HomeMy WebLinkAbout4542 1'hat if any o[ thc s«~~i; of mt~!~c~• lici•cin rrf~ri~: d to ~cc ~t~t ~~ratnPtly ancl fully
p:~1(~ t~'lt~llil t\\'l'Slt}' G:~~•;i :~fi(`: t~:~• :'1:QC CUlTI~_ C~lf~_` .9!1(; ~1:?~'::~~~(', AC Jf It1t}' Uf ~~1C Sil1)11~:1t10f1S.
a~rctmcnis, concl~tiotis and cu~~cr~::n.s c~~ntnincd iu tii~~ ~~romissnr}• not~ 1nd this \lcrt-
g:~~~, or eiti~er, arc not c?ul p~rf~rmed, complied ith ancl ahid^cl b~•, same sh~~l be
cansid~red a def:eult of this 1tor.~;,.~e and tli^ promi~s~rv notc, and the a~~reRate sum set
fortii iii th^ pramis~or. note ihen i•emaii~in~ unhaid, ~:~ith ir.tcre;t acrr~ted to ih:~t iin~e
and tmn~id, and atl IilO!tCL'S S^Ci1Tt'cI hemb~•, shall becomc du^ aiid pz}~ab,c forthtirith, or
t}~ereaftcr, ai tl~e ortion of ti~^ `.Iu:•t~*a~ee, , s f!~lly at~d c,m~~lc~tch u. if all thc said sums
of ntone~ ~ti•erc ori^in:,llr :tin~~'r,tc~l`to b~ ~~^icl on seich day, .nrt}?is~,; in thc pro?nis:ary
note or in this \Ior.~~1:;c to ih~ c~~z:rary n:=t~~:ithst:~?ic?:ns;; aud th~r~ur~on or there;~iter. ~
at the optioii of tl~c `Io.t,~:~,.cc, ~:•itliotit r~ot~cc or cl~~in;::~cl, Sttlf aL J:1~~ or in eq«it}~ ~nay
bc prosccu:~d as if all r.~~:;:~~:. sccurcd herc~~~• h..d inaturcd I~rior to i.s institution.
That no c>:ii'1?SlOi~ (~1 t}:C tIP.'_C G!' -I'?C'~:~lC~lt?Oll Of t}'iC t(:I:1S Of ~!~~'f21(il1 OI Ult:
i. • ~ i•~ ' ,n r~ ~ ~
pro~ni~_ or~• no:c ~.aa s:a r:~:: . of nr t..~r: c: 1~;1: ts af t}. r~:art~, s„c:l ~;raj ~ rt}• !~t• tf e
~~OftF:lf~:t~ $~l::,l TC'iCa:;:C~ 1'i•ltt?t't'~ OT U?Si'~1^T~: t}iC i~101•f~::;~~~~r iCC~IIl 1}1C ])'t}'IS1CIlt Of itil}' Uf
tjl~• S1,12115 ~i;.•1'C:i~' ~i'Ctt1'Cil l!? ~II!'ll Ct'iilt t}iC i:IortE;~:i;i~t' S~lall 11C•~'{'T~~;t~C':S iJC' ~1:::)~i• 10
~)il\' SllC~i StIR1S ItCCC~I'i:llir t0 ~t!^ i~TD:: Ui 5:2^~l C_l'~G11:~!O.1 OT 11:0;.'2~l1'Ri10:1 lt`11C=5 ~j•l'Cl?-
lC~1~V I'~~Ec'1~~C1 <.11(i C.?~::~'~ T`:::1 IIl \~:Tl~i!:~~ tj1E' ~.:JS'i~8(;E'~'. tL'l\' 1CCf•]ii1?iCf' U~' t}~^
~ZOri~;.^.f',_C Of r~ti± ~+~.)'IY!C•?li C!? .:1~' 11~5~?11_^c.l: Ui ~)rj~2ri~~ O~' IRiCIt'S:~ Ot ~~Of~:~ OT O: ~1:!I't
~7C.itO:T.:~^^.E` Qi i.1?~ Ml'('?t,^,:ii~ Oa G2_~8`: I)~J ill~• ..lUI't~B~G~,~i~_" ~:11~' ~:~il~l!1 O~ t27i1C' ]I2 C":'..'1'CIS-
Li~ {~I'~ Ojliltl:l t0 1:~:ti:i';3 Z}i:.' Ci2:7Tc~ ClL:ii .~a.:~_'i:il }72'al'~1~ S(I:~l 110`i. Gj%.~PBt:. i.: il 1`:11\'E'Z' Of . i
!h~ ri~ht to e::erri= ~ suci: o~ .;ic~n to r:.a+,~tre L}i2 elltlTC Ci^J: s~cttreci l~c~re:_~~ . ln the e~•e»t i
the te:•m~ Of t.^.C ~iT~T:'.I~SO':'~•]70~^ i'~r:nit I~~:~~;_:~'ill^riL lll ~~;I'~ Ot t~lt 1I1.~.C'UiCC:!1°5j SCCII<<~Ct j
her4b~, ~.izy sucil rrepa:•me?~t in pa*t s1zaL' b~ ~ p~~2ie:i to Ir.)"I1CIlts of p:inripal in !he ~
in~crsc OIC~CI' 6f Z=::lI' I:~F.~E[:'li}'.
