HomeMy WebLinkAbout2822 : ~1~ ~.ri:l~li, l~•it~11111 '~~1 .l:Mfl 1.+i NJ.~: Jlli~ t11J1111J111 1~if 1~11~~I~~~r~11Y11t. JI II~t1r. ~fl .:Jtf ~~..N~ 1r~+Jit J~.~~ 1~~~.~~i~1~i~~. Jtl:~ t.~
d.i ~~~i~n~t t.~ ,I,.uc h~ .~~.1 p~sutn.. ~u~thiuw th~t ~~~11 ~h~~ .u chai~~;r tb~ .~.r ~t~d ~I.~~a.~~~ ~.t ~a~~l ~~~..p~th u~ ~u ~u~ .~a~
~••a?~n Ih~ .r. ~nt~ .~1 iLn un.;~~;~Kr \n~1 ~u r~.~ .~f th~ ~~t~~.~l, n~~;l~rt or ~ual.~ht~ ~~f Ih~ \1 ~~t~aK..~ to ~~pai~ and ~~uu~t~~n ,~~,1 ;.~~~pr~t.,
th• Vu~~Ka~~~ nu~. ~h u~~l~..n. n~~lr ~~p~~i. ur ~~u.r th~ .~mr b~ :i:~dr aud ~~I,~u~. nn~ur~. ~n Ihat I.rl~~if
3 Iu p~~ ~II ~u,l .~nwula~ ih~ Nac.. a.~~~.in~nt., le~i~., habii~ti~~, au~l ..hli~~~~~.n. .~f r~~e~ natur~ un .~~J dt.rnh~~l p~.~p~~n
eseh an.l t~an ~~hco du~ anJ pa~at~lt accu~d~n~( tu laa, ?Klu~t ~hc~ hei..~n~ JelWyurnt. Jnd tu il~lner tu ,h~ \1ut~K~Kee un o~ b~i.u~ \l~~~h
Itth u( ~~ch u~ ~~ccip~~ r~~d.n.u~K th~ pa~~ne~u u( all la~~fulh nnpu.ad taa~. f~~~ ~h~ pt~~~,l~nk ~al~u~lar ~ca~. ~u ~nd~mu~f~ th~ ~l~~~t
sK« up..n it. dc~oand f..~ all la«+, a.~~~.m~nta and charK~a tha~ mav be a~.~..c4 u;.,w tAi. ~nor~KaK~ on ~h~ ~nd~htcdur.. .~~ure~1 hereh~.
au.l pa~J b~ ~h~ \1~..~K~K~~, ~~~~h.~w ~~~;a~d to any la~~ h~tcn,(~ta auai-~cd ur Aa~caf~~~ ~u be ~uut~J unpu~ing ~,aim~nt ut ~A~ ~~hule ur
~n~ psr~ the~auf u~~~~~~ ~Ac \1u~tKaK~e.
i It i. (u~thet co.~nant~d anJ aRraed hy aaid partiea thal in the ev~m of a.ui~ h~inK in.ti~ut~d to for~clu.e th~• murtKaK~ Ih~
~Iu~~Kage~ aAall b~ ~n~ulyd tu appl~ at an~ tmu pending .ut'A futeclu.iue suit tu IAe cuurt ha~~uK ~un.d~~tiua 1her~~~f 1ur Ihe appuuumrut
af a recei~e~ o( all and .inKula~ the mortgaged propertY. and nf al) rent~, ineume+, pruAt~, i..ur. aud revenue. thar~of, (rum ~cAat.ue~er
wurca den~ed; aud ~he~tu~wt~ i1 ia htrth~ eapr~ulr covenanted anJ ag~ced ~hat 1he cuurt sAall tunh~.ith appuint .uch rareicer N~~h tAt
u.w) po~~et. aod Juti~. uf recei~er. ~o like ea+es; anJ ~aiJ appuint~nent .hall ?.r ~nade t+v the i-.~u~~ a~ a~nalt~r ~f ~tric~ right ~o tAa ~1ort
Kagce, and ~~nhuut ~efe~~nce a~ th~ adeywcy or inadeyuac~ ut the ~alu~ u( ~he p~uper~~~ htr~h~ mu~~Ka~;ed, o~ to 1he .ulvency or in.ul~ency~
..f the A1or~KaKun or any Mht~ partv deftndanl to sueh suit. I~he ~1ortKaKor he~ebr ~p«ificalh• ..sive. th~ riKM t.~ uhject to the appoimrnen~
of a raceicer as a(ur~.ai:l an.l her~Ly ezpre~sly eon~ents thal •ucA ap{.uint~nent ahall I.e u~ad~ a, an admit~ed eyuity and as a mauer of
ahaolute ~ight tu ih~ \1urt~aKec anJ that ~he +ame may he dune withuW notice ~o the ~1uttRaKur.
S. 'I~o ~ay all anJ >inKular the eosu, charRes snd eipenaes, includinK a~wrney'~ (ces :~d abstraa n~sts, reawnablr incurred or psid
st am time M the \lurtgage~ becauu of the failurt of the \turtgagot to perfurm, cumpl}~ ~vi~h, and abide h~ each aod every the stipulation+,
aKrcements, cv~nditiun., and co~eoana of said promi~w~y note and of this mortgage, or eitAer.
