HomeMy WebLinkAbout2410 fu NnKr~t thr ~c•i ~irin' ut llu~ \1un~.t~r I k•rcl, \1urtk.?Kur ~rccy; • . • - T ~ ~
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1 Pltt:~Elt~:~llO\ <)f 77IF Pltl)t'i~:lt"IY ~funKa~;c~r (a ),hall krc~~ i CIAI~tti, llE~L~.'Vl)ti A:~1) AC"I'tONti. ~1unK.~}{ur .haU ~a) ,qr
ilic ~~~u4km• in K~xxl cun~litiun an~l rrExur, (h) .hall rnx rrmu~r. ~~rar u~ anc! ~lrfrnJ am• a~~tiun ur prcx~rc~lin~, pur~w~tinK tu afFr~i
Jrnwli,h ~~r ,ub~tant~alh :~It~r :u~~~ huil~linK, stni~turr ur impruvr thr xtiurii~~ hrrc-~?f ur thr righ~., ur Ex,wrrs ~~f ~1urtK~rr: lh):~t thr
mc•nt ihrrc~c~n, (c) ,Full c~~mnlrtr ~~r r~~turr ~rumExi~• and in g~xxi ~~xiun uf ~tun~rr, yccikn tu Atortgagrr. [u thr rx[rnt uf
~:urkmanlikr nw~nrr any hu~l~ii~{ whirh may hr r~>nstruac~cl, ~turt~er's intrt~est, any clainU, drmands <x c~u;c~+uf acYiun ~~f an} ~
~L,magetil ~~r ~r,truyc~l thrrrun •rn~ will prp whrn ~iue all clainu fur kind, incluJing an~~ awzrd, ct~urt judgmrnt or prex~eclls uf utdr~nrnt
latx~r ~~erfi>rmc~c.! anJ m:?teri:~l furnishc~l ttxrefurr, (d) shaU a>mph• ~,f any such cl•rim, clrmanJ ur ~ause ~~f aaiun uf any kind aiiich
nh thr pruvisiui~,+ uf all ii~..ur.+~~rr ~~lirirs cu~^rring ;uid with a!1 Murt~ur nc~w• has ur rna~• hrrcaftrr acyuirr arising i~ut uF acyuisi-
I.~w, ancl rc~ul~ti~>i~.. affcYYinK thr pri,~~rn~ ur rryuiring any altrra- tiun or ow~ienhip uf the prc~perty. VPithuut limiting thr ~eneraliq.
n~~ns, repaira c~r impru~•rmrnts thrrron, (r) sh:ill rnx a~mmit ~>r ~~f the f~~re~e~ing, any such claim, drmand or rause ~~f aaion arising
~uffer any w:~titr thcrc~>n, sh~ll n~x cummit «r suffrr :uiy act uExm ouc of acquisitiun or o~~nership of the pr~~ert~~ n~y incluek (i) an~•
ihr pn~em• in riolatiun e?f ani• pru~•isic~n ~~f any insuranre ~~iic~• such injur}• or ci:+magr t~~ the prc~erry• ~x any~ ~truaure or impruvr-
~,r law ~~r rc~gulauun, (k) sh:+ll ~int, ~ic~urate, culti~atr, irri~te, mr~it situated therrun, or (ii) :u~}• claim or eause c~f aaic>n in favor
~rrtHize, fumi~te and prunr thr pn~em•, :uid (h) a>i~.si,tent H~ith ~~f M~n~gex w~hich shall ha~•e aritirn uut of the tr.uis:,?ction fin:uu~•ci
ihr u.~e thrrc~~f, ek~ all ~xhrr a~1i which the ci?aracter or i~,r of thr in w•he~lr ur in part by [he nuking ~~f thr k~n securrc! hrreb}' ur
E~rupem• ma~~ rrau?n:~bl~• reyuirr. (ii9) any ctaim or rause uf actic~n in Fa~vr of Moctgagor (exeept f~~r
2 IN1l'NA:~CE. ~1~?rtg:~ur,hall, a[ ~furt~:+gur: rxExrur, pru~•i~Jr ~x1i1?~ injur}•) which arises as a result of an}• negligent or impn~per
:inJ mainta~n in f~~rce at alt timts with rrspect to thr propem•, firr cu~luruai<m, installation ur repair of the propert}~, incluciing the
.~n~ ~xher h~ ~~f insuranee a~ ma}~ hr rryuirecl by hlungagee. All surfacr ur sut~surface therevf, or of an~• builcling or structure
~,I wch irLSUrance ~x~licics sh:~ll ha~~e a i~xs na~.?hle enek~r.sement in therecm. Mort¢a,c;ee ma.• a~~l.~; ~LCP ~~r rPI~.P s,,,,.,:a .Y_
t:i~ur uf Mur~}j:~c~ ~t~l shall br for a trrm and in fom~, cuntent, cei~'ec1 h}• it in the ~ame manner a~ in Par.~raph 2 pro~~ciecl for the
.~nwunt, and with such in.~urance oum~xu~ic~, ac may be satufactur~• prc~ceecis c~f fire or other iRSUr.~nce.
