HomeMy WebLinkAbout0058 ,
e.~ C aa S2i ~ ~ L~.
4. ir~at ~n or0a ~o Wot~ct ma~ ~ully tM s~cunty ol th~~ matpap~. tM MptQ~Qor. to~t?y~ w~tA. ~n0 ~n ~dOd~On t0 lM mp.~1MY D1V^~~^t~ u~W~ tM [~rms OI [M
~ote secwW M+~Dy. on 1M W~uh~d paYmaet d~t~ of ~ach month u~td tM ?~d nOq ~t /u11Y pa+d wdl p~Y t0 tM A~fOt~~t~on tn~ fpUOw~nO sumt
lal M~~+qdlrtw+t o~ tM taa~~ ~nd ~ss~um~ntt ~v~d a to D~ ~~vHd ~pa~nat tM W~m~s~i cov~~od by tn~~ rtw~t~ap~ •~+tl an ~naqlim~nl ol tM pr~m~um
apr~mwms ~ha~ MnN p~to~n~ dv~ ~n0 p~y~ON to r~w tM ~ow~anc~ a+ tM pr~m~~~s cowrb h~r~bY ~p~~n~l lo:~ by h~~ •~+d windito~m as Wov~d~d
. Iw cr w~•w+ch 3~.c.a~+p. a wcn otn.~ nu.~a .s m•r ~saso~.oh a rpwr~d by tM A~sou~tqn. and ~nsl~lim~nt ol tM W~m~um tA~t w~ti
oscom~ Ou~ ~nd parabN co r~w d» matp~p~ ~MUrant~. ~1 ~ny Sutl+ ~nstal~m~nts shal~ D~ pu~t. r~ip~u~v~H. IO OM~lw~thh (1i12th1 OI lM ~t
t~mated W~m~um a pr~rtuums fp such ~nwr~nt~. 1~d t~a~s ~nd ~ts~qrtN~~s Mat du~ I~s ~st~matW by tM Assoa~tq~) N~s ~u i~~t~Nm~nlt ~Ir~~
pa~d tMnfor. drw0~d Dy tM ~?umDa d montAa lhat ~r~ to ~IapM oM ~wnth pwr to tM dat~ NMn wch p~mwm p pr~mwms ~nd tu~s ~n0
atlesimintf w~ll b~WRN d~hnOWM TM AyOCNIqf~. Wh~N ipplYmp WCA p~ymMq t0 ~nWr~nt~ pr~m~umf. t~a~s ~eW ~/f~~lm~nt~. Wla~ tM fa~
becwn~ dN~now~t. sh+e not pay mtN„t to tM MatpaQor a+ sucn funds. ~od ~u sucn p~ym~nts may 0~ comm~~p?~d bY ~M Assocut~on w~t1+ ~ny
otMr wch funds a w~th ~ts own huWs TM fu~ ~n pl~dpW ~s Wd~uonal a~cumY ~a tM sums s~cur~d by th~s Matp~p~ ~~d s~a suq~ct to us~ Otr
tM Assou~twn m p~Ym~nt o1 "lal~ ch~r~i' ar+d ba~?k cWi~ctan chu~s
Ibl A11 p~ymMts rtN~ba?~0 M tM prK~p wbNCtwn o~ tMS pir~Qr~pA ~nd ~li paym~nts to bs m~~ unda tM noa s~curW Mr~py snau p~ ~dWd
~opa~h~~ arxl tM spq~p~» ~mount 1Mr~o1 snau W pad by iM Macp~por ~acA month M a i~nqle P~YmOnt t0 b! ~ppl~~d Dy tM Af1cOt~~tion t0 IM
folbvmny iroms m th~ ad~r Nt fonh 1 T~a~s, ass~ssm~nts. ~nd ~r+sur~nc~ aemwms 2 La~~ cMrp•s- ,~o w~k ~ai•c~wr+ cnuo.s. ~~i•u wa
ma~na p~ovWW ~n parpr~pA 4 1~1 3 InN~~st on tM ~ot~ s~cur~d h~r~by 1 Amorutst~o~ ol tM p~~nc~pa~ of sa~d no~~
Any dd~c~sncy m tM amount of such apprpat~ monthly p~ym~nts shaN. uni~u p~d by tM Mon9agor pr:a to tM du~ d~u d tM n~at such p~ymMt. con-
sntute s~ avent of dahutt undw tM mafp~q~ Without w~wr ot aoy rpht. tM Assou~tan msy cotwc~ a' Ut~ charpi' as provded m th~ Ncq
