HomeMy WebLinkAbout0616 4. Tnst ~n o~da to pol~tl mor~ fuNy tM sotunty ol lMf matpp~. tM Matppp. loprtM~ vwih. s~d ~n ~dd~t~on to. tAt monthlV paYm~~ta undn tM t~imt ol ~M
~ou s~cur~d 1?K~py. on t1r sp~c~INd p~Ym~nt d~q of ~ac1~ month ue~M tM sad not~ n h~!!y p~. wdl pay to ~1» Assouatwn iM Idlowu~q sums
• fal An ~nstaMmp» d tM taaas and ~ss~sarthnts Nrwd a 6o W Mv»d ~pw~st tM p~m~s~s cow~~d by tlrs maty~g~. a++d s~ ~nstsilm~nt o1 ~hs w~m~um
o~ p~mwms tMt wdl Wtom~ dw Md p~Y~bN to ~v1~ lM ~rr~nt~ on tM pnrtrsK tove~W ha~py ~p~nsl b:+ O~r fu~. u+d w~~WStwm. as pov~d
(a A? Ds~+prph 3 wacW~rp. a wd~ othr Mrard ~s m+Y ~~~sonaoly b~ rpuK~d M ~M Assoc~atan. s~d s~ K?suumM~ 01 tM w~r?uum thal vmn
~dcom~ dw and p~Y~DM to r~w tM ma~p~y~ w?swaoc~. d any SucA ~nst~NmMts sh~tl b~ pu~L ~~tqcliwly. toon~ MrNhh (i//2lhl ol tM os
umst~d p~mwm a p~mnwns for wch ~rtswanw. and taa~s ~n0 aswss+n«+b r4at dw las ~surt?~t~d by tM Assoaatao) Nu a11 u~suue~ts ~k~~d~l
W~d ~nH~ta, d~vd~d by tM numb~r ol nwotAs tMt ~n to ~4ps~ on~ mon~h pr~w to iM dai~ w~rn such p~mwm p p~m~ums a~d t~.~s ~nd
` assessmMts w~Y b~oonM d~imq~?t Th~ A~socMppn, wA~N ~ppty~np such paym~nls 1o u~w~~ p~nwums. ua~s and ~ss~ssmMts. b~lp~ tM sartw
bscom~ d~hrqwnt. s1uM not pay u?u.Nt to Ur Matp~pa on wch lunds. ~nd ~N sucn P+vmM+ts mar b~ comm~nplW by ths Asaoustan vmth ~nY
otMr sucn funds a v~ntA ~a owt?lundt TM lunds ~n pNdp~d q add~twnal ~cunty 1or e1» wmi qcu~W by th~s Ma~p~p~ snd u~ wbHct 1o us~ by
ttw Assoc~stan w+ p~y+n~M ol "4t~ cl~y~s.. Md b~nk eolNctan clis.p~s
(b) All pa~m~nts mau~or»0 m IM pr~tW~np tubs~cUOn ol Uw pas~sph ~nd dl p~Yrtwnts to b~ mad~ unda tM rat~ Mcur~Q Mr~try shsY be ~ttd~d
coq~tha ~nd th~ ~yprpsa amount Nwwf shaN b~ pi~d by tM Maty~por ~sch month ~n s s~npk paym~nt ~o be sppbed by tM :.ssocutwn to ~M
~dbwnnp ~ums ~n tM adN Nt lath 1 tucp. ~sNasm~nts. u~d nwr~nc~ p~rtuums 2'lat~ cMr9es" ind Oar~t tdNctwn chsry~s. unNst pi~d M
~~a woYd~d m Pup~~P?~ ~ tai 3 Int~rsst o~ tM noe~ s~cund h~r~by t Amptuuan ol tn~ pnncp~~ of sa~d not~
A+w def~sncy ?n ~ ~ma,nt ol wch pyrp~a mo~tl~r P+Y~~s sM11. w~Nss WNd M ih~ Monqspa pra~ to ch~ dw dan d ~he nex~ sWCh pay~n«+~. oon-
stitua an evw+t oI Mfsult ~ th~ mwipp~ 111Fithput w~iwr d sny ngM. ths Assocuuon m~ c:opstt a"ISte clurys" n p~ovded in ttw Nots
