HomeMy WebLinkAbout0770 i
~u,u:.~u:r. ~i~~l .~i~y- e>tlicr cu~rrl~r n,~tti~r~l l~}' tLe wuit~.i~;cr, un ~lwell;u~. ~•Ii~iLlr for .ueh Lroadenc~l co~•erage - prrnzdecl, Lowever, tbat
~i~c1i iu;ur.u~cr l,r in ~n ;w~uunt s~fhcieut to cuuiply ~~•rth any co-ituw.iucr rryuirru~er.ts co~erin?; ssu~e Wl.~l'f L}lN I.1R'a Ut lllt Jt:~tc of k~luri~a,
:uul pr~~~~~lyd fu~tt~rr th:it th~• pulicy ur policir; sh:~ll be t~~rittrn in a eouip~ny or cump.~iurs and thruu~;h aa a~;rucy satisf.lctur~• to the \lort-
K.~cee and that ~aid policy ur policir~ sL:~ll br hrl~i by die \1ari~;agee, shall be in a Iorm satisfactop• tu tlu• \tortga~;re, au.l sh:~ll ~•outain a
.ta~:~lard mortga~;e clau,r in f;~c~~r of au~l ~n a lurm accrptable to d~e \1ort~;a~;er; and in the e~ent ~uy .un~ of iuouey becoiurs p:~~.~ble under
,~ny such policy or poLcir., di~~ \fort~;.~ti~•e ~Iwll ha~r t~~r• option tu recf•i~•e :uid apply the same on accuuut of tl,e indebtrdness tir«•!~y sreure~,
ur to prnuit the \tortga~or to rrcri~r au~i wr it, or ~~~p p~rt then•of, ior othrr ptuposes, wethout lhereb~' ~~•ai~~ng ur impairink ~n}• eyuity, lien,
ur rigt~t un~ler an~ by ~irtue of t6is inuit~a~r; ;~n~l in the r~ent the ~tort~;sgor ~3a~s uot comply ~~•ith this co~:nant, the \tort~a~;~~c n~ay place
:ind p:~}• fur such iiuur.~n~~r, or ar~v part tl~~•rrof, ~~•ithout ~~•ai~in~ or afEcctin~ :h~~ optiou to furrclosr, or any ri~ht herrunder, an.l th~ full amount
~~f eacfi :ui~l c•~rr} ~uch p:t~~~ue•nt s:,:~ll be inuuriliat~~h• ~lue a~i~! pa}•able, an~i sh;~ll b~:~r iutcrr•.t f~an tLe il:itr dtcrrof until p.~i~l at thr il~~f:~tilt
rate pro~i~lyd in sai~l nut~• ;tnil to~rt}u•r ~~•iti~ su.h interr~t sh:tli t~e seeurril by d;e lien of this murt~a~;e. Insurance co~~rrin~ thr pe•ril of flood
~lam:~~;e s},:~Il Lr .i. n•yuir~•.1 by thr h'r~leral lli~aste•r Yrutection Act oE 19;3, ur as ameu~ed, and ~uort~;agur co~rnants and a~;rr~•s to conipl}'
in a11 rr~prcts ~~~ith 1h~ pro~ i~ions th~•rrof. `
4. 'Ih.~t uunt~:i~~•e w:i~, at :iuy tiine ilurin~ t}ir mort~a~e tenn, and in ils discretion. appl~~ for rrurH:~l uf ~z:ort~a~e ~uarant}~ m;urlnce
,~~~~~~i~,, thr nuut,.r~e e~~rcirt~~u t~~ ti~~• un~i~•ni~n~~~l on ecrn date hen~~~•ith, pay cl~t premiuro dut• by re~sun there~af. and reyuirr rcp.~ymrnt
l~} tf~r nncl~~i.i~~~~~cl ot ,uc6 :unuunt, :u arr ,ul~anc~•ei said ~nort~aga~e. ln the evert of failure hy~ the undersigued to repa~~ said an~ounts to
~ai~l tnu~t~:~~~r. .u~•li failurt~ ~h:~ll be cuu.iil~~rr~l a~l~•f:iult. ~n~l all pro~isio~s of d~e note and I]lOIL1!:lt;t' K1~}1 rr~;ard to d~~iault s}iall t;~~ app:i-
c.~! ~lr.
