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HomeMy WebLinkAbout1172 i. \lur~~;.~r:~~r .h:ill ~,ru~npih p.e~ .~n~l ili.ili.~r~;~• am an~l all fircn.c (<<. ur .itnilar rharta~>, t~~:;r~hcr ~~ith an>• ~xn- eltn..~n.l int~n.t ~hercun. ~~hi~h ma~ Ix• im~~u.iii 1~~ th~• jun.~luuun in ~~hicfi thc 1'ru~xr~~ i. .~tu.~tr~! G,r Ihi• ux• ol s.u~lt., chuta., .~n•.~, .uid uthrr y,.~cr (M•~~~nil ~hr Iu1 lin~~ unJrr ~~r .~I~iutin~; ~hi• ~~ubli. .i~l.~~.~1{.. in In~n~ u( ur a~ljuinin~; ~hi Pru~4r1~ enJ \lurt;;.i~;ur ~~~11 ~~un~,l~ ~~ith am ur~l~•r uf ~.nJ iur~.~licnun in rc.~wvt ul thc n•p,iir, n•placcment ur con- ~litiun ul Ih~• .iik•~~.~Il. ur curln m fn~nl uf or a~l~~~inins~ thr 1'ru~rr~~. -1. ~Iur~La~;~u .hall pa~, IK•furr an> {r•n.~l~~ a~~.~ch.., all ta~... y..v i.~l a.w•..un•nt. .in.i uthcr char~r> i~f an~ nuturr ha~.~r r.~:;.+in.t thr 1'ru~r rte a h~~n il~~r, anJ .lea!! lurni~h tu \lurt,.~L„• Juphc.~~~• rrcci~~~. Ihi•r. luri•. \lurt~;a~:ur shall ~Ir~.u>i~ ~~itl~ \lurt;;.~~;~r. cunrurrrnll~ ~~ith .ill in.tallmcm ~~.~~mrnt~ t~~ Ik m.ul.• un~t~•r ~h~• \ut~. .um ryu:~l tu 1~12 0( ~1~~~ aml :u+c>.mm~t. un tl~c Pr~~~.~•rt~ lur ~h.• inuneJialcl~ ~•rc.~ ~I~n~: ~~•ar .~uJ 1 1 ~ ~hr anau.~t lirc .uui c~tcndcd ~u~cr.~~;r in.ur.+ncr premium cu~i~rin~ fla~ 1'ru~~c•rt~ an~! ih ~~untc~zl~ ~,ru~iJ~~) in ~,.ir.~,r.~~,h S I~erc~~l. lln tl~c ~•~ecWiun hin•ul. \I~~rt~.i~;ur >h:Jl il~~~~u.it .u.h >un? .liall, t~~s:~•th~r ~~ith .uiu. tu Ir .Ic{H~.itc~l .~~ncurr~•nth ~~ilh ~~.~cl~ in.talhui•nt p.~~mcn~ tor ~hr n•m.~iuJ~•r ul thc ~~~or in ~~hi~h th.~ \lurt~;a~~• i. ~•~ccutc~l. Is• .uth~irnl tu ~~a~ .~II .in~i a..c.~in~•nt. in li~ll a. .imi ~~I~~n ~6c .:~m~• tx•~um~• ilu~• and p.~~.~bl~•. !f le~n~l. ~kyw,.i~~•il luvcunilcr err in.uth~u~nt tu ~•a~ .ucl~ ta~r~ .~n~l a.x..nu•nt. lur :ui~ ~c:u. \lur~~;a~;ur ~I~.ill. ~~ithin t.•n lU ~~I.i" ol ~I~~iu.uiJ th~•rclur b~ \lur~~.~,~•.~. dc~~~.it a~IJitiunal lun~l. nc~r>.ar~ tu ~.a> tl~r ..~mr ~n 1ull. \lurt};.~~~~r a~ri•c~ th.~t all .um. >u ~Icp~~.itril >h:~l) IK• irr~•~~K.~bl~ apprupriated lu \I~~rt::.~~~~c in Iru.t lu iK• applicd t~~ thc p.~~mcnt u( .urh rc.+l c.l.m t.~~c•~ .nul ur .~xria~ a...•..mrntc an~l in~ur.mce prc- tniun~. .~nJ :~t thr uption ut \lurt;:.~~,~•~~ ait~•r ik~f.~ult ma> Ir• ap~,lic.) ~m the unp.~iil inik•LIt•dnc.. u( thc ~utr. i. ~lur+~;.