HomeMy WebLinkAbout0966 Ti~ F'nxea the !ic~ez~riq~ i~[711is Mort~+,gc~ Ik~~1, ~1onK:~ur AKn~c~; .
1. YFtESF.KVATiUN OF'I11E PROPERIIf. Afuctg:~or (a) shall k~~cp 5. CtAI\1ti, UGAtANI)tiANUr~(:TIONS. A1uri~or sh:?II (a) ap~x.~r
the pn~ettp in ~xxl eonditic~n anJ r~~air, (b) sh:ill ncu remo~~e, in and ~lefind any a~yi~m ur pnx~~tdinR pur~x?rtitiK t<~ ;~t~i•~t th~•
ckmoli,h or substanti:~lly alter any building, uructure or impn~~~r• scrurity herc~>t or the righ~.s or ~x~wers of l~ton~~gcY; (h) at th~
nx ~t therecm, (c) shall a~m~lc~e or res~ore pmm~xl~• a~d in g~xxl c~xian of Mc~ngagee.lti.+ign to \1c?n~;.~~~•, to thr extern ui ~1unKag~r',
wn~rkmanlike manner any huilJing which may t~ rnnstrticted, dam• inten,~t, an~~ clainu, clcmancls ~~r ra~itic~ of aaion of any kind, includ-
agecl or cic~stnn~i thereon and wili pay whrn due al) claimc fi~r ing an}• a~vani, a~urt ~udgment or pnxt~c~s i~f sctitlement of an}~ such
lalx~r perfixmed and materiat furnishect theocton~, (d) shal) mmnl~~ claim, drn~.~nd or eause c~f actiu~ uf an~~ kind vrhirh ~1un~;ag<ar nuw• ?
with tltN pmvuloas pf all in.curance ~llcirs m~~eN~R and wi~h al! lia~ or may hectiaflrr acc~uire arisinR out ~~f acquisition vr c~~tiTiership ;
laas and a~gulations :~it~e~~ting the prc~erty or reyui~ing any alters• o~ the prc~xrt}~ Without limiting the generaliq~ uf the for~~c~ing, an5~
tio~~.c, repairs or impro~~rme~ts thrrc~c~n, (e) shall ncx commic c~r such daim, drman~l or ~~aiitie c~f actiun arising out ~>f acquisitiun ~>r
su(Ter any w~ste thereon, st~all ntx c-~>mmit or sufter any~ acY u~xm oH•nership e~f Q~e pre~~erty n?ay indude ( i) any such iniun~ or damage
thc pn~en~~ in ~•ialation of an~• provision c~f any insurance ~li~~• ur w the pmperty or any stnxYUre or impro~~rment situatt~l thcrcym,
law or rc~ulation, (g) shall paint, elecorate, c~dti~:?te, irrigatr, fcnilizr, or (ii) an}• claim or cau.ce of'action in f:i~•or crf Atort~;aKur Kiiich shal)
fumigate and prune the pr~ect~; and (h) a~mistent a•ith thc uu h:iL'C ari.tien c~ut ot the tr.u~+:~aion 17n:inc~Yf in «~hole ur in pan h~•
therec~f, do all aher acts w•hich the charaaer or use of the pmjx~m• thr maki~g of the I~z~n x~vre.d hereh~• or (iii) an~~ cl:iim ur c:u~.,e
ma}~ mau~nabl~• require. of aaion in fa~nr of A1onRagor (excrpt for Ixxlil~• injury) w~iiici~
ari.us a~ a rc~sutt of an5• nc~ligent c~r impn~xr cc~nstrui~tion, inualla-
2.INStJitANCE.~fortgagorstu+ll,ati~ionKagor'srxpease,pm~~i~le tion or repair of the pn~ert}; inrludinK the.urface or subti~irf:icr
.~~d maintain in fomc~ at all timc~ ~vith n.~ecx tu th~ pre~pert}: fire thrrc~~f, or o! :?ny buildi~g ur struaure ther~~m. l?1~~rt~,n~;~~ m:~~•
and aher q~ of insursnce as may tx ~yuirtxl by \tongager. All appl~; uu or rcl~ax such moni~~ s~~ mctii~~cYt t~y it in [he ~me
of ~uch insi~rance ~x~licies shall f~a~•e a lucc pa~ablr endorument in mannrr a~ in Il~r.;krapl~ 2 pn>.~ided fe~r the prcx•~YYL, +~f fim ur ~xhrr
fa~YU of Mortgagee ar,:f siwll he for a term and in form, ct~ntent, ii~.~urancc~.
