HomeMy WebLinkAbout0916 . . j .
Q Tlus ~~~ort~a~o Fs po~son~Ylq IhQ Mortgapoi'heroin ~anil'np conveyence shell bu madq by Mo~taAgot oi Iho pram~sas hprpin'deSCnt~otl or any pdri
••.~.•~~f wahoul fii5t ahtam~ng the`{iiio7`wrilten tonsont ol ~ho Morlg~lgoe. in'ih9 eVanl Ma~tgag C8 9~Y85 thi5 Wnlton Cqnsenl, ihq flr0~te9 ~Bn~R~) in ~~?~h con•
shai~ assu~nu .~nd a~rqe to q~~7`Ihq`~}blipatioh ewdenced uy tli _ptpmisspty ~ote socclro~l h~?pby A,~1y
tonvayance ol ~ho prope~ly he~on~ dosc~~l~od o~
i~.ut ~hu~cal in v~olaUOn 01 ihe t~'t~"i'i"S'$f`f1°iT~i'Pa~dg ~ g obl~pahon ~ecuroi) he~oby and aU sums~51
y ho opt~on'ol Mpit aaee, a c`omq'rlue and pa'yahle and inrde 8u/~whetl e~ or n t`the samQ a~o sq due 3nd p~yahl8 and~rn
v soc~ueil h~rob shall, af t
f~•!,~~~i~ by Iho spocihc torms hsreol Noth~ng h@reii~GO~ioi(198,sh8t1 bo C6i1~[i~ueff ltS Consl~iute a novat~on p~ ~etoase`M6il~s~br o~ dhy subsequeM ownp~ a)
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~~~y ~~r ol~~~r~auc?n°tiiidor Ihbryyia~75fbly note securetl'hereby qi"~his mortpag@ by reason"o) the a(orosaid flssurri~itiq~'of !ho obf~{~aUOn un~ie~ thn ~oto
.„~••~t he~eby. tiy a subsaquonl'6Wner o) the"pF6petl'y`"ctescribod herein
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-~That i~'i thd ovont o1 a su~!'boin~ institutefi't~l~teclose 1h?s"mo'~Cfl~ge. thQ Mo~igageo 3ha11 be oniitietl ta'apply at any Uma ddring such'loreclosure
n~ tho"Chtut ~~1wn{~ ~i1nSd~Ch01'i~theieol.tor tF~e eppriifiime~l at a~eteiver ~11 a.~,~ afsti sinyular the mbi't{~~qcrd ~i~opeity. and ol all ronts. incornes, piofds.
. , . .k ' e ~ _ , , . _ , < ~ ~ . . ~ _ . aU lorthwrth ap•
~~•~~~T ,~eh ~ecewer w thj~lhe~usual W'twe 3 and c1 t~es ~1 ieco+va s n I~kq cases~ e d~sa dYap~ ~'Y`"~~ shail
b~ mado by°the co'fr~t as~a natlehot s1ri61 ~i"hY'Fo
Po
~,t~~n~ a eQ.;an~1 w~thoUt rele~ence t~'ihe adequacy b?~n, dequacwy o11h~°vatuo bt ih8 piope~ty'hervb :mbftfl~god. or td iho solvencyk0? i~tblvency ~1'ihe•
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;/,~~~~~ayo~ or any otho~ party dotendeni"tb such suit The~G~fflB of`hefeby spec~(~callq waivos the ~{~~t tti"~bjaCl~to ihe ap~~ointmenCo( a rece~vet~s,
o~?soMf'that 5uch adpnih[ment 3hal~ be made as a~ admitted eq~lity and as a mattdt ol absol:,ta"~igM i~""iM~ Moff~~gee and
~~",a~d anit horohy oxprossly C
v~.~t tne sainn may be'dontt withduT'Yiotice l/ti~"~1ie'M0~[gegor, _ ~ .
