HomeMy WebLinkAbout2460h. 'I~o pe•~for~n. cwuply with and abitle by e~ca1 aad avery Wpulttwo. ~~;~rru~rut, ('U1NlU1(NI AINJ NVl'f1A11~ iu aa~d p~wnWOiy nOte atx) t~~wd
s~•t Iath.
7. lu ~h~• rvrnt Ihe jurisd~cUu~~ ot t6e U. S. ULctrict C'.ourt ~h.dl ha im•oknl by or ag+-intt d~e A1at~;agor tuider auy of tk~ p~uv~~~ous t-( lha
I,rie~:.l Ii.~nkruptcy Act. ~iKh actiuu, whet6a~ vdunlaq• w iavduutary ~n lf~e~a ~t oi tl-r ~tort~;atia. slwll autanntieylly .vithout ~:u~ec-~•. ~c-
~~ i~ ~.~~~• tl~~~ uwlurity oi ull sunis ~ nn-ury hereu~ deu:rilxd anl secured and We s:w~e slwll dirreupou beconw due aiKl payable fortl-w~th
a. full~• as i( thc caid a~rc~;al~• suuic ut ma~ey wcru origin3Uy sUpulate~ to be p~ld oD su~:h datC. .
+f. lb deU~c- W taltl Mattg~prr un .x het~ne March ISib of e~ch year, ta~t ~eipts evidcuring thcpa ymcnt of ap lawtuily impoxvl taxc~
tur U~~• (~rtY~ylln~ c~MM~ar yrar, n~~ to deliver to said I-tort&agee, recelpts evideaciug ttk payme~t of sl! lirns for public impruve•mrnts wiU~in
~~inety I410) Jays a(ler tha aauie alwU bec~uw due aail payabla. aat! topa y ot disclutrgr vinthio nincty (4l0) iL• ys a(ter due datu, auy and all
Kuremmrota) k.wies Uwt uwy be made ou the a~o~tg~ed Pmpc cty. oa this nwK~aso or note. ur in aay othr~ way rrs~~lliug fiwu tl~c `lortgage
~.vhlch stwU bec~oureed hy this mort age; and if this co~xlitlon l~e not complied witb aad perfom~ed. s~id mo~tg+tsee tnaY P~Y ~uch swn or sum.
part of U-e de~ secumd by lhis awRgage. aad shall b~r interect at lbe delauh rote providrd ia said prwnu~ory nute
pa)'able uwaddy unW µuJ or said [-tortj;agec way elect lhat said uw~tgage debt tLenrupoo becoma due aud pay~Lk [oAli«~th.
~). lt is turther cove~wnted. nnd agreed by ak! partios t6at in tbe event oE a suit being institute~l to fortclose this mortgage, d~e 1lortbagee
~t~.-11 be enlitlecl to apply at 4ay time pendinR such foreclasure suit to tLe oourt having jurisdictic,~ theee~ (or the appoiatment of a rK~;i~~e~
of all anJ siagular the mo~tg,-ged pmpert), ancl uE all thc rcnts. incumct~ profi ~ and revenues thereof. from wlutsoeve~r sourcc ~leri~rd•
aud thereupon it is he~ebY e~Pr~.ssly co~~enanted ancl agreod that the caut ~ forthwith ~ppoint a receiver of sakl mortgaKid ProPertY. al~
anJ sinl~ula~. ancl of surh rents. iacanes. Pro(its, issues a~xi revenua tbeceof. Imm wbatsoeve~ aourco de~ived. with the ucual powers and
duties of reoeivers _in like cases; aal such appointment sl-aU be ma~lC by such court ~s ~~tter of miit rig6! to the Mortgagee, its sua.essors,
le ~ul representatives or assi8ns. aad wit6a~t re[erence to the ada~uacy or ia~deqwcy o[ l6e value of the Property hereby mort8ase~1. or to the
w~~~e~cy or insdvency of the I-to~agw. and that such ceut, ~rofits, inconie. iasues aad ravenues shall be applied by such receivc~ to U~e paY-
meat oE the mortgage Indebtednas. eaats and chacges. aeeoniing to t6e ocder of sueh eourt.
