HomeMy WebLinkAbout0231 And chall prrFur~it. rumply wnh end ~hNir by ~arh and e~•rry uf thr cupiU;,u~~ns, ;,~rccmanh,rond~uuns and .u~rnant~ ~ri
lurth in ~his murtg.~r and in ~hr prumisa.uy iiutr u: ured hc~rby. ~nd any rcnrw~ak ur u~her notr. Ki~rn in ~..urd:,n.-e hrrcK•ith.
thcn ~hi~ murt~w~ .+nd the rsta~e hrrrhp rrc~trd .hatl .•r~x rnd br null ~nd vuid.
And 1.IkI Ndf~~,':1fUf 1Ut ~t11i1KI~ ;lIN~ IllS Al'IfS, lrgal rrprcxnlati~•r.,.uc.r~.ur. ;,nd a~.~gn., IICfCD)' CUfI\Yll;lfll\ Jf1lI :iE',ftt~ ~U
dlll~ N'11~1 ~1~ ~~Ufl~,'.1l;CC, Il\ IC~'1I Il'4~f~\l`Ol;lll\'~S, DUCiI'~SUh Jf1l~ :1~S1~,'f1S:
1. Tu pay ~1) anJ cirtKul~t thr principal and iotrr_st and 1hr ~-eriuus ~nd «~ndn• wm~.~f mone)' pa)'abk by virtue ol .~~d
nr.~rm.~.rv a~~trx, rnd this mortK:qte, ea~~h ~nd e~•ery, prumptly on the days rrspectir~ely ~he ,ame become due.
2. To p~y JI) Jtll~ sin~ular the taxrs, a~ces.ments, len~c, liahilitir~, ohli~~uon~ and inrumbr~nce~ uf rverp n:~ture ~nd kind
n.,~~ ~~n u~d Jr~.•nbrd p~uprny. Ihat hrcral'trr may 1~ impu,~r1. ~uttrrcd, pla:rd. Irvird u~ a~~...rd thrrcup.~n. JOII lll:ll (1Cfl'd1lCI
ni~>• be i~ehd or acsrc.~Yl upun thic rtiurtg~ge, fhe indcbltdnesc ucurrd harrby, ot hu~h, rarh and every, ah~n dur ~nd pa>able
a:~orJing ti~ I~w•, bcfure thcy brrume drlinyu~nt. and brfure rup intrr~.t atta:he..,r ~ny pen~lty is incurrrd: ~txf m w frr ~c ~ny
thrrcui is of re~•ord ~hc ymr ~hall b~ ptumntly ~ali~fi~J ~~xi dis:har~d ~f re.ur(I :1(I(I III@ U(f;tO:il UI~lil;l) !~M'WOl'O) I1UCF1 IOf
~n.~anre, the, t~< rr~tiipt ur tlx vliefr~•tiun papCr ofli~ully rndurxd ur cenitieJ) +h~ll be placrd in the hands uf ~turtgaK.r w nh-
in trn dayc nr~t afrer paymrnt. ~
3. "l~u krep said buildmgs, arxf any which m~y herealter be errrtrd upun s•rid premises, insurcJ ;~ainst loss ot J3ma~e by
t7re ~nd wch othet h~tards or rislcs ~s ma)• br trquirr3 by \tort~:~~tre in w.•h amount ur amuunti ac may br rcquir~vi by saicl
\f.~n~tagrr, in ~uch in~u~amr romp~ny or rompanies as ~lurt~;?gCe, its surreswrs or assigns, may •rpprove, and ro Jeli~•er to uid
Uurtga~r, as additional ucurit)• htreto, the policies af surh insuran.r anJ oi ~ny additiunal ~nw~ance whirh shall be t:?ktn out
upun wch buildings while any part ot the indebtedneu aforesaid sh•rll remain unpaid, having a~tached to said policies such murt-
K~ge irnlemnity rlause as \~ott~t~~;ee shall dircct. ReruK•~Is of wch poltr~ts shall be w delitiered at lrast ten Jrys beforr rny surh
insurrnct shall expire. All insuranre cartied shall be satisfactory to said Nongagee. An~~ sum which may Decome due under an}•
wrh puG~y may br applird by said \furtgagee, at its uption, cither to rcdw~e vid debt ur to rep;~ir or replace the m~pruti~rmrnts
cu~rrcJ by ,aid ~~lir?•. Said ~1~,r1Ya~rr may prorur~ and wb.titute for ~ny and aU uf ihe insurance so held ac at~orevid. ~u~h
uther policy or {x~licies ot insur~n~~e, in 6k~ ~muunt, as it m3y deiermme, provided Murt~~gur i~ils tu rrpl:+re any such insuraace
w~thin hn day~ ;?ttrt hr~n~ ~utiticd th~t the Iniurin~ ('umpany ec no looger approved by \fortg:~ee. In ~au uf vle undrr for~-
cl~~curc h~reuf, all wch imuranre ;hall thrn.-~furth, ~rni until the prriud of redrmptiun ihall e~pire, be m~de pay~hle to the
huldrr uf tfir certili~atr ul ul.: ~ad m w:h rvents saiJ ~1art~agtt is herch~' ~uthuriz~Y1 tu rullrci tFn anr~rned prrmium un ani
su:h putir> it me>• .su.~ tu br canc~llrJ, rc~ardless of whrther vid prrmium is paid b~~ \tortKagur or \lur~ga~ce. and appl~ w.h
pr~mium tuwards the paymrm of prcmium un rn>• such new~ mcuranre ~o p~yabte to thr holJer of such certifi.ate.
