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PROVIDED 1lLWAYS thac if thc mqrtgagors shal! pay uato the Association the indebcedncss evidcnccd by that ~
:ertain promisso~y note of evcn date t:trewith madc by the mortgagocs and payable to the Association in the principal
sum of S5S6..000. Qfl. which note, together with intecrst thecron as thercin specified. i spaYabtc in monthly
installments of 5-4,5_8Q.$4_ on thc 6rst day of cach month beginaing __OGtober_1_____ _,~q.?4
which paymrnts arr ta applied. first to interest, and, if applicable, to taxcs, assessmcnts, insurana premiums and other
charges upon the property. and the balana to principal, until uid ~ndcbtedness u paid i~r full, and shall perfornn.
compty with and abide by each and evay the stipulations. agceen~ent,s, conditions, and covcnants of the pcomissory
nocr and this mortgage. thcn this mortgage and the estate created hecrby shall aue aad 4~e null and void: howsvcr.
chis ~nurtgage likewisc secures aay advances made by the Assaiation to thc mortgagon or thcir successoca in titlc
for ~ny purpose aay timc befort thc ntease, satisfaction and anctilation of this mortgage, but at t?o time shall this
mortgage secnrr advances on account of thc original note together with such additional advanca to a mazimnm
principal in tzccsa of S-Z4.5.,-Q~Q•-40________ plos interest chcreon and any disbursements made for thc ~aymcnt of
caxes, lcvies. or insnrana on the property co~ec+ed by the lien with intecrst oa such disbursements.
AND the mortgagors do hcceby covenant and agrcc:
l. To par ail and siagular the priacipal aad iatcmt aad otber sums of moncr parable bp virtue of said promissor~ eote and this mo~t;aYc.
or eicber. on cbe dars respectivd~ cbe ume :cverally come doe.
To par all and siagular tbe t]IK. 7fitSSQIt1fIS. Ievies. liabilisies, obligatioas. and eocumbtances of evtrp aatua oa tbe propertr covercd
br this mort~s;e wlxa dae aad parable xcording to law. befoze ttxr bccome dclioqncnt. and if t6e ume sball aot bs pwmptir paid tbe
Association ma~ at aar time. eicber before or after dtiinqneacy. pay tbe same witboat v~aivin~ or a6ating tt~e ~iqn to forttloae. or an~
right 6creonder. aad evcry parmcnt so madt sbalt bar interest from tbe date tbenof at the default nte of .J_-~/4------------- pK aanum:
to repa~ on demaad an~ sums so paid br the Associaeion aad ehe failure of tbe mortgagors to complr with the demand ot tbe Associa-
tion for a pcriod of tbirtr (30) dars shall coastitate a bcexh ef c6is mortgage. aad tbc Assaiation. at iu opcioa. immcdiately aad without
notice, ma~ institntt proceedinQs to foaclose t6is mortgage md applr for ebe appointmcat of a rcceiver as 6creiaa[ter provided: to dcliver
to the Associa[ioa on or before Mare6 1Sth of ex6 ~ur. ta: aceipts evideacing tbe pa~meat of all li~ns for pnblic improvements within
ninK~ (90) da~s afcK cbe same sbatl become due and parable. and co par or disdurge witbia aiactr (90) dars aftsr due date. an~ and
al! 4o~crnmtnal Icvia t6at map be made on tbe moct~aeed propeny. on c6is morcgaY~ or nae. or in an1 otber war ranltiag from tbe
mongage indebcedncss secared br [!us mort~a~e.
3. To kap cbe bnildiags aad all eQaipment and pc~onal pcopertr and ochcr improvemenu now e:isting or txrraftcr plxed or erected
on cbe mortaagcd pnmius iasnced u mar bc rcqniced from cime to time br tbc Associuioo against foss b~ fire and otbcr hazards.
cuwltia and coatiagencia. in such amooa~s and for sach periods u may be reqaired br tbe Association: to pa~ promptly whca dne tlx
pnminms on said insnnnce: to carr~ all insnrance in compaaies approved br t1x Associatioa ::sd writtm b~ a responsibte local sgent
saeisfxtoq to c6e Auociatioa: aed tbe polic~ or policia sball be of ~~ra o< <r~ xcepaWe to tbe Associatioa and shall be held b~
t6t Assotiation nnlas tbe Association waiva in writing snch ti~hc co 6old said polic~ or policia. and forthtr proqidtd that said wairer
may be ~evoked u ap~ cime b~ cbe Associscion: and exh and cvcrr of said policia shall bave accuhcd tbereto an xccpable mongaga
cianst. witbout contribution. malcing all lossa payable to tbe Associatioa: to give immediate aotice br asail to t6t Associstion so tlut
che Associatioa mar make pmof oE loss ef aot prompel~ msde by tbe moetgagocs: that ~ach iesnraace company coaccroed is berebT
aothorized aad directed to make pa~mmt for sacb loss dircctl~ to tbe Associacion instcad of to the mortgagors and tbe Association jointll.