5 That th~ totN ol tM paym~nts mad~ by ihs Mortppor undK la) of pa+prsph 4 p~cadu~q sAiN ~icNd tht amount ot p~yments sttuslh made by tM
Assoastan for qass snd ass~ssm~nts ~nd ~nsurK?c~ p~nwums. p tM qs~ m~y b~. wch ~auu shall b~ c~~t~d by tM Assoc~sian on wbseqwot p~ymems
to be made by ths Mwtp~yor 1/, how~v~. ~M moe+thly p~ym~nts m~ Oy th~ Mwtpapa unda 1s) ol pa~sprspA 4 p~~c~np shsN not hsw b~w~ wHKNnt to
paY taass snd ssssssrn~nti ~nd insur~nc~ pi~mwms. a1 tM uf~ rryY 0~. whtn tAe sam~ s~+all become due and piyabN. tMn. tAS Assoaatqn maY. at rtS op
tan. ~mmed~atelY psy such ta~~s and ~swssm~nts and N+w.u~t~ p~~rtwum. ~,d tM Mortpsya sAa11 p~~ to Uw Assoc~atwn sny amount ~ecesssry to ms?~ up
the debc~ency. snd such p~ym~nt shaN E~ dw ~nd paY~bl~ vnUwr? tMrty (30) d~ys ~h~r ~h~ d~t~ ol ma~lu~q o1 notKS by th~ Assoustan se[tu+Q forth tM amount
of such defic~ency 1t. ~t ~ny pme, tl+e Mortp~9a sha11 t~ to tM Assoaatan. r+ ~ccadsnce rv~th tM pranswns of tM note sscu~~A hereby. fu!! paymMt ot .
che entne ~++dsbt~dneu ~presena0 Mnby, th~ Assonatan sMM. m computrp tM smov~t of such u~btedness. crecwt to tM sccount of tM Mo~tpapa an~
ba~ancs rem~m~ng ~n tM funds accun+ulat~d ue~d~~ tM prov~s ol (U o~ p~r~pr~ph ~
6 To pe~mrt, comrtwt a wNN no w~st~. impl~rm~nt a d~t~rqr~don or sa~d popt~ty. a a~r psrt tner~of. snd upon t~e h~h,re ot tA~ Matyapa to k~ep tM
bwkkrgs on sa~d pop~rty m p~wd corWAan a rspm ~nd m~ruNwrc~. tM Assoa~uon m~y d~msnd popK ms~nansnce si+d tM ~mmw~sb rpar ol ssw
~wkLngs. a M~ncruss m tM smount of ~cunty, or tM ~mm~ut~ r~paym~nt of tM d~bt I~aWy s~cwed. and tM Isdur~ ot ths Mortysqo? ro cnmply Nnth
ssd demsnd o( th~ Assocuuon br a paad o1 lhuty 130) d~ys sfyk oauatun a Orwcl~ ot Urs monypt. u~d. at tM opuon of tM Assoustan. ~mrn~dutdy
mswro ths ~naro amount d pre+ap~1 and m~nst h~rby saw~d. ud tM AssocNaon ~mmW~stely snd r~nthout not~ rryy wnutuu poc«dnps to lor~clos~
ths mort9p~ snd apply tp tM ~ppo~~tmM+t of ~ ntwwr. ~s h~r~u?eh« povd~d: ~nd u? us~ d tM ~~fusN. ns9lstt a mabMty o( ths Mortosya to rpaw s~W
ma~ntsm sad propKty. 11+s Assoc~stron m~y. at ~u optwn. m~kt wd? np~rs or esuss the ssme ~o be m~. snd sdvsnca monsys m thst beh~H.
7 To pertam. cwnp~y rvith snd sbd~ Dy ~~d? ~~d ~y th~ st~pd~t~ons. sprNm~na. cond~c:«n snd covMSnts m wd promnsory no:e snd tna mortpsps set
forth .
