HomeMy WebLinkAbout0964 THE COVENANTS. CONOITIONS ANO PROYIStONS REFERiiEO ~O ON PAGE ~(THE REVENSE SIDE OF Ttt~S MOfiTGAGE~.
Tn~ Monpsya funh~r coY~+~~ j
1. To p~y th• ~nd~biedn~sa. ss h~ni~b~for~ prowd~d.
2. To tontinuousiy maintain hai~rd ~naur~nt~ of such typ~ or type~ and amounts as Mortpap~~ may Irom t~m~ to ame r~qu~rs. on the ~mprov~-
mants now w henahsr or~ the Property and h~ will paY promptly wh~n dw ~~y pnm~uina th~~sfor. All ~~aun~c~ ~hall be can~sd m compsn~as ~pp~ov~d
cy Mortp~p~s and the po~~c~~s ~nd r~n~wals th~nof shall M h~ld by Monpap~~ snd h~v~ ~tucA~d th~hto loss pay~bl~ w monpap~ c~~us~s ~n favo~ of
and to~m ~cc~ptabl~ to th~ Mortp~~~~. In ~v~nt of loss hs wi11 piv~ imm~d~at~ notic~ by m~ii to Mwtpap~~. ~nd Matpap~~ may maks proof of lo~s ~f
noi Rl1d~ p~0f11D[IY bY MOrtQaQO~. and ~a~h ~n6~u~nee remp~~y e0~4'~++?4!# i~ 1f!!?L+y 3i2!!L+!i~P.~ ~•^•d As!+,ti!Q~ !C :.^.3~0 ~^.3~'Ll:C:1L fOr i::~h l.3ii ~~~$:.Ltj i"v
Mortyap~~ inst~ad of to Monpspw and Mortpap~~ jointly, ~nd th~ insuanc~ proc~~d~, or any pan th~nof, m~y b~ ~ppli~d by Mortpa9N at ~u opt~on
e~thar to th~ nduccion of the ind~bcsdness h~r~by sscurod or to ths restontio~ w np~ir of th~ Prop~rty dam~p~d In ~v~nt oi fonclwur~ of thi~
mong~ya. or othsr transf~r oi title to th~ Proptny in sutinyui~hment of the ind~bt~dnsa sscwsd heroby, ~II riyAt titl~ and intersst of th~ MortasQor i~
and to ~ny insur~nc~ policies then in forc~ shall paa to the purchas~r w prantse.
3. To pay a~l csx~s. ~ssesamsnta, water ntes, and otAer povemmenul or municipsl charpea, ~~nes. or impos~tiona (or which provis~on hss noc
:~aen made herainbafo~e, and in default thereot the Mortfl~gee m~y pay the ssme: and that Mortpspo~ will promptly dstivsr ths olficiai receipts thersfor
~o rhe Mortgagee. H this is s first mortpafls. MoRpa~or a9rees to pay Mortpapee sufficisnt funds st such times as Mortpa9ee des~ynatsa. tu pay ths
<•~metec+ ar.~vel •eal estete texes and a~s°ssmenta on ihe Property and all propeRy insurance premi~ms (hereinaher "Escrow'~. bu~ if not dea~ynated
ge~d !o Es^.•^w. !o peY 5e!ore _t~ey hecame deli~~uent a!! taxes. assesss^srts and cLhes z~3t~as whicM may bc ~ati~+d or assa~.ed :~a:~.:t the
a.~;...~. .~d th• prc~!~!y +nsL~3r.ct Fremiums arhen due. Upon MoRpsy~or ~ taiture :o peAurrr :ny duty herein„ Mor;~apee mey. at its o~:~.,n and
.•.,,h~„~ n~+~c•, s~~~h ~ttLY, tRCIJalRQ WIIhQJL I!(!!12lLIQR p~;inp any amaunt and iha cost of sucA pertormanca shalt be d~e on den~e~~d a~d
tornr~t/ ~v tl~~~ Tnnose~ 1.!~!jnw i..~~•o~~ ~~.T. ~,S:t 7^C::77Ct~ L'::L'.! data p:~~ a: I~d a~i~t~vl .«u au~wet ya~ce~~tsye r~ie diz~tossd un the no:o v: 8V6f1
tier.w%~~ o• !~+e highr~t ?ete ~llowed try law. N~ iaterest will 4e paid an funds hel3 in Escrow and tAey mey bo cu~hminqled witA htwisgee's
general iunds. unlsss othsrwise raquired by law. '
4. To percnit commit or suffer no waste. ~mpa~rtnent or deteriorat~on ot the Property o~ any pan thsreof, except rsasonaDle wesr and tesr, and ~n
~ne event oi the feilurs of the Mort9spor to kesp the buildinys on said premisss and thoss to be s~ectad on aa+d pramises. or improvements thereon, in
gaod repsir, the Mortgagas may msks such ropairs as in its discretion it msy desm necesssry for the propsr prossnation thereol. and the full amount of
each and every such psyment sha11 be due and paysbls thirty (30) days aftsr dsmsnd and shall De secursd by the lisn oi this mortgsye.