t~~ ~tortgager. Such ~x~licie, shall he deli~•erc~ci btortgagee u~m
ihr making c~f this Alongage uEx~n the rryueu of the rlortgagre. 6. DEFENDING ~fOFtTGAGE. N~~tw~ith,tanding thr pn~~•isiuR~ uf
~1~~nga~>r shall •rlu~ cieli~•rr at wch timc~ c~7drnce that the full Paragraph S, Mort~gee ma~• (a) c~ommence and prasecute or appe~ar
~~rrmium for any surh Ex>lic~~ h:i5 tx~en paid. hiortg:~ee at ics c~tion in and clefend any actiun or proceetling purponing to affect the .
~~ia~• rewin pcu.,eLSion of tiie original pvlic~~ or may relr~a~e it to the securiq• herec~f or the rights or pov?•ers of bfongagee; (b) pa}•. {~ur-
Ex~..,rssiun of the ~1~~rt~c~r. !f the ~t~~ng,agee retainc pe~csecsion uf ~h:ise, contest ur comprumise an~~ rncumbranrr, charge ur lirn
~uc h ~x>licic~, at Ir-au thim- ( 30) ~~s hrfurr thr expiratiun ~~f an~• which in the judgment of Mor~agee a~ear to be prior or superior
~urh i~t,urancr ~x~lic~•, a~x~li~~• or Fx~liries renctis•ing, extending ~~r herrto; anJ (c) in exercising any such right, incur an~~ liabiliq• :utd ~
rr{~lacing such expiring insuranre shall be deli~~ered by Mortgagc~r exprnd a•hate~•er amoun4s Mortga~ee deer,i.t re~.~mabl~• necetsan~,
<<> Mortp,agee. If any such insur.u~ce polic~• is n~x u> clelivered to inrluding a~t c>f c~iclence of titlr and rra,e,n:iblr attorne~s' fre,.
~tc,rt~re or in the event :u~~• auch ii~.~ur.ince poliq• is cancYlle~f, "
hether thr :~te>rtgagee ha~ in its passession the ~~licies or ncx, and , plt0'IECTlON OF SECURIII' BY MORTGAGEE. Shewld
nu reinstatement ur replacement polic~• is recei~•eci privr to termina- n~~~ngagor fail to make an~~ paymrnt or do any act pr+ovicleri in this
ti~m uf in.~uranrr ~lurtgagee, w7thuut rxxim to ex demand u~n ~~~~nK-,~Re, then ~ti~rtgagee, but w~thuut ubli~tie~n x~ to ck~, and
~t~ ~ngagor, ma~• (but shaU nex be ~~ii~te~l tu) ubtain such insurance a•ithout ncxice to or aem:uid u~wn Mortgagor, and without relc~sinR
i~h ,uch cennpan~• as !~i:~Z~ee ma}• :i~em satisfactac}~, u:,:1 pa}' the ,~tortgagur from an}~ obligation hereof, may make any such papment
j E-rrmium therefi>re, and the an~ount of an~• premium so paid shall
or do an}~ such act in such manner and to such extent as it cleems
i Ix• chrrKed te~ and prumptl~• paid h~~ Memgage~r or at the c~xion i~f necec,ar~• to pr~xecY die securin• herrof. I?turtgagre is aut}x~rized to
I ~1~~n};aKc~c, ma~~ hr a~i~rcl tu thr in~irlxrdnc~, securc~l hrreh~•. «~trr uFxm the pn~}~em• at an~• time for such pu?-~se.
