HomeMy WebLinkAbout2652 7. H~ny of ~M wrm of mon~Y Mw~e nfN s b~ not poenptly ~nd fvlly paid within th~ny (~0) d~yf ~f~N ?M suM s~w~~lly b~com~ d:w u~d p~rabl~.
a i/ ~~ch ~nd ~very tM sttpul~uau. prNrn~+?,. nd~~:a». ~nd cown~nb oi ~aid pomii~wV na~ ~nd ~A~s ~psp~. a•~~?w., u• no~ duly p~.larn~d. co.npL~d
w~M ~nd ~bid~d py. H+~ ~yqrp~~~ swn mennon~d ~n ~a~d w~i~~ory no~~ ~MII becan~ dw •~d wr•b~• f~w~M o~ ~Mr~alta ~M opr~on oi ~M Monp~qM.
•s hlly ~nd eomol~Nly p if ~~;d pyr~y~~~ aum o} mon~y wu a~p~rully ~t~p~i~l~d eo b~ p+~d on f~e~ daY. ~nytAinp in ald pomiaswy not~ a Mr~ie ro tM
conlruy nofwi~Aat~ndinq.
• 8. To d~t1~.a ~o s~id Maepip~~. on a Edor~ Mu~h ~S~h oI e~cA YeN, u, rec~~p+s w~d~ncinq fM ptiyn,~n~ of dl lawlully ~rnposed u¦~s fa tM pr~c~d~np
ul~nda. Y~u. ~o wi:cu ~o uid Nb+~g~qe~. r~c~~pn ev~da~unq ~M psr+~n~ o~ •~1 If~n~ (w PvDGc ~mWw~m~ms w~Min ntnNy (00) d~vs ~I~a tM u~ ~1ult b~cwn~
dw u~d paY~El~. .nd ro ar w d~.chuq. witM nin~~ (90) d~ri ~FtM dw d~q. ~ny ~nd ~11 qove~nmenul I~vi~~ M~~ may ~ ~naA~ on M~ mor~qay~d propNty.
on ~hi~ mo~tp~q~ a no~~. w in ~ny otMr w~Y n~ut~~np frwn ~A~ Mwtq~p~ ind~bt~dntss stcwed by ~his mafp~q~: ~~d ~f this cond~~ion bt nW complitd witA ~nd per-
fam~d. ~aid rwatp~pN m~r pay ~uch ium a~~ms wA~cA sMll b~co.n~ o~„ 01 th• d~D~ iecursd by ~his mwroaq~. ~nd aMll be~r ~nprw th~ .~t~ oi ~i¦ p~~ c~nf.
IAXI M~ P+v~b4 s~mi.u~nwlly vntil p~id w sud Ma~~p~+ ~naY ~I~ct M~t u~d ma~gaq~ debt rMr~upon b~com~ dW ~nd paY~a~ («?Aw~~h.
9. U is (uriAr co+enan~~d ~nd ~q~eed by s+id wrris ~har in ~M ~wn~ of • ~oit b~~ny ~ei~~wted w(w~cl~~ ~Ais ~.+o.ry~p~. ~h~ Mor~p~p~e ~MII M ~n~~U~d ~o
~pply ~t ~nY t~~ pend~np s~rch iweclww• svit w ~M cow? A~viny juriadiction fl~ereof ia iha ee+pantment of • nceiwr of ~II and sinqul~r tM mwtg~qed prap~rtv.
and of •It tM renM, :ocantb po(ib, iftws ~nd ~~wn~q tM~~o1, irpn wh~bower ~ource da:ved; ~nd rhentip~~ it is Mreby •,pr~afly cownsnltd ~nd prKd
t?+a~ ~M cow~ sAall fatAw~+A ~ppoin~ •~tc~iwr of wid ~nw~y~ped pope~h. all ~nd ~~oq~lah~~ed of~uch,nnq. incwn~s. Prohts. iswe~ end nwnw ~Ae~~o}. Iran
wM1~o~vK sowc~ derived. wi~h IM uswl powN~ ~nd d~ti~t of receiwn in lik~ c~st~: ~nd syth ~ppo ntentM aMll b~ mad~ by ~~ch court ~s • r'utetr of ~vicl riqhl
ro N+~ Mor~qapN. i» ~ucc~ssws. leq~l rprMMt~fiwf a~a~qn~. and witAoW IfINlnC~ 10 d» ~d~vuxY a in~dpuscy of 1M v~lw of tM w~«Y ~t~eDy matqa~d.
