HomeMy WebLinkAbout2786 '?'hat 'he ~I~xtAaKur wili kr~•p .~li tr:?1 +~J nrrum~! proprtty nuw ur ~rfrlltrt rncum~~rrr~I f~r thr Gru u( thi~ rtwrtX~xr inyureal ~u
io.~v rw~ui~rd fmm t~rnr to time hy tnr \iort~~~xer uxa~ntt lrn~ hy Rtr, wi~~:.t~rtn aml uihr~ hai~nl.. ~.nualtirc atKl cuntinXrncir~ (cx +uch
;.•~i~.l. ~~nl (ot nut lr.. tAa~ .ucl~ .~rtwunt. .a raar !x ~.ti~~~irrd hy thr ~lnttkaK~w :u~~l to j~ay yrumplly whrn du~• ~U prrmium for .uch imur-
; h.• a~nnuut. ~,F in.urancr nv~uu~vl by tnr MartK;~ttrr .hwll hr thr minimum am~~uot. fnr wh~ch .aicl ~murancr chall Fx wnttm :?~d ~t .hall
~r ,n. umi~nt u{+nn thr ~ir.rtst~Kur ti~ m.untain .uch NlI(11ItUOdI ia.urance .i~ m~y hr :~r~r»ary to m~y~t rnii a~mply (ully with aU cu•inw~a~ce
cr+~tinmm~h ~~~t.~in~vi i~ .~~d ~x~l~rirc to tne ~nc! tFat ~aitl ~1urtK~ft~t ~s n~~t n co-in.urar thrrrun~lrr. In.~uanr~ .fiall he written by a rnmpa~Y
:vmp.~nirs a~+ptuvni c~r ~l~r~u~.~cni t,y ~h~ MnrtR.~xee and all (x~6ck+ and rrnewal~ !herev~f .ha11 f.s hr1J hy the MnrtRaqer. All d~t:~iled
~!r.,~n.~li.~m tiy lh~• \1ort`:~K~~~ whici~ ~rc ailrpleal hy 1hr A1orts~axce anii ali :.lrrrrtx•r.b brtwern ~1ortt;aKor .inil Mort~aree relatinK to imur-
~n~•r, rn~w ~su~in:= or hrr.~fter mada ~Arll ix in writinq and .hal! }ir a patt nf this muRRaRe ap,~rrmrnl a. fully a. thou~ih set forth verbati~n
hrrr~n and .ha11 ~;orrm ~~Nh ~art~es hrt~to and t;~N~ .uctieaw~n and ~..a~Rna. No lien u;~on any ~~f c.~id ~ulicie~ ~~f in~u~anre or up?n any refund
~•r c~•r,~rn rT~•mium which m.~y Ix payahle on the c~nerilati~+n eu ter.n~nation therroF, .ha~f hr yti.rrn !n nthrr ttian Ihe Mortxa~tee, except by
t,n,~x.~ rndunrment aEi~is~~l !o ~uc}? polKy and ~ppro~~d hy Mo.t,ta¢re. Each po3:cr oI insunnce .h~il ~ave ai't'iard thereto s Standatd New
i.~~< ~inrt¢,~„re (:3au.e ~.•ithout i:ontnbution, ma4in~ ~II 1ni. or lm.es under ~uch {wiicy payahle to tnr ~lortqaKee as its intrreft msy appear.
tn :Ar r.rnt any .um ur .um. ~~f rnoney 6trume pay~l~le the~eundrr the Mortqa~re ~hill havP th~ opti~ to receive and apply the same on
.~i~,.unt :~i thc in~'.•otrt?n~•.~ he:cbv .n•urHi, or to per.nit the ~1oRQalo~ to ~eCrivr and u~ it, or any part thereof, wlthuut theceby waivinR
rr i:nn•~~:~~~?; +~~Y ~~~~uity, l~e•n or nA!~t undt? and hy ~irtue of thic mo~tzaKe. ln e~•ent of Ims or phvcical ~~amaKe to the mnrtRaKed pmpertY
!'~P t!orts;i~o? .h.iii r;i••~• immrJ~•~:r mNice t!~erer+f bv mai{ to the ~tortGaRre and th. 11ort¢a~er m~y malce necx~f of los~ if the same is rx~t
m..u~ pr..mp~lv by the- ~1or.z,i~tor. :n the e~ent of cs•~ault in th?. morteaae re~ult~~R in tore~losure thrreuf by the MoRR~SK. ~~n the acquisi-
::~~n hy tne ~1o~tc~er~ oF :itle to thr nzoPrrtY ~r~vted he~eby in liru of tureclow~e, all riRht, title znd inte~~ct of the MortRaKO~ in and to any
!mur~MY ~u~~cie~ r~•frrrrd ro abnve shall pa..s to ;}e ~tortqayerr ur it. rniminrr or to thr p~nh~.rr of .aid prope~ty at Eomlooure sale, as the
c a.r m+y ~e
~l 7'he it~~rt,~a,~ee m~y, at its option, and without waivinA it~ riRht to accelerate the indebtrclnras hereh7 secuml and to forecb~e the
>,~u~., ~q ~•,thrr IK•fi~r~• .~ft~r delinquency any o~ all of those certain obliKationc requi~ecl by the tertn~ herw+f to he paid hy the \lo~tKaRor
fur tl~r prutrchui~ of thc mortRaKe srcurity ot for tnr collectian of tnr indrbtrclnr+s hereby iecure~ci. All sums so advanced or paid by the
~tucty;.~~eY• .h.tll t~e char~;rd int~. th~ mort~a~e a~~count and 'aecome an intrXnl part thereof, auh~ect in aU resprcb to the temu, conditions.
