HomeMy WebLinkAbout4544 stn~is to h:~ l:c•l:i i~~• ti:c :•,~ns,• ~~:it~,~,:~t in;~~rc~~t, to ~uch itc•t,~s. lf . t.^.ny timc ihc
C:;iIUi:ItC(1 5.1:`i1 111= S :11'~'~~ 1~1~ . :C~.;~ '~i' }l('!'(`lltl!1:'T ):l)]:!1li1ClCllt 1!1 .511~ S:IC~1
11~'lll \~'~1C'11 (jll~~ t}I!• :~l~~i'i ;:~(',ili' tijt:~~f f(~T:~1~:1i11 ll~~i~!1 GCIf~:111C~ ]~:Y t~IC C~(`1lCif:l:C~ l0 1~tC
It1ui•1~.-~"ec. TLc ~„r.rii; to bc I~:;ic: br tlic :-;ur:~::~~or purst~r:nt to thi~ ~~:~ra;;~': ~~'l ai•c s~',c•?y
for t}~~ auciec3 I~r~~:^ciin:~ o[ t}:c i.t:~rt~.^.~;e^ ~ nd ent: il no resl~on~ibilit~• on the 1~9ortKZ~ec's
~l~ll't ~lC~C~Il:~ 111^ ~'l~'v".:li: ; Uf (~L!t` Cl'i-(il~, \t'1:~1C~.1: 111~CTE':t~ t01' SLl2t1S i.C~U:t~l~' TC~C2l'CC~ V)' t~1C
I~Iort~;, j~ec. llp:~n tl:^ ccciu~c_::ct~ oI z defau2t ui~der thi: :~~ort~.:~e, th~~ Tiort;;::.^.ee m<,y
api~:y ~Il or a??~• ~~~rt ef thc r..cumul: ted fun~~'.s he]d herrunc:cr tipon ar.}• o'~?i~ation
s^cureci hcrcby, Up:,_i at-i';~:n'-c~::t of t}.:s ?'.~r:z;.:,;:, an~• tunds held b~~ 1hc 1Io: tRa~;cc
pursu:.nt to this f~^ra;;r.?~h siie.~l !rc transf~rrccl to such ass~i~:nee and an~- res~~onsibilit~• of
th~ I~Io:l~~.~;ec ~~•ill: ~cs,~ect to s~:ch f?1:~ds s~i~lt tcrrninr.tc. Aiiy Fa~•i~~eiits due b~ thc
l1~Iort~;~~€;or h^re~~::d~ : shall E~^ c~u~ monthl~• an th~ datcs that int.~:est p:?~•rnents are due
pursc~ani to the ~.~ro^~issory no+.~ (or, if pa}ments of inter~•::'..are not dt:: mon±jily unc?er
the promisso*y no`.e thc ga;•a~cnts due h~retitr.cler sh4ll be tnade izio:~tl~l~ commencin~
thirt~ da~•s from ti~e dnte herr.~f ~nd manth~~ thcre~iter ihruuLl:out the term of this
T'Iort~;~~e), ~ nc? an~' failure to te~~ ke such paS•ments shall cunstitti;e a deiault pursu-~nt
to Paragraph i hcrco..
(b) All paymer.ts mentio~~~d in the precedina subs^ction of this para^raph and 111
paymei~ts to L~ m~d~ t:nder tne protr:sso=r note shall be ad~e~ to~ether and the .
a~;rrcUate amou~lt the:cof shr~Il ~ie paid b} the l;ortgai;o: in a s:nnte mont2~1~ paymcnt
to bc applicd by t}:e 1io:t~:.~ce to the fo11o~:•ii*.~, i~ems in ihe order s~•t forth:
1) Intcrest on the prii:cipal s~im of the pronissory note;
2) Amortization of th^ prii~c?~al sum of the proTnissory note;
3) Taxes, as_;essmenis a:,d insurance premiums_ _
Any deficiency in the a:nount of siich a^~;re~ate monthl}• payments shall constitute
a default under ~~ra~rap}~ 7 ~f this \Iort~a~e.
