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Home My WebLink About0949 i / ~ ~ • • , t • ~ i . Ialll A~U~~ ~Ild .~CC1l~'iIC SCl OE bOOkS AIK~ IrCO[C~S Stri)W111g IhC ~ I~1~Y ~1?YC UIl(~C~ 1~115 N1Ut1~C O!' UlldtC IhC ~?VYS Ot ~Of~d1. muters aboMe speNficd~ and ahali pernsit Moctgagee at a~iy timz to 1t~e receipt and applk~do~ by Mortgagee of such incane pursuant . inspoct and audit aU bfoctg~or's books of aecount, ccoocds~ ~nd hereto~ shall na cure Any brexh or defauit, nar affecc any pnx~eedin8 papers reluing to u~y of the focegotng mattrrs. In the eNCnt any such instituted by reason thcc~eof. but such incomc~ less ~II costs of oper- auiiit is caused to be made by Moc~ee bY reasor? ot che fallure of ation and maiMenux~e. whe~ recetved by Mortgagee~ shall be applkd Matg~oc to eomply aith any vP the foregoing pro~vl~ions, then in reduccion of the e~Nre indebcedness tcom tlme to Wne secured ~ Mo~tgagor shall pay to Matgagee upon derr~au~d all ex~c.=nses intur- shall not in a»y? manner obscruct or interfere with red by Mortgagee in oonnection with such audit. - a~nY ~lQt ~'s Ngfus under thls Parrgraph 16. !n the ev~ent None of thc pcr~wisloro of this Paragcaph 11 shall be applicable M acts under the pro~vlslons of this Paragraph 15, Mortgagor so long as the p~+operty ts residential in nacuoe and ciestgned for shall a servlce charge in an amount equal co 8Ne pement (S~6) oecupcuticy by less than Ave (5) famtlies. of ali ineome mllecced by Mortgagee. - 12. D~AMA~G67~0 OR CONDF.MNAIYON OF PROPERIY. My awat+d ~7 ~()ppn ~`t+~qt~ of ~c~[t~c~ Mort~agee maY~ at lts s~i~ optlon. of damag~s or eompensation for in]ury co, or in eonnection wich any fiYm~ cime eo dme make fucure acivances co Mortgagor, Provided~ eax{emnatio~ for publk use of the property or arry part then~of~ or how~.w~er, that such aefiances are made within tw~enty (20) Years fcem ~Y P~'~ ~ any seulement with res~ect to a aaMdemnatlon the dase hereof and that tt?e total prindpal secured hereby and wfiether or rwt eminent domaln proceecling~ have been i~utituted. remalNrlg unpaid, includirtg any such aclvances. shall not at any dme shap be and ls hereby assigned b'Y Mort,g~goe and ~tiall be paid to exeeed € Y e ous~ndrn8 Pdncipa! sum of Mo~agee, wha maY aPPh'~ use or c~elease the amaunt therof in [hc = 0. lus airy dislw~nts made by Mortgagee sarne manner as in Paragraph 2 pc+ovided for the proceeds of fire or for the payment of taxes, levies, or insuc~x~e~on the Moctgaged ather insucance. Feo~ertY~ wtth interest on such dlsbursements at the default rate provided in pcnmissory nae secured heret~y. Mo~or shall execute _ l3. BENEFICUttY'S CONSSM' REQUIRED. Mongagec maY a~xi deltv~er to Mortgdgee a nae evidendng each and every such clare all sums secvreci heeeby imme~Uately duc and payable wtthtn futune advanee which~Mon~agee rna~' make. and such documents as 3U days after such declaration exeept ~s expressly Iimited by law, if Mo~tgagee maY requtre to reflect that such nae is secured hec~eby. Mortgagor. wichout MoctAagee's p~tor wriaen corssent: (a) sells, con- lyo~r s}pa~ ~y all such (uture uivanc~es w[th lntere.u provided v~eys, eontraas to sell, allenaces or further er~cumbers all or anY P~ chenefor. and tlie same, u~d exh note evidencing the same. shall be of thc propecty, oc (b) leases all or any put of the property for a ~~qg ~in cantalneci shall obligdce Mor~agee term. together vvich all exen~isabte optlons. of S years or moee; or co make any such future advanees. 