HomeMy WebLinkAbout0244 A. To ptr(wm, com~ty w~M and ab~ds by ~ach and ~wry s~~p~l~uon, apre~rn~nt, condit~on and co~enant in ~aid promnsay non ~nd dNd s~t forih.
7. If ~ny of tM ~vwy of nan~Y hK~in ~~htr~d b b~ no1 O~~P~M snd fullp W~d wi~Ain eA'ury (JO) d~y~ n~,~ ~ttN ~M s~ ~~wrNly bao~ d:w ~nd wr~bl~.
a if ~ach a~d ~vKy tM ~t:pul~~~ar. prw+wnb. condtiom. wwt cown~nts of ~~id poa~iisory noa and thit mortqaq~. w~i~Mr. w~ nW dvty pMfam~d, caept~~d
wi~A and ~bid~d !y. tM ~yprp~q s~~ nNMion~d in ~aid porni?~ory ~+oN ~MII Meoms dw M+d WY~bI~ fw~hwi~A p tMrNfNe 1M oplion o1 tM AAptwpN.
a fully ~nd eonwbNlp p if ~~id ~yprp~l~ iwn of moewy wa~ aipin~lly slipubl~0 1o b~ p~id on ~ueA d~y. ~nyMi~y in s~tA pwwi~yory nW~ a Mn~n b 1M
cOntrYy notwilAsl~ndinq. ~
e. To dNivN fo sa~d Mutpaye~, on o~ b~ton March IS~h of ~ach y~ar. taa rac~ipls ~videnc~nq tM paYrn~nt oI ~II lawfully imboud ~aap fa tM' Wec~dinp
ca4ndu ytu, and ?o d~Gver ~o iaid Mo~rpa~ee. .ec~ipts wid~ncin9 tM wY~~t ol all Ga+s fw public improvemenri wi~hin niMry (90) d+Y~ alrK M~ sam~ ~h+ll ~
p~corne dw ~nd Dari~I~. snd to o+v a d~schsrp~ wfthin nin~ty (9p) days aher dus dat~. ~ny snd all pove~rm~n~~l I~v~~s tMt may b~ mad~ o~ ~M ~+a~9+p~d i
pop~rty, on N~~a monysy~ w noea, or in any oMer way r~wlt~rq from tM Mwp~y~ ind~btedn~ss secured Ey rhis mor~p~ye; and i( rhis cond~tion b~ not compli~d ~
wi~A aed perfam~d, sa~d ma?qaqer may wY s~,ch svm w iu~ns which sh~ll becom~ pu~ of tM debt aecwed by ~hi~ morpaq~, and sha11 bear ~ma~s~ +t tM r~q of
si: per ctnt. t6ie) PK annum, psY+b~e fem7-annwlly until paid w said Maty~ya rr~Y ~I~ct that ~aid mortqsqe de~l eA~~upon becan~ dw and pav+ble (aMwi~h.
9. h is fwM~r coa.ynr~d ~nd prNd by uid pati~s ~h~~ in tM ~v~nt o( ~ ~uit b~tnp {nsNwt~d ro fa~clw~ ~his ~nor~y~p~. ~M AAor~payN J~all b~ ~nrifbd w
_w?. ~.s. w.~ w...a..... L,.Kx..•..~ r~.~.~ . . ~ - „a ~ : _-.,-~..e~..~ 2'-^;'_•!: _
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~nd o/ ~II ~M nnM. inconr~, protn. iuua ~nd r~vMw+~~ tlwrwl. fran wMtwwer fowc~ deriwd: ~nd tMr~upa~ it if Mreby ~apresiN ~~~+~+~+~~d ~nd pr~d
~Mt ~M cpM ~Aall forMwiM ~ppoint ~ r~aivN o~ s~id inatpay~d propaly. dl ~nd ~inpula?. ~nd of such ~~nM, incorn~i. pofiq, i~suN end r~wnw 1Mrwf. fraw
wliabe~w sob?t~ d~riv~d, wi~A dN uswl Oowv~ ~nd du~i~a of rtc~iv~n in lik~ wsa: and such ~o0o~ntnwnt sMtl b~ nwd~ EY a~ch cowl a• m~t?er oi tnid rpAl
a ~M Morty~pN. if~ wu~awn, leyd rpr~utivu a~ssipm. ~nd wid~oul nlerenc~ to N» ~d~wNCy a in~d~puacy of tM wlw o1 Nw pepN~y Mr~sy ~nor~qp~d,
a b tM wlwncy w inwlwecy ot N» Mlw~p~pa. ~nd tMt such r~nr. po(iq. inco~. iuup and rw~nwa sh~{I ~ appli~d_ bq sucA r~c~iv~r fo Ma p~rimm ot ~M
narlY~p~ ind~bNdMS~. coab ~nd c1wqM. ~awdinp ~o IM adw of wd~ courl.
