HomeMy WebLinkAbout0936 4 ~ne~ ~~ar~ w p~o~ac~ nw~a t„uy ~ne s~e„~rty o1 in~s matyap~ tM MurtQapar. tu~e~ner N~u, and ,r. a:fd,i.o~~ iu rnr ~,j~::v~~y ~,ar~~r,.n ~•,de~ enr ~e~:r~s o' r r
,~ute ee•:w~1 r~e~eby on the spoi.t.et1 paymenl Aii~ Ot YsGn mO~tA „nht t.^•• sa~d rw~o n l;,:ty ~,A w:o: j:ay tt~ v~r Aiac,;.:~t:un ine tu::ux: ~3 sun:i
~el An ~ns~aUmsnt ol tne t~a~s a~d assassmints l~v~W o~ lo W~ev~ed ~pa~nse ~he 4~em~ses corrr~f b~ ~n~s ~,~urtye!~e an4 a~~ uis ~Hml~H ol Ihr Wem~um
q pi~m~ui~K 1~{/+W~~I p~tOmf AW ~nA piy~bl~ tu ~~n~W tM ~nsuiancs on ~M Wem~us ~ove~ad h~~rby ay~~nst iu.~ Uy in! and w~ndstu~m ss piowdrA
lo~ ~y par~~ph 3 D~ec~d~~9 a sucn otM~ n~ra~d ~s msr ~~aso~sWy oe ~eQu~~~d bY I~+e Aswi.~aba~ s~~d a~~ ~,~su~imem ~1 tne u~em~u~.~ ina~ w~~i
bncw~~e due and parsDN ~o re~ew ine monQa{~ ~nsursnu ~ny Sucn ~nstr~tments sna~i be eyua~ ~NpbClrvEty ru a~r twa+}in 1t 12iM o~ tne es
u~nated Wsm~um o~ pr~mwms !o~ suc~ ~nsur~nc• ~nd t~a~s ~~d assessm~MS neal due Iss est~mated by tAe Ass~.~at~cx» ~ess a~~ msuliments a~~eadv
pa~d ~nerofw. d~v~dsd by tM n~mWr o~ mon~ns iMi ~r~ io e~apse a~e montn p~~o~ ro ths date wMn suc~ pre~.uum o~ Wemiums a~~d td~es and
disess~»enlS wdl OlCOrtN dlhnquMl ~hs Assot~~l~on. wA+l~ apWy~~y such payments to ~nsurance Wem~ums taaes and assess~~~ents bebro ~~e sa~~~e
~ tiecume del~~pwnt. sAa~l ool paY ~ntersst to tM Matpapor O~ sutA lunds. a~d ali such p~yments may be comm~nyled py the Assa:~at~on witA any
oiner wc~ lunds w w~t~ ~ts ow~ 1u~+ds Tn~ funds u~ WsApad +s ~dtl~t~c,nai secu~~ty ?or the aums sew~ed by th~s Mong'sye and a~e subiea to uu by
the Assouat~on ~n paym~nt ot I~q Ch~r~i ~~d Wnl COIIettW~+ char0es
ibt Au payments mentwned ~n Ne p~Qted~np SubtlCi~On o~ t~~s pardyraph snd s~~ paymenls tu be made urnfe~ Ihe nute secuied he~eby shall pe added
~oyrtne~ and the ag~reqata amount tne~sol sna~~ w pa~d Or the Mo~tyapo~ eacn rrwotn ~n a s~nyle Pay~nent to be dWl~ed by IA@ AsSO~.~d[~On tU Ihe
fuu.,w~ng ~tems m ~he ord~r set fath 1 T~aes assessmencs arW msu~ance p~rmwms 2 la~e cna~yes and bank ~utlecbon cna~gns untess pa~d .n
ma~~+~er prov~0ed ~n Da~a9~sph 4 Ia~ 3 Inte~est on t~e note secureA here0y 4 Amo~Utal~u~ u~ tne U~~~~:~va~ 01 sa~d note
Any dehc~ency m the amount ol such syyrs9ate mootAfy payments shall unless pa~A by tne MW tgaya pno~ ~u tbe due date ol ~he neal such yayment con
sutute an event of delault uMe~ ths matpags Wahout wa~ver ol any nght. ~Ae Assunatwn may cu1{ea a late cha~ye as prowded ~n the Note
5 That ~1 the total O~ the payms~ts made Dy t~e MMtpayO~ undlr Ia1 0~ W~ap~aA~ 4 preceA~ng shall eacewl t~e amount Ot Dayments acWally made Oy I~e
