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HomeMy WebLinkAbout1600 , E:.~•h ~K~licy ~~t in~ur:?m•c~ ~h,?11 b.?vt~ :~ffixril th~~mto u stt?~d.?rd \~•~v 1'urk mort~.?~ce ctauti~• ~vithuut c•ont~ibutiun, ma?kin~ :tll lu: x ur li~ti~i•~ under ~uc•h ~wlic~~• pit~'ubli• to tht~ \}orttt+ti;e~~• 3i~ ils inlcrost ms?p app~•nr, In th~• evrnl itny wm ur sum~ o( munoy b~•~•~,m.~ ~,:?i•~~blF~ th~•ri•under th~> >IunF~uy~i~i• .hull hnv~ Ih~ option tu mc~~iv~ ~~nd .~ppl~- thr ~:?mf• un :~rc•ount uf ti~e- ind~~bt~•dne~. hi•r.~l~y .~•c•ur~~d, or to p~~rmit th~ ll<,rtgngor tu r~~ceive tu?d u~e it, ar i~n~• psirt th.•muf, ~vithuut then•t,~ .vnivin~ or im}u~irin~; :tny equity, 1~.•n ur ri~ht und~r :?nd by ~•irtue uf this martgti~;c~. !n .•vi•nt of los~ c~r }~h~•~ic•:?i di?mu~;.• tu the• mortF:?g~~1 ~rop~rty, the• ~l~,rt~:y~;or shnlJ give immEdiiuc nutice t!?~mof by m:iil tc? the \1urt~.?~r~ .~nd th~• \Iurt~:+R~:~ ms?~• m.Jc.• pnwf of lu.. i[ th~~ ~,?me is nut mi~d~ pro:nptly h~ th~~ \lortga?gur. In evont of fumclu~ur.• of thi~ murt~:?~i~, ur athc~r t:.~n~f~~r af titl.~ to the mort~.?~c~d pruperty in ~~xtinguishmer:i o[ tht• ind~•btednc•~c s~•c•urrd h.•reby, a!I ri~ht, titl~• ,?nd inti~r.•.t ~~f thr \t~~rt~ay~ur in anc! io nnr in~ur:?nec~ polieies th~~n in furcc sh:aU pii.~~ to th~ ~wrc•h~~.~~r or Kr.tato<-. !F:) 'Cu pcrmit. c•ummit ~r .~uff~•r ~o ~~:L~t~, im}~:~irm<~nt ~~r d.~ti~rioruti~~n .~f _~aid pmpc~rty ~r .tny E~:?rt thcn~of. (N'1 TAut if ~n~• of aaid .um~ uf munc•~• h~~n~in n•f.•ttrd to be• not pn~m{~il~ sind fullr pned ~vithin 15 dnys n~~xl ft(ter th~• _~:~mr ~e~•e~ntly~ t~ccom~• clue~ and ~~:iruLlc~, ~.r ~f rach and ev~n~ ~h.• ~tipu:.?tions, ~~r.~em~nts, conditiuns nnd cu~~~nunts ut ~1i~1 promi~~ury nut~• z+nd thi.~ d~~•~i, or ~•ither, :ue not full~• pc•rG.rm~rd, c•ompiied ~vith :~nd aLid~~~t hy, the~ .aid :?c;gre~ate ~um m~~ntiun~•d in .~~:i~l pn~mix~on note, t?nd +~ny r.~ne..:il lhen•of, aind all indi•bt~•dni~.s frum \lortc~:?~;ur ta \tort~uc;~~~•, ~h:tlt br~•~~me~ ~fut• :~nd p:~~;il~le forth~~•ith, or the~re~~ift~r, i~t theoption of th~ \tort~.sgt•r f~U~• und c~mplc~tel~- a_~ if th.• =.iii3 n~~r~•~,~tc~ ~um of ~nid i~de~t~ ~n~ :ind s.?it1 F~mmissory noti• ~vi+~ uriQintillr ~tipulntr•d tu l~c paid on .~u~•h ~1::~, :~n~thinK in s.iid promi~_on• not~~ or hrr~•in to th~ c•ontrauy nonvith~t:tndin~. "I'hat in ard~~r to acc~e•Ic~r.~c~• the r, uturit~- uf th~~ inriehte~dae•ti~ hrreL~• sc•run•d, IK~c•sust~ ut the• i:~ilurc~ of t!:.