HomeMy WebLinkAbout0764 1i+ Itth~\1;~r~~a~ur.atihirt~mr.~lm~l.~ngtni,\t~~rtgagr,ub+ryutntthtrrt.~t~l.tuutl~irinwrenciJr,i.neunfthr~l~~~~r~~r~hcrr~na.hci~rli.i.~~~~~ul~.~
.,~rop~n} appru~c~.1 h~ thr \lurtg3gee ~r a„~gn, puli.;eti to thr \~Jfl~C3~ttt lut thr purp.»r ul ,t.uring thr m~ut~agr i~~.tn hr~rh~ ,r.u~~`.1. ihrn ;1~r \t~~~t:.~..:
~t~all ha. r ~ hr n~h~ t,~ pa~ ~n~ prtmium a~~ruing under ~aid p.~li:its, and all ~um+ ~o r~pen~c~! ,hall br ~ddctl tc~ an.l hctiomr a part .~1 iht pnn.i~al in.lrhir.f
~~«.,e~urrd h~ th~, \turtgagt and ihal: tx paid b1 the ~iungagor to Iht \lortgagcr in ~w~l~r eyual :.~n;e.uu~r monthh imtallnunt., th~ fini nn,nthl> >n•i.~ll
mrnt t.~ hr {~aiJ a, a pan of and in adJiuun to ~hr monthl~ pa~men~ due undtr thi~ ~tortgagr in thr lu+t ~alrndar muni~~ iullu~in~ ~hr r~~,rn.linr ~~f ..~:.1 .um
`u:h wm, r~~rn.ltd to t~:ar inttree~ at thr ratr at Nhi~h intrrcct i~ pa>ablr upon ,.~id Agrcrmrnt enJ the litn ul thi. \1~~ri~ca~rr ,heU r:~rn.f i~, .~n.l .r.urr ihr
.um. .u r~prn~ctil tu~ttthtt with intere++ thtreon a. htrrinbrfurc pru~idrJ.
19. At mungagre's upuon, tugcther Nnh and in addnion to the munthl~ pa~ment of pnn~~pa~ and ~nttrc,t pa>shlr un~lrr thr ~crm~ ~~1 ~hr \.rrrm~nt
~::ured hzrcb.., ~luregagor shall pay t~ ~longager tach mon~h unt~l ~aid Agrrtmrnt ic full~ paid, one-tNelf~h 11 121 ul a,um ryu~l ~o 1~1C dllllll.ll ~fCIlLU111
~ur tor firr, rx~rndrd ro.rrage, and other harard ~nsurance miluding (loud inwran~e, ~o~rnng ~he mortgagrd propert~, plu, ta~e~ and a.~r.~n.ent. nru Jue
,m ihe mortgagrd proixrt> lall as estimated b> !~lortgagerl Ie+s all sums alrzady paid therefor, and to be di~~ded b~ thr numt~r ol munth. t.~ rlap.r pnur ~u thr
.f~tt wArn w.h ta~c~ and asse~smrnts shall bc~ume dtlinquent. Said tum> >hall be hrld b~• !~longagee in truu or ireclitrcl to tht prm:ipal i~l thr I~~an. pa> i
~eid imuran~e, taxes, and astirzsmtnt~ and shall be applied on ihe pa} mem thereo( w hen Jue. Any ctiie.s held in truu b~ ~lungagrr N hrn .aiJ loan ~~eiJ in '
tull shall be paid to \lortgagur, or his assigm, or personal representaii~et. In the e~ent uf a defauli ur fore:lu;urr, said ,um~ hrid in tru.t ma> hc a~{+hrd un
~n~ :ost, ui damagrs ~u,taincd in ro~neciiun with th~ cullctition of the Agreement ~e~ured hercb> Nhether by +wt, fore:lo~urc, ur aherwi.e. ~tariga~« ma>
ir.~m time to time at itt option Naivr, and aftrr an} +u~h wai~er, reins~ate any or all pro.i+ion. hrreof rryuuing surh dtpo,u~, b> nuu:r ~u ~1un~s~:~~r in
Hrwng. N'hilr an> cu.h waiver is in eftect, ~lortgagor thall pa~ ta+ees, as~rssment~ and insuran:t prrmiumt a. hercin eltieNhere pruvJrd.
