HomeMy WebLinkAbout1348 7. If inY of tM avar oF nan~y M~~~n ~•~«r.d a b~ na aaro~b •~d ~u~h wid w~tAie IAi~tY p0) d~ys n~,~ d~M ~M s~en~ s~w~~lty Mcw.» d,H ~nd p~r~bl~.
a if ~~cA ~nd ~vpY Nr ~lipubGau. pr~~nb. condit:au. ~nd cown~nb ol .•~d p.an~~so.y noN and thi~ ma~pap~. a ~i~AN. ~ot duly qrlarn~d, canp6~d
witA ~nd abid~d by. tM ~~p+~~ \VT msnr~on~d ~n s~id w~~~~wY ~N ~Aall becom~ d.+~ and p+Y~~~ Ia~hw~~A w ~Mr~~1~M ~t tM option ol N+~ Mor~p~qN.
f~lly ~nd canoNe~ly u if uid ~9p.~y+b ~ww o( n+on~Y wai a~n~lly stipuM~~d q 4~ W~4 ow ~ucA daY. ~nY~Ainq in •Nd wo~i~~wy no~~ a Mnin ~o tM
contr~ry notwi~Mbndinp. '
S. To deGwr a a~id AAwtp~pN. on a Edw~ MucA 1SrA of Nc~ y~a~. u• ~K~ipy w~d~nc~nq tM wv~~ ~~11 bwfvlly irnpoa~d b,a ta Nw p~~c~d~nq
u1N+d~r Y~ar. ?o d~liv~? ro uid Ma~q~qw, r~c~~pn ~v~d~nc~nq tM wYmen~ ol •11 I:NU fev W+bl~c imWO~~~nts wcMin nin~~Y f90) daY~ +I~M tM s~rn~ ~hall Mco~
dw ~nd WY~Eb. ~nd b WY a diuMrq~ within nin~h~ (VO) d~vt ~flK dw d~~~. ~ny a~d all qoverema+ut I~v~a ~haf ~y b~ nwd~ on Nw ma~W9~ W~~11.
on ~Ais mwtp~y~ a nob. or in ~ny othM w~~ re~vlrinp haw ~M Mw~p~q~ indeeqdn~» s~cw~d Ey ?his mor~yay~: ~nd il fAi~ condi~~on b~ ea~ ca~plc~d w~M ~nd p~r•
fa~d. ~~id eno+tp~qp n+~Y paY ~~A ~um a swws wAich ~MII ~econ~ put ol th~ desf secur~d bp ~h~s matp~q~. ~nA sMll beN i11tNM1 ~1 ~M r~N o( ~ia pa cMt.
(OX) PM ~nwn. wr•bN tani•anrwally uMil paid a s~id Mortp~pN ~Y ~IM Ma/ uid mwtgp~ dtbt tM~~upon Mcam~ dw and p~Y+a~ faMwitA.
9. h ia lw~Ar. co+en~nqd ~nd ~qned by s~id pu~i~s ~hN i~ ~M ~wnt of • sv~t D~inq iei~~rue~d ro fw~cloa~ Mif mwtp~9~. t1y Mwtp~pN ~MII b~ ~nutbd W
apply ~t ~nY ti~ p~ndinp ~ucA /w~clo~w• suit ro~M cowt Mvieq iw~idict~on ~AKeof fa ~M ~ovamn,~m o/ • r«e~vK of ~11 ~nd sinpulu tM mat9+p~d pop~rty.