~ As~cx~auW~ for taaes and assessments and mwru+ce p~mwms as tf+s use msy be. suc~ excess sna~~ De cred4eef by tne Assoc~aUO~ on subsequent payments
ro t~e made by ine Mor~yayw If howevsr tne mon[hiy paymen~s made Dy the Maipago~ under ~a1 of pa~ag~apn 4 preced+ny snau ~ot nave bee~ sul6c~em eo
pa~ taaes a~d assessments and ~nsurance D~em~ums as the case msy De when the ume shau become due a~d pavabie tnen tne Assoaaow~ may ai ~~s op
~~un ~mmed~a~ety pay such ta¦es a~d assessments a~+d mSUU~G! promwm and ~he Mongayo~ sna~~ pay to tne Aswr.~abw~ an~ amo~~~ necessary to make up
thp deh~~enty and sucn par~*+eni s~a1i be due and payaWe w~~h~n thnty t301 days after ihe date o1 ma~~~ng ul nouce by the Assoc~at~un setn~g 1wtl~ the amuum
ot fuch defiuCncy 11 at any e~me tne Mortgsgor snatt ~ende~ to the Assouatro~ m acco~dance w~tn tt~e prov~s~uns u~ tne ~~ote secu~ed nerebr fuu paymene o~
tnr entue ~ndeDtedness represeMed nereby tne Assou~ta~ s~a~~ i~ tompuun0 tAe amuunt o~ such u~debtzdness cr¢~~t to ~nr a~cuunt o~ ~ne Murtgayo~ any
t~aia~~ce re~~~a~rnny ~n ~he funds sc~umu~ated under the prov~s~ons o~ Isl ol paiapraDh 0
6 To pen.~~t comm~t or sulflr no waNe ~mp~ument O~ d!tlr~or~t~On O~ s7~d properly. or dny part thr~e01 dnd uWn thr fa~~we o~ the Mortyayor to teeC tne
bu~id~~~ys x~ sa~d prope~ty ~n gooA cw~d~t~o~ o~ repa~r and ma~ntenance. the Assoc~auon may demand proper ma~ntenance and the ~mmed~ate reDa~r ol sa~d
tw~~d.~,ys u~ an mcrease the amour.t o~ secwny or tAe ~mmetl~ate repaY~^ent o~ the debt Ae~eby secwed and the 1a~~ure ol the Mor[gagor to comp~y w,~h '
~a~d drma~~ 01 fhe Assoaat~on fw s pe«od o1 thnty t301 dsys sna~~ consbtute a beach o1 ~n~s mortyaye and at ~he opuon of the Assouauor ~mmed~ateiy
mawre the enwe amouM ol p~mc~pa: and ~nterest hereby secured and the Assouaoon ~mmed~ate~Y and w~thout r.pUCe may ~nsutute Woteed~ngs to foreclose
in~s mor~yage and apply fa Me appo~~tment oi i rece~ver as nere~nafter prov~ded. and ~n case o~ the re~usa~ neg~ect or ~nabJ~ty o1 Me Mortgago~ ro reDau and
::;3:r,.a:r. saxf ;,:;,~rtt. the Assoc:aeson ,^:aY. st :ts opt~on mal~e s:.~~ :epa~rs or ca~se [ne same to be made and adva?ce moneyi ~n that Oena~}
/ To perform comply w~th and abKle by each s~+d every the sUpulatrons ay~eamenis caW~uons a~d covenants ~n sa~d promissory rtote and th~s mo~tgage set
fo.th
8 To comp~y vr~th tAe wbd~vawn rostnct~o~s and the murnapal ion~ng ord+nsnces app~~cable to tAe mongaged D~opertY not to erett or perm~t ~o be er~ted any
new bwidmgs on the prem~ses he~e~n mortpaped a to sdd to a perm~t to be added to make or pe~mrt to be made anyr st.uc~wa~ aiterauons to any ot the ea