3. In cace said '.11ort~taKUr chall n«Iert ur rrfu+r to krep c:ud ptenucrc in Kc,od np~ir ~net cunditiun. to pay ~romptl~ ~vhrn
du~ :III I:l.\t~] :IDI~ d1~tS~tlll`I1lS, ,1S J1Uf~VItI, uf ti~ rcmuvr any ,tatutory licm .~n vid prrmiccs, nr tu kcep thc build~n~. and
impr.~~rmcnts inwrcJ. ~s ati,ns~id, and drh~rr ~hr paGry .,r palicir. uf incur:+nr~..,r thc rcrxwals thcrcof, ~o Vll~ ~IUfl~:lljCC.as
~1UTl'~.IIII. (~ItO S./NI ~I0~1~,'.I~t`C l113)~. I? tl ~}I:t~~ ~O l'ICl'1. O1JI~l` JtrJlll. Il1JIDl:11D ti:111~ ~iU~f~I)' JOd j1J)' SUl'Il (:1\C~:If1l~ d~tattpltq[S.
. M'll~l lf1C Jl'l'fUl'li IIIItIaS~, F110;1~I1CS. OI~IiCT~1 ~CCi, :1O(I l`\~XI1~CS therrun, f~dC1111 vid prcmi+es w•hich ma~~ ha~'e txrn suld or fur-
1'eitrd iur taxe. ur a.x»m~n~+ thc~eun. purihak an~~ ia~ t~Uc thrrcon, rrmu~•r an} .tatutury~ Ikns and pruserute or drlend an>~
cuit+ in tel~tiun thet~tu, imure ~nd kerp inwrcd .aid Auildm~s in ~he .um, a~ afure~aiJ, ur for any (ec~ wmand lo? wch time, as
~~J \luniag« mr}' drem pruptr. :1n~ wa~. Nllll'II Ill'J) I1l' w(1:IIlI UUI h\ 5;11(J ~IOfl~':IRI't. JfIII 3II ,umc paid out Cot wb.titutrd
in,ur~n.r; ~furcw~d. ~nrlud~ne thr ;u.t.. e~Enn.r. and anurncy', irr p~id m an~ .u~t ~fferting said real e~tatc, whrn nece~-
ur> ur :1~1~1IU(1IIJIl' ta pn~ta:t th~ lien hrrc.~f, ~hall hear imen~t frum thr Jate ut wrh paynxnic ~t the c~me r:?tr as is c~,erifi~~i,
in th~ nutr .r.urcJ hrrrb}'. pr}~hlr aftrr drlault ~n pa}'ntrnt uf ,;~~d nutr. .h~!! br paed by .~K! 1lurtkagur tu sriJ ~lort~agee
upun d~tuand and ,h~ll tx drrmeJ a part ui thr•Jrbt hrrrh~ .c.urrd. ,nJ rccucerabli a~ ~uih io ~11 re~pi.tc. An~~ wih liens
il:,~mc, ta~es, JS.K'1S1T7PIlIG. O~ t~~ titk~ u~ pur:haxJ, p~iJ. ~~r rrlr~mrd h~ vid \lurteagc-~ ~h;~U. a. Extween d~r partie+ hrretu
ihr~r suca-euuts ?n interest. br dcema~J salid. Su that in nu rvent .haU thr nrrr..~t> ur ~~IiJhy of am .uch p~~ mrnt. tx di,putrd.
Xcnher wrh p~~m~nt b~ \lurtg.?grr u.~r m.ulkctiun frum \lurt~a.or .hall w•r~ve ur elfr:t any uptiuh. lien. rqu~t>• ur nriit ut
~(~~ttg:~~rr's,
5. If rec~uc~steJ bs the ~~Olll:lk'CC. IF1C ~~~~(1K:1~.'Of, lU~affltf KlQI :lqlJ m additi~~n t~~ ;hr munthly payments under the trrms
ut all notes s~ruted hrrrb}•, un the duc da)• uf earh munlhl}• p~ymrnt and until c;iid notr~:ue tully paid, Jial) pap to the ~fort-
! Ya~re ao ~nstaliment vf the ta~es and as.ec.ments next to become dur re~inst the murt~a~ed premi+es, rn inctallment o[ premium.