5. To psy sll and singulsr ths costs, charpes and axpenass. including rsasonable lawysr s fees. and costs oi sbstncts of titls, incurred or paid at
any tima by the Mortgagas becauss of ths feilure on the pan of the Mortpagor promptly and fully to perform the aqreaments a~d covensnts oi any
promissory note sscured by this mortpage snd this mortgsge. and said costs, charpes. and expensas shall be immsdiatefy due and payable and shalt be
secured by the lien of this moRgags.
6. If the Property, or sny part ths?sof, be condemned under the powe~ of eminsnt domain. or acqwred for s public use. the damages awarded the
G~oceeds for ths taki~g of, or the c~nsideration tor such acquisition, to the extent of the full amount oi the ramaining u~paid irtdebtedness secured by
ch~s mortgage, are heroby assigned to the Mortgagea. and his heirs o? sssigns, and shall be paid torthw~th to ssid Mongagee or his assignee to be
applied o~ account ot the last matu~ing instsflments of such indaDtsdnesx provided however. the Mortgsgee or his sssignee, may at his d~stretion pay
d~recc to the Mortgagor, Ais heirs or sssigns a~y part or all of sueh awsrd.
7. The Mortgagee msy. at any tims pending s suit upon this mortg~gs. apply to the couA hsving jurisd~ction thareof Eor the sppoirttmant ot a
~ece~ver, snd such couA shall forthwith appoint a receiver of tAe Property. includinp alt and singular ths incoms. profita, issuss. and revenues from
whataver source darived each and svery oE which. it bsing sxprouly ~ndentood, is hsreby mortgaged as if ~pscifically sst fortA and describsd in the
granting and Mbendum clsusss hereof. Such sppointment shsll be msde by such court ss an admitted squity and s marisr of ab:olute right to said
Mortgagee, snd without rsisrence to the sdsquacy w i~adequacy of the v~lue of the Propeny or to ths solvency or insolvency of seid Mortespor or the
detendants. Such rsnts, pmfits, income. ?ssues, snd revenues shal{ bs applisd by such rscsivs~ eccording to the iisn of this mortgsge and the practice
ot such couri In ths event of any default on the part of Ms Mortyayor hersunder, ths Mortpagor agrees to pay to ths Mortgagee on demand as a
reasonsbts monthly rontal fw ths Prope?ty an amount at least equivalent to one-twelfth ~t/12) of the ap~rs9ate of the twslve monthly installments
oayable in ths then curre~t year plus the actwl smount of the annusl taxes, ssssssments, wstsr ratea and insurance promiums for such year not
covered Dy the sforesaid monthly paymenu.
8. In the event of any breach of this mortgags or default on the part of ths Mortgsgor, or in ths event thst any of said sums of money hsrei~
~eferred to be not promptly and iully paid according to the tenw hsreof, or in the event thst each and every ons of ths stipulations, agresments,
cond~tions, snd covensnts of any note secured by this mongage and this mortgege. sre no[ dufy. promptly, snd fully performect then in either or any
s~~cn event, tha aaid aggregate aum mantioned in such note then remaining unpaid with intsrest accrued to that tims, snd sll monsys secured hersby.
shatl become due snd paysbla forthwith, or thereaher, st the option of said Mortgagss, as fully and completely as ii all oi ths ssid sums of monsy wers
cr~g~nally stipulsted to be paid on such dsy. snything in such note or in this mortgage to the contrsry notwithsbnding snd thareupon o? thsrasher, st
cne option of said Mortgagee, without notice or demand suit at Iaw or in equiry, may be proascuted ss ii alt moneys securod hereby snd mstured prior
' ?o ~cs institution. Tha Mortgagee may forecloss this.mongage, as to the amount so declared due snd payable. and the ssid Property shall be sold to
~ sae~sfy and pay the same together with costs. expenses, and sllowances. In cass oi panisl foreclosure of this mortgage, tfie Property shsll be sold
~ sub~ect to the continuing lien of this mortgage fo? the amount of the debt not then due and unpaid. ~n auch csse the prov~sions of thls paragraph may
~ aga~n be avsifed of thereaher from time to time by the Mortgagse.
9. No warver of any covenant herein or of the obligat~on secured heraby shall st any time thereafter be held to be s waiver oi the terms hereof or
i of che note secured heroby.-
E 10. The lien of this instrument shsll remain m fuil forte and effect dunng dny postponement or extension of the time of payment of the
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i ~debtedness or any part thereof secured hereby.
