HomeMy WebLinkAbout2310 subordlaaUoa ot aor t~as. or ~t or apr r.ec oc w• re~owrtr a."r br e~Kln~d mall addhssrd to Ho~rowrte at Soerow~e'a Adde~ss st~t~d
lien supordinat~ to tAl~ ~ioHSas~. Upon Iwad~C'~ t+QuM~ So~e'owu Mlow. ue~pt toe aa~? notle~ erqulnd und~r paral~aPl? f6 !?eraot to
ehall assl~a to Lead~~ u~ddltloaal Ncurltr all lsaw~ aow u~IKlns b~ slv~p to Hoetaw~e la tb~ mann~t w~.~~+n.a ey applicable lavr.
or hereatt~e mad~ ot ari o~ any part ot th~ Pro~rtl?. As uwd Uf Aar aotiw prorW~d foe ta tbl~ ][osttap shaU M d~emed to Aavt
cnts par~rapl~ li. tM tum "leaa~'• ~hall m~aa "au01~" lt thl~ Mta str~s W 80~o~?~r wb~a ~i~~u fu tM mame~ dal~ted h~++ta.
Mortgas~ b ou a ltuebold.
B~
ireeMwn ~wi TM oovswnu and ase~e~meats A~la ooatalmd
ltemedler 17. All remedles provtd~d tn thb 1[0~~ ar~ dL- ~wliu H~rd: ~La1~ Dlad. and tA~ rf~hts hueundee ~~Il loun tp
Cumulatl~e tinct wnd cumulaUre to any etl?~r tltLt or e~m~dY ~Nwt ~ tM ewP~cuv~ ~ucce.wn aod wl~n. ot Iwad~~ aad
uader tbb ]iortp~ oe ~IIorded Dy law oe putty. ~~~nl Boreo~r~e. ~ubj~et to tb~ peovWons ot paraRaph fQ
and may ~e eze~clsed coecurreatly. Indepeed~oUy. or succvsrl~Ny. I.bWlt~: Aeno[. A!1 oov~naats and atre~m~ab ot Boreow~e
~qM~ shall b~ ~olat u?d s~~eeal. TA~ eaptloas u?d head-
~;R~~ 18. In the eveat ot tbe enaetm~nt ot aq~? 1~~+ d~- lass ot tL~ Pae'ateapL~ thls 3[oet~a~ ar~ for
Chae~es Iw ~uctins hoiu the valu~ ot tA~ Yrop~et7? anY mort- conv~al~ac~ odp aud an not to D~ u+~d W Inte~pert oe d~na~ th~
I.aR~ Re~srdla~c ss6e Ilee thereon. Or IRIPOSIAs YQOA ~U~ Ulldtr tM ptovlsloo~ ba~
TH:~cI~~ ~t payment ot all oe pa~t_of t1k tas«. chaKM or ~s-
\fort~ases sessmeaU prevlousiy paid by Borrow~e P'iesuant to D~~ Tbu toca? ot molUtamlly moetsa~ oomDlne~
thls 1[oet~e. or cbanainL tl~e law nLtlai to ~[dtlhi+W Yt1UOtd1 tOrlR~6U t0! AtUOntl IIN iAd AOA-YAUO!!II
the ta:atlon o[ mortg~ea. debts aecured Dy mo~tsasq or Iwnd~e'~ x~~~~ covenaab wlth Ilmlted varlatlons by ~urt~dlctloa to
inte~est lA th0 PiOpltty ~O Y t0 iR~~W~ AOM laCldfota Ot tL= OA LlAd~T. L~: COL~t1tLLb ~ W11[Oi01 NCY[1tr IMttY1DQA~ COrR=IOs
then Borwwee shall P~Y ntch taxes o~ anessment~ oe ~all retmbutN Be~~litb ~1 P~P~Ky. TAU ][ortsase shall bs `o~erned
r..endee t6erefor: Provtd~d tl?~~ Aow~rer. lt fn the oplnlon ot oouwel Dy tM kw ot tlh ~ucl~dtcttoa ta whleh the Props~tY
to L.eadee sucb p?Yment cannot UwrfuAy be made A7 ~i'*ower. tAen ~ In the eveat that any provldon o~ eituse o[ this i[ort-
Lender may. at I.ender's opUon, deci~ee al1 uf the ~ums .acw~a er oe tl~e Note coasicb ~vlth appllc~We law, such conIItct shsll
thla l[ortasss to be lmmadiatelY dus and payael~ without pAor notla a6~~aQect other provWon~ ot thf~ ][urt6a6e or the Plote which
to Borrower. and I=aader may tnroke any remedle~ Peemltted ~~~~ta ~~ut the ooallictfa~ ProaVion. and to tL1s
paragrsph =6 ot tbls Yortga~a tad the peovWoas of the Hortsa6e aAd ths Nots are declared
Acceler~tlsw 1f. It Bocrowe~ sba11 voluatarily nl~ petitlp? nn' W Le sev~eabla In tbs e~ent tluat any applicable law limttlna the
In Caso ~t d~r tAe Federal Bankruptcy Aeb o~ under say stab ~ount ot latere~t oe other cAarses permltted W be collected teom
l3orrower's Dankruptcy or Uuol~encp ~ct or an aaawer In an Boreower Is Interprsted w that wy charge provlded tor in this
Insolcewey lnvoluntarY P~~Aa a~t~ ~O~O~~~A~ or ~II~ ~[ortaa6~ or In tbe Not~. w~etner coasfdeeed ~ep~rately or to-
aD1Uty to pay debts. or if Borrower ~haU fail to ~r with other chargea tbat are considered a part ot thb
obtain s vacaUon or sW? of 1nvoluntary Proceedl°E~ M°u6ht tor tha 6e
and Note tnnsacUoa, riolates snch la~s, and Borro~?ee