8 To comply vwth tM wbdmsqn r~strittqns and tM murrt~pN zpwnp ordr~nt~s ~pp4csDle to tM mortpsysd prop~rty. not to t~stt w psrm~t to bs er~tt~d ~ny
new budd~nps on tM pnm~s~s Mr~ morty~Q~d a to add to a pKawt to b~ add~d to, mska a p~rrtut to be mscf~, sny strucwrsl atteracwns to sn~ o( ths e¦•
~sung ~mprowments therwn w~Mout tM wntt~n cons~nt of tM Assoaatw~. snd m tM event ol any valstan w attempt to v~o+a~e these supulatwns. a sny of
tnem. ths mwtgsy~ snd sM wms s~cwW hK~by shatl ~rtu+rbatdy brcane due and psYSbN at 1hs optan of tM Assoaatan.
g- Tnst +n use ol s dsyuh m ~Mr of tM tKms ot th= matyp~ sod tM hMnq o~ s bN to toncbse ths a s~r other mortqs~a encumbsnnp tn~ vr~tlun dsscnbsd
property. tM Assoastw~ s1~aN b~ ~nUtNd to ~pply. ~t u~y tun~ vmthout ~+ot~q p~ndw~p such fa~clowre w~t. Io the court hawnp ~ur~ctan tAaeol fw tAs sp-
po~ntment oi a?ece~ve. of aN and w~pulir tAs monpap~d popeny, u~d d sU tM rents. mcon+~s. pofits. ~ssws and revsnws thereot. trom whanosvK source
der~ved. snd. thereupon. rt ~s MrWy ~~cp~ssly townantW Md apnsd tMt tM toun sl+au /orthwuA sppo~nt a r~te~ver oi ss~d mprtpsy~d prppsrty. aM snd
s~nguWr. snd o1 yuth rsnts. u~ppin~s. prpl~ts. essws a?id r~v~nu~s tMrwf, hom wh~tsowN source 0errved. Mnth the uwsl ppwers snd dudss ol r~ven ~n Mcs
cases. a~d such sppantirwnt shsU b~ mad~ by such coun ~s ~ msttK ot stnct npht to ths Assoustan. snd Mnthout reterence to tAS sdpuacy or v?adsQusey of
the value ol the property hsnby mortpap~d, or to tM solwncy a u~soMncy of ths Mortpapor. and tn~t such re~ts. prohts. irxomss. ~swes. sr.d revsrwres stwN
bs app~rod by such rscarwr w ths p~yenMt of tM monp~p~ md~bt~dn~as, cosa ~nd charpes. sccoraHp to tAe ader o1 such coun.
t O That ~n tAs ewnt thr ownsrshq ot tl+~ mortpi~d pr~ms~s. a~ry pNt tMr~of. b~eoitws wsad s pKSOn otttier than tAe Mortgsyor. the Assouatan msy.
.+~~thout not,ce to the Matyspor. d~a1 rnth such succ~ssor a wcotssora ~n ~nta~st nnM nference to tlrs mortyspe snd the debt Mreby s~cursd. ~n the ssms
mamer as vmtn ths M«tysqa. vinchout m any way ncuunp a dnch~rprp ths Mwtpapa"s 1~abhty nerwnda o. upon ths deD[ herepy securQd No sate o1 the
p~emaes hereby mwtyaq~d snd ?p torbsarantt on Ihs part of tM Assonatwn. M+d no eriens~w~ 01 the bmt iw the p~yme~t ot the debt hereby setured prw~
by the Assouat~a+. shs11 ops~~t~ ~ roNa~. dischHp~. maf~y. cMnq~ a afkct ths or~qnN hsbhty d ths Monqa9or t+sran. e~thar m wlate a~n pan.