anxwnt, and v~~ith such insur.ince cumpanics, a~ may he satisfaaon•
to MortAagee. Such pe~lici~ shall tx deli~~rcYi ~ie~ngagrc upem UEIIiNDI[~G ~tO1tT('~GE. Ncx~viU~.,tandin~ thr pr~~~•ision, c~l
the makinR ~~f this ~tongage u~x>n the r~~uc~t of tt~r AfortgaKer. µir.?Kraph 5, ,~furtf;aK~~ n~ay (a) cYm~mencr and pr~ ~ueutr or apEx•ar
A1ort~.~or shall al.u~ drli~~r at such timc~s evidenc~e that the full in :~n~f defend an~• aaion or pr~xc~cdinK puryx~ninK u> af~ecY the
premium fix any such ~licy has txen Fraid. Mortgagee at its c~tion kY'~i~it~~ hen~~f or the riRhts ~ir ~~~a•en ~~f \turtKa};~Y': (h) pa~•. pur-
may rc~tain posse~sion of the ariginal polic?• or ma~~ relcase it the chau,cY~ntcsturcumpromix any~ncumhrancr,charK~ c~rlicn~ti~t~ich
posscusun of the ,itortg;~{or. If the Atort~t^t mtains ~ws.u~ction ot in thr judRment of AtonKagee appc~r to t~c priar or su~rior herctu;
such Ewlicit~s, ai leasc ~him• (30) da~s txfi?rc the expiration of an~• and (c) in rxerci.tiing an~• such riKht, incur an}~ liahility and exExnd
such insurancti polic~~. a polic~~ or ~x~licirs mne~~ing. extendin~ or ~~~t~ate,~~er amuunGS D1onKagee deems m:?umat~l~• nrc~~.~:in: inrluiling
replacing such expiring insuranee shall be cieti~•emci h~• AlurtRa~;ur ~•~~,tit uf «•idenc~ c~f title and rcawn.~ble atturncn~' fctih.
to Mortgagc~. If an}• such ia.ur.incr policy is nc~ u> ~kli~~cr~~cl t~~ '
~langagc~ or in the e~•ent any such instiranre ~>liq~ is r.~nrrllecl, {,K07F(TIO\ OI~ SIiCURIIY iil' MORT('u~Gt:. Shoul~i
v?~hether the i?fongage,~ h:~ in its ~wak~tiion the polici~~s ur n~x, and ;~1onKa~;or fai{ to m:ilce am~ pa~~rnrnt ur do am~ act pr~~~~id~~ci in this
no rein.uatement or reptamme~t polic7• is n~cri~rd prior to termii~a- ~tonKaKe, then AturtF,.nKt~c. but without ohlig:uion us tc? ek,, xnel
tion of iasurance ~iortgagc~e, a•ithout n~xice to or Jemand u~xm ~~•~tliout ncxice to or demand uEx>n ~longaRe>r, anci ~t•i~he~ut rclea~inK
~tungagor, may (but shall not tx c~lif;ated toj obwin such iRSUr,~nre ~tort},*:+~;or from an}' obli~tion hert~e>f, ma~~ make am• such pa~inent
w~ith such mmpany as rtort~agee may ckjem sa[istacton; and pa~~ the ~~r dc~ anp such act in such manner and tc~ such exte~u ati it Jcrms
premium tFureforr, and the amount uf any premium so paid shall n~~c~~a.~:+r}• t<~ pnx~~c~t the securitt• tiercY>C ,~t<~rt~;aKc~c is authe~rizc~el ti~
he ch:irKrel ~o and pre~mptlp paid b~~ MongaRur ur at the opti~~n ~~f ~~~ter thr ~ru~xm• ~t an~• timc fur such piiryx~u~.
~tunKaKec, ma~• tx addecl to thc itidrbtecine~.ti se.~cured henb~~
In the ~~~cnt Dtc>ngagee obtains :?n?• such iRCUrance ~x~li~~; St. Rlil\1131~RtiI:.~1E\1' ~tun~;a};ur ~hall pa~ immt~li:url~ u~x~n
~tongagor, f<~r his ow~n t~enefit and for the pnxection of dtiis c~uit~~ ~~~»;~~~it aU re»t,, firs ur ex~xnsc~ incurrrcf and sum~ ex~x•~~Jrel ~~r
interrst in thr prc~em; hemht• rc~c~uc~45 and audxxiies !?fortKa~c~, :iJ~:+ncrd under the terms ~~f this ~1onKag~ b~~ \te>rtyyt~;c~c, w•ith in-
but without liabiliq• un thr part uf AtortKag~Y fc>r failure u~ te~ d~~, tcrest therc~c>n at a r:?te equal tu the r.~te pru~•ici~el fur in thr ncxc
tu obtain such {x>lic}• for weh trrm and in such furm, ccmtent an~l x.^cur~~i hereb~; and the <~t~liKation of ~teirt~;ak~~r ti~ pa~• such tums
an~ount and with such insurance companic~c as ma~• Ix vuisf:~aun• ;~~~a ~merrst a~ :d~>rcw:~ic! tih:iH tx x^c~~rr<I hrrel»~ If ~~ton};a~;ee ~hal!
