HomeMy WebLinkAbout1866TAat ~n o.de~ to ponc~ ma~ fuay tn~ s~cw~ty cl t-+~s mor~9~p~. tM Ma~yspa. to~ane• w~~1+ and ~n ~~Upn to tM montfuy paymenis undlr !fK termi ot I~e
~~oro securb ne~~py. on tM swal»0 p~ym~m Ma ol ~~cA mw~M unni t1» s~~o ~oie ~s tuiti pa~d w~u piY to tA! AssucVbon ~he touow~ny su~~s
~s1 M msuNm~nt d tM t~a~s and ~swfsm~nts NwW a 1o D~ NvNd ~pa~~st Ihe p~m~~s corered by tn~s matpay~ ana sn ~nstiltmfM OI th! V•lm~um
w ptmwmf tAat w~N b~ta+» dw ~nd p~Y~bN to r~n~w tM w~w~~~t~ On th~ p~m~s~s cor~rb INreby aya~nst bss o~ r,re. a~d w~~dsiam as wov~ded
b~ by osrsy~+pn 3 p~cWwq. a sucA otM~ ~+u~rd ~s n+aY ~~asonably e~ rpyu~d Dy the Assot~at~o~. s~+d in mStil:ment o1 t~e pe~m~um IAit w~ll
beco~ dw sod wr~ ~o r~new tM rnaty~p~ ~~unnc~ d arw Suc~ ~nsuum~r,ti sna:~ be eQuai rasps..t~ve~y. ~o ons twsn~n ~t. ~2en~ o~ ene as
t~m~Nd p~~mwm p pr~rtwum! fo~ suth ~nsu~~n~y. ~nd tiaK ~nd iiftssmMt~ Mat du! I~s sst~m~isd by tM Assot~at~onl IeSS s~~ ~nstauments at~esdy
wd tn«dw. O~vd~d by tM num~r o1 mont~s tMt ~r~ to ~4ps~ a.s mo~t1+ p~a to tne earo wne~ sucn pem~~m a p.emwms snd ta^es snd
assessmintt w~M b~tom~ dNwquMt i!y As~otytqn, wArl~ apply~np i~h paym~~ts to ~nsu~ance Wemwms. ta~es and assessments belae tne samw
becwn~ dN~rqwnL sMll npt p~y ~nNtNt to tM Mptp~por on such lu~ds. ar+d sll suc~ DaYments maY be tomm,ng~ed Dr «+e Assa.~st~ w~tn anY
o1hN suth forWS a wnth ,1s pwn fW~ Tfy Iu~dS u~ pl~d ~s Wdrt~Onil secunty 1w the sums ucwpd b~ tn~s Mortgage and ire s~b~ect to ux Dy
ttia Assona~an ^+ Wyrt~-t of "lab cl+~rp~s" snd Wn4 coll~cuon chsrpes
fb~ AM payments m~nnwNd m ilr p~cW~np subaectron o~ t~s psrsg~spn ~rb si~ pavm~nes tu be made u~de. ehe note securod here0y sha1l be sdoed
toge~Mr sad tne syprpsN smount tMr~ot an~~i p~ p~d b~r tM Matpapo~ exh mu~~n ~~ a s~ngie payment to be appl~ed by t~e Assouat~o~ ro t~e
~dbw~rq ~t~ms ~n IM ad~r sN IaM 1 Ta~~s. ~uessmsms. u+d ~nw~snce p~em,ums 2 Late cna~ges a~d Gank cate~twr c~arges ~~~~nsti va:a :r.