'It~e vuoe+ci "Mortgagor" as useci (c) suffers the dde or any interest in the secured proQerty to be in ehis par.~gr~ph~ inclucles azry suoce,~.sor in awnershlp of the dtv~ested, whether voluntarily or imoluntarilyc a' (c!) changes or Atortgaged ProQeety or anY Part thee+eof. 'Ihe wocd "Mortgagee" as permits to be changed the cliaracter or use of the pc+o~erty; or (e) used in this paragraph !~ciudes any asslgnee of Mortgagee. is a pactnership and a~ry of the gc~eral partners' Interests are trans- . ferred or assigned, whether v~oluntarily or involuntarily: or is a 18. FEES. Mort,gagor sMall pay to Mortgdgee the maximum crnporation with fewer than 100 stodd~olders at the date of execuUon f~ time to time be permlaed by law for fumLshing of this Moitgage and more than 10~6 of its rapital stodc ~s sold in eonneaion with the obligations secured he~+eby. ~ch statement transferred or ~sslgned during a l2-month period. pursu;.nt co arry st~tute at the time then in force. Additionalty, 14. NO WAlVER Mortgagee bf' att~epcin8 P~N~~t of any sum M°rtgag°r shatl pay Mo[tg~gee's fe~s, d~arges and expe~~ses fa anY secureci hereby aCter its due date, or by making pa~mient takin8 ~~'~t. inf°rmation or serviees tumished by Mortgagee tn actlon which, under the ions hec+eaf Mo is endtled with tt?e obligattons secured hereb}+. Said seryic~es may ~Y Pt'~'~ ~ inciude, but shall not be Wnited to, the proeessing by Mortpagee. of but not obtigatcti to make or take, or hy forbearing from enforcing assumptlons. substitutlorss~ modiflcauions, extensions, eenc~avals, sub- arry of its cighcs. shall na be deem~d [o have waived its righc co ~~ions. rescissions. chang~s of oamer~ d~e prooessin8 of, or requtre payment from or action by Mortg,~gor and to declare a default ~inder in the executlon of, any map. plat surveY a ahe~ ~nurumtn~ for Mortgagoc's faifure to do so. af~ectiqg or describin8 ~ P~nY ~including all r~eebrdtng cosss). In [he event Mortgagee shoutd expressty waive ar~y rights under reeo~+dation of map. Plat or record of sucvey~ Srants of eazernents, an}r pro~visiocu o~ this Mortgage. such walver shall not be deemed a and full and partial releases. and the obtaining by Mortgagee of ury aaiver of any dghts Mortgagee may hav+e sub6equendY to require polic3es of insurance pursuant to arry of the pe+~visians contained in payment from or ~ction by Mortgagor and to deciare a default [or this Mortgage. Mortgago~'s [ailure to do so. 19• WAIVER OF STA"IiJ1E OF UMITATIONS. Mortgagor heneby ! I5. ASSIGNMEM: Moctgaga' hcreby assig~u and transfers to - to the fullest extent pecmissible by taw. the statute of limita- ' Mortgagee during the eontinuanoe of thts Mortgage. all cents. issues, t~ ~ a defense to arry demand or obligatian secured by this pcdits, royaltles. tolls, eamings and ineome of the property including M~- j those arising by t+eason of a~ry oil. gas or rNneral lease thereof~ arx1 l y all installments of money payable pursuant to a~ry oonaxct oE sale 20. GENERAL PROVISIONS . ~ or lease relating to the p~npecty oc ar?y part thereof (heretnafter referred to mllec[ively as "lneome°)~ tugether with the cight, Po'wer A'it~e cerm °Mortgagor" shall mean ail Qanies executing and authority to ootktit and retain aU such income as it beoomes chis I4toc~gage as Mo~tgagor, their respective heirs, le~tees. de- due and payable. Atl income c+eeetved