HomeMy WebLinkAbout0232 d. To paio~m. coinply w~tA •nd ~b~d~ bY ~+~A ~nd ~vuy stipul~hon~. ~9r~~m~nt~. cond~~~on~ ~nd cow.~seh in ~~~d pror~~awY ~nd d~~d sN fo~tA.
7. If ~Mr of tM i~rm of mon~Y M~~in ~d~rred ro b~ not Woeip~N ~nd fulty paid w~~hin ~h~rtv (~0) d~y~ n~,~ ~itN ~M s~nr a~wr~lty baoeM d:H ud wY~bl~.
a if ~~eA ~~d ~w~Y ~M ft~pvl~~~oru. ~p~~nh. ca+d~~ions. ~nd eowMna ot •aid pwn~ssory ewa ~nd ~hi~ maty~p~. w•iNw. ~r• no~ d~l~ p~riwrrNd. eo~npl~ed
w~fA and ~bid~d bY. ~M apqr~p+a wm m~n~~oe+~0 in sa~d panissory no~~ s~ll becw+w dw ~nd p+y+bl~ fa~hw~~A o~ ~h~ru1~N tM opt~on of tM Maty~pN.
+s fully ~nd co~nol~~~ly ~i i} s~id ayprepat~ ~wn of mon~y wu aipin~lh itipul~t~d~~o M w~d on wcR daY. MY~inp in said pomi~iory not~ w Mnin to tM
conuKy notw~~Ai~~nd:rp. ~
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8. To deliva ro a~td Mor~p~qN, on a b~fw• M~rch IAA ol ~uA y~u. t~¦ ~K~ip1f evioencinq M» paY~^r o! all I~wfully impos~d 4a~s fw fM p~c~dioy
c~l~ndar yaar, ~o detivw to ~sid Monq~p~a. fK~iph ~ridenc~nq ~M wY~nt ol •11 I~~ns fw p~blic impov~ments W~~h:n n~neey (90) d~Y~ +I~a fM s~~ ~MII b~co~m
dw and WY+~I~. ~nd ro p~Y a dixMrq~ withi~ ninety (90) d~ri ~ftN dw d~N. ~ny ~nd all qove.ronu,~~l levie~ ~M~ may b~ m~d~ on tM ma~p+y~d pop~rty.
on tlus rt+wtp~p~ a nob. o? in ~nr otM~ w~r r~wlt~nq f~o~ rh~ Mor~q~q~ indt~tednefs s~tw~d hy ~h~~ mutqag~: ~nd ii thia cond~liv~ t~ nol cw*+~~~r$ w~st~ ~~d ptr-
fa~d. »id mw~p+pN ~n+y D+Y s~ch ~wn a wms wA~ch ~MII beco~ wn of M~ d~br a~cwed by ~his r~.ortqaqe. u~d ~MII be~r in~MMt ~M nq of fia pa c~m.
(Ay.) p~r ~vwin. Wv+b~~ ~~mi-annwlly ~ntil p~id o? i~id Mort~pN m~Y ~I~a N+~~ u~d ma~q~~ ~iebt tAer~upon b~com~ dW Md p~Y1b1~ IwMwttA.
9. It is f~rMr co.tn+m~d ~nd agre~d AY sa~d w«~•s fhaf in ~hs ~v~nt of a sui~ belnq irouruted ro Ia~clos~ ~Ais rno.tp~p~. ~M Nlu~p~pe~ iF.~ll b~ em~tl~d ~o
•pptp at ~nY t~~ p~ndinp s~rcA fwaclo~w• ~uit fo tM cow~ h+vin9 luri~dict~on thereof fa ~M aoDan?m~n~ of •~~c~iwr of ~11 ~nd sinq„lu M~ mo.~p+p~d Wop~~ty.
