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a. TM. Tortp.0. a v.rsonal a a~. AAortQaOa n««~. .A.u a maa. Dv ~Aonp~po~ ol tn. p~.rtw..• n«.M+ a..enew a.rw wh
inu~ol w+tAoul hn1 oDtww~p th~ Prw~ wntt~n conNn~ a? ~Iw Mc~ji~il~.~t MatpspM a,rM ~h~s w~~tt~? conNm. tM prsn~N namW ~n wM con•
v~yanC~ ~MM ~swm~ ~nd aprM to MY tM oblpatwn ~v~nt~d ar t1~ Wonw~wry noa wtund 1~~ AMI cortv~~~q Ot tM paPMt~ MtMn d~su~b~d Ot
+~Y P+h n v~Watan QI th~ tama of ths pa~~pi~pl~ ~u ~m~tM MwtppN to ax~Nrq~ !M paym«?t ol tM oblpatan s~cw~d Mnby and NI wms ol
~y s~cund h~rs~y shaq. q tM uP~an ol 1~larty~SQss. b~com~ dw ~nd payabh ~nd ~n d~bult wMtl~ a not tM s~rtw sr~ w dw a~b MvaW~ and ~n
ddwlt by tM sp~uhc t~rms h~~wt. Notlwop MrMn tonta~n~d Nwp b~ cautrwd to const~tuq ~ oov~uon or r~INS~ ~Aortpa~ a any wDNqWnt ow~N~ Of
IuaMty a obip~twn unda IM prom~twry ~?ot~ t~cu~~d M~~by a Ws monpap~ by r..~ a u~. ai«•~.~ .~~~,oo a u~. oapa~w~, w~a.~ u~. ~o~.
s~cw~d f~aDy. ar a wbs~qu~at own~r ol tiw P~~+h O~su~bW M~«n.
5. Thac w~ tM ~v~t oi s swt b~p ~nsatut~d to toarclos~ t~~: matpap~, tM Monpa~ sl?W D~ ~ntitl~d to appiy at any tinN dur~np wch Ior~cbwn
wrt to tM cowl Mvu~p ~u~~sd~etqn tM~~of for tM appanlrtNn~ of a r~c~ivK ol ~II ~~d sinpulat tM mo~tpsp~d prop~rqr. ~nd ol all r~nts, u+can~s. proht~.
~sw~s snd ~~v~nu~s th~~wf. from whatswvW sourc~ d~nv~d. and tMr~upon H is h~rsby ~apr~ssly conwnaot~d and aQrpd tMt tM cou~t ihall fonhvnth ap~
pant such r~c~iwt vwth th~ uws! powat aod dutios of r~tew~~s ~n I~k~ cas~s: and q~ appantrtNnt Mall b~ msd~ by tM coun at a matt~~ of su~ct ~pAt to
~he Monpap~:. .:i:`-:::t r~fK~ncs to tM sdpuacy o~ madpwcy ol tM valus of tM p~opury M~~by mon~a~d. or to th~ solv~ncy a u?wlv~ncy,ol tM
Mort~~w o~ any otMr psny d~f~~dant to wch wit. TM Mortpspor Mr~by tp~ukcaUy wuv~s iM npAt to obNct W tM appantm~nt ol ~ r~v~ st
ala~said ~nd Mnby ucpr~ssly cons~nts that wch appo~ntm~nt sA~N b~ m~ sn ~dmituC +quiry and ~s a matt~c ol ~bsaiuci trpht to tM Morip~p» ~nd
~hat th~ ~am~ ma~ D~ don• witAout notic~ co tM Monpapa.
8. That il any prot~nps sfwuld b~ ~nst~tut~d sQamst tM propKty cov~rW by th~s mariQa~ upon sny otl+« IiN? or cla~m wMth~~ wp~na or jurrw
~o ~M 4M ol this moripa~. tl» Mon~spN msy at ~ts opuon ~mm~daqly upon msuwtan o( such swt or durup tAs pw~ncy tl~wt d~Jar~ tMs matpap~
snd tht i~d~bt~dMU secu~ed t?K~by du~ ~nd piysbl~ foRhwith and m~y at ~ts opcion procNd to br~cloq tNs lrwrtQp~.