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Jhat ~I an proceed~n s shouli~'ti+~ ti1"s'litiiCdtl a afn3"i~`i1t~~pFbprl7t~ Covoreli by this moHgagv upon any`blhq~ hen df'~cla~m wnether st~{tonor or ~unior •
fi
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,~t theF~ndeb?t~ lnoss ecUieB
h~l"~bg ~ b
a d payable t~orth~l~iiih a,~d'm~y at ~~Stif~3lbn°o('sach suit"~`~'dunn~ Iti~` pendency thorQOl dcelare Ih~s m~lgage '
. option~"~5roceed to t6recloso th~s `r?~ifttgage , .
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~ ~ ~ _ . : , ~ , _ 'fl . . . , ~d tands"(dtfnti f8`He con•
costs. (ees, ch~i es`~ind e}cpenseS hcr~vb~t kind. intiiidi~` ltie cosl oi an abstra~'f~bt"[i'tlb"to sa
7 To pay all aht! . ` ol,'ih?s nCdr`fgage. and al o~ncltldi~fi~ whathor the Mdrlgagee ~s'obt~pated td p~~/, same or
1~~1t~ on bto~dttu~:to y~nne tia~,WUh an suit 1or tho loretlosure F .
reos i~ic+~rr~~f o~ e~ e~aed at ar~,~~m~`b the Mbft 0 ee becauso tlhe I~duie o1'~lio Mdfl{~ago~ t~"pa~forM. cnmhly wilb and a ido.
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, ' y-1r~~ q m g g; asure bt ih~s niortgage aRd ~ri EofleLfiFi~lhe
,
~ ~aymer 1 m~
,~~~,'!I,r~t~ ec ~ae`c11
o Q't~ ~WitF?"pr~innt
,e~
t~a~l rbceed n ns and f~b,teimburso Ihe Mbri a~eQ orteve y ~~"th'e l~a~ACt iie"dr inCUtred 1~t ~~ly $uchpurqose vvith i~- .
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r. •.•,,r !rom date`ol ovory such p~~ioh1 at the hiflhesg8te authonred'b~i"law: such pAVi~nehts gnd oM~palrons. Vi`riih'i~tete5l'~Itiareon as atoresaid, shatl t~e
„~~•,t by lhc lion`horeof. , .
8 To'keep thi3'bu~lding'of builifi~i~~ no1N Or here8ile't~On.Seid land insured againsf'loss"or dainage by~fire:;extended coverage and `o'~her"{ien~s, im
, ~ irance availabte~"in a sum.not less than thei~ lutl i'nsurable: value at the tost a~d e~penie oi'ihe MpiCga~tf'r ima company br Cbi~{~atlies
~,~~c war~risk ins~
,;.;.=~,ved b~ the ~41ort~ac~ee: lh~ ~ticy dl'poUcie's to~be'hei8'tiy~tt~e'I~'o9fgages. and such poucy oi pohc~es ~i"`~fist~rance.shall have a(I~xea'Ihereio a$~a~dafd.
