HomeMy WebLinkAbout0914 ~i~ Prcxcrt thr ~~urity of 71iis (~1onKa~;e (kti~cl, h/~?rtK:?~or ~~cY,;
1. PftESEK~i1T10N OF71iF. PROPEIt'I1' 1?tong:~ur (a) shall kc~c~~ 5. (:I~V\i~, l~t:~\1,1N1)SANI)~(TIONti. hlurt~aKur,hall(;~)apprar
the pn~xm• in g~xxl cvndition and r+~air, (b) slwll nex rcme~ve, in an~l ~k(en~l any aaion e>r pnxcti~iinx pur~x~nin~; tu a(~~Yr the
~temulish ur sutactantially atte~ any building, uructure ur impnn•r scti•urity~ Itrrc~c?f ~?r tl~e righc~ e?r ~x~H•errs ~>f Atun~a}~~Y•; lh) at ~be
mr~u then~e>n. (c) shali mmplrte or rrstorr pn~mpd}• and in g~xxl ~~iiun of ~longag~~c.:~.c~iKn tu ~tunKagc~c, tu thr extent uf U~~n};akc~c's
wurkmanlike manner any buiiding whirh may he mnstnictecf, dam~ i~uerc~s~, an~• clain~.e, drmandti or ~a~iu~s of action uf any kincl, inclu~l-
ag~ti1 or drstro~~c1 thereon and w~ill pay witen due alt c(ain~.e fix in~; any a~~~anl, ~Y,un (udgment ur pnx-cti•ci., ~~f sr« lemrnt af an}• such
iahe~r ~xri~nneci and material fumishcet thereforr, (d) shall a~m~l?• clain~, demand ur causr ~~f acYicH~ of an~~ kinJ which ~fonkagur n~n~~
with the pmvisi~ns c~f a11 irtsurance polici~~ coveri~g and with all i~ti or may hereafter acyuire arising out oi a~quLlition or ow~ier~hip
la~~s and reKulations affectinK ihe prc~em• or rrquirinK am• altera- of the pmperty. Wittx~ut limiting the Kener,ility of thr fi>rc~~iing, an~.
tiuns, repairs or impro~~ements thrn*c~n, (e) ~hall n~x a>mmit ur such c1;Um, demanct or r.iu.~ of acYion arising uiH of ;~ryuisiti~»~ or
suf~er an}• w.~ste thc n~vn, st~al! n<x commit or suf~rr :~ny act ulxm uwnrnhip ~~f the pro~x rq~ may inclu~lr ( i) an~• such injun• or damaxe
th~ pn~~eny in ~•iolation c~f an~• pn~vision of any insur.tnce ~c~lit?• or to the property ur an~• stn~cture or impro~~~me~t situateci theaY~n,
law or rr~ulatiun, (g) shall paint, deti-~~rate, czdti~:~te, i~rig;ur, fenili-r.r, e~r (ii) any claim ~~r chutie uf a~Yion in faror of Atortgagur a-i~ich shaN
fumiga:~ and prune thr properq: and (h) cY~nsisrent «•ith the usc ha~•e ari.ren out o!' thr tran+:ic7io~~ financYlel in whole or in pan 1~~.
~hc rc~e~f, eM al! ~uher acts w~hicl~ the character or u.u of thr pmpem• thr makin~; vf the kxin K~.~unxi hereb~• ur ( iii) an!• claim ur r.+ux
may rc~7umably rc~c~uire. of ae~tiem in f:t~Y~r uf ~lortgagor (ercrpt for tx~efil~• inju~•) ~+•hich
~ :aitc~, .~.c a rti~,ult of am• nc~ligrnt or impruper ron.uruction, installa-
I.INtiU1tANCG.btcfrtgaKorshall,atAlort~aRor'scxExiltie,pn~vidr tion ur re~k~ir of lhe pn~rt~; includinR ~hc 1urf:ur or subsurf:ic~
anJ maintain in Corer at all timc~ ~~•ith resJx~c~t to the pre~~ert~; fire ther~Y>f, or of an~• building or struaure thrr~*e~n. ~funkaKcr nia~.
and cxher h~x~+ of insur,inc~ :~e may be rc~c~~ireel by MunKaKee. .VI :,ppl~: use ur relr:ix surh monic~ u~ recei~~c~i h~• it in tlie s:+mr
~~f .uch insur.~nce Ex~licic~s shali ha~~ a latis pa~:tbte endorsement in manner :u in F';~r.t~r.iph 2 pm~•ictc~ct for tl~r pr~x•ctitil+ oC firr e>r ~xher
f:~~~or of \tortK~ee and shall tx fi~r a term and in form, content, insur.uxr.
