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HomeMy WebLinkAbout1976 9. The Mort~~e ap~„alsits opti~y ~ ~rithout wdvln~ it~ ~ht M aocclerate ths iadebtedne~ hereb secured and to (onrlose tbe same. wr ei~he~ 6rFo~ or .f~n del~ny~encr snr or sll d ~lase ce~a~n obl~ ~~io~ ~~red br ehe eerna IK~ co be paid by ~he Mo~Ra ~a fcx tAe protectwn of the mo~tgate :ecu~itr or for the collection of the i~btcdness hereb~ secvnd. AU sums so advanced or paid by tl~e AScxt~aRee shall be cha~ed ioeo the aa~taaae account and becon?e an i~te~al ps~t ehereof, wbject a aq tapects co the cern+s. coodn+oas. and covenaots of the a(oresaid p~omi~sory ~ote, snd this mortpn as fuUy and to tl~e ums estent as thoush a p~R of tl~ ori insl indeMedness evidenced by ssid note and soeured b)r thit moct~age, eaceptins, ~wwever thal said sun~s shaQ be ~epaW to the Mwtg:aee ~o~thwitb upon its drmand ~nd be ie additioe to the ~e~ula~ mont y inst~limentt pcovided ~y the moAl~aRe note. . 10. That the abstra~~ or abst?acts of titk coveriog the n~tf [~ed prope~ty :hall at sp times, durioR the IQe of this awrtRa~e, remain ~n the {wssessioo of the Mort aRee and in evenl o~ the Ioreclo.w~e o~ lh~s matgaKe or othe~ Innsfer of titk to the mortgaaed propeKy to the Atu~tAa~ee al~ right, titk a~interest a( lhe Mixtga~o? in and to any such abstr~ts d litk shall pass to the purchaser o~ g~sntee. I 1. 'i'1+at eo waive? of ~ny coveoant herein or d the obligation cecured hereby ~hall at sny time he?eatter be hetd to be ~ waive~ o( t!?e t~rtns herro( or of the nde secured hereby. . 12. That io o~der to sccekrate the maturity of the inJebteJoess he~cby scrured because of the taflure of the Mo~tRa~or to pay auy tat ~s.ecsmrnt. liahility, obliRation or e~cumbram~e upun saKl p~operty u h~nin provided, it shall not be necessary nw requisite that lhe Martaagce ,haU first paY the same. 13. To the eitrnt of the indebtedoesc of the Mo~tgagot to the Ma~tRaRee described herein or securcd he~ebr. the Mwtgagee is Aercby .uhm~ated to the lie~ or liens and to 1he ~iRhts oE thr owners srnl holden thenrt d each ans! every mo~tgage, lien or olher incumbnnce on th~• I.~od drscnhed hrrrin which ii {~id :ed/or satisfied. in whole or io part, out o( the p?oceeds o( the ban described herrin or seaveed hereby :n~l thc re~peciivt ~ierts ~ wicl mattRa es~ liens w other incumbnnces, shall be anJ the same ancl each af them heieby isp~~aerved and shal~ p.~.~ to and I,e held by fhe 111oARaRre~~ein u securit Ior the indeMa~lne:c to the Mo~rtga~ gee he~ein de~crilxd or herebp secund,_to the ..,mr cxtrot that it wouM have beenp~estrved and wau~d have heen pic.ed to anJ been held 6y the Mo~tRsRee had it been duly and ~ula~ly a..ix~l, 1ran.Irrrccl, act o~cr, .u~d d.• i l v ered unto the Murl~aRee by x{uinle dred o[ asai ~unent, notwith.tarnlinR the fact that t h e same may t,r ~ati~6ed und caocelkd d reoo~d, ancl fbtwNhstan~iog Ihal the pa~tiea hereto contemp~ate tlut the same will be ut~a6ed arnl cancelkd d retivnl by thc holJers therco( at ~r about the time d the re~~oniio~ d this mort~e. t4. lf any o( thr .ums oi money herein re(eRed to be not pr~xnptly and fully paid within thirty (30) Jaqs ne~ aEter the same sevenUy crme due aMl ~yabk, o~ if ~ach and every the stipulatioas, agreemmts, conditia~?s and covenants of said promissory note and th~ matgaRe ~x ~ithei, ar~ rn?t duly performed, complied with and abidrd by, the a~reRate sum menti«K.rl in said pomivory note or othe~virise secured h~reby ah~ll Ix~a.