5 Tns? tne to1~1 of the pa~m~nu mad~ bp iM Mortp~por und~r (a) ol pu~pr~pA 4 pr~c~d~np snal~ ~ac~W tM ~r*wunt oi parm~nts ~ctual~y mad~ by cne
Assoaat~on fa taa~s a~d ~ss~ssm~~ts an0 ~~su~~nt~ W~meums. ~f tM c~s~ may b~. such ~ac~u sM~l~ b~ cr~d~tW by tM Atsou~twn on wbspu~~t p~~m~nts
to be mad~ Oy the Monypor 1/. how~va. tM ma+tAlY p~Ym~nts mad~ by tM Matp~pa undu 1~) ol pa~ap~aD~ 4 OrK~d~^Q s~+u not n~v~ oNn wMK~~ni so
pay taaes and ssssssm~nts ~nd mw~~nt~ pr~mwm~. ~s tM t~s~ may 0~. wMn tM sam~ Ma~l D~toms due anC psY~b~~ th~n tM Assot~~t~on m~y. ~t rts op-
tron ~mmsd~atNY D~Y suth t~a~s ~nd ~sNftm~nq ~nd ~nsur~nc~ pr~m~um. ~nd eM Mortg~qa sM~i pay to tM Assou~t~on any ~mou~t n~c~sp~y to m~t~ up
ci~e defic~ener. ~~+d suc~ D+Y~T+ent sMH b~ dw and Wy~bl~ w~th~n t~~rty 1301 da~s ah~~ tM d~t~ o~ mad~n9 of ~ouc~ by ~M Assouat~on utanp to~eh tM unou~t
o~ sucn defK~eney 11. et u~y ar.N. eM MatQapw sAall t~r to tM Assoe+atwn. ~n ~eeadane~ w~tn tn~ pov~s~ons ot tn~ not~ sKU~1d h~r~by. 1ut1 paym~nt of
~ne enula ~ndebtedness rspr~s~nnd Mr~by. tM A~yp~~itwn sh~N. ~n compuunp tM rmou~t o1 sucn ~nd~beedness credn to u+e sccount o~ tn~ Mortpspa ~ny
balancs ~sms~rnn9 m tM funds xcumul~t~d und~r tM Woviswn~ ol 1~1 0~ panp~aph ~
6 To perm~t. comm~t a wff~~ no w~st~. ~mpa~rm~m w d~ur~w~tw~ o} sa~d propaty. a sny pa~t iher~o~. snd upon ~n~ b~~urs of u» Mo~tpspa ~a kKp ~M
bu~id~ngs on ss~d txooKhr H+ 9ood cor~tan a rp~~~ ind m~~nt~Mnt~. tM AtWCNUOn m~Y d~m~M prOp~~ m~~~qMrx~ ~nd tIN ~mm~dNt~ ~p~n 01 i~~d
bu~~d~nps. w a~ ~ntrNSS m tM amount o~ s~cunty, p t1N ~mm~~t~ rp~ym~nt ol tM dMt M~bY s~cur~d. ~od iM h~lun o~ tM Mortyapa to tomply vmth
sa~d demsnd of ths Assocutan 1or a papd of tlu~ty 1301 d~~rs sh~~1 ca+sUtuu ~ Cn~ch ol th~s mo~t9ays. s~+d. st tM optwn o~ tM Assouatwn. ~mm~atNy
maWre ths entu~ amount of pnnnp~l srtd mtayt Iwr~by s~cur~d. snd tM AtfOaatwn ~mmed~atsly and wrthout not~c~ may msUtut~ p~otNO~nps to forKbN
th~s ~nwtgage snd sppl~r fa the ~ppantm~nt ot ~ ncNV~r. ~s Mr~maha povd~d. ~nd e+ cas~ 01 ths r~fussl. nep~~c~ w uiab~~ty M tM Mo?t9~pa to rp~N snd
ma+ntain sa~d D~oW~tY. t1~e Aswteai~on msY. ~t ~n optron. mak~ wcA rpa~rs a t~us~ the sam~ to bs mad~. ~nd ~dv~nc~ mon~ys ~n thst b~h~lf