a to tM solvency u inaolrtncy of tA~ Mwtpa9or, ~nd ~hat s~ch nn~, proht~, inco~, nsw~ ~od ~twnuM ihall b~ ~ppG~d by suc~ r~c~iwr ~o tM p+Yment of tM
mwtqay~ ind~At~dn~ss, co~~s ~nd cMr~s, ~cc«d~nq ro~M ad~r of such co~rt.
10. 1/ ~ conwy~ sAould b~ rnsd~ by tM Mor~9sya of ~M p~em~sN Mr~in de~cribed. a ~nY wN tMr~o/, w~tho~A tt~ vrritt~n cansen~ of ~M Mor~pp~~, ~nd
w~fhoW ~ssumpt~on in rputp fw:e of I~w Ey tM qr~ntN o( tM o0lip~tion ro M• Nbrtqape~ ue~Md by s~id pomissory no?~ ~nd this ~nortyay~. ?Mn. and in tha~
~vMf. ~nd at Me op~ion of ~M Mortq~~. ~nd witAwA not~c~, dl wms of mon~Y sec~red AerebY aMll iimn~di~t~ly ~nd concu~r~ntly w~M such con.~Y~nc~ becwn~
dw ,nd p.r.b~. .na in ar,v~~.
11. iMt in tA~ erenl tM w~m~a~s Mroby morty~ped. a~ny part tMr~o/, sMll M cor.demn~~ ?~d tak~n for pvblic us~ undcr tM power ot e.ninent dom~in.
tM Mortpaqe~ sMll Aaw tM riqAt to d~m~nd ~hit ~11 d~m~qes aw~rded tw ~M t~tirq of a dnnay~s ro u~d W~m~sp sA.11 b. w~d w tM Morty~qk up ~o the a~nour.t
rhen una~d on M~a ino.~paq~ ~~d ar rM op+an o1 ~M Mw?p.y~a m~r b~ appli~d upon tM wr~~s bi~ payaEl~ ~Mr~on.
14. TM mwtyayw b~nds himscll not to ~r~ct a p~r/n~t ~o b~ e~Med ~ny new Du~ld~nqs on ?h~ p~mis~~ Mr~~n ~nwrp~yed a to add to d pe.~*~t fo E~ ~dded
to •ny o/ tM •si~rinq improwm~nts tMrwn w make ~~y chan9es a ahe~~tioni in s~id ~mwovern~ntt wh~ch rnsteri~ly cAN+p~ eh~ samt o~ the us~ tMreof, w~thov~
tM writt~n consent o1 tM Mor~p~qe~. and in tM w~n~ of ~ny violpion a ~rtemp~ ~o v~olw tAis lYpvlNion ~hia ma~paq~ ~nd all sum~ secw~d MrebY ~h~ll :m-
n+~di~tsly p~com~ dw u~d colt~c~~bb ~t tM option ot ~M Mwtq~pN.
l~. tt is sp~cii~ulty ~gre~d tAa? ti~ is of tAe eaa+c~ of this confr~cf ~nd tMt no w~~vn o/ ~nr ob:iq~~ion Mr~onder w ol tM obfpar:on stcu.~d he~ebv shall any
~~rr~ M Mld ~o b~ • waiver of tM f~rms lx~wf w o( tM irotrumen~ sec~~~d he~~by. -
14. Ii fuecloswe waKd~nQs of ~ny s~cond mon9ay~ a second t.us1 dNd or ~ny iun~w G~n o~ any kind sl+ould b~ inatiWt~d, the Mortq~qee msy, •t its opt~on,
imrrkd+at~ly a tMreak~r decl~re ~his mor~y~~ ~nd tM ~ndeD»dnoss aecored ha~by dw ~nd p~r+b~~ iw~Awith, ~nd nuy ~f ih op~~on proceed to fwectw~ tAls
rrwrrpaye.
