HomeMy WebLinkAbout2097:;. If any murtKaKr su~-eriur to that of MortKaRee is increu.+u~l ur anx•n~liri. then this murtKuyce and the indebl,~y~ne:~,
which it x~ures, shall t~ imm~~liatel~• du~• and ~-a>•able.
a. lt the real pro~-erty d«critxy) xIN-ve is w,ld, ~~r if the title tu th~~ pru~K~r1y is trt+nsferrc~i ur othNrw•iu~ encumix~rec)
ur assiKn~~c1 in an~~ ~~~a,v. then the m~-rtkxk~~e ma~•, xt it's option, d~~ ~urn thr ~~ntire un{-aid principal balance of this
mortKaAe to Ix~ due and pa~•able.
5. If this morty[.tRe is sulx~r~linatc~ci to an~~ ronstructi„n mortRake los~n. it shall lx~cum~• due and ~-a~~able in four
installments to lx paid pro~x~rtionat~ly from the cYmstruction dru~~•s. A failure to make paymrn~ti cx,ncurrently ~~•ith the
construction dra~~•s, c~nstitute a detault in thi~ mortkayce dre~l.
6. Mc-rtKuRur aKr~~cs to pa}• 1he princi~-al and interest xnd xll othr sum~of mon~~y payable becaux uf the 1'romissor~•
Note a~d murtyta~te or either, pmmptl~• on the day res~KCtivcly the same, the~~ ~ vcrally lx~ome due.
?. Mortp~x~~-r aKrec~ tu pay~ all taxes, as.tie~.~m~•~ts, li~~ns, liabilities anii otherobliKati~,nsof any nawre Ievied a~sinst
the described real pro~mrt~•. U th~•~ ilems are n~t promptly paid. Norty;aKcY~, it's succc~.wrs. IeRal reprexntatives and
a.~signs, may at an~• timc pa~• them u~ithout ~eaivinR their option lo forc~lu.c or an~• riRht under lhis mortRaKe.
t3. MurtKayCor aKreri to pay all catits and ex~-en~.~s includinR rea.u,nable attorne~'s tecs paid at any time by the
\lort~aRee, it's succc:,s~r`, IeKxl F~~presentati~•cw or xssiRns includinR ma.u-nabl~~ attorney~s fc~ in the event of an ap{~eal
by either party t~ecause of the Mort~;aKnr's• failure to comply and abid~• t-}~ the terms of the Promi~.sory Note and this
mortRa~e or cithcr of th~:m.
9. MortKaKor xRriti~ to krep all buildiny~ locat~yl on thc subje~~t real property~ insurcyi fnr a sum o[ not less than the
HIGNEST INSURAti[.F: -VAI,UE both [ire and extended co~-eraKe, in acompan~• approval by MortRaRee and the
policies held and pa~~able to MortKaRee and in the event that any sum of .noney i~ecomc~s pa~•able under the policies, the
MortRa~ee or it's kgal representativc~ shall ha~•e the option to appl~ to rc~cei~•e thex monies on accounl of the
indebtednc~.s H•hich this mortRaKe secures and to alloa the ~IortRaxor lo receive and u~c it or any parl ot it ior other
pur~x,ses, «~ithc-ut ~+•ai~ inK or impairin~ the euity or riRhts of the MortKaKec :set forth here. :lfortkaAee may place and pa~~
such insurance «•ithout w•airinK or effcrtinK il's option to foreclatie.
lU. 1[ the ~tortKaKor ~x~rmiLs the pro~xrt~• encumlxn~l by this mortqage •to dpteriorate or intenlionally cau.ses
damxRe to it, lhen in that e~•ent, th~~ NortKaK~ti is authorizcYl to make such neresswr}• repairs that it deems necessary so as
G~ protect the serurit~~ in thc pro~~rt~• and the full amuunt of earh and e~~cr~~ such payment shall be due and payable v- ithin
five da~~s after demand ancl an~• ex~~nses sufferc~l b~• lhc MortKa~ee shall be secure~i i~~• the lien of this mortKaRe.
