HomeMy WebLinkAbout0986 in.ur.~nce, an~l :u~y uthrr co~•eragr ccyuire~cl by ttie euo11~;.~~;rr, un ~lwclliu~;, cli~;il~lr lor ,e~ch bro~dened ro~•e~age - provided, howeve~, thut
,ucli insuranee be in an anwunl suf(ieient to coinply with any co-insu~ancr ~r~~uirrments co~•erin}; sa~ne uud~r tiu: laas ut tha ~t:ite of t~lvrid3,
an~l p~o~•id~~1 (urtL~~r that thr policy or policics shait tx: writtc~~ in a ewnp~n ~ or con~l~ani~•s .tnd thruugh An agrncy sutisfactory to thc \!on-
Kagee aad that 5811I nOIIC}~ or policirs shall be hel~l by the ~tort~;ag~~e, s{iall ~~e in :t tonn satisfactory tu Uie \turtda~;re, and shall cuntain a
standard mort~age cl:wse in favor of and in a form acceptable to thu ~tort~a}~ee; and in tLe e~•ent .tn?• sum <~E uwney beconies payabl~• under
any such policy or polieies, tl~e ibrtgag~~e sliall h:n•e• the optia~ to recc•i~•c :?nd ~pply the s:imc on account aE tl~t~ indebtcYlne~s Lereb~• si~curc~l,
- fn ~~~~•~+i.•~• ~ud use it, oc anY P~rt thereof, for ollir~ purpo~es, witliout ihcn•b~• ~vai~i~ig or impairiug nn~• cquity. lien,
_ -
k ~ . '_'..L ll.:.. 1 1
or rigt1t•Ui1(~CI'AOC~ ~)~~~virtuc of t6is ~nurtgA~;C; :Ull~ 111 t~1C t•\'Pil< <IIC ~IPfIE;:I};tlf liUt`S 1`lui Ciiiiijii~ :~i::: .o::~ I.s. \tnrti•:~ti~~• 111:lV i:~BCC
and pay fc,r such insurancti•, or any part thcri•of. ~~~it6uut ~vai~~iu~ or afEo~~tin~ th~ option to fomclosc, or any ri~6t hrrcundcr, auil tli~~. (ull a~nount
of eacl~ a~id ~~•ery such pa~~ment sl~all bc imn~~~liatrly ~lue and payable, arn! ;haU fx~a~ inter~•st from tlie date• tlii•rrof u~itil p:?id at the de(ai~lt
r.~te pro~•id~~1 in said ~iute and to~elher a•itli sucl~ int~a~st shall be s~eunYl b~• tl~e lien of this mort~aKe. lusurance co~~erin~; li~e peril of lloai
Jama~,;c shall bc as rc~~uircd by thc F~•~lcr;~l 1)isast~~r Protection Act of 1J73, or as aincudcd, and mo~l~;agor ro~~cnants and a~;rccs to c~mply
in all rrspects ~vilh ihc. pro~~isions ti~crco(.
d. 'fle~t morl~;n~~•e ma~•, at anp time duriu~ tiir iuort~;a~;c tenn, an~l in its diccrction, appl~• [or reneH•:~I of ~~~ort~a~;c ~uaranly insurance
~u~erin~ the inrnt~;a~.e esetuted I~y thc unclrrsi~n~~d o~t r~~en clate herrwith, pay the premiu~n duc hy reason themoi. ,~nd reyui~e rcpayntcnt
l~~• the ~~nd~~rsi~;n~~el o[ sucl~ ainuwds :u arr ad~~ann~~l by said mo~tgagee. ln tlie e~~ent of failure by the undersigncd to repay said amounts to
saicl mort}~agce, such [aihue shall be a~nsidrrr~l de(ault, ancl all pr~visionc of thc ttote and ~nort~;agc w~th n:f~ard to dc•faul[ sh~U he appli-
c:ibl~~.