5. "Io p~•nuit, cuminit or .u}f,•r no «:ntr, iuip.~irnu~ut or deterioratiun of s.~id property, or an~• part t~ierrof, an.l upun the faihire of the
:~:;ut,:i~;ur tu 4.r~~p thc~ h~;il~lin~;, un ~ai~l prop~ rty~ in ~;oal c~iidition of repair, tiu• \turtt~a~;ee ~nap dr~naiid th~~ inuurdiate n•~iair c~f .aid build-
ur~.. ur an irn rr.ue~ in tli~• .iuwiint uf srcnrity, or the i,n~nediate repaymc~nt of tl~e debt heret~y se~urcYl an:l the failur~ of d~e \lortuat~ar to com-
~il} ~cith s:iiil tlrin:inil i~f tlic• \lort~:it~rr fur :i I~,riu~l uf thirt~• ~ 30) days, shall a~nstitute a breach of this tnort~a~;e, and, at thc• option of the
\fu~t~acc•e~, i~wnrili,ite•ly ~n.~turr t}~c~ ~~utire ;unuiu~t of principal and iuterest hereby srcur~d, and irunteclistel}• ancl ~~•ithuut n~ticr, the'.1lorty;agee
u~.~~~ in+titiitr pnx~~~e~clii~rs to fureclo~r thi; ~nurt~:i~~~ :in:! apply for the appointment of a Recei~•er, as herein:ifter pro~ideYl.
6. "Io prifunn, ci~mpl~ ~citl~ .~n~l :~Liel~~ b~ r:ieh :iud r~•ery~ stipulation, agreement, eonditiun and eo~e~n.~nt in >.iid l~n~nu.•ur~ ~:~~tr .in~l ~leecl
.~~t forth.
~ In thr ~•~rn! tLr inriuli~tiun of th~• l'. ti. lli~trict Court shall be imoked }~y ur agatnst t6c~ \tort~,~~ur ~~ndc•r :u« uf tL~~ pruci.ic:us of the
t~ ~~l~ r.~l I3:u~kriiptc~ :1ct, .nch acti~m, ~rliriht•r culunt:in~ or intoluntary on t}~e part of the \tortgaKur, sh:ill autumalirally, ~cittio~it untice, ae-
1<•r;de• tL~~ in:~turitc u! all suni~ uf ~nuur~ li, min de;crib~~cl and securt~d, and the same ti}IB~I tllfifUpOil Ia~~co:ne~ duc~ au~l p.i}:tt~lr forthwith
tull~ if tLi• ~aid ae~re~~;ate su~ns of ~nune}~ ~cerc~ ori~in:tll}' stipul:tt~~d to be paid on such date.
ti. "1'0 ~l~~li~er to ~aid \1urt~a~ee, on or before :1larch lith of eaeh year, tax receipts e~idencin~ the pay~uent of all la~rfully i~nposcYl taxes
(u; tL~ prrc~~din~ cale•n~l:ir }~c•;ir, and to ~lrliccr to s:iid ~tertcaGc~, reeeipts e~idencing die pa}•~nent of all lir,~s fer public iniproc~~~nrnt~ ~~ithin
~~in~•h~ (~)0 ) da~~, ahrr tLt ~;uui~ shall hrcumr ~Ine and payable, and to pay or discharqe within nineh• ( 90 ) da}•s after di:e d;ite, anv and all
~o~rruiw~ut;i~ ~ecirs that ~ns}' h~~ ~n:~i~e un die ~nurt~aK~t~ property, on ti~is n~ortga~e or note, or in ~nt~ othrr w-a}• rrsultin~ fron~ t~ie ~lert4a}:e
~u~le•hte~~lu<~~. >f~curecl h}• this nu~rtt~:it~r; ~ncl if this condition be no! rnmplied w•ith and petfomteel, said ~nort.*a~e•e ma}• p.~}• >~teh cum ur sums
•.~Li~6 sh:~ll br~u~ue n:ir! ~,f tht~ c'eht ~e~~ur~~d h~• thic murt~age, and shall hPar intPrc~ct at thr defai~lt ratr pm~i~lf•~l i~i ~ai,I ii.n.n~ccnr~' nnt~~
~~.«:~~~I~~ in~~utLl~ until p.~i~l or ~aid inort~;af:ee ~na~• e~lect d~at said mortQay:e debt thereupon become dur an~l p.tyal,lF~ furti~~.ith. -
~I. It i. [~:rtlu~r cu~~ u;~ut~ ~l ;incl :i~;re•rcl h~~ s,iicl p:~rtie•c that in the e~•ent of a suit brinK instituted to forc~clou~ th~s niu~t~ae~•, th~~ \tort~;~Gee
~Ic~li l,r ~~ntiilyd tu a~pl~• ;it ai~}• tiu~e pc•nclin~, such foreclosure sttit to tiir co~~rt ha~~ir.F jurisdiction th~rr~c~f for th~~ apr~~iutin~ nt c~f a r~•c~ i~~er
