HomeMy WebLinkAbout2518 I~~ NnxrcY thr ~r.urin• ~~f llus \SurtK.~~;r tk•r~l. A1unKa~~r AKrcti~,; ? , ' • • ~ •
1 }'It!?tiLK\AT!()\()I~TIfF PN()1'h:Rll' ~1~~n~aKc~rla)~l~llkc~c~~ i (:lAl\1ti, 1)E~L~VI)ti A\l~ ~C:IIOVti ~ihr~t~aR~~ ,h:ill (a~ :i4~
cl~r pruprm~ in kixxl cuncliuun :?rn! rrE~tr. lh) ,hall nix rrnw~~e. ~x•:+r in ancl ~lr(rncl an~' actiun ur pnx~cti~ink pur~x~nin~; tu .iffr~t
:Irnx~li.h ur ;uhu:~ntiaU~~ altrr an~• builJin~;. ,tru~~turr ur im~nn~r- thr xtiurit}• hr~cti~f c?r the rikhu ur ~w~~rn uf ~I~>rt};aKc~•. lh1 at thr
inrnt thrrc~~n. (c) ~tuU r~~mpirtr ur r~-~turr prumptl~' .~i~d i~i K.x~ ~~~tiun uf ~tun~Krr. ~~tiign tu ~turtt{:~rr, tu thr ~•~trnt uf
~~urkmanlikc mannrr am• hui4lii~ whirh ma~• tx• cu~L.tru~Yrc1, \tungagre's intrrc~t, cuiy clainu, cirm~rnl, cx csu,z-+ uf a~~iun uf an~
~l:~magrcl ur dr.tn>>~rd thrre~>n and w911 pay whrn eiur :ill clainu fur kin~f, including a~~~• .~wdrd, euurt jueigmci~t c?r pr~x~rc~h u[.ettlrnxn[
IaM,r perfurmr~l anel m~trrial furni,hc~i therefurr, (d) shall ce~mpl~~ uf any such cl~im, ~lrmarxi ur c~usr ~~f ~cuun uf am• khi~ w•hich
nh it~e pru~•isiunti c~( all iacurancr pe~ticirs ct»•ering and w~ith all Murtga~~r nuw iia~ ur may herrs?ftrr acyuirr arising uut uf aryui,i-
I.i~~~ and re~ul~tiu~~. afTc~tinK thr pn?prm• ~x rryuiring am• altrr.+- ti~m or <~wnrnhip of the pn~erty. ViL'ithc~ut limitinK the Krnrralit}•
uuns, rrpain e~r impruvemrn~s therc~>n, (r) ~hall n<x a~mmit or e~f the forrg~~ing, an~~ such claim, den~nd or r.~ux uf a~~tiun ari~inK
~uffer any wa~te therc~>n, (n shall rxx rumniit ~x sufTrr :uiy :~ct u,wn uut uf acyuisitiun ur uv?~irnhip c~f thr pn~~rr.~• ma~ ?nclu~te ( i) am•
~he pn~em• in ~•iulati~xi ~?f an~• pnroitiion uf an~~ insurance pc~lic7• such injun• cu t1am:~e to the prc~rrq• or an~~ structurr i>r impru~~e-
~~r 13~~ ur ~rKulauun, (K) sh:ill pain[, cka~r~tr, cvlti~dtr, irriKatr, ment situated thercon, or (ii):in~~ claim or rause c~f a~tiun ~n fa~•c~r
irrtii~ze, iumigatr a~zd prunr thr pn~rct~•, :uiu ~n} n>n~iti~rrn wi~ii c~f Murt~?gc~r which sh~ll ha~•r ari~rn cwt of ihr iranvaiun finan~r~i
ttie u.tir thereuf, ~k~ all ~xhrr acti~ wfiich the chararter ~~r u,e ~>f ~hr in whule ~~r in p:tn b}• ~hr making c~! thr luan stt~urc~1 hrret~~• c~r
E~n,prrty may rrax>nably reyuire. (iii) an~• claim or reu+e of :iction ir. fa~~or ~~f Mc~n~~>r (exce~x fur
2. 1NSUlN.'~CE. ~1~xt~ur shall, at ~turt~uc', rxpri~.,e, pru~•i~k h~x1i1}• injun~) R~hieh aric~w ;~ti a rrsuit c~f any~ negliKent or impn~rr
an~ nlaintain in fe~rce at all time. w•ieh rc~spect u~ the prc~rrt}~, fire cun.,truction, inuall:~ticm or repair of' the prc~em•, inclu:ling thr
:in~t ~xher q~prs uf in.tiur.utce ati may be reyuireel by ~tort~~ee. All ~urface c~r subsurface thrrec~l, e>r uf any building ur uructurr
