HomeMy WebLinkAbout1214 R. lh~til dcf.tult in the ~x•rforn?ancti: uE thc rnven:u~ts an~l a~;r~~tinrnts uf this wort~;a~;i•, the nn~rtga~;urs s1wU t~c ~~titkyl
t~~ colkrt thc rr~its, is~ues and ~~n~fitx [rom the premisc~s hereinbefun• d~~sc~ilx~1, tiut in c:~u~ uf a de[ault in any uf ti~e tenn~ o(
this nwrt~uFr, and the (ilinQ o! a hill to f~mclose this or nny other m.~rt~a~P ~ti~cinntx~ring the wilhin descrilx~cl pro~x~tv, thc
\ss~x•i:ition shaU imnxYlixte~v :md ~~•ithcut nuticr be cntidccl to ~IIP ap~x~intu~cut r~E a ttccri~•rr c?( tlx• inoriRa~ccl pn~xrh•, ancl
~~F thr mnts, issu~-s and pru(its ~IICftV!(, ~vith thc usuul powrr uf R~rrivcn in s~uh c:ue•s, aud ~uch lten•i~~rr may 1.c cc?ntinu~xl
,n ~x~s;ahsiou of thr s.iid ~~n~~xrt~• unlil th~• time of the sale thcnv?f ~mdrr stlch (orcrlusun•, and uutil tlu• c~~+~fim?atiuu uf siK•li
..~lr bv thr Court.
y. If u cvii~•cvaucY• shuul~l lx~ madc l~)~ thc nwrtgngurs uf thc »n•misrs hrn•in drscritK~l, ur anv ~x~rt therc~,(, ~vithuut
rhr ~~Tittrn crma~nt ~~f Ihr AcaK•i.~tiun, an~l ~~itFwut as.~un~~tiun in n~~ular forn~ o[ lu~v bv Ih~ ~;ranti~• of tl~^ ~?bliRatious to tM~ .
~..~K•'s~t~?n cre~:itivl bv caid ~~n~~nissorv-t+~1~• und tF~is ~nurt~;:~~~•, L~~~•n, a~~d in lhat rvent. :?nd at th~• u~~tiuu u! t1~e• A~••K•i.~ti~m,
u~~f ~~itiH?ut rn~ti~~e, all .ums ~?f m~~nev s~ti•~~nvl hcmin• shall imnu•~liateh• and c~n?curn~~~th• H•ith +~x•L c~n?vi•v.uar lx~cYaue ~I~~e and .
~~.~~:~blr au~! in de(atdt. The Assi~ciation ~nay deal wilh st~ccessurs in intcn~st ~~~th refe~ti•ncr to this murt~r~;e anii the dcM hereL~• ;
:.riui~cl in the same ~sr.uine•~ as ith the~ mortGa~;oes, ai~d ma~• furlx~ar to su~• or m:~v ~~rtcud tin?r (ur ~~~yuie~it ~~f the debt, securtYl f
hrrrb~•. or othi•nvisr :tct ~vitlwut dischar~in~ ur in anv ~.•av aff~rtin}; tl~e• liabilitv c~f the mort~;a}~urs here~uedc~ ur u~wn the debt ~
hrreb~• siriu~til. 'fhe Associ:~tion mav aLco de.~l ~~•ith thc \tortg:i}~urs :~nd ~or ~~•itt~ sucYY•.~a~n in int~•n~t ~~•ill~ referenir to this
:~~~~rt~.~~e and thr debt hereb~• s~~c•ur~~l h~• (urtx~arint; tn su~•, .•xtc:~din~ the time (nr E~.1~~mi~ut ~~f thc de•bt, ~~m~•idin~ Ior clifEerrnt
~nanthl~• ~~a~•ments and/or a cliffen•nt inten~st rate, und t,v uiher eaprc~s in~Klificatiuns of the n~nt~.~ct, ~.•itl~oui Msin ¦ an~~ priorit~•
~ n~• :\scociation h:u over other morigaFecs ur 'ienurs ur ho~cters of an~ juniar intevests !n the pru~x•rtv ~n•un-cl iH•~e~~~,
10. That in the e vent the pn•~nis~~ h~~rcl?v murt~;.~~i~cl, ~~r any ~x~rt the~euf. shall lx: .~cx~de~nned :u~d takru fur puLlie iu~•
~iuJrr tl~ ~x~~~•rr of emim•nt dou~a~n, tl~r A~.~K~iatH?n shall huve the n~;ht tu ~lem:wd that all daina~;cs a~~•ard~~cl far the takin~G of or
.!.::na~~~ tc~ sai:l pmmiccs sh:zll tx~ p:ii~l to thc Acsix~iatiun, its sum~s.wrs or acci~iis, op to thc amount unpaid on ihis m~xtgaRe and
m.~~- I~e ~p,~lie~l u~xen the lx~~•ment or ~x~vr.ients l:tst ~~:~~•able thcrec?n.
