HomeMy WebLinkAbout0976 _ _
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vungs necessary lo eftectuate cr assu~e compl~ance :~:~th th~s pa~agraph
10 Event of Defsutt. Any one ot the follow;ng shau const~tute an event oi detault
(a; Fa~lure by Martqagar to pay as and titi~hen due and payable any mst~llments ot prinCi~~a!or inlerest due unUer the No~e.
i~r ar~y depos~?s tor taxes ar~ci assessments or ~nsurance premwrns di~e ttere;,rder a any o!her sunis to be pa~d'oy Mortgayor
ner,:i,nder or under ~ny U!he~ ~nstrument secur+n~ the Note
fb) Fa+lure by Mortyagor to duly keeE~ pertorm and obsarve any other covenant. cond~t~on ~~r agreement in the Note. mis
Mortgage anyother~nsNumentsecunr.gtheNoteeiaryother~nstrumen;co!tatera~totheNoteorexecuted+nconnect~onw~th
ihe surrs secured hereby tci a per~od ot t0 tlays after Mortgagee y~ves wniten nohce spea(ymg ihe breach
(c~ If e~ther Mortgagor oi ary G~aranto~ or er,dorser of tne Note li! f,les a voiuntary petition ~n bankruptcy, f~~1 is
~~d;ud~cated a bankrupt or ;nsolvent or I~r~1 t~les any pelit~on cr answer seeking or acquiescmg in any reorganization,
n~anaqemer?i comi?os~hon rc~ad~ustrnent liqu~dat~or d~sso(uhon ar sirn~lar re!~ef lor ~iself under any Iaw relalmg to
bankruptcy ~nsah~~ncy c~r criher ri:+~ef fnr rieh?ors ~r, i~v) seeks cr conser,ts to or aCqu~esCes m the appoiniment of any
IfUSICc: feCE'~:'ttr 'PaSf('r O! IiQU!d~3IUI 0} ;!~:'if Oi (7! ~111 (;r ~~ly SUbS;c3~1!i2i ~ aft C)! the Mortgaged Property Ot of any or ali
of the rent~ rr>venu.~s ;ssues earrnngs prcf~±s e~ ~ncorne ther~t or (v! makes any genera! assignment for the benefit
of cred~tors or ivn makr~s any adrn~ss~on !r~ ,vr~Ung of ~is ~nab~tity to pay ~ts debts generafly as they aecUm,e due~. ur (vu)
a ccu~t ot com~,e?ent ~ur~s~~,ct~on e~ters an o~Uer ~udqment or decree approvmg a pet;lion fiied against Mortgagor or any
gua~anlrx or en~orser ot the ~:ote see~~nc~ any reo~c~an~zal~on. arrangem~r~t ccmpos~t~on. read{ustment. hqu~dation.
