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Home My WebLink About0436 qui~ements c~~nt:~~ned in ssid puhra~ tu the end that said ~to~tg~~or i, nut a c~~-in.uror the~rund~•r. In- w~ance shall be w•~~tten Gy •~•omp~ny or rump:~n~es approeed or des~Kn~trd by lhe A~~~c~nt~on and all polici~•s and ren~•~v~l. th~•rrof shull be held by th~ Association. All detttileJ dec~~nst~~~nz Gy thr \1ortRaRor wAich are Acc~pt~•.l Ly tlir r! .u~•~aU~~n nnd all :~~re~•ments betw~•~•n \lurt~;agur and As,uciation rclntinR to inauranre, no~.• i.~„t~n~ ur h~vr:~R~•~ ~nadr, ~h:~li ~n ~~•nhn~ xnd :hall hc a ps~t uf this mortt~aRe a~Cree- ment a~c [uilp e, th~~u~h :et (orth ~•erDatun hr~~•in and shall govrru both parties heret~~ and th~vr s~:cce~- sors and a.si~ns. ~;u I~~~n upun any ot sa~d policirs of insurr~ice ur upon any refund or return premium which mwy bP payable un the cancrllation or trrminetion thereof, shall be Riven to other than th~ A»o- eiat:~n, ~•xc~pt by proper endursement at[~xed to such policy and appro~•ec! Sy Association. Each policy of inwrance shsll havr etfixed ther.•to a StanJsrd \ew• 1'ork Atorty;aRee Clause without Contribution, mak- in~ all lucs or los.es under surh pulicy payable to the As,nciati~~n as its interest may appe~r In the event any sum or sums ot muney become payrble the~eunJer the Assuciation shell have the option to receive and apply the Yame on accuunt uf the indeLtctiiness henby secureJ, ur to permit the MortgaRor to receive and usr it, or Any part thereo[. without thereby waiviny; or impairinR eny equity. lien or riRht unde~ ~?nd by virtue of this mortgage. In event of luss or physical damaKe to the mortKaRed property the Mortgaqor shap Rive immediate notice thetrof Gy mail to th~~ A~sociatiun nmi the Association may make proof of loss it the eame is not madc prompUy by the \l~~rt~a~;ur. In eeent o[ fureclo.ure of this mortRaRe or other transfer ot title to the mortKaged property in extin~;u~,hmrnt of th~ indebtc~lness secured hereby, aU riRht, title and interest of the DlortRagar in an~1 to any insurance policies then in force shall pass to the purchaser or ~rantee. The ~turt~agor further aRmes to abide by rules and existinR reRulatiun, of the As- sociation, in connection with requirc~l lnsu~~+nc~• ~~u~•c•rage of th~~ property herein encumbered. 4. That, in order more fully to protect the securit~• ~~f this mort~age, the ~lortgagor, together with. and in addition to, the monthly payments under the t~rm; of the note secured hereby, on the specified payment date o[ each month until the said note is f~~lly paid, will pay to the Association the following sums: Ia1 An installment of the taxes and asse.+~nents levied or to be le~•ied a~tainst the premise~ covered by thia mortgage; and an installment of the premium or premiums that will become due and pay- able to renew the insurance on the premises covered hereby s~sinst los~ by fire. and windatorm as provided fur by paraRraph 3 precediny~, or such other hazard as may reasonably be required by the Association. Such installments shall be equal. respectivel~, to one-twelfth (1ll2th) ot the estimated premium or premiums for such in~urance, and taxes and assessments next due (as ea- timated by thc Association) less all installments already paid therefor. divided by We number ot months that are to elapse one month prior to the dste when such premium or premiums and taxes and assesaments will become deliTiquent. The Assaciation shall hold such monthly paymenta in trust without interest or di~•idends tu pay such premium or premiums, and taxes and sssess- . ments, before the seme become delinyuent. (b) All payments mentioned in the precedinR subsection of thi3 paragraph and all payments to be made under the note secured hereby shall be added together and aggregate amount thereoi shall be paid by the Mortgagor each month in a single payment to be applied by the Association to the following items in the oriler set forth. 