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HomeMy WebLinkAbout1331n, 1'o pcrforru, cauply wiW and abido by e~ch ar-d every s4pul~twn, ay;~riYUa~u, cti-rnl~OUa arw cuvrnaut ip saiU pruuussory note ud dund r~c•t fo~tb. ' 7. ID the evrM U~r jurLCC~iclloa of tll0 U. S. DLSMCt COUrI f~ull b~T ~p~~olcetl by ar a iust the Matgagor w-der any of thr pru~i>ioat o( thu f~~le~al 13anl;ruptcy 1ct, suc6 actioa, wM:tM>r voluntary ot (nvuluutary ot- t6e ~t ~the I~fu~tgagw. sl~all auta~~atically, wit6out uot~re. ac- ~rlerate tbe mxturity of aQ swns of mooey bereln dascrihad aaJ ~ecured ard tRe saaie d-all thrreupon beoome duc arxl payabk tortl-w~th ~s fully ~s if the said a~c~cy;~te sunu of money wero odginally aUpulat~ to be paid oo suc6 date. , 8. To deli~er to saitl Mo~tq~R~ ~n ,n he~ore ~tareb 1.5t~ o[ e~ch year. tas nrxipts evkle~x~ng dwpa y~uirnt of aU lawfuUy impcu~~l tuu~s tor U~e precedinR calend~r yesr, n~wl to deliver to said Mo~t~gagea, recetpts evldeaciag tbe pryrnei-t at aU liem Eor public impco~n uwuts wiU~in ~~ioety l~0) days aftcr U~ aaum siwll ba~~ouw duv ~ndQa yai~le. aiwl tupa y or discharge v-~dua ninrty (UU) Jayt atte~ due date, auy aud all xove~runeatal icvies lhat m~y be aw~ie on lha uwrtgagud Pmpe ~tp. oa Wis uwrigage or aote, or in any othcr wAy resulting f~ai~ tl~r ~lortgage ~ndebtcciness seaued by thiso~ort~age; and if thb coaditioa be not oomplied with aad Perfaraied. wid owrtga8~ u~Y WY such swn or suu~c which shall t~econ~e part d d~e' debt secured by tLis moriga80. aad ~all bear interest at tLe detsult nte p~ovidud ia :aid p~ou-isaory uote pa)'aWe nwnthly w~W paid or ~aiJ Murq;a~ea u~ay ekct tLat saW mortqage debt tLereupoo bec.~ome due and payable [o~wid~. 9. it is turthcr coveuanted and agreed by saki partia that in the ev~ent of a suit betag imtitutod to foreclose this mortBaSe. the Alortgngee ~l,.:U be entitkd to ~pply ~t u~y time pendiaK such fondaaure sult to the oowt having Juri~dictioa thereof tor We appo~nwunt of a m~~;ive. oE all and singular ~he ~oortgrgedproPertY. and uE ~U the rents, incumey, profit~, iisues wd rev~eaues the~eoE, Erotn whawever sourcr .krive~l :~~~ d thcieupoa it is herebY ~P~Y covenanted wd a8reed t6at the court s6all focthwit6 rppoiat a receiver of saiJ mortKa6~ P+~P~~Y, al~ and siu~, arnl of such reats. incomes. P~ofib. issues and revenue tbe~+eoE. from whstsoever wuroe dedved, with the usual powers and dutia receivers in like cases: aud suc6 appointment shall be ~naJa by such oourt at ~ matter oI ttrict right W tl~e Mort~gee. its sua~esso~. Mgal cepresentatlves or assigns, wd wilha-t reEerance to tLe adeyuacY a~~4~Y of tbe value af the p heceby mortgagal. o~ to tbe sotvenc~ or.~nsolvency of the I-tortgaga~ and dut such rent, profits, inoane. Lsues aad revenues s6~ll be app~L' by such receiver to tt~e paY- mrat of the mortKaBe indebtednas. coab and charges, aocading to the ader of sucb oourt. 