HomeMy WebLinkAbout0930 I l~ Pfl NtY S lIlC 1lY UI Il~~ ~~I I~I tt~ \l: a t~.i}~r i k•r~l, ~lui t~;.~~;~ :4;r~'~~,:
1 PRE~EK~:~f1UV c~F lllF: PRt)PEFt1Y ~turt};.µ;u: (al>ii:?11 kctip 5 1:1~1~1~,U1'\L~:til»r~.\lSA(:17C)ti~ Atort};aK~,i.h.~Ula)aP4x•ar
thr pruprm ~n ~,tixrcl cun.litiu~~ anv rc~~~r. lh) ~h.?11 n~K rcnw~~e, in unJ ~Irfrntl an}• :?cuun ur pr~xctiYlinK pur~x,runK tu :tflr~t ti~r
Jenx+li,h ur sut~uanu.~ily altrr arn' buil~fing. .tru~YUrc ~?r impnxr- ,crurnv hcrcy>f ur ~hr n~;ht, ur Ex~w•rrs uf ~I~,rtK.~~;c~c. tb) at ttx
mrnt the~t~~n. (i 1 SII:III C'lNll~)Ittt ~N RtiIUR pn~mptl}• and in Rcxx1 <~~tiunuf\tun~a~;c^~,a~,ikntu~luny,:?krr.tei~hrr~trnt~~f~lurtgxKc~r',
~~•uriu~unlikr m:uinrr am• huil~tinK whirh may hr constru~YC-~1. clam- intrrcwt, a~n• clain~... demand, ~~r iau,es ~~f artiun uf ui}• kir.d. inciu~i-
.iK~~i ur dcwtmyctii th: rt~Ni and a ~ll p:n~ when due all ciaim~ fi~r inK any~ aH-ar.l, cuurt judKmrnt ~~r ~~nx~t~cYl~ uf ~cttirmrnt «f :u~~~ au~h
I.~Iwr rcrfurmrct an~i matrn:i! furni~hcYl thrrcfure, (d) shall a~mph claim, ~kmancl ur ~au.+r ~~f aai~Ni c~[ am• kincl w•hich ~lvrtg:?gor rx~w•
H iih ihr pruci,iu~u uf al! i~~tiur,~ncr ~~licic~ ~Y»•rring and with all h;tti or ma~• F~rrxfirr acyuire arisi~~ uut c~f aoyuuitK,n ur uw~nrnhip
laW~ :ui~ rc~ulatiu~1, affc~e~tinK thr {~n>prm~ ur reyuiring any alcera- of t1~e prupert~~. Vt'ittx~ut limiting thr Kenrralin~ of the forc~oing. :u~}•
uc~as, rc~~air, ur impru~•rmen~, thrrcti~n. (r) shall rxx cc?mmit or ,uch claim, ~kman~l ur c:~~ue c~f ac~i<m arisinK i~ut c~f acyuisiticxi ur
.ufFrr an~ ~~.i,~r then~>n, ( f) shall n~x rummit ur suffer :ui~~ ac~t up~m uw~nership uf ttx pn~r~ry~ may ~nclu~ie ( i);tm• such injury e>r damaF{r
dir pru~~em cn ~•iulauun uf an}' pn~~•i.i~~n ~~F an~~ in~ur.u~cr ~wlic}~ ur tu ehe pn~{x~m• ~~r :?n~• struaurc ~~r impre»•emrnt situatrd thereun,
I.iw ur rc7;ulaiiun. (K) ~hall p.?int, cierurste. cuiu~:~tr, irriKate. fenilize, or (ii) arn~ rlaim ~~r rausr uf :~~Yiun in f:?~~ur uf ~forc~aKur which shall
fumikate ancl prune the pn~{xxn~: and (hl rontii,tent with thr ute ha~•e ari.rn <>ut uf the tranueYiun financ~d i~ wtx>Ic or in part b~•
~I~z rc~~f. clu all iKher aas which [hr ch~raaer ur u~r ~~f the {~n~em• thr m:iltinK uf thr Ie,an ,c-ruretii hrrrh~• ur ( iii) an}• ctaim ur rau+e
~na~• rr:iumatyl~ rc~c~uirr. uf ac~tiun in fa~•ur uf ~1c~iYR:?Kur (rxrept fur Ix~clily injur~•) a~hich
anx~ a~ re,ult uf an~~ nc~ligrnt ur impn~xr cc>n~tcuaion, inctalla-
2 INtiI`ItAti(:E.M~~rtg3Kur~hall,at~lureK:~,r',expri~.tir.pru~•~elr ti~~n ur rcpair uf the pn~ert}; including the surfac~c or sut~urface
.in~i maintain in furce at aU time~ w~ith n.~+~xa to the pn~rt}; fire thrrec~f, c~r uf am~ building or struaum ther~tm. ~ie~rtgagee ma~.