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~ t. If the Mor~gagor default in sny ot the covenants or agreements contained here~n, or in any note. secured by this mortgage. then the Mortgagee
; ~~ay perform the asme, and ali expenditures (including reas~nable attomey's fees) rnade by the Mortgagee ~n so domg shall drow interest at the h~gher
' }?he rate provided for in the principsl indebtedness o? the highest rate allowed by law. and shaN be repayable th~ny ~30) days after demand. and.
•~;~acher w~th Interost and costs accrued thereon, shall be secured by this mortgage.
; ~ 2 The mait~ng of a wntten notice or demand addressed to the owner of recorA o( the Property, or d~rected to the sa~d owner at the last address
ac ~uafly furnished to the Mortgagee. or if no~e, directed to ssld owner at the Property. and maited by the Unned States ma~ls, postage prepa~d, shall be
s s,~`~c~ent notice snd demand in any case snsing under this mstrument and reqwred by the prov~s~ons hereof or by {aw.
; t 3 Ass~gnment of Rents. To further secure the Indebted~ess. Mortgagor does hereby sell. ass~gn and transter unto the Mongagee all the rents.
s ~sues and profits now due a~d wh~ch msy heroaher bec~me due u~~de? or by v~rtue of any lease. whether wntten or oral, or a~y lethng of, or of any
~ agraement for the use ar occupancy of the Propercy or any part tAereof, which may hsve baen heretofore or may be hereaRer msde or agreed to. +t being
~ ~~:e ~ntenUOn hereby to estabhsh sn sbsolute transfer and assignment ot all ot such leases and agreements unto Mortgsgee, snd Mortgagor does hereby
~ appc~nt ~rrevceably Mortgagee its true and lawful attomey (with or without taking possession oi the Property) to rent lease or 1et all or any port~on of
s ~~e Property to any party at such rental and upon auch terms as Mortgagee shall, ~n its d~scret~o~ determme. and to coltect atl of said rents. ~ssues and
~ ~~ohts ansmg from or accrwng st any t~me hereaher, and sll now due or that may hereaher become due. to the extent allowed by 1aw.
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Mortgagor reprasents and agreas that no rant has been or w~ll be pa~d by any person ~n possess~on of any portion of ihe Property for more than one
~ s~a~lment in adva~ce and that the peyment of none of the rents to sccrue for any port~on of the said Property has been or wdl be warved, released.
•~~~•,ced, discounted o? otherwise d~scharged or compromised by the Mortgsgor. Mortgagor waives any nght oi set off agamst any person m ,
4 .ssess~on of any portion of the Property. Mortgagor agrees not to further assign any of the rents or protits oi the Property-
Nothmg herem contained shall be construed as constrtuting the Mortgagee a mortgagee m possess~on m the abse~ce oi :he tak~ng ot actual
~ ;~:;ssession of the Property by the Mortgagee. tn the exercise of the powers herem granted Mortgagee, no hab~lity shall be asserted o? enforced aga~nst
- ~+!,~rtg~gee. alf such liability being expressly wsrved and relessed by Mortgsgor. `
Mongagor further agrees to assign and transfer to Mortgagee by sepa~ate wntten instrument ali future leases upon all or any part oi the Property
ar d to axecute and dehver, at the request oi the Mortgagee. all such further assurancea and ass~gnments as Mortgagee shalf from ,~me to t~me reqwre.
4!i leases affesting the Property shatl be subm~tted by Mortgagor to Mortgagee for its approval prior to the execution thereof. Atl approved and
; e~.ecuted teases shall be speeifically assigned to Mortgagee by ~nswment ~n (orm satisfactory to Mortagee.
Although rt is the intention of the parties thst this ass~gnment shall be a prese~t assi9nment it is expressly understood a~d agreed that Mortgagee -
.haii not exercise any of the rights or powers conlerred until the mortgage shatl be ~n default
14. If a11 or any psrt of the Property or erther a legal or equrtable ~nteroat there~n ~s sold or transferred by Mortgagor wrthout Mortgagee's pnor
:.•;rten consent, exclud~ng tra~stera by dev+se or descent or by operation oi law upon the death of • ~oint tenant or a partner or by the grant oi a
~~aseho{d mterest in a part of the Property of three years or less not contaimng an option to purchase, Mortgagee may, at Mongagee's optron. declare
~ sums secured by thls Mortgage ~mmed~atefy due and payable to the extent allowed by Iaw and the note~s) hereunder and any fadure to exerc~se said
~n~~on shall not constitute a wa~ver of tha right to exercise the ssme at any other time.
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?he covenants herem conte~ned shaU bmd. and the benefits and advantages shaU m~~re to, the respective he>rs. eaecueors, admin~straiors, ~
>.ccessors, and asssigns of the part~es hereto. Whenever used. the singular number shall ~nclude ihe plural. the Qlursl the singulsr and the use of any i
;?^der shall inr.lude all genders and the term "Mortgagee" shall include•any payea oi the inde~tedness hereby secured or sny transferee thereot
N~~ether by operanon of Iaw o? otherw~se. E
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