HomeMy WebLinkAbout2516 lii~ tlc>>~(y~,.~;~,~•~• r.l~:ill li:i~~~• ll~~• 1~1~:1i1 t~~ ~!~•t.,,nJ 11~,~1 :ill ~1.is~~.it;<r. ;r.;:ir~l~~l 1~,~ IL~•
l:~'.It?a; ~~l c?r in,j~tr)• lc~ c::ii~i ~~ri•i~i•:~•:: ::li;il! i~c• ~~.~iil l~~ lh~e J~t~,rl~;:?i;~•c•, tl~: r:ui•.•~•::~:-
to
a1':: or a::::i~;n::, up/thc~ a~uc~uut lli~•i? un~~:~icl un ll~~~ tturl~;:~}~, :uicl b~• applic~d lc~
th~: ~2c•xt ~•~isuin?; in~.lallr.«~nt clun c~~rcu~idrr. Providccl, ho~ac•~~er, U?al' if lh~~ ,u~ard
for Clic COR(~('lulled Parrcl ~~xcre~ds lhe relc~cise price tor such parccl, Che exress
shall bc ~~uy.lblc Co the rtorC};af;or. ~
1.6. 17iat ti~ne is of tl~e csscnce of th~ riort~;a~;c ancl rhat no waivcr of ~iny
obliF,ation hcrcunder or of the obliFation secured hc~r~~by, shall at any tir:ie
thcreafter be hcld tc~ Uc a ~aaiver of the tcrr.:s hcreof or of the Kote,
1.7. That if forc~losurc ~>rocec~dings of an}~ seco~id mort~a~e or seco~id trusC
or ~n~ juniar lien of any kind ~iffecting tlie mort~a~ed property sliould be in-
stituted, th~ ~:ort~a~ce ~~i~y, at its option, i~:~nediately ar thcrcaftcr declare tiie
Mortgage ~v~d the indebtedness secured thereby due and pa3•able.
1.5. 7'}~at the occurrence of any of ti~c following shall constitute a Ureach
of the 2•Sortga~;c and ~1 default under the \ot:e;
(a) If pa~~izent of the t~ote or ar.y payment due undr.r the :iortga~e is
not madc ~~:itl~in 30 da~s from lhe i.iue datc of the spccified.
(b) If thc ?~fortga~or violates any of _the terr~s or breaches any of the
condiCions of thc Mort~;agc or tlie Notc.
(c) Tlie filin~; by tiie :•1ort~agor of a voluntary petition in bankrupt-cy
~ or the :~.ort;-.z~or's actjudication as a bankrupt or insolvent, or the filing b~ ttie
riort~;agor of an}~ petition or ans;aer scei:ing or acquiescing in any reorgr.ni.zation,
~
? arran~;erient , cor.~position, readjustr~ent, liquidation, resolution or sini lar re2ief
t
~
; for itself under any present or future federal, state or other statutory lac,~ of
a
~ re~;ulation relating to banl~:ruptcy, insolvenr~ or other relief for debtors, or
~ _
r
~ LLe ;:ortga;;~r's seekino, consentin~ to or act~uiescense in the appointr.:ent of any
~ trustce, recciver or linuidator of the '.-iort~;agor or of all or any substantial
~ '
~ parC of i1~e propert~~ ci~cu.:'~ered by llie ?~iort~at e, or thc making of an} ficneral
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_ assifr~:.~ent for the bcnefit of cmditors, or the admission by li?e Mortga~,or in
~
~ a~riting af its inability to pay its debts generally as tlie~~ ~ecomc due, or Lhe ;
`y y
i di~~.~c>l~it.iari or tc•r;•i;..a.tion of c•~-i .ti~nc._ ~f t}~~~ "~rY ~;~^~~r. .
lt: li~.• c~vent of cf~•i~~~slt t;:~.'.~~r ci~c~ ::c,l~~ c,r ~i b~~.~~ich of th~~ :•:c,rt~::_;~•, ti~c~
s~ tiorL};:if;ec~ ra~y, at its option, declare the wLole of the i~~debtedness secured by
~
~ the ~•:orC~;nF;c to b~ ir.~::c di:~tcly duc and payabl.e as if tLc tota] sum secured by
the 2-.~rt~:z~;c~ ~,~.•r<< ori,;inally sti~~ulatc•d to be plid oii the date of such declara-
~ .
~ 1(t11 ~::1:!;'I ~t 1!1~; 1 il l~ll[ i.Vt(` l~t' lll l tt~' i:O1-t~};:1~',(' t0 ~ fIC C'i)i!1 1~:11-~/ 11Ot!.'1 ~ ~l::t :~I:~~ 111'.~.
~ _ ~ _ $o~ 2~~ ~T2515
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