HomeMy WebLinkAbout2994 d. To c~~~um, co~+wly wieh •nd ab~d~ bY exA snd ~wry i~~pul~Uon. a9rkm~n?, condi~~on ~nd cor~~~m ie s~id P•=+~~uory not~ ~nd d~ed iH 1a~h.
le eM erK+e ~M iurcad~ceion ol ~M U. S. Oiprict Cow~ ~hall b~ ~nvo?~d sy w~9a~nit ~M Mb.tppa vedN any of tM pov~?ions of •M F~de.al lank-
n,oK~y~ 11e~, sueA ~enon, wMrM. volvmsry a inwluneary on rM parf of ~M Nbrepagw, iMll ~~wmanully, w~~lau~ oo~~n. aw~a~t~ ~M rnatwiey of dl wem
of monsy M~~~n Mx.;b~d ~nd saw~d, ~nd Uw w~w ~lull tMrwpon b~eom~ dw and payabl~ ~orehw~th ss fulty it ~ uW p4hp+a wms of ~y wa~
o.Iq~nNty u~p~l~e~d to b~ paid on ~ueA d~a. .
S. To d~4fvK a s~~d Mwtp~pe~. on w befae MarcA iSeb oi ~ach yea?, u. receiph wlde~u~ tM wy~~ of ~II I~wf~lly ~mpos~d baa fa ~ne p.«d~rq '
ul~ndn v~ar. and ro dNCvN b uid Mapap~t. r~c~iPq ~vid~nciny tM p+Y~+~ of all li~ for public improwm~nb whhin ninNY (90) daYS attN ~M s~m~ sMfl
b~comt dw ~nd paYabl~. w~d ro p~y a diuhuq~ withln nin.ry (901 dar ~(eN dw d+t~. any and ~II povNnm~t~l lw;es rMr mar b~ m+d~ on +M maq~y~d
prep~rty. m M~is mor~ppe w no~~. a in any orAM way nsul~inp fran ~M MortAaos in~bqdn~sa secvr~d bY this ma~yaq~: snd ii Mis condliion b~ not c«w~~M
wi~h and ptrfum~d. uid mwfp~p~a maY WY s~+ch ~w~+ w wms wAich iMll MconK part of tM d~b~ s~cw~d by this mortqay~. ~nd ~MII beu inqreit at tlw d~(wtt
~at~ provided ie s~id promi~wry raN WY~~ ~+thly until piid a u+d MaqapN en~Y ~t~cl thal uid monyap~ d~b~ tlwnupon b~cwn~ dw ~nd paY~bl~ forlh- ~
with. '
9. t~ i~ hrr~Mr co.~nanqd ~nd p~e~d bY Nid p~rti~t tMf in ~M wa~~ oI a~ui~ Ee~ny in~t~wud ro f«ubN N+Ia nw.p~a. ~M Nbrtq~pN slyll b~ ~it4d w
a0piy any tia» p~d'uq ?ud~ /a~elowr~ wit a 1M eourt Mviiq iwisdietiow ~Aa~of /a tM ~ppo~neemn~ ol • r~nivN o1 ~Il ~nd sinpu4r Mr ~w.q~p~d popa~lr.
snd of aN tM nnh. ~ao~. woHb. iswn and n+r«w»s tlw~wf. fraw wMtwwK wu.ce dK~v~d: w~d Nw~uow~ if is Iw+by upN?M cov~n~nqd ~nd ~prNd
dw~ ~M eourt ~MII iwlhwi~A appoin~ • nniw oI Nid mwt9+v~ w~M. ~Q ~nd ~inqular. ~nd of such r«+h. iwcoww~. aofi~s, uwM snd nvemw Mw~o1. f~aw
wh~ho~w wwc~ dKiwd. with 1M uswl 6o~w~n ~nd dutia d t~niv~n in lik~ psn: ~nd sud~ ~vDo~mnNm ~Mll b~ wwd~ by ~uch ca+~t a•~n~. 01 sn~d ~iyh/
b IIy Maty~y~. iM ~ucc~swrb N9~1 npra~ntalivu a u~i0n~. ~nd wiMoN r~tN~ b 1M ~d~OwcY w inad~poacy o~ 1M v~1w ef tM WopMhl MabY wartW9~d.
