HomeMy WebLinkAbout0404 1. 1b Wqr sll and sin~ular the principa! and interest ~nd oiher sums ot manrr paYaDle DY virtue ot sald promissory aote and t1?b maiLa~e. o[ either.
prom{+tlr oa the dayt respecU~~elr. t~e same severallr come due.
2. ib pay aU and slr?~ular lhe taxes, asxssments, lc~les, liabilities, obli=ations and encumbra~+.rs o( erery naturc cn said deseribed propert7. w~ tisb
mart`a~e or note, or in any way rewltin~ trom thr inde~tedness seeured by th[s mortpje, cacA and every whrn due and paYaDle aeeordins to law, Defwr
U.cy Oecome delinpuen~ and i[ tl~c same shall not oe p~wr.pUy paid tAe Sank may at anr time eithcr betore or atter dNinQucncy ~ tl~e sam^ w•itAout
walvin~ or aAectinj the optioe to toreclose, or any rijht herrun3cr, and everr W~~ncnt so made sha~~ Dec~wn~ WK ot tAe is~debtrdne:s sreured by Wis
mortp,ie, and sAall +xar intcrest Iran the date ot paYmcnt lAereot at lhe rate pro~•ided in tM pmmissory note seeured Aercbp; a~d ev~ry payment so made,
and ir.terest Uxreon, t~AaU be eepsid by the moct[a~or to the Bank in weh manner as tAe Bank shall nquire. 'Ire morl=a[or turti.er asrces to deliver to
said Bank. on or ~efarr Mareh lSth ot eacA yeu. ta: receipls evidracin= tlk pa~me~t ot all lawtully impc~sed ta:es tor tAe precedin~ calendar Year snd to
deli~tt said Bank. r.-eeipts evideaein~ lAe psYment ot sll liens [or puWk fmprocements writAiw ninetr (90) daYs +f~r. lhe s~t s~l beeomr due and
paTabie.
3. To keep :Ae buildin~ anu all equlpment and personrl pmpertr noa or hereaftc~ on saM pren?ises. corered b7 tAis Mo~t[ate. insur~i a~eiast loss or
damaje bY Rre sad sueh other intunWe perils as lhe Bank sRall trom time to time reQuire. i~ wch amounts as the Aank s1ul1 requ4tr. by a companr or
companies and thraush an aYe~er satistacWry to tRe Bank. and Yaid policy or policies shall be teld by U?e Bank and slull bea~ a swndud New York mort-
p~ee clause wnthout coatributun, makin= tbe losu under said policies p~yablt to tbe E3ank as nwrt(a[ee u ils interest may appru: and in the event an~r
sums o[ moaey beco+i?e paYaWe under suM polieY or policies, the Bank sha11 have the option to reeei~~e u?d applr the same on aceoant ot the indeDtedness
Aerebr setured, or to pertnit the moctta~o~ to receive arid use it, or anY put thcreot. tor other purposes, wit!?out tlKrcb7 waivic?s ur impairins anr eQuitr.
lien or ~i~At under and br virtue ot this mortp~e: and In 1he e~ent the mort~stor does not comM7 ~ ro`Y^~~ ~~^O~+m ~r P~n ~ WJ'
for wch insuraifce. or any yart tAertot. v~itAout waiviu or afteMin~ the oplion W toreclose. or anY ~i~At Gereunder. a~d e~~ery payment so made steall beeome
part of tt~e indeMedness aeeured by this mort:ase, aad sbaA beu intcrest irom the dste ot paymcnt lhcn.wf at thr rate provided ia tAe prom~ssory +wte
secured 6erebY: aad every paymeat au made. and interat tLercon. shall be repsi~ ~y lhe mortpsor b the Hank ia sueh nunner sc Ux Hank shall require.
4. la order to awre fullY proteet the sccurity oi t!?is morttase and p,rovide for tM paysne~t ot tucs, assesvnenb aud insurance Prca?+ums uDoa the
P~opcrtY cneumDcred hereby. the Bank maY rMuire. and u? that event tbc aartsasor a[~ ~ WJ to the Bank exh mont6 at the lime the paY~nb
provlded br said promiaory note ue due and in addition W said payments a sum eqwl to ooe-t~vel[th ot an amount e~timried Dy the Bank to be w~eicnt
[or the Bank to pay said tues, assessments and insuranee prra.iums vrhen the same are payable. If Ux amounts Wid under this para~raph s:.all aot be
su~eient W enable the Hank to pay said tues. assessrnenls and insur~nee Dremiums, tl~e mortLs~or shal~ WY tAe diHereMe to t~e Bank oa demand.
