HomeMy WebLinkAbout0941 4. tf NI or, ~ny pa~t ol tf~e Prop~rty a~~ Inlsi~it IAs~eln Is sold or Ir~nsle~nd by Mat~~Oor wllhoul Morlp~pee'~ p~lo~ writlen contsnl, ozcludlnp (N
~ IM uqlbn ot a Nan a~ncumbr~ncs subordinat~ lo Ihl~ Mat9ap0. (b11he c~~tlw~ ot ~ purchas~ mon~y s~curily k?tu~sl la huusehold ~ppitanc~~. (W ~
traMl@f by dWls~ d~acMl or op~r~tbn ol liw upon lhe d~dh of q~Otnt itn}nt or(~ Ih~ praol ol ~ny IiasehOW Int•rest of tf~ree ysar~ or less no! contalnlnQ ~n ~
oplbn lo purchas~. Malqaq~~ m~Y, ~t Maf~ps~'a opllor~ d~clan ~Il lh~ ~ums Ncu~~d by Ihia Mort~ape lo b~ immsdisl~y du~ a~d psy~hla Malq~qe•
aMM 1?~w w~iwd such opllot~ lo ~cc~hrale N, p~lor to Ihs sai~ or Inn~l~r, Matpap~e and 11» p~rsa? towhom Ihs Prop~rly Is to M sold or la~~l~u~d ~e~ch
~p~i~rtNM in w~itln~ th~l the cr~dlt ol ~uch perwn Is s~ilal~clory lo Maipeps~ a~d ih~t Ih~ l~I~ra~l payable on the sums secu~~d by thls Mai~pe shaQ bs
N wch ral~ ~s Maip~p~~ ~h~li ~pu~~i. lf MorfQ~pN ha~ w~N~d 11?~ optlon lo acc~l~r~te provld~d In IhN p~r~praph ~nd 11 MoH9sqa~'s succ~~aor In
. Mta~N haa ~x~culsd ~ wrltten ~aumplb~ ~~reement acceR~~d ~~w~~~~~W bY ~~We~. Mort9~q~e shallr~Nu~ Matpaqor from ~U obllp~lion~ under Ihis
. Nol~ ~nd Morlp~~a.
~ b, TMI 1~ Ihs evenl 01 ~ suif belop I~dlluled to lorecfose IMa maiq~q0.1he MoApa~ee sh~ll b~ ~ntNled loypphi ~t any Ilme durMq such Ior~Closun
tuq lo Ih~ coutt haWnq ~url;d~lbn ther~ol la IM ~apoinfmanl ot a rec~Msr ol aM u~d slnpular the tnatQa~sd properly, and o! d! ~enlr~ Income~ prolils.
~ k~ue~ ~ed rwsnues f~ar~ol. front whalsowsr sourci dsrNed; ~nd lheaupa?11 a hsab~? expnasty co~vsnantsd ~~d ~q~eed that lhe court shaN IoAhwilh ~p~
pqint~tuch t~calve~ w{th IM ususl powers u~d dutks ol nc;aNe~s In 1lke caas; ~nd ~aid ~ppolnlmeni ~hap M m~tds by !he court u a matt~r ot st~kl ~Iph! la
~ ih~ Mori4s~a0. ~~d wiihoul ~eterence to the ~dequaayor Inadequacy ol !hs valw ni lhe p~opsrty her~by morl~ or to Ihe soivsncy or Insok~ncy ol lh~
MOrtp~por a ~ny o1hH pa?ty dsfoodanl to auch suit Ths MoApsflo~ hereby spsdilc~Ny w~hres th~ ~ht lo ~t to 1Ae appolnlmenl o! ~ recsNet as
•torsufd snd M~sby expreuN con~ents Ihat such ~ppolntmenl shaM be made as ao admltted equity and ai a malts~ ol absolule ripht to ths MoAq~9ee s~?d
th~t th~ esm~ msY bs dons wilhout nolice to th~ Mortqa~or.