~nd ol dl fM ~a+~+, inconw~, po(~b, issws ~ed r~wnw~ tMr~ol, fran wM»o~ver ~wrce de~~ved; aed ~M.~vaon it is h~r~by •,p~ealy coverun~ed and ~9r~sd ~
rha~ tM coun ~Aall faMw~~h ~ppo~n~ i flC~ivN of uid rnwtqaq~d poper~y. ~11 ~nd unqvlsr, ~nd o1 a~,ch r~np. ~ncom~s. Wof;h. iasws end r~wnw 1Mraof. fram
wMno~vv aourc~ derived, wiM tA~ vawl pow~rs ~nd dutin oi rtc~ivtrs in Lk~ us~s: ~nd such appo ~~m~m sA~ll b~ mad~ by a~ch court as • ma~ee. of s~r~ct r~9A~
ro tM Mortq~yee, iN succ~s~as. ley~l rpr~s~nt~tiv~s a aii~qn~. ~nd witAo~f r~ierenc~ to tM ~deuwcr a in~d~qu~cy of Nw wtw of tM Woperty haebr ~+orfyap~d.
p ro tM aolvency or insolvency of eM Monqaqor. ~nd th~~ such rtM, Frelet:, ~~sa~_ ~siws arid rwenues tMll b~ ~pplitd ~y ~vcA rKe+vN ~o tM pay~nt of fM
mortpaq~ ind~bt~drwss, caa~s w+d cMrp„, ~ccwd~np a tM «d~r o! s~+ch cour~.
10. If • conwywrc~ ~hould b~ ~d~ by ~tM Ma~p~pw o1 ~M pem~sN ha~~n descr~bed. or ~ny wr~ rherwf, wifAan tM wrin~n consem ef ~h~ Mortp~q~. u~d
wi~how as?wnption in rpulsr faa of bw Sy ~M pran~N ot tM obliqpion w th• Marq~ye~ creat~d by s~~d prani~fory noe~ ~nd this mwryay~. Mwn. ~d ~n M~t
~wnt. and ~t the option of tA~ Morry~qe~. u~d withw~ notK~. ~II suens of mon~y secvred he*eby ah~ll im~n~dia?~ly ~nd tontun~ntty w~th sucA co.~v~y~nc~ Mcom~
du~ ~nd p~Y~bl~ ~nd in d~favN.
11. ~M~ in M~ event tM p~m~us hKSby mwtq~p~d. w~ny psrt tMr~o?, shall D~ cond~me~td ~nd t~k~n fa puElie va~ w~dtr tM pow~r of ~rninMt dan~in,
tM Mor~y~pe~ aMll haw tM riqAf ~o d~m~nd th~t ~11 d~~naq~s ~w~rd~d fw tM ~akinq of a damag~a ro aaid p~misef sh~ll b~ p~id ~o tl» Nb.tgaq» ~P ro tM ~TOUr.~
tM~ unpaid on ehia monyaq~ ~nd ~t tM option of tM Mo.~qape~ m~Y ~~DPti~d ~pon tM wr~ts I~st payapl~ tM.eon_
12. TM matp~pw b~nds hi'naelf not to er~ct a ptrmit to b~ erect~d ~ny new lw~ld~nqa on ~M w.~+es Mnin mwtp~y~d or to sdd to o? perm~t to b~ ~dded
ro~ny of tM •:is?inq improv~m~nts tMr~on u mak~ ~ny chanpss or s!!erations in uid imp~overnw+b which maltrially cMny~ 1M sa~nt a the us~ tMreof, w~Mo~t
tM w~itl~n coos~nt of tht Mwt9~ye~, and in tM ~vent of ~nY viol~lion w Ntempt to violaN tAis'sGpul~tion tAi~ morty~y~ ~nd all suma secwed Mr~by shdl im~
re~di~rey Mcom~ dw r,d eou~c~~bl~ ~r tM opiwn ot ~M Mw~q~q~.
13. It is sp~ciiic~lly ~9reed tM~ time i~ 01 ~M ~ss«+c~ of this contr~c~ ~nd fM~ rw waiver o/ anv eb'ip~tion Mrwnda or ol the ob~ip~hon secured herebv s?~all ar ~ny
eirr» b~ h~ld to b~ • w~~wr of th~ tMins herwl a of tM inatrumen? secvr~d ha~by.
