HomeMy WebLinkAbout2519 {.iti•~ an~t maint.un a full :~n~1 ~ccur.~tr ~cY ~~f txx~k, .?n~ r~Y:~r~i, . .~f :t1i)' .xhrr ri~ht which ~tc~r~a~c~~~a~e ur~~~ tfi~~ \t~~n~;.~~;~• ~
,huHinK aii thr in.utrr. atx~~r .pctiific~l, ~n~ +hall ~~rnun \1urt~;a};~•r ur un~lrr thr la~~. uf Fluricl:e. itir rctir~Ex an~) applir.ui•:,n h~ ;
.~t any t~mr tu in,pcY~ an~ au~lit all \1uit~;akur~s txx~k, ~~f :~ccuun~. ~funK.?Kc~c ui ~urh in~•umr punuant herrtu, .hall n~K rurr am
«
Yunl.. an~l {xs~rn rrlatinK a? anp uf thr f~~rrKuink mattrn In thr hrra:h ur ~lrfault, nur afl<Yt an)~ pnx~rc~linK imtitutr~l hr rr:iwn '
r~•rn~ an~• ,uch au~lic is r.iu.tir~1 tu hr macte b~~ ~turtk:?y,cc b)' rr:~u>~l tl~rrr.~f. hut ~uih incimie. Ir., ail iuu, uf ~Hx•r.un,n an.l ~
uf tix failurr uF ~1urtK:?gur tu cumpl~• ~~•ith an~ uf tl?r furc~uin~, maintrnanrr, Hhrn rrcri~ctil h~ \turtF{:~K~~c. ,hall tx• apE~lir~l in ~
y,ru~•i.iun~, the•n ~tunK:y{ur shall pa~ cu :~fc>nKaKrr u~wn ~1rm:~n~l :?II rc~lurtiun ~~f the rntire in~elxcYlnc~~ frum timr tu um~ KY'UC~YI j
c•x~tnst,•s ituurrrd bq ~k~rt~Kc^c in rc>iulc~c~tiun ~sith ,uih :?u~lit hrrrbr. ~turtKaKur +h~ll n~x in •rm• maiinrr uhuru~t ur ~ntrrlrrr ~
Vuiir uf thr pru~•i~iu~~.i ~rt thi~ war.ikra(~h I l ahall i~r apphcahlr ~~i[h any uf ~funK:?Krr'; riKh~ti un~lrr this P.?r~Kra~~h lc, In thr r~rn, ,
,u lunK :~ti thr pniperty iti rcyi~lrntial in nature an~l ~Ichi}{ne~1 Fur ~tunkakcti a~t~ unJrr thr pruvi,ium uf thi. RiraKrap!i Ib, ~fun~;a};ur ~
~ Krup:?~xy h}• Ic~s than fi~~c ( 5) families. ,hall pa~• a sen•icr charKr in an amuunt ~~~ual ~u fi~ r ~x rcrnt (~`i, ? ~
~~f all inre,mr rullcY~etl b~• ~t«rtKa~;er.
12. DtL\if1GE TO OR CONl7E~1NAT10N OF PROPEItTI'. ~i~ . i
~~~,~r~l c~E ~iamrgr, ur cumpenvtiun fur ~nju~• tu, ur in cunnr~Yiun 1' 1'~wn rctiur.t ~~t ~tun~rK„r. ~Sun~.~s~c~c m.~~. at n, ,c~le ?