a to ~ wlv~ney a YuolvMeY of N» Mor?Wqo?. ~nd ~1 such rent. wof~b. incow». iuws and rw~nvM sh~ll M ppli~d ey sucA tic~ivu a Nr wrn»m o/ Mw
narq+9~ ind~badnNw oosp ~nd clwqM. ~coadin0 ro Nr ad~r of such cowt.
10. If all w u+v w.r of rl» p.op.~h a an inMr~u the.ein is wld a transfcrred by map+qw without mo~lqaqM's pr~or wrinM conseM, ucludirg (~3 M+~
crearion of a li~n w encvmbrann subadinaq a th~s ma?qspe. tht cre~Gon o( s pwchau mwror aecurity intN~ft fo~ hous~hold +Pp~~+nas. k) • twns(e~ by
dev~se u deuent. or by opuation of law ~oa tM ~aeh oi •{o~m tcnan~, a td) ri+e 9~+nr of ~m F~~sehold ln?e~es~ of thrt~ Y~us w less not con~~~ninq an oprion
ro purchas~. ~+wtgsqe~. may. st its opt~on. declue all the suma securcd by tAis matQap~ ~o b~ ~e+med~areM d~ wY+bN. ~tW9~~ sA+ll Mw waiv~d tuch
optio~ to xceferate ii, prior to the ssle w trana+e~, mortqspes +nd tM person ~o whom ~ha property ~s to be sold w lranafernd raxh ~prtNnent in wrilinq
rhat ~be credir of such peraon is s~t~~fx~ory ro Moreya9e+ and that tM iN~rc~l payabl~ on ths sums secwed by Mis mortpsqe ahall 6e at such rate ss Mat~yN
shall reqwsl. ,
11. 7Mt +o tM evM> >M wMnis„ Mrebfl ~~9+vd. or ~nr P+h ~Mnof, ~dl L~ co~denrKd ~nd f~k~n fa O~ie w~ undw ~M powM ot ~mirwn~ dom+N4
My Mpr1p~~ ~hall Mv~ IM ~id~t ro d«nand NMt all d~nrqa ~wwd~d ia ~M atinp o( a~ da~+pa a wd p«wisN flyll b~ paid a NN Mwrp~p» up a N+~ amount
Men ~w+Wid on Nw nwr~9+9~ and ~1 dr oWion d Me MatqayN nry b~ +ppli~d ~Dw~ tM P+YnMnb las~ pay~N tlw~on.