to ~1urtKaKee. Should an}' ~x>lic-~~ thus ~~Fxained h~• ~t~snK:+K~~c thrrr- makr such p:n-mern ~~r rxpend such sums, AtiartKaK~~r ,hall pa~•
after he rancclled, ;~tonKaKe~r shall pa~• co ~tuny,agee an~~ c:irnr~l ~n•ice charKc in an amuunt eyual u? trn ~xr criu IIU~~.) ~~f the
premiums on s.1id Fx~lic}• and a rcaun~able char};e fe~r its ur~•ic~~ in ~~;~~ment mac!e e~r the sum er~xn~ied.
obtaininK such polic~.
AtortgaKc~ shali tx resEwnsibie for thr c~~llex-tic~n r?f an}• in~ur- 13•ASEtIO1.[) ESTA7Fti If the serurit~• fur this ~turtKaKr is :i
ancc monic~, or for an~• ir~.u~lvenc~~ c~f am• insur~ r or insurance un~cr Ie:LICIH ~III CSLtte, ~lurtka~c~r ~hall n~ x nuxlif~• ~>r terminate thc Ieau
ca-riter. M~• ~rt or all <?f thr amount collected under an~~ fire ~~r ~~r I~axs crratinK the leaseh~~ld ~~tate, and shall cumpl~• «~ith :+ii e~(
- ~xl~er insurance pe>lic~~ ma~• I~e applic~ci h~• ~1onKaKcr u~xm an~~ inde- the cucrn:+n~s :?nd ce~nditions rc~c~uirrel <~f thr t e:.x~c e,r i~iti >urcc~u ~r
tx~~cln~~s .c~c-urc~i h~• this ttc~ngaRc at surh time artd in thr m:e«ncr in interes[ tu I~r ~rfe?rm~J undcr the I~ase ~~r Ira~e~ crr:+tinK ~:iicl
and anxwnt ati ,~fortgager ma~• determine, or at the ~~ption of kauhc~ld ~~tatr. inrludink but not limited t~~ pa~~in}; ~~hen duc rrnt
Morty,:~ee, v~~ithout recfucing the indebtedness secure<t hereb}; ma~- .ind cxher rliarK~s im~xned upcro such t.~~.tiee.
either tx uscd ta replace, rc~storr or reconstruct the prc~xrt~~ to a '
condition ~tisfaa~~rJ~ tca htc?rty,:iK~~c or Fx relc~ced u~ :?lonKaK~>r. Am• 10. FtiCK()Vi' (lAf1'OIiNI)) ACCOI?NI' ~t~>n~;:?}~~~r sh:dl ~~a}• u~
appliration, us~ or relca.u shall ncx curr or w~i~•c am• dc[ault <~r ~lun};aKc~c, if ~tcmgagc~c shall u? dcmand, in additi~~n u~ am~ ~~thrr
ncxic~ of drfault hemunder or imalidate an}~ a~~t ck~ne purtiuant tu ~>;~~~~»~nt reyuireel hrreun~ler, munthh• installmrnts fi~r thc punx~u
such nexice. ~1onKaKor shall pa~• ~ton~g~ti ins~xYtion fecs and cuher ~r~atinR and maintaining a funef tu pr~n~idr pa~•mei~t w~hen dur
eenec ~~utting frum or connc~c-tee! w•ith the catiualh• l~~cti te~ ~.-hich ~,(;~nytaxc~s,encumhrances,a.s.~c~smr~us,lcasrh<~ldpa~•menetirelatinK
such insurance relatc~. t~~ the property, premiums for am• ~~licirs ~if insuranre insuring the
' pn~prrt}: the A1e~rtKaRor or the Ician, more s~~cifi~att}• referred t~, in
3. LIFF.,ACCt[)E:~1TOK IIFAi:ili I~til'FtA:'~f.F. !f ~f<,nkaK~>r.hall F},~raKrapt~.ti 2. 3. 4 and 9. \1ortQaKor sh•il1 d~li~•er prompth~ tci
a~.sign or deli~•er a~lic~~ e~f life, arcident ~r h~:~lth insurancr u~ ;~~~~n~K~.~ all bills and nexices thereof. tiaid imtallmen~ti shall I~r in
= MortKa~ee a~ furtlzer scY•uritc hereunder, then if ~te?nyaKc~r fails u~ such :~me~un~~ ati A1e+ngaKc~c sh:~ll euimaee fn~m Ume to time to tx
3 pa~• an~• pmmium ther~~e>n, ~tortgaKcti shall Fk entide.~t, hut nex c~l~ti- nerc~sary tc~ pre~~•idr suflicient m~~nic~ in s:~id fund t<r pa}• sucli taxc~,
= gatecl, tu pa~• any such premium. M}~ am<>unt sr> paid sha!! tx charKed
encunibr.~nce~c, attirumen45, Ic~.sch~~ld p~~~ments and premium~
to and prumptlp ~raid b~~ 1tott~Kur or, at the uption e~f UurtF{aKc~c•. ~ti~hen the)' bexomr due and shall Ix pa~:~hle cc>ncurrend~• «•ith (he
ma~- tx adek•d a~ thr indebtednesti securcYf hereb)•. in~tallment un~ler the note If the am<~unts p:+id t~~ A1cirt}~aKc~c under
4. TAJ~ti AND E:~C(?~1Hf2A1tiCEti. ~lungaKc?r shall pa~• (al at Icsu the pro~~isivns ~~f this para~raph are insufficicnt t~~ pa}• such taxes,
- twenn• (20) efay~ hefure delinyuenc~; all Keneral .uid spe,^rial taxeti 3`u~.~mentc, II:LSI'Ilf)I(~ ~)a~'(IlC11IS :If1lI riE'flllU(Ilti :LC lll~'~~ txr~mx dur,
~t~ mgag<,r shall ~a~~ cu M~ ~nRaKee ~xc ~m~xl~' upe m clemand the amt ~unt
r: and 1~.ussmen~ti nen+• or herrafter atfecting the pruperty, includinK <if the deficiene,~.