S_ It tbe a~ortptor shall have assiseed or eaux W be +ssi[ned to fhc Bank aow or Mreatter u?Y P~e7 oI lite iawranee as additional seeurib tor
the iadebtedness secured br tAis mortt~[~. Ux mertsasor a=rees so lo~ny as any ot s+iid indebtrdness remains unpaid P~PUY b WY all premiums on said
insurante wlten the sa~e Decome due and payable, and if the same sEall nol be paid proa:yt:y the Bank ma7 W7 without a-aivint or aHectin/ the
optioa to Loretlase or anr ris6t hereunder. snd e~ery payment so made sdaU become a part ot tbe indebadness seeured br this mortSs~e. and shall beu
inte~rst iran ttx date of paymeat t4ereol at the rate provided in the promissory aote xeurrd hercOy: aad every pa7m~at so made. and interesi thaeoa.
shaq be re~id by •he mortpsor to the Bank in weh manner as ibe Bank shalt reQuue.
a. To permiR eommit or sut[er no waste. impa'ument or dcterioratia? o~ wid D~T. ~~7 P~ thcreat. and upon the failure ot tDe raortptor W
keep tLe buUdinss on said properir in aood condition ot rrpair. lAe Bank mar demand the immediate rcpatr ot said buildinp, or an inerease !u tl~e
amount ot seeuriV. or the immediate repaym~nt oi tbe deM k.treDy ~cured and the tflilurc ot tAe mort~or W canply ~ritA said demand of tlte Rank [or •
period ot thirty (3~) ds,~'s. shall caa~sl~tute a breaeh oi this mortsa~e, aad at the option oE the Bank, immediately auture the entire amount ot priexipal
~a interest hereDy secure~. and immediatelr and without notiee. the Bank mar inst,tute proceedin~s to iosecl~e U?is mortsare and app1J Lor tbe appoiat-
ment ot a Recei~~er. as hereinatter provided: and the Bank sdall have tDe risht to inspect tAe mortga=ed premixa W~ertain compliance with this co~~enant
Ib perform, eanDly with and aDide by euh and e~-ery lhe stipulattoas, at.eementa, eonditlons and eovenants in said pranfuor7 ~wk and tD3t
awrtp=e deed set forth. -
8. lt aay d tEe wms ot mone~ herein referred to be not p~omptly and Lullr paid witAin thirty (~0) days ne:t aitet the sune xverall~ beccme due and
paYable, ar if each and every ti.e stipulations, asreements, eonditions, and rn~enucts o[ said pranissory note and tt?is mo+ttase. or eithcr, are not dulY
pertormed, complied wit~ and abided by, lhe auregate sum me~tioned in said promivory note s:.~ll become due and payabk forihwith or Uxrea[ter at tLe
oDtion ot the Bank. as tull7 and complctely as if sa?d aute[ate wm ot money was orisinallr stipulated to be paid ~cn a~r. ~Y~[ in aaid promis-
sor7 note or derein to tne contrarY notwithstanditK-
9. It is further coveaanted aad asceed br said partid t!?at ia tAe eveot ot a wit beiaj instituted to foredose this mort~aQc. lhe Bank sAa11 Ee entitled
i co a~~r ac ~r wne ~na;.?i s„~n tomioau~ s~,~t to ux ea,rt e~~ ~~r~.a;ctio~ u~ereot tor eee a~ot~tmene o[ :.e«~Yer o[ an ana :iniu~ me mwt-
gaged ~mpertY. ~ of all tM nAtt, incomes, pro6tt, issua and rrvenucs thereof. tr~m whstsoever soure~ dericed• and thereupon it is dereb7 ~=P~f
~ coveoanted and s~eed that tbe e~art sdall [orthwit6 appoL^.t a receiver oi nid mortta[~d PropertY. all and sinyular. aad ot we6 renR~, ineomes. PmStr.
iss~.es and rerenue thereof trom v6atsoever souree derived. w~~th the usual Dowers and duties ot receive:s in like eases: and sueh sppointment s6a11 be made
by sueh court ai a matter ot striel risht to We mort~aaee. iti sueeessors, le~al rcpresentatives or assi~ns, and without retereMe W the adeQuaey or inadeqwer
of the value ot the propert7 6erebY a+~6~S~. or to thc sol~eaeY or insotvexY ot the mwtss~or, and :hat weh ren1. Pro6b. ineame. iswes and rrvenues
shall be ayplied bY weh recelver to the payment ot the mortsa~e iaiebtedness. eosb and char~es, aeeordin~ W the order o[ syed court.
! 10. It a sonveyance shall Aerratter be made of the morl6ased pren?ixs hereln descriDed or an~ part tlxreot. then at the option d the HaeY. and wlth-
~ out iwticr. all sums of nwnr7 see+ired herebY shall immediatelr and concurrenUr with wch coaveTance beeome due and_payaWe_
~ 11. 1'hat in lhe cvent the premises hemby mortaased. or any part ihereof, shall be cvndemncd and taken [or publle use under the po~ser ot emineat
~ domaln, the Bank s~all I~aa~e tLe ri6bt to demand that all damaRes awarded tor the tating ot or dacnases to said premises s6aU be paid to tt~e Bank uD
~ ta the amount t6en unpaid oa tUia mortpge and at the opUon o[ the Banlc ma7 br applied upoa the pa~~t or pa7mznts last payabk thereon.