:in~ ~xher npes uf irLCUr•.ux~c :i~ may be requirccl by Mort~ee. All ~~E~I~; ~~.se c~r relr~.~,e such monic~ u~ rc~cei~•ed hy it in thr s:ime
~,1 auch iR~ur.incc Ex>licich shall i~a~Y r I<~s pa~able enclor~mrnt in manner :~s in ParaRraph 2 pnn~ick~ci for ehe pr~~c~iti of fire or aher
f:t~•ur uf Dlorcga~;ee and shall be fvr a tern~ and in form, cvntent, ~~,~rance.
.~'m~unt, and with such iiuur.u~cr comp:uiirs, :~s ma}• be satisfacYOn•
t:, A1urt~ec. tiuch ~licies tiha(I be cleli~~creci to 1lurtgaKrc~ u~wn G. DEF'ENUING MURTGAGE. \e~•ittutanding the pnntisicxu of ~
ihe m:iking !~f this '~tortRaRe u~n the request of the Mortgagee. W,~raKraph 5, ~turtKager may ( a) a>mmence and pn~xute ~r appear
titurtgaRor stialt al.so cieli~rr at such timc~ ch•idence tha[ the full ~n anei ciefer.d an}• :~ctiun ur prc~ceeciing purporting to atCe~~ the
F~rrmium fur any such pe>lic~• ii:u tx~n paid Murt~~gee at i~c optiun ~Y~uri hertof or the ri ur ~n•en of ;~to a b) r-
may re~ain Exusession c~! the original ~licy or ma}' rele~.~se it to the h' ~ ~ ( ~
Ex>titiettiicm uf the ~tortKagoc If the ~iort~ee ret;iru p~~session of ch3,e. conte~ or compncHnite any rrxvmbrance. charge or lien which
in the judgment of Mortgagee appear to be prior or superior hereto;
>uch Ex~licies, ac Ic~.u thirt}- l30) cia~s befi>re the expiration of an~~ ' (c) in exercising any such right. incvr an}- liabiliq~ and expend
~~ch insur.~nce polic~; a polic~• ur Fx~licirs renew~ing, exteneling ur w•hatever amuun~t ~fortp,~igre deems re:tsonabl~~ necc~.~; inciuding
rcplxin~ such expiring insurance shall be cieli~~er~d by Mon~agor «~t of eviclenee of title and rr.~sunable atturne}s fees.
n~ ??k>rt~agee. If any such iruurance Ex>lic~• is not so elelivered tci
~tun~gee or in the e~•rnt :in}~ such insurance potic~~ is rancelleci, ; pK~~ON OF SECURIN BY MOR7'C',AGE. Should
n~hether the :~1ortRagee has in i~c pc~ssession the policies c~r na, and ~~~,rt~~r fail to make an}~ pa~ment or do am~ act prv~~ded in this
n~~ reinuatement ur r~~lacement pe~liq• is recei~'ec1 prior to termina- ~{~~rtgage, then Mortgagee, twt azthcwt obligation so to do, and
~i~m c~f insurance :~tortgaRee, without naiee to or ciemand u~n
~1~~rtp,agor, may (but shall rxx be obligated to) obtain such insurance P7ehout nocice to or demand upon Mortgagor, and a~thcwt releasing
~ ith such cumpany ~s Mung:~gee map deem satisfacton; and pa}~ the htortgagor fmm an~• obligation hereof, may make any such payment
~~remium therefore, and the amount uf any premium so paid shall °r cio an~~ such act in such manner and to such e7aent as it deems
tx chargecl to and promptly paid by ~ton~or or at the ~ticx~ uf tO ~~'~n~ ~1ort~gee is authorizecl to
~1e>ngagee, ma~~ be addecl to the inelebtrclness secureci hereby~ enter upon the pcuperty at ~n}~ time for wch purpc~sr.