~ amouiit, and H7th such insur.?nce com~~ties, ;~s nL~y he satisfactc~n•
to ~tongagc~. Such policies shall he~ tieli~~ered to ~1onRagc~ u~x>n G. DEh1ihDING ~10}tT(:AGfi. Nex«~itl~uandinK the pruvisiu~~.~ of
the malcinR of this Atonkage u~x?n the rc~c~u~+t e~f the Afextkakc~c. Nar,~gr.~ph S, ~tonga}~cY mat• (a) a?mm~nce and prexuYYite e?r appe:+r
,lfurtgagur sl~all al.se~ deli~rr at such tim~s c~•idence that the full in and ~irfend anp aaic~n or pnx~~c~dink purJx~ning to 1ITtY'L llll'
premium for any su~h ~x~lic-~~ hati tx~en paid. rfongaKee at i~ti <~xion ,~~i~rit~~ her~~c>f c~r the ri~,h~, or ~x~~~~en of ~tonKa~;tr: (b) ~x~~•, purv
ma~• retain pc~~.x.~ssion of'the c~riginal ~x~licy or ma}• relc~e it to the ch:~.k.rontestora~mprc>mi+e~m•encumbr.~ncr,char~;eorlienw~hich
~x~~,~c~sion of ttie ~~toRg~a~;or. If 8ie Atonkakee retaias pcx~.,rc,i~a~ uf in the jud~;ment oF ~iongctgec appc:~r to l~e prior or suEx•rior hentu;
such pe~liries, at le:~.u ti~iny (30) cla~s txfore the expir.~tion oF am• ~i ~Yfrc4sing an}• such ri~ht, inctir am• lixhilih• and exExnd
such iil~urancr polin; a puli~~• ur ~~licies rrne~~•ing, exten~inK ur H•hate~•er amounGi ~tong.~Kc~c deems resumahly necessan~, includinK
rrplacing such e~piring insur,~nzr shail he detiverc~ci h?~ ~tunga~;or c~~~:t uf c~~iaence uf title and rr~.umahle au~~rnt~:~' fiYh.
af tiort~,~agee. lt am• such in5i~ranre ~~lie~• is n~x so deli~~ere~l ~u •
~lurtgagt~ or in thr e~•cnt an~~ such insur.u~cr Ex~liq• is ran~~c11~~1. ~ pK07ECT10N OF tiECUftI'IY I31" ~fOFt"TGAG[i. Shuuld
~~•hrther the ~tortgagee has in its poss~~ssiun the ~x~licies or nex, and AtortgaKor fail to m:il:e .?m~ pa~~ment ur de~ am~ a~Y ~inn•idc~cl in this
nu reinstatement or rcplacement Ex~licy is n.-c~ciec~ct prior to termina- ~tort~;a~;e, lh~~t \1or(~r~g~~, but ~.~ithout ~~f~li~ation u? te~ du, and
tiun of insurance ~~fungaKe~, without notice to or demand upon ~ti~ithout neKicr tu or demand u~wn ~tortgaKi~r, ane! w•ith~>ut rele:~.tiinK
\tortRagor, may (but shall nut tx obligated tu) e~lxain surh intiurance »~,nKaKor fmm an~• c~li~ation herc~c~f, may make am~ such pa~~nent ~
~rith such cumpam~ as ~lortgagee may deem satisf:u~tc~r7: and p:?~• the ~,r iio an~• such ae~t in such manner and to tuch extrnt :i~ it d~~ ms
prrmium therefore, and the amount e~f an}~ preniiuno x> paid sl~all nrr~~~:ir}• to pnxrct d~e se^ctirin• hertY~f. 11~~n~a~;cY is aud~orizecl tc?
be charRed tn and pn>mptly ~xiid h~• :~tonkagor or at thr r~ptiu~i ~?f
~1c~rtKagee. map he acfdc~ci to the inde.~i~tednes~ seci~mcl hereb}~ ~~~ter u~x,n thr pa~ett~• at ant• time ft~r wc•h pur~xnr.