6. TMt fI ~mr proceecNn9•~hould be MslHufed aQalnst ths properiy coversd by Ihl~ morlg~ye upon amr othsr Ilen or clatm whether supsrlor or ~unla
to Ihs Nsn oi Ihl~ mo~lyaQe. the Morl~wee may at II~ oplton Immsdlalsly upon Mstitullon ol such sult or du~l~p Iha pendency Ihereol declare Ihit moripa~~
and Ihs tndeWedn~a tecursd here due a~d payaWe lo~thwilh ~nd m~y at its optbn, proceed lo laaclose Ihls mortpapa
7. To psy aU andslnqular 1he oosts. iees, cha~pes ~nd ezpenses ol svary kl~d Indudin~ the cosl d ao ~~str~ct ot title to sald ~ands lound!9 be con-
veM~et a~xpedisnl in con~ectlon wlfh a~y sult lor the foreclosure o! IAis mo~IQape, and dso N~cludinp whelhsr Ihe Morl~apee is obltpated to pay tams w
rw~, r~~sonabls aflomeya lees Mcurred w expended pt any Iime by the Mort~apea becauas ol Ihe IAilura ot ths MoNpapa to pe~lam, comphrwNh snd at~Id~
by NI_or any of ihe covenanls, co~ditbna and eiipulafiona ot said prombsory note. or this moAQaqf. in !he Iwadosuos ot thb moApaQs ~nd M coilectlr?~ Ih~
aniouhf st~urad h~reby wllh awllfwul lepal prceeedfr?~s. ~nd lo relmburse ths Morips9ee la svsry paymanl made a Incu~red fo~ any such pu~pose wNh In~
teret! I~wn dals ot every sueA p~ymanl al Ihe hiphsst rata aulhorl:ed by law; such paymenis ~nd obll~atlon0. wilh Inte~eat Ihereon as af~e~ld, thN1 De
aecY~ed by IM ilen hereol. '
. 9. To ksep Ihs bullding or buiidtr?~s now or hereeiler on said land Insured epalnst bsa or damape by IUe~ extended Coversps ~nd olhar perl{s, in-
dudM~ wat risk Msurancs H avaNabl0.ln a aum nW less than Iheir tuN Insur~bls value ~t IAe coit and expenee ol Ihs Mwtysflor In ~ company or companks
opprov~d by t1+i MalQspea. the policy or poticles to b~e held by ths Morlpa~ee, and such poll~y or polkles ol insurance siwll hav~ alNxed fhereto a Standsrd
MorlgaQee Ctauss. mskinq aM losa or bases undet such potlcy oi policlss payable lo lha Mal~aflee~a Its inierest may eppea~. snd to delivtr seid
polky or poUcies lo Ihe Mortga9ea when Issued w11h the ~ecelp1s lor the paymenl of IAe premlum therstor; and in fhe evenl any sum ol money becomes
p+ry~D1e under such policy or poUdes, lho Moriqayee shap havs the optbn fo ~ecehre~nQ appy the same ar~ aecount n11hs lndebledness sacursd hsreby a to
psrmlt Ibs MortpsQa ta recehro end uss or ~ny pah lhereol. lor other purpose0. wilhout Ihereby waiving or lmpairirp w?y equily. llen a riqht undsr a by
Whue di thb mohpa~e; and Ihe Mortpayes, il N deems neceasary~ mey place a~nd pay tor tuch Inaurance, a any part thereot, withouf bsln~, wsivirp a alfec•
IinQ Monpapss's optJon to torecbte tor breach o! ihls covenant, w ~ny ppA Ihersol,or any riphl or oplion under Ihis mwtgaye. and every auch pa ~menl shall
be~r interest I~om dale thered unlli pald al the highest rate authwl~ed by law. ~na dl such p~aymenla with Inleresl aa alwesatd shall be ascure~by Ihe Hen
hsreol. in Ihs svent any loas or dam~ge is sufiored Mortflapar shalf nolify Mort~apee o! such bss adam~pe wilhln forfyefphl (48) houn alter Ihe happeninp
, 1Aweol: ihs iollure lo ~iva such no1~e shall constllute e deleult aod 1he Mw1~a9ee shall have Ihe ~Iphls her~in 9Nen Iw aq dslsuNe.
9. To permlR commf! or sulfer no wasle and lo meinlsln the improvements et all Ilmes M a atsle o! ~ood repair and condilion; and lo do or psrmll lo
be done to uld premiass nolhlnp Ihaf will alter orahanpe lhe uss and charecisrol utd propehy a In any w~y impalr a weaken the securily oi sstd mori~apa
(?+J csss o! ih~ rolusal, neplecl or tnabiHiy oi Ihe Mortpwo~ to repak and msMtek~ sald Wope~ty. the Mortgapee may, el fls opllor~, maks such repelrs or c~uss
Ihs sart~ lo be made ~nd advance monlee In Ihat beha8 whkh sums ahall be ~scure~ by Ihe Ikn he~eot ond bear Inler9sl at Il~e ~Ighesl rele aulhwlted by
tsw. . .