r.: Yurk MorCga~jee Cla~ise. meking a11 loss ~tosse5 uriii~"f sU~Fi'po~icy"~olicios p8ya618~tb ihb Mortgayee as ~tf interesl,maq a~pear. and t}s
deliV~S~ sard
~vith"lh~'f~te+~ ts tor the pdymen! ul the rein~um the
' 9 9 pQ the eye~t af~y su
~ . : . _ _.,p, , . . _ . . . h dn m'ai~mon~y~bocomes
~c~~~~ unde~ suiCh policy'of pollc~eS. thA Mor'~ a ee shallri~v"o thL~Stibii t~ receive and a l~h~ same bn arccount ot ili~`f debte ass secure'~l li"~i by"Ci~"!o
or ?ohc~e~ t~ iho'Mort 0pee when issu8d~p~~~,h~teot' (or''~ihe"f~tttfposes. wnhoui
therebXiAr~7V~n"~ Or ~rt'ipainng any equity. hen o~'ti~f~t undP~ or by
• t i~~o Mort e br to'retewo anH use ~t:`or an , :
r:•• nt th~s mortQage: ~iiii"ihQ'M~ft~agee i~ it'deems'nB~essary"ir1~y'~Sl~co and pay"fdr s~~l~ ms~rar,ce, or any~ p~rt th~real. wilhoUl losing; waniiPl'~ br at(ec-
Murtc,~agee's'op'tib~. to (oreclase (~F breach"Ci1 this covenaiit:'tlr an~1"~aii'thet~bttor an~iflNt dt:option ui~dcsr 1hi5 mOifgage, an11 eyory such`p~ymEr~t shall
+~~erest irom`dat~ thert~$t UMii'~aid~"t"th'~'hi~hesC rate authOr~zei! by law, aod a0 such:p~'~"ments witti intetest as aloresaid shall be secUretf by'the`hen
~~.-,•,,r in the event anyloss or damage is sultered fNortgagor 3ha11 noUf~1'Moitgagee°oi stich'Icsss'dr'dari?ag6i"~Nilh~rrl6rty•ei~Fit (48i°hours atter tti~ happeri~ng
~•r,~.,f the tailc?rn `fa' ~~ve such~ notice shall Coh~fi~bte'a"delault and `the Mortpagee shall have the ~igHts herein'Fgiv~n tor all defauTts. .
9 To'permit. cbmm~t`or svfter`rio'viiaste and t~~inai~?fai~,the imprdvementsat atl'time4 3taie`of goWi tepa?~ and cli~'ditibn arid`to if~3'ti1`permit`to.
. n~ses aothmg lhat V1~ilI attef ot Ch~ngii"th'~"use and character oi saidp?operty or m a~y way fmpa~r or weakeri"'the secUrity~`bt saiii ~~r'tgage
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~ r,~,e to sa~d prer
ese ot the refusat. negleot ot`fr~ati~lity`dt ihe M0`lf~a"~~'df"t6'fepa~r a~d'fn~tntaii?'sa~d~prti'perfy. the Mi~rtg~gee may, at it$ option. mak~ su~Fi tepairs"~Sf cause
~ar~,e co be made an~3 adv,ance monies in'iha~~behalf t""isfFiil~h"stt'ms shall tie'sec~red by ihe he~i herebt and bear interu5tai'the'highost'~ate authouzed by ~
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gent, which shalt at all Umes, dUling
t O To delive7'U~e.a"bst~a~t ot ~bstracts b"~tle ~~yef+~l'~~ih~'morfgaged hff~p~itj~ to Moitgagee.or ~ts des~gnated a
y g " po ssion of~the Mortgagee aritl in eVb~?1 ~t tht~ tbr~clos~re Of th~s mortgage or t~ihdf"transt~~ bl iiile. all r~ght: fitle'arid ~
t~- ut [h~s mort a e ~ern~in ~n th~ sse
•~•<< ot the Nlortg~t~o~ in and to any'such abstracf or abstrects bf`~fitle shatl'p~ss•to the purchaser nr grantoe - °
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? t Yh~i no wawer ot.any covenant herein orin "the oGtigat~on secfired'hereby shall at•any"lime'hereattc~rtie held to be a waiver ot any'~f~~he'dtht~
t...•„s hereot o'r'o(`ih8 `~ote secured'her@by: or future waiver°n( the same ~ov~nant ~
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! t 2 That`~n'brde~''to acceterate~the'tri~ifGfity af'tho mdebtedness hereby secUred because oi the fa~lure oi'the Mortgagof~to ~iay any`!~x assessrngnt.
~~v obhflaUon or encurtlbr~nce Upun"said pF`dpert~r"as'h~rp~t~i'prov~ded. i~ shall not b~ necos~a'r; ~or reqws~ce that ~he Moi'fgagee shail'iiist pay the same.