ma~ne~ p~ov~ded ~n p~r~~pA 4 1~1 3 Intfrqt o~ t-+s ~Ot~ s~tured hereDr ~ Amorbrat~an o~ ene w~•K~pa~ ol sa~d nota
Arti de~~ _.. m n+e amoum o~ wd+ py~ey~te montnty wr~+~s snan. uroess pa:d by ~ne Mo~eyayor t,.ro. r~, tne dua due ~ tne ne^e wcn parr.,ent. c~
sn~u~e an event d delsul~ ur+dsr th~ matyape W~thout wa~w~ of aMr •qnt. tl+s Ascocutan maY uill~t a+ate cha~pe as prov~~1H1 m the Noee
S Tna~ .t ~n~ ~ois~ ol tns p~ym~nts mad~ py iM Mo.tppw u~r (i) OI p~t~~pA ~ pK~ny Sh~ti eateed tti! imOUnl O~ Wyni6nti iCfuilly made by the
Assoaauon 1or taass snd ~ss~ssm~nts s~d ~nw~anc~ pra*wms. ~s tM cas~ msy be, wM ~acsss sha~~ Ds t~sdtad by t~e Assot~st~+ on suDsequeM paYn~enis
to be msde br ttie Matpsya t1. howtvp, tM ~*~onthly paym~nts made Ay tM Matpspa under Isl of pa~agrspn ! pscad~nfl sty11 not nav~ baen wff~c~c~! to
par ta^es snd sssessmenp sM mswanc~ p~~ruums. as tAs use may Ee. wMn the ssme s-~a': Decome due srnf paysble. then. the Aswc~atwn mar a~ rts np
non ~mrned~ately pay such b~~s and sss~ss+n~nts snd msu~~nce pemwm. snd the Mo~tAsgo~ sha~F pay to the Assoc~at~on any a~nount r~~essa~y to mate up
the de1~~y and wch p~ym~nt sASN be due snd paY~We w~th~n th~~ty 130~ days sher t~+! date ot ma~~~ng o! nouce b~r tne Assouat~on utUny iurtn the amour,t
ot sucn ~I,ueoty I~. it srqr t~ms. the Mortp~por sA~u tentler to the Auou~t~on. ~n ~cco.dance wrtA me p~ov~swns o1 tne note sec~.ad Aereby tdl! ~ym@nt o/
Nx e~n~e ~ndebtedness repres~nt~d her~Dy. tM Assousuon snall. ~r compuunp the amouni o~ sucn ~ndebteCoess. cred~t to the ~ccount uf tne hlo~tyagu~ any
Wta~ce +e~+s~n+~g :~ r~,e lunds sccumuistW under ihe wo+ns.w~s o~ Isl ol p~qpr~ph 4
6 To perm~t comm~~ o. wHer no wish. ~mparm~M er d~terpr~tan ot sa~d popaty. d any pa~t thrreof. a~d upon.the /a~~u~e o1 tne Mortgaga to keep i~e
bu~W~ngs on sad popert~r ~n good cond~tan a r~paN ~nd ms~ma~ance. the Assoa~twn m~y demand oro~e. ma~ntenan: e a-+d ene ~mmed~ate •eWu of Sa~d
b,,:~d:ngs o. an ~ncresse x+ tM smount o~ sacunty. a the ~mmad~~te ~~WYment of the deDt liereb~r secured a~d !he lail~•,; ot ihe Mwtgayo+ !o comply vw!A
sa:ei demand of cne Assoaatron ta a p~rad of t1u~t~r 1301 days shsn constnute a Meac+i of tMS ma[page. a~d at ~he opton of cne Assoua~~o~. ~mmed~atNy
nwture tAe ent~re amount o~ p~nCpil ~nd intenst he!eby secured. snd the Asspuat~a+ ~mmed~at.ry and w~U+out not~ce may ~nst~tute Weceed~ngs to (o~eclose