7 To periorm. compl~r w~th snd ~dd~ try ~~ch and ~wry tM st~puiatwns. ~p~Nm~nts. cond~UOns ~nd covena:~tf fi~d prOm~=spry nOl6 ind t~if ~KKtQ~~ Mt
fortn ~
8 To comply with lAa wbd~ws~a+ nstntt~or+s ind tM munic~pil ioMnp wd~nances ~pp~~CabN t0 lM mortpaped prop~rty. not t0 e~Kt or p~~m~t t0 W lrsttsd any
new budd~ngs on t1?t psm~ses Mrtm mortp~y~d a to add to or pe~m~t to D~ add~d to. m~ke or p~rm~t to D~ mad~. anY sVutturi~ iha~tans to any o1 tn~ u
~st~ng ~mproveme~ts tMr~on w~tAOUt tM wnit~n cons~nt d tM Assoaatan. a~d ~n t~t ~vent ot i~y v~o~~!~on or attempt to vrol~te tMs~ st~pulst~ons. a s~y o~
them ihu mwtgsgs and s11 sums s~cund Mroby shafl ~mm~~telY bltome du~ and psY~bl~ st tM optron o~ tMS Assous[a~
g That ~n case of s de}sult ~n smr o~ the t~rms of tMS moripap~ a~+d tM f~h~p o~ ~ WII to fweclose tMa a any othe~ matysye ~ncumpennp tM w~tAen d~scnbsd
propB~ty. th6 ASSOtUt~On Shill W~nt~tl~d t0 ipply ~t ~ny t~rrti vmthout notrce penWnp wc?+ fwecbwfs w~t. to tM court hav+nq ju+~sdtctwn thereof fo~ tlro ~D-
po,ntment o~ a race~ver o} a~i and s~nyular tM ~+wtpapsd p.opsrty. and of sH tM rents. ~ncomts. Wo6ts. ~swes sr.d rev~nues thsrw~. from whatswva wu~c~
denved. and [ne~eupon. ~t ~s here~y e.pnss~y cov~nantW snd aprs~d eh~t tM court sASU fo?tMwtn ap~ant a rec~~vM Of ~~d mortpspsd pOptrty. 111 ~nd
s~nguia~. and o1 sucA rsnts. ~ncom~s. profits. ~ssu~s snd n~ynues t1~no1. 1rom whatsoewr source dr~vld. w~th th~ usw~ pCwer~ ~rW dut~~f of tlC~rvt~f m I~k~ _
cases. and wcn appo~~tmtnt sMil bs mW~ bY wch court u a m~tt~r of stntt r~pht to tM Assoust~on. and w~tAOUt r~(e~enc~ to tM ad~puscY or ~n~d~qu~cy ot
cne va~ue of the p.operty hs~eby mortpsp~d a to ths wlv~ncy w ~nsoh~ncy ot t1+e Mortpapor. a~d tMt such re~ts. pobts. mcomes. ~uues snd ~erenu~s snan
be app~~ed Dtr sucn .sce~wr to tM paY~+t of tM mortpaQ~ ~r~bas~+ess. cosu ~~0 chsrpas. accord~np to ehe o~a~r a} such court
1 O T~a? ~n the event tne owrxrsMp ot tha matpspsd prom~s~s. w~ny p~n tMr~ot, p~comss vested ~n ~ psrson other than tM Mortpsq~x. ths Assot~stq~ msY-
w~thout notwe to ths Mortpsya. de~l w~th wCh succefsa w succ~ssas m mterast wrtA ro/er~nce to eMS R+atpipe ~~d the Mbt hN~by s~cursd. ~n tM sams
ma~~e~ as wrtn the MoRyspor. wdhout~n any way vrt~~Gnp w d~schup~np tM Mortpayw s babd~ry 1+erwndsr o~ upon tf+~ Wbt hsr~by sKurW No ssM of tne