in the eti•ent Afort~ee c~ains am• such iaturance polic}; g. ItE1MBURSEl4tEM: Mort~e~r shall pa}' immeciiately upe>n
~le>rtgaf;or, for his own benefit and for the pnxeetion of this equin~ ~mand a}I a~sts, fees or exprnses incurred anci sums expended or
interest in the pn~em: heret»• reyuests and au[hc~rizes ;?1ortKagee, ad~anced under the ternis of this Mo Mo a~th in-
twt withcwt liabilin• on the art of ~~ion ee for failure x~ to c1o. ~
P KaK teresc thereon at a rate eyual to the rate provided for in the nae
t~, c~txain such polic}• for such tenn and in such form, cuntent and ~~y ~~~~~~~~n of Nortg,agor to pa~~ such sums
anx~unt and with such insurance comp:inies as may he satisfa~~[~>n• ~tems[ as afore_said shall be secured heretn~ If Mortgagee shall
i~> ~iort~~e. St:uuld am• puliq~ thus c~taineci by riort~ge~ there- make wch payment or expend such sums, Mon~agor shall pay a
ahcr be carzcelleci, Mc~ng.?gor shall pa}• to ~furtgagee an}• e-arnecf ,enice charge in an amount equal to ten per cent (10%) of the
~remiums on said ~lic~• and a re~asonable charge f~r its senices in ~~~nt made or the sum expended.
t ~taining such ~lic}~
~fortgagee shall be rrspcrosihle fvr the mliection <~f an}• ensur- 9. IFA~EHOl.D E.STATFS. If the secvrin~ fc>r this Mvrcgage is a
:nce munies, ur for am• irLU>l~-en~~• ~~f am~ iruurer or insurdnce underv Ie~.~~ehold estate, 4fvrt~g<>r ~hall na moclify or terminate the les~se
~,ritrr. An}• part <~r all c~f the amuunt cullected uneler any fire ur cr~acing the leasetwld esta~e, and shall compl}• v~ith all of
~:thrr in~ur:uice Fx~li~}' ma}• be apphc~ b}• M~~rtKagee u~x~n an}' ineie ~he cocer?antt and conditiunti reyuirc~ci of the LetSee or his sucec~sor
htrdnt~ti secvrc~ct b~~ d~is ~furty,aKe at ~uch time :~nd in the nunner in interrst tc~ tx performeci under the lea5e or lcax~s cre~ating said
• .!ncl amount s~ MurtKaKc~ ma} dc~terminr, ~x at the ~~xiun uf Icaseh~>fd ~-state, inclu:iing but nex iimited to paping c~-hen due rent
~1c,n~ee, v~7thout reelucing the indebteciness serured heretn; n?dc and exher charges impc~.5ed u~n such Le~see.
E richer be usrd to replace, restore or recvns[ruct the prc~em- to a _
; <<mditii~n satisfae~un• tu M~~rt~aKre ar be releau°c.1 to rturtgaK~~r. M}~ 10. Fti(;ROVi' ( IMF'OU1VD) ACCO(~;~T MuRy,ago* shall pa}• to
g .+~~~licatiun, u~r or releatir shal) n~x cure or wai~~e an}• drf3uh ~r ti~, ~n~~~. ~f ~{~>R~agec ~?~all x~ demand, in adcirtiun to a;~}• ~xhrr
~ nc~ticr of clrfauft hereunder or im~liciate an}• act ck~ne pursuant tu ~~,i~ment rrywrrci hereunckr, mondil}• installmen[s fur the purpuse
i ~i~rh naice Ncxtg~sRur til~ll ~t~~rt~;agee in,prcZi<xi fee5 and ~xhrr ~reating ard maintaining a fund to prcr,tide pa}Tnent afien due
~s~u.ti rrwltinR frc>m esr ccinnrrted with the rasualn~ lixis to which ufam•taxes,encumbrances,a~ssments,leasetwldEra}~mentsretating
~uch in,urance relates. t<y the pn,pem; premiums fvr arry policies e~f insurance insuring the
` i LIEE, ACCIDE:vT OR HFAI:I~1 1?~Sl'R.4\CE. If ~1c~n a ur ~hall ~rc~em; the Mortgagor or the loan, more speeifically referred to in
~ K~ f.uagraphs 2. 3, 3 and 9. Mortgagor shall deliver prc~mptl}~ to
; :~~.~ign or cleli~~er a policti• of I~fr, accident ~ir health iruurance tu ~Si,rtp,agee all bilLs ancl nutices theree~F. Said installmenes ;hall be in
; '.l~~rtKagee ati further srcurin• hereuncier, then if ~tungagor failti tc> ,uch amoun~s as MortKagee shall estimate frc~m [ime to time to be
~ ~~a} am• premium therc~~n. :~tonKagee ~hall be entideci, but nut ubli- necc~san• to prcx•ide sufficient ~?onies in said fund to pa}- such taxes,
~ ~ated, t<> pa}• any such premium. M}• amc~unt u~ paid shall be charRed encvmbrances, a~.sessmencs, leasehold pa}'menes and premiums
~ u, and prumExh• paid by ~iortgagor or. at the c~tion of ~1~,rtKaKee, a•~n the}• hecome due and shall be pa}ahle concurrend}• aith the
may be added w the indebtedness secvrec! hereh}• installment under [he ncxe. If the amcwnts paid to Mortgagc•e ~nder
E che provisions of this paragraph are irtsufficiene to pay such ta~ces.