f In the c~•ent ~1e>ttgagee uFxains am~ such insurance polic-~•,
~ ~i~ ~rtKagc>r, fur his c~w~n benefit and for the prcxection of this eyuih• 8. REI;?1BURtiE~tE;YI'. M~>rtgagor stiall pap immrciiatel~• u~m
i i~icrrc~t in thr pr~~pern•, herc~J• rec{uesti and authe~rizes biortgagee, drm:uid aU cc»~ti, fees or expenses incurreci and sums expencied or
~;u~ ~.ith<~ut IiaMlin• un tiir pan uf ~turtK:~Krr fi~r failurr u~ tu dc~, a~i~:?n:ec1 under the terms of this Mongage b~• Mon~gee, w7th in- '
uhtain such Ex~lic~• fc~r such term and in such form, coatrnt and terest thereun at a rate eyual to the rate pro~~icieci fur in the nexe '
I .inwunt and wi[h surh imurance c~>mpanies a, ma}~ he satisfa~~ton• serurrel hrreb~•, and the ~~lip:iti~>n uf Mort~gur to pa~• such sums ~
~ te, ~leirtKaKrr. Shuuld am• ~x~lic~- thus e~ht~inecl b~~ ~tun~agee there- and interest ac afi~res:~id shall be sectirecl hereb~•. If ~te>rtgagee shall ;
~ .+hrr hr c:u~crllr~f, ~t~~rtxaKe,r shali pa~~ tu A1urt~Rc~ am• carnc~i make such pa}~nent or expend such sums, ~1~~rt~Ror shatl pa~~ a
~ ,~~~emiums un xiid Ex~li~~• and .i re3xmable charge fur icc unicrs in sen•icr charKe in an amuunt eyual to ten per cent (10~ ) uf tlir
~ uht:iininK such Exilic~•. pa~ mrnt made c>r thr sum rspenclrcl.
~ ~funKa~;rr ~hall niH hr rc~~xm,ihl~ (t>r ~he cullrcti~>n ~~f anc
~ ~nwranrr munirs, ur f~~r a~»• in±:rl~~eiic~~ c>f an~ insurer or insuranre 9. LE4SEHOID ESTA"IES If the sectirin~ fe~r thia 4ie~rtRage is a
~ ~:netrr~ritrr. part c~r all uf thr amuunt cullerted under am• fire Ic.~.ehuld c~tate, Mc~rtgagetr shall nex ~n~~ctif~• or terminate d~r lea~e
E ~~r ~xhrr i~uur:uur ~~lic~• ma~• hr applic-ci h~• ~tortgagre upe~n am• ur Ira.~c~ rrcatinK thr Iea.,ehuld estatr, and shall compl~• with all uf ~
€ ~n.lrhtctilnes~ secured h~~ this ~tun~a~;r at ~uch time and in thr man- the cu~~ecianeti and conelitions requireel of the Lessee e~r his succc~.u~r ~
~u•r :ui~i anu~uns a, ~furtKaKee ma~~ detrrmine, ~>r at the optii>n uf in interest to tn performed uncler the lease or Ir.i.~ creating c~id
~ `,1~ ~rt~;a~re, w~ithuut reclucinK the indehtreine~.~ secured herebJ-, maJ• lea.sehold estate, induding but not limited to pa~•inR a-hen due rent ~
~•ithrr hr used tu re~lace, rt~tore c~r recon,trua the pr~~pem~ to a and iuher ch:irKc~ impe~,et1 uFxm such Les.tire. ~
.~mclitic~n kiti~facYcm~ t<~ ~1i~rtKaKee ~~r br rele~.tsc~tl tu MortRagur. 3
i .m ap~~liratiun, u.+e ur rr1~3x shall nc~t rure <~r w~ai~-e am• defa~lt ]0. ESCROV~' (I,~IPOUND) ACCOI'!VT. ~turtK:?R~>r sh311 p:?~' tu
y ~~r ncxicr ~~f drfault hereundrr ~~r im•afidate an~~ act done punu:?nt ~turtgagee, if ~turtRagee shall x~ demand, in addition u~ an~• cxher ~
; e~ ~~uch «utice. ~turtRaRur ,hal1 ~a}• M~~rtp,:iRre ins~ection fec~ and ~r~•ment reyuireci herrunder, munihli• in.uallmencs for the purpenr
E ,~~her cenes rcKUlting from e~~ a>nnectecl ~~•i[h the casualn• Ic~cs of cre~atinR and mainG~ining a fund to pro~i~e pay~ment wfien due
•,tl;i~h .SSich in~ur:~nce rel:iee. e~f an}• taxes, encumbrances, as,sc~ssmentti, lea,ehold pa?ments relat-
~ I.IF~, ACCIDENT OR NEal.TF{ [ti5['!LL'~CE. If ~1ortKagc>r inA to the propert}•, premium~ f~~r am• ~licies oF in.~urance insuring
~hall ac~;iKn ur :1eli~•er a polic~• of life, acrident c~r health the propem~, the Mc~rt~ge~r c>r thr Ie~a~, mc>re ~peciFiralh• referrc-~f
;~~~ur:~nce te~ ~furt~Kcti ;~ti furtfZer u~e•urin~ hereunder, then if to in Para~raphs 2, 3, 4 and 9. Murtp,:?Kc,r shall deli~•er prom~th~ to
