|
<br />I
<br />
<br />88- 101514
<br />
<br />un>, IInd all outstanding controcr.r for the erecnon and completinn of said buildiflllJ, to melee and enter inta any conrractl and
<br />ob1isatio"" u:here~er neceuary, eilher in hisiher own IUlme or in the Illlme of the ,\lort~80r, and to plI.y and duch4rl" 1111 deb'"
<br />ob/~tion', and lisJbiliries incurred thereh,Y, All such sums so adllanced by thll ,l/ort.~alIltlt (uclusiue of adL'lInce, of thlt principlll
<br />of the indebtednta ",cured hereb.y) shall b" added to llle principlll,)f the indeb,ednClII secured her"b.y and shall be ftcured b.y
<br />this JfortSO:lJ" IInd ,h411 be due and pa.vlIbll! on JerrulfId u:irh interest .)1 Ihe rate specified ill the note, The princlptll sum IInd
<br />other charsu provided for ht!rem shall. nt the option nf the .11c1Tt~tZfie" or holder of this Mort~~e and th" note secUrlflg the ,ame,
<br />become due and po.vablE' ,m the Jailure of the ,lloftgagor to keep alld p,erfnrm an.y of th" COL'L'nanll, conuitiolll, and n,l{l't'emenu
<br />of said bUilding lnan agreement. This cOllenant ,hall be terminated upon completion of the imprcwemf!nlS to the satisfaction of
<br />the JIortgCUfee lJnd thp making 0/ the fiMI aUt'ance a.s provided in said burldins loan agreerrnmt:
<br />
<br />-'L..
<br />
<br />17. That, togelher with, and in addition to, the payment, of interest or i'),f .')rinClpuI and interest payable unJl!r the terms
<br />of Ihe note ,ecured huebythe Jforteogor,will plI)' :0 the .lfortsogee on ench pgyment d.ate hereof, unnlthe said note u full..... J'Gid
<br />
<br />the folio u:ins SUI11J:
<br />
<br />(a) A sum equal to the ground rents, if any, and the taxes and special asses,ments next due I7n the premue,
<br />cOl'ered by thi.s .lfortFage, plUJ the, premiums that will next become due and payable on policie, of {ire and
<br />other propert.y insurance cOl'erinl) the premise! covered hereby, plu.. water raleS, Cnze!,and auellment,ne%t
<br />due on the premiu, cOt'ered ,iere&x (all as estimated by the ,l!ortgCl$l!tJ) le!s all $UIllI alread.~' paid th~efor
<br />dil'lded b.y_the number of months to elap!e before one (J) month prior- 10. the oote ..dum ,uch ground rents,
<br />premium!, u'otler rates, tn.res and aueument, will become delinquent, such .turns to be held by Jlortgagee to
<br />pay said ground rents, premiums, water rate" laxe! and specisJl'asselJments.
<br />
<br />(6) All pa~'menu mennuned in the preceding sub,ection of this paragraph and all paymtJnU to be matU undrr the
<br />note secured hereb.y shall be added tosether IInd the IIggTtlJOtt>amount rher"of shGll be paid ellch month in a
<br />single pa.l'ment to be applied b.y JIortRagee to the following iteln;' 'in the order set forch:
<br />
<br />(/) ground rent" taZeJ, 'pecisJl asseJlmeflU, water rate.t, fire and other property insurance
<br />premiums;
<br />
<br />([1) interest on the l.ote ,ecured hereby;
<br />
<br />(lIIJ omorii=ation of the principal of .1aid not".
<br />
<br />lB. An;\' e%ceu funds accumulated under (a) of the preceding paragraph remaining lifter payment of the ite/TU thereifl
<br />mentioned ,11411 be credited to ,ub.1f!quent monthly paJ'ments of the slime Mture required thereunder: but if any ,uch item sluJU
<br />ueeed Ihe e,timete thllefor the Jlortgl28or ,hell without delTl4nd forthwith make good the defiei.ney. Failu... to do '0 before
<br />thf due d.ate of .1uch item ,hall bt a default thereunder. If /he property i.t .told UNder foredrnure or i.t o/herwillllcquired b)' the
<br />.\Jort6o&ee after default, any r"meining balance o{ the accumulafioM under (a) of the preceding pora,uaph ,JuJU be credited to
<br />the principal of the .llortgl28e as of the d.ate of commencement 0/ Joreclo,ure proceeol"8' or QI OJ ene aate ene property iI olher.
<br />wi.se acquired; IIl1d .