1~f ,uch iasur.u~ce policic~ shall have ~ 1«.s pay~able enek~rsement in thert~e~n. Mort~ee ma~• a~l}•, use or release such mc~nic~ x~ re-
L~~•ur ~~f Murt~re and sh:+ll be fur a term and in furm, c~~ntent, cei~•ec1 b}~ it in the same manner as in ParaRraph 2 pru~~icieei for thr
:~mount, and with such insurancr cumpanies, ac m:?~~ be satisfact~~n• pnxrecls of fire or uther in+urance.
c~~ Mort~ee. Such policics sh:ill he deliverecl Mong~ee uFxxi
the m:ilcing of this Mongage u~x>n the reyuest of it~ Mortgager. 6. DEFENI)1NG AtORTGAGE. Nu[w•itluwndinK the pru~•i,iuns uf
~1~~n~rt~x shall al.x~ deln~er at ~uch timth c~~idrnce that thr full Paragraph 5, Moetgagee may (a) c~~mmence an~1 pnr.:eaitr or ap~ar
47remium fe~r any such Ex~lic?• ha+ been paid. ~turtg:~gee at i~s ~~xiun in and defend an?• action or prex~reciing purpc~rting t~~ afTra the
m:~}• retain ~~sc~sion uf the origin:il polic}• or ma~• release it to thr securit~• herec~f or the rights or ~>w•ers uf Mungagre; (b) pa~~, pur-
Ex~t,etsion of the Mong:~gur. If the Mongagee retaiRti Ex~ssec~ion of rh:~sr, cuntru ur compn~mi.e an~~ encvmbranc-~, diargr or lien
~uih Fx>licies, at ~rau thirq~ (30) da}~ brfc~re the expiration e~f an~• w~hich in the judgment of ~k~rt~agee appear to be prior or superior
,urh intiurance polic~•, a Fx~1ic~• or Ex~licies renraing, extending or herrto; and (c) in exercising an}~ such right, incur an~~ liahiliq~ and
rr~lacing such expirinR insur:uice shall be deli~•erec~l bp Mongagor expend w•hate~•er amoun4s Mortgagee deen~.s re~au~nabl~• neces5ar~~,
u~ ~turc~agee. If any such insurarx~e Ex~lic~• is nex so ekli~~ereci tu inrludinK a~+t ~~f e~~Jenrr e~f tide an~1 rc.~waiablr atti~rnc7s' fc~cy
~1~>rtg:~ee e~r in the c~•rnt an~• ~uch inwranrr Exilicy is c~ancrlleci,
~+hether the blurtgagre has in its ~~.csession the policies or not, and 7, pR0'IECTIO;v OF SECI?RI"IY t31' ~10RTGAGEE. Sh<~uld
nc~ reinstatement or replacement polic}• is recei~•ec1 prior termina- ~~~,rtgagur Cail to m:ske am {w~•ment or cio an~• aa pru~•ideef in this
~iun of insuranre ~1ort~gee, w•ithout ncxice to vr demand upon »~,ngagr, then ~turty,ager, hut witlxyut ~~li~ti~sn ui tu ~k~. and
~tc~n~ur, may tbut shaU neK be ~~lig:ueel to) olxain such insurance n•j~~ut notice w or elemane3 uFx~n hlortgag~~r, 3nJ wi[huut relr:~tiinR
~ti•ith such a~mpany as Mortgagee ma}• deem satisfaaon•, and pa}• the ~~~~n~gtx from an~• obligation herevf, may mal:e an~- such ~~a~•men~
E~remium therefore, and the amount of an}~ premium so paid shall or c1u an~• such act in such manner and to such extent it deem~
t~e chargecl to and promExl~• paid by Mortlqagor or at the option of necessar}• t~> prcxect thr securic~• hereof. Me~rtp,agee is authe~rirecl a~
~t:~rtkaKrr, ma~• hr ael~cY1 tc? thr in~iriuc-~inr*s sc~cureci herrb~•. enter u~m thr pn>pem~ at an~• timr for ~uch purpe>,e.