~~ntt anp ~unVemnaUun [ur puhi~c u.x ui tnr pn~rrt~• ur am• ~n i~~iun. frum timr tu ume make future a~~:~ne•~y tu tlurt~akur.
thr~cY,f, ur :ui~• prexrr~i, ~>f am• settiement a•ith rrspre~t tu a cundem- , ,
natiun w~hrthrr i>r ncx rminrnt cl~~main pnkcti-~1inKs ha~•c hrrn Pru~~i~rcl, hi~HC~rr, that ,uch a~i~ance~ arr ma~1r «nl~ii~ tW~rnt~ I_U)
~n.titu~rcf. ,hall br an~i i. hrrrb~• a,sikncYi h~ ~tureKaKur aixi shall F~~n frum the elate hrrcY~f :~u1 that the axal ~rinr~P:il ~cti~urtY) ~
tx p:~i:1 tu Vurty,aKee, w•hc~ ma}• appl~•, u.tir ur rrir:~tir the :uniwnt hrrrh~• an~1 rrma~ninK unpai~l. inrluclinK am• surh a~~:uiir,, ,h:ill ~
~hrrc~~f in the s:imr mannrr a~ in Par.iKraph 2 pru~•iclyd f~~r the ~~~x at ;ui~~ time rxcctYi thr ay~rc~gatr uu~t;~nJinK princi~xil ~um ~~f ~
}~r;x~rrci, uf fire ur ixher in,ur.~nrr. fO.W plu, am~ di.hunemrntti ma~r b~• ~1~~nKa~;er fur thr ~~}n:r~u
c~f taxcs, Ic~•irs, i~r insurance un thr ~lungaKrci Pn>prm•. ~vith `
intrrr+t un such ~i.hur~rmrnt. at thr ~lcfault r:ur prc~~?~ictil in ~~nmr ~
1 i. l3E~]E1=1C;Wtl'~1 C()\tiFYT ftf:(1l'IttEl). \1~xtK~Kte m:~~ ~i~- i.ti,~~n• nixe u~urrel hrrrb~•. ~1~~rt~e~ir ~I1:lII CXCI'IIIC anJ drli~~rr i~~ ~
rlarr all wnL~ scY-urct~ hrrrb~• immcyliatrl~~ ~ur a~~cl pa~ai~le ~~~ithin ~tunKa~;ee a n~xr e~•idencing c:i~h an~l c~•rn• ,uch futurr a~hancc ,
3'.~ ~L~~~ after such ~kclaratiun erirpt a~ rxprc~sl~~ limitc~ef b}• law•, if ~~hich ~lurtf{aKre n?a~• make, an~l surh ~1~xYimrnt~ ~IurtKagc~c ma~ ~
~tunKaRur, ~ti•ithcwt ~1urtKaKee's priur writeen c~>nsent: (a) srlls. run rcY~uirr tu retiect th:~t ~uch n~xr i, x~~urrci hcrrh~• \furtKa~;ur tileall
~ r~,, ~emtr.ia, te~ .cll. alirn:urs ur furthc r encumtx n all ur :ui}• part ~?11 such fuwre :~eh:tnce~ ith in[c rc-~t ~~ru~•i~ltYl thrrefur. and the g
uf the prupem•, ur lh) lea.xs all c~r am• part c~f thc: pre~prm• fur a ~:~mr, anel rach nixr ecidencinK ~hr k+mr,,hall hr srrurerei herrh~• 9
e<~rm, ti~cKhrr w~ith all exrrci~able ~>ptiun., uf 5}'e~ars ~>r n~~~re; ur ti~xhinK hrrein cemtainrci shaU ~~li~atr ~te~rt};aKc~c ~u makr am ~~irh ~
t~ ~~uffrrs thr title ur an~• intrrru in thr s~ti~ureil pr~~rrt~• eu hr future aJ~ancc~+. 'i'he w~orcl '~1urty,a~;ue" :u uu~l in thi~ paraKr.iph, ~
.ii~e,tcY1, w•hrther cufunt:~ril~• ur im~ulunt.tril~; ur (ell cii:tnkrs ur ~ncludes am' suocc~.wr in uw~irnhip of dir Ui~rt~a~c~c1 Pruprrt~ ur ;