?0. \tortgagur ~hall comph w ith ~he pro~isium of an~ leace, if this rnortgage is on a Iza,ehold. If thi. mor~gagr i, on a condominium uni~, m~~~iga~ur ~hall
j~rrfurm all of mongagur's ubligauons under tht de:lara~ion of condominium or master deed, th~ b~-IaN, and regulation, ui thz c.~ndum~nium p~u~r.t anJ
,~•mutuent ducuments. ~tortgagor further co~enants that he and thr association responsibl; for theoprration of ihe.undaminium N ill uh,rnr all ut ~hr prc~-
~„iom ol the +aid dtiiaraUOn, and any amendments thereta, and of the Condominium law of the ~tatr, and w~l1 {xrform all obligeuom thcrrunJrr, and a
t.iilure ti~ du tio Nhich i~ not i uretl u ithin 30da>s after notice gi~en b~ the ~tortgagte to the mongagor and thr tiaid a~tio:iatiun ~hall ~uii.tiwtr a drfault undtr
~hi, murtgage. ~lortgauor furthtr cpeciticall~ co~enants, bu[ no~ b} ..ay of Gmitation, that he and the ati~~kiation ~ill ub.tnr :~II ul the prc~~i,ium a( .a~d
.ictilaratoun uf rondominium relating to insuran~e co~erage.
_'1. \fortgagor furthrr co~znantc and agrcYS tha~ at the reque~t o( ~tortgagee to furni~h a ttandard termitr bond inwring agaimt damage by intr,tat~un un
~hr huild~~g. now ur herrafter I~xated on the mortgagrd propert}, in such amountti and cermc, and with ,uih compar.~ a. appro~ed anJ reywred b> ~1uri-
ca~rr; anJ in ther~rn~ ~lurtgagur due~ not.omply w ith thiti co~enant ~tortgager shall ha~e the.ame righ~~ ~o obtain ~ame ac mwran.c cu~rragr unJer :o~e-
r.ant +13 hereof.
If an~ ut thc sum. o( money herein relerred to be not promptl~ and fuliy paid within thirt~ 1~0) da~. nert a(ter the .amr ~e~erallc b:~ume due :~nd
,~.~}ablr, ur if ea:h and t~er~ the tinpulauon5, agreementti, ronditions and cosenants of said Agrrement and thi. mongage, ur rither, ~re not duh ~xrfurmrd.
,~.~mp~ed Nith and abided by, thr unpaid balante due undrr zaid Agreemcnt shall become due and payable forthwith or ~herealter at the optiun o! the \1c~rt-
tagre, a~ iully and ~ump~etely ac if ~aid aggregate tium of monry was originall~ tupulated to br paid on wch day, e~enthing in ,aid :~greemem or here~n iu thr
;.~r,trary notNi[hstanding.
~3. In the e~ent that the ~1or[gagor make, payment by che~k or checks that the ~1or~gagor has failed to properh endor~e, thr tlor[gagur due~ hereM ap-
po~nt the ~tartgagee as its attorne~-in-fact to supply on behalf of [he ~fortgagor any and atl endonementc nt:e~tan ta negotiate utid rheck or rheckti and the
~tortgagor agrrec to hold th~ Mortgagce harmkss from any liability whatsoecer for supplying said endorsement. In ~hee~ent the ~tortgagee -hall ca~h a nc~lk
i~~r the ~tortgagor and same thall be rrturned for insufficicnt funds or any other reason so that the ~tongagee is unable to colle:t it~ muney. ~hen the ~1un-
~agor herrb~ authorves the Mortgagee to add said sum to the principa! batance of this mortgage and caid sum ~hall be secureii b~ caid A~n~ment ~nd mori-
gaee a. [hough it was an additional advance under the termi and conditions of thic mortgage.
~a. It t, unuer.tuud that thi~ mu:tgegr i. ~uburtiinaic tu ti~c iuiio::ir~g u'c;.rib~d ~-+..,:tg~~~~;; :..':i;•`: ~.e •C!e!•"~ 't' s; ••Pri,,. ~tex~~:~srel.l..