uE :~ll :~u~l ~in~c~~Lir th~• iuort~;,~~ril prc~p:•rh•, ancl of all th<• rrn:s, income+, profits, issies and re~~enues therruf, frt,m ~c},:it.oe~~ r xuurc~~ deri~ed;
;~n~i tli~ve•upon it is }~~•rrh~• expre;~h' co~•euaut~•d and aGreed that the court shall forthW~th appoint a receicrr of saiil murtL:tee~d pruprrty, all
;u~~i ,iu~_ular, ;ui<l uf s,u h rc~nts, incu:nr,, profits. issni~s and re~•enue thrreof, from whatsoe~~~ r source deri~~ed, with the i~ual poK•ers and
Juti~ . nf re•c ~~ici•rs iiz like c.i+rti: .~ncl surh apEx~intment shail be made h~• sueh court as a maitc~r of strict ri~ht to the \fort~:iere. its ti~ecca~ssors,
L_:~I t~ pre•~rntatic~~s or ~>~i~nc, aud ~~•ithout ~r(crr•nce to the adPr~uacy or inade~~uacy oE the ~•alue of the property herebv mort~aGed, or to the
.ul~c•ncy ur insul~~~ncy ~,E thr \tort~at~or, and that such rrnt, p:oEits, inrome, issurs and rerenues sh:all 1x~ applicYl h~• such rec~•icer to the pay-
~>>~•n! nf thF ~nort~a~e indebtrclni•ss, co~ts and charfies, accordin~ to the order of such court.
10. If all or an} part of the property or a 1<~~;al or equitable intere.t t}~crein is sold or transEerred by ~nort¢a~or ~+~ithnut n~i~it~acec'. prior
~crittrn comert, incln~3in~ hut n~~t lin~;tt~d to tht• f~~ecution of an agreement for deed, but exdu~3in~; (a) the crr,dion c~i a hr•n or encum-
1 ~r,~n.r suhurdinste to t1~i; mort~.+~r. ( b) the creation of a pnrchase monF~~ s~coritp interest far housrholcl appliances, ; c) a transfrr by
~l~•.i~~ ~,r de~cc~ut, or In~ oprratiun of l:~w i;pon the death of a joint tenant, or (ei) the ~rant of any leaseholcl i~~temst ~~f three ~•earc or less not
~~~nt,~iuint ,in opti~m to purc•ha~f~, ~nort~acee may, at its option, declare all the sums secureci hy this mort~aee to l~e immediateh• due at~d
pay~able. \tort~at;~~e shall h:nr ~~~ai~ed such option t~~ accrl~rate if. prior to the sale or transfer, mortFaccr and the person to «•hom the propert}'
is to he solc3 or transferrc•d mach at;rec~ment in K~ritin~, that the creclit of such person is satisfactory to \tortga~~~e and that the interr~~t pa}~able
on the sums secured bv this inort~,age s6all he at such rate as ~tortRagec shall request. If ?~tort¢agee has wai~•ed the option to accelf•rat~ pro-
~-ided in this para~;raph, and if \tortga~or's succecsor in interest has esecuttd a written assumption a~reement aca~pted in w~riti~~c by \tort-
j ~a~;ee, ~tortRa~ee shall release ~tortgaQor from all OF1I1L3~1011$ under this mortFaRe and the note securecl he•rrby.
~ 1 i. 'I~}i:tt in tt~e c~•rnt the prcmises hereby mrrtcaGed, or any part thereof, shall be condemned and taken for puhlic iue under the power
e•~uin~•nt ilomain, thc~ ~tort~a~ee shall ha~•e chc ri~ht to demand that al1 clamagrs aw•arded for the takin~ of or dama~;es to said premises
I ~t:all b~ paid to the ~fort~aqee up to the atnonnt 4jten unpaid on this mort~a~e and at the option of the \fort~a~;ri~ iuay be~ applirci upon
f th~• pa~~mc•nts last pa}•able thereon.