10. If all w any part of the propaty w ~n int~?~sl thereie is sold w tr~~sferr~d by mwlq~gw witho~t mortqaga~'s p~ar wri~teo consen~, cact~dinp ~M
crcat~on of a Gca or enc~mbrarus subwdmaro ~o thia mwtpaye, (b) the crcatioo of a purcA~s~ mon~y sec~ri~y mINMt ia Aousehold sppfiu~ces, ic) + tr~nsfer by ,
dev~se or descent, w by operat~on of law ~pon rM death of a ioint tenant, a(d) ~M q~ant of any kaaehold in~eros~ of tluer yta~s or leu not conu~ninq ~n op~~on
ro pwchaae, mortgaye~ may, ar ~~s opt~on, decl~re all ~he sums a«~red by this mor~qaye to be wnmedutely dw and p~Y+bk. Mortqsgee shall haw w~~ved iuch
cpt:on to xcelerate if, p~iw to the sale d? hwfer, mortq~~ee and 1M pt~son to whor~ fM properfy ii to be sold o~ irsns/e~red rexh preernent in writirg
rhat ~he credit of such person cs satisixtory to Mortyapee a~d rhat the inte~est pay~bh o~ ttr sv~na secured by this mortq~ye shall be +t svch ~ate as Morty~pee i
shstt rlQuesL .
11. 1Mf ie M~ went t!» Prwnis~s 1~~EY ~9+9~d. w~^Y o+h tlwwf. aAatl E~ cond~Tned ~nd t~k~n for p+b~ie uw w+der M» Povw~ of «niMnt do~~in.
eh~ Mprq~qN Jull havr tM riqht w d~nd Nwf ~II dra~qt~ wr~rd~d for tM pkiep of or d~ew~q~s to s~id prwnisa sh~ll paid b Mr Nbny~yM up w Nr amount
nMn aw.id a~ aus m«row. ,ea M. oa~on of ~n. Mwrp.p.. n+.r b. aopG.d ~von tA. v.ym.na ~.st wr'.w. th«.on.
IZ. TIM IIW?T~QW E~/1A{ Ai1M~II nW b NK~ a w~~nit w~ er~a~d ahr mw bv~iea~ on ~i+e o~~sa iwr~in mony~p~a w b~o to w v~m:i ie b~ ~a~+3
a~enr o} 1M ~aiitiny imprown»nq M~~on w~k~ ~ny thxq~i a~her~t:ons in said i~nprov~nwnb whicA nuMti~tlp cAw~~ N~ s~n» u Me us~ tMrwf. w~thart
tM writNn eoen~nt d ~M Monp~, and in th~ ~v~nt of ~nY vio4tion or ~nsap~ a viol~t~ this uipub~ion Mi~ narfpp~ and sll swn~ +~ew~d Mr~by ahdl im~
nr~tely bconr dw and cdbcr~pb a tM oP?an of ~M Mwty~pw. ~
1~. lt h spaif:ully ~pre~d Mu tier is of tlN ~ssM+c~ of d+is canvact ~nd ~har no w~~ver of any ob:ip~tion Mr~undN or ol tM obliqat~on ~cwed Mrtby sM11 a~ any
~im~ b~ Mld w b~ ~ w~iv~r o} tM fwim l~wf w of tM imtru~nent s~cw~d her~by. ~
II. H TWK~OlYff Y~OCNdny{ Of ~ny s~cond monp~y~ w s~cond trua~ d~d or anY i~nia lien oi anr kind sAould b~ 'vNt~h,hd. ~M Mor~q~e~ mar. a~ i» op~~on. ;
i~nerdi~Nly a tMrNher d~cl~re Mis mor~y~y~ and tM ind~bNdnb~ s~cwed MreM dw ~nd v~raW~ fathwith. ~nd mq u ih ovt:an woceed t0 }WKIOf~ tA~a
ena~9~p~-
15. . To tM ~itrN oi eF» ind~badn~ai of tl+e !Yb?tqaqa M N» JNortqaye~ dncrib~d hne~n a sec~r~d Aereby Hr N~onpaqe~ is Mreby t~bop+ted a tM Icen or _