th~s mortgsge and aophr ~or tAe sppantm~m of a rece~ver. ~s Mr~m~h~r prov~ded. snd ~n csse o! tne retusa~ neg!ect o* ~+~ab~l~~y o~ the Moitg~gor to repa~~ a~+d
ma•nta~n sad Wop~~ty. the Aatotqtqn m~y. ~t ~ts opiqn. m~ks wth r~us w tause tAe samt to be md~r. a~+d acJvanc! muntys ~~ !~at behalf
7 i~ perlpn~. ~pnpty vmth and abde Dy ~scA ~nd wery the sGput~trons. sp~eements. caWAwns and covena~ts m sa•d urom~sswy rrute 3nA th~s n~urtgage ut
~dth
8 io comWy vmtn the wAdw~s+on ~estt~ctans and the munupst jon~ny a~nances spW~cade to Ue mortgaged pope~tr ~~ to erec~ ur per~nt t0 De erected any
~ew bwibnqs on tne ae~ses Mrrn mortpayed a to Wd to o~ psnru[ to be sdded to. make o~ pNmrt to be m~de. anY strucwrs~ e~tera~~ons to any of t~e e,-
~st~rg ~mp.o~ements thereon wntAOUt th~ wnttM tOnsent of iM Assocytw~. snd m the event o~ any v~o;at~on o~ atte~~At ro v~o!ate these st~p,lat~ons. o. any ot
thom tMs mortgage aM sll wms securb A~r~py yy11 ~mmed•stNy become due snd paysb~e at ~he op~ron u~ tne Assouat~on
9 that ~n case ot a de~au}t ~n any o~ [he eerms ot tMS mortpape snd the fifu~p o~ a bu w ~o~edose tn~s w any o~ner m.o~egage encumpenng ene w~[Mn deacnpea
p~ope~ty the Assoc~ata~ sball h~ ennthd to spply. st sny ame anthout rat~ce pend~ng suc~ fo~e:~osu~e swt to tne cou~t Aav~~y ~ur.y;f~cno~ tne~eo( ~o. the ap
oa~u.~e~t o~ a rece~ve. o~ a~i snd s~nqu~sr tht matysysd propertr. ~nd o1 a~i ths ~ents. ~~comes. prohts ~ssues and re.enues tner~t from wnatsoeve~ source
~se•~~M a~+A tne.eupon ~t n ~erMy eipressly cov~ryntsd an0 ap~eed Ust tAE cou~t s-:a~~ 1o~thw~th appo:nt a rece~ve~ of sa~tl mo~tgaged wopertr ai~ and
v~qula• a~d of such rents. ~ncOm~s. pofi!s ~tSUlS i~+d revMUlS tNlrept, irom wA~tfpevlr ~rte Oenved w~tn the usua~ powers antl d~nes o( ~ece~ve~s ~n 4ke
~ases a~d sue:~ aopantmeot sh~ll b~ m~d! Dy SuCh tourt ~s ~ mattl~ o! Stn[t npht t0 the ASSOUauo~ and w~tnout retere~ce ro the adeQUacv or madeqwc~ o}
~r~. va~ue of the prope~ty he+eby mwtpapsd. o. to tAe so~veRCy o~ msolvency o~ tbe Mortgsgo• and ~hat s;.c* ronn p~o~rts ~ncomet ~ssues and reven^es snaU
hC apphCd by SuCh ~lCNVB[ t0 th! ply/n~nt O~ ih! R10~t~iQ! ~~WlbtldDlSS CoS1S a~ CharglS OcGOrd~ny to :hC O~der O~ Such cOU~t
!O Tnat .~ the event ihe pem~ses -~erepy mp~ty~y~d. o~ srryr pah IAereof s~a~l Ee Condemned and take~ ~nde+ tne power o} em~nent doma~~ the Asccr-~atwn sha~f
'wao th~ r~qhe to demind th~t a~ di~QlS ~war~Q }pr th! qbny 01 pr m~ury t0 Si~d D«m~SES ShsR AE pdrd t0 lh! ASSOC+dbOn ds successo~s o~ ass~gns up to