22. That if ti~e tot~ 1 of the pa~~mcnts made bp tlie rlc~rt~a~or undcr (a) of Paragr~ ph
21 nrececlin:Y sh~ li e-•:cecd the ar,:ou.zt af pa,:nents actu~?:~~ I1224C by t~:e 1lort~lPtC 10*_'
taxcs~ assess:ner:ts ar.ci instirance prer_~~ar.~s, as the case ina~• b^, such excess sha?1 be _
crcdited by the i:o:ta~:~e° a~. inst the next subsequer.: pa~ments to be madz by the
Dlortga~or ptus~.:a:it 2o the prot:~itsorS note_ If ho~:•ec•er~ ti~e ~?ayn.ents made by the 1'Iort-
g~*;or u.~tc.'er su~.~:.•ct~on (a) o` I'~ rabraph 21 preceding sizall not ha~~e Le~n sufficient to
pay ta~es, asse, ~r:~~t:is ~nd ir.sur~ nce preti~iur7is, as the ca ina3 -be, t:.~en t~ie same shall
become due and pa}-a~ln, thcn tiie ~iorto: _^,ee may at the llo; t~a~ec's option imrne~'iatel3
pa} such tales, a;~: »::1^nts a::d i.isura:~ce p~emiurns, and si~~~2 p:e}'r.tetit by the tiIort~a~ee
I shali be subject to ~nc prctis~azs of Yar:~rr.~:h 23 he:eof. 1f at any time the ~~urtgagcr
E shall tender to th~ ~Ior~~~~~i p=~t m~nt of tnc entire indeb~c:?t:~•s; set fortn in the pro:n-
~ issory note, in ~ccorc:zr.ce ~:~itf~ :t,e provi:ions thereof, the ;.:ert~: ;ee sliall in co:npu?in~
~ ~ the amount of st~ch inde1.,:ec~::e_ ~ credit to t~ie 4ccount of tl~e Ziortra~or any Lal~:nce
~ remaining in t~z~~ fun ~s ~ Lcumu'.ated und~r the proL isior.s of subsection (a) of Pa: a-
~ graph 21. If thci-e ~~11I1 b~ a c3cfl.ilt unde: ~n~ of thc pro-.•isions of this P.io: t~*a~e resti~t-
E ing in a public s<.lc of the mort^cr,d ~ro~crty c,r if tlie ~~:o-t;~~~e aequires t~.e mor.Rar^d
pro~i'Ti} Oi~~C:':ti'15' r:tter d~:r.;.:i:, tt1C ~:OIt~~^C~ 5~1;11 ~lr~ ~t i}2C tIl11C Gi tile comr-icnce-
~ IY1CP_t Of such pro^ce(~2^~s or at t~:^ tIIi1C t~1C 1TlOitET,.1~CC~ T~:-v~%~T~~J 1S Ot~IC;iC1SL' acquired~
the balc T1C~ tf:CIl rema.:~:?i~ 1:1 t~iC ftl(2.'_S :ICCIIITlli~ltt'Cl LITIC~C'I' Silt1=`.'Ci1C~?7 ~.t) of Parafr2~J;i
2l ~s a erec~:t u~:~ir.s: the nmount 1lien re~nli:~inb unp~id unc3cr the promissor}• no?e.