1 1 That ~n the event ths prertrses Mt~by mo.-ty~~d. a~ny p~rt tMteof. shaN b~ condemnW snd tsksn urWer the pow~r o( ermnent domau?. the AssocNtwo s?~~11
have the r~gAt to demsrd tlut sN d~mspes awardW Iw tM t~krq ol a~ury w s~d p?emses s1?sll be ps~d to the Assouatan. ~ts wccessors m ass~pns. up eo
~ the amount then unps~d a+ tlws mortpsqs. ~nd mnr b~ ~pp4~d to ~ny sums tast payaDta hereunder
12 That t~me ~s of the esssntt of thq contrsct ~nd tiyt np ryarvM p~ u~r oblp~tan Mrwndsr. or ot the oW~ya[wn secumd hereDy. sha0 at any ame theraahar be
nea to w s wa~vsr o~ ene t~rms nuwe a o1 tha pran~ss«y not. s~cund M.~by.
13 tn ihs avsnt o1 any defwk r+ sny d[M t~rms o( tM mor[pp~. a m tM nae secund hera0y. ~nd sccekra~wn by the hdder. a any other s~twtan that would
cause ths ~nterast ps~d a WYabN ~xWK ths obYp~t,on to ~acMd tM mtaat rst~ suthonz~d by Iaw. then ~n wcF~ want au ~acass ~ntsrest t1+er~tofo.~ psd s1~aN
be aeatad to pnr+upsl snd sM xuwd and unP+d ~awss intK~st shalt sWt~ ~nd shsu not be an oW~ystan ot tAe msker or of sr?y oths~ person
14. That to tAe e:nnt ol tl» ~nd~Dt~dn~ss of th~ Matp~pOr to tM AssocwUOn WscnbW Mrea?or sscurW 1?Keby. the Assocwtan is MreDy wbropatsd to tha I~en
or bens srd to tha nphts d th~ owrw and 1wWa tl»r~o1 of pch and w~y matppt. lwn or othe+ a~cumh~ance on the I,nd dsscnbsd hereu~, w1ucA ~s wa snd
saasfieA. m w1+oN a~n psn. out ot tM v~ocMds of tM ban d~ser~d hwan a s~cursd hs~~Dy. snd the rsspecuve t+ens o( ssw mortya9es.liens w other e~-
cumbrsr+ces. sA~B b~. and th~ sarn~ snd ~ach ot tMm Mnb~r ia pns~rv~d ~nd sAdt Wss to and be ~eld by the Assouauon hsre+n u s~cw~ty ta the x?-
deb[edness to tha Assoastan Aar~u+ dacnb~d w hu~by s~cw~d. to th~ s~m~ ~:ant that n wouW have b~s~n pr~se.vea snd would haw b~en passed to sna
been neW bY t?~e Assoaatan h~d rt b~+ duM and repulKhr ~wpr»d_ u~nshrnd. set w~r. and deivered u~co chs Assocwtan W sev+rste dsad o( ass~pnms~t.
nonv,thstud,np ths txt that dy wm~ maY b~ wt~sfwd u~d uncM~d ot r~cord. n bemp the ~nt~n:+on of che pm»s 1+a.e~o tlut th~ sam~ wd~ be saastwe and
c.~+celqa a..cora Dr tn. naa.: uw.o~ .t o. .ba,t n» wn. a ar ncordrq o1 cha nw.cpspe
15 TAat ~i ~nY ot the wms d monsy Mrwn rlf~rr~d to bs rat pranptly and lu1M MN1 wnMin.llrrtY (301 daYs next ahe~ tM same sevsrsNY becorne due snd W Y+~.