7. To psy sU and smpulu tM costs. fs~s. chup~s and ~xp~ns~s of ~wry lund. includ~np tM cost ol an ~bstact of titN to said lands lound to a con-
vsruont ot ~x~nt ~n conn~ctwn with any su~t fw th~ tor~cbwr~ of th~s monpa~. ~nd Nsp ~ wMtM? tM Mo~t
mck+dirsv. pa~ ia oouQ.tad to w~ s~~.» «
not. ~~ssonabl~ ~ttornty's (NS incur~~d or ~xpsnd~d a1 uqr um~ by tM MortQapN D~caus~ 01 th~ laiku~ ot tM MorttQpa to p~rtorm. comply with and abd~
~r .u «.m a ~n. w~?.~,n. oo~t~ .~d s~~,uc~o~ a se~d ~?o~s~o~r noc•. or th~s mortpsp~. n tM loncbsun ol this nwrtpa~ and a~ coN~cta~q th~
amoun~ ~cu~sd Mrsby w~th w witAout Ipal procsedin~s. ~nd co re~mbursa tM Mortpaps~ lor ~very psYm~nt ms~ or u~curr~d lor any such purpoa w~th m-
terest trom date oi ~very wch paymont at tM IupM~t rats authorued ~y law: wch paym~ru~ and obl~patwns. with r?t~r~st tM~wn ss ator~~aid, i1~W b~
secu~~d by th~ 6e~ Mrsoi.
8. To k~ep th~ builduip or bu~ldups now or Mreatter on sa~d Isnd inw~~d spainst bss or damaQs by 6~~. sxt~ndad cowrsp~ and oth~r p~~~ls, in-
clud~np wu ri~k inwrsnce it avail~bl~, in a wm not less than thsir tull insurabl~ valu~ at tM cost ~nd ~xpeose ot th~ MonpaQo? in i company or canpa~s
approved by the Monpa~ee, th~ policlr or policws to D~ hsld by tAe Mort~a9se. and wch policy o~ pobuss oi inwranq shall hsw ~H~xed tlwr~to a Stsndud
New Yodc Mortgs~ss Clauss. makin~ sU loss or bsc~s uM.• s•~cw ;±c+~~r_y Qr policNS payabls to tM Mortps~s as its int~r~st may ap{~at. and to d~MvN s~d
pol~cy or policies to t1w Mortgayaa wMn ~sw~d vrith ttN racs~pts for tM paym~nt of tAs premium iMrola: snd in tM w~nt aoy wm ot mwwy b~com~s
payable under such policy or policies. tM Mwtpapee shall Aave tAa option to racaiw and spp1Y tt+s ssms on uco~nt ol th~ ir~bt~ss s~cur~d h~r~by w to
perm~t the Mwtgagor to rece~ve and use ~t. ot any p~rt ths~sol, fot otMt purposes. without thereby ws~vinp a impaai~p any puitr, pan or ~pht undK a by
v~rtue of this mortgage: and the Mortpagee it it deems nscsssary may piacs snd pay ta wch msur~~c~, or any psn tMrso(. w~tlwut los~n~. warvinp or sH~c-
t~ng Mortpapse's option to torectosa lor Dreach ot tlus cova~aot. or any psR tharsof, ot any ~pht or option utxl~t tMs mOtlpap~. and ~very wch psyrtNnt sAaY
bear ~ntarest irom dat~ thereof unt~l pa~d at the h~ghost rat~ suthoraed by law. ~nd all such payments with interest as ~forosa~d sh~N b~ s~cu~~d by ths 1~?
hereof. In tha evant any bss or damape is wffered Matpagor shall notdy Mortpapsa of wch bss or d~m~~e withu~ forty-si~At (48) hours ahK tM MppMUnp
chereof: tM tailurs [o qivs such notioe shatl constitut~ a default and tM Monpapss shall hava iM r~9hts Mnin aiwn for sli dof~uit=.
9. To permit, commit or wHsr no wa:t~ u?d to ma?ntain che ~mprov~msnis st aN tirrHS in a stat~ of pood npair ~nd candition: ~nd to do or p~rmit to
be dono to sa~d pnm~ses ~othinp that wiU alter w chanp~ Uw uc~ ~nd char~ct~r o( said prop~rty or ~n ~ny way impau or w~ak«? th~ s~cunty ot pid mo~tp~p~.
I n case ot tha retusal, neptect or inabifity of tM Mortpapor to repa~r and maintain ss~d p~oparty, tM Mortpaqef may, at its opcion, msk~ such r~paus or caus~
ihe r,artw to b~ mada snd adv~nc~ nwni~a in that b~halt wRich wms sMtl ~ s~cured by tM lien Mrsof and beu int~r~st at th~ luph~st r~a authori~d by
law.