~sUny ~mprovements ther~ wrtAOUt tAe wrdten _o~sent o1 lhe AssOUadon. and ~n the event of ar,y v~olaUOn o~ attempt to v~olate these sUpulaUOns or any o~
tnem th~s n~ortgage and all sums sec.wsd hereby shsll emmed~ate~y become due and payable at the opuon o} the Assouauon
9 That ~n cas¢ d a defdult ~n any of the lerms of ih~s mort9sye erW the fuiny ot a D~11 to foredose this u~ dny other mwigaye entumbe~~ng the wrthin descnbed
p~cK,erty. tnr Assoaahon shall be enhtled to app~y at any t~me wrthout nobce pend~ng suc~ lwecbsure surt to tAe court hawng ~un~6~ct~n thereof lor t~e aD
~wmimpnt o~ a r~tgwEr Of dU 0nd s~ngular tAe mortpayed proper[y. and o! a~~ the ~ents. ~ncumes. profits ~ssues a~d reven~es thereof from whatsoever saurcE
der.ved and ihereupon. rt is hE~eby liprESS~y cOVenantBd ind eereed Ihat [h! tOU~2 s~all forihw~th appo~nt a rece~ve~ oi sa~d mo~tgaged Droperty. aU and
s:nyu~a~ a~xf of such rents ~ncomes profits ~ssues and ~evenues thereo?. from whatsoeve~ sou~ce ee.~ved vr~th tAe usual powe~s and duues of rece~veis ~n 6ke
cases end sucn appo~mment sha!i be made by suc~ court as a matter of stna ngAt to the Assouat~on aod w~thout reie~ence to tne adeduacy o~ ~nadequacy o{
the vatue uf the prope.ty hereby mwtgaged. a to the so~ve~cy or ~nsolrency ot tne Mortgagur antl that sucn rents p~o?~ts ~ncomes ~ssues and reve~ues sha~i
be aDD~~~ by such rece~ve~ to tne Dayment ot tAe mortpape ~ndebtedness costs a~d c~arges accord~ny to the o~der ot suc~ cour~
' O That m the event th@ ownlrSA~p Of ifi! rtl0rtg8Q@d prem~SES. W 2ny p8rt thCr@01. ~QCOmes veStCd ~n a perSOn Other than t1~C Mort9d90~ tA@ ASSOC~dtron may
mtrwut nohce to the Mortgago~ dea~ wdh such successw or Successors ~n intereSt wrtA .eie~ence to th~s mortyage and ihe debt hereby sewred ~n the same
mann¢~ as w~th the Morigagor w~thout m a~y way v~t~aL~g or d~xbarp+ng the Mortpago~ s 6ab+i~ty hereunde~ o~ upo~ the debt he~eby secured No saie of the -
prem~ses hereby mortgaged and no lorbesrance o~ the part ol the Assouata~. and no eatens~on o~ tr~ trme fur the payment of ine deb2 nereby secured g~ven
, by fhe Ass«:~auo.~ st+a~~ opera[e to retease d~scharpe mod~ty chsnge or af}ect the ong~nel l~2bdrty Of ihe MortgBgo~ here~n. erthe~ wbo~e o+ ~n pan
~ t That the eveM the premises he~e0y mortgaged. a a~y pa~t tAereot. Shatl be cor~demned and take~ under the ~x,wer of emmeni doma~n the AssouaUOn s~a~~
have the r~ght ro demand that al~ damages awarded fo~ the tak~np o} a~n~ury to sa~d prem~ses sna~~ De pa~d ro the Assouanon ~ts wccessors or ass~gns up to
the amc~unt thCn unpa~d o~ tA~s mOrtgagE i~d maY b!' app~~@d !o any sums last payabl4 hereu~~der