or d escfi snd wery tM st~pulstans. pnsrt~nts: eond~tans a~d cov~nMts o( ssd prortwsswy note and tlws mort9sgs, a s~tl+er. us ~q1 du~y psriwmsd. com-
phed vinth snd sbd~d AY. th~ ayprp~t~ sWn w~~d wdN sa~¢P~onwuo~Y note ind tlrs mortpsQe sAaN bscome dus snd paysbls torthwHh a thersah~r. st tl~
oeta~ or tne wssowoon. as ruMy aw cortipl.tNq as it sa~a .pyr.paa wm ol mw+.r we.. «p~naNr suw+~scea to ne v~d on wa+ aay. snythnp m ssw
wom~ssaY rate w 1»ran to tM oo~+trary notwrthsw+dr~p-
1 g 7hat ~n wder to acceNrat~ tM matunry d tl~e a~d~M~dnps hn~by s~cur~d bsc~use o~ the (s~lure oi ths Mortyagor to psy amr ta: assessment. Msb~hty. obt~s-
tron or encumw~nca upon sad pop~rty ~s MrMn Ww~dsd. it shW na be r~cessa?v nor rpun~te [hat tM Assoastron shall tust pay the same
17 H a conveysnce shouW b~ msd~ by qw Martpapor of tM pnnxHS hsrem descnbsd. or arryr pan Aereol. and the qrsntee namsd ~n such conveysncs Isds w
refuses to sswme tM paym~nt d tM obbp~tan w~da+c~d ry s~d pron+~ssay note snd secur~d by thn mwtgaye. and ~n xcwdancs weth theK respsctne
terms. and abde by the hd~s and nputat~o~+s d ths Assou~twn. u+cMid~•.p payrtant o( a reasonsWe tr~fer fee. ther~. snd +n that evant. at tAe optwn arb upon
rhe dsmand of ths Assoc~atan aN wms ot mon~y s~cur~d Mnby sAaN Knmedutely become forthvnth due snd psyaDle
~ 8 That the abstrsct d ~bttracq ol tRl~ cOV~mp tM matpay~d prOpsrty sh~N at stl t~mes. dur~np the 4f~ o~ tMS matgaqe. rema~n ~n ene possesswn ot ~he
Assonatan and. in went o~ th~ faeciosuh of tfrs mortppe. a otMr t.ansfer o1 t,t1s to the mo.tpa9ed w~rtY. ~n eat~ngu~shment ot the ~ndebtedneu secured
hereby. au nght. t~de snd u+ar~st d tM Masp~po? N+ ~nd to any wch sbstracts ot ac~e snat~ psss to cne purchsser or yrsmae
19 Should the vahd~ty w 1wn of tha mortpsy~, or ths not~ s~cw~d tMnby, be conteslsd by I.tpatwn a otherw~se. tAe Mortgsgor agrees to pay to ths Assoasiror?
the cost o1 defsr~d,np th~ same p+ch~np s rqso~abN ~ttar»y's f~e
20 To psy all arid s~npu4r ths u?sts, ciyrpss ~nd a~snsas. s~ckwl~np anon?sY s hes reasonsWy ~ncurred, w paid at arry t~me by the Assoclation, becwse of the
fs~lure of the Mortgpa W ps~m. oanply with and abids by esch and every ths st~pulat~an. agreements, cor~twns and covenants ol sa~d prortwstory rqte
ard this mortgsgs. or eitF~. uid wsry suth (~xtpt Eor ths psyrn~t d ths monthM i~t~lknent u requued by the Prom~ssory Note) shaq Aear ~nte?est bAm
date st the au ot tsn p~r cent (10lW pK arwm umil fuNy p~id.
21 7he Assac~aean shaN haw ths ripht at anr t~ms and trom nrr» to turw ud vrrthout notrcs to or consent o1 smr parson to (a) retease any po.t~on oi ths prem~ses
from the ~ron ol t?rs mwtysqs. (b) rNNS~ ~ny p~non pabt~ ta p~ymsnt d a~ryr u+d~bad~ess secu~ed hereby. (c! extencf the ume ot payment w slter the tt~ms
of payment of a11 a amr put ot tM mdtDbdneu. Mnthout ~H~ctup p r~p the p~rsonsl babuty of s~ry person bable (ochs. than any person relassed pur-
want hereto) ta tns psymsnt ot arryr wm a mtK~st s~cwW Mnby uW wrthout n sny w~se akr~np. vsmnp, or d~muush~rq the (aces. eHects. a Iwn ot ths
mortgags o~ sq the pr~rtus~s not swufiuuy r~u~d trwn tM Iwn o! tt+is mortpspe by ths /?ssoaatan. .