Il. lt ic sperificalh• :ifirccd th:it time ic the ~-ssencr of ehis nN~ersri :u~d that iio waiver of ai?~ obligatiun here~~ndcr or
tt~r ubligation sccured he~cb~• shall at am• tim~ thcmafter T1l' }1P~(I 10 It(` 1\vaivc~ of thc terms or of the instrument scrurecl hcrcb~.
1•2. If foreclnsure pmce~~lin~s of am• scct~nd mort~a~e or scrnnd tnut de~cd or any junior lien of :;nv kind should he insti-
tutrd, the ASSllClatiai ma~• :it itc o~Kion, immediatelv ur tFiemaftcr declam this mortG:~~e and th~• indebt~~clncss sFCUrcd hemby •~ue
.ui~l pavabk. - -
1'3. To the• eztr~d thr indrbte~clness uf the ~fortGa~or~ to the~ Assc~ci:ition descrilx~c) h~~r~•iu or s~Y•urerl 1~cn•by, the Asso-
.:.~tiun is hemb~• ;uhru~;a?ed to th~ lien ~~r lie~~c and to the rights of the ~?~~•ni•rs and holders then~E uf e:{rh and every mortgage,
L~~n ur otin•r eucumbr.inm on the l:md dcccrilxd herein ~~•hich ic ~~:~i~'. an~l(orl ~ati~fic~d, in ~shole or iu r:?rt, out of the[x
oceeck ;
.~f the l~~:in descrit~ hcmin nr secured herebv, and the res~x•cti~•~• licns o( said mort~agrs, liens or othi•r cncumbrar?ces, shall~as~ `
r~~ .is~~l I~e hrld b~- the A~+~x•iation herein as securitv for t6e indehtt~cln~~ss to the Asv.x•i:riion herein des~ -ibeci or herebv seeurc~l, to ;
th~• wne r~'.~•nt that it .~-a~d~l ha~•F lx~rn presened and ~~•ould h:i~•~- }x~rn ~~.uc~~cl to and lx~n held by the Assochation had it l~een
,i~lh• and m~ularl~- assi~nc-d, tr~ns[crrecl_ set over atad deli~'ered untu th. Acscx•i:~ti~n b~• separate decd of assignmeni, nohvit?u-trnd-
~n~ ti?c fact that thc s.~me m:i~• bc satis(icd ancl cancelkd of rcronl, it lx~int; thc inlcntion of the p.iriies hcreto t}?at thc samc ~~~11
lk~ wtisfied an~l cancelleci of rernrd b~• the holders thereot at or about the time of the recorciinfi of this mortga~c.
14. To pa~• all and sin~ular the costc, char~es, and e~penses incl?~ding IaH-~~er'c fces, reasonabh• incurrecl or paid at an~•
timr h~• the Aca~ciatiun. Ix*c:~usr of th~ failure of the \tortgafiors to perfonn, romply ~~•ith :?nd ahidP b~• e•ach anel everv stipula-
t~~~ns. a,rrcmcnts, rnnditionc an~i rnvcn:u:ts of s:iid pmmisson• not~• and this d~rd, or Pithcr. .~nd ~vcrv sarh ~ti•m~nt chall bear
znte~:cst Erom date at the r:~te staterl in thr note s~rurcYl hereh~-.
1~. 'Th:.t he ~~•ill pern~it, commit, or suf[er no ~.•acte, imp:~irn?rnt. ur ~lrtrriur.itiun ~~E s:~icl pmlx~rh• ~?r am• part thereof.
;n~l in the cve•nt of th~- f;iilure of the ~tort~a~ors to kecp the buil~lin~ti on s:~id rrrmises and those to ~ ercctccl M~ .:iitl prt~miscc.