~ \tort- K:~ur t<, pr~y ein~• tux~ :L~,~•.~ment, li~ibilit~, obliKation o~ encumUran<•c~ upon said prup~~rt~•, :~s hi•r~•in E~n~~•i~ii•d, it .~hull not tx~ n~~c.•..an• nur n~.~ui~itc• th~! tho ~ton~;:~~;ct: sh.~U [ir:t pt+~• the ~:?me. ~ til "Cu perfurm, r~~mpi~~ ~~ith and nhidr by <~.ic•h i?nil e•ver~ thf• ~tipulc?tion~r a~rt~rments, condition~ .?nd .•uve•n:1nt~ in ~:ud prumi~~on not~• ~nd in thi- d.~r•d ;rt furth snd in :?nc .~rparu~~ lu:~n a~m~mf~nt ~~ntered into txt~.~en the ~I~~rt~~.u;ur <+nd the~ ~t~~rt?~:«;~re if wch lu:?n «~rr~•m~•nt i~ made• purt oi thi_: mort~;a~;e t,~• r~fon•nc•c~ in 1.?ter pruvisions h.~rrin. "Ch.~ li~•a F~~•r~•uf .~h:ill .•~tend to :ind includc~ thc~ u~~~, r~•nt~ :~nd pr~~fit.~ of ."iid pmmis~~~, but thr \1urt~.tiur =h:?11 h:~~~~~ th~~ nqht t~~ r.~m:un in pc~~: e~_sion of said pn~mi~t•~ ~nd ~•njoy th~~ u~e~, and to rec-cive the mnts :imi profit, thc~mof. ~aithuut :u•c•~untinc; tu thc~ 11ort~:~ec- th~•:~•for. .~o IunQ thrr~ .hall h~ no defnult hemundor, ~~rvnidc~J th:~t in th~• ••~~~nt uf un~~ ~uch ~i~•[~ult h~~rc~und~•r fur a p~riod of 1~ d.?~-~, tt~e ~1ort~:iGoa• sh~lt hc• c•ntitlyd to :i~r `.•.~_:iu~t .s:i u-~• of =:ti~1 mort~a~rd prc•mi_ :?nd tu n•c~~i~~~ :in~i appl~- tht• n~~t ri~nt.~ .?nd pn>fit.~ th~~reuf, ~EK~n nn.t tute:trd th~• ~~:~em~•nt ~f th~~ in.1~•f~te~d~e-.~~ h~~mLc ~~•eumd. ~ =3. ~f~, th~• ~~~t~~nt th~• ind~~bte~dn.•~. ~~f th~~ \Ivrtr~a:,~or tu th~• \t<~rte:?~re dc•_~c•ri?_x~~+. hc•re•in ~rc :rc~ur~•d :•..•r. th~• ~1urt~;:~~•,~ i: f;~•r~•I~~ : ui:r~~:?t~•~i tu th~• ii~~n ur li~•n~ :tnd tn thi• ri~ht:~ ~~t the~ vtcnerc :~nd h~.tdc•r~ thert•ui •~f . :u h ::n~1 .~~~~r~ m~~rt~:+_r. (e~•n ~~r ~~rh~•r c•ncumt~r:+n~~f• ~~n th~~ I:ind c!e•.~c•riix~<t ha~min ti~~hec•h i. p.iid ;»d 'or ~ati,.tied. in ~.hulr ~~r in E~:~rt. ::ut ur t~~~• ~,rt~<~t•~~~i~ uf tht~ lua~ d~•~crih~~:i h~•n•in ~~r _.rc•urrd !it•rch~'. ancl iht~ r~~s4,ecti~•e• li~•na of ~:u~l m.,rt~a~~•~, ii~~n.~ ~,r uthor c~nc•umhr.~nrr-. ~hall Ix~ :uid th~~ ~:?mt~ :?nd c:u•h uf thc~m ht~mb~~ i.~ prosrrv~~d and <h:?11 E,:t« t,~ xn~t i,• hrl~1 l~r the• \I,~rt~:t_.~e• h~•r.~in n.~ ; e~c•urity fur tho iniirLtc~dn~~.. t~ th~~ \I~,rt~;:c:;c•o he~re~in Ue- ~<•riF.~•~1 •~r ia,•r~h~ ~~~c ur~•d_ t~, th~~ .~:?m.~ rxt~•nt th.t: it «ould h:i~~• tK•<~n pre~~~•n<•d and would hu~-<• bcc•n pa~: ~•d to and t~~•~~r, h••!~1 i:~ thE• \1~+rt~<aLt~~~ h.,~l it t,.~~•n ~lul~• :.