d~sse'uhon r;r s~m~!ar re~f~et unCer any ,~resent o~ tuture federal state or other SZBtUIf?. IaLV ~r regulafion retat~n~ to
ba~krup?c.y !nsn!v~ncy c:~ othc~r re,~e! tor deC~tors. ~rrh~ch order ~udgmen± or decree rema~ns unvacated and unstayed for
an aggregate o' s~xtv 160i days +~:hethe! or not cor.secul,ve !rom the date of r~niry therec~f or (v~+~1 any trustee rece~ver
-~r i~qu~datcr o! t~^ortgagor o' a!; cr any s,,bstantia~ pa~t of the Mortgaged Property or oi any or ali of the rents revenues
+ssues earrnngs prot~ts or income thereof is appo;nted wrthcu; ,he pnoi ~ti~nlten Consent of Morigagee. whiCh
appo~ntment sha!~ ren,a~n unvacate:d ar,d ur,s!ayed fvr an aggrega!e ot s~xty (60i days s•dheiher or no! Consecu~ive
I d? Any hfeach of any v;arr~n!y o~ matera! urtruth ~f any r~present:~t~c~n of Mortqagar contained m the Note lh,s Morigage
or any other m5i~t~r.~nt seCUnng ~htt No~e
r ei The occc:rrenr;e of any de!a~,it unc+.er ?he terms o! ary monqage o~ o±hcr ser.un?y ~nstn:ment ~~ti~hich creates a I~en or
u?her securrty ~nteres? on cr ~n !he F;lortqaged Pr~perty
1 1 Aeceleration. an event of ce`ault sha'~ have occurred h~ortcagee may decia!e the outstand~ng pnnc~~;a~ amount of
tne Note and the ~r,terest accrued thereon and a~! o?her ;ums secured htreby to bF: d~.;e and payable ~mmedia?e!y Upon such
declaration such ~1r~nc~ual and ~n±e!es! and o!he~ sums shal~ ~mmed~ately be due and payahle without demand or notice
12 Remedies after Default. U~on an e~.~er~t cf deta~`; Mortaapee may f~roceed by swt or su~ts at ;aw or ~n equity or by
any c~ther appropna!e preceed~ng or r~~~~iedy to~ (ai enforce pay~nent of ?n~ Note or the performance o! any term hereot or any
other nqhf (b) forectose this Mortaaye ana to se!~, as an ent.rety or ~n separate lots or E~arcels, ihe Mort~aaed Property under
'he ~!~dgment or ciec~ee of a cnu~t or ccurts o` cempetent ;~_~nsdrei~on. !c) collec; a!I rents. issues profits revenue. mcome ar,d
o?her benef~ts (rom tne Mor;gaged ProF~erty. (d! appo~nt a rece~ver to enter upon and take possess~on ot the Mprtgaged
Property and to co!teci ali rents ~ssues protits revenue ~ncome. and othe~ benef+ts thereot and apply the same as a court may
d~~ec1 and s~ch rece~ve+ sha!I ha~~e a~i nghts and powers pe~m~tted under larl and ( e) pursue any athe~ remedy ava+lable to it
~nciudiny but not hrn;tec: to tak~nG pcssess~on oi ?~f~ ti;~rtgaqed Property :vi~nout nehCE3 O~ hC~o~ ~r;g fo Mortqagor Mortgagee
cha~! take achon e~ther Ly such ~roceed~nos or by the exe~c+se o! ~ts po~;;e~ :r~?h re~pec! to entry or±ak~ng possessson or ooth.
as rJortgagee may deterrn~ne
13 No Waiver. No de~ay or om~ss:on ~~f F:1,~rigagee a ot arr~ no~~ie~ ot the Note to exerc~se any rgt~? po;.e~ remedy
accrumg upon any eve~! of de!ault shail exhaust o! ~mpa~r any such ngn~ „~;:er er remedy or sha ! be cons?~uedtovraiveany
event o! detauli or to const~tute ac~uiesence there~~
t:~ Non-Exclusive Remedies. "Jo r~gn.t c~o~::er n~ remed; conterrrC uccn or reser:~e~ !o Mo~t9agee by the yotA.
~10rt~ag~ 0~ ~ny O;hEr irlStrumen' ~ec+~r-nq the Noie ~s exc•.us~v~ o' any oth.er riC~ht p0.ver Or remedy nu? each a~d every such
nght po~.ti~e! and remedy shall be curnu!at~ve and concu~rent and sha'! be ~n a~d!i~on teany other r~phL po~ver and r~medy rnven
heieun~er or under the Note o~ any Othe! mstrument secur+ng ihe Note. no~,v or hereafter ex„hng a! ~aN+. m equ~ty or by stat~;ie
15 Successora and Asaigns Bound. Whenever one ot ?he part~es hereto ~s named o! referred to he.em. tt~e heirs.
successors and assigns ot such pa~tr sha':I be ~nduded and al! covenants and ag!eements conta+ned ~n ih;s Mortgaqe. ~y o~
or behalf of Mortgagor or Mortgagee sha~l b~nd and ~nure tc ihe benef~ts o? their respec+~ve heiis successors and ass~ons.