~
~ 1_'. ~~he mortQaeor hinds himself not to erPCt or pPrmit to be erected any new buildin~s on the premises herein mortka~ecl or to add to
~~r p~•rmit to b~ addt•d to any oE the caistinG impro~~em<~nts thereon or make any changes or alterations in said impro~-ements w•hich matrrially
` ~ i~.inef• the• sa~ne ~r the use thc~reof, ~cit}~out th~ w•rittrn consent of thP 1lorty;aRee, and in the eve~t of anv ~iolation or attempt to ~~iolate this
! >tiEn~lation thiti mortcac~ and all smns secured hereby shall immediately become due and collectible at the option of the Atortqagee.
13. It is specifically atreed that time is of the essence of this contract. The failure of the ~lortGa~or in one or more instances to insist upon
~ ~trict prrfnrn~ancr ur ub.enane~ of one or n~ore of the co~~~nants or conditions here~~f, or to ezercise any remed~•, pri~~lc~~:e or option he~ein
~ unEerre~cl upon or resened to the ~torts~a~or, shall not operate or be constnied as a relinquishment or wai~er for ihe future of such co~•enant
~ o~ condition or of thc~ ri~ht to enforce the~ saroe or to ezercise sueh pri~•ile~:e, option, or remedy, but the sau~e shall eontinue in full foree and
~ rff~•ct. 1~he rcceipt b}• the \1ort~aGrP of a montlily payment or payments or of an}• other payment re~~uired to i>e made by the l1ort~,;aqor, or
E •ur: part thereof, shall not be a w~aiver of any other additional payments or amounts then due, nor shall such re~ceipt, thou~:h w~th knowl-
~ ~~~l~e~ of t}ie brea;h of an~• covenant or condition hereof, operate as or he deemed to be a wai~••~r of such hreach. \o wai~~er hv the ~tor4gaRee
~ ~~f any of the pro~-isions hereof or any of the Alortgagee's rights, remsdics, pri~•ile~es or options hereunder chall hc dt~en~~cl to ha~e been
s r~.~cle imlesti n~ade by the I~Zo*tgagee in writing. ~
E
~ 14. If Eoreclosure prcxredin~s of any second mortgage or second trust cleed or am• juni~r liPn of any~ kin:l ~h~,uld l~e insiituted, th~~ ~forc-
~ ca~ee may, at its opti4n, immediately or thereafter declare this mortga~;e and the indebte~inecs secured h~,reh~• dii<~ an,~ pa~~al,)c forthw•ith, and
at itc op~ion prxeed to foreclose this martgage.
~ I5. "I'o the e~tent of thr~ inclcLtr~lne~s ~f the \tortka~:or to the ~tortc;a~ee describecl herPin or sccured he•;~~h}- the \(ort~:i~~~r is hereby
,nl~rotatf•~{ t~~ th~~ lie~n ur lir•n~ and tn th~ ri~htc nf th~• owners and holders th~re~of of ~•a~h ancl c~~-ery mort~,:ut~~ lit~n nr nthi•r incuinl~ran~r on the
~ l:ind de~c+ih~~~? h~~~~in ~vl~irh i. jt.tl~~ .utcll u! t:itisfie~~l in wh~~l~ or in part ont of tii~ proceeds of thc~ lrr.tn ~le~ccrihrd I~r•n•;s~ or ticcturcl hereb)'• ,
~ ,~rnl tl~~ ~~~~prcti~a~ li~•n; i~f ~,iicl ~n~~rt~~a~~~~., li~~nti or other incumbran~es ~h;~ll Le and the same and each oE th~•in ~irrrh~ i, prr~~r~~F•cl and s6:~ll
~ ~~:is, to ,~ncl Li~ hcl~l hv the \tortta~ee herein as security for the indebtr•dness to the'ltortca~ee hPr~in descrilied or hereh~• sccure•d, t~ the saine
+ ~•ztrnt that it ~onl~l ha~~ i~f•en pr~~s~~n~<~cl ancl ~~rould ha~•e heen gasse~l to ancl be~en held bt' the \tort~agc~e had it hFen duk and ret~n~Iarl)'
:,~~i~n~•d, tran~fi~rrr•<l, ~E~t m•c~r an~l ~l~li~~~rc~l unto the Vtort¢aree by separat~ deFd of ascicnmenY notwithstar.~lint~ the fact that the s:irn~ ma~•
}~r~ tati>fif~d an<i cancelled of r~=c~~r~i, it ht~in{, the intc~ntion of the partirs hereto tnat il~e slrne ~+-ill he saticfi~~c! anrl r.inc~~ltt~<l of r~~c~rd by th~
?~„I~le~rs tLr~rc~of ~t or ahout th~ timc• of th~ re~cordinG of this mort~age.