~~;ur .hall l,~rp ~h~• !'rolx•rh in.un•~I. ma~ IN• r~~yuirrd Irum timr tu tim~~ b~ thc \lorlt;.i~rc, a~;ainst lu.~ h~ lirc. ~~in~l.tunn anil utlu•r hai:ird.. ca.u.~ltic. anil rontin~cnci~. and a.~r ri.1.., it a~ail.~blc, in.ludin~;, during 1hc cuurx• ut :~nv cun,lructiun :uid or ck•~~•lopmenl ~cork. huii.lrr>' all-ri.l~ c~~mplctr~t .ah~c, nun-ri•~k~rtink li~r~n in~uranati•. (~~r .uch ~x~ri~Kl. .~nc! li~r nut Ics~ tlz:~n thcir ful) insura6le ~:~lur ur .uch amuunt, a. ~n.~c (k~ reyuirril b~ thc \lurt};a~;~r :~nJ tu p:~~ prum~~tl~ ~~hcn ilui• :~U prcmium> tur auch in.ur:~n~r. 1 hc .unuunh ui~ in.uran~r ~eyuir~•il b~ th~• \lort~:a~;~Y• .hall Ik• ih~• minimum .unuunt. fur ~~hirh aai~l in.uranc~• .hall Ix• ~cri:t~•n .uui it .h.~U IK• incuml~•nt u~wn thi• \lurt~;at;or t~~ maint:~in su~h .ulJitiuiial irrurancr a. nt.~~ Ix• nrccs..?r~ ta miY•t .iml ~u~upk Iull~ ai~h all c~~ in,ur.~mr n~yuircmcnt. ~untai~i~~.l in >aid p+~lici.~ tc~ shc rtti! t~r.it \lurt;;,iw~r e~ no! a c~.-in.nn~? thi•r~•unik•r. In~uranc~• .hall IK• ariucn b~ a cumpan~ ur comp.~nics appru~i•d h~ Ihc \lurtk.~t;~•~• and al) ~wlicies anil rcnc~~al. thcreul >h.iil ir• hi•Id 1~~ Ihe \turtkaK~Y•. \u lirn u~wn :m~ uf .niJ ~a~licie, of in.uranir ur u~wn an~ rrl~und ur ri•lurn ~~rrinium ~~hich ma~ Ix• pa~ahli• un thc can~Y•Ilatiun ur ti•nninatiun th~•n~u(. shall Ix• Ki~i•n tu uthcr Ihan th~• ~Iort~;a~~Y•. r~ccpt b~ pru~x•r cn~lurx•~m•nt alli~cd tu .uch TM,lic> :uiJ appro~~•~I b~ \lurt~:l}~lY'. I:Il'Il ~N/IICY l/~ incuran~•e shall h.ne alli~cil th~•retu Stan~t:u~l \i•~c lurk .llurtka~;~r Clause ~~itt~uut (~untrihutiun. mai.in~; al! I~K> ur lu~u•c e~etde•r .«~•h pa~ahlc w the \lort,'.~k~•~• ac its int~•rc.t may apix•ar. In thc cccM an~ ~um ur sum.~uf munc~ Iwrom~• pa~abli• thcmunil~•r thc \lun~;a~;~•~• ~hall ha~c th~• uptiun tu r~-ccicc and apph th~• .anm un accuunt o( th~• ind~•btcdnrsc hcrcb> x•cured, ur tu ~x•rmit thc \lurte;a,~~r tu rcc~•i~~• it :+nd uxr it. ur am ~•art tfmrcof, for the c~Nt ui rehuildin}; ur n•~turink the buil~l~n~;. on Ihr Prn~x•n~, ~sitLuu! lher~•b~ ~~:~i~ink ~~r i~npairinK anc cyuit>, lien ur rit;ht u~der and h~ ~irtue uf this ~lortkat;e. In th~~ e~i•m ul lih. ~~r phc.ical ~lam:?~e to the Pro~x•rty, th~• \lorts;a~ur ~h:ill Ki~r immediate nutic~• th~•n~t~f hc mail to thi• \lurt~;a~,ei• .~nd th~• \lurt~ak~•e m:?