' and thc insnranu praads or an~ parc tbereof ma~ br9pplied b~ the Associ~tion at its opcion either to tbe cedactioa of tbe indebtedneu ~
j Mcbr stcored or to t6c ratontion or repair of ttx propert~ daeuagcd wit6ont impairing or waiving an~ equit~. lim or rig6c nndcr and
~ b~ virtne of'chu o+orcgaYe: eifat'in tbe evcnt of cbe fortclosnci of t6is moagage or ot&r tnnsfcr of ntle fo thc"moctgaged propctf~ ie {
( • :~~cbtednas sctuced Ixteb~. al! riqht. titk and interat of tbe "mortgagog in md to an~ insnra~ce policia thrn in f
sa:«.,u'.:......... y. i
foru shsll psss ~o [be porciKCCr or grantee: in the eveat cbe mortgagon shall fail to kerp ~be ~r~.:ses iesured u above proridcd or sball ~
insnce in a manner not xcepcable [o e6e Auociatioa. the Association ma~ plxe and pay for soch in:unnce or an~ pare ~bcreof wichont ~
waiving or a6ating ic~ option co foreclose or any righc bcrcnnder. and exh snd every parmcat sball bar inttrest from tbe date tbcreof ~
at the defanlt ntc u staud in paragnph 2 and shall be repaid to the Assocution npon dcaund. md faiture of t1x mort~agoa to mm-
plr ~vit6 said demwd b~ t6e Association for a period of chirt~ ( 30) da~s shall constitnte a breub of ehis moctgage. aad,. at ehe option
of che Atsociation. immed'utel~ mitnre tbc entire amonnt rccurcd b~ this mortgagc. aad che Associ~tion immcdiatel~ and withont nocice
maT iascitnte praecdings to foreclose this mortga$e and appl~ for the appointmcnt of a recriver as hcreinaftcr pro~idcd. to dtlivtr cencwal {
or xctptable snbstitote policia or evidrnce tbcceof xc~pable co the Associacion not less thaa 5fcecn (1 S) dars prior co tbe anaiversarl? }
date of the carreat polic~: if ebe poliqr is caacdlcd b~ tbe iasuicr. t6e mortgagoa mast have a new policy. uctptable ro tbe !lssocistion. ~
in chc 6ands of tbe Assocution tweatr-foar (24) houn before t6e e6aeive date u~eed ~n tbe no~ice of caaceilacion io ctie moitgsgar~. ;
4_ To pecmit. commit. or su6er no wute. impairment or decerioration of said propeay. or aa~ part tha+eof. includiag bot not lioited to ~
re~ecatioa, and npon elx failna of ~he moagagors co keep tlx improvemeats on said propertr in good conditioa of apair. t6e Associa-
tion ma~ demand tbe immed'ute rep~ir of aaid improvemaau or. at its option, ebc Association may make and par snch repain u in its
discre[ioa it ma~ dccm nacsssry ta cbe proper praervuion tixreof. and cbe fall amount of such parmcnts shal! bt saartd by tbe lim of
~bis mortg:ge :nd shall be paid to tbe Assocution immcdiatelT npon dcmand: and tbe failarc of tbe mortgagors co comply with che de-
mand oE tbe Assocution to mike such trpairs,or rcpay sach monics e:pendcd by the Association. Within thirtr (30) da~s of eitbtc of
uid demands,sball conuituce brexb of ehis mortgage. and tbe Association. at its opcion. immediacely athl wicbont aotice. ma~ institate
proacdings co foralox thit mortgage and apply for tbe appointmrnt of a receivcr as bcrcinafur provided.
5_ To {;trform. comptr aith and abide b~ uch and evehr the stipalations. agreemcnu. conditions. and covenants in said pmmissory noce
and mortQage set forth.
' 6. If anr ~of tbe sams of mone~ herein rcferrtd co bt aot promptl~ and futl~ paid as procided ia the note aad this mortgsge, or if each
and ~vety t~e. stipnlstions. - aQrccments.. coaditions ind covcaanu of said promissorr aote and tMs mortgage. or cithcr. arc not doly pec-
formed. complied v~ith and a4ided by. tbe aSBregatt snm I:ltOttOlltd in said promissory aote shall become dne and payable (orthwith or
tbtreafter st the option of ttx Ilssociation. u fnll~ and complctzly as if said aggregate sum oE moncy wcre origioall~ uipulated to bt
paid on snch dsr, aayt6iag ie said promissory notc or hercin ~o tlx contrar~ notwithst~nding.
7. Until defanlt in tbe p~rformance of the coveaants and agramrn ts of this martgage. the mortgagors shill be entitled to collat t6t rcnts.
issua snd profits from the premisa hereinbefore described. but : n cast oE a defaolt in any of thc terms of this mortgage. or the 51ing
of a complaint to foralose this or any other mortgage encumber ing the ~rithin d~scribcd propert~. the Auociation sh~ll immediatelr and
witf~oot aotice be entitled to thc appointmcnt of a raeivtr of thc mortgigtd propcrtr. and of thc «ats. issua .nd profits tiurcof. ~vith the
usual po~ver of recei~en in soch cases. aad such appointment shall be made by the conrt u s matur of strict right to the mortgaga. its
saccessors. legal representativa or assigas. and without ref~reoce to the adequacy or inadequacT of the valne of tbe propert~ 1KrebY moct-
~a~td. or to tbe w:vsncr or insolvrnq of tbc monQaQot. and anch rcnt. profits. iacomc and iuucs shall be applied b~ sncb raeiva to
t00K ~1 PACE~t~~
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