1. Taxes, assessments, (ire. windstorm and other haurd insurance premiums; 2. Interest on the note secured hereby; 3. Amortization of the principal of said note. Any deficiency in the amount of such aggreRate monthly payments shall, unless paid by the mortgagor prior to the due date ot the next such payment, constitute an event of default under the mortgage. The Association may collect a"late charRe" not t~~ crcecd t~eo cents ~2~) for each dollar (;1} of each pay- ' ment mote than fiftcen (15) days in arrran !o covrr the extra expense involved in handling delin- ~ quent payments. ; 6. That if the total of the payments made by the ~10rtRaQor under (a) ot~ psragraph 4 precedinR shall ex- ~ ceed the amount of payments actually made by the Association, for taxe~ end assessments ~nd insurance ~ premiums, as the caae may be, such excess shall be credited by the Association on sabseSuent _paqments I ~ to be made by the Mortgagor. lf, ho~vever, the monthly payments mads by the Mortgagor under (a) oi paragraph 4 pmeding shaU not have bePn sufficicnt to pay taxes and assessments and insurance premiums. ~ as the casr may be, when the same shalt become due and payable. then, the Association may at its ~ ' option immediately pay such taxes and :issessments and insurance premium, and the Mortgagor shall pay to the ~ Association any amount necessary to make up the deficiency, arid such payment shall be d~e and pay- ~ able within thirty 130) days atter the date of mailing of notice by the Association setting forth the ~ amount of such def~ciency. If at any time the Mortgagor shap tender to the Association in aecordsnce ~ ~ with the provisionc of the note secured hereby full p+~yment of the entire indebtedness repreaented here- ~ by. the Association shall in computing the amount of auch indebtedness credit to the aecount of the Mort- gagor any balance remaining in the funds accumulated under the ptovisions ot (a) of psrt~graph 4. Ii ~ there shall be a default under any of the pmvisione of this mortgage resulting in a public sale of the ~ premises covered hereby or it the Association acquires the propertq otherarise siter defanlt, the Associa- tion ahall ~pply, at the time of the commencement of such prceeedings or at the time the property is ~ otherwise acquired, the balance then remaining in the funds nccumulated under (a) ot paragraph 4 pre- ~ eedinq as a credit again~t the amount then temaining nnpaid under said note. ~ 8. To permit, commit or ~u[fer no wsste, impairment or deterioration of said property, or sny psri theeeot, ~ and upon the failure of the Mortgsgor to keep the building~ on aeid property in good condition or repsir ~ ~nd maintenance, the Asaociation may demsnd proper maintenance and the immediate repair of said - ~ --buildinqs. or an incre~se in the amount of security, or the immediate repayment of the debt hereby ae- ~ eured, and the failure of the Mortgagor to eomply with aaid demand of We Aasociation for a period of thirty (30) daya shall constitute a bre~ch of this mortga~e, and, at the option of the Association. im- ~z mediately mature the entire smount of principal and interest hereby eecured, and the Asaociation im- mediately snd aithout notiee may inatitute proceedinKs to torecloee this morteaEte and apply for the ap- ~ pointment ot a receiver, as hereinafter provided. And in case ot the refuul. negleet or inability of the ~ortsa~or to repair snd maintain ~aid pmperty. the Association may~ at it~ option. make sueh repain or eause the same to be made. and sdvance moneys in that behatf. 7. To pertorm, eomply writh,~nd abfde by euh and evesp the stipulationi, a~reemanb, eonditions and loven- ~nt~ in wid promissort ~1~Ate ~nd LAi~ mort~a~e ut forth. a. ?o eompl~ w~ith the sabdivbton »~Mctions ~nd the municipal sonin~ ordinances •pplicabb to the mort- p~ed ~roperty; not to er~ct or p~rmit to be erected any new buildin~ on t6~ pnmish htrein mortpred or to add to or permit to be add~d to. malce or permit to b~ mad~~ ~ny ~tsuetnral ~Itaration~ to an~ ot th~ altttn~ impro~remenb thereon without th~ written conssnt oi the Associ~tion; ~nd 1n th~ event of ~ny ~ tlolatlon or atteatpt to ~rloLt~ tbes~ rttpulatlon~, or any of them, thi~ mort~a~e and ~11 ~um~ s~cured h~nbr ~ ~Lall fmmedt~tel~ Meome dw •nd ~ble ~t the option of tb~ Awxiatlon. wr ~ ?h~t fn eas~ ot • detault In snr of th~ terms ot thb mortnn =~Un~ ai a~ip to lor~eloN thb ~ or ~r:}~ oth~r mortpp ~neumMrin~ ths within de~crlb~d propsrtr. N~ Auocl~tion ~I.all b~ ~ntiWd to ~ . rr? } . :e~ ~ gc~K 21$ PncE 4:~s ~ - s - ~ _ , ~~:6 ~.1 r.,_z._~ ~ . _