and of dl ~R~ renM. incanp. pofifi, istue~ and r~wnwt thN~of. tran wMqo~v~r so~~c~ deriv~d: ~nd Mw~~pon it ii Mrtby •,p~ah covtn~mtd a~d ~pMd
tMt tIN cowt s~+all fa~AwiM ~ppoinl • rK~iver of said ~natq~y~d property, all ~nd sinqular. ~nd of auth rMh, intoen~~. profin. isfws end ~~wnu~ N~wf. frpw
wM~se~vw sou?c~ dKived, wiM th~ uswl pow~n and dut~a of ~~ceivKS in ISb uaes: ud svcA appo~minen~ sMll b~ mad~ by sucA co~n aa a inan~. of sNKt riqM
ro ~M Mortp~pN. iH ~utc~ua~. tey~l rprp~nutivM or aasipns. ~nd wi~AoW nfe~~nc~ fo tM ad~qwcy o? in~d~qwcy of 1M wlw of tM propary I+Keby ~natyaq~d,
a ro ~M wlv~ncy a inwlv~ncy of th~ Monp~ya. N+d tM~ s~xh r~m. pofiy. inco~. issws ~nd ~w~nuw sMll E~ appli~d plr ~uch nc~ivK ~o tM wv~~ of tM
mortp~y~ ind~bt~dnes~. cwp and cFwya. ~ccad~np ro tM adN of ~uch caxt.
10. 11 ~ conwyanc~ shouW E~ ~d~ bp N+~ Ma?9pw ol tM pe~sw Mr~:n de~cr~bed. a ~ny p+n tMrwi, w~thou~ tM vwimn cona~n~ of eM Mwty~pN. ~nd
vwtho~A usu~npt:on in ~pular faa oi bw bp ~M y~~n~ of tM oElip~~ion to th• N1or~yapH creued by said promissory rwt~ ~nd.ri~is nwrpag~. ~Me. +nd in tMt
~wnt. ~nd ~t N» op~ion of ~M Ma~pp~. ~nd without not~c~. ~!1 ~w~s of nan~y secw~d lKreby sMll inrewdi~teh ~nd concvrnnHy wiM ~vcA convey~nc~ b~conw
du~ snd WY~bI~ ~nd in d~fwlt.
i 1. TMf in M~ event ~M p~m~s~s M?eby mortq~q~d. or ~ny put tMrwf, ah~ll b~ conde~d u+d t~k~n fw p~b8e ua~ unde? t!w povw~ of ~eNn~ dan~Fn,
tM Nbrfp~pe~ aMll Aaw fM riql+t a d~nd Mat ~II drn~qes aw~rd~d fa ~M t~kinp o( w d~m~y~s w s~~d w~~~s sMtl b~ wid ro tAe Nbnp~q~ up ro Me ~nwun~
tMn uep~id on Mia nar~p~q~ u~d ~t N» option of tM Nlortpsy~ nry b~ sppli~d upon tM paYen~nb I~st pay~bb tMrwn.
12. TM wa?tp~yor b~nds h~inaslf no~ M enct a pennit ro A~ e~~ctd any n~w bu~ldnqs on M~ wanisp ha~in rnwfp~q~d or to ~dd ro a pennit to b~ added
ro~ny of Me •a~st:~p improv~en~nes Nwrwn a mak~ ~Mr clw~q~~ a slte~~tion~ in ss~d ire,prov~m~nb wMcA ~terially ehanp~ Mw u~ a?M uu +Mreof, w~MoW
tM vrritan can~nt of tM Mony~qe~. and in tA~ ~v~nf of ~nY violation o~ ansinv~ to viol~~~ tA~~ st~pvlatian this nartp~y~ ~+d dl swns aecw~d Mnby slyll im-
m~di~tdr Meoen~ dw ~nd eoll~a~bl~ ~t tM option of tM Mor~y~qN.
1J. It is w~citccally ~y~ed tM~ ti~ is of ~M essenc~ of ~his cororact ~nd ~Mt no wa~ver oi sny ob:iqatan Mrwnder w of tA~ obliyatia~ a~cvred lureby shall at ~ny
t~rn~ b~ Mld ro b~ • waiver of tM Nnns he~wf u of fM instrwnen? secw~d he.~6v.