prem~ses heroby mwtpagsd and no forb~~r~nt~ pn tM part O~ tM Astocwtwn. ~rA no eRt~ns~on of t1~ Ume ~o~ the paym~nt of the d~bt Mnby secund 9~wn
by the Assouat~on. shsll opet~t~ to rsl~ase. d~x~ar9e. mod~.y. cMnp~ a aH~ct the ap~~+si bab+~~ty of tM Mon9aya M.e~n. ht~+s~ ~n who1~ a~n part
1 1 That tM event the pNm~ses MreDy mOrtp~pW. M~ny p~rt thereof. sha11 a tot~dtmns0 and teken under the pOwe~ of smi~ent dom~~n. tM Assot~st~on shall
nave U~e r~yht to demsnd that sll d~mp~s awud~d fw tM tsk~np ol a~niury to sa~d ~em~ses shatt pe pa~d to ine Assoaabo~. ~u wccessws o~ ess~pns. up to
the ama~nt ihen unO~~d On tlus mOrt~i~. ~nd m~y bs ~ppl~~d to ~ny wms ~sst paysWe Mn~nder
t2 That t~me ~s ot the sssence o1 ttws contr~ct s+d that no wa~vp o1 ~ny obt~p~twn haraundsr. or of the oW~gauo~ secursd her~by. s?+stl st any ume the~ssher be
he~d to be s wsrvsr of tn~ terms herwf a of tM pomosory ~ote secured her~by
13 In the event of any dsfault ~n sny of tM t~rms of tMS mortpaQ~. a m ths note s~cur~d naeby. sna scceN~~cron by tM hdde~. a sny o[Mr s~twtwn [hai wouid
cause tne mter~st ps~d a psY~bk unda tlws oblpstwn to ~xcesd tM ~nt~ryt ~~tt ~uthor~zOd bq i1w. [Aen m tuch er~nt ~II O~C~tt mnr~st tMntofas p~~d sha11
be cre~rtad to pnnc~pal snd al~ atcru~d ~~d unp~d uuss ~nbrqt shail ~Wt~ and shsll ~ot be an ob~psta~ ol tM make~ o~ of sny othN p~rson
14 Thst to tne eatent o~ the ~ndsbtWMSS o~ tM Mortpapa to tM Assocutwn descnbsd nereM a securW Aereby_ tM Assoc~atan ~s 1»~eDy wbroy~tsd to tM I»n
or nens and to the nghts o/ ths ownsr ~nd Iwld~r tMrtoi ol ~ach ~nd ~wry mortps~s. ~ro~ a otner encumb?ance a+ th~ land d~scnb~d Iwre~n. wh~ch ~s pa~d u+d
sat~sf~ed. ~n whoie or ~n psrt. out o~ tM prote~ds of tM loan d~scnb~d Mr~m or s~cur~d hsreby. and tM nspecaw be~s ot sa~d mortpapes. INns a otMr ~n-
cumbrarxes. shsll bs. snd tM sam~ ~~d ~uh of tMm Mr~py K pnsav~d and shau psss to a+d De MW by ths Assoc~atwe+ ?~r~~n ~s s~cunty tw ths ~n-
debcedneu to the Assoas~wn MrNn d~scnb~0 a Mnby secund. to tM sams utent tlut would nsre b~en pr~serwd snd woutd naw b~en pass~d to and
been neb by tha Assouatan had ~t b~+ duly ~nd rspuls.ly ~ss~poed. tr~ns}and, sst ovsr. s~d Wbv~rsd unco tM Assouatan by ssp~rate d~M oi ~sspnm~nt.