tn the event :?tortgagee ~~Fxainti an}• such insurance polic~•,
~turtp,agor, for his ow~n henefic and for the protection of this equin 8. ItE1~fE3t'K~£!~1ENT. ~tortKaKz~r shall pa}~ immr~lciteh up>n
intrrc~t in thr pn~em-, hrreh~~ rryuescs :uxi au[hexi-r.es MurtgaKer, drmand all a~t~, fec~ ur expen.srs inevrreel and sum~ rrpenclyd ~~r
~,ui w~ithuut liahilin• un the pare uf ~tunKaKc~c fur failurr u, tu du, ad~~ncecl under the terms of this ~tortgage h~• Mortp,agee, R7[Il in-
~ e,htain wch ~~li~~~ f~>r such trrm :uid in such f~>rni, ce>nten[ :u~d cerest thereem at a rate eyual to the rate pro~icied fi~r in the nexe
anwunt .uid w-ith such ii~tiurance cumpanies a~ ma~~ he satisfacte~n~ sc~currd hereb~~, ane{ the uhligrticm uf Morty,:+gur to ,uch wms
e~ ~~t~~rtKaKer. tih~>uld am• Ex~lic~• thus ~ihtainc-cl b~-11e~n~Kee there- and interc-st ac afi>resaid shall he secureci hereb~•. If .41unK~Kee tii~all
.ittee ht c:u~crll~•cl, ~t~3nKaKe>r sh•rll pa~• tu ~turtgager am• eamrc! mal:e such pa}ment or expend such sumti, ;~ti~rtKag~~r tihall pa~~ a
G~rrmiunL~ un ~:?i~i Fx~li«• and a rcau~nable charKe fr>r its sen~ices in unice charRe in an amuunt eyual tu ten prr cent (10'~ ) c~f thr
~~htaininK such ~x~li~~•. pa~nunt madr ur thr sum exprndr~l.
~furty,aKer tilt~ll rnx Ik rc'y[x~n~ihle fur ehr cullectiun uf :trn~
~n,urance mt~nirs, ur fur am• inu~h•rnc~• c~f any insurer e>r insurance 9. IFASEIlOLI) EtiTATES. If thr src~uin~ ft>r thi. ~te~ngaKe i, a
i,n~ierR-riter. Am• part c~r all e~f the amuunc collecteci undrr an~• fire Icasnc~~ld c~tate, ~1urt~aKor shall ncx mcxlif~• ur terminate thr Ira~e
; ~,r ~xher in,urance {xilic~• ma~~ hr applieci h~• ~te>rtg,:~Ree up>n aii~• ur le~a.,r~ crcating thr lratiehulei t~tate, and sh~ll cum~l~~ n~ith all e~f
in~irhteclnc~~ securrci h~• thit ~1e~rty,aRe at such time and in the man- the co~•enant~ and conditions reyuireci of ehe lr~~rr ~~r his sucrc~k~r
~ n~r an~l :un<~unt a~ ~1<~n}~c~ m:?~ ~letern~inr, or a[ the e,ptiun c>f in interc~t te~ tx Fxrfurmeci under the leatie ur Icatic~ creatinK ~ic1
~ ~1~mKaKee, w-ithuut reclucing thr in~ebtcYinres securecf hereb~~, ma~~ Ie~a,ehc~ld estate, indudinR but ncx limited tei p1~inK w~hen ~iur rent
~ rnher be u.xd tu rrpfacr, rc~tore or rerunur~ct thr pru~rn• tu a and ~xhrr charKc~ im~ned uEx>n such l.e+~rr.
