HomeMy WebLinkAbout1887 ~ „ :~.t ` ' .
That. m ad~+ to pra~ct mon fuuy tM s~cunty oi t1w mortpap~. tM Maty~pp~. top~tMy w~tA. ~nd ~n add~tan to. tM monthly psYm~n~s undN tM tams o11M
ra~~ s~cw~d Mno~r. on tM +P~aMd WYm~nt du~ 01 ~ach month u~ul tM sad noa n fuulr Wd- vr~M V+Y to ih~ Assoua~wn tM Idlowuq wms
1+1 An ~nsNUm~nt d tM tu~a and as~as~nes 1w»d a to b~ bvNd ~pau+st tM pr~m~s~s covK~d Dy tirs mor~p~. and an u~stsUm~nt ol tM ~x~mwm
a p~~mwms tMt w~N b~caM dw ~nd paYabN to ~Naw tM u~sw~nt~ on tM p~m~s~s towr~d hH~by ~p~u~st bs, ~y fa~. snd v~nndstam. ss prov~d~d
fp py ppapraph 9 p~c~+p. or wCh ollNr INSUd ~s m~y rNSOn~Wy W rpuu~d by tM Assonatan. ~~d u? ~nst~llm~e?t d 1M pr~rtrum tM1 w~N
b~tpne dw Nd p~pW~ to ?MNw tM mwtp~p~ H?sur~hC~. H iny SucA nstsNm~nts sh~q b~ pusl. nsp~caveM. to oM-twdhA (1/12tA) ol tM q•
umat~d p~mwm a pnm~ums la such u?wra+c~. ~nd t~a ~nd aswssm~nts n~at dw lu ~sumaad by tM Assouatanl Nu sY mst~umNns aM~~dy
p~,d t1~~br. dnid~d by tM numWr ol months tMt ~r~ w~~pN on~ month prar to tM d~t~ wMn wch pr~Rwum a pamwms and tu~s and
ass~ssm~nn wAI b~can~ dMmQ~N^t TM AasocMUOn. w1rN ~pplyu+p such paYma+tn 1o insw~nc~ wem~ums. tu~s snd ~ss~ssm~nts. Wla~ tM sam~
becorn~ dNwpwn~ sMW na pay u+ta~at to tM Mortypa on wch tunda. u~d ~tl such psrm~nts mav b~ comm~npi~d ~1r tM AssocNUOn w~ch u~y
othN wch lunds a anth ~ts ow~ lu~ds. TM lunds ao pl~dp~d a ~dd~tansl s~cunry lor tM wms sKw~d C~r tMs Mort9sq~ snd a~ wbNct to us~ by
~n. nss«NUOn in p.,rm.m a••au ~n.~O.s•• aa o.~+k oor«uoo u?.~Q.s
Ib) AM payn+N?ts m~nbqNd ~n YN pr~cWr~p wAs~etqn ol ths pswp?aph ~rd all piymMts ro b~ madt undN tM not~ s~CUr~d Aa~by shsM b~ Wded
topsthK snd thi apprp~t~ ~mount lM~wf sh~Y b~ p~d by tM Mortpaya t~cA month m a s~n~ psym~nt to bs spplNd by t1+~ Assocuta~ to tM
foqowuq items a? tM ord~r s~t lath 1. Tu~ts. ~ss~ssm«+ts. ~nd uiwranc~ p~mwms 2°~aa cns~~.s • a~d w~ ~aisc~~a+ cna~o.s. w~.u w~
msmN prowded ~n pxapqpl+ 4 lal. 3. Inta~st on tM nou s~cund Mr~by. ! Amatu~tan ol tM pnnupsl 01 ssd ~ou
An~r defici~ney in tM amount of wcA ~pprp~b monthh WYma~a sh~M. unNu pad M th~ Mo~tp~po. pnor eo chs d» d~~~ d tM n~at wch pa~nr?N+t. con-
:~~~~a a~ ewm a an~ w,a.. a,. ~,o~q.o.. v~n+oo~ w«r.. a a~r rpht. tM Assoc~st~on may coNSCt a"bt~ tharps" u providsd in tM Note.