~ next ro becor:ie due on msured pulicies r~yuirc~i b}• the ~turt~gee, and am• ~~ther ~har~es pay~ble accurdin~ to the cummitmcnt
' to tinanet. Such installmrnts chall be equal recpectivrlp tu surh tace~ and ac~escmrnts, inwranre premiums ~nd othrr ch~rges, al!
~ as eslimateJ by the lfortgagre, iess aIl sum. alre~d~~ prid ~h~rcon, Jiv~drd b}' thc numbrr uf months that are to e[apse before one
i month prior to the date when wch ta~rs rnd asxumrnt~, msuranre premium+ rnd other charges a~ill berume due. Sa:d install-
j rrxntc shall t~e heW b}~ thr 1lurt~a~rz Itx~rin~ the ioterest fur tiiur~~z~K~~r) ~o p:?y~ wrh taxes, ascersmtnts, insur-rnce premiums
~ and other char~es. All prymrnt+ made under the term of this paragtaph and under the note cecured herebq tihall be •rdded
! toEether ~nd the .?~rce~te rmount thereot chatl be p~id by- the 3lortgagor in a s~ngle payment e:~ch munth to be ~pplied by the
E ~furtga¢ee in pa~~ment of thr t~rms and m Ihe urder fulluwing: (•ri taxrs and ~ssessments, and in,urance prrmiums and uther
~ charees pay~able accordinY ro the commitment tu finanre; Ib) mterest ~n the n~trs serured hereby; ~nd (el am~,rtizatiun of the
; prinr~pr! of said notes. Am• drficienry in the emuunt of surh rggre~~te monthl~ p~yment shall constitutr a default undcr thiti
mon~:?ge. ~1'hrn such ta~ec, a~essments, ~nsuran~ti prrmiums and uther rhargec fall due, if the rmounts drpovted by the ~tutt-
kazur for wch purpu.r. arr nut w~li:irn; to pac c;~~~ trxrs, acce+~mrnt+, irtcur~nre premiume_ ~nd uther char~e+. as the sa~e rrta~'
r be. thrn dur. thrn thr \turlY~g~,r aiU pr~ t„ thr ~lurt_~src wch defi.i~n:c inunedi~teh~. ~~'hen such t~~e..a.u.,mrnt+. in.uranrr
prcmiums and UIfICf llly(Kl`~ f~ll Juc. if thr e~n~~unt~ drpusitcd t~~ thc ~turt~a~or ti~r ,uih purposcc~~rrrd thr arnuuni~duc fc~r
w.h t~xe.. ~.~r.,menh_ ~muran.r prrmium. enJ uther ch:~rgr.. thc r~c~.. m~>. in thr d~cirrtiun ol Ihe ~turte~grr. hr ap{~lird
nn ~ubxyu~nt munthh• paymrnt. tu hr tn.~de by tht ~t„r~~a_~~~r. In the e~ent ..1 drtault under thi~ morti~~r an} unt~Exndtd
Iund~ IO th~ harhl~ u( [hr \I~~~I~etiY dcru~~ted h. thC 11u[t~~~~~~ Iu mart th~' uhlL•~t~np~ u~ ta~c~. ~.,e~.menu. inwren.e
~ prrmium+ ~nd uther CF13fYC~. ~I1:1I) Itl' ~pplird by thr !11urt~a~~r upun th. indehtednrc~ hrreby u~urcd in thr f.~ilowing ordrr,
= la) mter~ct on ~d~~nr~~ mad~ h~ thr ~i~~rtea~rr; (b1 ~Jv~n:r+ m:~d~ h. the >turt~ti~~c: ~c1 intereu un ihe pr~nc~p~l: ~nd ~d) thr
pnncipal debt hereb> se.urrd_ ~~hen an~~ cu.h trxes, acses+ments, mwrancr prrcmumc ur .~ther charge~ fall due Ihe ~t~~rt_•agur
~~~ill prcanp~ly ubtain and drlivcr to the \1~~rt~a~ .tat~~mentc w•ith re~peci thereto.