If~ns ~nd ro tM riphh of ~M ownws ~nd lwlden tM~eof of ~xA u~d ~very nw~eq~ye I~in w other incwnb~~nc~ on N» bnd d~scrib~d Mran whicA i~ p~id and/or '
satisfi~d in who1~ a in put pn of t!y proceads of tM loan desc~iEed herein or ucu~ed hNebY. ~nd the resp~c~ivt liern of s~id morty~yes, liens a oM~er ~ncumb~ncea ~
shdl b~ ~nd th~_ aM.~ and Nch of fhan Mreby is ass~rved and shall pass to and b~ htld by tM Mortq~ps~ Aa~in ~s saarrity fw ~ indeDhdness ta tM Mony+qN "
h~r~in deacrib~d a hcreby s~c~red, ro tM s+n» e.ernt ~hat it ~wo~ld hsv~ Eeen prtse.wd ~nd wovtd luv~ been pnu~ to ~e~d been Mld by tM Mwfq~yN had be~n
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duly ~nd repulrly ea~iyn~d, MlnS1Htld. sa over and delivered emto t!ee !Na~y~yee bY s~wr~M d~~A of ~asipwnent noew~ehstudirp tM face tl+sr th~ sanw ~ruy be "
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sausi;~d ~nd curcelbd of ~~cwd, it be~ tM intenrion of fM part~~s hereto rh~f the sam~ w~lt b~ urisli~d u+d c~nc~llad of ncord Sy :h~ holdsrs tAsrwf at a ibovt
rF» Nme of the racordinq o! this ~natp~p~. •
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16. To paY all and singular the costs, charges and e~pcnaes, incl~ding lawyer i tee:. reasonably ~ncwrcd or paid at any time by ~he Mwtg~yee, becavse o( ~
ihe fa~twe of N+e Mortgayw ro perform, comply with and ab~de by exh and every ti~e st~pulations, ayrtemmri, conditio~s, and covenants oi said promissory
nore and this deed, o~ e~ther, and every such paYmeM ahall bear interest from date at the rate provided in sa~d p~omisswY ~te.
17. WA~n ~ny ~nwunt of mw»1l b b~ W~d M Nr Mwty~qw M tM Mwtyaq» wde~ the tenm Mr~ef ah~N b~ in d~(ault. a~hould tM N1wtW9a def~vlt in
•ny of IM other ternq, pavisiwq w conditipn o1 Mis Mortp~y~, tMn ~nd in fh~r cas~ t1x 1Norfp~pe~ sMll Mw tM riyht, wi~hwt roGCe to tM lVbrtyayw, to
col~eu and ~eceiw irom ~ny ten~nr a I~sss~ 01 s~id morty+yed pre~nis~s th~ renp, iuues and poF~~s of tM rwl ~st~t~ he~~by monqaged and tM inwrovemenb
~ rhereo~, ~nd q 9ive pop~r rec~ipls ~nd scpw»ancp therefor, ~nd ~ftN p~yiny atl comm~s~iona of ~ny r~nt~l pent colkctinq IM u/ne, and u+y re~sonsb4 attorney's
feK ~nd odwr necessuy ~apMSq incurred in cotlMioq u~nt. ro ~pplp ~he proceeds of such collectia+a ~rpon any indebt~dneu, oblip~fwn w liability, 01 tM
~ Mortp~pot hereundei_ Th~ ri9hr qraneed tM Morty~qe~ under this psrpr~ph shall b~ in ~dd:t~on to, and shall not I~mit w nshict, any aher r~yh~ or riqhri pr~nud
th~ AAqtp~yw in this Mortp~p~. ~ .