.,u~l ;~~.,•u.~nb u( thc :dore.:~id promissory note, and this mod~as~e. a: [ully and to the same ratrnt as thouqh a part of tfie oriAinal indeMeiL~ess
c>>d:•~~~-aYl b~~ .:~i~! rn~te a~Kl ..ti~~~~~1 by ~h~~ mo<<KaRp, r:crp:intC, huvvever, that ~aid <ums shall I,r repaid to the A1ortKagrr furth..ith nM~n its
~Irm.u~d and l~r in ~~.lita~n tu the rcKular montfi{y in~tallmrnts pro~idrd Ly thr mott;~aAe ~ute.
1(~. Th.~t Nir :eh.tr.~ct o~ ab,tracts oF tide eoverin¢ thr :nurtk~Ked prope?~y ~hal) at all timrc, durinA the life of thic rtx~rt~aAr, r~main
i~~ tl:~• ~w..r~.i~~u 1l~r ~t~nt~;ac~Y .m~1 in r~cnt of the forerl~~.urr of th~t murtKay~r or ~~ther t~an.f~•? aE title to the mo~Ra~ec1 property to thr
~t,~~t~.~~i~~• ull riy;ht, title .~nd interc.t uf the ~fortyc~Ror in :~nd tu any .urh ab.trr~i. of tit!e .hall pa.s to the purcha~er v~ Rrantee.
I 1 That no w~arve~ of any ~nvrnant hi•rcin or of th~ obliy;atiun ~iru~l iirreby .hall at any timP herea(ter he held to tx a w•aivi•r of the
t~•rnn h~•nti.f or of ~h~• nute xtiured hereby.
1_' That ~n nrdcr tn a,-r.d~•r.~t~• Ih~• maturity of tfie indNhteJne~c hcn•by S(Y'LfIY~ FM'C1UK• (1E ~F1P failure nf thr \t~rt~a~or to pay any tax
,..~•..m••nt. Gahility, i~bli~ati~~n or ~•n~•umbr~n~r u{~on ..~id pro~x•rty a.~ hrmin pmvid~~cl, it ~hall twt hr niYi•.~ry nor requi.ite that thr ltortKaRet
.1~.~1: 4nt p.i~• thc s.~mc.
13. To the e~trnt ~?f the indcbtednc.c ot the ~1orl~a~or to thc liort~aRre de.cribecl herein or secureJ herrby, the I~tortRaRee is hereby
.nhr+~~,d~~l to thc licn or licn. and to tiie ~i?~hts uf the owners and hc?ldea thrreof of cach an~l e~ery mortKaKr, lien or other incvmhrancr on
tt~~ land do.rnFx~t) herri~ ~chich ic paid and/or sati~6a1, in a~•holr or in p:vt, uut oF thr pmrrcds of :hr Inan d~~crilxd hercin or ~ecurecl hereby.