15. To th~ eatent of th~ ind~Wa~dn~is of Me Mortq~yw to tM Mortyapee deacr~bed here~n a secured Aercby tM Mor~yaqe~ is hereby subo~~ed to the Gen w
f~ns ~nd fo tM riphti of tM owners and Aolders thereof of exh ~nd every .nor~g~ge I~cn o~ o~h~r iMVTbfNIC~ oe th~ bnd d~xnbed herein which i~ paid ~nd!w
sstisfi~d in whol~ a in p~rl out of tM procceds o( ~i+~ toan descnbcd herein or aec~red herehy, and ?he reapective litns o1 said mor~q~qes, I~en~ w otAer .ncumbr~ncea
~MII b~ ~nd tM. sa~r.~ and each of tMm Aereby is pcservrd and sha~l pa~s to and M h~ld by Me Matqage~ her~in ~a secu~iry fw th~ indebqdness to th~ Mo~~q~qee
hcrein deacribtd w hercby secured, to the same eat~nt ~hat it woufd h~ve been prese.ved a~d wou!d hsre betn pasae~ to snd been httd Dy ~he Mortq~qee had it betn
duty and reQviarly ~~~ipned, trans~~ned, set over and det~wr~d unro ~he Mwtg~qee by separare de~d of ~ssipnment notw,ths+~nd~rp tAe fact that th~ s~me m~y be
satis~.~l and cancdled oi recad, l~ bemy the ~nte.~t~o~ 01 th~ parnes Acreto rh~r the amt wdl b~ sansfied and cancelled of record by rAe holden tbereof at w abw»
fh• ~irn~ of ~he recwd~rty oi ~h~s mo~iyiQi.
16. To par ai~ and e~~q~1a~ ~~e eosn cna~ges j~d e.penses. ~nc~~a~ng 1aa.ye~~s fees. reaso~ab~r •~~c~•rcd o~ p~~d a~ anr +,me Dr rne Mo~rg~gee be<e~u of ~he
e_~e o~ ~~e Morrgago. ro perform, corr.ply w~~h and ab~de by each and t~e.~ rhe ~nv„~anons. aqreemcn+a, cond~r~ons, and covenams o4 se~d v~o~r.,sso•y ~o~e a~d rh,s
^eey o. e~*he~, and eyerv s~ch p~yme~+~! shall bear ~nre.es~ f.om da•e a~ ~he rore pro~~ded sa~d O~om,ssay nore
17. 1Nhen anY ~mo~:nt of ma»Y to M p~id by tM Matpaqor to 1M Mwfy~ye~ under th~ terms Mreo~ sMll be in d~fwlt. w shovld the Mortqapor defsutt i~
any of M• othe~ terms, provisio~a or condnions of fAis Matyaye, fben and in ths~ cas~ the Monqsqes sAall h~w tM riyhf, w~thout nm~ce to the Nbrtg~gor, to
;oltect snd ~ec~iw trom ~ny ttn~nt w IessN of faid rnorfp~ped pemisn tM fMff, 11~UM and pro}~ts o1 th~ r~al est~t~ hereby mo.ty~yed ~nd tM ~mwa~ements
~herew~, and to 9~~ D~aDer receipb urd xquinancn tAsie/or, ~nd after paYin9 •II comm~ss~on~ of ~ny rental ~qent collecting th~ ssme, and sny ressonsbls anwney's
fecs and oth~r necess~ry •:pens~s incurred in collecfing ume, to spply the proceeds oi svcA collect~ons ~po~ any indebtedness, obl~gat~an or Ii~Diliry, o( the
~ Morrg~qw hereunder. TM riphf qqnted the Morty~ye~ onder this paqyr~ph sMll be in add~uon to, and shall not limil or restricr, ~ny otber riyh? w nphts qrsnted
' th• MortpayN in ihis Mwtq~qe.