5 Th~t i/ tAs totN oi tM p~Y~~s m~ bY tM Mortp~pa uodM (U or par~pr~pA 4 pnt~dnp tAatl ~at~sd th~ ~mouM o1 paymMri sttu~lly mad~ by ths
Assowatan br Ux~s snd ~ss~ssments ~~d r+sw~nc~ pr~mwms. ~s tM us~ may 0~. wcA eac~ss shW bs cr~ted by tM Assoustan on wbs~pwnt paY~ts '
to be msds by tM Mortypa 1f. howwM. tM monthly p~ym~nls m~ by t1w Mptp~ya undsr (~l ol pu~praDh t pr~c~~?p s~all not haw bhr? wH~ent to
pay tues srd sss~ssnNnts sod nsw~+p pnrtrums. ~s tM tas~ maY a. w~ tM wrt~ shaN Dscort» dw s~d paY~bl~. tMn. tM Assoaaua~ may. at ~ts op-
tan. ~mmed~stely psy such tu~s and ass~ssm~nts ~M i~iw~nca p~~mwm. ard tM Mon9pa shsu p~y to tM Assocutron any smount n~sssry eo m~ke up
[he de6cancy. ~nd such paym~?t sMN b~ dw snd paYabN vmtlwn thnY 130) daYs +ft~r t1» d~a of ms~lu+q o1 ootKe by tl+e Assoc~stan setuny torth tl» amount
of wch defK~sncy. If. at sny urn~. tM Mortp~pw sh~N t~ to th~ Assoc~atwn. m ~ccordanc~ wnh tM prov~sans ot tM note secured her~by, fuG psymem ot
the e+~ure mdabtedneu rp~~s~nt~d MnDy. tM Assoc~atwn shs11. ~n con,pu[e+p tM ~mount of such u~debtedn~u. aed~1 to tns sccount o! tn~ Mort9sya aoy
Dalance remaewrg m tM funds accumulat~d undK t1» p~wa~ons ol l~) of ps~praph
6 To perm~t. commit a wN~r no wasb. ~mp~nmMt a d~tNar~tan d sud propatY. w ~n1r PHt tAx~d. snd upon the fadur~ o~ tM Mort9sfla to kep tM
bw~nps on ssd popWty in yood eorW~tion a~pa~r uW m~~narync~. tM Assocytan rryY dsmand WopK mauu~ns~+u snd the ~mmedau repsly d ss~d
buddmgs. oe an inuuss ~n th~ ~mount ol s~cunry. a tM t+nn~aq rp~yma+t of ths deDt hNeby s~cursd. snd the bdun of the Matys9a to comph nnth
sad demsnd ol tM AssoNatwn tor ~ p~riod o/ tlxrty (30) daq sh~N ca?suwu s bnacA d tlrs mortpsps. ~nd. at tns opcan o1 ths Assoasuan. ~mmebuehr
mawro tM enure amount ot p?u~ctipsl ~nd ~ntK~st hK~by sicund. ~nd tM Assoc~stan ~mmedutely snd wnthout noaos may ~rut~wte proceed~nqs to fa~cbse
th~s matgage s~d apply fa tAs ~ppomtment o1 ~ nc~rv~r. ~s I+KNnahe~ providsd. snd n pse o1 tha refussl. nsplect or ~nsb~hty ot tM Mohysgor to reps~r snd
mamta~n sad popsrty. th~ AssocNUOn maY. ~t ns optan. rtwks wch rpa~a a uuse tM s~m~ to be msde. snd sdvsrx~ etw~+~YS ~n thst WhaN
7 To perfwm. cort~ply Mnth snd ~b~d~ by Nch ~nd wery tM st~pul~uons. prNme~ts. cond~t~au ar+d covenaots ~n ssd pronuswrY ~wte and ths matpa~s set
fotth
8 To comphr vmth tM wbd~wsa~ rsstncteons and tM munapa~ tonnp ad~~ances spphcable to the mortpa9ed prope~ty. not to aect a pe~m~t to b~ erected snY
~ew pu~ldnys on the pr~mis~s MrNn mo?tpaprd a to ~dd to a pKm~t to b~ ~dd~d to. mske a perm~~ to bs made. sny structural alteratwns to any d ths ea-
~st~ng ~mprovemsnts therson vmthout tM wntan consN+t d tM Assocwtwn. snd m the event of a~y valstan w attempt to valste tAess sapuiatans. a snY ol
them. this mortgays snd ~p wms sscund t+K~Dy sh~ll ~mm~d~atNy Dscom~ due snd paYSble at ths optron ot ths Assocutwn.