12_ 1'Ae mortsator Dinds hicnself not to errct or permit to be erected any new buildings on the premises l~eretn mort~aaed or to add W or permit to be
$ added Lo any ot the existins improvemenis thereon or make any changes or alterations in said 'unprovements w6ich matcrially chantr the sazne or lhe ust
! thereof, without tAe writteo cvnsent ot •1~e Bank, and in the event o[ ar.y violation or attempt to violate this stipulation thi~ awrtp~e and all sums
seeured 6erebr sAall immediatelY become due and collectible at lhe option of the Bank.
13. It is specificaU~ agreed thst time is ot the essence of this contract anj that no waiver of any oblisation hereunder or of the obliption secured
@ herebr shall at any time be held to be a waiver ot the terms hereof or ot the instrument xcured hereb~~
a 14. It fomloaure proceedin6s ot any second morigage or second trust deed or any Junior lien ot anp kind should be instituted, the Hank ma7. at
its optio^, lmmediatelp or tAereatter deelare this morlgage and the indeut^dness securcd hereDp due and pa~able torth~rilh, and may at its option proceed
to foreclose this moctsase-
15. To the e:tent ot the indebtedness ot the mort~agor W the Bank described herein or seeured herebp the Bank is hereby wbrogated to the litn ot
~ llens and W the righb ot lhe ownen and holders thereof oi each ard ecerT morlgage lien or other eneumbranees orc the l:nd described hereln ~cdieh `s
paid or satis8ed in Vrhole ar in part out of the proee~-ds ot lhe loan described here~n or seeured hereEy, and tht respeeti~e liens ot said morisages, liers
or otner ineumbrances, shall be and t~e same and each ot them hereby is presened and shall pass to and be held bp the Ba~k hc~tin as securitJ tor ihe
indebtedaess to the Brcilc txrein deseribed or hereby secured. W the same e:lent that it would hace been presenred and woi4d have been passed W and
been held by the Bank Aad it been duly and mgularly assigned. transferred, set o~er and ~eli~ered unto t!x Bank by sepuate deed ot assi`nment, ~ot-
~ withstanding the fact that tt~e same may be satisfied and cancelled of record, it being the intention of the parties liereW that all prior encumbraixhes will be
satis8ed and caneelled o[ record bp the holders lher^ot at or about t6e time ot lhe rernrdins ot this mortgage, but that the Bank will nrcertheless be
submpted W the liens t~ereot as heminabove provided.
~t
ls. To pay a"late ehuge" ot not [ess than =10_00 and not more than 12 ~ ot any installment payable bp cirtue ot the said pramissory note or anr
~ payment n~qulred W ~e rnade Aemunder when raid installment or pa~-ment is not paid wrilhin 10 days after t6e due date thereof, the amount ot sueh
"Lte cLarYe.. to be determined Dr the Bank_
~ 17. To pay all ard sin~ular tAe costs. charges and e:penses, includins law yer's tees, reasonably incurred or paid at +~nY lime by the Bant, becawe o[ the
~ [aIIure oi the mortsagor W perform, comply with and abide bs each and ecery the stipulations, agreements, condit~ons and covenants o( said promiasory oote
~ and this deed, or either. and everyr wch payiuent ahall bear inteeest [rum date at We rate bourne by t~e prineipal indebtedness secured hereb~-
~
~ 18. It b aueed tLat this nwrtgage shall secure any tuture adcances made b~ the Bank t., the mortgagor at any time ~cithin twenty (ZO) yeus trom
the d~te hrreot to the same extent as ii auch tuture ada•ances were made on the date of the execution ot this mort~age: pror•ided. Aowe~er, that t6e tolal
unpaid balance ot lhe indebiedness secured by this mortgage at an~ one timc shall not e:ceed a ma=~m,am principal amount equal to Z00 per cent of t~e
~ principal amount oriRinally seeured hereb~, plus interest oh wch manimum pnncipal amount and anp disbursements made for the payment of ta:es, levies
or insurance oa the property eoceced by this mo:tgage, with interest on wch d?sbursements_
19. When any amount ot awney W be peid by U:e lfortgagor to t:~ S(ortga gee under the terms hereof stuL be in detault or should the Mortgagor detault
in any oi thr other lernu, pror•isions or rnnd~tions of lhis ~fort6age, then and ~n that case lhe Siortga`re shali haa-e thc riaht, without nMue W the Diorleagor,
~ to rnlleci and tecei~e [rom an} tenant or leciee o[ said mortgageci premises the rcnu, issues and pro6ts ot the resl estate Aereby mortgased and the un-
~ procements tAereot. uid G~ gice proper rece~~ts and acqu~ttances themfor, and atter paying all ~rocnmissiona ot any rental a6ent collectin` the same, and anT
reasoRable atlorney's fees and o:her neeessar• expenses innerred in coilect~ng same. to apply tne proce~s ot wch culfections upon a~q indebtedness, oblip-
~ tion or liability, of the Mortga~or hereunder. ?he riRht granted the ~lfortga;ee under lhu paragraph shaU be in addit~on W, u~d shall not limit or restrict, an~
otlxr ri~ht or ri;hts eranted the ldort`a`ee in this 3dortp~e.
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