14. It (a~ctoaw~ pocNdiqf of ~nY s~cw~d morfpay~ a s~cond ~rust d~~d or any junior ti~n of any kind sAould M inf~itund. tM Mortq~sce m~Y. a~ iq op~ion.
immedi~Nly or tMre~fta decl~re tAis ma~yp~ and tM indebf~dnea~ savred Mr~by dw and p~vaD!~ taMwith. ~nd m~Y ~t its op~io~ Drocsed to (orcctoa~ tAii
mo~tqap~-
13. To tM ~:Nnt o~ th~ i~bttdiwss of tM Mwt~qor fo tM Mwtyaqe~ d~scr~bed Ae~ein a secur~d hereby tM Mwtq~pe~ ia hereby s~broqated to the I~en o~
I~ena ~nd to Na •iphn of tA~ owne.s u~d hol~s thereo} o! exA ~n6 tverr nwr?g~qe I~co or orM. incwnbr~nc~ on fM I~nd d~xribd Aerein whicA is p~~d ~nd/a
a~tisfi~d in whol~ w in p~n wn of tM proceeds of tM loan descr~bed her~in a a~c~red Aercby. ~nd tM resp~ctive liens of s~id matq~qei. liens or other .ncu~nMancea
sMll E~ and IM. urr.~ and eacA o( tlrm hereby is p~aervtd ~nd sA~ll p~ss to and Ee held Dy Me MorrqaqN Mr~in u sacwiy fw tM indebNdness to M~ Mwtqpee
herei~ descriD~d on c~?cby iecw~d, ro Me sam~ earent ~hat it would have been pieserr~d snd wo~td haw Decn passed w snd be~n Mld Dy ~M Mwtq~qee Md it ~een
duly and rtyvl~ry sssiqn~d, tr~nafe~r~d. sN ove~ u~d deliv~~ed unto ~M Mortq~qee by sep+rate dc~d of a~siynment notw~Mstand~n9 tM fx~ ~h~? ~M fs~ne m+Y be
sarisf~ed and unc~lled of ~ecord, i~ be~nq the imenrion of tM pu~ies I,er~fo tM~ the ssmt w;~l be s~?islied ~nd c~ncel~ed of record py ~Ae Aolden ther~of ~t a abwt
+M ume of tM recad~ng o/ ~h~a mw~~ye.
16. io pay •11 and s~nq.,la. rhe cos~i. charges and e.penses, ~~dud~~g lawyer'i fees. ~easo~~blv •oc~~ned o. w~d a~ anv e„+~e br Me Mo.~qaqtt beca.,se oi ~he
~a '~.e of fhe Mo~~gagor ~o perfo.m, cw+~ply v.ah and ~b~de by exh and e~e~y ehe sr.v~~+~~ons, sq.ee~++ents. cond~~~ons. and covenann of sa.d pom~sswY no~e a~d ~~~s
oeetl o. e~~~e.. and everr such w~~oe.~n shall bear ~nro~esr F.om date ar ~he r~~e p.or~ded .n sa~d Dromuswy nore.