~me Jue and puyabk fotthwith or thercafter at 1he option of the Mortaagee. u(uUy and completdy as if said a~e Rate wm ~~i mooey w•a. oriQinaUy stipul~tcd to be paid on such day. anythinR in said pomissory note or herein to the eoutrsry notwithstanding. i 15. in the event o( the accekation d.this mortgate and the note sccured h~reby by reasoa d aoY de(ault thes~ein. aay ptepaid and ~ uneamed inte?est, in excess d the le~al nte of inteTest to the date d enfonement ot~paya~eot. shaq the~eupon be Kfunded to tbe mottgagot autapstically by the creditimg af same. against the sums then due. but sucA rndit shaU not cvrc or waive the defautt oecasiao~y s~oaieatioo. : 16.( a) In order to mote fullr protect the sravrity af thr MoRRalte, and to auure the MortRaAor s compliance with c~uvenants 3 and 8 herraf, the Mottga ce may at any tio4e reqwre that the Mort~a~or. toAether with, aad ~ additian to. the RtoMhlp pymenls uedK the te~ss af thc note secu~ hereby, until the saiJ oote i+ fuUy paal, wi11 pay te the Mort~ee the folbwin~ aums: A wm e+~wl to the ptf~ted an~ual taxes and asaeasments ne:t due on the mo~tR+R~d Propertr. P~as the pamiua~s t~at will neat 1~eroa~e due sMlp~ ysbk ua pdicia d 6rc yncl otl~er I~a=a~ insurnnce coverinR the mortRa~ prdperty (all as estunated br the Mo~tRagee, and of which the Ma~t~au~or is noti6ed), las all sums already p~id theref~x, p~Yabk moothly, in equivaknt p~~po~tions Jividec! by the number d months to e4pee before one ioonth prior to the date when such premiut~. tues and zr~eatments wiq 6ecome delinqurr~t, .~Kh wm. to he heW by Mart~aRee in tnut to psy xaid premtunK, taits and assessu~ents. ~ ( b) The a~ste d the amouats payabk pursuant to wb-paraRrapA ( a). and tMse parabk on the note secvr+ed hereby, sl~ap be ~ ~~d in a sinak paya~rnt ach montA. w be ap~ied to the fdlawinR iteaa in the o~der stated: 3 1. Tazes. ass~uaentt. fire and aher haurd iacurance p~enwums; ~ ll. intere_st a~ lhe note secvted I~ereby: and ~ Ill. Amatintion of the principal af said note. ~ (c) My deicieocy in the amar~e d said a~rc~acr mu~thtr P~rmene sFiall, unkas a,ade ~ood by ehe Mort~agot wichin 30 Jays , folbwinR its due date, eonstitute an eveM d de~a~dt under thic andRage. 17. !f the total d the paymenb mack br the Mortxa~ under l a 1 d~~~Kraph 18 precerlin shalt e:ceed the amount d~a yments actuaily made by the MortRaRee for taxec and aaxscment~, ancl incur~nar prcmiums, ac the case may such e:cess shall be rredited oa mb- .~~~e paymMes co b~ made by ehe Atort~ca~~or for wch itemc. If. hnwrver, .uch ennnthlY paymcnts ~1 not be su9'icirnt to Qay such ite~ w~hro ehe ~me shall be~~ome due anclpapabk. then the MortKaaor ~hall pay to the Mext~aRer any amount necesury to make up ehe d~6cie«.