F~rrmi~ti tc~ he rt~:inKed thr ch:~rac~er ur use uf thr pruprm; i~r am• part ther~~~f. 71ir w•ord ~'~1unRaXe~c'~ :?s uxtii in thi., ~r.~r.~kraph ~
( r 1 is a p~rcnrnhip sixl am• <?f thr Kenrr:~l partnrrs' intereu~ arc inclu~rs am~ :~csiKnc~ uf ~turtK~K~'~
tr.imferre~l ur ac;iRnc~i, whrtt~rr re,luntarih~ eir im•~~luntaril~~: eir
. ~ t) i, a c.~r~wratiun with ie~+er than 100 .t~,ikhul~r, at thr ~latr uf ltt. i~~ES. ~tunKaKi~r sh~ll pa~~ tu ~iurtKaKc~ thr ma~imum
rx~cuciun c~f this ~tungaKe and mure than 10'K of it~ capit:il .ukk ~muunt 3ti ma~ frc,m time te~ timr tx prrmitectii h~~ law~ fur furni~hin~;
h u~le1. tramfcrrt~l e~r :~~.,iKrtc~cl elurin~; a 12-me~nth peri~xl z-~,nnec~tiun w~ith thr ~~t~liKaeiuns ,c-~urc~el herrh~'. rach titatrment
1-+ NO V('AI~ER. ~tust~ke~c b~ acrt•p!ink p:i~ment uf ant sum Pursu:~.~t tu am~ statute 3t the time thrn in (c>rcr. A~1~1iti~,n:~lh•,
~c•i ureel herrh~• :~ftrr it~ dur J:iu, ur b~• makinK payment ur takin~; ~turtKaKur ,i~all pa~~ Me~nKagee's fc~c~, charKc~+ an~ r~pr~}u~ ft~r am~
.irn :ictiun whirh, unsrr the pru~isiun. hert~>f ~1urtKaKee is rntitlyd Lxhe: s[atement, infurmatiun ur ser~•icc-~ furnishrci i~~ ~kmKa~;rr in
I cu~~nectiun w•ith the uhliKatiu~t~ xwurr~l hrreh~. Sai~l :er~~ice, ma~
hu? n~x c~hliKatecl te~ makr ur takr, ur h~~ fc~nc~arinK frc~m enfc~rcinK inrlude, hut shall n~x hr limitc~l t~~, thr prexrs,inK h!~ ~~~~RK~~K~'~•
~m ~~f it. riKh~i, ,h~ll n~x I~e ~ccmrc! tu ha~r ~~:~i~~cYl its nKht tt~
r~•e~uirr pa~mcnt fn~m ur :ictiun h~• ~1~~nKaKvr and to declarr a c1e °f a*tiumExi<ms, subuituti~ms, m~xlifiratiun., rxtrn~iem., rrnr~ti:~l~.
f.+ult li~r ~lurtK.+K~~r's failure ti~ du x~. sutx~r:linations, rexi+tiiims, chanKrs uf uW~nrr, the ~rcxrti,inK c~f. i~r
juin~lrr in thr exrcutiun uf, am• map, plat ~unr~ ur ~ xher imcrumrnt
' In ehr «•rnt ~t~m~kee,huuld rrprr~,h ~.ai~r am• nkhts un~irr affecting ex ~c~cnhing the pn~}~ert~~ f inclueiinK all rc~c«r~iin~; r~nts).
~ .irn pni~•isi~ms uf thiti ~lurty,aKr, such «:ti~~rr shall neK tk ~1~~mre1 a recurciati~m uf map, plat c,r recc>rd e~f sun•r~•, Krants tif catirmrnts,
~~ai~er ~iE :~m• riKlus ~furtKaK~~ m~~• hacr ,uhkyuentl~ u~ reyuire anci full anel partial rrlcsK~. anci the c~txaininK h~~ ~tun~;aKrr e~f am•
E,:i~ mrnt frc~m ur s~tiun h~~ lfunkaKc~r an~l tu drel~rr a ~rfault fur pc>licic~ of insurancr punuazu tc~ :im• ~>f th~ pr~~~i~iuns cuntaint~l in
! ~t~mka~~~r', failure u> d~~ u~ lhiti ~turtKaRe.
