HomeMy WebLinkAbout2525 lli~• :'~~1•t}:;t3•.~•~• ~.i?.tll I~;~~:~• lli~• ~'i;,l~t lu il.•iu:ii~~l ll~:~l :~l l cl:u:~.i;~,~•:. :r..~.itcl~•~1 Ic~~' tli~• .
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ur:; ur .t :s:i:~,i~;:, u~~~tl?c :in~uunt ll«•u uu~~al~l c,~~ lh~• tlorcf;:i;; :ind bc a~~{~l i~•~l lo
tl?~+ n~•xl un:;uin~; iiislal~ui~•ut du~ hc•rru~id~r. 1'rov3~lc~l, lun:~~rc~r, tliaC if Cl~c a~,~ard
for the co»d~~n~ned parc~+l c•xceeds tlic r~~lcasc pricc• for sucl~ ~~.~rccl, LI?e excess
shall be payablc to thc~ rfort.~a~;or.
1.6. 11iat timc is of lhc esscnce of the r;ortga~e 1nc1 Chat no ~~~aivcr of any
- obli~ation hhreundcr or of the obli~a~ion s~~c:ured hereby, shal.l at any tir,:e
thcreafter bc~ licld to be ~1 ~•:aivcr of the terms hereof or of thc Notc. -
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1.7. Tt~at if foreclosure ~~roceedin~s of any second mortFa~;e or second trust
or any junior lien of anti~ kind affecting thc mortga~ed pruperty should be in-
~ st-ituted, the 2•3ortFagee may, at its oPtio~i, innacdiately or ~thereaftcr declare tlie
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Ziort~;age and the indebtediiess secured thereby duc Illld pa~~aUle.
1.8. That ~he occurrence of a~iy of. the follo~~:ing shall constitute ~z Ureach
of L'he *fortFa~e and a default under the Note;
(a) If pa~•ment of ttic ::ote or a:~y p~)ment duc under Che 2•iort~;age is '
not n~ac~e ~~rithin 30 days irar: the due datc of thc specifi.ed.
(b) If. Llie t~iortf;a~;or violatc~s ai~y of thc Cerr.,s or brcaches any of the
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condiCions of ttic ilortgagc~ or tl~e rotc.
(c) 7'iic filin~ hy the 2•iort<<1~or of a volunCar}, retition in br,n~:ruptcy -
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or thr. ;I~rt~a;or's adjudication ;~s a ban~:rupl or i_nsolvent, or the filing by the
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Mort~;a~or of an~ petition or ans~~~er seeking or acquiescin~; in any reorg~znization,
€ arran~;er.:ent, COP,2~)OS1L'lOil~ reacijust~~nt, liq~ic:ation, resolution or si~:,ilar relief
~ for itself under any prese,it or future fedei-al, statc or ot}ier statutory law of -
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= re~;.~lation relati.ns to bai~l:ruptc~r, insolvenc} or ott~er relief for debtors, or
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~ the „arCgaf,or's seeking, consenting to or acc~uiescense in the appointr~ent of any
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~ trustec, receivcr or l.iqvidltor of Clie :•Iort~a~or or of all or any substantial
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~ part of Che pro~~~rty c~ticu:^hc~red b} nc~ :foi~C~abe, or the ma~:i.ng of a:iy f;cneral
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~ assignTent for the bc•nefit af creditc~rs, or the adr.iission b} thc '.•:ortk;a~or in
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~ writin~ af it.s in~ibility to pay its clebts ~enc~rally ~is :hey becor.:e due, or the ;
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~ dis:~o]ution or tc•r::i~i~ti~n of e::istez~cc~ ~f tt~e ::nrt.~re;;nr. - `
~i ~il Llli! CL't:Il: Oi [i~:~~ii:t L::,.:C'P t:}:~' ..cJ~i' O1" ~l !~1"i'1('I1 C~i t~~i' :.U2~~~, t[:l'.
T1ort~a~ec may, at its option, c~eclare the ialiole of the ind~Ltedness secured by
the I`i~rtF;a~;c• to be in.r?ediatc•ly clue ~nd pay.~Ule as if Cl~c t~tzl sum secured h}'
' the 1ic>rts;a~;e 4mrc ori~in:~ll~ ::tipu]~tc•d to bc j~~id on thc cl:itc of such dc~c7,zra-
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