uu i?~;a~or~to ~keep the +ht~ildin~;f f on ~tiai~l pr ip~~rly ~in ~};ood ~cond tion rof~mpair ~tln ttu~~aRee ma} d mand~t)ze~
in ~icili~ite~repair ` f>a't 1 1 u ld-
~n~•rr•acr in 16e amo~int of security, ar tlie immeclinte repayrne~ut o[ the drbt hereby secured and d?e failure of the ~1ort~agor to com-
ply"~~•ith said d~•mand of tl~e ~lur:~xgec lor a p~~nal ui ti~irty ~s~i da)`5, si+.-~+; ~~r~sti.ute s~re~^ti ~f ~1~~c mnrtt.~ec. and. at the option of the
\lort}~a}:ce, iininedi;itel)• ~natnr~• th~~ ~•utire a~nnunt of principal and i~derest f~ereby seceued, and immc~li~tel~• and ~~•ithout notice, the ~lortfiagee
~~~:R}- in.tit~it~• pr«~e~r<lin~s to fort~c•los~~ ihis ~uort~a~;e and apply for th~ appoint~nent of a Itecei~•er, as Leminafter pro~•id~Yl.
(i. "I~o pe~rforn~, comph• ~~•ith and uLic1~• b~• e:+cl~ a~+d e~~ery stipulation, agreement, condition and co~~rnant iu sait? pru~ui:sor~~ iwtr ancl decd
S~~t forlh.
7. ]r 11:e c~ieu± tl~e• jurisiliction uf tL~• l'. ti. lli.trict Court shall be im•ol:ed by ur a~:iinst the \1ort~;a?~ur ~ini[er au~• uf thr pro~•isious oF the
1~c~leral Iiankruptcy A~•t, sucl? action, ~~•h~•tl~i~r ~~olnut.tr)• or in~•oltu~tary on thc part of ihc .'114rtga~;oz, s~cill autntn.~ticalh•, ~~~ithout n<~tic~, ac-
cei~~ratr the ~naturity of all sums ul ~uone~• hen•in describ~~d and secur~~d, and tt?e same sl~all thereupon become duc aucl p~yahli fortl~with
as [ully :u if thi• s:~id :~~~re~;ate su~ns of money w•ere ori~inally stipulat~Yl to be paid on such date.
!i. '1'o dc•liver to s;~i~l \tort~;a~;ce, on or before ~farcl~ l~th of each ycar, ta~ receipts e~•idencinG t}~e paynient uf all lawfully imposeYl taxes
for t6~• precedin~; cal~~nil:u year, aud to deli~~er to said \fortKaKer, receipts e~•idencing the payment of all licns for puLlie improci~ments within
e~incly (9U) llays aher tl~e samc shall brcome due and payable, and to ~ay or dischar~e within ninety (90) days after due date, any and all
f~o~~emm~•ntal ]e~•ics t6at may bi~ tuade un th~• mnrl~aRed prope rty, on t~lis mart~;:~ti;e or note, or in ant~ oUier ~~•ay resultin~ (rom the ~torty~a~e
indehtiYlne~s s~rumd hv thic mvrt,~a~r; and if this condition be not complied wit6 and perfomied, said mort~a}~ee may pay ~uch sum or sums
«•hicl~ sh:~ll beco~ne~ part c~f th~~ debt sc~cured b}• this mort~;age, and shall bear interest at the defatdt rate pro~~id~Yl in said promissnr~• nate
p;~~•ahlr munthl~• tentil pai<I or ~aid mort~;?s;ec rna}' elect that saitl mort~!a~;e debt thereupon become dut• ar~d pay'al~lF~ forthwith.