~ ~nak~~ pnw~C of iocs if the .:une i. not n~ade prumptk hc Ihe \IurtKa;,~~~r. In the e~ent uf f~~rrcl~narr ul thi. \lurtr::~r:~• ur ~ither tr.~i»fer ut~ titii• tu the Pru~x•rh in i~~ti»kui.hmrnt of the inik•htcdrn~ss x•curcd h~•rch~, all ri;h~. titli~ and intcn•.t uf th~- \lort~ay;ur in and to am . inwranc~~ {~ilici~•s th~•n in turcc sh:!ll pasc to thr purrh:~u~r or Krantce. 6. I~u th.• c~t~•nt ~x•rinittcd bc :~pplicahle laa nu cuncc~ancc >Ii:iII Ix• mailr In tIu• \Ior1k::+K~~r ui thc Pru~~tty, or anp ~~ar~ thercul. without fir.l ul~tainink thc priur ~~riUcn cuns~•nt uf Ihc \lurtkakcc, anil ihc }:r:~mee namrd in .unc ~onccr- .~ncc'~haN :i~;re~• tu a..nu~r 11ec~ ~~.i~mrnt uf ihc ul~liKatiun e~idenccd b~ thc ~u1c. ~Ihi• \I~rrt~ay;ir ma~ ~kal ~~i~h wch krant~v ~~1, ~1,.• \I..r~~_~onr ;~ml m:~c fnn•Ix•ar to ~u~• ur i•~tcnil the tinu ~~f nunt, n ithuut dischar~:inK or in .ui~ aflcclin~ thc li.~irilitc uf thc \lurt};aKur undcr thi. \I~~rl~,ik~• ~~r tIu• \utr. \Iurty;aKi~r h~ n•b~ as~i?;n~ tu \lurtka~;~ti• thc rents, issue. and protit. of the Pro~xrlt ~s [urther x•curit. for the• pa~~nrnt uf tl~i• \uti• ani~ \(~irty;aKur ~;rantti tu \lurtgat;ee the rikht t~~ rntcr t~~~• P~u~k•rt~ I~ur tl?e-Put~ki4e of cu~~cctiqg thr ,.unc and tu Irt the 1'ru~x•rh, ~~r :~m ~,art thcrcuf, and tu xppl~ ~ai~l rrnt., ivuc, an~l prutits. aRcr pacmcnt af all. n~•cr.~.in ch.ukc~ and c~~k•nx•., un accuunt uf ~h~• \ot~~. Thi~ a.>i~nnu•nt :md ~;rant sk.ill cuntinuc in cficct until all .u~n. x~cumd h~ Ilii. \I~~rtz.~k~• ar~~ paiJ. pru~idcd. h~~~ci•~cr. \turt~:+t;ur ~f~:~ll Ir• ~•ntitk•d t~~ cullccl and n•ccici• -~aid rents. i..u~~. and prulit., until thc ~x~curri•ncc ul a d~•t~:~uh 6~ \lurtk.i,~~r un~l~•r thc tcrm~ and prb~i,iuns hcrruf at ..hi~•h point ,uch rikht h~ recei~.~ and c~~llect the ~ame .h:~ll Ix• n~~~~k~•J b. kici~ik n~~~ Ic~c than li~e ~lac. uriuen nutire of ~ueh rr~~Kati~m tu ~I~~rl};a};iir. ~lurt};a~;or ~lial~ not 1ia~e the ri}~Rt t~r ~a~~c~•r t~~ canri•I. ahriJki• ~~r utftrn~i.i~ nuK~ih trnancies oT Ie•.~.ev uf thr Pru~x•rtr, ur an~ ~~.ul 1}mr~•uf. ur tu accr~~t Pn~l~.~~m~~nt~ ul in.tallnunt. ~~f rcnt U~ IK•.~~me due thereunder lor .i Ex~ri~xl uf mutc th:m onc niunth in .