HomeMy WebLinkAbout2312 I -And the MortCagor funhct cavenana with the Diottgagee chat:
1. The I?iuttgagor will pay the indcbtnlrsess as hcreinbcfure provided. _
• Q n ~ N ~ 2. !n order more fully to protart the security of this rnurtg~e, totectiter with, and in additiot? to, the monthly payments
ui ptitrii;-al xn:l intrrest a61c under the terms pf the lvnJ, the 1•lurtragnr will a to the Islott~a ae on the first day
rJ hl3 1°> P y F.
~ W ~ of each month until the bond is fully paid a sum aqual to the ground rrnu, if any, actzf flee rases a~1 spta+al suessrmnts
1~ next due on the premixs, plus the prrnuu+ru that next vTill EK•come due wad pawblr tin pnbnai of fire and afire hasara
•nsurance on the pcemius fall as esuttutcd by the biottgaFet) less all sums already paid therefor, divided by the number
w •.i ~o (months to elapse before one month prior to the date when such Round cenu, premiums, tares and assessments will
~ ' bacume drlrnyuent, such sums w be held by the 1lfurtRagrt but not in trust, and without oblt{;arioa to pay inrerat except ss,
N N ~ nd then only to the tzttnr, raquircrl by law in rasprct o! flee l~lurrj:a~.,r, co pay said gtcwnd trots, premru:ns, taxes and
~J ~ ~ a ~ ~ c ;al assrssmrntc Iz-fort the carne ben.mr cl'n n All such payments and all payments to be trade under the bond shall
U~ ~ ~ ~ • a c a,grt rr an chr ar,};rr{;ata anruunc chcravl stall be paid by the 1.1ott~Cagor teach month in a single paysntot to be
~ t3, pplied or asc•raed by the IslottFagee•, is its discraiun, to the following items:
,y.~ rr~~ to (a) ground tents, ores, auesstaeaa, water tarts, Ere wad other hawed ituuraate premiums; '
l-+ R, t~ d) (b) interest on the bond; and
U ~ t~11 3 ~ (c) aarortizatioa of the principal o[ the bond.
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3• Any dcficicncy in the amount of any aggregate monthly payment provided for ie Paragraph 2 hereof shall, unless
~ W m O de good by the Dlortgagor prior to the due date of the next such paysaseat, mnstieute a default under this mortgage. Ice
t- ^ ~^,.r.., -;•c~. ,•cy ^,ym.^r enall become overdue (or a period in oars of tiieern (15) days, a'7ate charge" of tour (•k)
~ b ~ ~ ~`~~cenu, or such lesser• atrsount as may br permitted by law rn respect of rhr a11vr~~r.v:, f-= :==h a^!t" ^vr?r+rrr may br
p ~chargeJ by the \fortr;agce for the purpose of dr(nying the ezprnse tncidrnt to handling wch delinquent payment. If there
~should be a drfaule under any o! the provisions of this monSaFe sad an anion or procteding shall be commenced to Iore-
{„r ~ oust this rw: ,ra;e, the isiortiagre shalt be, and hereby is, authorized wad empowered ro apply, ac the time of the commeace-
N O c~ ?N ~7}-tment of such arrow or proceeding, or ae any time cherea(eer, the balance tbrn rerrurnrna to [Ise iun3s area :t;:latcd for rawer,
W ~ Q+~ assrssmenu, aster Hers, and fire insurance premiums as a uedie againse the aunount of principal or interest then remaining
O NOunpsid under this moncaQe.
N ~ O ~U 4. No building, improvement or structure oa the premises or portion of way such building, improvement or
rt~struaure and none of the fixtures or ptrsotul property covered by this tt?orcgage shall be removed, altered or dctrwluhtd
•ithout the written consent of the 1lfortgagee in each tnsunce.
O ~ -Q
~ S. The whole of said principal sum and interest scull baome due at the option of the Isiongagce: after default in the
payment of any installment of principal or interesc; or after default in the payment of way taz, water race or assessmcnc for
N U y~j~tifteen (1S) days after notice and demand; or. after default after notice and demand either in auigning and delivering the
~ ~ ~ ~ ~3•pulicics insuring the buildings against loss as hereinafter provided for or in tcimbursia6 the Iclongagee for premiums paid
~ n such insurance, u herrimfter provided for or afeer default upon request in furnishing a statement of the amount due
p~ ~ro ~ won tht mortgage and whether any offscu or defenses exist a_rainst the rtsorcgage debt, as bettiruftet provided for; or upon
S-t r0 ~ f-1 Wt-the failure of the ~tortFagor to p-rtorm or comply with any ocEser covenant, agreement or condition cl this mnncagq the
~ ~ p+~gboad or any ocher agreement bttwten the Mortgagor and chr I?forejagee in accordance with the terms hereof and thereof.