~;~he~her or not so exeressed y
16 Miscelfaneous. !n tre event ;nar any ~~f +~e ~UVC~.,~„?s agreernents terr,s or prov~s~cns Contained ~n the Note th,s
i~1ortgage cr any other ~rstrumen? ser,~u;ng the Nnte shat! be n~-al~d ~~~ecat or unenforceable ;n any respect the ~.~2~~d~ly ct the
rema~r,~ng cever,an!s agreements te~ms or p-cws:ons conta~rec) ne~~~n an~ ~n, the Nete ard any othe~ ~nstrument se~ur~ng!he
Nc4e shall be ~r. nc way a!Eected trre;ud,cnd or d~sturped ?here~~
1 7 Attorney~S FQBS. Yhe ~t=rtP ~'(Cfr1C'y' S f(?e~ d5 US~'Cj ~n ?h~5 1vjOf':7~~e ;f1C~U!~'_'S c~ny 3r~ a!f IE'(7c~~ iees of whateve!
natu!e ~ncluU~nq bt~' n~r iirruted ±o }ees rest:~t~rq fr~m any aoGea~ c,t any ~nrnrloc.~:?cry o~cie~ c~ f~nal ~udQmeni o! any other
BppE!18IP p!OGePd~llq Br;Si'1Cl n~_~t C`. ~'ly '~!iuahOn
? 8 Future Advances. Th~s t~~Aortoage ~s g~vF~n to sec;ure nct r;n~y ex~;~~nq mdebtedness_ but a!so such'uture advances ~
:vnethEr suCh ad~ranr~s are ob .gatory or a~e to be ma~e at ?he ~,r,'~on o"~.4ortyaoee cr o!he~:r~se. as are mad~ ~r~~?h;n flfteen
years trom the date he~eoi te t~~~ sar~~e exten? as rf s~,:ch (uture advances ~vere made on the da?e ot ?ne execu!ion of th~s
Mo~?gage The tot2f amo~nr ~f ,ndebredne;c that may he so ser,~,rQd may derrease or mCrease froR~ hme to t~me Cut thetota!
unpa~d 4afarce so sec'_:~G'{} ai OIIE.' fE/?1F Sh~l! ~Oi CXC~E~(~ ?:':.~E' !he f3ce a~^ount of ?he tdo?e U'US ift1e~ESI 1hE'!eCln and any
d~sbursemen?s made for r.he ~ayment o! ?a: iev~es or ~nsurance on the Morioaged Property w~th ~nterest on such
d~sb~.:~sements at !he Defa~,!t f~ate a~ he~eatte~ Cef~ned
19 Obligation of Mortgagor. "f0~tg0~0~ ;halt nay t~e cost o? re!eas~no or sat~sfy~ng th~s F.~origage ef record
20 Na 7ransfer. +t ~S under5t0od erd 'aC~~ec} by P~"ortyayor that as part o`!he ~nducement ta Mcrtya~eetomakethe~oan
e~~de~ced by the N~'e ~,'urtganee has cors~dered and rehed on the cred~t vrorth~ness and re!+ab~l~ty ot Ma~tgagor Mortgagor
c:~v~,na~'s ar~~d a~~rn~,s no± tn sei; r~,rn~e;. ?ranste~. +;~=ase or tu~iher encumber any ~n!erest ~n or any part ot the Mcrtgaged
P'Gj~f,•t'~l '1n1h0u! lhn ~ r~~~. ;.;~;r(~~n rOnS~R! I'."=QtfOBgF.'B r~n~ ~(lY SUCh 5818 COnV~~l.3l1CE' tfBfiS~Bl. !E'8SC O! enCUl71b,'2f1C8
~^e.~,-s,< ~ :~•r, r,s ~-ar _ , r~;ri9+ ae~. r:o~. ea ~ ~602)
BK0525 Pa6E0976