10. lf all ~ any part of tha property or a kgal or equitable Interest tLerein is sold or h~asfened bY nwrtga8or without mortgagee's prior writtea coasent, including but not limited to tLe ~ecutioo af an ag~eement for deed. but e~cdvding ( a) the creation af a lien or encum- branoe subwdinate to this matga8e, ( b) the ca~eatIon of a purchale uwney ~acurity iaterat for hoosehoW ~PPlianax, ( e) a tiaatfer by devise or desoen t, or b y ogera t b a o E I aw upoa t h e dea t h o f a;oint teaank ~( d) t h e grant o f any l e a s e 6 o W interest a f t b~ e e years ar l e s s not conca;ning an option to purchase, gagee may. at irs option. declare all d,e suma aoeurod by this mo~g,~ge co be tmm«Lacely due and payabk. Nortgagee shall have waived~sucl~ option to tooekrate if, ptior to the sale or trander, mortga8ae and the pecson to wfwm tbe prope-tY is to be soid or transEerred reach agreement in writing tl~at the credit of such peiwn is sat~factory M M~gee and that the interest payable on the sua~s secured 1~y tLis mortgage tLall be at such rate as Mortgagee shaU request. If Mortgagoe 6as waivod tbe optia~ to aooelerate pro- .ided in this paragraPh, and if Mortgagor s suoc~ssor in interest has e:ecutod a written assumptfon agrceu~ent aooepted ia writing by Mort- c;at~e. Mortgagee shaD rekaae Mortgago~ from all obligatio~ under t6is mortgag~e and the note ~ecured hereby. t l. That in the evemt the premisGC 6erebY mortgaged. or anY part theieof. sbaU be oondemned and takrn for public use under the pawer of eminent domoin, the MortRagee d~all have the dg6t to de~n~nd tbat a11 damages awarded Eor the takinR of or damagea to saic! premises :haU be paid to the Mort~a~ee up to the ~mount theo nnpaW oo t6is mortgage and at the optiaa of t6e Mortgagee may be applial upon the payu~ents last pnyable t6ereoo. 12. 'Ibe mortgagor Linds lumsclt not to ecect or permit to be erected any near MWding~ on tLe pcemsses herein oiortqaged or to add to or permit to be added to any d tbe ednIng imp~ovemenb thereon or make aay c6an~s or alteratians in said impmvements which nwtcrially change the same or the use tl~ereof, wit6out the written a~asent of tlie Mortgagce and 'm the event of any violation or atterupt to violste this stipulatioa this morttcage aud all sums secvrod hereby s6aII immediatcly Ix~oome ~ue and uollectible at the option af the MortRagee. 13. It is specifically agreed that time is af t6e essence of this emtract. The failure af the Mortgagor in one or more iiutar~ces to insist upon ~trict pedormancc or observance of one or more of the oovenanta or oonditiuos he~eof, ~ to ~ercise any remedy privilege or option herein confer~ed upon or reserved to the Mort~agor, shall not operate or be constmed ac a relinqnishment or waiver for t~e future of such oovenant or condition or of the right to enforcE the same ~ to esercise s~ch privilege,optw n, or remedy, but the same s6all continue in fuIl ~oroe pnd Pffect. The receipt by the Mortgagee of a mootWypa ymeaE or payments or of ony otherpa ymmt rec;uireci to be made by the Mort~a~or. or an>' part thcreoE, s}wll not be a waiver of any oWer additional payments or amoonts thea due. nor s6a11 such receipt, t6ough with knowl- ~rlge of the breach of any rnvenant or ooidltion here~, operate as or be deemcd to be a waiver of such breach. No waiver bY the Modgagee ~~f any of the pmvisions hereof or any of the Modgagee's rig6ts, remedies, privikges or optioas hereunder shall be dee~ned to have been iuad~ unless made by the Mortgagea in writing. 