HomeMy WebLinkAbout0734 fe) lt is IurtLe~ eortwated aad •~ced by ~aid parlib tGa~ io ~hc r~eai o~ M suil IirinK in.~i~uteJ ~o foreelo-e Ihi> mu~t~a`e. the Mo~t•
p~ee ~4a11 be entltled te ~pply ~t an~ time pradina saeh [o~eeloaure wit t~ the rourt havln~ jnri~dirt{on thereol (or ~he appoiatmeot ~
~f a recei~e~ ot dl aad sia`ulu the mortp~ed prepai~. aod oI sll rtetr., i~xomCa. {xo(il~. issurs ~nd ~e~enne~ tUe~eo/. (rom what•
we~er wuree dr~ired: and tke~eapon It i~ he~ebr e:prewl~ eovcnanted aed ~Et.~ed tlut ~4e Court siwll (orthMith appoiat su~6 reeeivcr
witl~ t6e ua~d poxcn ~nd dutia ot ceeel~en in like eues; tod wid appoia~we~M ahall be made b~ t6e Coart as a m~ttet ot ~trie! ri~bt
to tue Monp`ee. ~ad witlwot ~eferenee to tbe adeyu~er o~ iaadequ~c~• of ~I~a salue ot the property herebr mo~tp~ed. oe to tbe wl~eaer
or inwl~rncy ot the Mortpson or an~ otl~er p~t~ ddeadaat to ~ueh sait. The MotlaaEor hereby specifitallr ~rd~e~ tl~e r!`IN te objett
to the appoiata~eat of ~ reed~ee as afocaaid ~ hereb~ e=prealy eonaents that iurh sppoiMmenl :6all be made u an ~d~uittrd ~qait7
aad u a~na~ter ot absolate d~6t to the ldort~a~ee and that tLe same nwp he dooe witbout notite te the 111oH`a~o~.
~ tl Ii tore~locare ptoeeedlup +6onld be io~titated ~piod the pro~K~ir ro~cretl by ihis mo~tsaae.upon anr otuer lirn or ~taim w6ether
allesed te be wperto~ or janier t~ the lien o! lhi~ mori6a~s, tbe J1ortR:,Ree may at hiF oplion imnirdiatelr upun inuitulion oi sorL
~nit or darioa 1be peadenep t6e~eoE deelue tW~ mect~e ~od the ind~btrdnes~ xcured hereb~ due and ~w~~ble tor~6Ntth •nd way at
it~ optioa proeeed to (oreelo~e t6is mo~tpsa
That t6e Moctsa`oe rvili ketp ol real and perwnal propcnr nuM or lurraftrr eaeumbcred by the lien oI tl~is morl~a~e insnred
s~ may be requ~ed trom time to tiwe br ~6e ~do~~aiee apin~ lo.. by tire,..iodf~oryn aod ether hassrds. ~asudtie~ a~d eoMinieneiea
tor anch periods and for not lea t6an sueh amoanu a~ m~~ be rc~~uirrd bv the Mort6a~.•e and to pny {KOmptl~ wben dur ap premiua~
tor anrh insaraoee. 17?e amouws ot insuraote reqaired bp the dartEaFrr. *hall be the minimum awouoti to~ ~~hie6 said inrue~Me sball
be wriltee and it sball be teeambeal opon t6e ildorts~~or te maintain *u~h additiond inrurance u~u~r be nee~s~srr to mee~ and eemplr
tuUr Mrit6 dl co-incanaee reqairemenu eoataieed iA aid polieiec ~o Il~e e~ that the wid ~lortpsor i~ not a roiawror thereunde~.
Inaunnee shatl be vrritten b~ a eo~upaa~ or companies appro~ed or dr,iEoated br the MortRaRy~ l~ 1 po ~ciq,apil re al~ thereof
.hall be held br the Mortsasea All de~dled de.l6natiuns by the ?~iorlFaKor Mbirl~ ~re aeeepteil'+~QN ~lu~6aste•aml~a6reemrols
betweeo Mort~asor and Morts~6ee relatin; lo Inwr~nee. now eas~inR on c~teaRrr madq ahall be in writias and ahal! be~a part of t6ia
mertsase aR~eeaeot a~ (dl~ u t6oaR6 set fonb ~crbatio 6erein aod tball Ro~ern both paniea hemo and tbeir weeess~n oed s~6ns.