10. If all oc any part of the property or a legal or equitable iaterest therein Ls sold or trancferred by mortgagor without mortgagee's prlor
~~•ritten oonsent. including but not limited to the ezecution of an agreemeat for deed, but c~cluding (a) the creatiou of a lien or encum-
brance subordinate to thLs mortgage. (b) the creatian of a pnrcha9e money security interat for 6onsehold applianoea. (c) a transfer by
de~ise or descent, or b y operation of Iaw upon the dea t h o f a joint teaant, or ( d) t h a grant o f any l e a s e h o l d interest o E t h r e e yeart or l e s s not
~ontaining aa option to purchasc. mortgagee may, at its option~ declare all thc sumt secured by this mortgaga to be immediately due and
~ayable. Nortgagee shall have waivod such option to socekrate if. prior to the sale or tranafer. mortgagee and tbe person to whom the Propertp
is to be sold or trancferred reach ag~cxanent in writing that tbe credit of such person is satisfactory to Mortgagee and that the interest payabb
un the sums secured by this modgage stwll be at such rate as Mortgagee shall request. If Mortgagee has waivod the option to aocelerate pro-
~~ded in this paragrapb~ and if I-tortgagor s anece.ssor in interest has e:ecuted a writtea assumption agreement acoepted in writing by Mort-
¢aQee, Alortgagee shall release Nortgagor from all obligatio~ wider this mortgage and the note s~cured hereby.
1 l. That in the e~~ent the premises herel,y mortRaRed. or any part thereaf~ sha11 be condemned and taken for puhlic use uncler the power
of eminent domain, the Mortga~ee slull have the right to demand that a11 damsgd awanled for the taking oE or damages to said preinises
shal) be paid to d~e 1-tortkaAee up to the anwunt then unj-akl on t6is moctgage ud at the optioo of the MortgaAee may be applied upon
the payu~cnts Iast payabk t6eteon.
1•l. The mortgagor binds himsclf not to erect or pcm-it to he erecled any new buiklinRs on the premiux l~ercia mortKaRed or to add lo
or pennit to be edded to aay of the e:istiaR improvements Iherew~ or make aay changes or dterationt in said 'unpmvements wl~ic6 materiaUy
~han •c the same or the use Ihereof. without the written cunsrnt of the Mortgagee, and in tbe event of suy violalion w attempt to violatc this
stip~~ation thic mortRa~e and all sunu secured herehy shall inunediatcly t-ecome due aad colkctible at the option of the Mortgagce.
13. It is specifically agreed that time is of t6e essence of th;s oontract. The failure of the Mortgagor in one or more irutances to iasist upon
,trict performance or oluerwance of a~e or more of the eovenants or rnaditioas hereof, or to e:errise any remedy, privilege or aption herein
~ onEerred upon or mservetl to the Mort~agor, shall aot operate or be conctrued as a relinquis6ment or waiver for the future of such covenaot
or condition or of the right to enforce the same or to euercise such privilege, option, or mmedy. but the same shall contiaue in full [orce and
eFfect. The receipt by ihe riortgagee of a monthly payment or payments or of any ot6er payment reywred to be made by the Mortp,agor. or
.~ny' part thereof, shall not be a waiver of any other additional payments or amouats then due, nor shall suc6 receipt, thouy,t~ with knowl-
~•~l~;c• of the breach of any covenant or rnndition hereof, operate as or be dee~ned to be a waiver of soch breach. No waiver by the Mertgagee
~~f any of the provisions hereof or any of the Mortgagee's rights, remadies, privileges or options hereurxler shall be deemed to have been
~nadc ~mless made by t6e Mo~tgagce in writing. '
14. If foreclosure proa.~eiin~s of any second m~rtRage or seco~Kl trus- deed or any junior lien of any kuxl should be instituted, the 1-1ort-
ua~cc may, at its option, immediately or thercafter declare this mortgage and the indebtedness secured hereby due and payable forth:~~th, and
ui;~} at its option proceed to Eoreclose this mortgage.