14. If [oreclosurc procreliugs of any second inortgage or second trust deed or anp junior lien of any Idnd should be instituted, the Mort- KaRee may, at its aption, unmed'~ately or thereafter declare this mortgage and the indebtednas secured hereby dne and payablc forth.vith, and may at its option proceed to fomclose this ~ort~tagc_ IS. To the extent of d~e indebtedness of the `.tortga~;m to tt~c \lortgagee JexcribeJ 6erein or aecumi hereby the Mortgagee is herrhy cubrogatecl to the lien or lieas and to the rights of the owners ancl6oWers theroof of each and every mortgage lien or dher inaw~bruicr on the lancl descrilxxf herein which is paid and/or satisfied in whole or in part out af the prooceds of the bau descrlbed herein or secured hereby and the respective lie~ d sald mortRaRes, liens or other incumbrances shall be and the same and each of them herebyr is preserval and shal~ pass to and be held by t6e MortgaRee hereiu u security for the indebtodness W the Mortga ee herein described or hereby secured, to tM~ same extent that it w~ould have becn preserved and would havc been passed to ~nd been beld ~y the btortgagee 6ad it been duly and regularly aaifined, traiufemed, set over ard delivered unto the Mortgagoe by asparate deed of assiqnmeat notwithctanding the fact that the same may be satisfied and cancelled of record, it bein~ the intention of the parties ber~eto that tbe ume will be satisfial and canceUed of reconl by the hoWers thereef at or about the time ~ tLe recording of this mortgagc. 16. The 1ltortgagor will pay or reimburse the Mort agee for all rasooable attomey's fees, caats and e:peases paid or incurred by tha ~tortgagee in any ac*io~. pr~ceecling or dispute of any lvn' d, w6etber on appeal or not, in which the Iliortgagee is made sp~~y or appeais aS PaKY Plaintiff or defendant affecting the note, this mortga8e. Mortgagor or the uwitgaged property, including but ~t limited to tLe fore- ~losure or other euforcement oE this mortgag~ aoy oondemnatign setion involvin tbe mortgaged PnpertY. any action to proteet the security hc~reof or any prooeedinq in probate or banlwptcy; and ~ any such amounts or inc.vrred by the I-iortgagce s6a11 be added to the ia- ~lebtec~ness, shall besr interest at the default rate spccified in the note from ate ~ payiaeat, and slwll be seeured by tLe lien ~ this mo~t- ~a~e. 17. When any amount ofmoney m be paid by the Mortgagor to tbe Mortgagee under the terms 6ereof s6all be ia ddault, or should the ~tortgaKor default in aoy of tl~e other tertns, provisiom or conditions of this Mortgage. tLen sud in that case tbe Mortgagee shall have t6e richt. without noticc to the ~lortRaSor. to collect arid reoeive from any tenant or lessee of said matgaged premises tbe rents, issues and profits of the real estate hereby mortgaged aod the improvements tbereoo, and to give proFer reoeipts and acqnittanas therefor. aod after pay~n~ all commissions of any rental agrnt rnllecting the sarpe, and any rpsooable attorney s fea and other neoessary ~pensa incumec) in collrctinK ume, to apply tht proceeds o( such oollectior~s upon an~y ind obligation or liability, ~ the Mortgagor hereunder. The ris;ht firanted the titortGagee ~mder this paragraph shall be in addltion to,~s~aD not limit or restric.Y, any other right or rights graated the ~lortqaqee in this Mortgage. 