. ' '9 g f` ~ ^ P t fNirty (30) days fu11 and pi6tl~i~tly to pay" tNe amqUnts requued tb be pa~d b~"'tHe
t 3 Thaf'i( ihe Mort a or shall tail. ~e tect ot retuse tor a erfod o Y
~•creby secured or"the mte~est ther8~n sp~~lf~ed 8rany Oi itie suMs of ni~~iey here.r~ re(erred to"t~t`herebysecured. tit bth$rw~se duly; (uQyanii`~i'iomptty io
,~r, ~ p g 8 S~ ~
. ~ execute.'camply wrth and abide by each. every o~ any'oi he tove~ants. conditi~ns br st~ ut~tions ot th~s moit a e.~ tho pdm~ note he~eby
, ~ y` ~ oi demand, the said aggregate sum men-
•;~:~~n sa~d'p omissOty no en less pre~~oilsep8,ments,hf ananandµarth a d°at! surns inent oned h~
t~n
or ec~~8`herebj~`shal) become due and payable
••~r~w~th or thereaft~r af°the c~iiitiifUt g`o~tion o~ ~he Mdrtgagee as l~ ly and comptetety as H,se~d aggrogate s~Jms were'~nginaUy stl~iufaied to be pa~d at
Y 9 ni Y 9• ~ 9 9 e entitled thereu~~s ti~ thereafte?yvithout "
,;~,ce~ or~demand to insti G er su t at law bt n"~~'Uitn'tb nforcetthe ri h sit5f ihd Mort ag ehher u'nder or=undebsaiii'pl~)riussory note. In the event `ot arly
y .g ~ 9 1
~~',+~;ii or breach on the paitof th'e~MSffg~gOt`hi~ieunder'or urtde~ sai'd pf~Sr
is3ory nOte, the M~tgdgee shal`I have the cont~huing opti~ii"`tb'ei5lbfc~saym~nt
sums sb~~ir~tt'Fi'~TBby by actlon at law'oi by suit in eqUity to to~eclose lhis rtidrtgage, eifh~Y or boih: concurfet~ety'Or Otfierwise. and one actioii`tir 5i1it
~~,o~ abate dr be ~'b~r t6'br wa~ve? o/`the M~ifgagee"s right fo WnstiWte or maintam the oiher, provided said Moftgagee shell have onty"dne"payment a~id
,.,~•ti~act~on ot said~indebteiiness - ~
9 ~ Y uste~'r~r`1~qu~dateT`bt ail or a substarilial part bl Mortgagor's
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S 4 That ~n ; he ever~i'tFiat Mor~t a or sha111) i~~3h§er~t ttf'the ~i
1to„ ~ b~~~ ~ e' or admi! in v~itibng its inabdit~' !o p0y ~ts debts as they b~Lome
,.~.~~~s or ~2) be.ad~
dicated a 9ankr t'Or ~ns , 9 btl~$"~bi"'in art`~ bdnktuptcy.
t3? maka a e~~ral ass~ nment fp~ the benet~t of~cred t'ors. 8f t4) fae a~pet~t~o~_ar answer seeking reorganuauon`or 8rrangeme~t with credrtors: or""to :
e malenal atte ations'ol a peGtion`fded against the M .