In the e~•ent ~tort~gee otxains any such insur,~nce ~x~li~~•. K. REI~tBI'KtiE~t~'11: UcmKa};ur shal! imme~fiatrl~• u~xm
\tortKaKc~r, fe~r hic u~~•n ixnefit and fe~r the protection of this c~c~uih• ~tm:uul :dl cuus, fi~cw ~~r rxprnses in~urrc~ct aeul seun~ expendecl ur
interest in thr pr<~~em; herebr requc~e~ and authoriz~s lfortgaK~~c. ;~~~:~ncrd under the tc~rms of this ~f~>rt~:iKe h~• ~1~,ng:,~;re, ~~~:tly in-
but ~•ithuut liabilit~• on the p:?rt of AtortKaK~~c fi~r (ai~ure u~ to du, trmtit thert~c~n at a r.ite eyual to th~ ratr pro~tided fi~r in thc rnxe
_ tu e~tain such polic?~ (i~r such term and in such fe~rm, cY>ntent an~l ~erurcYi hereby; and the ~~liKaiion c~f Aton};a~or to pap such sums
amount and ~~•ith suci~ insur~nce a~mpanies at ma}• tx kuisfactun' ~~~i~n,i ;iti afi>rrsaid shall Ix• ucurecf hemhy: If ~icmKager ~hall
to ~ientk:+gc~c. Shoi~ld am• ~x~lic~• thus obtained M• ~t~~rtgagt~c there- ~~~:ik~ such pa~•ment ~~r ex~xnd such sums, ~1c~nKaKur shall p;~~• ~
aher he ~ancelled. ~1c>rtkaKor shall pa~• tu ~fon~rKer an~• carned u n•icr charKe in an amount ryual t~~ trn ~x r cem (10;ti ) c>f thi
premium.r- on said Ex~licti• :?nd a rr.tu>nahlr charRr for i~ti un•ices in ~~~-~~~~n~ ~»adr or thr sum ex~xndee.l.
c~txaining such ~Ii~~~
Mongagc~c shall tx resFx~nsihlr fi?r the coltextion of am~ iruur- 9. I.f~~1SE110L1) liSTA'I'ES. !f ~hr u^cz~rit}• fe~r thiti 1f~>n~;:~gr i, a
ance +ncmies, ur for.u»~ inx,lti•rnry c~f an~• insurrr or insur.ince undrr- Iea,~h<?Id eatate, ~torty:~Kor shall rnx nu~JiFj• or terminate the les~c
~vriter. An~• ~nrt ur aU vf the amewnt ce>ilecYed under an~• firr ~~r ur I~aus crcatinK thr Ir:~tieholJ esiate, and shall a~mpl~• ~vith all e~f
euhrr insur.?nce pe>lic~• ma~• tx applie~l b~• ~fortga~ee u{x~n an}• indi- thr et~~-c nants and ronditions reyuirc~cl cif the I.e;.x~ c?r his succr~.u~r
fx~xincw.~ u~czirc~i b}• this ~~lortgage at wch tinte and in thc manner in interrst tu Fx prrfurmed under thr lea~e or lea~es creatinK ,aid ~
an~1 amount ati ~fongag~~c ma~' detcrminr, or at the upti~~n c~f !e:unc~~ld c~tate. including but not limitcd to pa~•in~; ~rhen dur rrnt ~
~tortgaRee, ~vithout rc~clucing the indehtedness sc~ctired hercb~; ma~• ancl exher rharges im~xxc-d u~xm such Ix~.~c~.
either be usecl to replace, reste,re or n.~con.struct the pro~xm• to a
condition saeisf:ecYOn~ tci AtortKaKee or be relr-.~.ed to ~tortgaRor. Am~ l0. (?tiCROV~ ( I1f}'Ol?IvI>) ACCOI~\T \te~rtka~;ur shall r:i~• t<> '
applir.ui~m, use or rel~ax shall nex cun ~~r wai~•e am• default ~~r ~t~xt~;aKtY. if ~1c~nKager shall u~ drmand. in additii>n tci an~• cxher
natice of Jefault hereunder or im~licL•ite anp act ckmr pursuant tu E»~•~»~~~t r~^yuir~Yi hereunder, memthh• iii~tallm~nts fi~r tl~e ~urykn~ [
- such n~xicr. ~t~,ngaK~~rshall pa}• ~turtgaKre inspection fcrsande~thcr i>f crtatinK and maintaining a fi~nd tc~ prcx•ide p:icmcnt wiitn due ~
anGt resultinR from ur eonnecte~l t~•ith the rasualn~ I~xs co.~•hirh ofam•taxcs,encumbrances,as.xt1mrne~.lcacehvldpa~•menGSrrlatinK ~
such insur.~nce rrlat~w. te~ the pruExrt~; premiums fur am• policic~ e?f insur,~nce insuring the '
pro~rq; ~hr A1c~nRaKor or the loan. more s~xcifie-alh~ referred to in
3. I.IF7:. ACCi~)E~17' OR FIE~V:I'Fi 1titiURrl:tiCE:. ?f ~tc>nKak~~r tih:d! 1~:iraKr.+ph, 2, 3. 4 and 9. ~tort~Kor sh•~11 drli~•er pri~m~~th• tu
; acsiKn or deli~•er pe~liq• of life, accident ~~r h~:ilth insur.~ncr tu ,\1urtKaKc~ all bilk and nexices thercti?f. tiaid imt~llments zhall Ix in
~ti~rtRaKc~c at f~nher kcuri~~~ hereunder, then if `1c>rtKaRor fails tu ,uch c~me~unLt 1ti \tun~.?Kee ~hall rstimate From time time tu tx
~ pa~~ an~• premium therc~c~n, ~tonKagee shall tx entided, hut n<x ohli~
R neces.~.~n• u~ pru~~ide ~ufTcient monies in said fund tu pa~• surh taxes,
e K-ated.tcipa}'an}•suchprrmium.M~•amouiuu~paid,halllxch:~r~;eJ ~~~cumhr~rlces, accr.ccmrn~5, Ieax!?c~ld pa}~~en4c and premiun~.s '
to and prumptl~• paid b~• ~tortkaKc~r or. at the ~~ticm <~f ~1cinKak~~. w•hen the.-~• ~~a~me due and shall ~ pa~~ble cuncurrentl~• ~~~ith the
ma~~ tk addeci to the indebtedne~.s secured hereb~•. installment under thr ncKe. If the amc~unGS ~raid to ~tortF;agee under
the pro~~fsiom of this paraKraph are insuf(icient to pat• such tares,
4. TA?US A,'Vt) EtiCl1~f13RA,~CES. i~longaK~~r shall pa}~ (a ) a~ I~.~,,[ ac~.~1meneti, lra.~ehuld pa~•ments anel pn miums ati ihc~?• ber~~me duc.