Q. That Luitil c:ef.iuit ir: t}:c }~^rior~:n~ ~?cc of tt:e co~•er.~,nts and a~rcemenis of t}~e
pramissory r_oic O; Oi ~.l1lS .:10!'i~~~;C, t~l~ 1.T0: i~,Ta~OT StZ; ~1 CTltltled to coliect the r~atts, ~ ~
ISSI)CS, SIl(i ~?:OiliS Si~I;I: t}tC~ I::4 ioF_~CCl p"Ol)Ci~~, ~Lit in th~~ event Ol 1 CI^ilt:lt IIl ?t?}' O{ !
the terms of tl~c ~..o:nissor} n^:e or of tti~s \io::o~gc, c+~• of the fitin~ o~ a co:np?aiti~ to t
forc;.lOSC t~li~ O~ F.Ilj' O:?2CP L^.O'i~;i:£;° Ci2CU:l1~:~:I^~ t~2~ 1i:P:t~.'~~;CC~ rI'U~:tl'i}t~ 1}iC 1TO:t~F.~2C ,
sha11 ir~mc.:i:a`e?~' 2!tCi t°.'It}?031: 1iC~~iee L•2 en:it3c::j~ fiS 8 111c .ter of ri~;,;=, T_21C1 tt'1~i2011t LCvit2'(~
to the ti alt:e of tlie t~~o: t~. Uccl Fru~:ert3 ~ e_ so~reiic~ o: insol~•ency o: th~~ ~;arties, to ih^
2~t~OllltiriCrit Oi a rec:i~'~T Oi ttl~' II70::U2~~~ Fropcrty. 4ad ot t~~e rents, l: SIi~S SriCt ~'_'brItS
thereof, t:•ith ihe u~u~ 1 p~~~: er o: recei~•~rs i~ s:~ch c~ s~s, and stich receirer rn~.}• Ue ~
confinued in Fe~snssicz of the mort,a~~~ gro;~er.y uTstil ih~ tizr:e o: th~ sale t;:ereoi, unc~~r ~
siich foreclo~are, ar,ci ~cii:l fi:e co~;ir:.:a~io~ oi si?c~i sale t~y the cot~.rt. Z
