22-18 Exhibits-Discharge of Mortgage-589 Eagle Rock Avenue.pdf

any substantial loss or damage. The LENDER may then settle the claim on his/her behalf if he/she fails to do so. 4) Repairs. He/she will keep the property in good repair, neither damaging nor abandoning it. He/she will allow the LENDER io inspect the property upon reasonable notice. 5) Mortgage and Mortgage Note. He/she will comply with all of the terms of the Mortgage, Mortgage Note and the West Orange Township Housing Rehabilitation Program guidelines and procedures. If any provision of this Mortgage is found to be inconsistent with the Mortgage Note, the terms of the Mortgage Note shall control. 6) Lawful Use. Use of the property shall be in compliance with all the laws, ordinances and other requirements of any governmental authority. 2) The LENDER shall have all rights and remedies to insure repayment of the debt and to protect the LENDERS security interest in the property. The LENDER may declare BORROWER(S) in default on the Mortgage Note and this Mortgage if: a) BORROWER(S) fails to make any payment required by the Mortgage Note and this Mortgage within 30 days after its due date; ff i, Is to, ke Sees a gow her Be sd Mehl aye rages Srdiace Note or ao b) BORR' this Mortgage; c) BORROWER(S) sells the property, transfers title to the property, dies, or (in the case of a single family home) the borrower rents it to anyone for any reason. If the property contains rental units, the borrower may only rent to certified low or moderate income renters per COAH regulations for the life of the Mortgage and Mortgage Note.; d) The holder of any lien (debt) on the property starts foreclosure proceedings; or e) Bankruptcy, insolvency or receivership proceedings are started by or against any of the BORROWERS; f) There is a default under a senior mortgage; or 2) BORROWER(S) fails to comply with any term or condition set forth in the West Orange Township Housing Rehabilitation Deferred Loan Agreement, the Mortgage Note, this Mortgage or the West Orange Township Housing Rehabilitation Program guidelines and procedures. 8) Rights Given to the Lender. BORROWERS(S) mortgage the property to the LENDER. This means that he/she gives the LENDER those rights stated in this Mortgage, also those rights the law gives to lenders of mortgages on real property. When he/she pays all amounts due to the 10/30/2017 12:52:18 PM ESSEX COUNTY Inst.# 13041017 - Page 3 of 5