; 6. The ~lort~gvr rrpresents and a~rres that this murt~ee loan and all future tuan~ ecidenced bp the aforev~d pr~xnissory
rwtes whirh are secured hereb~~ arc made and r~tended by \tort~agee in reliancr, in part, on the fin•rnc~al background and abil~-
ties uf ~lorigagor :~nd any ro-makets, guarantors or endorxrs to, juintl} and severally, pry any and all various and ~undr~• sums of
muney 3nd the sperifir rate of intere,t pay:~ble by virtue uf c:wid promiss~~r~~ notes and this murtgage. These mort~ge lo:~ns are
ur.derstooci and agrecd to be made and c~tendrd to ihe ~tongagor oNy. lt is neither presumed, expressed or implied that the
obli~tions created hereunder ma~• be a~.umed ur performed b~~ an~• party c>ther than the tlurt~agor, u•hether ur nut upon the
tia)e or conveyrnce of the premius herein described or any psrt thereof_ If a cume~~anre shuuld be made by ehe I~1ortRagor of the
premicec herein deceribed. or :+ny part thereof, w~ithout the w•ritten conunt of the <~Of1~:IQtY, (K'FIK'FI consent m:~y be w•ithheld
arhitrerily or ¢ranted on terms selrrted by )fortgagrr i~ its wle discrelionJ or without accumphon both by proper execution uf
assumption agreements and related forms in use by the Mortga~¢ee and by assumption in regular form of law by ihe grantee of the
obliRations created hereunder. then, in ei;her of ihose evznts, and at the option of the !?torigagee and w•ithout notice to the Mort-
~agor or to any other party, all sums oC money srrured hereby shall immediateh and concurrently and upon wch conveyance
become due and payable and in default w~hether or not the same are otherwise due and payable or in default by the specific
trrms hereuf. The foregoirtg option xhall bc e~erciced by Morf~:~¢ee at its sole and complete discretion. The aforesaid consent of
~lortgagee may br either granted or withheld w•ithout rny requirement uf the Nortgagee diulocing any reason therefore. I`ot-
withstanding the foregoing, if the uwnership of the morigaged premiscs, or an}• part thereof, becomes vested in a~rson other
than the ~tortgagor, ihe ~tortgaget ma~• deal w•ith such successor ot suc~YSSOrs in interest with reference to this mortgagee, and
the debt hereby secured, re~rdless of any chrnge in the terms ut ihe obligations created hereunder, without in any manner
~~tfating or disctwrging ihe Mvrt~gor's Jiability hereunder or upun ihe debt hereby serured. The ~tortgagor shall at all times
iontinue liable for lhe indebtedness secured hrreby until this murtgage is fuUy dixharged or \iurtgagur is formally re!eased by an
instrumeni in w~riting dul~• executed b~~ the Nortgagee.
7_ tturt~agor, al the optiun uf ~Iortgagee. s}~all pay a"latr rharge" not exceed~n~ two per centum of an~ said ry,Kre~ate
~n.~mhly instrllmrnts includin€ am in~trlhnent fur payment of tr~es anJ in~urance when paid morc than ten days after the due
date therei~f (provided that in no etirnt ~h~ll vid "late char~te" re.ult in thr pr}'ment uf intrrest in r~ce.s of thr m~~imum
intrrret ~xrmitted b} !aa). tu ru~er the extra erpense imulved in handlin~: dehnyuent pa>~memc. Such "late char~e" .hall n.rt be
p~}able uut uf the pr~xeedc of ~n~' ule made to ~atisly~ the irxirbtrdnes..e:ured heceby, unlesc su.h pro:eedc are tirct ;utti-
c~ent t~~ dic,har}r thr enr"rr indebtrdnec. and JII proper ~usts Jnd e~pen.ec ueured thenh~. r\ reacunable minimum "late rharge"
will tx ch~rKed as rustom:~rily fixed by Nortgagee from timc to hme, and 1lurtgr~or ~grres to pay wW minimum "I~te rharzc: '
it incurrcd.
ti. To permiL rummit or suffrr no Kacte anJ tu ma~nrsin the improvement. at al! t~mec in a ctatr ~t-€~~ad repair rnd con-
ditiun: •rnd to di~ or permit to be done to w~d premisec nuthin~ that w~ll alter ur change the ucr and : har~rtrr u! wid pr~~pertc ur
in em wa}~ impair or ~eaken the secunt} uf sa~d mortRage. (n rase ~,f the refu~al. neglrci or ~nability of thr \lurtga~~~r tc~ fl'Pdif
rnd maintain uid ptoperty, the ltort~tagee may a~ itc optiun make cu.h repair or r~uce the .ame ro br made and advance mumrc
in that behalf xh~ch sum~ shall be cerured by the lien hereuf and brar ~ntereet ~t thr wmr rate ac is spec~tied in the note ce.ured
herchy, as pay~rble after def;~ult fn payment of s.iid note.
, , ~~~6 ;~E 23i
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