nocw~tnstandng tM fact thst tM sam~ ~+w b~ s~nsf~tl uW carx~NSd o1 recad. rt be~np the ~nt~ntan of ths part~s n~nto tnst tM surN w~~l b~ ssustad and
cance~~ed of racord b~r tM ~wlosrs tMrwi ~t a~bout tM tnr~ 01 tM r~cad~np ol th~s mwiq~
15 That ~f any o} the wms ot mor?~y Mrem nf~rred to b~ not p?omptly ~nd fulhr p~d w~tMn tfn?ty 1301 Wys na~et sher tne ssme sewr~~ty b~come due snd p~YSb1e.
a~f eacn a~d every tne saputatans. aprNrrNnts. COndrt~an ~nd covena~ts of sa~d prom~ssory note and th~s matpspe. a erthsr. ~~s not duly perfwmld. com•
pr~ed w~m a~d sb~dsd by. [M ~ppr~yae~ wm urp~d unda w~d prom+swry not~ ~nd thcs monqaye snan becorra due ~~+d psYaWs ~wthw~th a t~ersahs~. et tM
op2wn ot the Assoc~stron. as lutly ~nd canpl~ttly ss ~f faid ~9prsyat~ wm of ma+~y wen a~y~nally st+pulatsd to b~ pa~d o~ such day. anytlunp ~n sa~d
prom~ssory ~ote o~ nerem to the comrary ~+oMnthsund~np
I i 6 That ~n ordsr to accsier~te tne mstunty of tM ~nd~btedn~ts MrWy s~cund b~c~use of t1+~ ts~iun ol tne Maepayw to psY +nY ta¦ sssessment. 4ab~hty. oWps- .
t~on or encumbrsnce upon sad propsrty ~s Mn~~ prpv~d~d. ~t sM11 not be nsceua+r ~o< <eau~s~[e th~t the Assouauon sha~~ first piy tlN S7m!
~ 17 N a co~veya~ce should ba mads by tM MortOapa ot tM prem,ses n~rnn dssu~Md. o~ any part M~eo~. and tfne qrant~e ~amsd ~n such co~vsysnc~ fa~ls a
~e~uses to auume the paymem ol tM oblp~aon ~v~nt~d by ssd prom~ssay note s~d sacu~~d Gy th~s mo~tysys. ~nd ~n accordancs wrth cn~~~ respect~ve
eerms. and sbde by the ru~es s~+d rpui~twns of tM Assouatwn. ~ncluE~np psyment o~ s ressonaDb trsnsfer 1~, tnen. and ~n that sre~t. at the opuon and upo~
[he demand oi ehe Assoustwn ~II wms oi mpn~y s~curW hsceby shs~~ ~mmed~ately Dscom~ fort~rv~th due ~nd payade
~ 8 That ~he aostract w Wstrscts ol btl~ Corennp th~ mortqsQsd propsrty sMil ~1 alf bmss. dunnq tl+s 6te o1 tMS moctpspe. roma~n ~n cna pussess+on o~ the
Assouac~on snd. m~vent ol tM fw~cbwn of th~s mortp~p~. or ptMr tr~ns~sr of t~tie to t~e ~nortpsgsd property. ~n eR;~npu~shment of the ~ndebted~eu secursd
hereby. aii nght. t~tls snd ~nte~sst of the Mortpayor ~n ~nd to sny wch ~bs[racts o~ c~de shail psss to tM pu.chaser or prsntse
~ 9 SnouW c?+e vaLd~ty or ke~ ot thn monyap~. a ths nofs sscund thereby. be co~us~ed by ~~upsuon w otne~w~se. shs Monqapo~ apr~s io pay to tM Assocutan
cne cost of def~nd;nq the sertw ~nclud~np a nsfonaWs attorn~y's f~e
20 To pay a11 and s+~gula~ the r.osts. charpes snd expenses. mciudinq attwney's (ees reasonsMy u+curred, o. psd si s~Y ume b~ the Assoc~suon. becsuse at the
fa~lure of ths Mortgaga to ps~fam, cprtsply with and sbide by sich and svery the snpulat'ons. agfeements. condnans snd covertants of ss~d prom~ssory note