11. :11ortKaKor ayCre~~s to abide b~• the s~xY•ific tcrms kt forth in the i'romi~.wry Note.
1'l. I f an~~.uch tiuta, of mone~• arn not prompti~• paid ~~• ithi n TF:N da~•s after thep l~ecome due and pa~~able or itany of
the provisions of this mortKaRe and/or 1'romissory~ Note securcd by it, are not fully performcYl, the aRRreRate sum
mentioncal in the f'romiswr~• I~iote shall lx duc and pa~•able immecliately br thereafter at the option of the MortRaRee it's
st~cce+.tior~. IeKa) repretientalives ur aatiiKns xs fulh• ~nc! completel}~ as if the aRKreRate sum w•ere oriRinally stipulated to
I~e paid on such da~•, an~•thinK in the Promi~.w-r~• :~ote or herc in to th~ contrar~~ nnt~~•ithstandinA.
13. Am~ and aU pa~•m~•nts made under the terms and eunditions of this mortRaKe by MortgaRee tn protect
mortKaKees securit~• shali txar int~rest at lt3'~~ ~-er annum.
14. I( for~~clvsure prcxeeclinKs are institut~~l uneler this mortKaKe on acrount of the breach or violation of any of it's
terms, the MortRauee shal! ha~•e the riRht to apph~ for an~i to ha~e a recei~•cr take posses~ion to manaAe and control the
propert~~, w~ithout notice, pendinR for~tilo.ure procec~liny~, for thepur{xnc of protectinRand preservinqthepropertyand
apply 1he net income theri•from to preser~~atiun of the premisEw and to the pa~•ment of the rnurtRaRe indebtedne~g in such
manner as the Court ma~• direct. -
15. The mortKa~ur hereb~• :~ssiKns and tran:fers to mortRay~er the abstrart of title tn the propert~ encumberc~l
hereundcr.
16. MortKaRor hereb~•, pledKe, a.~.tiiQns, transfcrs, and sct duc unto the mortRaRee all rents leases and profits from
the propertv encumt~rcY) h~~reunder as additional se~curih• for the pa~•mentof thi~ mortftaQe and note, mortRaQor hereby
covenanLs and promises to collc~ct said rents. Ieau~~ and profiL~ and tn appl~• them to the mortgaRee pa~men`s due
hereunder a.ti wxm as thcv I~ecam~ due. .
17. Transfer of the Yroperty: A~.sumption. If all or any part of the Property or an interest therein is sold or
transferreci by Ei~rro~er veithout I.ender's prior written consent, excludinQ (a) the creation of a lien or encumbrance
xubordinate to this MortRaqe, (b- the creation of a purchasr money :x.~curity interest for household appliances, (c) a
transfer by devise, descent or by o~ration of law• u~wn thc death of a joint tenant or(d) the Rrantof any leasehold interest
of three years or lc~s not containinR an option to purchase, I,encler may, at l.en~fer'soption, declare all thesumssecured by
this MortRaR~ to be immeciialel~ due and payable. T.ender shall havc waiveci such option to accelerate if, prior to the sale
or transfer, l.ender and the per.son to whom the Yro~~ert~~ is to be sold or transferred reach aRreement in writinq that the
credit of such ~-er4on is satisfactor~• u, I.ender and that the interest payableon the sums secured by this Mortqage shall be
at such rate as Lender shall request. I! I.ender ha.4 waivec) the option to accelerate provided in this paraqraph 17, and if
Borruwer's succes.wr in interest has executc~l a wriUen a.~.tiumptinn aRreement acceptec! in writinR by I.ender. Lender
shall release Rorrower from all obliKations under this Mortytaqe and the Note.
If Lender exercises such option to accelerate. [.ender shall mail ~3orrower notice of acceleration in accordance ~ ith
paragraph 14 hereof. Such notice shall provide a periai of not Ic~x than :30 days from the date~ the notice is mailed vrithin
which BorrowQr may pa~ thc zums dc~clarc~i due: If B~1(0(+1hXt631~QM1(~~Of~bX~tK~il~3iWlthlflb0~4'~t0~dd)6R~O~i61NCX
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