t(P l~(YYI~ of assi~nment, not~~•ithstand-
,n; th~• fact th:~t thc same ma~• 1x~ satisfi~~c1 an<l cantrlled of r~~cY~r~l, it lx~iu~ the intention of thc~ ~~.?rtics hereto that the~ s:un~ ~~~II
.:~'isfied anel c:u~~rll~~l i~f nrord b~• th~ hoicl~~rs therc~f at nr alx~ut the tim~ oi the r~ecordin~ oE this mortga~e.
I-t. To pa~- all anil si~~~~ular th~~ costs, char~es. and rxpcncc~s includi~?~ la~~~•~r's fe~e•s, rc:i50llabl~• incurrecl or paid at :~nr
'::nr h~• the ~lssix•iati~~n. INK:~usr ~~f the~ f:~ilu~e ~~f thc \turt~a~~~~rs to i~rrfonn, cY~mpl~~ ~~•ith an~l abide h~• i:?ch at~d everv stipul:~-
. ~ i~ ~u., a~reement~, cv~nditiuuc .uirl ni~•~~n:tnts uf s:iid lirumisu~n~ nutc :incl thic cl~~~d. or ~~itlic~r. .uul ~~vcn• .nc•i~ ~;?~•m~•nt chall Ix~:tr
;ntt•resi from d,~tr at the rate stat~•~l in the~ note• s~Y•urt~d hereh~~.
IS_ Th:~t he ~~~ilt pertnit, com~nit, or siiff~r no ~~•astc•, imp;~inm~ut, ~~r ~1~•te~riur.iti~~n ~~f .:ii~l i~n~~x•rt~- ~~r :~rir ~r,ert therc~e~f:
~~-1 in thc crent of tlte• f:tileirc~ of the J1~rt~~a~~rs tu kt~c~~ tb~ huil~liukc ~~n s:iiil premis~~ :uid th~is~• t~i lx~ e~n~c•tc~l ou s:iid ~xe•tuise~.
; ;r ~in~~roeements thenti?n in ~~~1 repair. the Assc?eiation ma~~ m:?ke :u?d E~av for ~uch r~~x~irs as in itc disc~r~•tiun it tu:l~• dee•~n
! c~~scarv for the proper ~reu•n~,~tion thereof, and the foll a~nount of s~u•h p:~~~~nents ~feal) [H• securecl b~• tiie lien of this murt~aGe•
:~~~1 .ha11 at the o~uion of the ~ssoeiatio~ 1>e immec~iatrl~• cluc• ancl ~~:~t:~Lle~, er ~~;traWe ir~ surh mor~thh• i+ist:ellmc~nts :1S t}ll' .~SS(ki8-
~~t mav detevrnine, :ind e~~•en• sueh p.~~~n~~nt shall }x:?r i~iterest from clat~: at the ral~• ststecl in the not~ sec~ued hereh~•.
16. 7~h:~t if the Asscxiation 1nd the~ \iort~:?~ixs a~ree, the V~~rt~a~urs ~~•il1 cam• Ix~lirv ur l~diri~~t uI in~urance uEwn
c ir livcs in a~~ an~?aut cclual from timc G~ timc to tht~ amo~~nt of iti~l~•bt~•dn~~ss h~~reh~• si•cw~•d, makin~ s:iiil Ass~x•i:iti~m lx•ncfi-
u~ ih~reun~le~r, :m~l th:~t tl~e ~aid :~ss~K•iatiun mav pa~• the }~reillllllilti f~,r such in~ur;ince~ ("in the• c~~~c~nt th~~ \IurtLa~,orc clo r?ut),
~~~1 :i<1d each tnch p~i•me~nt to the un~aid balaam of t1tc~ Ir~an, as af th:~ first d:iv of the then curr:•i?t ~n~~fith, :inil it 5hall hecoin~•
'.,~~t~~mai in~lcbtc~lncsc scY•~irc~cl b~~ this mort~a~e pa~'aUle t~jx~n dcm:~ml. ~
i;. That i~~ !he c~•rnt th:~t tleis inurt~~:i~c lK~ ~ivcn to seti•tiri• a r<m~tm~~ti~~n luan, (aih:m ~~n thn ~~:itt ~~f th<~ \lurt~~.~~~~~rs ~~r
•i~~•;r ~ti~nti-.irt~~rs t~ co~ui~letr said lrnildin~ in accordancc~ ~~•ith Cunstructic~n Lu.ui ~~~rer~ne nt, ~~f e•~•cn ~l.~te~ hr.•re~~~~itt~, nr t~? hiiil~l
~.u~l c~m•truc~ti~m in acY:urd:?nc~~ ~~•ith j~l,itis ancl s~x•cifia~ti~~r~s filcKl ~~ith chc :1~:~x~iati~m, slr:~ll corictihit~~ .i Lrr.ich of t}~is ?n~irt~a~~~•.