15. 'fo the extent uf the indebtccln~~ss of tl~e \fort~ahor to U~r \fortgagee describeJ herein or secured hereby the \fortf~agee is }icr~by
subropated to d~e licn or lieus aad to the rights o[ the owncrs and holders t6ereof of each atd every mortyZage Uen or other incuinbrancr uu d-c
land descrilx~l herein which is paid and/or satisficd in whole or in part out of the proceeds of the ioan dKCribed herein or secnred 6creb~•
and the respecti~~e liens of said mortQares. liens or other incumbrances shall be and the same and eac6 of them hereby is preserved and shal~
p:~;s tu and be held bv the I~tortgagee herem as security tor the incfebtedne~s to the MortRaQce herein described or hereby secured, to the same
~~ttent that it ~vouki lia~~e been presen•ed and woidcl have I~en passed to and beeu held by the l~tortpagee had it bcen duly and regulady
as.i~;ned, tran~ferred, set over and delivered w~to t}~r. Afortgagee by ~puate deed of assiqnment notwittactancling tbe fact that the same may
bc satisEiec) and cancelled oE record, it bein~ the intention of the parties hereto that the same will be satisfied sad caocelled of record by the
holders thereef at or about the time of the reoordinK of thit mortgage.
16. The 1lfortyagor wiD pay or reimburse the 111ortgagee ~for all reasooable- attorney's fces, ooats and espenses paid or incurrod by the
\fortgagee in any action~ praoeeding or dispute of any ldnd. w6ether on appeal or nat, in whidi the Mortgagee is made ap~r~y or appeais
.~s party plaintiff or defeodant affecting the note, this mortgage, Martgagor or the uwrtgaged property, including but not linu'ted to the foie~-
c losure or other enforcement of this mortgage, any condemnation adion involving t6e modgaged property, any action to protect the security
I~ereof, or any proceeding in probate or bankruptcy; and any sucb amountspa~d or incurred by the Modgagee shall be added to the in-
~l~btednc~c, shall bear interest at the default rate spccifiod in the note from date of payment, and shaD be secured by the lien of this mort-
c:i~e.
I,-. When any amount of money to be psld by the Mortgagor to the Mortgagee under the tertns hereof shall be in default, or should the
\t~~.t~aRor default in any o( the other tertns. provuions or conJitions of this Moitq~ge, then iu~d in that caae the Mortgagee shall have the
riuht, withrn~t notice to the lfortgagor, to collect and receive from aay tenant or kssee of said mortgaged premises tbe rcnts, issues and
profits oE the real estate bercby mortqaged and the improvements t6ercao, and to give pro~er reoeipts and acquittances therefor, ancl after
pa~ing all commi~.<ions of any rental agent co0ectin~ the same, and any reasonable attoroey s fees aud otber necessary e~cpenses incurrecl in
co lntinR same, to apply the proceecls of such collectioru upon an- 2• indebtednest obligation or liability. d tlie I-iorlgagor henw~lcr. 'il~e
nt;ht ~ranted the Mort~gee nnder this para~raph shall be in addition to. and s~a11 not limit or ratrict, any other right or rights granted the
~tort~aRee in tbis 11~ortp,age.