~ihancc. In res~x•ct uf :~11 I~•:~x•. ut thc. Pru~xrt~, \I~~rlLai•~~r ~~ill ; a) fulfill or ~x~rG~rm ~•ach and c~cr. tcnn, cmcnant and prncicinn of anc wrh tc,~u• to IK• fullill~•~I ~~r ~x•rlurnu•d h~ thi~ Ic.cor thrrc- un~lcr, 1~) Ki~r pruinpt +ruticc t~i ~lurt~.i~i•c oF an~ nutici~ rer~~iccd h~ \Inrt};akur ~~f d~•t~ault bi thc Icssor thcrcundcr, . tus:~ tlk•r ith a cum~,let~• cup~ .~i :~m .uch nutic~•, an~l c• cnfurcc. .hurt uf t~•nninatiun thcn~ul~. tli~• {x•rfutmancc or uhxr~:~ncc ~~f ~:~ch an~l c~cr~ t~•nn. c~~~rnant .~nd ~,ru~i.i~~n uf .~m .uch Iraw h~ thc I~~...~c th~~n•un~icr to I~c Fx•rfurmcc) or i~hxni•d. In thc i•i~•nt of :rm ik•(.ii~lt un~l<•r thi. 11urlKne~•. ~1nr1,.i;,'ur ~~ill p.~~ munthl~ in :i~hantc tu ~1urtKatt~Y•, or tc~ am n•ci i~er :i~,~winti ~l t~~ c~~llcct ti.u~l rrnt., i..u~•. .~n~1 prulit~, thc f.iir .~m1 rc.~.un.ihli• r~•nt.+l ~.~lu~ f~~r thc uK~ :ind tK'cupanc~' u1 ,uch part ~if th~~ Pn~~r•rt~ a. m.~~ IK• in ~w.k..inn ~~f \I~~rt,.~~~~~r. .~n~l u~wn ~k•1:~uh in am .uch ~~.s~tncnt, triU cacati• an~i +urn•ndcr ~~u.~~~..i~~n ~~f .~rch ~,:~rt of th~• Pru~k rt~ [e~ \lurt,.~,•cr nr t~, .uch rceri~~ r.inJ. in .Ictault thcn•uf. \lurt~;a};or m:~~ Ix• r~ icl~~d b~ wmmarc pr~K~r~link~ ur utlirn~ ix•. ti. 1 hi• \Inrt~;.ikur• ill. t~ith~~nt c~lx•nx~ • t~~ th~• \lart~a~~•~•. Ju, ~~cccut~•, :irknu~cl~YlRi~ :~nil dcliti~r .ill antl c~•crc .uch furthcr dch. ~~cril.. .~~h~e~.~ncc., m~~rtL,~~,c., .~..i,•nm~•nh, n~~tiir. ul .~~ii~nnu nt.. Ir.~n.f~~r. ani~ :?s.urancc. at thc ~I~~rttat;rc <fi:~ll frum ti~n~• t~~ timc rcyuin•. f„r th~• ix~Ui•r :?..urin~,. cnmc~ i~is~. .~t~it;nink. tr.rm(crrinf: and cunlirmin}; unto tlic.~l~irt~;.ik~r !hi• Pru~x•rh :u~il riy;hh h~•n•b~ cumi•~cd ur :n.ikn~J ur int~•ndr~l nu~~ ~~r h~n~.~R~~r .u to IK•, ur ..hich th~ \lurt,,~~,~~r ma. IK• ~~r m:i~ h~•r~•ei~~•r IK•ci~mc IH~un~l t~~ cnn~~. nr .~..i,n t:~ Ihc \I~~rt~.i~~~•. ~~r G~r carnihK ~~ut thc in- t~~minn ~~r I.ticilil.uint; th~~ ~r•rG~rm.~nc~• ~~f th~ tcrm~ uf tl~i. \I~~rt•_.i,~ .~n~l :m~ it~~um~•nt r~~•rut~•~I runcurmntlc hcrrtcith. ~~r fnr filink. rc~i.krin~_ ur rcc~nilin~ thi. ~I~~rts:.ik~~ .~ml ~~r ~uch ~I~auuunl. .~niL ~m dcm.inil. ~iill c~rc~rti~ and dcli~cr. .~nJ hi•rch~ .~uth~rrinc ~h~ \Inrtt;.~kci• tu c~ccuti• in thc hamc uf Ihc \I~~rt,'e~,~~r. tu ~hr ~~h•nt i~ m.~~ la~cfulk ilu w, unc ~~r murc ~in:~nci.~l .t.U~•ini~nt~. cfi.~Iti•1 ~nurtka~~ ~~~r crnn~~:~r.