~ 10. To deliver the abslract or absiracts ot Utle coverinp Ihe morlqe~ed property io Mortyaflee or ila deslyneled agent, whtch sha~l at ail Nmes. du~in~
. the Ille ol this moAgaqe, rematn in fhe possessioo of Ihe MortQapee and M evenl ollhe foreclosurs ot this matgafle or olher Iranaler of title, atl ~iqhl, title and
io!le~eal ot the MoApaqor M and lo eny such abstracl or ebsiract~ of Iltie shall pass to the purchaaer or qrantee.
i t. Tha! no waiver o! any covonanf hereln or {n !he obliyatton secu~ed hereby shsll el any Iime herealler be held to be a wahrer ol any ol tha olher
terms hsrsol w ol Ihe note sacured heraby, or future ~raNer ol !he same covenan~
12. Thal ln order to accelerale Ihe malurily of the Indebtednoss he~eby secu~ed because ol lhe lailure ol the Moh~agor Io pay any 1ax essessmen4
Y~WGIY. oMlpaUOn ot sncumbrence upon aaid p~opeAy ~s he~e(n prpvided (1 shali not be nscessary nor raquisite lhal lt~e Morigaflee shall lirs! pa~rlhs sama:
~ 13. TAat M Ihe MorlQayor shaH laii, ne~lecl a refuse lor a period ot thlAy (30) days tully a~d promplly to pay the amounfs requued to be pald by the
iu~te hsreby iecured or ihe inter~at fhereln speclNed oranyd lhe aums o! money her9in reterred lo or hereby securad a olhenuisa duly, lulfy andpromply lo
parlorrTM execuls, co+npy wilh ond ablde by each, every or any ol lhe co+renants, conditbns or stipulalbr?s ot thls morlgage. the pranissory nole hereby
alcwad ~n4/w !he conslruction losn a~eemenl. H eny,lhen, and tn e(Iher w In sny o( such evenis, withaut notice or damand, ths sald aygreQale aum r~en•
tb~ed In sdd prombtory note, less prsvlous paymsnts~ N~ny, and eny end ~M sums mentloned herein a secured hereby shall Wcome due and payable
IorthwNh o~ theredler al the conlinuin~ opUon o11he Mortpa~ee as lulfy andcomp1elely as q said ayflrepate suma vrere aiflinaliy st(putated lo be pafd ~I ~
wct~ Um~, ~nyth(np in saW promissory noie or herein to the contrary notMrlthetanOfnQ, and Ihs Mort~aQse ahap be snlilled Ih+~reupon or Ihereatter without
nolke or demand to InstNute suit et law or In equity lo entorce Ihe rI~hls oi ths Mortyapee hereunde~ or undor said promissory note. ln Ihe went oi any
•~delauN a breachnn the psrl ol ths Morty~qor hereunder or under eaidpromisaory nole, ths MoA~sQee shati have tha continuin9 aptbn to en(orce psyrneM
a alf su.m` secured hareby by actbn at !aw a b~y suil M equtty to Iorealos~ tbFs mortpaps, either or bo1h, concurrenty or otherwise, and one action a wt!
thall ~ot aDats a be a bar lo ot walver ol the Morlyaqeds ~iphl lo Inslitute a mafntain the olher~ provided uid Mottsaqee shall have only one paymenf and •
setisisstion ol said indebtedness.