' 2 Tnat UR~e ~s o1 the essence of M~s contract and tAat no ws~vtr of any obpgauon hereunder or of tne oD~~yat~on secured nereby snaU at any t~me thereafter be
~e~d to be a warve~ o~ the terms hereof a o~ the prom~ssory note secured Aereby
~ 3 In ~he event of any defau~t ~n a~y of the terms of th~s mortyage. or ~n tAe note secured hereby a~d acce~e~at~o~ by the ho~der. or an~r other sauauon tnat wa,id
cause the ~nterest pa~d or payabie under th~s obbQsLOn to eaceed the ~nterest rate au~ho~~ied by Iaw ther. ~n such event au e~cess ~nterest theretofo~e pa~d snal~
be cr~eted to D~~~~~Da~ and 0U 2CC~uEd and unp7~d lxces5 mterest shaU abate and Shall not be 3n Obl;gaUOr. of the m0ke~ M Of 2ny other perSpn
~ 4 Tnat to tne e~te~t ol tne ~ndebtedness of the MortQayo+ to the Assoaatwn destr~bed he~e~n or secured hereDy the Assoaanon ~s hereby subrogated to t~e i~en
or t~ens and to the ~~ghts of the owner and hoWei the~eo( ol each and every morteage he~ or o.~er encumbrance on cne iand Cescnbed here~n whrch ~s pa~d and
sansfied. m whde or m part, out of the poceeds o~ t~e ban deurebed Aere~n or xcured ~ereby and t1,e respecuve ~~er.s o! sa~d nwrtgages. 6ens or ot~er en
, cumtxances snai~ be. a~d the same a~d esch of ~hem hereby ~s preserved and shali pass to and Ae held by tne Aswc;~at~on herem as securety fo. ~he ~n-
Ae~tedness to the Assoc~at~on here~n descnDed o~ hereby secured. to the same extent that ~t wou~d Aave been prese~ved and would have been passed to and
been neld by the Assouat~on had rt been duly and reyula~ly sss:gned transferred, set over and det~vereo ur.to the Assoc~at~on by separare deed of ass~g~ment.
, notw,tnsTa~d~ng the lact tna[ the same may be saUShed and cancelled of reco~d. ~t be:ng fhe ~ntent~o~ of the Dan~es ~ereto ~hat the same wdi be saUShed end
cance~ted ot record by the holders thereol at or about the ume of the recording o} th~s mortgage
' S That ~f any o! ihe sums ot money here~n referred to be not Dromptly and fulty pa~d w~th~n th~rty 1301 days ne¦t after the sa«~e seve~a:~y become due and payab~e
or ~f eacn and every ihe sUpulaUOns. agreements. cond~UOrts and covenants of sa~d prom~sso+v noce and th~s mortgaye or erthe~ are not duiy per}ormed. com
pi~eA w~ih aM abded by. the aggregate sum unpa~d under sa,d p~om~ssory note a~d tn~s mortgage sna~~ Decome d~e and payaUie fo{thw~th o~ ihereahe~. at the
opno~ of tne Assoaat~on DS tu11Y and compl![Cly a5 d sa~d aggrepare Sum ot money were ong~nally s!~Du~ated to bE pd:v on Such day dnylhing i~ sa~d
p~Om~55ory nOtC Or here~n to ~ne conVSry notw~[hstand~ng
f
! 6 That ~n o~Aer to acce~erate the matur~ty ot the mdebtedness ~ereoy secured because of the ia~iure o} tne Mo•tgago+ to pay any ta, assessment ~~abd~ty obl~ga .