10. To deliver the abstract a absuacts o( uUe covaru?g ths mort~afled property to Monpapee or its des~pnated apsnt. which shall at all pm~s. diuw~p
me I~fe of this mort~age. rsma~n in ths po:ssssion ot the Mortga~ae and in evsm of ths torecbsure oi this mortpaye or other trantl~ ol atl~. +11 nyAt, Utb and
+ncerest of the Mortgayo~ in and to sny wcfi abstract or abstncts ot tiW shaU pass to ths purcAsser or prantee.
11. Tbat no waiver oi any covw~ant h~~in or in the oW~pation sscured hereDy shall at sny am~ Iw~eaftst b~ t~eld to b~ ~ waivW of aay ot qN otMr
terms h~nof u of tM note sscund henby, or tutur~ w~iv~r o1 U» sarrN 6otrrnant.
~ 12. Thst a~ adst ta scceteiats ths mawrity ot ths indebtsdness f~sreby sscursd becsuse o( the failur~ of ths Mortpspor to paY ~Y ~~~t~
l~abiliry. obliqation w~ncumbru~c~ upon aid prop~rty as h~rsin provided. it slwU not b~ nec~uary rwr ~squitit~ th~t tM Mort~a~ ~hall t~rst p~y th~ ~am~.
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' 13. That it tM Mortpspa shail fail, nspl~ct or ntuss for a psriod oi thi~ty 130) days (ully and prompdy to pay th~ amounts rpua~d to b~ piid bw tha
' nocs Mnby wcured or t!w intsrsst therNn ~p~cifi~d or a~y ot ttw wms ot monsy hsrsen nfarod to or Mreby socured. or oths?wis~ dul~. (ully and promptly to
I perio~m. ~x~cut~. oomply with and ~bid~ by uch. w~ry or any of tM cov~nanu. corWitions or stipulations o( thia nw~t~~. th~ pwnsfory rwp Mrwy
I ~ecur~d and/or tM wnsuuction loan sprNm~nt. if any, thon. ~nd in sither or in any ot wcA ~vsnu, without nooa or dsrrwnd. thr said aQprspaq sum m~n-
' t~oned in said promiatory noU. leu pnvious paymMts. ii any, and any snd ~1{ wms mentioned hs~~in or s~cund Mnby shaa b~corn~ du~ and p~yabl~
~ loRhwith O~ tMfNftN ~t tM COrlUnuin~ option ot tl~ MonpapN as tully and compl~tely ss if said ay~rp~te wms vwrs on9inally sciputated to D~ ps~d at
such tim~, ~nythin~ in aaid promis~ory nou or fwnin to tl?i co~u~ry notwithstaodin~. and ths Mortpapss ~hall b~ entiUsd th~nupon o~ tlwreafcu Mntfaut
~ nouce or d~mand to institute wit at law a in ~quity to ~nfores tM ripht~ ot the Mat~sQe~ Mr~undsr or undu s~id promis:ory not~. In tM nr~nt ~ any ~
defauft ot br~~ch on th~ pan of tM Mortpapor f?~nuMu or unMr sa~d promissory not~, t1» Mwtp~pN ~N haw tM continuinp opcion co ~ntac~ psymMt
of au wm~ s~cund h~reby by action at I~w or by wit in oqu;ry to tor~cb~s this monpap~, atMr or boch, concurr~ntly or othsrwis~. u~d on~ act,on a wic
! sn~1~ not abau or br ~ b~r to or waiva oi tlw Mortpsps~'s ripht to in~titut~ or maietain tM otMr. provid~d wid Monpa~ ihsll haW only on~ paqma?t ~nd
; uu~faction of aid ind~bt~dnas~.