~y. Such paymmt shaU be made withio 30 days a(ter writteo notice from thr MortRaRee. statinR the amount d the de6cien~y. which notice ma~ tx Riven b}~ mail. at any tinie the I?1ortRa~por sha0 tenckr the MatRaKee, in ac~onlxnce with the provisions d the note secured hereby, full paymmt of the entire inckMedness represented thercby, the A1~xt~ee .hall, in iomputioR t6e ~naunt of surh it~debtedneas, credit to the eccount of the Mo~tgaRot any credit balance rcmain~nR unekr the pmvi~iom of ( a 1 oE saiJ ~araRraph 16. If there shall be s ikFault under any o( Ihepr ovi~~ons of this mortKase resuhin~ in s ~wlkul uk af the prcmi.rs rovercd hereby, ar if the Mort~aRee x~yuires the pmperty ~tl?rrwi~e aFter dchuh, the MortgaRee shall applq at the time o( the coma~nx.~e+nent d such prooeedinRs, or at the time the Qroperty is otherwise acquircd, the amount thea remaininR to rredit of 1?fortgaeor undr~ (a? of paragraph 18 precerling, u a rn~lit an the mterest acrrued and unpaid aa! the balance of the ~incipa) then remaininR uapaid o~ said note. , 18. ThsC in the event the ownership d said pro~ty or any prut thereaf beroenes vested in a perwo ather thaa the MoRgagor, the mo Ho~t~aRce may, without ootice to the Mortga~or. cleal w~ta such sureessor or c~~ceswrs in iot4?est with rc(erence to this mortRa e and the j drM hercby xcured in the ~ame aanner as with the Atort v~or, and may (orhear to we or may eitend time for payment af the de , secured ~ thereby, without discha~ing or in any way a~ecting the Iia~Ucr d~h~ MongaRor h~m.~~ « o~ ~h~ d~be hrr~by ~wrd. ~ !8. That this mortgage also secures theQa y~me~nt of aad inc~udes aU futurc, or furthe: advances a~ shaN be msde by the mo~tgagee ~ hrrein ot its succesaon or assigts. to or (or tbe bene6t d the nw~tRaKas, or their hrirs. perso~~al ~eperseotativrs. or assiRns. within tee ydts ~ From the date hereof, to the same e:tent as if wch (uturc advancea werc maik on !he date of the e:ecution d this nwre;aKe. Tl+e tatal amount ; e( indebtednesc that may 6e ~ec„red by ehis mw~Ra~e may decrea~e o~ incrc~?~e fran ei,ne eo ~ime. bue ~he cad unpaid 6alanoe ao s~ecural st ! any one time shall not e:ceed the maaimum principal sum set fath in Iara~~raph 2S below, to~ethet with interest therrae and any and aU ~ ~ dubursee~ents msde by the mo~tga~ee for the payment ot taaa, kvies ar inwrwnce on the property eowered bY the lien d this mort~aRe with ! interat on wch disbursemrnts at the ate speci6ed in the notc referrcci to in thic naKRaae. and for rersooabk aKOrney's fees and eourt casts ~ incurred ia the collectian of any or aq d sucb suou of mot~ey. Such lurther or foture advance~ shall be wholly optional with the mortRaaee. and the same shall bcar intemt at the same rate as speci6ed in the nate re(erml to herein, unkss said fnterat nte shall be owdi6ed br subsequent a~rtement. 20. 71~at it st any time whik this mortgage is in default the mort~cagrJ prupretY sha{I be abandaied. vs~ated or kft unettended the MixtgaRet, J~n us discreeion wch seeps are necesaary for ehe pmee~tioo d ~he Proper~r. s1uJ1 have ~he ri~ht. vo+wer am1 auehori:y at ies opt~on to rnter u~ the propeAy snd to secvre sawe by changing locka thereon, eo p.