g That m cass of s debuit m smr o1 the [erms ol tlrs matysys ~nd tM bbnq of.~ Gd1 to rorecbse [h~z a any other mortga9s encumberu~y the w~thn descr~bsd
property. the Assocution shsll bs entitl~d to ~pply. ~t s~y Nme MntAOUt noUCS pendup wch forscbwre w~t. to ths court hanny ~unsd~ctan thereoi for ths ap-
pwntment ot a rece~ve. of au snd s~npu~a. ths mortypsd popNtY. and of au ths rsr~u. ~ncomes. p~drts. ~ssues srd revenues thereot. trom whstsoaver sourcs
denved. s~d. thereupw~. n n M~~by ~xpressly covensntsd ai+d spreed thst ths cou~t shsll forihw+th appant a rece~ve~ ol ss~d mwt9sgaJ poperty. ap a~d
s~ng„Iar. and of such rents. ~ncomes. pro6ts. ~swes ud nwnws therw~. lrom wAatsoerer source denved. w~th the uwa~ powers snd duaes o1 recmvsrs ~n 4ke
casrs. and wch appantme~t shsll bs made by wch coun ~s a matter ol stnet rpht ~o ths Assoaatwn. and w~thout ~eferencs to tM adsquxy w u~sdsquscy ol
the value of tne o~operb herebv ~W~d. or to tM sowsncy a~nsohency ol the Mortyapw. and thst such rents. p~ot~ts. ~ncomes. ~ssues. and reverniss shaN
be appbed by wth rstenM to tM piyment pf tM rtwrtpe~ u~O~Ot~oness. costs ano cnsryes. accwwny io ii~e w~ier ~i 3ui::~ Cw~~ .
~ 0 That m the event ths ownenhip of the mortpsp~d prem~s~s. a ~~y psrt ths~ed. becomes vested m s person othsr than the Mortyaga. the Auoastw~ maY.
vr~thout nouce to the Matgsgw. Qeal vinth such suct~sso. w succ~ssas ~n ~nterqt nnth roferer~ce to tMS mwtgsge and the debt he?aby secured. m the same
manner as wrth the Mort9aqa. wnthout m ~ny wsy wtwunp a d~scharpinp tM Mortpayoi s bsbl~h Aerew~dsr or upon the debt hereDy secured. No sab o~ the
prem~ses he~eby nwrtgagsd snd no forbssranc~ on tM p~rt ot the Assoa~uon. and no eate~s~on ol the ume for the payment ol ths debt hereby secured y~ve~
by the Assoaatwn. shaN opena to relsase. dseharp~. rtwdly. chsnps o~ ~Hect the orp~na~ haD~l~ty ot ths Mortpa9or here~n. e~ther M WIIOIQ O? Ifl part
1 1 That ~n the event ths p?e+~usss Mr~by mortpsp~d. or ~ny p~rt thereol. sAall bs tondsmned snd uke~ under ths power ol em~nent doma~n. the Assoaatwn shall
have the nglit to damsnd that sll d~mspss awsrded lor tM ukx~p ol a n+tury to sa~d prertnses shatl be pad to the Assouatwn. rts wccesw.s a ass+gns. up to
the amounl tAen unpa~d on tMs mo+tpsps. and msy bs spp~~sd to_ a~y wms Isst psyabl~ hereunder .
? 2 That ume ~s of the essence of tMS contract and that no warver o~ sny obliyat+on hereunoer. or o~ the obl~yat~a~ secured hereDy. sAall at any ume tt~ereafter be
held to be s warver o( tM terms Aersot w of tM prom~uwy rate sacured hereby
13 In tt+e event of any default ~n any ol the tNms of ttrs mortyspe. o~ r+ ths ~ota secured hereby. and xceteratron by the holde~. or any other s~twtan tnat wouW
ca~.se tAe ~nterest pa~d w payabls undsr tMS oblqatwn to exce~d iha ~ntKSSt r~te authonisd by Isw. then ~n such event au excess mterest theretdore pa~d shsU
be cred~ted to pnncps~ snd sll ~ccrued snd unpsd ~:cm x~ta~n sh~U ~bate and sha11 not be an obi~gatan of ihe maker or o( a~ryr ot~ person
14 That ~o the e¦tent oi the indebtsdnsss ol the Mortp~yor to the Assouu~on descnbad hereu+ a sscured hereby. the Assocwcron ~s hereby wb.ogated to the I~en
« I~s and to the nghts of tAs owner ~nd hold~~ thsrso( 01 each ~nd every mortpspe. lien or other encumbrance o~ the land descnbed here~n. wh~ch ~s pa~d snd
Sausfied. wlwle w~n part. out of ths prOCesds oi the IWn dlscnb~d hero~n w secured hereby. snd the respecuve hens o( sa~d mortyages. I~ens w oiher e~-
cumbra~ces. sha11 be. and ths sams and esch oi thtm Asreby ~s prsserved and shaN pass to and be held by tAe Assoaatan herem as sewnty fo~ the m-
de~tedness to tMe Assonatan here~n descnD~d a her~by secured. to ths same eateM that ~t would have been preserved and would have bee~ passed to and
I~ been held by the Assouatwn had it besn duly ~nd repularly ass~9nsd. tnnste«sd. set over. and de6vered unto the Assouanon by sepa~ate deed ol assrgnment.