~ 14. That in tM ~v~nt that Mortpa~or ~ha1111) cons~nt to th~ appointmant of a ~~c~ivW. tcusts~ or liquidator oi sl1 or a subsunciat put M Monpspor's
i ieaetf, a(21 b~ s~judicat~d a banlwpt a inwlv~nt, or t~N a voluntary p~tition in bankruptcy, a admit in wrian~ iu insbiGry to pay its d~bu u th~y b~corn~
~ aue, or l3) mak~ a psn~r~l assi~m~nt ta tM b~n~fit o1 c~~ditors, or (4) fiN a p~ation or a~uw~r ~kin~ norpanization or arnnp~ment w~th uodicors. a to
~ cske edv~nta~ ot any insolvsncy law, a(6) fiN an ~nswsr admittin~ iM m~t~rial ~Ite~tions o[ ~ pstition fils~d spsinst ths Mortpapor in any binkrupccy,
4 rsor~snis~tioe ot in~olv~ncy procNdinp, pr (8l ~ctlon shall b~ Uk~n by ths Mwtpa~or fw tM purposo o( eH~ctinp any ot th~ tonpoinq ot l7) any ord~r. jud~-
- m~nt w d~crN rhall M~ntu~d upon an appl+cation ot ~ cr~ditor or Matpspor by s court ol competont jurisdiction opprovmp a p~cition qskinp appointm~nt
f ot s nc~iv~~ w tru~ta ot ~II ot a substantial p~rt of ths Mort~apor's ~sret~ ~nd wch ordsr, judym~nt or dsc~s~ shsQ continw urutay«f ~nd in ~ft~ct fa an~
~ oerfod ot ttuny (30) consscutiv~ dsys, ths Mortpsp~~ may doclan tM not~ Mnby s~cu~ed forthwith dw and payabl~, wfwaupon thr pru~upsl of a~d tM u~•
; teresc accru~d on tM not~ and dl otMr ~uma M~sDy s~curod shNt b~wm~ fonhwith due and pa~abls a~ it dl of tM said sums ot mon~y wu~ a~pnapy
~cipulat~d to b~ Paid on wch day: ~nd tMnupon :h~ Mortpap~~ without notice a d~mand may {uos~cut~ ~ wit ~t (aw ~ndlor in puiry u if ali moni~s
sacund Mt~by had m~cur~d prior to ita iruutution.
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; i 6. That th~ Mortpi~ or u~y p~rson ~uthorii~d by tM Mortpa~ ihall hav~ tM rpht to enur upon snd insp~ct tM tnprtpa~d pnm~ia~ ai all
r~ewnabb wnss. .
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18. That any wm or wms which may M loansd a advanc~d by th~ Mort~srsa to ths Mort~apor ~t any tirtN wnthin tw~nty (201 y~sn irom 1M dau
of th~s u?~ntur~, to~thK w~th int~nst tMrwn at th~ r~t~ aprssd upon at tM tims ot wch loan or advance, thall b~ ~qually s~cuad w~th and hsw tM am~
pnonry q th~ oripin~l indabtsaMa and b~ wbjoct to NI tM t~rms and provisioi?s ot ttMS monpspa: prov~dsd, th~t tM aQprpat~ amount ol pnnupal outuan- .
d~ng at ~ny pm~ th~ll not ~xcNd (t 1. or ii th~ pr~csdmp blank i~ not compbqd. tMn ~n amou~t ~qwl to on~ hundad snd fift~r p~r cant
;1609W ot th~ prin~ipa{ srnount o~ipin~Uy Ncund h~reby a!?ail ~pply.
17. That. if nquind by Mortya~. ~M said Matpspor will p~y unco tM Monpap~~. on th~ fu~t da~r of ~ach and way cons~utiv~ inontA. ~ wm
oausl to on~•twdhh ol tM annual ~mount nka~aary to pa~ ~II q~c~s and ~~~snNnu apainst tM NW mortp~p~dp~~rru~. Nid monWY wm w W~~-
am~t~d wl~iy by Mat~~ ~nd oakuland to b~ ~n ~mount no~ Nss tMn tM ~mount of eaxp aaps~d ~pain~t aid nwrtp~p~d pnmiw~ la tA~ pr~vw•w
ye~r. ~nd 11 h+rth~r ~pu ~d by MortWpM to WY NI inwr~nc~ pnmiums ia sns~na snd form a providad h~~~in lor tM p~yn»nt o/ tax~s ~nd asNSan~na.
18. TMt if this mort~ is in conn~ction with co~nstruction loan financinp. tMn this mortpap~ is wbjx! to th~ Construction Lw~ /1prNm~nt, -
Ustad b~tw~~n tM Mortpapor and th~ Matp~pN, sn ~x~cut~d wpy ot which i~ in tM pwa~~aon d tM
- Mortpa~ and is incorporat~d Mnin b~r nbr~ and mad~ a pin h~nof: ~ny d~fault bp Mon~pa ur~r s~id prNmru?t shall consotut~ an w~nt ol
u
d n f s u It w1dN qlis rttpttp~p~.
~ t 9. That iM Monp~por wiu on ~h~ rpu~~c ot ch~ MortpapN tumi~h ~ writun sat~m~nt o1 tM amount owinp on tM obl,Qation whKh tIw mo~tpp~
t socuns ~nd th~r~in ~t~t~ wMtMr or not Mort9ayor clums ~ny d~t~n~s a ofl~u tlwnco.
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5nrl+r 4~5 PAGf
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