- 6. The holder of this mortgage, in any action to foreclose it, shall be entitled, withwt regard to the adequacy of any
st:curiq for the indebtedness secured hereby and without notice, to rhr appointment of a teteiver.
i - The Isiort,~Ror will pay whrn due all liens of any kind, taxes. asscssmenu, wam am, wad ocher gorernmental or
municipal charges, fines or impositions relating m the premises and in default thereof the hfotrgagec map pay the same,
i and flee Mortgagor will promptly deliver official receipu therefor to the Dfortgagee.
8. The 1?iortgagor wuhin six (G) days upon request in person or within fifteen (1S) days•upon request by mail will
1 furnish a written scatemrnt, duly acicnawledged, of the amount due on this mortgage and whether any offsets or defenses
ezist against tht mortgage debt.
9. Notice and dcrnand or request may be in writing and may be served in person a bl taail.
10. The Mortgagor a-arranu the title to the premises, wad ourancs that this mottaage is wad will be tnainuitsed u a
valid first lien on the premises and upon the buildings, structures and improvemenu rberrnn.
11. In rase of a ale in foreclosure, ehe premises, or so much thereof as troy be atTecced by this aortgage, may be sold
in one pares).
12. The whole of the principal sum and interest shall become due, at the option of for bolder of this mortgare: after
default, for thirty (30) days after notice and demand, in the payment of any irssJn)lmcr?t of any assessmtnt for local
improvements heretofore or hereafter made which is or may become payable is annual iaxallmrnu, and which has affected.
now affects or hereafter may affect chr premises, nocwiclutanding that such ituullmrnu be not due and payable a the time
of such Waite wad demand: or after failure for thirty (3U) days after notice and demand to exhibit to ehe holder of this
mortgage rcceiptcd bills for any tax, water rate or assessment herein referred to; or upon the arnul or threatened alteration,
demolition or rernosai of any building, structure or improvement erected or to be erected upon the premises; or upon any de-
fault in keeping•thc buildings on the premises insured as required by paragraph 19 below or if the ~lorts;aSor does or -
permiu to be done anything that may in anywise impair the lien of this morteagc or impair the value of rite premises or any
building, structure or improvement thereon, or weaken or diminish chr security intended to be given under wad by virtue of
this mortgaSe.
13. In the event of the passage after the date of this mortgage of anq law of the State of F?
O2'1C~ddcducting from
the tr:lue of land .for the purposes of taxation any lien thereon, or changing in way way the laws for tat taxation of
mortgages or debts secure3 by mortgage for sate or Iota[ purposes, or the manner of the tnliection of way such rues so as to
a$ect this morgage, the holder of this mortgace and of chr debt which it secures shall love the right co grve thirty (30)
days written notice to the owner of the premises requiring the payment of the mortgage debt, and if such notice be given, -
j the said debt shall become due, payable and collectible at the expiration of said thirty (i0) days.
14. If any cation or proceeding b- commenced, ss•hnhet adversary or not (eaxrt zo action to foreclose this mort-
gage or to collect the debt secured thereby), to which action or prod-cling the holder o! rlsis mortgage is made a patty, or
in which it becomes necessary eo defend or uphold the lirn of this tnorrgaRr, all sums paid br tht holder of this mcrreage
. lot the expense of any litigation to pcosecuce or defend rhr rights and lien orated by this tnortSage (including reasonable
' counsel fees and eroenscst shall be paid by the Mortgagor, together tr•irh rhr inn•r:=t tlrcon at a rue of intrrrss six (6'i )
percent in excess of rhr rate set [orth in the bonJ, but in no event more than the higher rate permitted under the app;icabre
usury law, and any such sum and chr interest thereon shall be a ?icn on tier premises pane to way rich[ or title to, in:e:cst
in or claim upon the premises attaching cr accruing subsequent to the lien of this mcxrr_age, and shall be deemed to be
secured by this mortcagc and evidenced by the band. In any action ar proceeding to furexloae this mortgage, or to rernver
or collect the deb: secure,l hereby, the provisions of law raptttiog ehe recovery of cosh disbursernenu and allowances shall
prevail unaffcacd by this Covenant.