~~t! thi• re•~petit~ve iirm ~~i .aicl rtwtt}~agrc, licm or othrr ina~mbr.mres, ~hall be and the ~.~me :~n~l rach of tlxm herchy i. prr.rrvecl and ahall
t~~ .~ntl I~e hclJ !~y tha• Alorty~a~~ee herrin 1s xecurity for the indebtrelne~s to the !?tnrt~a~ee h~rein de.crihal or herrby crc~red, to the
..~inr c~trnt th.~t it ~vould buvr be~n pre~en'ed and would have heen pic~ed to a~d beee held b}• the ~tort~aAer had it heen duly and re~.vlarly
~..i~ne-d, tr,~n.Ii•rnYl, mrr, :~nd delivrred untn thc Aiort~;o~ee hy separatr dred of ac~i}~nment, nnt~~~ith.tantlinK the (ait that th~ .amr may
IK• ..~ti.hrel and r.u~a•1te~1 of reeord, and nctwith.tanJint~ that the partirc hrn•to ~.intempl:?te that thr x~mr w•ill be ~ati.fieY1 and canreOeJ of
rt~tnnl Dv thc ~nldrn th~•rruf at nr about thr time oi the re~ordinR of tl~i. morty~a~~.
14 if aoy of thr .~em. of money here~in reFerrecl to he not prompdy and fully paid within thirtv dayc neat after the ~~me cevrr.nlly
iumc dni• ,~nJ p.~},ibli•, nr il e•ach a^d even• the stip~d.dion., at(reements, conditionc and c~veoants o~ ~aid pmmi+sory note ancl this mort~aKe
,~r ~ ith••r_ :~:e rn•t ~luly p~ r(orm~~l, romplird •.ith and abidPC1 hy, ihe a~rcKate sum mentionc~l in .~id pmmi..ory nc?te or othenvisr .ecured
i:~•rci~~~ .h.dl tr.. inmc dnr :~nd payablr forth«ith nr tl~err:~Rrr at thr option of thr Ntorty;aKer, a. full~• ar?d complrtrly a. if ~aid at;t;re•4ate ~um
.d sra+~n~~y i~n~:~n.3Cy .t~pulatrcl to he paic! nn wrh ~l:~y, anythinA in >aid promi+snry notc on c~rcin t~. thc amtrary notwith.tandin~.
tS. Iz thr P~ent a( the acceleration of this mortRaAr and the note ucurrd hemby hy rea.on of any def~ult therein, any prepaid and
unrrtnr~l in:err.t. in rx~r+. uf the 1r~.J ratr of intcrc.t to the date of enforcrment ur payment, .haU thrrrupon be refunded to the mnrt¢aqor
: u;om.,t~~ally hy rh~• ~ rc~litinX uf ~arrw aRaimt !hr .um~ thrn due, but ~uch crrtlit ~hall rx~t cun• or w•aivr thr default a-ca.cio~inK acrrlrration.
I ti+ (:+1 In or~ier to more fully protect the +rcvrity of thr \1ort~ai~e, :~nd to a.~ure the \tort~;:i~oi. rompliamr ~cith rmrn:mts 3 and 8
'i hrre rd, thc ~tuzt~.~~ce may at any time m~uire t}~at the ~iortKa~or, to~rthrr with, and io addition to, the montLly payments undrr thr h•rtnc
( uf th~• nutc .c~urcd l:errby, unt~l thc .aid nntr i+ fully paiJ, w~ll pay to the ~1u~tFay;eti fhe fnllo~viny; .um~: r1 >um rr~ual tn thc ~~tim.ited
,enou:~l t.n~. and a„es.mcnt. ncst ~lur on thr rrn?rt~a~~Yl prupertY. Plur the premium~ thAt w•ill next }xtiy~rtn• duc anJ pav:?ble un polirie~ of 6~r
f :en~i nchcr haz~rd in.ue:+n~Y covrrin~ thc r,x~rt~;.t~;ed pm~x'rtY (al) :t~ a~tim:~ted hy tFn t?~ort~a~:~•r. :m~l of w~hich thr I?tortKa~nr i. noti6~Yll. le~.
.~il .um. alrcady paid !hrrcfor, paya4~k• rrNrothly, in ivp~iv.dcnt pru~x~rtiun. divi:liYl hy thr numlx•r nf rtxmth. to i•lap.e Ikfum onc munth prior
tn thc ~latc• ~?hen .urh pzemium~, t ~ and a.r~cme•nts will (+ec+?me de~~ ~ ue t. ~uch .um. t;? Fx• hrlt{ b~• 11ort~;a}~e•r in tru.t to ?av wid
~rcmmm.. t.c.:~m ,,~mcnt . A~~L S11C~ a mentS sha~~ ~ ae S1tEd lII a interest ~earing '
~ ~ccoun~. ~1'Y~ in~erest accr~i~ig on same sha~l b~ong to i~or~gagoii
i b) The ay;~rcy;atc of the amnunt~ pTyaMc punuc?nt tn .ul~-par,~~r:~ph ( a), ~nd tho+r p:~~-ahlr on t e notr •rcur~Y ?rreby, ~h;~ll he
~ ~~.ti:! in a~in~;le paymrr_t each munth, to he applic~ to Ihe fullowiny~ item~ iu the ordrr ~tatrd:
~ l. Taxes, asses~ments, 6re and other hanud in.urance prrmiums;
11. Intere.t on !he note securecl hereliy; and
lil. ArrMrti~alion of the principa) nf v~id notr-
i.l 1ny Jcfirirncy in thr arru~nnt uf .aid •~y;~;rc~;:?tc m~~uthly ~r,~>m~•ot .h:?II. unli•.. m.~dc y~cwhl by the Aiort~;:iy~or ~vithin 31? il.~ys
f~~llo~?in~; it~ duc date. ~~~mtitutc an cvent uf deFault un~lcr thi. rrn~tt~aµ•.