; ~~,neiiucm ~tisfacti~n• to \Surt~gee or br rele'.~xd to ~t<~nKaKc~r
~ ~i~ applirati:>n, u.tir ur rrlc.~x >.h~ll nc>t cure ur ~ti•ai~~r default 10. ESCROVi' I I~1POl'vD) ACCO[';V7'. hlon~aKc~r shaU p:~~~ t~~
ur ncxice of drfault hrreuncirr ~~r imalici:~te an}~ a~~t ~ieme punuant ~furty,a~;ee, i( ~tortg,agee shall su demand, in additicm t~~ an~~ exher
~ c~ ~.uch rxxice. MurtKaRi>r sh:~ll pa?~ hturt~gee intpectie~n fees :uid pay-mrnt reyuired herewider, munthl~~ inuallments for the purpc>,r
~ ~;~her cus~ti rc~ultinR fr:~m ~~r cunnc~e~trcl n•ith the ca~ualn- I~~c. tu uf cre-ating and mainraininR a fund tc~ pro~•ide pa~~meeit a~hen dur
«hich ~uch intur.~ncr rrlatc~. ~>f am• taxes, enctimbrances, as.sessmentti, Ic.~tiehuld ~~-men~~ relat-
3. I.IFE, ACCIDENT OR 1iE1U.TH ltiSL'NA!VCE. If ~1c~rtKaKi~r inR to the prc~em•, premiun~.ti for an?• pc~licies of in~urance insurinR
~
~ ~hali :~.~.tiiKn ~~r deli~•er :t Fx~{ic~• of life, accident c>r health the pruprm•, the ~~tort~Kur e~r the 1«n, mc~re specific:t~lc rrferr~Yi
~ ~~i•urancc tu ~turt~Kre ati funher ~ecrarin~ hereuniler, then if tci in Waragraphs 2, 3. 4 and 9. ~tortg,:tgur shall deli~•er pre~mptl~~ t~>
6 ~t~~rtgag~~r fails to pa}• am• premium thereon, ~1c~rtgaRee shall be ~lottgagee all hills and ncxices thereoE tiaid in.~tallmrncs ~hall he in
~ ~•r,titleel, hut ncx c~lif{atecl, tc~ p~~• am~ such premium. such amounts a~ :~tortgaRee shafl rstimate frc~m time tu time to he
~ .inuwnt se~ paict shall be charKe~ te~ and pre~mptl~~ paicl tn nrcc~.~n• w pru~•ieJr sufficient m„nies in ~id fun~f tc~ pa~~ such
~ ~+.~~rtg,:ig~~r <~r, at the optic>n of ~1~~rtKagee, ma~• be ac7~led ti~ thr C:1.KCti, encumbrances, a~.~essmencs, leasrhuld ~a~~mentti and pre-
~ ineietxecinecs secureci hereby. miums w~hen tne~~ hecome due and shall he ~a~~hle cc>ncurrenth~
~ with the installment uncier the n~xe. If the amuuncti paid e;>
° 4. TAXES AND ENCI'A1BRAtiCE.S. ~1ortKaR<~~ shail pa}~ (a) at ~t~~rt~re uncler thr pru~isiun, c~f thi, paragr.aph arr insufficirnt t~>
~ I~~;~~t [w•ent}~ ( 20 ) ~1a~s hrfe~re clelinyuenc~~, a!I t{eneral and special tiuch taxc~, :~~.SCwsmrn~i, lea.tieh~~ld oaJ~mrn~i and premi~ms ati
~ r,ires anci a~.~e~.timrncti nc>w• c>r hrreafter atTectinK the p~o~m•, chr~• become due, ~ti>rty,aKe~r shall pay tc~ ~1urtK:?Rer ~r~~mpth~ upcm
p i~~cluding an}• 1~.~~.timentti on appurtenant a~ater stcxk; (b) nfien ~en~and the amuunt c~f the deficienc~•.