'J. II is fnrtl~e~r co~e~uaut~•cl and :~~!rri~l hy said partie~s thaf in the e~•~•nt of a suit b~~inK institotecl to foreclose this mort}!at!e, the \lottgagee
shall L~• i•ntidc•d tu applp .et au)' tiine pemlin~~ such {oreclosure suit to tiie court I~aving juricdiciion thercof for th~ appointm~•nt o[ a recri~'er
of ali an~l sin!~u1:~r Ih~• ~nort}~:~t;rd prup~•rly, and o[ :dl thi• rcnts, in~Yxnes, prufits, issues and revcnucs thcreof, from ~t•1r.?tsocr~•r xourrc dcri~•eti;
and thereupon it is I~e•rcb~• expre~ssl~• co~'~nantiYl ancl a~;rerd that the court shall [orthx~th appoint a recei~rr oE said mort~*at~ed property, all
and sint:ular, and of snch rc•nts, incomec, pro[its, issues und revenue t6ereof, fro~n whatsce~•er source derired, u•ith the usual ~wers and
dutirs ~~f mcc~icers in like c;~s~•s: ;~ncl snch :tpjx~intment sh:~il he made such court as a mattcr of strict ri~ht t~~ the \tortt;at~cK~, ils suca~ssors,
1~~~;ai r~~prt•s~•ntatic~~ti or :~ssi~?ec, aricl ~+•ithout u~ference to the adequacy or iuade~~nacy of the ~•alue of the property hereby ~nort~aged, or to the
sol~~ency nr insul~•~•ncy of lhe \fortkay;or, and that such rent, p:ofits, inccm~e, issues and revcnues sha11 Le applied by such recei~•er to the pay-
inent of the ~nott~a~~ indebtedncsc, costs ancl charges, accordinG. to ihe order of such court.
1Q If al) or any part of the propcriy or a les;:~l or e~~uitablc intcre,t therein is sold or lransferrec~ by mort~a};or withuut mort};a~;ee's prior
~rritten conscnt, inrlndin;*. h~~t not limited to the exe~cution of an agrecmcnt for dced, but excludin~; (aj the crcation of a licn or encmn-
hrancc• subardin:~te tu lhic inort~:~gt~, fb) the crc~ation of a purchase inun~y s~c~~rity interest for ho~u~~h~ld appliances, !c) a transfer hy
cie~~is~ or descrut, or opr~ratiur~ o( 1:~~~• upon the deatb of a joint tenant, or ( d) the ~;rant of any ~C15CIIOI(I interest of three years or less not
containin~; an optiou to purrhac~~, ~nort~;aKcr may, a[ its option, deelare all the sums securecl hy this mortga~e to be i?nmediately due and
payable. ;ltortga~;~~e s6a11 havc «•ai~~eci such option to accele~ralc if, prior to the sale or transfer, mortRabee and the percnn to «•horn the property
is to be sold or iransferred reach a~;reement in writin~ that the credit of such person is satisfactory to I~tortga~ee and that the inter~4t payable
on tlie sums secured by this mortkaKe shall be at such rate as ~tortRagee sh:til request. If ~tortFa~ee has wai~~ecl the option to acceleratc pro-
vided in this paragraph, and if \fortgagor's succe.~or in interest has executecl a written assumption afireement aceepted in writin~ hy ~tort-
gagee, 1ltortgarec shall release \tortqaAor from all ohlieations under this mort~a{{e and the notc securecl hcreby.
I1. Th:st in the c~•~nt the prc~niees hereby mortea~ed, or an~• part thercoE, shall be condemned and taken for public iise under ihe power
o( c~~nin~nt do~n:~in, the ~(ortfia~;~r shali have the ri~*ht to demand that all dsma~;es au•arclecl for the taking of or dama~es to said premises
shal! be paid to the ~tortc~as~r~~ iip to the amonnt then unpaid on this mort{;a~c and at the op:ion o( the \tortQat~ee may be applied upon
the payments last pa~~able th~n~on. '
1?. The morteanor hincls hims~lf not to erect or permit to 1>e erected any new buildings on the premises herein mort~aRecl or to add to
~ir pennit to b~ add~~d tu ar~y c~f tLe existin~ i~t~provernenis thereon or inake any changes or alterationc in said improvements which materially
chanee thr sam~~ or the u.r th~•moE, ~~•itl~out thc ~~•ritten cnnsent of the \fort~aKee, and in the event of any ciolation or attempt to violate this
stipnlaiion this rnorteaL~• :~n~l ;ill s~imt s~cured hereby shall immediatcl}• be=come clue and collectible at the op6on oE the 1liortgagee.