6. 7'Aat ~he ~tortKaKur ~~ill keep all real and perwna) property now or heteafter encu?nbered hy ~he lien of thi~ mortgage insured
a~ may lx reyuircd frum tim~ to time b~ the I?lortgagee against lo» by 6re, ~indstorm and other hazarda, easualtie~ and continqcnciea for
.ucA period~ and (or not less than such amou~b a~ may t~e required br ~he Mo~egagee and ro par prompdr vrAen due al) premiums for such
iasurancr. 7'Ae amounn o[ insurance required br the Atortgagee shall t~e the minimum amouna for which aaid insurance shall be N•ritten
•nd it shall be incumbeat upon the Mongagor to maintain such additioaal imuranee aa may be aeeeasarp to meet and rnmpl~• fullY with
al{ c~?•in~urance r~yuiremeots cunuined in aaid policiea to the end that ~aid Atortqagor i~ not a eo-in+uror ~Aereunder. Insurante sAall be
.~ritten h~ a eompany or companies approved or designated by tAe ~lortgagee a~d all policies and reoe~~als thereof shall be held ~r ~I.e A1or~-
gagee. All detailed designa~iom b~~ tAe [?lortgagor vrhich are accepted by the Atortgagee and all agreements betKeen A1orlgagor and ~1ort-
agce relsting tu insura~ce, novic e:isting or hereafter made, ~hall be in M~itioR and shall t~e a part of thi~ mortgage agrecm.•nt as full~ a•
thouRh set forth ~•erbatim herein and shall govern both parties l~creto and their suce~asors and asaigns. ho lien upoo any of said policie~ of '
iasarance or upo~ an~ refund or retura premium wAich mas be payable on the cancella~ion or terminatiun thereof, shall t+e gi.~en to other
than the AlortRagee, e:cept b~• proper endorsement a~:ed to such poliey and approved by AtortRa~ee_ Each puliey of insurante shall haa~e
athacd ~heretu a Standard \ewr 1'ork Mortgagee Clauae witAout Contributioa, making all loss or lossea under ~uch policy payabl~ to the Mort-
K~R« »~ts int~res~ may appear. In the e~ent anr aum or aums of moner beeome payable thereunder the ~tortRagee +hall hace the option
to reeei~•e and appl~ the same on account of the iadel+tedaeis herebr seeured, or to permit the AtortgaRor to receive and use it, or sny part
thereof, rsithout thereby vrai~ing or impairing any equity, lien or right uoder aad b~ ~~irtue of tAie mortgage. la e~ent uf loss or phrsical ~
damage to tAe mortgaRed prop~rty the Aiortgagor ahall give immediate notiee thereof by mai! to tAe ~1ortRagee and tAe ~1ortKagce ma~ mate
proof of los~ if the same ia not made promptly b~r the Alortgagor. In event of (oreclosure of this mortgage or oth~r tran.fer of title tu thc
mortgaged properh in e:tiaguishment o( the indcluedness seeured hereby, all right, title aad intcrest of the Mortgagor in ~nd to any insur-
ance policies then in (orce shall pas~ to the purchaser or grantee. ~
The ~tortgaRee ma~• at in option, and ~ithout Kaia•ing its right to accelerate the indebtedness hereby aecured and to forcclose
~h~ same, pa~~ cith~r i.cfurc ur ahc~ Jciinyuency anr or ~11 of tGose eertain obligstiom required by the term~ hereof to f.e paid M the \lort-
R~Ror (or th~ protection of the mortgage security or for tht tolleetioo of t6e indebt~dnesa here~~ aeeured. AI! sums w adcanted or paid br
~h~ ~tor~gaRe~ shall Ix charged into the mortgage aeeouat and ~ecome aa iateg~al part thereof, subjeet in all respeets to the term~, condi-
~i~.n._ and co~enants of the afore~aid promi~sor~ note, aad this mortgage, aa fu11? and to the same t:ttnt as though a patt of the oriRinal
~ndeb~~dne.. e~idcnced !+r ~aid note and seeurtd by this mortgage, excepting, howe~er, that said sums shall be repaid thr I?tortgagee forth-
..i~h upon it~ demand and be in additioo to the regular moathl~ iustallmeab provided bp the mortgage note.
E. That the ahstract or abstratta of title rnveriog the mortgaged propertr shall at all timca, during the lifc of this mortgage, remain
in ~he po>.r..ion of the ~lortgagce and in e~ent of the Eoreelosure of this mortgagt or othtr transfer of title to the rnortgagcd property in
' c.sing~i.hm~nt of thc ir.drbtedacss xeczr3 hrrr~~, s!! :igat, :i!!e aad iattttst ^f ttie !!!o•!gag~- eQ sn~ 3^f' lLK~: 3~`S::~f:s af ~;!c s's:!! Ysss
tu tA~ purchaser or gnntee_ i
9. That oo wai.~er of anr covenant hereia o* uf t6e obligatio~ seeured hercby shall at an~ time hereafter be held to be a waicer
of the t~rm• hereof or of th~ note securcd hereby.
i
~ to. 7'hat in order to acceteratt the maturity of the indebtedness htrebp secured beeaux of the failurt of the ~tortgagor to pa~ any
~a~ a~•c•.ment, liabilit~•, obligation or enc~mbrance upon said property as hereio provided, it shall not be necesaary nor rcyui~ite that the
~ \fortKag~e .Aall 6nt pa~ the same.