5 ~iue, al! special atitic-ssmrnt~ fc~r puhlic im~rer~emen4ti a•ith:>ut "
~ {~ermi[tinR am~ impren~ement ~~nd te~ ictiue for an)~ special ati.tie~.s- In the ~~~ent c~f drfault uf am• ~~hli~tiun hrrnc~ u~curr~l, ehen
~ ment; (c) <~n demand ~>f MortgaKee, all encumhrances, char~eti ~m• funds in the ~x~tse~sion of M~~rtRaKee uneler thr pren~itii~mti uf
~ ancl lienti e~n the ~~ri~pem• c?r am• p~rt therec>f, which are e~r m:~y thiti paraKraph may. at the e~tiun c~f ~turtKagt~, tx applit~cl u~em
~ fx• pric~r <~r ~uperie>r hereter (~lj w~hen due, all fef~ anei charKe~ ~m• ;ndehteclnrc~ secured hereb~•.
~ ~n~ idental e~wner~hip, c~ccupanc~~ c~r heneficia{ utie c~f the pre>p-
~ ~~n}~; and (e) if the pre~em~ inclucles a cunci<?minium, c<~mmu- i 1. FI'~AtiC.IAL tiTA"(E~1FV7'S. Vi ithin thirn• (_3(?i Ja~~s ~her w~rit-
~ nu~• ap:~rtment c~r Fran of a planned de~•elopment, ali pa~•ment~ ten demand b}• ~1c~rty,agee (hut ncx nx>re freyuenth• than semi-annu-
~ r~yuirecJ c>f the <~aner therec?f under an}• declaratic~n c?f c~n•en- all~~). M<m~gor shall d~li~~er to ~t~,rtgagee ~•eriFie~i fin:u~cia~ statr-
~ .inG~ c~r c<mcliti<zn, ~~r restric~iuns pertainink te~ such prujea menLS, prepareci in accorciar~ce a•ith accrptable accounting practirr~.
~ tihe~ule! ~ie>rtKaRc~r fail t<~ make any pa}•ment under this ParaKraph f:~r such annual ur exher peri<x1 as 1~1e>rtp,:igee ma~~ cfc-~iRnate. Such
~ ~iextAaRee ma~~, but shall nix be c~ligated to, make such pa}•- financia! statemen~5 shall include t~alance sheets, operatinR state-
~ nirnt ancl ~n~• ariw~nt u~ p~aid shall be charKec! u~ and pri~mpd~~ ments, and statements of sources and application of fundc. In adcli-
~ Er;id hy Mortp,aKor or, at the optiem c~f Mortp,aKee. tihal! tx added tic>n ~tc>rt~or shall deli~~er to MortAagee on dernand. copies <~f all
~ t~~ the indehtednets secureci hereh~•, v~•ithe>ut rrRard to the ~-aliel- I~zx~, akrrementti. ~~~~uchrrs, receipts and ~xhrr d~xvments sup-
,n c~r IeKalin~ of surh a~.sessment5, lien.s <~r rharKt s. pe~Ring an} of the item.s shc~wn in such statemen~s. Monpa~or shall
~ . PA(~F. 2 - ACJI~.STA9LEMORTGAGEDEED e~~~ ~ ~~~C~~~~
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