~~1 ~~•~±ul<?rl~• :?~~i~n~•d, tr.in<(rrn•.!, ~rt u~•t~r :?nd d~~{i~-emd unto the ,i,.,e_.~ : ~•E~,ir.i±:~ .1.•.•:{ ,~f e_nm~ nt n~~t~~ith.:tundin~; th~• t:u•t !hat th~• .~:?m~• m:?~ h~~ .~:?ti~fie-d ur c•uncelled of ~ .>r~i it t~.•:n~• t5~• int~~nti~m ~~f th~• ,~:~n~.•= h~•n•c~, that th~~ ~:?mt~ ~cili tk• ~;~ti~fi~d :?nd c•:tni•rilc•d of n~c~urci hc thc• h.~l~l~•r.~ the•r~•~~t at ur :thuut thr ti[tt~' u( ihe~ n~ciird",n~ uf thl~ mt~ri~;:u~:~. "Ch~~ ~1~~:t~:i~~~~~ ,~t i~~ uE~tiun m:s~ ~~xt~•nd thi~ time• fur th~• ~~a~-me•nt r~f all or :tin~• p.srt uf .aid indebt- ~•:ln~.-~, ~,r r~•~1ui••~ th,• {~:?cnu•nt: th~~ro~~n. ur :u•rc•F t.s rrn~•~~.~I ni~t:~ ur not~~- th~~rc•f~~r, ~+ithout the c•onsc~nt :in~- ju:~i~~r li~-n h:~2~f.•r, :ir.~i ~~ith~,ut the• r~~n~~•nt ~.F thr ~h~r+.e:u;ur ii ihe• 11~~rt~:?~;or hx~ ~rirte~d ~~ith tht titlc~ tu said pn;- ,..•:t}_ -.r~~ : .•~t~•n=i~,r,. r•~~li,c ti~~n. ~•r n•a~•i~.~l ~h.~il nut r~tr:~x~• th~~ ~L•rt~:sc;nr ~~r un~• ~•ndor.~~•r ur quar:mtor .'r~•ro 16:~I,il:t~ f.~r ::uc h in~l~~ht~•;tn.~~: ,~~r aff~~c•t th~• priorit}- of thi~ muKe.?R~• v~c•r :?n~ junior li~•n. ur ~mpuir th~• s~~- ~~urit~ h~~n•uf in ;~n~ m;~nn~•r ~ch:.t-.,.•~~•r. S. In ih,• ••~~~r.t th,~r,• ,h:ill L.• (il,~~i :s ~•~~m}:lr?int tu ~~~n•~•lu~~~ +hi.` mort~:u:e~. th~• pi:~intiff ~h:?11 im- ; m~•,ii:~i~•l~ :u~~l t~i[h~~ut nc~tic~~, t.,• ~•nti~lr~i tu ihe• :~pp~~intme•nl ~~f re•~•.•i~~~r G~r th~• m~~rr~:tkvi~ }~fujii~~tc :t0!1 :h~• r~•nt.~, •.tirnin~: , i-=-.it•~. inr<.m~• :~m1 F r..fit~ ih~~r~•~~f. ~ci?h th.• u~u:t: pu~~~•r vf .'~•e•t•i~.•r: in .:ue~i~ <•:i-e~~, s~nd ~uc•h r~•e-~•i~•cr m,~~ ..~ntini_~•~~ in E~„"~,o-:-~~m <,t ~ai•i E~ruF~~~rt~ :u~d uf x-ai~i n•nt~. ~•:unine~, i.~.~u~•~, inrome :?nd prufit~ of ~aid i~r.,~ ,•rT; .furins~ th~• t~~•nd~•nc•~ „t -uc•t: tnr~•c•l.~~ur.~ <uit. and thfr ~turt¢:ti¢~~r h~•ri•hc .:p~~rif~c~?ll~' ~c:?ivc~ the rikht to ~ ~~i~;, : : t~. .<uc h :i~~},~,intm=•nt na~{ <•,.n~~~nt= ih.?t .~uc•h a{,p.,intm~~rt ~h.~ll mu~1~• :~n :ulmitt~•d ~•~~uit~- :ind 1 mat- ,~r ,.t ::L-„lei!•• r~ht ti~.. \~~~rt_:~,~••.. :~n~i ~~ith~~ut rrk•re•ne tir th~• :?d.•ywu•} ~~r in:~d~~r~ira~•.• ~,f th~- ~:?lur uf th~~ m,~rt~;.~,~•~i ~,r,~,r~•rtc ~~r t~~ rl:~• .~~l~•~•nc•} ~•r in=~~i~v•n~~y ~,t th~~ \1urt~:~~~r or un} ntn~•r p:~rtc d~•f~•n~l.+nt to ~uch =uit. BURK 211 PA4~ 1.598 ABC BUSINESS S~S1fM5. ~NC R. t/wDER9~lE. M. 525 07M - 3 - r - ~ ~ r _ ~ f - ~ , _ }..-'~`~w.__a~~~ ~ ~ _ . _ - y: _w