12- 1M n~orfq+po? bind~ hNm~lf not w~nct a oMnwt ro E~ ~r~ct~d +Mr n~w buildnps on 1M a«rrw Mn~in ~an9~q~d or ro add a a o~n4t to M~dd~d
w a~r d tM ~si~tcnp improw~Mnn tMrwn or ~b +nr ch~q~s w alhrq~o~a in Ntd i~nprovtwwnM wAid~ wrqrially dwq~ N» ~anw a dw us~ Nwnoi, vn~hout
tM writbn cvnwnt d tM Monpsq~~. ~nd in tM swnt of ~ny vio4tion or ~thTW ro violaH Nws st~pulation Mit ~no~tp~q~ ~nd all ~ums ~tcw~d AK~Qy tMll ia~
enrdiately b~caw~ du~ and eolbctibN ~t tM optian o( ~M IIAorly~y~-
~.~I. It if fWtiCK~IIr ~~/Nd IMt tiwN 1! O~ 1Af H/NK~ O~ 1I~i~ CplhKt Mld llNt n0 W~ivff O~ MY O~epifM/f M/Nw~dM Ot O~ MN OWip~fiOA fKWlA hN~bY ~il) ~nY
~~en~ M hrW w b~ ~ wa+ver of ~M wnv Mr~o1 or ot tl» imtrwMet s~nx~d ha~by. ,
11. H fw~closw~ D~ocMdnq~ of «w s~cond rnonp~p~ w s~cond uust dNd or a~ny pwria lien of anY tind sAould E~ imtit~hd. tM Monp~qe~ nyy. ~t ih op~ion. ~
~mnwdiaNN w Mwe~tte~ d~clu~ d,~s morfp~p~ ~+d Nr ind~b~~s s~cured M.~by dw ~nd P+r+Dt~ taN~widy and maY ~e in opr:on P~oceed ro ia~cbs~ fhii
mor~p~p~. _
13- To tM ~~hm of dw ind~M~dnaa of the Mortqs9u? w~M Mat~~ desu:b~d I+e~~in a a~cvr~d hwtby fM Nlortp~qe~ if hereby subroyN~d a the lirn o~
I~~ns and b rM riqhb of ~M owmn snd lwlden thereof of ~xh snd ~r enweq~pe lien a aMr innnnbrw~c~ oe ~M I~nd d~+n:b~d Iw~~in whicl~ is p~id and/or
utist:~d in wlwb « in pin out of tM proceads of ~M to~n described here~n o? s~cured Mreby. ~~d tM reapactiv~ liem oi s~id ~ew~ty~q~s. Geea a oehar ~ncu.nb~nces i
s1+~11 b~ u~d ~M_ s~a ~nd wch of tM~n Aerr~y is preserved snd aMll p~~s ~o snd M Mld Ep tM M~w?9+9H Mr~in +s security fa dr ind~Eqdness to d+~ Monq~qa~ :
ha~in deurib~d a Aereby s~cvred, ro ~M sarr» eatem rhst i? wa,ld Mw bee~ v~~urwd and would h~ve been wss~d to ~nd be~n MW bY tA~ Nbnp~q~e Md ii been ~
dvly and rpul~rly auiyned, trualerr~d, ut wre~ and del~vered unro tM Mortq~qw 6y aepu~a deed of ~asiqnnwn~ notw;thstu+dtrp fM ix~ tAs> >M s+~ne ~nay be !4
oir
sar~sf~ed and canc~lled oF r~cad. it b~inq tM ~ntention ot M» W?ties hereto ~hat Me urn~ w~ll 6~ utiafied ~nd curc~lled of r~cad Dy !ha hddas tM~wf at o~ abart ~
~M tien~ ot Me rieord~ny ot tAis enor~9+y~.
16. To psY atl and aingular tM cos?s, charyes and e~penses, including Iawyer's fees. reasonabfy incwred w paid ~t any tirn~ by ths Morfqayee, b~c+us~ of
the f~~l~re of the Mongayw to parform. compM with u+d s6ide 6y each and every the stip~latiwn, s9?eemann. conditions. ~nd cov~nsnb of s+id pomiswry
' nore and this deed, w either, ~nd ~vsry such paYment sh+~~ be+~ ~^terest from dal~ ~t tM defa~lt nt~ provided in said promiasory note.