tw~rnty (20) cia~s I~efore cklinyuenc~; all general and s~xrial t:ixeK ~~~~n . ~~rshall a~ t~?~1~m re~m h u mdrmandthramui~nt
F and as5c~+smencs n~>~~• e~r herea[ter utectinK [iir pn~~xri}; inciiid~i~K k'K P M.' (x
am• a~re~~men~t cm appurtenant ~~ater suxk: t h) ~3•hen due, all ~~xY•ial ~~f the de(icienc~:
a~.x-ssmen45 fe~r publir imprcn•emen~1 withuut permittinR an?• im~ In the «rnt u( defauh ~~f an~~ c~liligation hereb~~ tiecured, then
pro~•ement hc~nd to ic,ue for any s~cial acse~.~ment: (c) on dcmand fundti in c~e ~xn;ession ~~f tlurtKa~;ee undrr tfu pr~n•itii~zns vf
of ~tonpager, all encumhranms, charKc~ and tiens c>n the prc~~xrt}~ ~hiti paraKraph m:~}: at tfx ~>~ti~~n i,f \1nny,ak~~c. tx a~~lird upm an~.
- c~r anv part therc~c~f, w~hich are or ma~• he prior or suprrior h~ret~r indehtednc-tis secured herebr.
s. (d) ahrn due, all fc^e~ and charKc~s incidental to ownership. excu-
pancy or txnefici:d u.5c e>Cthe pro~xrt~•; and (e) if the propert}• 11.FINA:ti(;IALtiTATF,~1(:ti'f;ti.l~'ithinthin~•(30)cia~~safterw-ritten
includrs a condominium, community apanmcnt or part of a planned clernand h~• ~tortgaK~~ (but n~x murr frc~e~uentl~• than x~mi•annuallp).
dt~•elopment, all pa~-ments reyuir~~cl <~f die c~w•ner ther~~c>f undzr an~• \1e~nKakor shall deli~•er tu ~t~~n~Kec ~rrific~cf financial :;tatemenGS.
dedaration of cu~•enants or conditic>ns ur rc~trictions pertaininK t~~ ~rc-parecl in acc~~rclance «•ith accc~tahle aca~untinK pr~ctic~~, for
such pro~C~c~t_ tih~~uld ~tortgaKor fail to make an~• pa~•ment under this such annual or aher ~x ri~x1 ati ,Nort}SaRre ma~• desiKnate Such finan-
Paragraph 4, h10rtj{agC'('. may; hut sha11 n<x he e~bligated t~~, make ria) statemrnts shal! include halance sh~r~ti, uprratinK statemen~t,
~ such payment and any amount so Eraid shall be charRexl tu and an~ statements e~f u~urces and applicatiem c~f fundc. In additic>n,
pmmptly paid b~• MortgaRe~r or, at dir ~~tic~~ e?f AtortKaKe~c, shall lx ~1~~nKaK~~r shall deli~•er tu MortR:~gc~c on demand, mpiiw ~>f aU (eatc~,
aJdc~c1 m the indehtc~clness s~curc~ci hereb}; w•ithot~t rc~rcl u~ the aKrremen~s, ~~ouchrr:s, recei~e5 and ~xt~er dexvmrnts supFxming an}~
~.didit}• ur Ic~ality~ of such atscssrrtNnec, liens or rharKes. c~f die items she,wy~ in such statements. l~tongagor shalt k~~ and
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