• t I. That In the avenl lhal Mort~agor shaa (t? consent to ths appointmsnt ol a receMer, in,~ales or Ifquldstor ol all or a substanttal part of Mortga~ors
sasels. or (2~ be ~djuQ~cafed a bankrupt or Msofven~ or pls a volunlary pelilbn in banluuptcy, a admfl M writlnq its I~abiNty to pay ils debts as they becoms
du~, or (3) mak~ a panersl ~sti~nmanllor Ihe benelif ol credilors, or (411No a pstitlon or answer seekin~ roa4eni:atbn or ~rrar?yemenl with cradita~, or to
l~ke adv~ntape of any Insotvency lew. or ~6) lile tn answer admiltinq Ihs matsrial aqeflafians of ~ peitllan t~sd aflafnst ihe MorlpaQor !n ~ny b~nkruptcy,
reorpanl:alion oi Insoh?sncy proceedinp, or (6) aclbn shali bs taken by fhe Moripa~a lor Ihe purpose ol eflsctMy a~y ot Ihe forepotny a(7) any ader, {udp-
ment a decrN shall be entered upon an appGcalbn of a credilor or Motty~qot by a Cout10l competent ~urisdict(oo approvtny a pelilion seektnq oppointment
ot ~ recsNer a t~ustee of sN or a substanttel part ot tAe MortQaqors aasels and suctr ader ~ud~ment or decres shaN confinue unslayed and {n eifscl lor any
period ot thlrty(30) consecutivs days, the Mat~apeb may declsre Ihe note hereby secure~ forthwith Que and payabte.whereupon Ihs princlpal of and the In•
terstt ~ocroed on the note and all othar sums hsreby secursd shaY beCOme (orth wfth due and payabio as ff aN of the sald sums ol monsy wsrs oripln~My
•dpulated to b~ psid an ruch dsy; and thereupan ths Mortflasee withoul notics or demand may prosecuts e sui! al law and/or In equity ~s f( ail moniei
ascured Mrsby had malureA prlor to itt Instilulbn
16. Thal ths Morl~ayee or any person aulhorizod by the Mort~eflee shaq hava lhe rlpht !o snter upon and inspect the mortyayed premises al all
r~ua?aWs times.
~ 1 d. ~ Th~t amr ~um or sums whlch may be {oaned or ~dvanced by the Mortpayse to the Mortyapor at ~ny tkne withtn fwenly (20y year~ fram ths date
ol.thls i~M~nture, toyett~srwllA infa~eat thereon al IHs rate aq~eed upon at IAs Ilrr?s ot wch loan or advance, ahall be aqualy secured wfth ~nd h~vs Ihs umt
ptbtit~r ai lhe oripinal Mdebt ednsss snd be sut~sct lo ali tbe terms ~nd provbbns ol f hb mortgaye: providsd, that ths a~9reflale amou n10l pilnclpal oulatan-
dtnp ~t any lims shall not exceed (i ' t a ths precedtrp Wank is not complaled then an antoun! squa! ta one hund~sd and t~iy p~resnt
U~1W d tAs principal ~mount atyMa~r secured hereby ahaN ~pply.
i 7. Thaf. N r~qulr~d by Malpap~s, lht aald MatQpoi wkt pay unlo Ihe Mortpape~, on Ihs Ilrsl d~y ot ~ich ~od ~v~ry con~~cut(v~ monlt~ a aum
equal to one-twslllh ot lhe ~nnual amounl necessary Io pay aU tuces ~nd asseaaments ayalnsl !he sdd mortpaped premises, asid monlhly wm.to be es~
tEmated solely by Morifla~ee ~nd cakut~ted to be an ertaunf not leu than Ihe amount oi taxes asasssed sQainat sald mortpaped premises tor Ihe pre+rtous
yeu, ~nd lt (uNhar raquksd by Morlyaqee to pay ~II insurance premlums in manner ~~d lam aa provkied herein lor ths payment ol laxes and ~af~asmenU.
_ 18. 7hat If !hb matQape b M connsctbn wflh conalructlon Iwn Iin~nclrp~ Ihen this malQ~qs b subieci lo Ihe Conalructbn loan /19resm~M
dstsd 19.,_ between Ihs Mort~ayor and Ihs Morlpapee, ~n execul~d copy ol whlch Is In ths pouudon o/ ih~
Morip~Q~e ~nd Is
incorpont~d h~nin by refersnce and mRde a part Rered; a~y delauH by MoApaQa under 4sid ~preamenl sh~11 conalHut~ s~ ev~nt o!
_ ddaul~ und~r Ihls mortpape.
~ • t~. Thd fhs Mortpapor wlll on the ~squsst ot Ih~ Mortflwes (urnisA a w~ilten slelemenl ol the amount owinfl o~? the oWfflallon whkh thb malqaps
secw~s ~nQ Iher~M slnt~ wMlher or nol Morlpaynr clalms a~y dslenses or oHast~ Ihereta
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