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N~A
~tortgaKo: +hall per(orm the iolloNing in regard to am Prior ~tortgage:
131 ~longagor will promptly pa~ w'hen due and payable the interest, installments ot pnncipal, and al! other wmt and charge. mentioned ui and made
I payable by any Prior !~tort¢age;
~ ~hl ~1ort¢agor NiU promp,ly Exrform and obsene all of the terms, eo~enants and conditions required to be performed and obsened b~ \turtgagor uneirr
j anq Prior \lortgage, ~ithin ,he periods (exclusi~e of grace periods) provided in a Prior Mortgage, or such le,ser periodc feticlu~i~e of grace periodti? a>
j are pro~ided in this martgage, and will do all thingti necessar~~ to presene and keep a Prior ~1ortgage free from default;
I (~1 ~tortgagor ~ill promptl~ notify Mortgagee in writing of am default bp Mortgagor in the performance or obcenance o( an} of the termc, cocenantt or
` ronditions on the part of Mortgagor to be performed under a Prior ~longage;
Idl ~lortgagor will 1 I? promptly notify Mortgagee in writing of the receipt by hlortgagor of any notice loiher than noticec customarih tient on a reguiar or
` periodic basis? from the mortgagee undcr a Prior Mortgage and oF any notice noting or claiming anq default by tilortgagor in the prr(orman.e or ob-
F senance of any of ~he terms, cocenants or conditions on the part of Mortgagor to be perfermed or obser~ed under a Prior ~lortgage, and 121 prompth
' cauce a copy of each such notice recei~ed by htortgagor from the mortgagee under a Prior Mortgage to be deli~ered to ~tortgagee;
` lel ~tortgagor wfll no~, without the prior written consen[ af Mortgagee, enter into any agrcemeot or accept the benefit of any arran~ement Mhereh} the
hoWer of a Prior ~lortgage waices, postpones, extends, reduces or modifies the payment of am• installment of principal or in[erest or any other item or
amount required to be paid under the tcrms o( a Prior htortgace, or that modifies or ext.nds an~~ pro~isions whatscx~er of a Prior Mortga¢e;
~tl ~lortgagor will furnish to'~tortgagee, upon demand, proof of payment of alI icems which are reyu~red ro be paid b~ ~tortgaeor pursuant to a Prior
` ~torteage:
~ ~g) ~lortgagor shall execute and deii~er, on request of !?lortgagee, such inslruments ac !~1ortgagee may deem useful or required to permit '.~tortgagee io cure
~ am default under a Prior ~lortgage or permi[ h1ortgagee to take such other ac.ion as ~iortgagee contiderc desirable to cure or remedy the mattrr ~n
~ default and presene the mterest of Mortgagee m the mortgaged property;
; h~ ~tortgagor w ill not, H ithout thr prior written consent of Mortgagee, accept, either directh or indirectt~•, any future ad~ance or the benefit thereof under
5 the terms oi a Pnor ~tortgage which would increase or otherwae add to the balan~e of said Prior ~lortgage exiuing on the date of this morigage.
~ The gen~rality of thr provisiuns of this artkle relating to mortgage(s) to whirh this Mortgage ic or shall be made subordinate shall not be limited by other
~ ~ru~i,ian5 of this ~lortgage setting forth particular obligations of Mottgagor which are required of ~lortgagor under Prior !~lortgages. Should any agreernent
~ hc hereafter entered into modifying or changing the terms of thi~ mortgage or the Agreement se:ured hereby~ in am parti~ular, the rightti of the partie~ to w~h
? ;~~reement chall be +u~rior to the rights of the holder of any inter~ening lien, except liens to which thi; mortgage is subordinate.
' ~5. It is further co~enanted that h1ortgagee may (but shall not be obligated so to do) ad~ance mone>•s that shouid ha.e been paid b~ ~tortgagor hereunder
~n order to protect the lien or security hereof, and Mortgagor agr~es without demand forthwith to repay such mone>5, Nhich amount shall bear intereu from
~ i he date to ad~anced until paid at the rate of eightcen per cent ( IS°'o) per anr.um, an~ shall be considered as additional indebtedneas cctiured hereb~; hut no
r ; 3~ment by `lortgagee of any su~h mone}c shail be deemed a wai~er of ~tortgagee's right to aeclare the prin:ipal sum due hereunder bp reasnn of the defau!t
~ ~~r ~iolatiun of ~lortgagor in any of its tocenants hereunder.
~ 26. I~ a fore:locure proceeJing of anq Prior Lien or titortgage should be inttituted, ihe ~tort~agee may at its opti~n, immediateh or thereafter, de~lare thi~
g :n~xt~zage and ihe ~ndebtednecti ti:~ured hereh~ d~e and pa}able fortnNith and maE at its option proiecd ro foreclotie thi~ martgage.
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In the etient the~e are Prior ~lortgagn to which this mort~age i~ ~ubordinate, the in~urance reyuirements, other than flood in~urance rryuiremcnR. of
c~aragraph 3 herec,t .hall refer to the unpaid balance ~~f this morigage plu~ the unpa~J bslance of an~ Prior ~1orlgage~.
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~ ~z a~oK 675 P~~E 76~
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