22 Any ap~eert+ent hersaha m~dt Dy 11Aorty~yof ~nd Atfoaatan pursuant to tMs mortpaps shsll be superar to the nqhts ot the Adder of any mtervernrp ban w
e~+cumbrance
23 liP~+ ~QV~+est of Mortys9or. ths AssotWUOn r+?ay. it ds ide aWwn. from tuM to tuns, bafore tuU payment ot sll udaDtedness sacured hereby. mske lurtha~ ~d-
vances to Mortgsyor. povid~d. IwwtvN. that tl+s totd prmcqN s~cu~~d Mr~by ~rd nma~rnnq unp~id. ~nclud~np srhr sucn advu~ces. st~11 not st sny ume ex-
cead tns ongmsl prm~pal wm s~wrW tw~~by Mortqayor ~i1 piy ad such /~rther sWS~ces wrth ~nterest and ths same sha11 be secursd hereby AN prrnnsqr?s ~
o( eh~s mwt9sye shaM appl~r to ~ich f~rthsr ~dvsnc~ ~s w~N p to aR otMr ~ndeOtsOrNSS s~cwsd hereby Nothnp hsran cont~u~sd, Aowewr, stwll hrtwt che
smoum secwsd by th~s mortpp~ d wch amount n u~enas~0 by advsnc~s mad~ by tAs Assoaacan, as herern ets~whs.~ wovdsd for to p.ot~ct ttw secuner.
2~ In the event ths Matqsgor herein. or anY subsaqwnt JNortQpa. a arM PKSOn or corpor~t'on ow~w~p arry mterest whatsoever. shouW encumber tM Wq~Y
herein matypW by an i~trum«+t oommaily nhn~d ~o and krawn ss ~'"wnp-aound mortsy~ge' Mn[hout fust oMsxw~g the writte~ eor~ss~t ot d~s Associa-
t~on. the~?. st the optio~ ot tM Assotiatfon. ths oWip~tion sewr~d M Mfs MoAQips sh~Y "rmrt~sd~atdY b~cort~e 0ue and payabls
25 To provids ths AstoCiatior? wrth Fbod Imw~nca Coverag~ if ths nN poperty is now a hM~aha deterrmned to be wrthm a spsaN flood hazard ana ~s slawr?
on Flood Husrd Boundary MaP/Flood Irouranc~ Rat~ Map u pubMshsd by the Fed~srN Insu?snce Admarsnation
28. At ths ?eW~st oi tM Mortp~por, tM Aaocwtion prMS b waiw ths provisions of Pus~?pA 4 ral~ow ~ ths auaon o( ~ u: a~d hazs~d insw~nce aooou~t:
provid~d. horv~v~r. tAat U» As~oti~tion ntsins tM ripM. ~t its opaon. eo ~~-i~suts wcl~ Pro+nsio~s d ssid Dusgsph 4 as an oblip~tion of ths Mortp~qor
I~r~~d,+ upon fM Mpp~iinp of any ot tM foNorri~p:
A Trsnsier oi th~ mort4~pa! Pnmites, o~ ~nY DH! tMrwl. 8 Failur~ to maks e^Y WY+~?t rsQuwed u~dee ths ts.ms d ths note on or befora tM Aus d~ts
thersof. C. To deliwr to tM Aswc~~tion. an or bebh Mard~ 10 d each ysar. tax r~cep~ts ev~de~c,np ths psyment d aM Iswfuliy m~pos~d tau~s for tM
precedwg uknd~r ysu: ~o dNive~ to the Aasodaoon rkeipts evidenc~np ths psrmsnt ot sN be~s fw Pubi~c rtnwoverr~ts anttrn ninsty (901 dsYS shM the
sams shaM becoms dw ind psysblt. and w p~r or ditclwps w+thm rw~ery (90i dsys stte? due dste. any and aN gcrvernmental Isv+es that msy bs msda on
the matW9sd pop~rlY. O Fsihn~ !o complywith ths Wqwsnc~ prwis~ons ol Wrprsph 3, p ol arry ol tM other terms and corWrtions o( tfws mortp~ys o?
note. or w~M ths a~sur~ requirerr~snb contai~»d in tM O~dirat;on o~ Condorr?~rum snd rslated dowmsnts sAouW the mortpaged PropKtY be committed
to cadortrnium dtwlopm~nt.
~c)-N~n 8D01(~.~hJ F~~Sf - '