reorganlsatlon. dl~solutlon or 1lqutdatlon ot BoROVrer, oe tt Bur+'ow?ee ~[°rt~aa°
shall be adiudaed a baalcruPt. or 1! a trwtee oe eeeel~er sDall bs la epUtled W t6~ benetit ot sueh Lvr, sueh chuge is hereby reduced
appointed for Borrowee or BorroMe~'~ PiOp°~'U'~ or u B°rr°~'er ~leall t,o the exteat necewrY tu eUmin~te ~uch r~oUtlon. Tde amounta. U
make sa es~l6ament tor ths beneAt of Borro~rar's ce~edttora. then ~y~ previowly pald to I.eader fa e~coess o[ We amounb payable to
I.ender ~aay. ~?t Lender'~ opdon. decU?re all of tbe 1~wttho ut
prloi I~.l~l~ teduce the peiacipaleot~the ind
btedness~evidenced b~ tbe
thia ][o~sae t0 be immediately due aad WY~
notica W Bo~rower. wnd I.ender may lnvoke auy remedia permitted Note.
Dy parag~sph =5 of thts Yortsase.
Q~natnet~A 44_ I~ the indeDtednen evldeaced by the Note is
Transfers ot 20. On transfer ot (a) ali or anr pa~t ot the I,~aw Prorlslons lntended to 6nance the couatrucUon ot impmve-
the Properq o: PropertY. or aaY interest tbereln, or (b) DeneIIeial menb to tbe Property. Borro~ver ~brcea to comply
BeneQetal interests in Borroa'e~ lit Bo~T°v~~r U not a natural with the co~enants snd coaditions of the Loan Agreemea~ rvhich b
intereits tn person or ~erso~u but Is a oorpor~t~ot?. P~n~~R b~py ~ro~rated by reterence in and made a part ot this Hort-
Borrowrer; trust or other 1e6a1 enttty). Leader m~y. at I.endee'~ ~1 advaaces made by Leader pursuant to the I.oai? Agree-
Assumptlew option, dedsre all of tLe sumi kcured bY ~ ment ahall be indebtedneas o[ Bc~rowrer secured Dy this ][ortga~a
Yortgaae to be immedlatdY due aad payaMe witl~-
uut {~rlor notlce to Borrovver, snd I.ender may invoke any remedies Ia case of brcach by Borrower o[ the coveaants and conditions
;.crmitted by paragraph S.S of thls Hortaase. Th1s option shali ot the Loan A~reemea~ Lender. at I.ender'a optlon, with or witbout
not apply in case of entry upon the Property. (i) ~y iavoke aay oF the righ4~ or
(s) trsnafers by devise or deacent or by opention ot 1aw uP~ remediq provired ia the Loan Agreement, (ii) may accelerate the
t6e death of a.)olnt teaant: • suau secured by this Hortgage aad invoke thoae ~emedi~s provided in
(b) transters when the tran~fem's credit worthtnw and man- paragrapD 2S Dereof. or (iti) may do both. Prior to rnmpletlon o[ the
aacmeat abiUty is satisfsctory to Lend~r aod the ~f~ improrementa aums disDuraed by Lender to protect the security oi
has executed, prtor to tbe transfer, a writtea assumptla? ~~~age up to the prtncipal araount ot the Note ahali be treated
a6reemeat contsining such terms as Iander msy requiM ~ disbursemeats pursuant to t~e Loan Agreement, and such sums
cluding, tl required Dy Leade~. an inceeas~ ~a the nte of apbutsed by Lender !u e~cceas of the principal amount ot the Note
'i interest payaDie under the Note;
~ (c) the ~nt of s leasehold laterest ia a part of the Proper`y oi ~~ditional (ndebtedaess of Bortovicer aecured by thia ldortgage.
three years or las not ooataining u? opUon to purchase. (ez- A1~ ~uc!? +ums ~hs~~ ~r ~nterest imm the date of dlsDursemcat at tde
cept any interest 1n the ground le.ase, it thta ~[ortaase rate stated fn the Note, unless collection from Borrower o[ interest at
is on a leasehold)' such rate ~vould be contrary to appltcabte laa in ahich event suc~
(d) tranatera ot bene8etal intereab in Borrower Provided that amounL shall bwr iateres: at the hlghest rate vcbtch msy be col-
such tranaters, togeU:er wiW any prior transters of beaeflclal lected fmm Borrowrer under appllcable laar, and shall be payabte upon
tAteresb la Borrower, but ezcludi4g tr~naters nnder ntbpara- notice trom Lepder to Borrorrer requeatlag pa)~nent tDerctor.