<br />
<br />19. 1'JuJt the .lIortgasee ,hDil hGve the right to illlJ'flct the mortgtJ!l!d premi.tu al any relUonable time.
<br />
<br />20, 1'JuJt '0 long QJ the /IIort~ and Note ,ecured hereby an, out'tanding, il will not (a) Tint dwelling accommodationl
<br />in the mort!GB"d premise.1 in ezce.. of the rates approved by the Morlgore or for period. of Ie II tluJn one month or in exc," of
<br />three year,; (b) rent the premi.te. QJ an entirety; (c) rent tne premileJ or ony part thertof to IIny penon far the purpOlf of.u6-
<br />If!Q.1ing; (d) rent the premi.se, or pnmit ill u.le for hotel or IrlIruiellc'purpo.e'j (e) require oj any tenant QJ a crmrlitior. 'rJ
<br />occupGncy life-lean contracU, fees or other paynuutJ oller and abolle tho:e for rent.. utilitie" and collot,ral..rvice..
<br />
<br />21. IN THE EVENT of default in making any monthly pay me fI I prollided for herein or ifl thenole 'ecllred hereb.v for
<br />CI period of thirty (3(J) doy' after the due d.ate thereof. or in CMe of a breach of any o,her cove1lClnt herein ,ripuL:Jted, Ihen 'h.
<br />whole of ,aid principlll,um remeining unpaid together with accrued intere't thereon. !hall. al the election 0/ the !tIort~p..
<br />wjthou' non'ce, become immediattly due and paYllble, in which ellent the Mort8ll!f!e ,hall hlllJe the ri6ht immtdiotely to foredo,.
<br />,hi.s -'tortICle;
<br />
<br />22. AND IN CASE OF FORECLOSURE of this Mortga~ by !oid Mort~&ee in IIny court of taw or equity, a re;JJonClbl.
<br />,um shall bt allowed for the !olicitor', fee, _/ the complainanc, not to uceed in any case five per, eUWm (5%) of the amount of the
<br />principal illdeb,,,dn,,,, found to b~ due. and the .'enoKN'pher', fee, of the complainanl in ,uch proceedinl, and CO," oj millut" of '
<br />foreclosure, ma,ter ~ fee!, and all orher colt, of.uit, IInd auo for all olltlgy, for IIocumentary elJideflce afld the coli of CI compl.r.
<br />ab,trllct of title for the purpo,e of ,uch foreclosure; and ifl C4Je of aflY Deller 'uil, or le~l proceeding, irvtitured by Ih. .\larlAee
<br />to enforce the prollisiolll of thil Mortgage or in ClUe of any ,uit or legal proceeding wherein the !ttorlga&ee ,hllU be meUM a pgrly
<br />thereto by recuon of this MortAe, it, CO," and upen.e" and the relU01lClbte fee, and char!e, of the II11ornll1' or ,olicitorl of the
<br />Mort8"<<ee, .10 med" portiu, for lervice, ill ,uch .uit or procf!fldin~', ,JuJll be further litn emd charge upon 'lIid pre mile, under thil
<br />Mort&IJ6fI' and all such uperut. ,hall become ~ much addih"01lCll indebtedneu ucured hereby and be lI110wed in emy decree fore.
<br />clolin! ,hi.t '\/ortgll!e;
<br />
<br />2~. AND THERE SHALL BE (,,'CLUDED i,,_, decree for~I01"ng thil MortGll!" IInd btJ paid out of the prOCtffJ. of any
<br />tale mo.dff In pUrlU4nce ollln,)' suc" decree: (I) All ,he co.lI of ,uch suit or ,uit" adllfTtUing, IlIle, IInd COlllleyanCt, jllcludin~
<br />lI~torn',", ,olicitoTl', and 'tenograplll", feel, oUllay' for documentary' evidence and co,t of ,aid ab,rracl a~d uamination of
<br />htle: (2) All the monlY' ?dL'o~ced h.y lI.e .\Iort!o~ee. If II~Y, for flny purpo,e IIl1,horiced in tht mort~e, with inter.'t on .cech
<br />~dlJQnclI at the rate 'p~cifi~d In th, no,"", from the timlt ,cech adDOlICeI are made: (3) All the accrued interest remaining unpaid on th~
<br />Il1debrtJn~" hneby '~cured: (") All the ,aid princiPJI money remaining unpaid. Th~ over.pllU of the proceeds of IGlt, If an.", ,hall
<br />then'" paId a.I th. f'our! l7Uly d,',Ict;
<br />
<br />nfA JO,t-I:" J_. 1."
<br />
<br />'''' So, . _..
<br />
|