11. If iwecloswe proc~edinys of ~ny s~cond mortpaq~ w second tr~st de~d or ~ny j~nior lien o~ any kind shw~ld A~ imtitut~d, tM MartqaSce ~n~y, at in op~~on.
immediat~ly o~ tMr~afte~ declar~ this mortp~q~ ~nd tM ~ndeDndras~ secvred F»~~by dw ~nd paya~l~ fathwiM, snd nuy u ib opnon pr«eed to tuecloa~ this
rrwrt~q~.
1$. To tM eatenl 01 M~ indeWedn~as of the Mo~lqaqw to tM Mo~lgs9e~ destr~btd herein or setured her~by tht Mptpape~ ii hereby suMo9sttd to the lie~+ a
lisns ~nd lo tM riphla of tM owners u~d Aolden thereof of e~ch snd ~vavy .norrg~ge lien a o~Mr incwnbranc~ on th~ I~nd d~fcribed herein which is paid and/or
utisfi~d in whol~ « in pa.t oul of t!w proca~ds oi th~ Iwn descrlbed hcre~n or ~ecured hereby, ~nd Ihe respttr~w liens o~ aid mor~gaqes. I~ens a o~her ~nc~mb~nces
~Aall b~ and tM. urr.~ ae~d e~ch oi tMn+ he~cby is peserved and sA~ll psss to and b~ Aeld Dy N+e Mo+tpaye~ her~in as sec~rify fw tM indebted~eas to th~ Mwtyaqee'
herein deuribed o~ hereEy secured, to t1+e same e¦tenr ~lwt ir would hav~ been p~eservsd snd wo~ta have been p~is~~ to ~~d been held by ~M Morrp~9ee h~d if been
duly and ~eyvluly ~saiyned, n~es/erred, aN over ~nd delfvered unto 1M Mot~qaqee bY separa~e dced of ~ssignm~nt noew~tAsTand~n9 th~ fsct ~ha~ tb~ s~me may Ee
~atisf~ed ~nd cancelled of recud, it beinq tAe iateeGon of iM pul~es herero thaf ?he sam~ wdl b~ sstf~lfed +ed uncelled of recwd by the Aolden ~hertof ~t or ~bout
tM rirne of ~he recwdinq of ~his ma~qay~.
16_ To pav all and s~ng„la~ ~he coats. cha~ge~~ and e.pensea. ~nclud~ng lawyers 4eei. ~easonsbly •nc..•~ed o~ pa~d a~ anY t~me by ihe Mwrqagee. beeause of rhe
~a '~~e o~ rhe Margaqor ~o pe~fo.m, cw+~ulr w~~h and ab~de by each and e~e~~ el+e sbD~la~~Ons. •~~eemcnts. cond~+~ons, a~d [o~enan~~ of sa~d wom~sio~y ~o~e a~d ~h~s -
deed o. enhe•. ~nd e.e~y s..ch p~ymMts shall bear ~meresr From date ar ~he rate oro~~ded ~n sa~d prom~aso~v ~ore
17. Wh~n ~ny ~mo~nt of morry to b~ paid by f!r Mortqapor fo tlw Mwt9aqay ~nder the terms Mrsof shall b~ i~ d~fault, or fhovld tM Mortq~pw de(~ul~ in
any ot ~h~ ofhsr terms, provisionf w condtions of this Mor~ysge, th~n ~nd ia ths~ uaa ~Ae Mwtgagcs shall h~w tM riyhf, witF.pjf raGU to the Mo*~gaqor, lo
coltect ~nd receiw irom ~ny ten~nt or lesse~ of uid mortyagcd premises tM rents, iss~es and pof~rs o~ tM rNl esbt~ F~ereby matqaped and fh~ improvemenh
il+ereon, and to qive prop~r receipri +nd xq~rin~erces ~herefw, snd ~(ter paYinp all canm~ss.ons of ~ny renlN ~qent cdkctiny tM same. •nd any ~easonsbl~ ~~~or~eY's
iees and o~Mr e~ecessary ~ap~ns~s incwred in collMiny suM. lo sppN tM proceeds of such collect~enf opon anY indebtedness, obGyation w liabi6ty. o( the
~ Mortyspw here~nder. TM riyht qr~nttd tMe Morty~yet ~mdt? li~is parayr+ph sAall be in add~ho~ to, ~nd shall not I~mit p restricr, ~ny o~Aer r~9ht w ~~phta pr~nted i
tA• Mo~fqa9e~ in thia /Ybnp~y~.
