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Home My WebLink About0982 , ~ . , ~ ~ ' ~ .r . • • , . • . . , . ~ . ARTICIE 1 • • TAt lo~n 1 1 Tne ~~aebteaness sccurca Dv ~n~s Mono~gc ~s Ihe resu4 of a ioa~ .ol mo~~y ~n the pr~rapal amounl ol S 87 a 75O _ OQ Incrr~naner re~cr~ca lo as Ine ' LO~A") lo be Q~SDurSed by LQ'1Ce~ lo Oor~owar. 1.2 lne Loan is maC~ ~n accorOante w~lh It?e lerms ol a loa~ agreemenl belween 8or~e~rot and Lender daled Mareh 1.98,~ ; ~ ~ Ilhe "Loan A~reemenl"~. • ~ . 1.J Tne loa~ ~s ev~donted by Ihai p~om~ssory nole Irom Borrowc~ ol even dale hcre?v~th, paya0le t~ I~c G~doi 01 Lender (tAe "Nolo"~. , ~ . , t i Paymenl by Bor~owe~ ol pnnt~p~i and ~~nlcia;l on 1ho loan w~U be ~n aCCOrdsntt wilh tAa Wott. wA~tA No1e and th~s Alonqaflc rcqw~ pa~ mc~l ~n Iu1t on tho loan on demand ot Lnnae~. ~ I.S Lender ~s m~k~nfl lAe loan l0 Bor~ower lor IAe purpose ol linanc~ng tne const~ucl~an ol certa~n improveme~ls on Ihe land descriDr nere~n. • 1 6 Tn~s Atorlc~age sctures all present and lulu~o loan d~sbursements made by lender. The amounl ol the prrseM d~sDu~sement setur.• nc~e~y ~s 2ero Doll~rs (SOOJ), and.tha amouM ot Iulure a~sbursemenls ~s epual to me pnnc~pal amounl ol the toan as s~ateA en Seci~on 1.1 ner~ ui Thcs I~mr p.^r~od w~Ih~n wn~ch such Iulu~e d~sbursemenis ars lo be maUC ~s Iho period Oe~weon IN~ aatc hereot ana o~s year Irom Iht da nei~ol, prov~dc~1, howevor, tnal s~~d pcr~o0 may De ea~enda0 by LenOe? up lo, but nol mo+e I~sn twertly (20} year= trom tAS oa~e he~eot. ~ ARTICLE 11 8orrowe~'s Promises, Rcpr~sentalions and Apre~ments ' ' ' 2.1 9orrower represenls and prom~ses Ihat it ~s seized oi the PropOrty m lee a~d Aai Ihe nyhl io tonvey tAe same. Ihat IRe I~IIe to u Prope~ly ~s (rre and clear ol all encumb~ances and Ihat ~I w~ll warrant and tlel~ntl Ihe I~IIe to 1he Property a9a~ns1 the tla~ms ol a11 perzons part~es. ?.2 6arrower ~vill punctua(ly repay Ine loan pnnc~pal snd ~nleresl and all otAer sums setured hsreby al lhs lime and plaCe an0 in the ma ner spec~i~ed ~n Ihe Note. ' 2.9 ~orrowe~ will pay or reimCurso Lenoar ior all reasonabie aliorney's lees. cosls and expenses incurred by LenQer in any aclion, le~, procred~ng'or d~spu~e ol any k~nd' ~+rn~ch atlecls Ine Loan, lhe imeresl Cro:,ted ~crc~n, or Ihe Prope~ly, mtlua~nq, but nol timile0 to, any lo~ cfosu~e ol Ih~s Morlgaqe, entorcemr.nl ol paymenl ol IAe Note, by any tondemnalion athon involvmg Ihe Ptopeny or any action lo protetl i: secur~ty Ae~eot. An~ounls so incurred by LenUer Sna11 be atlCed lo lhe Loan ~n~lebiadness antl secureC hereby. 2.4 Borrower will nat convey es loan Secunty or olherw~se, the Properly, any part Ihereot, or any interest the~ein without tha prior wm~ consent ol LenCer.. 2.5 Borrower w~ll ao, or cause to be done. atl such lhings as may be required by law in order lully to prolecl 1he securNy and all r~qh~s lender under tn~s Mort9age. Bo~rower snau noi cause or perm~~ the I~en o1 tn~s Mort9a9e lo be ~mpaned in iny war. ARTICLE III • • Erenls ol Oelault The occurirnce ol any ol thn lollaw~ng events shall consl~lule e delaull und~r Ih~ larms ot Ihis Morlgaqe: 3.1 Failure by Oorrower Io pay as and when due and payable any inst:illment ol principal or inlerest: ~ 3.2 Failure by 0or~ower lo duly o~se~ve any promise, represenlation or agrcement incluae~ in Ihis Morlgage: ~.3 A delaull by Bo~iower under ~Re lerms ol the Note, the loan Agreoment or any olher document subm~tled by 8orrowar !o Lender connecl+on•wdh the Loan; • . ' 9 ~ Commencement by any c~overnmenlal agency or authority OI any proceed~ngs lor 1he demolil~on o( any ~uddings or stwclures cc ~ p~~s~ng the Proper~y or commencement ol any p?oceedings 1o condemn or olherw~se lahe