4 TA?~S A.'vD EVCUMBRANCEti !?turtp,agor shall p~a}~ ( a) at lea.u ~,~menc5, le-asehold ~ra}Tnents and premiums as they becorne due,
~K rnt}~ ( 20? c1a}s hefore cielinyi~enc~•, all general and sperial taxes }~~~n~~r shall pay~ tu Murt~ger prexnpth~ upon ciemand the amcwn[
and as.u~sments now• or here~after affecting the p[c~perry; inclucing of the deficiency.
.~n} atu~smencs on appunenant water uock; ( b) vvhen due, aU spec~al
a+~c~sments for public imprcn•ernenu w•ittwut permitting an~~ ~m In the event of default of any~ c~l~gat~cxi heretn• secured, then
pruvement bc~nd to i~.5ue fur an}• special a~.ses.sment: (c) on dem:u?d am• funds in ttx pczssessitx~ of M<>rtgagee under the provisions e~f
e,f ~lurtgagee. all encumbrances, charges and iiens cxt the propert}' this paragraph ma}•, at ehe c~cion ~~f Atortgagee, be applied upcxi anp
~~r am~ part theree~f, w~hict? are or ma}~ he pricx or superior here~tc~; incietseednecs secvred hereb~~
tc11 Rfien due. all Fees and charges incidental to vw-nership, occv
E ~.~ncy vr heneficial use c~f the pre~?erty; and (e) if the propem- 11.FlriMiC1A1.5TATF~IENT;S.Withinthi~tyt30)da.saherw-ritten
~ includes a ccmck~minium, community apartment or part of a planneci demand tn~ Mongagee (but not more frequently than semi-annually),
~ ~irretc~ment, all payment~ required of che oa~r?er therevf under any Mon~ar shall deli~~er to Mcmgagee verified finani~ial statements,
~irclaratkm <~f covenants ex ccxxiitioru or resvictions pertaminR n~ prc~-ared in accordance with acceExable accountinR practices, for
~uch pre~ect Should Mcxtgagor fail to make am• payment under this tiucfi annual or cxher period as Mextgagee may designate. tiuch finan-
f'araKraph 4, M<xtgagee may, but shall ncx be obligated to, malce cidl uatrments shall inclucle balarxe shec~ts. operat~ng s~atemrncs,
; ,uch pa}ment and any amcwnt so pa~d shall tie charged to and and statements d sewrces and applic~tion of funck. In xWitkxi,
~ ~romptl}• paid by ylort~g<x ur, at the c~xicm ~~f Alcxtgagee, shall be ti1s~rt{~x shall deliver to hiortp,~gce on demand, c~opies c~f all leases,
~ acic_{eei to the incietxecine~s secureci hrreby, witFx>ut regard to the agreecnen~s, ~^ewrhers, recei~ts and cxher dixvrnrnts support~nR arn•
< <alidit}• ar lep,~liry o( such as.u~smenes, lirns ex ct~ar{~. c~f the items shvwn in such ~s. Mort~or shall keep and
~ ~
r ~nnsr~etF no~rc.~ o~n 80~M t'~~f ~
~ .
~ - = - - - - - - ~