13. It is spec•ifically aure~•~1 that time is oY the essence oi iiiis cunii.,c.. ~.~::u:~ ~f !tiA it.,.~raagnr in nne or mvre enstanees to insist upon
strict performana• ur ~~L.~•r.:~m of onc or more of tF~e co~•enants or conditions hereof, or to eaercise any remecly, pm~leke or option herein
conferreel upon or resc•r~Fd to thr• \tort~aFor, shall not operate or be constniecl as a relinquishment or ~vaiver for the futurc~ of such coc•enant
or condition or of the riLl~t to ~•n(orce the same or to exercise• such pri~~ilec;e, option, or remedy, but the same shaU continue in full foree and
c~(f~~ct. Tl~e rccvript by the ~lrut~a~;~~e of :i OIORtIIIY plyinent or payments or of any other payment required to be made by thc '.1lortgaRor, or
any part thereof, shall not be a~~•aiver of any other additional paymrnts cr a~nounts then due, nor sha11 such receipt, thou~h with knowl-
c~dy:e of the bmaeh of an~• co~~f•nant or eondition hereof, operate as or be clremecl to be a wai~~er of sueh breach. \o wai~•er hy t1~e A{ortgaRee
of any of the pro~7sions hereof or any of the I~to?tgagee's rights, remedics, pri~•ileres or options hereunder shall i~e dc>erned to ha.•c been
n~ad~ unless made by the \torCgagee in writing.
14. If foreclosure proceeclin~;s of any second mortgage or second tru,t de•ed or ant• (unior lien of any kind should be instituted, the Jiort- :
qa~ee may, at its option, immediately or thereaker declare this mortgat~~ and the indel,tedness secured hrreb}• due and pa}•ahle (orthw•ith, and
~na~• at its o~tion proceed to forec]ose this mortgage.
1~. "fo the ~~ct~•nt of th~• ind~~i~t~ iln~•ss of th~• ~tort~a~or to the ~tort~:a~;c~ descril~cd herein or secu:ed h~•rehy the \tortxaKee is hereby
subrotat~•d t~~ tL~• lirn or lii~nti ai~<I tn t6~• ri~6ts nf th~ nwners and holders therev( of ~ach and F~•en• mort~ae~ li~n or ~~t6rr incumhrana~ on the
land de•scrih~~cl Iz~•rr•in ~+.•Li~•h i. ~~:~i~! .~n~Uur s:itisfi~•d in .i•hole or in part out of the proeeeds of the loan drscrib~~<~ h~•rcin or secumt~ f~ereby,
and th~~ r~~~pi~ctic~• li~•~~, uf ~ai~! inn~t~_au~•~, li~•n~ or othr~ incumbrances ci~all bc and tiic samr and cach of the•rn I~c'TPI)l' )4 precrn~ccl and sl~all
pass to and he• hrlci h~~ tl~e ~lorteac;rc• h<~rein as secarity for the indebt~~dness to lhe ~1ort~a~e~ herein descrihed or hereby secured, to the same ~
e~xt~nt that it w•o~~lcl ha~•c 1,<~en pr~ ,~•r~~c~d and w~ould ha~•e h~en passed to and b~~n hcld by~ the ~tortQagec had it bcen duly and rec,nilarly ~
ascign~•d, transf~~rred, c~~t r~~•~r an~l d~~li~~f~re~d unto the Rtorteagec by sE>parate dced of assifinment notwithstandin~ the fact that the sarne may ~
be satisfi~d anei car~rrlled of rr~cnnl, it h~~ins~ the intention of the p:trtics hereto that tl~e same ~vill hc satislied and c:~nc~llc~d of record hy fhe '
hol~lcrc th~~rcof at or aho~~t th~~ timc• ~~f thc rcaxdinq oE this mort~age. !