~~~ ~ rcw~ ~h ~d ~o cl~ noe~f~•~nR that it has taken poasessioa af the premiaes and it may also place ail~ns therean oBerina to se~) t prem~ses wbject to its acquisition ~,f titk thereto by toreclosureproc~eedmgs w otherw~x; and any cuch acii~m by the MoARaRce u described abave shaq twt be deeaed to be ~ a trespasa ot trespusrs or unlawiul detainer upun ~uch preousea. All :ums paid or advanctd bv the Mortga~ee in the protection d t}ie ~ mortqaged premises u herein provided shaq be charRed into the mortRaAe arcount and becwne an inte~nl part thereaf. wbjett in all respects to the terms. cond~t~ and covenants of the aforesaid promissory note. and thi+ morqtaRe, as fuliy aod to the same eateat u tlaugh a prrt d _ ~h~ onA~r~al ~be~dn~ss e~deneed by sa;d no~e and aecured by this awrtRaRe, e:~eoting, however. that said sums shall be repaid to the ~ ~IortgaRee furthwith upon its demand and be in additior~ to the reAular monthly instaUments provKkd by the toottgage note. ~ 21. That in ~he event the pcemises herebp moRRagrd. or any part Ihereof. shall be condemned and tsken forpu blic use under the ~ P p~.~~er of eminent danain, the MortRa~ee shall Fave the right to requirc that aU dama~es awarded (cx the taking af or damage to said ~ pr~reufcs shap be pa~d to ~he Mortgagce. rat to esceed the ehen unpaid balance of this mortgage and the note secvred hereby and at t1~e ~ optMn of the Mort~bagee may be applied upon the paymea~ or psyments Isst payabk henon. ~ 22. To further xcvre paymrnt d the indebtedne» o( the Mort~sRot to the MatRagee, the MortRaaor does hereby sell, assiKn. tnnsfer ~ anJ .et over unto the MortgaRee all oI the rcnts, iasues and prabts af the mortgaged premises, and this assignmcnt ahall bati~ome openhve upon ar~y default beinR made by the Mort~agor under efie terma of this mo+t~taRe or the note secured hercby. snd sMl) rcmain in full (orce and ~ ~Hect so IonR u any de~ault cootinues to esist in the malcing d any d the paymrnts or the peifornuncY d any d the eovensnts d tha moR- ~ Ra~e or the note secvred herebr, and the M«tsagee shall have the ~iRM to mter upon tl~e premises and coUect same directly from persons in jws~e.~ian. ~ ~ 23. IF thi. moRaage be (or tF?c pu~pose d 6nancin~ constnutio~ or improvements upon the propetty described in psngaph 2? beluw ~ the C«?structan Loan Agreemrnt betwecn the paR~es of evrn date herewith ia hercby made a Pa~e d~his e~wttage br .eten.~e u though ~ f ully set fo~th F,erein. ~ 24. Should Nortgagor, or any other person acquiring title to the real estate encurttberrd herebp. transfer sajd Utle. or _ should same be transferred by operation ot law, then at the ume of any auch tnnster or /ransters l[ortga~ee at its option and in its wle discrstion, shall have the ri~t?t to iacrease the rate ot interest prescribed la uId proatissory note to the rate which ~~ortQa~ee shall lhea be chugu' ~e oa new mortgage loana secured by real estate similar to ttut encumbered hereby. Any such ~ncrease in Iaterest rate ahall be etfective as of the fint day ot the month next followin~ ths date ot aAy such tr~nstec ot tltle. Such increased nte shall be binding upoa the successor in title and upon all subsequent transterees. and upon Yort~a~or. ~ ~tortga`ee s6a1! have the right to et[ect such rate increases upon each such transter ot title, and waiver ot tbis M`ht in aay one inaUnce shall not constitute a waiver of auch right in any other or subsequent insUnre. NothinQ contained herein shall be ~ construed u imposing upon Slortgagee sny obli~ation whatscever to reduce the intereat rate, either below th~~ori~a! rate prr- ~ scribed in said note or below any increased rata U R ` ~ ~„~f r,,~ soo~1~ 197,2 _ . r 4. .