~he a~^ou~t tren u~Wid o~ 1-uS morty~ye. iM m~y be appl~ed to ~n~ wms ~as~ D~Wb!C he~luntfN
t 1 That nr-~e ~s ~~ tne esxnr_ ot th~s contr~ct snd that no ws~ver o~ a~y ob4gat~w.+ nereu+de~ or u! the oG':ga;~o~~ secu.e9 ~F~eby sna~~ a! any !~me merea!ter be
M°~1 to b~ a wa~.e~ o~ !ne terms he~eo~ w o~ Me Cro~n~swry no[e xcured hreby
12 In tAe evrnt O~ drty de~JUlt m iny O~ tAC tf~mS O~ tM5 rtq~tQipt O* ~n th! ~nt! ~lCUrld ~trlby a~d atte~e~at+on by t~ nn~dnr o• a~v otne~ s~tu8tron that wOUld
• aux ~he mter~St p2KJ O~ p7YiW! undN th~S Obip~tMn t0 Ext!!d th! ~~se~es~ rate aut~o~~iM tr~ ~0w 1r~pn ~n S~~h eoP~f a~l t~'ess 'n}PIrST ThP(pjQ~Qlr (IdMI }Ib7Ii
~+e ~~ed~teA ro m~~•upa: ~nd a'' accrued snd unpa~tl eaceu ~~terest sna~i abate and s~a!~ not be an uW~yac~v~ of ine ma~e: o~ o~ any otrte~ person
13 Tnat tu tAe e:tent o~ t~e indebtsdness of the Mdtpapa to tAe Assoust+on descr~bed nere~n or secwea nereby fhe Assxa~~on +s'~e~ebt s~D~ogateA to tne ~~en
o• t~ens arxf to tne .q~n of ths owner a~+d Mo1C~ tt+er~t of e~ch ~nd every i*w~tps9e. ~~en a other e~KUmb~ance o~ the ~and Cescn~d hcre~~ wfi~ch ~s pa~0 and
sanst~ed. w+ w-wle o. ~n part out of tM prxeeds oi the fosn descnbed f+ere~n a secured hereby a~d rne respect••re ~~e~s of sa~d mongages. I~ens or otne~ e~
cumbances sha~l pe. snC the ssme and ex~ o~ them hereby is preserved s~+d s-~a~~ pass to a~d be !,e~d ~y rne Assouat~on herem as seru~~ty tor ehe ~n
debc:dr.ess to the Assoc'atan hr.s~n descnbsd or heretr/ secu~ed. to the ssme este~t that ~t would nave been p.ese~ved arW wo,;~d nave been passed to a~d
been Re~d b~r tne Aswaatqn bsd ~t Deen duly snd r~la~h sssep~ed. t~snsferred, set over ar+d Oe~~ve~ea unto the Asm~at~an by seoa~ate ]eed u~ ass~gnmen~
roiw.thstan~ng ~he tstt thst the ssme msy De sausf~ed a~d cancelied o1 recwd. ~t be~ng the ~ntent~on ot tne pa•t~es n..eto tnat t~e srne +n~s~ be sat~st~dd a~d
ca~+te~ied ol rKprd py ih! hpid~rs tAer~ot ~t o~ sbout tA! t~me Of the rlcO~d~~g o~ t~+~s mo~:gage
14 *na+ ~! arry ot the wms of mpnsy Mre~n reterrb to Ce not WoR+pt~y snd fuUy psd w~tn n m~.2y ~30~ daya ~e^t ahe~ the same sere~ai~~ becoTe due and paYaDte
c~ ~f eMh a~d er~ry the strpuf~[qns. ipr~rrKnts. tw+d~t~ons ind covl~snts of sa~d prOm,ssory r~ote and tn~s ~~.gage or e.r~e~ a~e no; duiy perfwmed ~om
d~ed wnh a~d abded by the ayg~~ate wm u~pa~d unde~ sa~d pom~ssorY note a~+d tlns mo+tgage sha~~ become a~e and payaWe fo~thw:tr or [hrreatte• at tne