IS. If tLe I-fort~;agors at the time of wakinfi this I-tortgage or sulx.. uent thereto take out life insuranoe desi~aHng the ~fortgagee herein
~~ hencficiary Mith a Mm{~any approvecl by d~c ~[ort~agee or assigiu p~icies to the Mortgagee for.fhe purpose of securing tbe mortga~e ban
h~rcfiy secured th~n the 1liortgagee shaD ha~ro the right to pay any premium accruing ander said pdicies, and all sumt so ~xpended ~11 be
edJed to acKl ~eco~ne a part of the principaI indebtedn~ss securnl M~ this I~fortgage and shall be paid by the Mvrtgagor to the 1-iort~tagee
in tw•rh~e e~ ual consecnti~~e monthly inst:diments, the first monlhly installment to be paid as a part of and in addition to tbe monthly payment
dno oncler t~is !1lortga~e in the first calendar mcmth follmving the espendLg of said sum. Snch surm so apended to bear Interest at the rate
at which intemst is payable upon said principal ind~bteclnezs ancl ihe lien of this AtortRage s6all atend W and secure the sums so erpended
to~ether with interest thereon u hereinbefore providcd.
i9. :1t cmntRa~;ee i option, to~c ctl~cr with u~d in additivo t~ the montlilypa y~nrnt vf~ priuclpa) and intercstps yable under the temu of ihc
notc secured hereby, I-tortqagor s6a~1pa y to Mort~agce each month unt0 saici note is fully pa~id, one-twelhh (1/12) of a sume~ ua) to d~••
ennual premium due for firt, estcrnled crn-erage, and other ha~ard insurance iuclnding flood insurat~ce, covering tLe mortRaged property,
plus tazes arxl as.ussments nat d~.c on the mort~aged property f aU as estimated by Mortp,agee) less all swns alreaJy paid thcrefur, and to tx
divided by U~c n~rnl,er of ~nunths tn elapsc prior to the clate when suc6 fues and asseuments shall beco~ne delinqnent. Said s~um shap be
hc1J by ~fortKa~ee in tnut or credited to the principa) of the loan, to pay s~Id insuranoe. tues, and a~nents and shnD be appUed on the
p:~yment thercof wh~n due. Any excess held in tnut by I-tortgagee wl~en said ban h paid in fuD s6all be paid to MortKagor, or his assigro
ur pe:sonal n+presentatices. In the ~vent of a def:-ult or for~l~~.cu•.~, s.ud sums held in tnut may be applied on any costs of Jarn~ges sustaine~
in ~nnnection with the collcrtion of the note secured hereby whether by suit foredasure, or othetvvise. Mort~a~ee may from time to time at
its tion ~vai~•e, and alter any such waiver, reinstate any or all provisiont ~ereof reqaIring sach depoaib. by notice to Mp gago~r in writing.
lt'l,i r any snch Kaiver is in effeM, Nrntp,a+;er shall ~my ta:es. assessments and ir~rance premiwm as herein elsewhere rovid
2fi. Alortt;a~or shalt coruply~ w-ith thc ~~~ isior~s uf any lease, if ehit mortg~ge is oo a leasehdd. If d~is mortgage is on s~ condomin~um un~1,
rnr.rtqa~or shall perfonn all of mort};aRor s obHgations un3Pt thc declaration of coodominium or maiter deed, the by-laws and reRulations o(
thP conclomininm projcet and constitnent doruments. ~tortgaAor further eoveosnts that 6e and the astoeiation~ ibk for t6e operation
of d~e condumiuium wil) ol~serve all of ti~e provisioas of the said declantioo and aoy ameodtnents thereto, nnd of the Condominium law of
thc slate, and v-i11 pedorm all obli~caNons there~uxler• and a failure to do w w~tc6 is not cured within 30 days aher notioe given the 11{ort-
R:~Kee to the rr~rtgagor ancl the said association shaU constitute s dcfauk tu~der tl~ts mortgage. Mortgagor further specificaUy coverwnts, but not
by~ way o( limitation, that he and the association wiU observe al! of the provisio~ of siW dedaraHon aE ooodominium nLtlng to imunnce
rn~•eraRe. '
~~'~347 PACE~454 ;
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