18. If tM Matyaqws at th~ tim~ of mzkinp thls Morty~q~ w subseqwnt th~roto uk~ out Gfa imvranc~ design~ting tM Mortyage~ Imein ai bcneiici~ry w~~h s
company ~pproved Dy tM Nbrtq~ge~ w~siipro policies to tM Allwtgaqe~ for ?M pwpose o! securiny tM mortqaqe Iwn hereby secvred, then tM Mortqapee sl+all
i have rhe riqAt to pay any premium ~tcr~iny undw uid poticies, ~nd all s~ms so eapended sA~11 be sdded ~o and becan~ • part of tM pri~cip~l indebtednesa secwed
j by this Mortp~p~ and sMll be psid by tM 1Mortq~qor to tM 11Aortyaqee in twelw pwl consecutive monM+ly inatallments, tM fint monMly instillment fo b~ paid ~s a
~ p+rt of end in addition to ~M mw+thly p~ymtnt dw unda this Mwlyap~ in the first uleedar mauh foUow~nq tM eapendinq of said avm. Such sums so eapended
~ to bear ~nNrest ~t tM r~te at which ioterest is pay~bl~ opon s~id pincipal indeb~edness snd tM Gen ot fn~a Mortgaq~ siqii ea~end ?o anc secv.~ ine aums w c.per+.ie3
togNF~er witA inttr~st th~reon as her~~nbe(w~ porided.
19. Tlrof toyefher with ond ie oddition ro th~ ~nrhlr Porme~r of principol ond interest poyacle vnder the terwn of fb~ nor. sec~red be.ebr, Mortgegor
sholl pay to Mort~oy~e each wonth ~nAl said nole is fully poid, one-twelfth (1 /12) of o s~w eqvnl w the annuol prew~i~w dvc lor fire, es~ended coreroge,
ond othtr ho:ard insuronce co~eru~y tM wwtpoyed propertp, plus foaes and ossessamnb next due on f6e wwrlyop~d propeAp (dl os estimoted by Mortgogee)
leis ol) w~s olreodr poid fAer~fw, ond ro be div~ded bp the number of ewnths lo elops~ prior ro the dote when wc6 Maes ond osseis~wents sholl become
delinquent. Soid suiws slroll b~ 6eld bp Mortyoyee in trust w uedited ro tbe p~incipd of tAe loon, ro Por ~d inwronu, to:es, aed ossesswients ond sholl
be opplied on N~e poysent tlKr~oF when due. Mr ~:cess beld in trust bp Mortyoyee vrhen soid loan is paid in f~ll sholi be poid ro Mortqogw, or bis
assigns, or personol represenlotires. In fhe e~eM ol o defavlt w fo~eclosvre, wid sua~s 6eld in ~rust ~wor be opplied on wr cosfs ol duawges s~sroined in
conaection witA fM cdlection of tbe note sec~.ed be.ebr wAether br suit, ioreclowre, or otherwix. Mo~tyogee iwp (ro~ tiwe to tiwe or its oprion wo~ve,
ond after anr such wai~er, reinstote onr or all p~ovisions hereof requiring svch deposits, br notice to Mort~opor in writiw9. W6ile anr such woi~er is in
effect, Mortyopor shall por tu:es, asuasments and ins~rance premiuens as herein eluwhe~e prorided.
~ IN WITNESS WHEREOF, tM s~Id Monyapw I+awnro a~1s hi~ hand ~nd s~~t tAis 1M day ~nd Y~ ~~n~ w~~~?M•
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~ 5prted. ~esled and deGvered : . ~ ~-~-sc~
fn. a~u,~. or: et H. Gi,bb ns
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1 - - ~s~a~l
l~o ert D . 6ibbons
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