i noMn[fKtandng [he txt thst the fime nNy b! 3absfNd and c~nCelNd Of rlcWd. ~t b6~t~g the mtEntwn of tAe part~e5 he+eeo that the same Mn11 be sit~sfrod and
cancNled of record by ths hotders thersoT ~t or ~bout ths nms of ths recudup of tha mwtgage
~ 15 That ~f any ot the wms of money hero~n relerred to bs not promptly snd fully ps~d vr~th~n ttu~ty (30) days next atter the ume severally become due and payabk.
~ or ~f eacA ard every the st~pulatro+~s. sg~eaments. cond~tqns ~nd covenants of sad p?om~ssory race and th~s mortgage_ w e~ther. are not d~~ly periormed. com-
pl~ed anth ard ab~ded by. tNS agprpats wm unpa~d unda ss+d promKSOry note a~d tlus mort~age shall become due and payable torthw~th w thereafter. at the
~ op[an o! the Assoc~atwn. as fu11y and comptotely ~s ~f sa~d spprpste wm of monsy were a~gmally supulated to be pa~d on such dsy. anyth~ng m sad
prom~ssory note a herem to the contrary notvnthstand~np
~ 16 That ~n orde? to accMerate ths mstunry oi the ~ndebtsdneu her~by secursd Oscsuse of the fa~~ure 4~ tne Mortyagw to pay any ~a. assessment. Iwb~hty. obl~gs-
~ tan w encumbance upon sa~d property ~s herem provided. ~1 shall not De necessary nw reqws~te ihat the Ilssoaat~on shall t~rst pay tAe same
t 7 If a co~ve~ance should bs mads by ths Monpsflor of tAs prsnxses here~n descnbed. or any part hereof. and the gramee named ~n such conveYance iads w
~efuses ro aswme the payment oi the obl~yatan w~denced b1r ssid prom~swry note and secured Dy th~s mortga9e. anA m accordance v~nth theu respei:uve
terms. and aWde by the rules arW rpulatans d ths Assoc~stan. ~nclud~ny payment of s~easonable vansfe~ tee. then. and m that event. at the optan and upon
the demand of the Assotutan sll wms ot money secursd Mreby sAa11 ~mmeWately bec~me lorthvr~th due and psYSble
16 That the abstract or abstncts o1 t~tN covenrg tM mortps~ed prope?ty shall at stl umes. dw~ng the b(e ol tMS mortyage. remam m the possesswn of the
Assoaatwn and. rn event ot tMe fpsclow~e of tMs mwty~pe. or other trsnster of utk to the mo~tg2ged property. m eabngu+shment of the ~ndeDtedness secured
hereby. ali nght. trtle and mterost of the Matpapor ~n s~d to eny such abstrscts ol utle shali pass to the purchase~ o+ grantee
7 9 Should the val~d~ty or hen of tlus mortyays. a ths rate ~ecured the~eby. be ~oruested by l~t~gatwn or otherw~se. tne Mortgagw agrees to pay ta She Assauatsa~
tne cost o1 detend~ng tAe sams ~~clud+rp s reasonaWe ~ttaney's (se
20 To pay al1 and s~ngular the costs, charges and e~cpenses. ~ncludng attwney"s fees ~easonaWy ~ncurred, or pa~d at any ume by the Assouat~on. because o( the
(adure o1 the Mortgagor to periam, corr~ply with a~d abde by each and every the supulat~ons. agreements. condrtans and covenaMS ot said prom~ssory ~ote
~ and this mortgage. o~ erther, a~d every wth (e:cept tw the payment o( the momhly mstallment as requ,red by the Prom~ssory Notel shall bear ~n:erest Irom
date at thg rate of ten psr cent (109~) per annum unt~f (uNy pad
2~ Tt~e Assoaatwn shafl have the npAt st sny t~me sM fram tune to t~me and w~thout notKe to or consent ot any persw~ to lal re:ease any portan of the prem~ses