16. The Jtortgagor w~ll pay or reimburse the \lortgaKee for all reasonable attome~•'s fees, ccrts and espenses paid or incurred by the'~turt-
; aere in an}• action, proceedinC or disp~~te of any kind, w•hether on appeal or not, in which the ~tortga~;ee is sen•~YI with le~al procc•ss, is made
a party or appear~ as party plaintiff or defendant affectin~ the note, ihis mortiLage, !~tortqaQor or the mortKat~cd pro~rty, includinQ but not
limitfd to the f~~rFClosure or other enforc<~tnent of this ~nortgas;c, any condemnation action in~•olvin~ the mort~;aQed propert}•, any action to
prr~tect the ~~•curity hrreoF, or am• pia c~eding in prohate or l,ankniptcy; and any such amounts paid or incurted by the ~1ort~a~Fr shall be
ul<l~~d to th~ indehtcriness, shall hear interest at :he default rate specified in tl~e note from date of payn~ut, and shall be secured by the lirn ~
rf t1~ii ulortgage. ~
I~. ~l'h~•n ;tnt~ ;inumnt ~~f mnn~~y~ tu I~c• pai~] h}~ thF~ ~tort~_acor to th~ ~inrtcaQee under the terms hercof shall be in default, or should the ~
3 \tu~t~._,i~~ir <l~~fa>>lt in anc ~~f th~• ~~ther t~~rn~e, pr~~ i<i~mt ~r ~ i~n<litions nf this ~torts;aee, th~~n and in that case th~~ \tortK:;Cee shall ha~•e !he
~ ~i~~l~t. ~~ithnnt r~•ti<~~ tn th~• ~f~rfea^_nr, te~ cnll~ct ,ir~d recri~~~ from any t~nant or lescre~ of said mortea~ed pre~nises die rent~, issues and W
~ ,~-nfih ~~f th~~ r~~,~l ~~~t:~ti~ 1~~~rrh}~ niort~.i~~~l ?nrl th~ irnpro~~e•~nr~nts thert•on, and to ~*i~~e proper r~ceipts :~nc~ acr~uittanc^s there[or, and after Q
ti ~ti inc~ :ill cointni.~i~,nti nf an}• r~ ntal a~~~nt ccdle~ctin~ th~~ c:sin~•. and anv ~~~as~na}~le• attorney's fee~; an~l other ne~c~•s:ary ezpenses incurred in
" ~~l~~rtin~~ .:,;~~f•. tc~ ;~~pl~~ the~ ;,rc~eccl, nf cnc!i collectionc upvn anv ina~~ldeclru•~s. ohlication or liahilih•, of the ~tort~afior hercunder. The ~
: r:ht cr:~ntr•rl th~~ \tort~:~_~•~• ncc~l~~r thi~ P.ua~•r.iph shall hr ia adc~ition to. ancl ~hall not limit or restrict, any other riqht or ri~hts qranteil the ~
C \1E~~tL,+~.ir,• ;n t~~i~ A1ort'„i^_~~.
Iti. If th~~ ~lnrtcac„r. :it thr tini~~ ~~f in:ikine lhis \tort~xKe su~ser~uent thereto take out life insurance d~•si~*natin~ the ~fortgaqee herein ~
1>F~~,~~f~~ .~;ch <~,,,,~:,,,y~ ;,~,p,,,~,~~1 h~ the \t~rt^avee or assiKns policies to t}~e I~lortgaQee for t}~e pnr~wse o( se~curing the mortfiaKe loan ~p
r~~l:~ ~~r~ ~l. tL~ n tl~c~ ~t~~~t~;~~~•<• .h:ill 1~a~~~ th~ richt to pay any premium accruing under said policies, and all sums so e!cpended shaU be om
,~l~l~~~l t~~ ;~n~l }~~~~-nn,~~ ~ p:~rt nf !h~~ T~rin~i~.~l ind«~htc~lncss sc:ured by this ~tort~a~e and shall be paid hy the ~tortgaQor to the 4tortqaqee
~n ts;t•ht~ e>~~ual ~~~rcecuti~e~ rnonthl}• installm<~nt.t, ihe firct montlily installment to be paid as a part of and in addition to the monthly pay~stent
~
~~:-a.. ~ z r : " ~ "
. ~^"a~.r;;~Lr ~~~~~~~~`s~~'v-:~s`~''~~~~