17. WMn ~nY Mnwmt of mo~ney fo b~ Wid bY th~ Mortp~9a to 1M Mortqaq~ wid~~ 1M Nreq Mreot aMll b~ in d~l~ult, a should tM Mortp~yor d~isvN in $
anr of M~e oNwr ~Nm?. O~a^sions a conditians o( tha Maty~q~, ~Mn and in tha~ us~ tl~e Mw~yage~ sMll haw tM ~iyAt, wiM~out no~~ce to rM A6wtg~qor, fo -
coliect u~d rec~iw (ro.n +nr te~ant ot Msu+ o~ a+id ma~9~9~d w~~ ~ r~n», ias~es ~nd p?of~ts of Hr rNf ~sNt~ Aereby mortp~q~d ~nd tM im~ovemenn
fh~reon. ~nd ro yiv~ poper rsctipl~ ~nd scOvin~nces tMrefor, a~d ~ffe~ wYinp •11 cannissiau of ~ny rem~i pn~t colkctinq th~ s~rn~. and anY rNSOnable ~ttan~ri
f~es snd ofh.~r necesssry e~p~a~s incwr~d in collMiny ~~ene, ro sppM tM proceeds of svch collectian upon ~nY ;ndebt~sa, obli~tion or li~pility, ot tlw
AAwtqepor hereunda. Th~ riqht qr~nted tM Morty~yN under Mis p~rpr+pA sha11 b~ in ~ddi~~on ro. ~nd shall not limit a rytrict. any other r~yht or riqhh qranted
~M Monq~yN irl fhis AAOrty~q~.
16. If Me 1No.payw~ at tM tirn~ of nuki~p this Mwry ~ a suba~»n~ thaeto Uks an I~f~ inswanc~ d~aipn+fieq ~M Ma~q+q~+ A~rein as bene~ici~ry w~rh a
p zo+~*w~Y ~woved by tir Mwtp~~ w~uiqm pol~cita fo tM Mafqaye~ iw M~ w~06+~ of secwiny tM ~nwtp~q~ lo~n hcreby secvred. ~Mn tlw Mort9ayee sh~ll
! have ehe riqhl ro psY a~r pr~miuw~ acuuinp undw uid politi~s. ~nd ~11 ~u~ns so eape~ded shall M added b and b~co~ • p~rt of tM princip~l i~debtedn~sa aacwtd
~ br ?his Morrp~p~ and shatt be p~id by fh~ Ahxtq~por to tM Mwtqape~ in ~vrstv~ eqwt cwnecu~~ve erwnMlp inabllrmna, tM finl monfAly insbllmenr fo M w~d u+ ~
~ part of tnd in sddition ~o tM ~nooMk WY~~ ~~s ~tq~~ in tA~ lirs~ u{end~r ena+th {oftowinp tM ~~p~nd~ny of sa~d w~+. SvcA sveM w e~peeded ~
ro bear :ro~rest ~t tM r~q ~t which :nterest is wY+bM W~ ++id principal indtb~edness and tM lien ot this AAwtyay~ ~hall eaand b and senx~ the s~ms w e~pended !
~ ~oge~hn wi~fi iMa~st ih~reon +s heranbef«~ p~vid~d.
{ 19. At mutpa9ee's option, to9ether wirh and in addition to ?he rtwnthty psY~rtt of principal snd intaest p~ysble tx~der the terms of /M note sta+~ed
~ hereby, Mortq~gor shafl pay to Mort9s9ee each ~swr+N+ ~n+til s~id nwe is fully psid, one-twdith (1J12) of s sum eqwl to the snnu+l premium dur for firs, eatended
~ coverap~, and other hazud 'inswance includiny itood insuranc~, coveriny rhe rrwrp+y~d w~tY. Pius ta,ces u+d usessn»nb ne:t due on tM mortyaqad P~~?~Y
~ iall as tstimated bY Mortyagee) less sll sums slready paid therefw, and ro be divided by Hx numba of months ro el~ps~ prior to tM datt when such ta:a ~nd
~ asseumenb shall bacome delinquent. Ssid suma shall b~ held by Mwt9s9ee in tnnt or uedited ro the prioc;pil of the loan, to p~Y said i~nwanc~, tsxes, and.