from che I~en of eMS mortgsge. (b) releass an~ person Nsb1~ fo~ payment o~ any mdebtedness setured hereby. Ic1 extend eAe ume o1 wrment or alter che terms
ol paymem o! a11 or sny part o1 the ~ndebtedness. w~thout ~Hscb~p a ~eless+r~q the persona~ i~abbty ot any perso~ I,aWe (other than any person re~eased pur '
suant heretol for the payment of sny wm or ~nterest secursd hereby srW wrthOUt in any w~Se a~ter~ng, va~Y~n9. o~ d~rtumsh+ng tAe fqces. etfects. a I~en of tMs
- mortgage on aU the prem~ses not spsc~ficsly nleassd from the I~en of th~s mo~tgaye by ihe Assouai~on
~ 22 Any agreement bereafter made by Mortyagw and Assonstan pursusnt to tMS rtw~tpage shall be supenor tu tFx ngbts ot the holder ol any ~me~vemng I~en w
` erxumbance ~
~ 3 li~on request o1 Mortgaga. the Assoc~stwn may. at ds sols optwn. from ume to Uma- belore fu11 psyment of alt uWebtadness secured herebY. ~ke (urther ad
vances to Mwtgagor. prov~ded. however. that the tot~l pnnupal sscured hereby and rema~n~np unpa~d. ~nctud~ng any wch advances. shall nm at any ume ea-
~ ceed tAe o+~g~nal prx~c~pal wm secured hersby Mwtyapa shali psy all wch (urther advances w~th ~nterest arxl the same shafl be secured hereby All prov~s~ons
~ of ch~s mortgaye shall appfy to exh furtner ~dvsrxe ~s well ~s to all other ~ndeb[edrxss secured hereby Noth~ng here~n con[a~ned. however, shall hnut the
3F amount secured by tMs mortyage ~1 such amount n~nueased by advancss made by ihe Assoua!ron. as he~em elsewhere prov~ded br to protect the securrty
y 24. In the event the Mortgagor herem. w any wbsequent Mortgaya. a any person or cwporatan owrnng any mterest whatsoerer. should encumber the prope?ty
~ herein mortgaged by an ~nstrument commo~ly roferred to snd known as a""w~ap around mortgage" vr~thuut tust obta~rn~g the wntte~ consent o( the Assoc~a-
~ tron. then. at the optro~ o( the Associatan. the obl~gatan secured by tMs Matgage sha11 +mmed~ate~y become due and payable ~
~ 25 To pronde the Assouatwn wrth Flood Inwrance Coverage if the reat property ~s ~ow or hereafier determ~ned ~o oe wrthin a speual tlood haeard area as shown ~ ~
on Flood Hazard Boundary MamFlood Irau~ance Rate Map as publ~shed b` the Federal lnwrance Adm~n,stratwn
2g At the request o1 the Mortyspor. tM Aaoa~ta~ ~prNS to w~n~ tM prov~sans of parspraph 4 relat~vs to the usabon ol s h,zard Mwrance accou~t. prov~dsd.
~ howerer, thst tMS Assouatan r~t~i~s tM rpht. at its optan. to r~-umat~ wch pans~ons of sad psrsyraph 4 ss sn oblpatan oi ths Monpapor MrwndN upon
the Aapperony d ~ny or tM foMovnnp:
A fs~luro to make any paymsnt r~quusd unda tM t~rms of iM noa on w b~fw~ the due dsts ths~wl
8. Faduro to con+ply vnth tMs ~nwr~~u prons~ons of p~r~prapA 3. a of ~ny of tM otMr n~my ~nd cond~tans at tMS mortqs0s a nots. o~ w~th ihs u~wranu
~ reqwrements co~t~msd u? 21N DKl~r~tion OI Co~Wot~+rwum ~nd r~lst~d doturMnts stwu~d ths mwtqs9sd propsrtY b~ committed to corMom~nwm
avNopmsnt
w !C)-NI•?i
~ ~aLCA 42 EORK ~i.j. F~~Cit iVW
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