graphs (s) and (b) above, do not rnult ia mon than !Y% ot I~~ atter the commencement of amortizatioa o[ tbe Note, the
the beneAcial intesests in Bormwer havi~ Deen tr~~~~~ Note a~i this l[ortgage are soM by Lender, f~om and atter such
aince commencement ot amortiuUon ot the Note; and
(e) tranafen pursuaat to We flrst paragraph of P~BKPb 6 hereot. ~r I'O~° ~~ment ahall ccase to be a part ot this ~inrtgage
and Borrorcer adaU not assert anY riBht of set-ot[, counterclaim or
other elaim or de[ense arisin6 out ot the Loan Agreement against
~otlce 21. Any notice to Borro~rer provlded far ~p ~ the oblt tions ot the Note and this Mortgage.
~[ortasge shall be given by mailing such noqce Ea
Nox-UxII++onas CoveNwxrs. Borrower and Lender further oovenant and agee as foDows:
Aceelerslios; 16. UPun Borrower'~ breacb of anr oo~enant or fn pacagraPb 3 hereot with tbe bala~sce. so long as ao such breacD
g~~~a agreeinent ot Borrower in thU ~[ort~~d°~ ~~ud~ to the account ot Sorroarer. Borrower agrees tLst each
when due any sum~ kcu~d tenant of the ~M~Y ~~1 Wy such renta W uader or I.ender's
the covenaats tn D+7
by tDis Yortgage, I.endec at I.ender's optbn maY declare all ot tLa ageat, on Lend~~'~ a'*~ttm demaad therefor without any l1a tY o0
aums securea by thU l[ortgage to be fmmediatdy due and p~7aDle ~e~~~es~ teasnt to inquire turt6er u to the esl~teace ot a default
a~lthcut turther deraaad and maY torec~°°e thi~ Y°~d~e by judleW ~~~er htreby c+erenants ~t B°~Mer Dss not ezecnted ati7
pr~ceadlna. Lender ~h~il be mUUed to collect in ~uch proceedln8 sU ~o~ ~i~nmeat of ~aid rent~. that BorroMer haa not per[ormed,
ezpenw of toreclo~ure, includtng, but not Ilmlted to, atWrney'~ t~a. p
coets of documentary evfdeace, abstracta and tltle reporL. and w111 aot pertorm, any uti or has not e~cecuted. t.nd wiU not
~ a~c~ut~, any instruments which would pre~ent I.ender irom ezercWnS
A~st~nmeat 26. As psrt ot the conalderRtion for the lndebted- hu i'~Sb~ u°der thfs p~ra6*~Pb 2~. a~ t~t ~t We time ot execuUon
nes~ xvidenccd by the Note. Borro~er hsreby abo- ot thls Hortgage there has been no unticll:ation or prep~Ymeat ot an~
of Beats;
Appotntment lutely and unconditfonally uslgnr ~nd tnn+te» to ot the rents of tbe Property tor more than twro munths Prior to t)u
n
of Rceel~~ Lender the renU and revenua ot tDe Propasty. in- due datea ol ~ucb rents. Borro~r tnrthnt of an~renta-of the Prop-
cluding thase no9v due, past due, or to Mwme due wiU not hereattet ooUect or scce paym
by vlrtue o! anr lease or other agreement far the occupan~7 0* ~ ertY more tLan t~vo moaths prfor W the due datei ot such renta.
ot ell or aay psrt ot the Property. Borro~?er herebY authorise~ I.ender Upoa Borrower's brescb ot aay co~enant or egreement of Bor-
or LendePs agents to cou~ct the atoresald reaU and revenues and row~r 1n this Hortgag0. Lender ~ball be enUtled to the appolntmeat ot
hereby direcb eacb tenant oi the PropertY to P~Y suc6 reaL to I.ead~r a recdvu to eater upoa aad take and malntaln tull cwntro~ of tbe
or Leader's ageab: Prov[ded. however. W~t prior to wrttten notld p~~rt~ ~q oeder to pertorm all acts necewry and approprtat~ !or
gtvea by Lender to Borrower ot the bresch Dy Borrower oi an~ oore- ~e opentbn and malnteaance thereof tncludtns. but not llmlted t0.
nant or agceement ot Borrower in th1~ Yori6aae• Bo*rop'er s~all couect ~~~~n, ~anceliatlon or modincaUon of lease~. the makin6 ot
and recdve sil renta and rerenna of the Property u trwtee tor tbe n ~ to the Pmperty wd the ezecutton or termfnatloa o[ coAtrsct~
beneSt of Lender and Borrower, to apply tbe renb and revenne~ ~o ~
collected to tbe ~u~ s~ured by thts l[orosaas in the erder proHd~d pro~Idlaa [or the maaa6ement or mafntenance ot the Propert7. a11 ~
a p ~A 2310 Acstra:~: ~ , ..:~;,::t;
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