17_ WA~n ~ny ~rnaxit ef moeNy to b~ w~d b~ tM Mwtp~yor ro tM Mor~y~qe~ u~der eM terms Mraof ah~ll b~ in d~f~ult, w shw,14 tM Moreqapor de(~~It in
any of ehe otAt~ terens, provisio~n w ca~d~tioru of tAis Morr9~ye, then ~nd in ~h~~ cas~ ~he Mor~q~ge~ sh+ll A~w tM riqAt, wirhovt no~~c~ ro tM Mor~gayw. fo
cot~ect ~nd receiw /rore ~ny tenant w{es~N of s~id mwt~yed psmises tlw renN, issucs ~nd prof~ts of tM ~~al taqq her~by mw+qayed and tM ~reprwcmenes
thereon, ~nd to yivt poper rtceipts and stp~inu+css therefw, ~nd after psy~nq all commissions of ~ny rental pent cdkctiny ~M sa.ne, ~nd any reasonab4 ~nwneyi
fces ~nd oNw necessary ~apenses incwred in coll~ctiny urn~, ro spply tM proceeds of svch collectiom ~pon ~nY ind~bt~dnes~, obGgation w liability, of the
Morep~qor hereunder. Th~ riyhl qrmted tl+~ Mortq~ye~ und~r Mis puyr+pl~ shall be in add~tioe~ to, and fhall not limit or rtatrict, anY other ri9h1 0~ nphb qranted
rh~ Mwtpaga~ in thia Mw~9ap~-
~ 18. If tA~ AMrty~qors at tM tim~ of mskinp this Mwtyp~ w subs~q~~n1 tMereto Nk~ a.t li/e inwranc~ dtaiqn~tirq tM !{b~tpaytr herein as benefici~ry w~rh a
j compsny approved by th~ Maty~ye~ or ~ssipen policies to tM Mwfqsye~ tor th• pwpost o! sec~riny tM ~nortq~qe Iwn hereby secwsd, then th~ AMrtp~ye~ ahall
j have tM~ riqAl to pap amr ptemiuen xuviny ue~dp said {wlicip. and ~II sums so eapend~d ahall be added to ~nd bKOnw • pKl o( tM principal indebltdnets secwed
I by this Mo~tp~ye ~nd sMll b~ p~id bp tM Morty~gw to tM Monyaqce in twetw epwl consetu~ive monthly iosUllinenb, tM first ena~thly insNtlment to M psid n a
~ 1y p~yrnM~ du~ under this Mor~gay~ in tM first ulendar montA followinq ~M •apeodinq of s~id sum. Such svms w e~p~nded
~ va~t of rnd in sddition w tM ma+tA
ro bear ~nterat at tM ~tle at wAich inte~est is p~y~bl~ upoe s~:d pincip~l indcbtedness and tA~ Gen o1 this Morty~~ sAall e¦lend to ~nd secwe the suma so espended
t royetAer with inter~sr ~Mreon u heranbefor~ povided.
19. Tlwf foyether with and in oddition b the sonlNp poyisent of principol ond interest poyabk under tM ter~s o( tIK nofe setured herebr. Mbrtgogor
sholl pay to Morf9opee each ~onfh unhl seid noM is lully poid, onrwelfrM (1 /12) oF o ww equol ro the mmw) pre~iv~ dve for fire, eatended co~eroge,
ond ott?er ho:ord insvrante coreriey tM iwrpayed properryr, plus toses ond ossesseenh ne:t due on Nie wortyap~d prop~r~r (dl os esti~sated bp Mortgogee)
less all suus olreodr poid therefor, and M be dirided bp fhe number o( wonlMs b elops~ prior ro t6e dote whew wcb /oaes ond ossesuwenh shall become
del~nquent_ Soid s~wis shaN ~e Aeld bp Mwlyopee in tryst or aedited ro fhe p~incipol of tAe loon, b pap soid insuronn, to:es, ond ouess~wenb and shol!
be opplied o~ fhe popwenl tlweof when dw. My eaceu held in hust bp Mort9oyee wben wid loon is poid i~ (~II J~oll be poid to Mbrt~or, or his
ass~gns, or personol ~epresentotives_ In fhe e~ent oi o default or foreclosvre, soid wos 6eld in trvs/ sor be opplied ow owr cosfs ol daiaoy~ susroined in
connection with tM cdlectioe of tbe note secvred Aerebr wbether bp suit, foredosure, w ofherrise. Mo~t9agee iwp /row tirwe ro fiaie at iri option vra:~e,
and eher any sucA wi~rer, reinstote onr or dl pro~isions he?eof requiring such deposifs, bp eotic~ W Mortpo~w in rrritiwp. W6ile onr suth aoirer is in
effect, Mortyopor sAoll par ta~c~s, ossess~wenri ond insvrance preaiums os he~cin dsewhere provided.
IN WITNESS Wr~ECEOF, tM s~td Mortqa9or Mr~unro s~ts hii A+nd and thi~ ~M d~r u~d yw first ~bov~ wntnn. ~
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~ ,h~ a~u,~. Jul A Walsh
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