~
{ 19. V~'Al~'EK OF 1TATiTE Of~ L1~1IT'ATIO\~. ~tunka~~~r hereh~
{ I5. AtiSIGti:1fENT. ~tc~ngagur herrh~• ac,iKns ancl transfrrs tu n:~i~-c~, the fullt~t extent ~~rrmi~,ihle h~• la~r, thr .tatut~ <~f limir.i-
j :turtgagee during the ce>ntinuance of this ~turty,age, all ren~ti, i~.~ues. tiuns :?.ti a drfen.~e t~~ ane~ el~manei ~~r ~>hliKatiun x•rure~cl h~ thi~
! E~rc~Fits, rc~~altics, tc~lls, e~arnings anJ incume of the prc~em~ inclu~i- ~lvrtgaKe.
~ irK ttn»r arisinK b~~ re~.ix~n c~f ;~m• uil. ~ti c~r miner:~l Ie35e therecrf,
~ :ind all i~~uallmenGti c~f mcme}• pa}:~bte pursiwnt w:ui}• cc>ntraR e:f 20. GENEft~V. PK0~7ti[n'~ti
f •aie or Icsse relating tu the propem• or ar»• pan thert~c~f (hereinafter
! refrrred te~ collecti~~eh~ as "incume"), tc~cKher w~ith the riKht, ~ww•er A The term "~ti~rt~Ki~r" ah~ll mran .iil E~artirs rxeiutin~;
:illCj :iUIIIUCt[1' [e) Ct)IItCi :1t11I ret:iin all ,urh inc<~me as it becumes thi, ~tunRa~;e ~turtyiKur. their rrsprcYi~•e hrir.. IeK:?tc~. e1r-
; ~lue anJ pa~able. Alt incc>me recei~•ed b}• ~turtgaKee thr<>uKh thr ~itier~, adminiur.~tun, executur., surcc~u~r~ in intercwt an.l zti-
` exercise of the fc~r~~oing ac,iKnmrnt, le~.s all exExi~~es, (inclu~iing ~i};n,, pn~~•i~1rd that ~1~,rtgaKre ~tiall n~K he ~~hli};:itrel tc~ ~;i~e
~
~ rr~u~nahle att~>rne}s' fc~) inc-urrrcf h}• !~1~>rcy,:~Ker in ce~llectinR surh am~ nexicr rryuirtYl hereunder to am \leirty,aK~~r ~xhrr than as
~ ~n~e~me shall he applicYi b~~ t1e>ng:~Kc~ e~n an}• in~etxcYlnc-tis sc~curtYf ~h~~«n c~n the facr paRe herc~>f.
f i~~ thi, Atortgage at such timr and in the mannrr and am~wnc a~
P ~1:~rty,aKee ma}• drtrrmine. Withc~ut IimitinR the Keneralin• of the B. 71ie trrm •~lurtp,;i~ee.. shall mran thr u~~ner .uut hulclrr
g f~,reRoing, such application ma~• inclucie pa~-ment c~f periixlic in~tall- (~ncluding a pleciKee) ~~f the ncxe secureel hrreh~•. H~i~ether e~r
men~, uf prinrip3l and intrrt-u, ur reciuaiun uf the princip3l b.~lance ncK named a.s '.1~mp,aKer herein.
i
~~r reimbursement to ~tortp,agee at pr~n•icled in P~araKraph 8. The
~ C. E~•~n• prcnisicm c~f the ~I~~rtKa~r int(xnin}{ uEx,n
~ f;~regoing acsignment is intencied as an acsignment to t:ilce effect ~~,~nR3R~r an obligation tc~ perfc;rm an sc~t. ~~r emhcxi~inK an
~ ~mt}• uExm a default b~• M~~nKaK~>r in am• <>f ~tonRa~ors e~ligati~mti ;iKreement b~• ~tortgagor to ~rfurm an act shall tx cemtitruecl
~ under this ~1em~Rr, and A1e~rt~Rc~r acre~rdinKl}~ rc~en•c~ the riKht, 3S e~liKatinR :~1ortRagor to Frap all c~xts anei ex~mc~ rela[inK
~ ~riur to any such default, to cotlect and retain :~II such incc~me ai it thereto.