f .~r ~mrro~•cmcnts thert~on in go«i re~;ur, the Association mav make and ~v for surh m~airs as in its disrrcKion it rna~• decm '
~ :uYrsca~• for the pm}~r ~~rexe•nation thereof, and the fidl amount of such ~~-ments shail lm cecured bv the licn of thic murtgage
- a;::a.. at the option o€ the Associati~:? !x~ immcdiateh• due and pa~~ablc, or pa~~abte in such monthlv installments as the ~ssoctia-
~ *.i~~n ma~• de~trrniine, and ercn• siich ~~~rnent shall bear intercct from date at .he rate stateJ in the not~ securecl hereh~•_
16. 'I~hat if tE~e Associ:ition and the \tortgagors a~rcr, the J~ort~a~ors ~a•ill carry a policv ur ~x~licies .~f uisurance ujxm
~ tl~rir li~•es in an air3~unt eclual [rom time to time to the amnunt of uidebtedness herebv sec~urd, mswinfi c:~id r~c~aiciation benefi-
t ;.~r~- ,hereuncier. and that the said ~ssociation mav ja:n• the premiwns for suc}~ insurnncr (in the e~•cnt th~- \ic?rt~a~orc do rn?tl,
:n~? add cach such P:i~-mcnt to the un[~aid balance~of the loan, as of th~ first day of the then currcnt month, and it shall becomc
:~i~liti+~nal indebMdne~c secureci bv th'is mortgage pa~•able upon demand.
That m tl~e e~•ent that this mott~agc be gi~~en to secure a c~?n.t~ictinn 1o:?n, (ailurc on the~ Part oE the \furt~a~or~ ~~r
~ :~;rir cti~uh.icta~rs to complete said buildin~ in ac:~rclanee w'ith C~~nstnictiun Loan ~~reem~~nt. of ~~-en d:~te herr~~-ith, or to b~~il~l
~.~i~', c7m~tructi~~n in accy~rdancc ~:•ith plans and s~x•ciEications filccl ~~•ith thc~ ASCiK~~;~2~..s~, :1-,.i~~ r:.:.si:.: a l;:rach of this mortQa~r.
.r,•~. d the u~tion ~f thc As.ociation, imme~liatclv mature th~ entire•:imaunt of ~~rincir.?l and int~•rest hcrch~• secared and the A~sr~-
;,r.on ma~• immecliateh• in•ticide priKCCdin~s to foreclose tt.:: mo~!~~a~e. ~
I~. Th:it thc aUstr.mt ~:r :~b:tr.icts of tiNe rn~•crinc; the mort~a~~~vi rna~x•rt~~ sh:ill :it :~ll times, durir~~ the lif~ ~~f this m~~rt-
_ remiin in the po.se.siun ~~f tt~e :1ss~K~iatii?n :mcl in the e~-ent ~~f th~~ f:~rc~~)nsum ~~f thic m~~rt~~:i~e or uthcr tr:~ns(rr i~f title t~~
ri~rt~.i£ed pr!i~c•rt~• in rxtinguishme~nt of the iudebt~Klness seturetil l~er~•b~•, all ri~ht, titl~•, ancl int~rest uF the \I~~et•,,~~~ors in
t~~ ~n~• ~uc6 ahstractc of titlc shall ~:?~s to ihc purchascr or grantrc.
19. Th~~ Ass~ciati~~n shall ha~•e the ri~ht, in i!~ discretiun, to rcyuire th.d the \1urt.~:i~orc r.i~• int~? t}?e Asux•iatiun in addi-
to thr muntF~h- ~nstr.llment~ ~~f princi~xs! and iutc~re•st to Im ]sai~i ht~ t}~~ \tnrt~a~~i?rc ~tndrr th~• n~?te ururrci b~• thic m~~rt~a,r,
:.l~:~uus~t c~ual to one-t~~•eifth of the :~ns~ual installments of ain• t:i~~•s i~n tiu~ n:u~t~:~~e~l ~.re•mic~•s Ic~•i~Y1 ~~r .~~se~,s~•~l h~• anc
~ n?mec~tal au±h~~rit~•, and onr-hcelfth nf thc• annnal premiumc (ur 1=irr asiel E~les:~le•d Cm•c•r.~~~~• i~~.~n:u~cr ~m the murt~a~~~~1
mi,r ..~s }~rrrit,lx•f~rrr rcti~uirt•~! I~\' Cllf' A1~~K LIU~~11_ .111(I ~IIP \lurt~.~~urs' f:ul~u~~ t~~ m:~~.~• such j?.~-•incnt, ~h.~ll ty»~~.ittdr .i d~~fault
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~ . , • t 1\ ~1"1'i \E:SS 11I-:IiF:~?!-, tL~• ;.tiil ~1~irt~.~,~~r~ h~~r~~unt~~ •rt th~•ir h:in~l~ .incl ~~•.i~~ thr il.» .cn~l ti-~•.~r f~r.f :~lx»•r ~~rit!tyi.
~ ~:~~~r•~~. .e-.,1~~~3 :~ncl d~~Le~~ri•~! ~n t}~c ~u~••.~ne~~ nf: - ~
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