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•~~k,-qan Z8hof1 OolnSOlverly'proce d n~ ~or I81fa~t?Ah'shaileb~ taken ~t~? the Mortgagor'Ior the purpose tit effect~rrg any of th~'fttregoirsg or'N~1 antii~rder, judg-
F~~~t or decree shalt be entered upon an appticatiori`8( 6"~redit0~"br'MdttgagoT'by e court b( competent ~unsdictton ap(frowng ~°p~fitioh seekmg,a~~p~nim~~lt
{ecerver or tru3tee't~t aN'or a substanti~l p~it:Kf~ih~~Mo?tg~gb't's assets and such'o~der. ;udgment or dECree shall cont~nue unsteyed and in effe~t'ttit ~riy ,
;,~~,~~~t o( thi~ry't~b) CtfnSecutive days: lh9 Mort'g~gee ina'~`declare"th6 nol8 hereby s~cured lorthwith'due and payable: whereupoR 1htl~i~incip~l"tlt and the in-
•~•-.~u acciueil`Ori~thA"~ibte and Alf tlther sUmS bereb~'se~i~ted Sh811 bCCOme torlhwitN"due and`payable as ~t aq'tl( the saitl sums ot mone~t were~oi`iginally
;,:~+ated to'be paid on such'"day: and thereupor~ the NAo`fC~agee without ~ibtice'tir.demand may prosecute a surt at !aw and~or ~n equity as aU~monies
~.f•.~,red hereby had tnatU?ed~prlor tC) ~ts insfitution. - • .
S5 `7haf'the iVloifgagee or any'persOn authorited by Ihe Mortgagee shall have the rigfiC`to ent~r Upon and inspett the mdiCgaged premise5 at all
. , .,,nabic UMPS - .
1 16 Tnat any sum tfr sums wh~ch may'be~loaned or advanced by tho Mortgapee to thc M6rtga~or at any ~iine w~thin twenty l20} yeais~trom the date
~ rr,;s ,ndentures, togothor with'ii~terest thereon at the rate agreetl upon at th~`nmce of sucn toan or advance, shall t,e equalty secured wuh aAd havo the same
;~•.~~r~~ ai Ihc or~ inal ~ndebtednoss and be sub~ect to all ihc te+ms and ptav~sion5 Ot this mori~age: prov~ded~ th5t the aggrefl~te amount dt ptinC+pal Oufstan• •
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~ ~•~y at any t~n`r'e sha?t nol exceed {S. ________T._._.--1. or 11 the'precad~ng btank ~s npt com~~tclPCl. then an amuunt equal ttl`onc hundred an~ t~tty per cent
j ! 5~`!~) ot the pnnapal amount onp'snalfy socuied h0~eby shall ap~ly. ~
~ 17 That. il requued by M~itga{~ee. the'said Mo~tgagor wifFpay unto the Mortgagee, on the'hrst`day ot each and every conseCytiv~'month, a sum
;:,a1 to ono•twellth oi'!he annual amount necessary tb`pay alt taxes and assessments aga~nst t t+e sa~ d mor tcy~qe d premises, s a~ d m a m h f y s u m t o h e e s-
i:~i~ated sotoly by M~itgagee and calcutatetl to be an amount not tess thanihe amount o/ taxes assessed agamst sa~d n~o~tgaged premises~(6f the`ptev~ous
~,~~ar a~d i~ fdrih~t reqUtreif tiy~ Moffgagee to"pay aN insurance c~rem~ums iri'menner and lOrm as provided herein t6Tth~ payrttent of taxes and assessments.
p Y tSA W~th construction loan t~n~nc~n then this
g g ~ . between the Mort a or and°Ihe Mort ~ 8e ~bitgape ~s sub~esct~ tA'"the°Constr~"ttiAn loan Agreement
Mortg gee and sr ?nceirr o~rated'hA efn b~netere' g g 9 9 an exeCUted Ciipy ot virhiCh ~s ~n the pdssession :of the
~ nce and made a part'hereol: any de(auft tsy MortgBgor under said agreement shal! conStit~it6'an event bf
gp . .
r ~fefau49 n~1h~t'th6 Mer g ga? w~ll ph th~ reduast ot thq Mort a ee turn~sh e Wntten statemenf Ol the amouM, owlr?g otf th6`dbligaaon which'this m8+rig3ge
secures and'therem state whether or not Mortga~or tlaims any dele~ses or otisets thbrdfio. n Q;~~~ ~~g~
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