. 1. .it th~~ ul~ti~~n ~,f thc _1„r~ci:itinn_ imrn~diateh• mature the t•ntirc• .~niount ~~I linucipal .~nil inti•~e•st }~crch~~ strurcYl and the :1•cn-
~.;ti~m tna~• imme ~li:~tck institutc ~~r~x~ccdin~s to forccluse this nw~!~,_i~e.
IS. "f}i.it thr abstr:ict ~~r :ih:tr:~ct~ c~f title <~~~•crin~, thc• ~n~~rt~~:~,i•~i lin~~x~rt~• sL:ill :~t :~ll tirnc•S. clari!~R thc lif~~ ~~f this tn~,rt-
remain in the Exn.i~..f~~n ~~f tlu• :1~;:~ciati~m :in~l in the ~~~i•ut ~~I tln.• i~~rc cl~~~cnrc• -~f thi~ m~+rtt;.~~_e~ or utl«~r trai:x(e•r ~if titl~• tn
: nr:~rt~.i~,e~e! ~~r~~ixrt~• iie <~~tirn*ui~llrnrrit i~f 11~~ iucl~~btt•dnecs s.•cnr~•~l 1;~~r~•6~. all ri«ht, titl~•, ancl intemst ~~f tlu• ~t~~rt~,,r*nrs i~~
,~~~1 ti~ .uch :~bstr:ict~ uf titlir .liiill i~.i~s t~~ the PurcL.~ccr ~r ~r:inl~~r•. - 1
19. ~~h~• A~s~xiati~m sl~.~ll }?:it•~ thc ri~,ht, in its <liscrctini~, tn r~~~~~~irc• tli:it tlu~ \(„rtR.<<,nr~ ~~.i~• int~~ thc~ :~~~~~cia!i~~ii in ad~li •
iu th.~ mnnthh- in~talltne~utti ~:f ~»inci~i.i( :~nil int~•n ct h~ he~ ~~,~irl Ii~ ilic ~1~~r!~~.i~~urc nn~i~•r thc• n~,t~• .~•c~nr~-d h~- tLie rn~~rt~.~^e•,
:.~tnuunt t~rl~~.~) hr usi~-N.~•:l(th riE th~ annu:tl ir~.t.illrnc•t~ic ~>f :mr t.i~~ . rn t}ir n:urt~.~~,~cl 1~n•inis~~s k•~ i~r1 ~~r .i~«•~.< <i 1~~~ :~n~
i~une•nt.il authnril~•, :~nd ~:x~-t~~~~lfth rif t}«• :nimsal ~~remium. }~~r l~ire• :inel i:~t~ u~l~•~1 C~~~rr.i~e~ i~~ti~ii.~nie~ ~~n th~• im,rt~,a~*~~~i
, nii;e•e h~~mi~ih~•F~~rr er~~~iin~~! h•, tli~• :1,,,~~ i.~ti~~~i. .~n~1 tl~~~ \1~~rt~ i^~~~~~ f:uh~rr t~~ m:ii.e• e~ich ~~.n~n~•~it..h.~ll +~~~,.tih~t~• eG•f.inft
;'.~r t1~i. 7unrt~.i_r.
I\ ~t'j~('\F.tiS \1-1{t•:ItE'r~t~_ tL~~ ~.:it~ \1>>rt•,.~~,~~r~ lte r. ~tr~t~~ t fl~r~r h~n~l~ .tt~~! .~.~1, t}r~, ~~et ,i~u} ~e.ir !~r.t .~?,u~~• i~rtt~i~r~.
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