~ tx•rumes due and payat~le.
~ D. ln the c~•ent anq pren•ision t~erc~~f ,hall ix ~leclar~tii in-
r 16. UEFAULT I3Y ~10NTGAGOK t'n~m ~efault h~~ ~tun~~se~>r in ~alid i~r unrnk,r:e~able throuKh a final judRrmrnt in a cuurt
E?:~}~mrnt of arn• inciebtedness secureci. ur in tne performance .~f an~ tia~~inK cunipetent juriseiictiun, (I1C ~3IICIl[}' Uf tlllUfCtd})~II[~' ~)E
c~t>tigation impc~ed u~n ti1<~rga~ur, M• ~his [stort~aKe, ~turtgaKee ~~m- c~f the remaininK terms herc~e~f shall ncx t~e thrr~h~• im-
tna~•, w~ithe?ut ncxicr and w•ithcwt rt~ard w the aekyuac}~ c~f the sc~c- ~'.~ireci
urit}• fur d~e indrlxt~cinr5s scKUrrcl herebr•, either ~rs~>nall}~ c~r h} E In this ~1c,ny,:iKe, w~hrre~•er the c~~ntrsc w reyuirrs, the
at?~~rnei• or a~ent, n•ithout brinKing an~• acti~m e~r proceeciing, w•ith msxulire Krnclrr inclu~t~ the feminine and nrutrr, the ti~nKu
c~ut entering into ~~.k~si<~n .>f the prc~xrt}•, ur t~~ rrceicer te~ he ~~r numtxr inclu~lrs thr plural, anii ~•icr ~~rr.~, 3nd if mure than
.~~~x,inted h}• a c~wn, ( a) rnter into pcnsecsiem and h~>Id, ~~ccup}•, ~,ne prrum i. namrcl ati MortKaRe~r, thr ~,bliy,:~ci~ms c>f ~turt~:?Kur
: 4~~~.~r~.ti and enje~p the pre>pem; (b) make, cancel, enfurce, m~xiif~• tihall he the je»nt and ,tti•er.~l e~hlif{:iti~m~ c,f each pcrxm.
; „r terminate Ie~asc~; (c) otxain and eject tenan~ti: (d) set or mc~clif~•
renes; (e) take, recei~-e and eollect aU csr an}• part uf the ren~s, LS.SUCS, F. The term 'atturn~-~ti fec~' ,h:~ll inclucJe all r~n~ti, ex~ense,
~ ~~rufits, ro}alties, tolls, e~amings, ince~me ancl inuallmencs (herrin- and atec>mc~rs fees incurcecl pric>r to the inuituti<m ~~f am• pnr
k aher referrecf to collectivel~~ as ~'incumr") as it beccxnrs elue anel ceeclinR, durinK the peneienc}• therec~f, and at all levels <~f a~al.
' a~at~le. After a ~n such ccuts c~f mainter~nce and e ratiun e,f
~ F'" P~ 8• ~
the prt~ert}• as it in its juciRment ma~• deem proper, MottgaRee ma~• G. Ca~tiuns ancl p:traRraph hr.~elinf{a uu~ci hrrein are fur
appl}~ the balance uExx~ the e~tire irxlebtednc~s tFxn securrei cc,m•enience only~ and are ncx a~rt ~~f thi~ a~r~~cment ancl shall
hereb~~. The acceptance of such inrc~me shall ncx ccin,titute a aai~•er nex he usrcl in coaiuruing it.
PAGE 3-- AD)l~STABIF. N<)RTGAGE DEfD eOpK s75 `AGC 2~19
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