18. If Ihe Mortyapwa at tF~e Gm~ of mzkinp this Mo~ty~y~ a svbse~Mt thtrero t~b out lite insvr~nc• desiqn~tiny Ih~ Abrrqagee herein ~s bcnef~cipy w~tb s
compsny ~pproved py fh~ Moitqaye~ w naiqns poliues to IM Mor~qaye~ fo~ fAa purpose o` SKYI11/9 ~M mortpaqe losn I+erebY secu~ed, fhen ~M Mwtq~pee sAall
j hsve the ripAt to pay any premium ~ccruing under t~id pol~ues, and sII s~ms so e¦pended sh~lt be added to ~nd becoem • pan o( tM p~ncipsl ~ndebtedness secured
~ by this Mon
i pap~ ~nd sh~ll be psid by tM Mortg~qor to fM Mort9a9ee m twelve eq~al consecu~~ve mond+fy 7nst~llments, tM (irst mon~hly ~ns~~llmen~ to be Psid ~s a
j w~~ of tnd in •dd~~ion to tM mo~rhly paymeM dw under tbis Monq~9t in tM fint ulendar montb follow~nq tM •:pendinq of s~id sum. $vch sum~ so eapended
~ ro bear ~ntsrest at fM r~te at which imeres~ is p~y~bl~ vpw~ sa~d p(~nci~~l indeb~edness and ~he I~en of tMis Mortq~qe shall e¦tend to and secure fhe sums so c~pended
~ foqe~hx w~M I/1fNK~ ~lwreo~ ~a F+er~~nbefor~ povid~d. -
~ 19. TbM together with ond in odditan ro the aaeMlr parment of principol and interest poroble vnder 1he terms oI fhe note ucu~ed herebr, Mortgagor :
shall poy fo Morlpopee eoch swnth vnlil soid note is lully poid, one-?welf~h (1 !12) of o suru equal ro rbe on~uol prew~u~w dve for fire, es~ended co~eroge, ~
~ and other Iw:ord insuronce coreriny Ihe awrtyoged ~propertp, plus to:es and osxssmenb neal dre oa fhe nwrl9op~d properfy loll m eseinwted bp Mortgagee)
~ less all suws olrwdr poid t6erelm, ond lo be di~ided bp the number ol montl~s ro elapse prior to th~ dote when such foaes ond oaussn~ents sholl become ,
definquen/. Soid suan sholl b~ hsld bp Mortyopee in trust or crediled b the prindpol oF IAe loon, to por wid ins~ront~, taa~s, ond ossetuwents ond shall >
~ be opplicd on fhe poyiwenf Ihereo( when dve. Mr eiceu held in frusf br Mortgopee when wid loon is poid in /ull alwll be poid to Marlyagor, or his
~ assigns, or perwnol reprexnfatives. In the e~ent nl o delovlt or (oreclos~re, said sums held in trvst map be opplied on onr cosfs ot donwges susfained in
connectan with tAe collection of tAe note ucured herebr whetber by suit, /oredosure, w otherriu. Mor~gogee wap (row tiwe to ~i~ne at ih oprion wa~~e, ~
ond affer anr sucb rrairer, reinstote onr or all prorisions hereo( req~iring sucl~ deposits, bp notice to Moriyogw in writi~g. While onr such wairer is in
ef}ect, Mo~f9o9or sholl par taies, ossess~nenri ond ins~rance pre~niums os herein elsewhere pro~ided.
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IN WITNESS W~E~EOF, ~M s~id Allortpsyw he~wMO uts Ai~ h~nd ~nd s•d ~h~a ~M d+r •nd r.ar iusr ~bov~ wnna+.
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