and th~s mOrtgage. Or either. and evlry Such Is:Glpt /Or th! pEymRnt O( lhs monthly ~nsta~lment ~s rRquuld by tIM Prom~ssory Note? sha~i besr ~ntarlst trOm
date at [ha rote o( tsn per cent i109N pv annum unt~l iully ps~d -
21 The Assouatro~ shs11 have th~ rpAt ~t ~ny brrh snd from t~me to t~m~ s~d wrthOUt not~t~ to or tonsent of any psison to lal re:ease ~ny pwtwn of tM W~~?+~sss
from the t~en of th~s mortpaqs. (b) ?skas~ ~ny psrson I~~bN fGr payrr~nt o1 ~ny mdsbiWn~ss setwed Mreby. IC) e~t~~d the t~nN o( payment or alt~r tM t~rms
oi payment o1 sll w any psrc ot the mdebtWness. nnthout ~K~canp a nl~as~np t?+s p~rsonai I~sGS~ty o( ~~y pasen asble toiner tnan any psrsen r~I~as~d pur-
suant heretol ~o~ tha psyment of sny sum or ~nt~nst sKUrW hlr~by and rvithout m srhr w~se altenny. var~uiq, or d~m~rn~h~ng the fo2es. effttts, o~ ban o! th~s
mwigagef on an the prem:ses not sp~aficauy raN~sed from the h~n of tMs mortp~pe by tne Assocuuw+
22 Any agreement hsreaRer msdsby,Matpapor u+d Assocutwn purWa~t to th~s rtartpspe shai~ ~e supenor to the r~phts oi tM holder o} any ~ntsrvernny 6an or
enCUmbranCE '
23 Upon request ot Mortpa9or. t?e~ Assouatan may. st ~u sde opt~on. Irom t~me to t~rt» bdore tull payme~t of su mdebtodn~ss secur~d hsr~Dy. make turtMr ad-
vances ta Matgagw. p.ovWSO. how~rsr. ~h~t tM tot~f pnrx~p~l slcu«d I+sr~by ~nd .ema~nmy unp~~d. ~ncludmy sny such ~dvsnces, sh~tl not ~t sny t~rrM
~ ceed ehe a~p~na1 p.~ncroal wm sbcur~d h~r~by Monp~9or shall pay all wcA tunMr ~dv~nces w~M ~~te~est snd the s~me ~hsli b~ secured her~py A11 prw~s~ons
ot th~s mortgays shaU spply to uch turtMr sdv~nc~ as vr~N as to alt otM? ~nd~bt~d~u s~cund Mroby Not~~nq he:~~n conu~nW. how~wr, sAall bmit tM
~ amount secursd by thn mortpsp~ d sucb amount ~s mu~as~d by Wvanc~s r*i~d~ by tM Assouaaon. ss narem e~sswt»~s o~ov~ded ~w to wot~ct tM s~cunry
24 In the event tl~s Mortysya her«n. or ~~y subseqwnt Mortpaya. or srryr person a torpaatan own~ng sny mt~rest whstawver. should entumbsr tM propsrty
herex? mortqaped by an instrument commonly rof~rred to srW known ss a"wrsp-around mortpaqi ' vnthout first obta~rrnq the wr~tten conssnt of ths Assoc~a- ,
tion. then, at the optwn of tM Assodstan. tM oW~yetior? setur~d by this Mortpays shail ~mmsdstely bstome dw ~nd pay~W~.
25 To prov~de ths Auocution rvith Flood Inw~a~ce Coverays it the raal propsrty is raw a~ hersshsr determm~d to bs vnthin a apsc~st Oood hau~d ar~a as shown
~Iood HuHd Boundarv Mp/Flood Insw~~c~ Rste Map as publKhsd by the Federal I~sursnce Adminntrstan
FI~EO AND RECURDEO
. St.18C1E COUMTY FIA.
a r~ ROCER PO~TRAS
~ R;.U1T COJRT
~ . ~ ~~...clFn
~ 400~i~ PAC~ ~ ~~P, 7 9 36 aH'~
~ ~ .r 7 •
. • ~ ~ ~
~ ~
~ _ ' e,;
~-,n
~F~