10. That t}~c mu:lin~ Oi u 1`.'*litCII 11Gi1C2 O* Q~'7T'i~^..^.C~~ ?ddresse3 to t`:~ O~iner of record !
of the mort~aCea I~ron ~rty r.i~tcted to s4id o::•ncr at ti~~ Ir:st adr.ress act,ial3} fw-i,i~hed
t0 t~IC i~lO=iL<.oEE', G, ciirect~:: t4 S31(1 Ot~'12C; at t}:e 1ri02tL~.~cC~ Pi0}iCL'tY, 2'.1~ T:781jE:t by i
the United S.aies C^Ti1~:~Ct :~i411, Si1111 CUii1ClG'2:t IlOt2Ct tl:~CiCI' t}li;, ':llOi iu2S~•
11. Th~:t, noi~:it~:sta:~di,i~ ?he proc-isio:is of paragra,r,h 9 hereof, all of the re.~ts, ~
depos~ts, izl'c":iitleS anu p:ofi's ~risir_g oat of the ope:al.fOIi of tlie r~~ort~~ ~ed grope~ty -
are, b}• ihe tern:s here~f, assi~t:e1 to ihe ~~;ort~agee as fi~rt':i~r securit}• fer the p~ ~•;nent ~
of the indebtcdne~s Sc'.CUTe~ ~i~reb4, 2I±d h0 Oi.her instru:,?~:?t OT UO~ilf:le_1?S ne2C~ ~'ie C:+-
ecuted b5~ tl:!~ ,~iort~<oor to e,.ect s;:ch ass:snment. Ar.y subsequ~nt ass:gnment of the
renfs, deposits, ret~enttc~ ~na profits of the mortgagecl pmpertS~, or any part thereo:,
shal? at aIl t~mes be inferioi• a^d subo.dinafe to the as~iLCi~nent granted herzb~ ~i~d to -
the ri~h`:s of t}ie ~:ortga~ee he: eunder. ~
]2. That to tl~e ex:ent of tlie inc?eb;eciness of the liQrt~: ~or to the 1io:t~aoee ~s set
fortli in th~ pr~~:~s~r5• note, thc i.lort~agee is sub~ob^~:ic:ci to the l:en or Iic:~s and to the I
rights of any of the o~, ne: ~ ai~d holders of each 2nc~ e~•er}• mortRage~ lien or oil~er !
encur*iLrar.ce on t'r.e rno:t~~~~1 prop~rt} ~:•nich is p~ici andJor sati;fiect, :n ~~.hole or in ~
part~ out oi the proce~c:s of the principzl a~ount of ih~ p:cmissor~• i:o!e. ancl the resi?ec-
ti~~e li~ns of s~id mort~~ ~-es, 1=ens o: ot}~er encumbrancts si:ull be pre~~rc~ed and s1~ali p~ss ~
to and be neici by tiie i:io:?~~_~~e as f~*~l~rr s•~curi.~ for t~;e in~ebtc~r.c~s to the `Io:t- ;
i ~ rs', ~ r n l. _ a a ~
ga~;ee ~:•h_ch this .~_or.~~~e s.cu.es, to t}:e sam.. extent t..<_: i~ .:~o~~a r.~.~-e been preser~•ed
and zz•o.I?C~ I:1\•e been pas~en to and be~n he::l b}• the :ti:ort~a~ee 1:~ ci it been assi~ncd ~
to the Alor., a~~~ b< <~para'e assignr:ient, no<«;?thstanaing the fuct ti~at tiie samc maJ be
sati~fiecl and C8I!C^ii^d of r~cord, it Ueing t}_e intention of ihe parties hereto th: t the ~
sam^ tril[ bp sa!i~fied ar:d c:.^.celled o. record by the ho~de:s the:eof at or about thc ?
time of the rccordina of 2f~:s ~tilort ;a~e. • ~
~ 13. Tha: if a.^.}• ariie~ o: nrocecdina ~~~all be commenced by ?Il} ~`^rson othe: tnan ~
the ?~~o*tga~ee (czcep~ a:~ action to :orecl~se th's I~Iortnat e, or to collect the debt secu:e3
thereU~ ) to hicl~ ac:ion or prL:~edi:la the ,`.Iortga~ee is made a party, or in ~vhich it
sl~all become nece:sarS to de:cnd or uphold thc lien of tt~is il~ortoase, all sums p1~d by
~ . . . . ~ . _ [ t:. ~1.. rn...-.....l.~n P~• ~n~ ~~n~l.
~c:i
5~'_.:: ~ _ - . :c • i ::c: : ~F lt;e :r.tc o: t~n {IO','~) ~
~
~ii:~ CilYi ~:~T .3il.~l~::l~ ll~.:.:: C.: ..:.f~il tu~ L..~,,..,~C:b.:d~i'.
14. Th:.t the a~stract of title covering the mortaa~ed property shall belong to and - ~
remain in thc possession of the ~Iort~a~ee during thc :erm of this ,:iortpage. -
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