by Mostgagee through t4~e visees, adminWracors. execvcors, suc+cessors in interest and as- ~ exeoCLse o[ the foregoing ~ssigtunent. less all expenses. (lnduding sigris. Provided that Mortgagee st~all not be obligated to give reasonable attorneys' fees) lrtcvrned by Martgdgee in oolleNnB ~ any notice c+aquired hereunder to any Mortgagor other than as ineome shall be applied hy Matg~gee on any indebtedness secvreci shawn on the tx~e page hemot by this Mortgage at s~etfi drrie and in the manner and unount as Moctg,agee ~rny dete~mtne. Widtout limiti~ tt'.e ~xraliry af the B. The term "Mortgagee" shall mean the aovnec and holder fo~~8. ~Y P~~t of perlodic inuall- (including a ptedgee) of the nae secvred hereby. afiecher or mena of prindp~al and interest. or reducclon of the principal baiance na named as Mortgagee hereln. or relmbarsement to Mortg~e as provided in Paragriph 8. 'R~e foregoing assigntnetu Ls Uuended 2~ an assignment to take effect G Ev~ery provision of the Mortgage imposin8 ~P~ onty upon a defauh by Mo~tg~gor in arry of Mortgagor's obli~atlau Mortgagor an obllgation to perform an xt, ~ embodyin8 an unde~ this Mortgage~ ~nd Mortgrgor aooocdin8lY re.s~cves the right, ~u b'Y ~B~' to perform an act, shall be eonurued prlor co arry sud~ default, to eollect and retain all such inoome a4 it M~B~~ ~ PaY all oo~ts and expenses relating bec~on~es due and pay~ble. thereto. 16. DFFAULT BY MOR CGA~CiOR Upon default by Mortgagoc in D. [n the event any prov~sion hereof shall be declared inwalid payment of any tr~btedr~ess secuc~ad, or in the performanee of any or unenface~~ble throuSb a Mal h~gement in a oourt having ~P~d W~ b'Y ~F~~ ~ competent jurLsdicti°n, the validity or enforeeabillty of any of maY~ without notice and without cegird to the adequacyotthe security the remaining tertns heoeof shatl not be thecseby lmpaired for the ir~debtvdness aecvt+ed hecebK eicher Pecsonaltf' ~ bY ~f' E. In this Moctgage~ wherev'er the aonteat so oequic+es. the or ag€nt, aritl~au txlr~gio8 ~f' P~'~~8. wittaut eiuecu?g rr~asculine gender includes the feminlne and neuter~ the singula.r iruo possession of the property. or b7' c~etv~tr to be~pointed by number irxludes the plural, and vk~e Meisa. and if more than a awrt. (a) er?tec lrxo Pc~ssession arx1 ho1d. occuPY• P~ ~ ~ pe~n Is named as Mortgago~. the.d~lig~lons of Mo+n~gor enpy the proQerty; (b) mafce, caneel. enforee. modlfj' a cermir~ate ~I be the ~o~nc and several obtlga[ions of each person. lea~es; (c) obtatn arxi e~ect temnts: (d) set or modifl' rencs; (e) t~ke~ receiv~e ~nd oollec~ ~ll or arty part of the c+erus~ t~uea~ P~~• F. The term "attorr?eys fees" ahall include all oosts, ezpecues cotls, rarningj~~, ~ic1Con~e ud in~talln~u,,ys,.(-f?e~ei~Rer t+efe~rpc~~ed ~ col- atnd attorneys fees incvrrecf~p{~r~lor t~o t,h,we~ ir~stltution of ury pnnoeed- ~i ~l~AlAlFr~ ~ R ~ v~ ~ lYKI t~}p dV/{/~Q ~ M~ ll~CtG1Jl~ Y~i ~ ~ sud~ msta of araicxernnc~e and opecacbn of tfie pcopecry as tc In ics i~ doem pcoper. m~? s~pir t~e balu~ee ~p«, c. caQc+a~s ana p~a~r~h t~eaa+,gs usea r~erein a~e for the entire indebtedneas tt~en secured heitby. 7t~e avicepr~r~oe of sud~ mnvenienoe only ar~d u~e not a part of thls agreement and stnll ineorne stnil noc mrLSCitute a watver af arry od~er riglu wfikh noc be used im m~s[ruing ic 1 ~ ~ ~543 942 ; ~~3-~~ . _ . . . . . . . . _ _ - : ~-.,,~.~...~_.~.~..~.~_4...._._~. _~:sr ...._~n~f_~.,~...s~~~,.~..::~:.:~,~.~