a11 0l Ihe IanG compr~s~ng ~he Pioper~y. ARTICLE IV Foreclosure 4.1 Upon I~e occurrence ol a Getault, Ihe enGre pnncipal Dalance o~ ~ne Loan, mUuG~ng all aCCrued ~nleresl, shall, al IAe opGon ol Len and w~~nou~ no~~ce to Bo~rower, become ~mmea~ately due and payable. Tliereupon Lender may foreclose this Mortgage Dy ~utliu5l proceed~~ ~ ~.2 In a ~ua~c~a1 proceed~ng lor loreclosu~e ot Ihis Mortgage. Lender shall be en1~11ed lo Collecl all expenses ot lo?eclow~e, includ~ng I not I~m~~e0 reasonaote al~orney's tees and costs o1 4ocumenlary ev~dence, abslracls and I~tle reports, aI1 0l wh~tA shall Ce add~t~onal s~ aetuietl Dy lt~~s Morlgaga. . ~ ARTICLE V E • . • Addilionsl Rights and Hemrdies ol Lendet ~ 5.1 Upo~ ihe occu~runce ol a aelaul~, lender, ~mmed~~tely, without no~ice and w~lhoul 6aGdity lherelot to Borrowar except lor gross ~c yenCe, may tl0 Ot cause io ~e done any or aU ol the lonowi~g: (a; take pt?ysical possess~on ol lhe Propeny: (D) e~erase ~ts r~gni to teliec~ ienis ~ntl p~olds tletrved Iror~ Iho Propui~y; 1c) en~er inlo conlracts lor Ihe canp~~t~on, repau, ar ma~nlenance ot ~he ~mprovemenl5 tnereon: espentl Loa~ lunds 0nd any ients. ~ncame and prol~~s aer~veC Irom Ihe Propei~y lor paymenl oi any laaes. assessments. ~nsuranca prrm~u ui~~ny charges or cnarges' Ior the ma~menance or preservai~o~ ol the improvrmems on Ihe Property or IAe I~eo ol Ih~s Morlgage~: (e) enwr +rasts aemis~ng It?e Pto{xei~y.or any parl~l~e~rol; (I) lake suth sleps 1o protecl ana enlo~ce Ihe spetdic perlorma~ce ot any prom~se. cond~~io~ ~grecmenl ~n lhe Nolo. ~h~s tAoitg~go or IAe Lo~n !?grcemenl, or lo a~d the execut~on ol any 9ower ~ere~n qrante0; or (fl) pens~ally, supcr~ man~ge and coniract w~~h relerence to the PrOper~y as ~1 Lende+ weie Ihe eqwtable owner Ihereol. 5.2 Any Lo~r~ (unds d~sDursed by Lender pursuanl lo Section 5.1, tog~lAer wttA interesl Ihereon al Ih6 rate Sel loritl in IAC No1G, sn~li t seCUrcd hrie0y. ' ~ 5.~ No wa~vcr of any dulaull shall a1 any I~mc lne~calter be hcld to bc ~ wawcr ol any regtils ol l~~dcr stated anywhc~c ~n the Nn1e. ~ rnor?grgc or Ihe Loan Ag~cemeM nor sha0 any waiver ol s pr~or delaulf opcratc ~o wa~ve any subsequcm dclaul~ oi dclaul~s. AII remcu~ua . w~aed ~n In~s I.lortqage. +n Ihu Nole or ~n the Loan Agrcemeni are cumulaf~vr anG may, at t~c elect~on ol lcnder, be o•eic~sed attcrna~~. ~ success~veiy o? in sny othe~ manne~ ana are ~n add~~~on ~o any o~her nyms prenaea by Law. ~ ' . ARTICIE VI ~ ~ Genetal Condilions ~ 6.i Tne smqular usecl nere~n sna~l bc Ceemed to ~nctudo Ihc plu:al, thc m.r^CUhne deemcd lo includo Ihe Icm~n~ne an0 neuter and ~ nametl pan~cs Oaemed Io ~ntluOe Inn~r neus, successocs an0 ass~gns. k 6 2 AI~ nol~ces requ~red Io De c~wen heieunder S~al1 bc ~n wr~hnq and s~~u bc dcemed scrvea Iwenty-lour (:~1 ~ours a1~er CeposN ~n rc ~creo ccrl~l~co or lus~•Uass un~~ca S~aies ma~~. pos~age prepa~o, an0 add~c~sed ~o the pau~es a~ me adu~esses ~nd~ca~co on tne t~?si t ~ r~ercot or such olAer ada~esses as may 1?om ~~n~e ~o I~me Ce aes~gnalyd Dy wnnen no~~ce qrven as ~ereln requ~re~ ~ 6.~ Mval~da~~on ol any One O~ mOrC ol tA! OrOv~S~O(li OI Ihii MO~tgOgd SR~II ~n RO way allect any ol IRe otAer prows~ons netco~, wt1~Ch : ~ rema~n m lult lorce and ellect. . ~ ~ 6 a Tne cap~~ons ano nead~ngs nere~n are inserleC only as a maUer ot c~~venitince and Ior relerenco inG if1 no way ael~ne, I~mil or ~ scuue trre scope oi +n~s Mor?gage nor Ine en~ent ol any prov~s~on nercol. ~ 6 S 7ne bue ~nsurance ~nlarmat~on. ~f any. sta~ea al Ina top OI th0 t~rst pagC ~C~eol ~s lor rate~ence and ~nlormal~on purposes only and ~ fo Dc Cons~UC~ea ~o or a parl ol In~: 1AOrigage T € ~ kr- ' ~ sooK 45~ Pa~ 9$z ~ ~ ~ ~ ~ ~-=;~.-f ~ ~ - . > ~ ~ v ~