17. If thc total of the paymcntc m:~di• by the ~1urt~;ay~ur ~~nder t a) of ~w~r.~y;r:~ph 16 pn~c•~Ylin~; .h:dl i•xcert) thc amnunt uf lx~ynx~nt<
a~tn~lly m:i~lc by thc 11lurtG~~;cc f~~r taai~. :m~l A..cs.mcnh, and inc~~r:uici• pn•mium., a. Q~~• ~:~.c m.~y }x•. .uch c~cc.. >hall Fx crnlitiYl an .ul?-
~~•~~w~nt p.~ymi~nh to Fx: macSc hy thc I~turt~at~nr (nr wrh itcm.. If, h~~..•~•~.•r, .uch muuthly p.~ymi•nh .hall uat br .nfTtcient to ~~:ty ~uch itrmc
.vh~•n thr ~.~m~• .h:dl brcorrx duc :md j~~yalsl~•. thcn thc 1lorty;.~~ur .h.dl pay to Ihi• I?1~~rt~:~~~Y• any :~muunt niYY~~aty tn m.~kc up th~• ~l~•6cN•inh•.
ti„~ h p,?ymi•nt .hall he m:idc w~ithin ~0 tL~y. afti•r w~ritt~•n notir~• frum thr ~1~~rt~:aL~Y•, ~6dm~ thi• acn~n~nf of thr di•6ricncy, N~hirh n~~ticr m:~v
I~ s:~:~ n hy mail. If. at rny tim~• thc ~1urt~;:u;or ~hall t~•n~li•r Ihr I?1uAt~:~l~~r•. in :a~Y~rdanc~• ~~~ith thr prn.i.i~m~ of the notc ~~cur~Yl hrrch~•. fu~l
~,.~ymruf nF t6~• ~•~dirc mcl~•htci~nc~~ n•pn•w•nfi•cl Ihcnhy, th~• ~t~~rt~;.i~;ir .hall, in c~~mputiu~: 16~• .urownl nf .uch ind~~btcdmy.. ~ nrlit tn thr
.u c~•nr~t n[ ~h~• it~rrt~a¢ur .~ny cr~•cht lr.d.~u~~• trmaininy~ ~m~li•r Illl' ~)f11Y1~ItM? of ( a 1~~( ~ nd n.u.~~:r.~~+h 1R. If th~•rr ~h.dl Ix• u~Irf.~nlt oinlrt
.iny ~~f Ihr pr~~~i.~nn~ u! th~, mort~;acr r~•.~~Itinti in ju~lici:~l ~alr u~ Ihc pr.•miW•. c~~v~•r~•~1 h~•r~•h~. u~ i~ 11~~• \1~~rt~:~C~'~• :n-~~~~irc~ fl~r ptu~x•rt~
~ uth,•ru n~• :dtrr ~lrl:iult, th~• \inrty~at;~•r .hall :q•ply at 1hr timr nf th~• c+~mrrN•n~rm~•ut ~.f .u~ h ~,u~-~ti•din~:., or :d thr timr tlu• pm~w•rfy i.
~~th,r..n~• .nquirr~l. Ih~• :~mrnmf lh~•n re•m.wuu~ tro~~i~ uf \1ur1{;.~Ct~r tm~~~•r (.~l ~r( ~~.~r.~Cr.~~~~~ Ili ~m7~•~~mt, ~•n•t~it ~ui tl~r iut~•h'~t
y :ii i na•~1 .~n~l unp.~i~l an~l th~• Iral~ntr nf 11N• prin~ ipal 1h~•n rrmaimn~ unp:~id nn s.~iil n~~tr.