optron of Me Assocwtron. as futly i~d comWetety ss d sa~d ~yyrep~te wm o1 money were o•~g~^ai~y st~pu~ated to be pa~d on sucA dar anvtn,nq ,n sa~d
[ro~~ssory note w haem to tne contnry notw~ihstandnp
15 Tnar ~n o.der ro acce~erate tAe matunry o( the :nCebtedntss hereby secured becauu of tne !a~1u+e o' tne 41o•~yago• to par a~y ta^ asxss~~e~~t t,ab:i~t~• obt~ga
t~ e~ e~umbrsnce uro~ ssd o~operty ss hero~n prov~Aed. ~t s1~a~~ rot be ~ecessarv no• ~eaws re ina~ ;na Asv~uauo~ sna" hrst pav t~~e same
16 Tnat t~+e abstract or aDst~acts ot t~tk tover~np tne morty~aed property sr+au at ai~ t~mes d~~:.~g fhe t~!e n~ tn« <n~.tgage ~ema n~n 1~1P UOSSE590n O~ !RC
Astouatro.. and m event ol U+e lorK~owre o} th~s matpsqe o. other aans~e~ o} btl! tU the mprtgaged proce~~~ ~n e-t~nyu sh'rent o! thp :^dobiPtl^ess seo~~ed
herepy ~17 rr3ht. trtk and ~nterest ot the Mortpsgo~ in ar+d to any wcn abstracts of r~~e sha~+ Ddss t0 t/k Our~haiCr O~ g~antee
17 SMu~d ~he va~wl~ry o• ben of [MS mortysye, w the note securM thereby. be contested Dy E~nga!~on o~ orne~x~s« tne Mo~tgago• a~rees ;o pa~ +o t~e Aswc~aT~on
rr.e cost ot de~erW~ng the ssme mcludmp a reswnabie atto~neY's tee
18 To pay all a~d s~ngu'ar the costs. Charges and eapenses. ~ndud~ng attorney's (ees r~asonably ~neurrMf o• pa•d at any bme hy the Asxr_~anon becauv! ei the
~a~~u:e o~ !he RAwigagw to ce~o~m, comoh vnM a~d adde by each and eve~y tne st~uvia~•ons a9~ePments ro~l+t~ons anA covenants nf ;r.~f p.om~sso.v ~t :
a^d ~~ns ~tgage. a erther and every such ince0t fa the payment of rl,e mo~rhiy .nstd~~ment ac •euu~~~d nv !hQ F~QRl~S50~( NOiP.I 5~7d~~ ~W_B~ mt?rest (mm
Aace at the rate o~ e~yhccen per cent (18t,) pe~ annum unt0 fulty paicf
i9 Tlv L~SSOCUtqn SABiI hav! Lh! ~~gnt al iRy t~rM iDd lrOm t~rt1t [O L~rtf! i~d Wrt~WUi ~O1K! fOOr COnSCn; A~ d~Y OEf~SO~~ tC ~ai ~t~Cdte d~y pO~UOn OT thg pr@rmSpS
frpn the 1.en ot tMS ~*+wtgage. Ibl ydeasa snY ppson bap~e fw psyment o~ snY ~ndebtedness secu.ed ne~ebv ~c~ e^~e~d ~ne rmr o' naymr•-t o~ a~ter the terms
O} pdymlM O~ i~~ Or iM pirt O~ fhQ ~fWlGtldMft. Nn[hOY[ ~HeCI~nQ O/ ~QINStnp th! pErspnal i~ap~i~tY O~ dny pt~SC'i I~dble IOtRl~ than any pe~sor. released pur
want bereto) -or tt+e psyme~t oi s~ry wm a mier~yt secured hereby a~+d w~tfaut ~n amr w~se a~tenng va~r~^g ~~ .i~m~~~~n:~g ttw ~wces e1!ec*s or be~ o~ th~s
~+~x~gsge on a:i tne wem~ses not speaf~ca~lr relessed irom the ben af [h~s mo:tpape br th. Assoua~~on