E
! It 1'o the eatent of the indebtedness of the ~tortgagor to the btortgagee deseribed herein or seeured herebY: the :~tortgagte is he~eby
~ .u1.roRa~cd to th~ lien or lien~ and to the righta of the orsaers and holdera thrrcof of e~ch and e~•erp mortgage, tien or otl~er iocumhrance <
un ~h~ land d~.crit.~d herein ashich i~ paid and: or ~at~iaj~;;. in ~sholc or in part, out of the proceeds of the loan de~eribed herein or seeured t
~ hcrrl.., and th~ re.p~ctice licns of said mortgages, lieris or other incumbranees, shal! be and the same aod each of them hereby is preser~ed,
and •hsll pa•s co and he held hy the ~lortgagee herein as xcurit~~ for the indebtednesa to the Mortgagee herein dexribed or hereh~• secured,
~ e.. ~h~ •ame e~~~nt that it .sould ha~~c been presen•ed and vvould ha~•e been pasxd to ~ud been held br the blortgagee had it been duly and
.~~~~{arl. a.•iKocd. tran~fecrcd. xt oa•er, and deli~-ered unto the AfortRagee b~ aeparate deed of a~siqnment, noe~~ithstanding tAe fact that
~ ~h~ •am~ ma~ he .ati.Aed and tancelkd of rtcord, it bting the intention of the parties hereto that the eame will tx sati~Aed and tancelled -
of r~n~rd h. th~ holders thereof at or ihout th~ timt of the recording of this raortgage.
~ 1~ lf an~ oE the ~um+ of mon~y hercin rcferred to be not prompdy and full~- paid within thirtr ( 30) daps ne:t aftet tAe same se~er-
~ sll. cume du~ and payat.le, or if each and e.en~ the uipulations, agrcements, eonditions and eorenants of said promiswr~ note and this mort-
~
~ K~R< <~r ~~ther. ~r~ nu~ dul~ per(ormed, eomplitd with and ahided b~, the aggrrgat~ sum mentioned in said promiswn notc or uthrrrrise
~ •~c~.rrd h~~cl.~ •hall txcome due and pa~ahle for~h.sith or thereaher at the option of the Atortgagee as fuUy and completeh a~ if ssiA a~rc-
~ ~tatr •~m uf mun~• ~~a, originall~ .tipulated to ihe paid on such day, an~thiog in said prwniswn note or herein to th~ contra~y nutwithstanding.
= 13 1 he \1ortKaKot, it• ~ucca.•or. or a..iKn•, i. ro c~xnph N~th th~ term~ and conduwna o( a con.truction loan aRre~ment h~tN~eo ~he
' ~I~~rrqaKnr and ~h~ \turr~aK~e, ~n eucut~d copy o( which is in tAe pu.se.sian of th~ ~1urtRaRee snd said com~roction loan aRr~tmtnt i.
' hrr~t:~ ~nc.~r~.orat~A h~t~m hr rvf~r~n~~ and mad~ a part hereof, and am~ default hy !lfortgagor under ~aid eumtructian loan agr~emtnt
w .Fhll t.c c.,m~dcrcd an escnt of dcfauit undec thi• mur~KaKe.
~ 1~ It ia Aar~M ~spt~•.h aAr~~d that th~ ~1ur~KaR~~. ih .u~r~.wra and :..iKn. ~~ill r~l~a.e from th~ li~o of thi. martKaRe am of the
~ int• .1.•~niKii h~r~~n upnn a+hi~h th~r~ ha• hc~n ~on.tru~trd a huildinK uy~~o th~ ps~m~nt hv thv ~1urtKaKor to ~he 1lortgagce of ~uch •um. a•
$ haaa }xan adtianc~d ~h~ ~1nrtKaK~~ ~.n thc lut .~r lu~. to h~ t~I~a.~J. t~~Krth~r ~~~th ]fft1K~I intrrc.t. p~o~~dcd that the ~tortRaKor. it.
•„~~r•...r. .~r a•.~Kn. arr n,.r ~n d~faul~ und~r an~ nf th~ t~rrn, nr ~~~nd~non. uf thi. m~~rtKa~~ ur anv ubhKatiun ar liahilit~' •ecured h~reM, :
~ and ha~. f.,1S. ru~np4rd n~rh th. ?fffll• an~1 ~nnd~u~~n. uf th~ ('nn.tru~t~nn 1~.an .\Krc~~ncnt b~t~~a~n ?h~ \lurtKaKor and the ~1ortKaKae
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