~ assessmenh snd shall be applied on ths paymant thereof when dve. Any ~xcKS held in trust by Matpspes wMen said loan is W~d in full shsll be paid to
~ Mort9aqw. u hia auigns, or personal representatives. In the tvent of a dcfsutt w faecloswe, said sums heid in trust maY be applied on sny costi of J~may~s
i s:ntsined in connecrion with the collMion of th4 note setvred her~by whetAer by sv~t, (aat~osure, w otMrwiN~ ~fy~qe~ may irom time ro tim~ ~t iri op-
~ +~on w~ive, and afler any wch waiver. reinsute eny w all provisiuu Mreof reQuiriny such depos~ts, by ~oHc~ ro MoFtg~~w 7n writiny. Whik anY wcfi waiv+r
( 1: in effsct. MwWsyu shsll pay t~xes, asstssments snd inawance premiums u heroin dsewhera provided. .
~ - ~ ~ •
j 40. Mortqsqw shall compH with ~he w~+~sions of sny Iease, i( this m«tgaqe is on a leauhold. If this m«tyage is on s condom~niwn ~n~e, mortq~yor ~h~li .
pe~form all of mwegaqoi s obliyatio~s vnder t?~e decbrat~on of condomin~vm w rrtaster deed, the by-laws u~d rsgvlafions of the condom+nium proiect and con-
stiruent docvme~IS. Mortgaqor f~rtlier covenants that he and rAe associat'an responsibk fw the operat~on of ~he tondom~n~um will obssrve ~ll of the Droviiiwts
of the s~id decisration, and any amendmmts thereto, and of the Condominiwn law of the sute, s~+d will per(orm aB obliystions eherevnder; ~nd s failure to do y
' so wh7th is not cured within 30 days +fecr notice qiven by ~Re morts~gee to the mwtss~w and the ss~d sssodatioo shall constitute a dtfaolt under ~h~s mort9~9~•
Mortgayu fvrther specifically covenanr:, but rwt by way of lim~tation, that he and rF.e assx~arion wiii obsmve all oi the provisions of s+id dedaratlon of condo-
' mf~ivm rolatiny to inswaoce covMa9e.
' ~l. Mort9syor further covenanh and aqrees that at the reavest of Monqsqee to fvmish a sandard termite bond inswing ags~nst damage bY io(esqtion on
~he b~i4d~ngs new w h+rcafter focsted on the mortgiqed property, in svch amounts and terms, and w~th such company as +pp~aed and ~squ~red by Mw~qs9ee:
and in the e~e~t Nlwtgayor does not complY w~th rhis covena~t Matqagee shail have the same righfs ~o obtain same as insurance coverpe ~nder cove+~+~~
,Z3 haeof.
22. That in the event that ~hi: mwt9aye is q~ven fo ucure a co~strvctio~ Iwn, (ail~re on tM p~ri of the Nbrtgagw w the Mortgagoi s contractor, architect,
enqineers, or sobtOnNKtpf to comply w~th ~he terms of the Conatrvction ioan Agreement of even dste he~ewith, which ia by ~efcrent~ incorpersted hereio, shall. j
ar ~he option of the Mortqsyee, ca+srisute • dshuh here~~da. '
7!. If the rr.ortpsysd pren+isn is otM~ tfi~n s ene to fax f~mily dwelliny, fha Mortq~gw cwenanh and agrees th~t he will, not later tMn thirt~r (3~ d+Ys
after tM end oi N» fiusl year, fvmtsh w+to the Auociatioc~ • comp~~ta and ~ccurat~ bata~+ce sl+est ~nd Wofit and loss statement reflectirq the Alonyspor's lia-
~ilifiN as well u wofit ~nd loss fo? the fiuai rea~, and such balance aheet u+d p?otit and loss sta~~ne~t shall be wepared by + urfified pubtic ~coou~hnf li-
censed in tM StsM of FSaids, and ~haN be c~rtified n beinq corrM by svd~ urtif7ed p~rblie saount~nt.
~
80GK ~4~ PALE 27~V ~ ;
~
~ ~ - ~ ° ~
~r ~w ~.F~'"~~~~
s~~'E`~r~:~s~.,~~''.-"-~~~~~~_s: .