~~~lc .i curit~ in.trunu nth, t~~ i~ iJ~ ncc m~,rt• i•flccticclc thc lien hi~n•~~f u~Hm :d! mi~rd ur ~x•rurrial pro~xvh. 4. tn ~:~v \Inrt~,:~s:~~r ~hall fail to ? m:~l.~~ an~ ~r,~enu nt ur ~x~rf~~r~n .~n~ .e~ t hcr~~in rr~~uin ~l nf it hcrrundcr. h ~li.ch.u~c .u~~ ~,ri~~r cl.~im, li~ n~~r ~ ncuml~r.~ni~•. ' c. E,un h.i.~ .~li.~ h.~r_~•. i~,tn~,nmi~w ~~r .rttli .in~ ta~ licn ur rrthcr ~,ri~rr licn ur titl~~. ~~r il' L~i) lu ~xrt~~rm ~~r di.~h.~rki am dut~ ~~r ~~Lli_•.Hi~m rcquircil ~~t it hcrcuml~r rcyuirin:: thc pa)- m~nt ~~t .~n~ ,inn ~~1 ninnc~. \I~~rtk.~~cc m.~•, .~I it. ~~~,~iun. .in~ .uil~ .um. .~ni~ .ill ~nnne•ti. ~u ~~ajd an~l .~II i~z~r•nses ~~.~i~l ~~r in~i~rrrJ in ~nnn~~tiun tlicrc~~ith. in~lu~lin~ .~Iturn~•~.' 1~~.. .in~l ,~m n~lur m~m~~. .{~I~anc~il h~ \I~~rl~.ik~~• t~~ ~~n~t~it th~• Pnqx~rt~ .h.~ll cnn.titul~~ :iJiliti~~n.J inJ~•61~•tlm•.. u.arc~l hrr~b~. .in~1 .li.~ll Ix•~~an~• imnudi.~tch iluc and ~~.~~.ihlc ~~i~~iuut n~~tic~• .in~1 ~~il~~ intcrc.t tlx•rcim .d fhc r.~t~• ~~I tlin~ ~kr ccnt i'. ~rr annum ~~e~hcr th:~n tl~c i~tcrest r.ltc ~~x~Cllrcl~ irl t'll~ ~utl•. t~U) ill Iln ~•\l•Ilt ~liKFlcr tft:lh tf1C lltd\illlllltl illtcrc.t rJtl' ~x•rtllitlt'l~ ~.1~\~. 111. \~~~rts.is~~r ch:tll t~~ thc \I~,r1,':~~i~ pn~~i~~,l1, n~,nn ~Ir~n.uiJ .~11 c~~.t.. ~~~e nv. .~nJ atl~~rn~ li~.. inch~diny: t~i~ n~d.~ro.~hlc cu.t ~~1 ~m tit~i c~dmindli~rn. .u~~~~~crocnla~ :~~~.lr,ut ut tit~~~ ~~r tit~i• in,ur.~m~. I~~.~t tn.~~ IK• imurn•d b~ thc \I~~rt:;.~,.c~~ in .im pnKCCdin~s. inchi~hn~. ~~ith~mt litnit:di~m. c~m~l~ ~un.~tnm ~~~~hcc~Im,., ~~nKirdin,. in~~rhin~ thc forc- .I~~.un~ ~~f lii n. nr i•ncu~ntiran.~., thi• cnf~ircrn:i•nt ~~r intcr~~rci:ui~m ~rf i,mtract., Icau. ~~r utln•r ~I~xununl., thc fnrcclrnurc ~~t thi. \I~~rt~.~c~, ~~r en~ ~~th~r pnKr~•din~,. i~t an~ n:durc''. lc•,al ~~r ~~thinci.r. ,~flcitin:.' th~ Pru~t•rt~. ~~r .~n~ ~~:ut thcrcof. ~~r th~ titl~• t6~ rct~~, ~~r ~hc ~aliJu~ ur ~~ri~~rit~ ul thi~ ~lnrts;.is;c. ~~r th.i~ m.~• Ix~ incurrc~l h~ thc \l~rrtca~;cc h~ n•a~un ~~f t~ic f.~ilun nl t~ic ~Inrt};.~~:nr Uti (.cc~~ :~nd (xri~~nn :~n< <~1 th;• ~~~~in,int. ur .~,~rrcmrnt. i~,nt.~inrel hcrcin ~~r in t}~c \utc. I 1. l p~m thc ~KCUrn nc~• ~~I am ~~f Ihc G~Ilo~cing cct•nt.: \I~~rt~.i~~~r ~hall f.iil. ni~~;t~•ct ~~r rcf~~~r F~~r a pcri~Kl ~~F li(tccn I i! il:n. lulh :~nd i~rony~tl~ t~~ pa~• ana .~muunh n yuirrd tu 1x~ paid b~ thc \ut~•: ~~r . ~o~x~~~ ~~1~'~ ~ _