No ltee apoa m~ ot aaid pol~eics oI iasuranee sr npon ~e~ re(nml or retorn premiam M6ich ms~ bt p~yable oa ~he cancella~ion or
tmnin~tioa thereol, s6ap be sivea to ot6er t6aa the Mortsasee, e~eepl br ~KO{~ endor~en~ent at~xed to snc6 policy and appcored br
~ltortsasee. E.eb polier oi insnran~e s6d1 ha.e atfi:cd ~lu~eco a~tandud Pie.r lock ~1ortRaset Cl~~~e rrit6out Cootribulisn. makina
al! lou or lowa nnd~r we6 polie~ p:yable to the ~toet~see u itc intereat ma7 appear. In ihe eseol w~ wm er ~nms oI ~uoaer beeome
psyable therennder the ~iort~a6ee shall ha~e tLe epioe t~ reeehe ~nd apply tl~e -ame on aeconnt ot the indebtalneu herebs se~~red. or
to peruut the Mort6asor to rreei~e and u~e i1. er an~ pul tbereof. without Ih~reb~ MaivinR or impairiuE ant equilT: lica. or tisht
under ~od b~ virtae o( t6i~ wortRaRe. Tn e~e~ oi loss or pLyd~al damasr i.. N~e n~ortRaRed {?rope~tr Ihe rior~RaRor ~h:Jl Ri~e im-
mediate noli~e thc~rui b~ mail to d~c ~iortsasee and 1he ~IOrixapra tu:~y mal.i• pn,nt ut (oas if t6e sa~ae i~ nM mude ~KOm~~11y b~ Ihe
Nort6aaor. in erent of Ioteelo~ore o[ this o~ortp6e oc ot6er 1r~n~(er ot titlr 1o the morlsa6ed proprrty in eatin6ui.i~meot oI t6e
indebtednes~ ~eeured hereb~, all riS1U. ~title and iMerret oi the 11Ior~ faRer io and to any insaranee ~aUetes then in toree -ha11 pass t~
t6e pure6a~r or 6ra~ueG
16) Te pertorm, eompl~ Mritb ~nd abide eu6 ana e~cq tLe uiptlations, a6reements. ~~a;~~o~. ~a ~~.;a ~o.i..oT,,
note aud in tl~s ~uort~ase set focth.
(i) Tha~ if .n~ •f wid .ueu oE moocr 6ereio reicrred io be not ~KOmptl~ aad fally paid ~rithis fifteen da7~ srst ~a
aker tbe same ~erall~ becoves dae aed p~raWe, or it eaeh aad ereq tbe ~tipalatioos, a~eeemenu. eoaditioas ~od eoraoaat~ of s~id ~
promiswry aote aod tlus mortsaee, or eitber. ue not tnll~ pulormrd, romplied Mit6 aod abided b~. the said a~epte sas meotioeed ia '
~aid prsmiaror~ nete ~6a1! beeome dae ae~ p~rble tsrth~+ith or theoeaker rt ihe optias ei the Mostsasee as Eall~ and tompletd~ a~
it the said as6reaate sa~n oi said p~omiewry o~te wai orisindly rtij?alated to be paid on ate6 da~. snyt6ins in said promi~soq note
or 6erein to t6e eontrary aotN-ith.tandins.
(j) T6at in order to aeoelerate 16e mat~rit~ o[ ths indebte~neas herebr secared. because of the fWnre of the ~orisa`or to pa~ aa~
t~s. awessment~ liabilk~, oblisation or earumbranee npon eaid proprrt~, rs herein pro~ided, it s6at1 not be ncnssary or reqni~ite t6at tLe
mortpsee shall fint pq the fame.
2. It ie specifically agreed d~at ~ime ia of the e~eace o[ tl~is ~antract and tliat no ..ai.•er of an.• ubli~ation here- ~
under or of tLe obligation eecurrd Lerebp shall at any time thercaher be luld to be a wai~-er of tl~c tcnns 1?ereoi or of
the inatrument Secured L~reb~. i
3. Tl~e Mortga~ee tn~y, at MiR option, and without wai~iug 6ia ri~l~t -to accclerate the indebte~l~ea6 herel~y
secured and to foreclose tlie eaine, pay either before or after delinquency suy or all of thoae certain obligations
reqnired by t6e terma hereof to be paid by tl?e ~tongagor for the protection oi the inort~aae security or for the col- ,
lection of tbe indebtedncas liereby secured. Ul aums ao ad~anced or paid bv tLe Mortgagee shall be charged inw {
the ~norta.a~ account and bceowe an integral p~rt thereof, sabject in all reapects to tl~e terwe, conditions, and -
cuvenants of the aforeaaid prowissorv note, and thia mortga~c, ae fnlly and to ti~e garue extent as il~ou~[h a part oi
tUe oriainal indebtednees evidenced I~y said note and secured by this mort~a~e, ccceptin~ l~o~.ever, that eaid sums shall ,
' be repaid the Mortgagee forthwith upon its demand and be iu addition to t~e regular n~ontldy inatallments provided by
~ the mortgage note, and cvery such indebtednese e6all bear iutereet froni date at the rate of ten per centnm per annum.