1S. The vrhole of said principal sum and interest shall become due at the opiam of rhr MortGaGCe if the buildings
on the premises are not mainnined in reasonable Fond repair and in a rentable anli tenannble condition, or upon chr
failure of any owner of the premises to comply with the requiremrnts of any Foveratrrntal department claiminS )urisdic-
tion A•ithin three (3) months afire an order makinG such requirement !us been issttea~ by card depanment, or upon rhr
failure of any on•ner of the [remises or any person holding under sail owner as tenant, lessee, or otherwise to comply with
all statutes, or.lers, requirements or decrees relating to the premises by any fecferat, stsc or municipal authority. The Afort-
gagee shall have the right to make any such repairs and comply with any such « quirearnt The cost thereof shall be a lien
on the premises and secured by This murteare prior to any claim or lien accruinc or amchinR subsequent to this montage,
shall be evidenced by the bond and shall be payable on demand a•irh interest at a rate of interest six (G o) erector in
exccu of the ore set forth in the bond, but in no event mote than chr highest rate ~rrmiacd under rhr applicable usury
laar•.
1G. The p•hole of said principal sum and interest shall immediately become due at ;fte option of the Diangaree if the
Afortgagor shall attempt further to usign the trots or any pan of the rents of chr premiss without first obtaininc tht a•rittrn
eonct•nr o} the Mortcagce to such assicnmrnc or shall mo;t~r;e,lrt guiat a lien suhordirare to this mort-r,~ce on rhr premises,
buildings, stnurnres, impros•cments, fisturrs or pcrsotuhq su jPit to a lien hereof. Cotsrnt to one such traacution shall Hoc
be deemed to be a ss•arcer of the rirht to require such emtunt tp fuarre or sucuysice xancacrir,ns.
l7. I~cthing herein ar in the bong and none of [hc terms, cos•cnants or er,nditints hereof or thereof dull impost or
shall lx• decnu•d t+? imp.,x upon t6P htortcacor an obli~:atiof t0 •tfr~ ktl~ ~paymcnt, py any interest or late charges in
excess of, or do any act or take- any actir,n, or forbear from tloin~, any sett of, ){l?i~r;, ant action, in violation of any statute,
rule, ordinance car rccu!ation in <$a-tt and effretive as of the date of snc~r payment, act, aeicrrr or (orbearancr. In no r.rnr shall
the 1•lortt;a~;or fr_ required to make any scch illeca! or im{wrnissible WYS><~ty~o talaot du any such il&.cat or imprrmis-
sif.lc act or (ntlw•ar (r.~m so doing tit w takinG n.,r stall au}- such failurt sn to pa)• or art or such furlx-arurcc l?c d:-cmrd a
default Lereunda•r- 'The toms, coccnants an,l conditions hereof oc of the bond requirin; any such illegal or impe•rmicsible
payment, act, action or fJrlKa(a,1CC nn rhr Tarr of the ?sfuttcacur a, ha• asade or liken are deemed amended, m:,dilied or
altered in rush a manner as to brigG all and each of them into conformity with rhr apriicable statutes, rules, ordinances or
reculations in respect of the Atorgat:or and the \torr~:agor hereby mvcnants and arrersto abide by, conform to and comply
with any and all such n•rmc, aus-cnantc and am.{itiunc ac srr amended, mr„litir•d or alcard.
18. i.cr~-lser;-tn:-?.4~---+sr~eiii - ~ .
Race and Will h..ld the tight w receive su.h ads•ana-s as a uae lure. ' or flee purpose of payinG the rose
of impruvcnx•nt (ac dctin;.l in 4cti.~n ' .~r ' - - re Juu- of \csc• York, nh:•th:r or nut t6t• pn•mracs are In-
tatrd in rho .cure ,;,.r well apply the vtne lint to tt?c payment a.f [hrsnt of improvement brlvre using any
19. Tire 11L,np~agot Kill, until the trmncy sacured by the mort~tagc shall be fulll ;aid and saticficJ, kcc•p the buildings
ercaa~l a,n the prcuuxs auJ tiro hcuur. and uuclcs of {xrs.,nal pr.,{.eery hereby nus};ar•,cd inwrcJ al;ainu lots or danul;c
by reason of rhr (ulluw•rn~::-Lee, inrludurg full tsta•ndrJ courage rnJr,rsa•nrents, and arch ether fuzardc, usualdes anJ con-
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