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18. If th~ Morty~yewa ~t 1he tirn~ of rrKkinp this Mw~qaq~ w svbsapHnt ~hsrtto uk~ ow lif~ inswanc~ dniyn~tin9 ~M Abrtyaqay herein as benefici~ryr witfi s ~
I cor+pany ~ppoved bp tM Morfysye~ a~ssi9ru polici~s to tM Mwtqaya~ 1a tM pwpose o! secwirq tM mutqay~ lun he~eby atcwed. tAe~ fM Morfq~p~~ ah~ll ~
~ have tM riqht w paY ~ny pem:um ~ccr~in9 ~nd~r said pol~cies, and dl sums so e:pended sh~11 b~ ~dded to M+d becoen~ • Par~ of ~h. p~nccp.l indeb~edrwss sscur~d
' by this Mor~q~q~ ~nd ah~ll be paid by tM Martq~gw to tM Mortpaqee in fwelw pwl consec~tive mw~~hfy :nabltmenb. ~M linl rnonrhly insbllw~ent to 1» paid » a
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p~rt of end ie .~ddition fo tM nwnrhly wYmw~t dw w~der th:s Mwt9sy~ :n N+~ iirit cdendar month followin9 tM ~spendinq of aaid suen. Such swm w•~pended
to bear int~rest N tM r~u at whith intereat is paY+b~s upon s~id ptirrcipsl indeblhL+ess u~d tM tien of Mia Nlorfyaye shall eatend b snd ucwe tM swns w capen0ed
fogerAer with MtNNI ~hwwn as herMnE~iq~ ptovid~d. .
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~ 19. At mortg~gei s optian, together with snd in sdd~ion to the monthly payment o( pri~cipal and inrerest payable under the terms of the note sccvred
~ hereby, Morty~yor shall pay ro Mwtqagee exh month ~~t:l uid note is fvlly paid, onrtwelfrl~ (1~12? of a svm eawl to the annuat Dremium due for fire, ertended
coverape, and other hazad insw~nce coverinq fhe mortqsged property, plvs t~aes and assessme~ts neat d~e on ti+e rr.ortgaqed properry (all as esr~mated by Mort-
gsgee) less all swro ~Iready p~id therefor, and to be divided by the numEer of monrhs to elapx pr~u to ~I+e date wAen suc?~ ra~es s~d sasessments shatl become
delinquent. Ssid wms shall be held by Mongsgee in trust or creditcd to tAe pr~nc~psl of the loan, ta pay ssid insurance, taaes, and asxssmenrs and shall be _
applied on the payment thereof when d~e. Any e:cess held in erust by Mortgagte when said loan is paid in full shsli be pa~d to Mutgago~, w his assiyns, a
; person~l representatives. In the event of s default w faecbsure, said sums held in tr~s? may be sppl~ed on any coses of damagss susta~ned in conneciion with ;
~ eZiy' by w~t, foreclosure, a otherw isa Mwtgaqee may from t~me to nme at eq opnon waive, and aftcr sny such _
~ the collsction of the note saurld hcr whether '
~ waive?, reinstate any or atl p~ovisions hercof reqviring suth deposits, by ootice to Nbrtga9w ~n writing. Whtle any svch waiver ~s ~n efiect, AAwrgaqor shall pay s_
ta¦es, sssessments and insursnce p~emiums ss herein eluwhere prov~ded. ;
20. Morty~yw shall comply wirh the provisiona of any lease, if Mis m«tgs9e is a+ a leaseho~d. If this mwtgage is a+ a condom~nivm un~t, monqsgor shsll
perfwm all of mo.tgagor's obliqations unde~ the declar~tion of condominium u master deed, fhe by-laws and regutar~ons of the condom~n~um projec~ and con-
stituent docwnenh. Mortyaqq f~nher coven~nts that he and the sssxiat~on respons~bie fw the operat~o~ of ~he co++domlmum w~lt observe atl of the p~wisioos
oi th~ said decbr~tion, and ~ny amendmmts therero, and of the Condomin~~m law of the state, ~nd will perfo~m aU obGga~~u,s thereunder; ~nd a failure ~o do ~
~ so which is not cwed wirhin 30 days ~iter notKe given by the mwtyagee to ihe morrgagw ~nd the said assouanon shait consritute a de(aulf under fhes morrga9e.
Mortqpor fwther specificalty covenants, but not by way of limitation, that he and the associstion will observe sll ot the prov~s~ons oi s~id decl~rat~o~ of condo-
mini~wn relatirg ro inswsnce coveraqe.
21. Mortya~or further covcnanb and agrees that st the request of Matgagee to (ur~ish a standard termite bond inswing aga~nst damage by infest~tion on ~
the berildinqs now or hereafter located on the mortqsyed property, in s~r_h amo~~ts and tasms, and with svch companY ss ~pproved and rep~ired by Morty~9ee;
a~d in the evene Matgagor does not comply with rhis covenant Mo-tgagee shall have M+e same ~ights to obtain same as insurance coverage under covenant ~
#3 hereof. ~
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5~ - ° R 230 PAGE 244 ~
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