~ f Iw•etimn•. ~e•~t~•~I tn i H•r.~,n nthrt fh.u~ tht• I~lott~;a~nr. Ihr
~ IR. 'Ihat in th~• c~~•nt !h~• uwnrr,lnp ~,f .ai~) pm~r•rtv or any p,irt thrrcn : I
\tnrf~.i.rr m.~v. ~+ilhuut n~~tir~• fu Ih~• \1or1?:,~:;ur, ~~r.i~ K•it~ .+~cl~ ~ucci•~~ur ur ~uiY~•••~~r. ~n inti•~r.t ~vrtl~ nd~ n•nci• t~ tlii. mtirtKa~;r an~l thr
,
~ J~ I~t h~ r,~Ly nn•~1 in tfn• .am~• man~~~•r a. ..dh th~• !1lnrtt;•~?:~~r. :md m.~y f~~rlN•ar t~~ .u.• rn.~. ~~r~ u~l t~m~~ (ur ~..iym~•nt ~~f tl~~• ~1~•ht, .~:~nr~
th~ r. h}. «,tlr~~rt ~l+~t h.~rs~~t~~ ~~r in an}• w.~) .~(i~•~ fiu~ du• li.d•i~rty ~~f Ihi• ~1~~rly~.~y~nr hrrr~uulrr ~~r n~r~n Ih~• tlrht hrn•I~y ~~Y u~r~l.
~ I') 'I h.d tl,r. m~.rty;.i~r :~Iu~ .~r nr~~, tl~~~ p.~ymr•n! nf :ui~! inih~d~•• .~II Inturo. ~,r ~urlh• r.~.I~.r.~~•. .h.~ll Ix• m.~~lr by tl~~• nN~rt~;.~~~r
~ tr:n ~~r ~t? ~~u ~ e+~~~n ~tt .h~1Kt~., t•~ uf ~nr t~~r ~w~n~•fit (~~r tnnftC:~l'of~, ~~r f~utir h•~u., ~~•r•~~n.d n ~~r~•.~•+d.~tivr._ ur :1..i~t~~, Il~iin (~•~I ~~•:I~e
~ (n~m tLr cLdr h.~ny~(, t~~ Ih,• ..~m~• ~•etrnt ~f .ui h(~dnn• a~l..~ncr. .c.~~~• ma~l~• ~m 11„• d.~l~• ~~f th~• uh~~n ~~1 thi. m~•rt~.~Cr. 'I~hr t~•tal .~m~a~nt
iu~l, hGY~n~•.~ t~iat m.?y !N• ~r•n:r~•~i Iry thi. m~~r1~.~~,~ m.~y ~1~•crr.i.~• nr in~ n•.~.~• h~~tn limr ln liicu•. Lnt fh~• t~~L~~ t~np.~i~~ ~r,~~.~n~i• ~~rurri~
:~ny n:~~• temr .{~.dl nut ~ ~1 th~• m.~~im~~m ~~rior~p:~l .nm •+t f~~rth in ~~.~ai~;r.~~~h 1~~•I~..~, t~~~~•tb~•r ~~ith ~nt~ re•.t the•~~.~n ai~d am~ an~l :d)
~I~.l,nr, r~n•n!. in.~~l,• I~y Ifi~• nu.rtc•~,~•r f~~r Ur• ~~.~.m~•nt o( t.~~~•.. 1~•vi~•, ur ~n.ur.~u.~• ~1~~• pru~~ rtv a~~crn~) b~ thi• lu•n ~~f thi. m~~rtc•~~;r ~~ith
ii~'~:~ ~1t~ .uih ~In!n~r.t:mt:h :~1 th~ ra~~ •;w~~fi~•~I u~ lh~• iH~t~ rr(rrn•~i 1~~ iu lh~. uw~t.'.ier, .u~~l t~•r n,~.un.dr{r :~ttntn~•~~~ frr. .m~l ati~u~t ca.h ;
. i~„ ~~rn•~! i!~ thr ~ ~.ilr~ ti~m n~ .uiy r~r .~I! „1 •rn h .um. ~I m:mrv. Sni h (urth~•r ~~r (nl~n~ .~.I..~~~~ .h.~ll IN~ ~.Iwl{v ~qdiun.~l ~~ill~ Ihr tn~~~l~.~y;~•r. ;
~n~l ti~~- ~.~m~• ,h iH IN-.~r u~!~ n•.t .~t tL•~ ..~rr.~• r.~t~• a. ~n~•i~(i~•~1 in Ihr n~.!i• n•f~•trnl t~~ In ~~~in. nnli•.. •.~iJ intrrr.t r.dr .!~:~il Iw• ~rn~.hfiril hy
~•~1... r~r.~ t~t :~?:r~-~•~n~•ut.
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