~ 23. That in the event the :L`ortbl~*or fai~s to pay any c}:arces or obli~a:ion requircd to ~
~
f be paid b} the :icrt~a~or }:~:e~~r,cicr, ~ziti:in the ti~ne set forth far such pa~ment, the
~ ~IO~to?..~C'_ ~1`::i .:t :1:^_ i!:'::: t0 T,; _ cL2Cf: C:._.:t;C C: G:)~?~ ~Z:C;:1 ~tili~lCst.it ~'::llt'::'o or :,ficcl-
~ li)i t1i_• O~l:i(i:i Ui tfi= :.i0::;;: `iC t0 C~~`l::Gc:: t:1:5 .'.14Z`.~~:; C]R G~~i :it11 j?L12"Sti:~ili ~.O 2'F~i:l-
~ (~Tcj>>1 ~ Z:Et'~~i. SU''_^_• Ii::_'^;_•;2i SU Ii_:: 5:];!~~ l:l~:.•:E.~i. ircir: thc CZAtC t~1C~tOf
at th^ rate uf 14;~ F,: ° a-~r2L-::. E~~cr}' su:ii r:.;;;~.~nt s'r_~ll be decmcd ac~d:tiait.:l n:oi~ics~
~ - o~:e1 L~ ti:c ,l~ort~ r.~;er t,~ tl:e '.io::<<:,,c~, s': .?1 bc pw~-c:~.~Ie on ci^m~ i~d oi thc i.Io.-i~<*~ee
~ , t .J :.:0_ .
thcrc~~: a-ed s~<:~l tr~ secu:c:i u. th~ L•CIl C: i:-
~ 2~. 'iha~ this :.:o~.~;::Je sr.~i tl:i: p:o:nis_u:-y no.•~ `s:~~il b~ go•.•crncd Uy the la::s of
~ Sia? e ot I~ I~ri:.'•, .
~ 2~. The i'~r~,;_ ~;0: CG~'S 2:0~ ]L'ii_•'1:: or e~;!_Ci. t0 ~1}" 2i7: (1^~S thc i: i~it~;~~,Te~ 111tCZ1C~
OT E•S(;~Cf LO Ci:::Y~;C., 3C"i~~ OP CO~iC~t 2i1~' IT~ic':~St ne:~~:?::(I~T O: U11Q~•: t}'.^ ~I'J2ilIrS01'~'
IIOSC ~1C~1C1' i~?^•1 ii`^ ~:1n12t'~t ~i•^'?~ Z<i^_ ~)i 1'1tC:lS~ \'.`l: ~!1 I71:~~ ~l^ C:l;ti'vl'~i 11I1C~P t}1C
~fl\t': O~ t}:: S:~ :t. O_` _ 1C.1~:__. :.l'.Q:liii t: ~.^C'~iL'i.?.~lOi: O~ I't:Il~.!t1121~ ~41li~1j:11 [i1~.u]CC
Of t~1C 1~1'O::l~:~~^'_'~ ilu:c~ 121 t11C C'~C:lt O~•? C?`:~'..11~ ~1Ci't~~1T1.'._^F OT L?RGC~ t}la~ I)i0I:11S~UIti ncie
- OT ~.21}' C~2•_~ ~c?~ .^.'.'t~~ ::C£C:L'.~ OI' L:'.!Uf' ~t:~ j~-UZ2tISS7:)" StbiC, I'CS:]~Z lI~ ~jlC C02:1:)ll?1tlGri
or carrinf," O~ 1:!.~t'C:~ 111 CZ^~15~ Ot SL1Ci2 ~^~;c~ Tu`~.~~ 8i1~' F-i1Cl SUC~1 C}:CC:S S~2.ll•~)'~, a!13
t}?e s.~me is~ lier~by ~•r~i~•~d L~~ ti:e i.;or<<~a,:ce, a>>d aii}' and all ~uch e:;cess s~:^ll be
crcdited to ti?t' tf`::1 TC:n~ir.~^K rr:~~cip~l b^j~:!iC^ C;L1C 117iC
~r tne ~romi~ -o~v IIOfC.
.
~1
-~.3
e'r
Y~ _ 5 _ ,
'~`~"A
c`'~ BUDK ~16f ~JJ I
<:,s
_
~ :
_ _ _ _ . _ . _ _ - _ . - . ~