18. if the I-iortp,agors at the time of triaking this Afortgage or sn~t therr.to take out life i~uurauce desi~uting tbe I-lortgagce hereia as hcneficiary with a rnm~any approved lhe I-tortgagee or assigns to the Mortga~ee for the purpose of sernriag the mortgage ~loan h~•reby secured then the Aiortgagee shall~ave the right to pay any premium accruing mder safd paiicies and atl sums w~pended s6a11 be added to and ~ecome a part o! the principa) indebtedness secured tiy this Mortgage wd shall be paid by tbe Mortgagor to the Mortgagee in h~~elvee~ nal consrcutive monthly installmeats, the first monthly instaDment to be paid as ~ part d and in addition to t6e mootWy payrnent due oncler this Mortga~e in the fir~t ealenclar month fdlo~a~nq the e:peodiag of said mm. Suc6 su~ so apended to bear interest at the rate at whkh interest is payabk upon sa~d principel indebtedneas ancl the lien oF thts Mortgage s6all atdxl t~- and secvre tbe sums w espended tcrzethrr with ioterest therea~ as hereinlxfor~e provided. 19. At mo~tga~;ee's option, to~ed~rr with wul in additiwj to tbe monthlypsyn~ent uf_ principal and inter~stp~ yabk under the temu of the note s~cured hemhy, I-tortgagor shallpa y to Mort~agee each ma~th nntil aId note is fuDy _paid. one-twelhh ( I/12) of a sum eqnal to d~•• annual premium due frn fire, e=terKled cm~ernge, and other ha~ard inc~uanoe induding Elood insunnce, covering the mortFaged proprrty, pliu taues anc) assessments ne:t due on the mort8a8~ P~rty ( all as estimated by MortBaKee1 ka ell sums dreacly paid therefor. arnl t~~ be divicl.+d by the nund~er of ~nnnths to elapse prior to the date when sucb tates and astamnenb shaU become delinquent. Said s~~~ shal) be held by rlort~aRee in tnut or crcclited to the principal of the loan. to pay s~id insurance, ~es, and ~sseuments and s6a11 be applied on the payment therco( when due. My eac~ess heW in Mut by Mort~cagee w6eo aId ban it paid in fWl shall be paid W Mortgagor, or bis assiqns. or pcrsonal rrpresentatives. In tl-e event of a default or forcckxnrc, saicl stuns held in tnist may be applied on any oosts of damages sustained in cnnnection w~th the colkction of the note sen-red herrby whether hy stilt foreclos~re, or otherwist. Mortqagee may ftom time to time at itsop tion waive, and after any such waiver~ reiiutate any or all provisioos ~ereof requiring suc6 depasits. by nottoe to 1liortga$or in writing. t1'hiM any such waiver is in effect, MortqaCor shall My tues, assessments ud iwunnoe praniums as herein elsewLere prwided. ~ ?0. I-IortRa~;or sh:dl cumply wid. the pro~icioi~s of aay ieate, if this mortgage i~ on a lea~ebold. If thLs mort~age is oo a rnndominiu:n unN ' ~ mortRagor shall perform all oF mortp.aRofs obliqations nn~er the d.rlaratlou of coodominiam or master deed, tbt by-Iaws and rrgulations of ~ the condominiam pmjcrt and constitucnt docnments. liortgagor further oavenanb dmt 6e and tbe as~ooistion~ ble for tbe operation s 4 of the conclominium w~ll d~serve all of the provisions of the saitl declaratioo aod any amendmeab thereto. and oF the Cadominium Iaw of the state, and will perform ~ll obli~atio~ thereunder; and a failnre to do so w~ich ~ not rnred w[tWn 30 days after notiee ~veu by tl~e Mort- ~ rta~ee to d~e awrlRagor and t6e said associatfon shall oonstitute a defaut uader thk mott~ge Mortgagor fiutl~er specificaUy covenanb, but twt ~ t~>• way of limitation, that be and t6e assaclation will observe all of the provitio~u d Wd dedarstlon of aoodomiainm relatlng to insunnce cm•eraqe. ~ ~ ~ g~~K348 PaUE1331 ~ s ~ ~ .::.a ~ ., - _-- ------- ----- - - . „ .-~~~~ ~. ~ :~. _ _~ ~::; . : . . _ ~ _ ~ ,~^~~.'.