- an~• acscKSmrn~c on appurtrnant w~ter stcxk; ( h) w~lten due, al! s~x~~ia) ~
:~su~.smenes for put~lir imnru~•ements aithuut permittinK an}' im- In the e~•ent c>f drfault ~~f :~n?• ~+hliy,:uii>n her~h~• uczueJ, thcn
k pro~~ment Fxmd t~~ i~.sue f~~r am• s~x~eial acs«.sment: (c) on demand an}• funds in the ~xnsectiicrn c~f M~~rtKaKer uneier thr prt>t~i~i~>ns ~>f
uf btortgaKce. aU encumbr:tncc~. charRe.~ and fiens on the prc~enp this ~aragr,~ph m.~~: at the ~~~nic>n ~~f ~1~~ny,aKr~. ix• a~plic~t u~m :ui~•
~ ur :un• pan ihercY~f, w~Fiich are or nia}• he prii>r ur suExrior here~cr, indet~tedness scY•ur~Kl hrreh~~.
(d) wfien due, all fees and charg~w incidental u> ow~nenhip, cxcu•
panc}' or txneficial utie <~f the prc~ert}~: and fe) if the pruprm 11 1~11~~\C(AI.STATF.titE'~'TS.\K'i[hintl~irt}~(i0)cl:ft~tiaRrr~crittri~
~ includrs a conefominium, communit}• apartment irr part c~f a plannc~cf demanel h~~ ;?le~nKakcti ll~ut n~x m~~re~ fr~Y~uentl~• than kmi-annuall~•),
clew•elc~pment, a11 pay~mente reyuirecl of the ~>u~ner ~henx~f under am~ :~1~~nKaKur ~hali deli~•er tu ~t~mgagee ~erifiecl financial u:urmen~~,
ck~clar.?tit~n c~f an•enants or conditions ~~r rc~tri~Yions ~xrtainin}{ te? prepam~l in accure~?ncr w~ith acr~htahle acrc>untin}; pr.~aicc~, fcir
~ such pmject. Sh<>u1J Mortgagcx fail to make any pa)~ment under this tiucl? annual e>r exixr periexi .ts ~fortp,:iK~Y ma~~ clesiKn;itr. tiueh fin:u~-
~ f~ra~raph 4, !?tortRagee may, but shalt ncx tx c~li~ted a?, make ri:d statementti sl~all includ~ halan~e ~hc~eti, ~~~xratinK ~tat~mentti.
such payrtirnt and any arrxwnt so paicl shall he charKed a, and and ~tatemrn4s c?t uwrce~ and a~lir.~tion ~>f fund~. In additicm,
pn?mptly paid t~~ Mort~agor or, at tlie c~ti<m of M~~rtKaKcti. sh:dl in• ~1c~rtKaK~ir shall deli~~cr tc~ \1e~rtgaKcY on demand. a~i~K ~~f all t~:tu~,
acWed to ~he indeixectness srcured hereb~~, with<>ut rc~rd t~~ ~hr aKr~~men~s,.-cxichen, r~Y•eipc, arid exlxr ek~cumen~.~,uppmink am•
~alicliq~ ~~r Ic~alit}• ~~f such a~sc-csments, Itens c~r charKeK ~~f the itrins shown in tuch statements. l~fortp,:~gor slwll ke~c~ and
3 PM:E 2- AUJI ~'fABIE M<)RTGAGE bEFD
~4 ~ooK 544 PA~E 965
- - - - ~
"~'i'1:.:.____ . ~