20 An-r agr~mens heteah~ ~ msde by Matyapor snd Assoustron pursuant to th~s mo~tgage snai~ oe suce*~o• to r~e ~~g~~ts o~ tr+e !+obe~ of a~y ~tenenany b~n o~
w~[umMinC~
21 l~pon re~uest ot MMtyegor, the Assoust~on msy. at ~ts sote optw~. (rom !ame to t~me be{o•e }uli pa~ment of a~: ~ncwDtedness secwed nereby make ~w~~w• ad
vances to Mptgagor. ptoreded. Aowever that the tota~ p~nc+ps~ seturld herlby i~d rcmarnmg u~Da~d i~t~ud~ng any sucn advances sna' not at anv ume e^
ceed tne ag~nal p.mupai wm secu~ed her~py Matpspc~ shs:+ pay an wcA fur~her ~vsnces w~tn ,nteresc and tne sa^+e snaU Ae securM he•eby Au prov~s.ons
o! [n.s mos!gagr sha~' spply ro esch ~urthsr sdv~nce ss weU as [o a~~ otM~ ~nOebtedzess xcu~ed hereby Noth,ng ne~a~ co~ta r~ed ~owever shai' t~m~t tne
amOUnt slCUreA py tb~s mo•tyage d such amou~t is ~nc~esssd by sdwnces made by the Assx~at~or. ds hore~n ~;Sewher! D'OV~3tO ~n~ ~O D~ntCCf thE S![unty
22 In tlw ev!nt the Mortgagcx he•em a anY wDseQuent Mnrtgaqo• or a~y pe•son o. c~porat~nn rnvn~r~q any ~nfP~4G1 Wf1d~SM~\T~ SAqU~~i P.Rf_:~•T~~ t~ prove~ry
here~o mo~igaged by an ~nstrument commaNy re~e~ed to s*+d 4nown as a'~wraD-a~ounef mo•;ga~ v.~Ihf~vt 4•af ~Atam~nq the wnt~en cr~nqoM o! tho Assux~a
hon_ then at the opt~ o~ the Assoaatqn. tAe obl~qafqn secured by ih.s Alongage sha~~ immetl~~tPtV f~nr.mm~ ~fu~ a~rt ~aYatr~e
23 ~ To povd- the Assoc~atan +~v~fh flood 7nwrance Coverage ~f the roa~ woperty n now o~ hr~eaffe~ ~!e~e~m~nn~f ro i~ w~»~~ri a sc^c,al ~tnryf ha~a~A a~ea as shown
nn fkx~•1 HararA Bounda~y Map~Ftood Inw~ance Rate Map as puG~sn.d Ay rne Fede.ai ~nsuranco Ar1mm~Sl~ation
24 At ~he rcau.nt of the Mortpspor. tM Assoaatron ~pr~es to w~~w tM prmnsans ot pir~pripM 4 re~anve ~o ~ne crestro~ of s ~ua~o ~~w~ance sccoum. p~ov~ese
!, , r, that che Assoc~stan nt~ms tM rpM ~t m optan. to r~•mst~t~ such pranswns o~ ss~d pa~ag~sDh 4 as s~ oD+~gabw+ o~ t~a Mortgagor hereunder upon
~r~e hspperang of sr+y ol tM tdbwmp
A Fa~ure to ms4s s~ryr pa~msnt .pux~d ~nd~r tM tsrms o~ th~ rate w+ or DQfwe the Cue da!e the~eof
B Fa~iure to cw~+pl~ vvrth tM ~nwr~nce pronsions o! par~p~apM 3. w of ~nY oi tM othe~ terms and cond~t~ons of tn~s mortpape a ~oro. er w+th tne msurarr_e
•.p~~~rements CO~ts~~ld ~n tha OK~it~00n 01 COndMmmum ~nd r~l~tld dOtumintf t~ou~d [h! mort¢sged MOpsrtY ~ Commrtted to CorMomm~Lm
d~wloOmR^t
! +- ~C~'M•x
~ T/P-A
~ MICA 17
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