I6. Tlie ~tortgagor K~il pay or reimburse the \iortgaRee for all reasonable attomey's fees, costs and ecpenses paicl or incurred by the ;1iort- ~
ga~;ee in any action, proceeding or dispute oE any kind, whelher on appral or not, in which the !~tortgagee is sen~ed ~vith legal procrss, is made
a party or appear as pariy plaintiff or defendant affectin~; the note, this mortgage, !1lortgagor or the mortAaRecl property, inciuding hut not o~
limitcd to the foreclosure or o~h~•r ~nforcernent of this tnortga~;e, any condemnation action involvin}* the moriKaged property, any action to o~v
protect the security h~re~f, or an}• pra reding in probate or hankruptcy; and any such amounts paid or incurred by the \tortfia~ee shall be "
added to the indehtedness, sh~l) hcar interest at the ciefatdt rate speciEied in the note from date of payment, and shall be secured by the lien ~
of this mortgagc.
1 \1'h~~n any a~nn~~nt of ~numry to 1~~ p:~i~1 l~y tlic ~tortcc~Kor to th~ 11nr1~aFce ondcr the terms hercof shall 1>e in default, or should the ~
~torteas:or drFau]t in any ~f th~~ ~~d:cr trnnti, pro~•i~ionc or conditions of this '~tortKaKe, th~n and in that case dic htortRagec shali have the
richt, ~ti~ilh~int n~~tice• to th~• ~tortt~a,~r, t~ aill<~ct and recri~•e from any t~nnnt or less~e of said mort~a¢ed premises the rents, issues and ~
profits of ih~• rral e~xt;~t~• h~~r~~hp rnort~_a~;e~l an~l th~ impro~~~ments ther~~on, and to Qi~'e proper receipts ar~cl ac~~uittances t}terefor, ancl after
ar.~y~ins~ all c~~~mni«i~~:w nf um• r~ nlal a~~r~nt cnll~ctinv thr sami•, and any rcasonabl<• attorney's fecs and oth~r nccescary eapenccs incurred in
c•ullrctin~~ sain~'. tti a~~p~t- Ilir prtx•r~vl~ of snch c•ollrclionc upon any ind~~}d~~ln~~ss, obli~atinn or Ii.+bilit}•, of the \tort~;a~or hereunder. 'The ~
ric~ht ~rantr~l th«~ ~frut:taz~~~~ ~ind~•r t6ie p.~ra~;rapi~ shall he in addition to, and shall not limit or restrict, any other riRht or riQhts granted the ~
\ir~!t~za~~•r in t~iie \~ort,acte~. ~
I4. If th~• ~tnrtt;~t~~r> al lhc tinu~ tn.~kinc this ~1ort~.~qe subser~uent thereto take out life insarance desi~nalin~ the ~lortgaqec herein
:~s L~•nr~f;~•~:~t.• ~.~~~i~ ~~~~„~:u~y~ :~~~PT~~~~<1 h~~ tF~e \inrt~a;:ce or assi~ns policies to the 1~lorteagee for the piuposc• of securing the mort~;aKe loan
~ h~•r~•},ti• nr~•~I, thr~n tlu~ ~(nrt~!ae~~~• ~h:~ll La.•e the~ ris~ht to pay any premium aceruing under said policies, and all sums so e~pended sha11 he
a+ldr~f tn :uul h~•~vnn~• a p~ut of IL~• prin~•ipal in~l~~htc~ine~ss secorc<1 by thi; :1}ort{~ag~ ancl shal! be paid hy the ~tortgaGor to the ,iortgagee
in tKrh•~ e•~~ir»I cons~cnti~-~• rnonthly installments, the first rnonthly instailment to }~e paid as a part of and in addition to the monthly payTnent
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