~S~~rt~;aKc~r fails t<~ ~~a~~ an}~ premium therecm, ~1e~n~aKee shall i~e ~lortgagee ali bills and naices thereoE Said installmen~s shall be in
; ~ i;tided, hut ncx c>hliKated, u~ pa~~ am• such premi~m. M}• such amounes ati ~1~rtRagee shall estimate frum time to time to br
; :~,ix,unt u~ paiel tih:~ll tk rharKeel t<> anel pre~mptl}' paiel b~~ necc~,ar~• te> pre~~•idr sufficirnt rrxmies in ~aid fund t~~ pa~' such
~~~'RK~~K~~r c~r, at the c~pti<>n c~i ~1~srtKagre, ma~• tx added to thc [3C~ti, encumbrances, az~smenes, lra,ehc~ld paymen~s a~d pre-
;i~~~t~htrelness secureci hereb}•. miunie w•hen the}• become due and shall be pa}ahle concurrentl~•
w•ith the in,tailment under the nexe. If the amounts paid to
ti. TA)iE ;A:dD ENCI'MRRA.'~CEti. ~1cmKaKc~r shall pa~• (a) at ~~~~R~K~ under the pru~•isiunti c,f this paraKr~ph are insufTicient tu
!~•a.t tt~e~~t~• 1_0) c!a~:, t~efe~rr c1~~linyuenc~•, all Keneral 3nd special 1uch t:ixrs, acsrssmene,, lea.~ehold pa}~mencs and premiums as
t..t~~ti ancl ;tt,c~~~ment~ nt~n~ vr here~.ifter affectinR the propert}•,
tht~' hecome due, ~1c~rtkaKc~r shall pa}- to ~1ort~ee pre~mpth• uEx>n
in~!uefinK am~ a~.~r~.~mrntti <yn ap~urtenant water stock: (b) a•hen ~~,~~~~nd thr amc>unt <~f the cirE'icienc~~.
,;ue, all ,~~c•ial a~.k~~mei3t~ fe~r publir imprcn•enient~ w~ithuut
::c•rmittinK an`• imprcn•emc nt bemd te~ ittiue fc~r any special a~,se~.s- In the r~-en~ uf drfault e>f an}~ ~~li~eiun hrreh}- secure-:~, thrn
n~t~nt; (r; em demand e>f ~1urtKaKee, all encurnbrances, charges ~n:• funds in the pe~sr~ic>n of ~tortKaRee under the prc~visi~ms e~f
.~i lien~ c>n thr ~re>pern• c~r ;~m- part therre~f, w•hich are e~r ma} thi~ paragra~h ma}•, at the c~tiori <,f Me>reKaRee. he applic~cl upc>n
I~r }~ric>r ur tiuperic~r hert~tcr (d1 H•hen due, ail fees and charRes ~n.~ indrhtrclnc-s.t secured her~bJ•.
;nricfental u~ e~wnership, occupanc~~ c>r heneficial use of the prc~-
rm: ane7 (e) if the prc>prm• inclueles a ecmciuminiwn, ce>mmu- 11. F('vANCiAL STA'IE!~tE~t7:ti. ~Lithin thim~ (30) ciaJ•s after wrie-
~~in~ apaRmen[ c>r p3rt of a~?lanned de~~elc~pment, all pa~~menLti trn drmand by htortKagee (but ncx more frequend~• than semi-annu-
reyuirecl <~f the ow•ner thereof under am• declaratie>n of co~•en- :dh~), ~t:~rtp,:igcx shall deli~~er to tiiongagee ~-erified financial uate-
+nts ur cunclitiuns c~r restriai~ms pertaininK te~ such pre~KcY. men~s, preFrared in accorclance a~ith accrptable accex~nting praaices.
~tx ~uld tite~n~ge>r fail to m:il~e am• pa~•ment uncier this Para~raph hrr such annu:.l e>r cxher pericxl ati Ate~rt~;Ree ma}' ciesiRn:ite. Such
f tte~rtya~ee ma}•, hut shall na t~e oblip,ateci to, make such pa~•- financiai statements shall inclucie t~alance srieeu, operating state-
;n~•nt and :?n}• anic~unt sc~ paid shall tx cltarged t~~ and prc,mptCy rttents, and ~tatements of sources and application of funds. In addi-
~~.aicl Mc~rtKagcsr or, at the option of tilortRaRee, shaD he added tion, A~ortgagor shafl deln~et ta Mo:-tgagee on demand, copies c~f all
~ the incirhtedne~.s secured herehy, withc~ut rc~rd tc~ the talid- leares, :+Rreements, ~•~>uchers, receipts and cxh~r de~cuments sup-
!n ~ir IeKalin~ c>F such asses~mencs, lier4s or charRc~. portinR an}' oF the items shov+,~n in such statementt. Mon~or shal{
PAC;E 2- ADJt,'Sf/.B1E l1iURTGAGE DEEJ ~~QI~
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