c~on or enwmb~ance upon sa~d p.operty as ~erem prov~ded rt s~a~~ ~ot be necessary nor reqws~te thai the Assouat~u~e sha~~ ~~~st pay ,he same
~ ' 7 a conveyance shou~d be made by the MortgaQo~ ot the prem~~es here~n descnbetl or any part nereof and tne y~antee na~ned m sucn co~~.evance ~a~is o~
I refuses to aswme ?he payment of the obbgauon ev~tlenced Yy sa~d prom~ssory note a~d sewred by th~s mortgaye and m acco~dan,;e w~th tne~~ iespecbve
te~ms a~d ab~de bY the rutes a~+d ~egulat~ons o~ the Assouabo~ ~ndud a payment o~ a reasonab'e transfe~ ~ee. tnen anc; ~n tna! event ac t~e opuon and upo~
the demand o~ thg Assoaat~on alt sums of money secured t+ereby s~a'~ ~mmed~atetv become torthw~th due and payaDie
' 8 ~ n~ the aost~act or abstracts of t~tie covenng the mortpaged property shali a[ aii nmes dunng the ~,~e o~ this mwiyaye rerna~~~ m tirC pus~ess~u~ o( ~ne
ASSOC~OhOn dnd. m evBnt Of the fO~CC~OSUr! O~ [h:S TOrtg29@. Or Olh2r UdnS~Er Of trt~B t0 thp mOrigdgCtl prOUeT[y ~n Pa;myu~snment of tne ~ntlebteJness securetl
! herrAy -all r~ght t~tle and mtere;t of the Mortgagor m and to any wcn abstracts of trtte Shdi~ D855 to U~¢ W~chase~ oT grantee
3 ' 9 S~ou~d the val~d~ty or hen of th~s mo~tgage. or tnr note secured tne~eby. be co~iested by i~uganon o~ utnerw~se tne Mo~tyayor ay~ees tu pay to the Asso:.~at~on
E :ne cos! oi ~lefendmg tfi~ s2m~ ~nc~udrng d reasonable attorn~y s fee
;
2t~ To pay a~l a~d s~ngular the costs charges and eapenses mcludmg attorney s fees reawnably mro.red or paHt at any t~me by tho Assx~anon Aecause of the
~adure of the Mortgago~ to peAorm. compiy wrth and abrde by each a~xf every the sAaufauo~s ayreements u~ndrt~uns and covenanis of s0rd promissory note
t a~xf th~s mortga~. or grther, and every wch iexcept for ihe payment o~ [he momhly ~nsta~~n:ent as reqwre~l bY the Prom~ssory Notel shall bear ~nterest from
- date at the rate of ten per cent I10%) per a~num unt~l fully pa~d
2 1 'he Aswaanon sha14 have the r:ghi a[ any Ume and (rom t~me to t~me a~d wrtnout ~oUce to o~ consen: of any person to la: re~ease an~~ ~on~on o~ the V~em~ses
! h~m tne t,zn of [n~s morigage. IDI release an~ person bab~e !o. payme~t o~ any ~ndebcedness securea hereby IG e~tend the nme o! vayTent or atter the terms
` of pavment o! a~! o~ any part of the ~ndebtedness. w~thout sHect~ng o~ .eieasmg tne personai i~ab+~~ty of an~ pe~so~ ~~ab~e lolhe~ tha~~ any pe~so~ ~eleased pur
; suant heretoi fOr [hC pdyment O( dny gum Or ~niEtpSt SCCU~Cd ~@rpbY dntl w~thOUt m anY w~SE d~tfnnQ vd~y~na o~ d~m~n~snmq the fo~ces. effects O~ hen Of ~hi5
mortyay? on a~~ the prem~ses not spec~fically released irom the ~~en of th:s mo~tgage bv the Assouat:on
i 72 An~ ay~er.~~ent nereafte~ m~de Dy Mortgagor a~d AssouaUOn pursuant to th~s mo~tgage shai~ be supe~~u~ tu tne ngnTS of tne noider of anY ~nterven~ny I~er. ~r