! 4. That tlie ab~tract or abstracta of tiile covering thc n?ort~[a~ed propertv shall at all timea, durin~ the life ot
` t his mortgage, remain in poeeession of tl~e Hortgagee and in e~•ent of ilie forec
loeare of tl~i$ u~ortgage or o11ur tranafer
~ of tide w the mortgaged property in estinguiahment of tl~e indebtedaesa eecured Itereby, all ri~lit, title and intereat
of t6e Mortgagor in and to any sucli abetract of tide shall paes to tl~e purchaser .or e antee.
S. To the e:tent oE the indebtednees of the ~Iortga~cor to`the Mortsagee deacribed herein or ~ecured l~ereb~,
the ~ortgaaee is henby aubrogated to die lien or liena and Lo the ri~hta of the o~+ncn and holders tliereoi oi each ~
and everp mortaage, liea or other incumbraatx on the laad described l~erein ~?luch is paid and/or satiefied, in whole
or in pary out oi tl~e prooeeda of the loan deacribed hereid or secured hereb~, and the rrepective lieas of said mort•
aad, liew or ot6er incambrances, shall be and the same and each of them hereby is j~reserved and ~hall pass to and
~ beld b~ t6e Mort6asee herein u~ecurity for the indebtedneas to the Mortgaaee herein deacribcd or hereby s~eured,
to tlu ~ne ezteat that it ~rould ha~e beea preeerved and would have been passed to and bcen held by the ~Iostaaaee
had it bem dnl~ and reaululy assianed, tranaferred, set over, and delivered unto the rlortgaaee by sepuate deed oi
as~ianment, not~rithatand~ the tact tkat the same may be tatisiied and cancelled of record, it beina the intention o~
tbe parties hereto that the same ~vill be satisfied and canoelled of record by the l~olders th~reoi at or about the time of
the reoordina of thi~ mortaaEe.
6. In tbe erent the ownerrhip of the mort~aged prewiees, or any part thereof, besomea v~ted in a pereon other
than thG Mortaagor, the MortgaEee may, ~rithont notice to the Mortga6or, deal with such eucceeeor or sncceeeors in
interest writh reterenoe to thia wort,gage and the debt herebr eecared, in the eame manner a6 wit6 the Mort6a6or Mrithout
in un~ w~y vitiating or dischar~'~n~ the Mortga6or's liability herennder or upon the debt_ hereby sccured. No salc of
~ the premi~ea hereb~ mo~a aged and no forbearanoe oa the part of the Mortaaaee, and no eztension oi the time for the
~ paymeat o1 t6e debt hereb~ .ecarcd p.ea b~ t.Le Mo~.aee ehall operate w release, di~charae, modify, chanae or
~ affect the ori~r,inal liability of the Mort~aor hereia either in whole or in part.
~ 7. The lien oi t6is mortaaae eecurea -and rhall oontinue to eecnre payment of said indebtedn~se liowever evi-
~ deaced, whether b~aid promiasor~ nou or any renewal or c:tenaion thereof or snbetitute tlierefor, or otherwiae,
uriW all wch ind~tedness shall have 1?eea fnlly paid.
~ 8. T6e terms "Mori6a~or° and "Mortaaaee" `rheaever used in tl~ie inatrnment shall include d~e keirs, pereonal
~ representatives, snccxaeors and aeeigns oi the reepect~ve partiea hereto. Wherever used the ein~ilar number ehall in-
~ clnde the plnral a~l the plural the ein~lar, and the nse oI any atader ahall inclnde all ~ender~.
~ 9. It is covenanted and aareed that shoald the terme of a mort~aae superior in di~ ty to that of the herein de-
ecribod mortaaae be moditied. altered or varied, withoat the written oons~t of the Mortgaaee herein, then and in
~ each eveat the Mortaa6ee herein map, at hie option, declare the indebtednees secared by thie mortga6e to be all dac
~ ~ W7,~ble.
10. Thi~ i~ a PurChase Money mort~age upon the sbove deacribed property.
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~ a~RK 20~ ~~~~F 734
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