; en~umbrance
? ~ 3 V:N~^ ~eq~•est o~ ~+lortgago~ the Assx+auor, may. at rts so~e opt~on from ame to Lme before ~uli pavmer,t o~ a~~ ~ndebtedness secur~ he~eby make further ad
van~ P~ to Mo•tgagor or~v~ded howeve~ that the rotal pnnc~pa~ secu~ed hereby and •ema~m~y unpa•d ~nc!ud~ny any su_h advances sha~! ~ot a! any t~me e¦
i cer~i thr ong,na~ p<<nc~ya~ sum sewred herebr Mortgapor sna~i par a~~ such funhe~ advances wrth ~nterest and the same sna~+ oe secured he~eoy Aii prov~s~ons
of ;n~s mor~gage snat~ apply to eacn tunhe~ advance as well as to alt o~Aer ~ndebtedness secwed hereby Noth~ng here~n conta~ned however sha~i hm~t [ne
amount securP~ by ihis mortgage if such amOUnt ~s incr~05ld by advenCls madC by The ASSOC~3LOn as he~em elsewhere prov~ded for to protect the sECUrrty
24 In the event ihe Mortgagor herem, or any wbsequent Mortgagor. or any person or corpwaiwn own~ng any ~nterest whatsoever. should encumber the properiy
here~n mortgay2d by an mstrument commonly referred to and known as a wrap around mortgage w~tnpul f~rse obtarmrry ihe wntten consent oi the Assoua
t~o.i then at the opuon of ;t~ AssouaUOn the oWiga»on secured by th~s Mortgage shall ~mmecf~ately bewme due and payat~e
25 To prov~de fhe Assouat~on v~nth Fiood Inwrance Coverage the real oroperty is now or hereafter determmecf to be wrth~n a spec~al flooA hazard area as shown
on flood Haiard Boundary Map%Flood Inwrance Rate Map as pubbsbed by the fEderai Inswance Adm~msiraUOn
26 At the request of the Mortgagor, the Assouatwn agrees to wa:ve the prov~s~ons ot paragraph 4 retaUve to tne creadon ot a tax and hazard msura~ce account.
prov~ded. however. that the Assoc~at~on reta~ns tlie nght. at its opt~on. to re-ins[ate such pov~srons of sa~d paragraph 4 as an o~i~gatan ot tfie Mortgagor
' Mreunder upon the happen~ng o( amr oi the toUovnng.
3
A Transfer of the mortgaged prem~ses. q any part thereof B fadure to make any paY~nt requ~r¢~1 under the terms o~ the note o~ or be(ore the due date
y tt~reot C To de~~ver ro the Assoc~abon. on or befwe March 10 d each year ta¦ receipts ev~denc~ng tlw paymeM of a11 lawiutly ~mposed ta¦es tor the
~ preced~r.g catenda~ year. to del~ver to the Assouat~on rece~pts evdencmg the payment of all I~ens for putd~c ~mp~ovements w~th~n n~netv (901 days after the ~
: same shaU becorr,e due and payable. and to pay or d~xharge w~fhm n~nety 190) days afrer due Aa~e any and an governmen~al lev~es that may be made on
# tfw mortgaged property D Fadure to comply wdh the msurance prov~s~ons o~ Dara ra 3. or of any ol the orher terms and cond~hons of th~s mortgage o~
3 note. or w~~h ihe ~nzwatx:e requi.emCMS ConlB~ned in the OeG10~{~~(~F~~~~ re~ared ~eMS shoufd the mortgayed propertV be committed
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