HomeMy WebLinkAbout0892 4. Tnat ~n u~~ ~o Wot~ct ma~ Iu11y tM s~cunty ot iny mWtpaq~ tM Matpa90r. toq~IM~ waA uw1 m ~dd~1w~ tu tM rnW~tnly piY~r~nlt urW~~ ~M a~~„s o1 u~
note secured AN~by on tM spK~h~d paYm~nl d~t~ O~ ~ath monM unt~l IM sMd rwb :s lully pa~d wd1 pay to tr~ Assa:~~uun ~M Idkiw.ny w~~~•
Is1 An ~r?tt~llma+t ol tM qa„ and ass~s~m~nts Nwsd a to b~ wvNd p~ns~ tM p~erns~a cowrW by tMs mo~tp~p~. a~d an ~nat~Bm~M ol l?» Wrrn~um
W pr~m~ums that wJl WtaM dw ~~d pay~bN lo r~Mw tM ~nwr~nc~ on tM Wtm~sp cow~W hN~Dy apau~st ki:. ~y lu• ~nd vinndstorm ss puv~d~d
la by pa~sy~aW~ ~ p?~c~+p. a such otM~ huard ~s ~Y ~~+~+bh a rpuu~d b~r tM Auvualwn. a~d u~ ~nsN~tm~nt d ihe pr~rtrum tAa~ w.11
b~com~ dw ~nd p~YabN Io r~w tM matp~p~ ~nw~sec~. d~nY Suc~ ~~+suum~na sM1~ b~ pu~l. rtsp~ci~vNy. IO tM~ tw~ifth (1/ 1 ZIA) O) I~W ~3
hmated W~m~um w p~mwms Ip sutA ~nwru~u ~nd taa~s and ~~sNSm~nta neat dw Ias ~sUmaad br the Assoc~atan: I~u sl1 ~nsisi~~+u ~~~radr
pa~d tANNOr. d~vd~0 bY tM numbM ol rtqntlN ttNt u~ t0 ~bpN WN e?u~ih q~a t0 t1v d~t~ wfyn Wth p~mwm p pr~mums ~nd laay i~W
assessn~ts w~N Wcom~ ~nquem TM Assoc~atwn. whM ~ppyu+p auch paym~n~s to u+wranc~ p~m~ums. ~~a~s and ~ss~ssrr~~s. b~1a~ tns sam~
oscwn~ dN~n~~+t. sna1~ no~ pay ~nt~r~st eo U+~ Moreppor a+ sueA fund~. and aM sueh pa~m~m~ mar b~ com~My~sd bY tn~ Aasoa~~an w~tn snv
otM. such h,nds a w~th rts own lunds TM lunds a~ pbdp~d p~dd~lwnN a~cur„r Iw th~ suma Ncur~d by t?rs Matqay~ and a~~ subNa to us~ oy
tM Assoeutan m payi~Ne~t of '~lat~ ehupN" ~+d W~k eWNetan eh~r~s ~
Ibl All p~ym~nN mMtqr»d ~n lM p~c~dMp suDM~tw~ of tlw Pa~aq~~P~+ u+d aN p~Ym~nts to W m~ u~dN ~he nou s~curW IweOy shsN b~ ~Oded
~oq~ina and th~ ~yprpat~ ~mount tMrwf sMp D~ W~0 by ~M Mwtp~pa e~ch momn ~n s w~e P+rme~t ~o b~ avW~«1 by tn~ Assocwtan ~o tne
~otiow~rq ~t~ms u+ tM ade~ s~t faM 1 T~a~s. ass~ssm~n». ~~d u+wr~nc~ pr~ums 2 laie chary~s snd Wnk cdl~ctwn c1+~rqK. unless pi~d
manne~ Wowd~d m W?pr~Ph 4 lal 3 IntH~st on tM ~o~~ s~cur~d Mnby ~ AmarUt~tan ol tns p~~nupai ol sa~d not~
Any dat~c~sncy v+ th~ amouot ot such sp~reWa montNY WrmMts shaN. unNss Wd M~h~ MatW9o~ ww~ to the dw dau o1 tM n~.~ wch oaYR!Mt. ca~•
sb~ut~ an svMt d d~fault und~r tl» matp~ya W~N~out ws~v~r ol ~ny rpAt. tM Assocatao ~msy collsct a"late cAups" as Wovd~d ~n tM Nou
5 TAa~ d tM lotsl ol tM Wy~t~ m~ by tM Mortppa urdM o~ ps~~ph A p~tWmp st+~q ~scNd the i~?OUM d piYm~^t~ ~ctWily mid~ Oy iM
Assoc~atan fa taa~s ~nd ass~ssm~nts ~nd ~nwr~nc~ w~m~u+~;t. is trin i:ssi ms~ Ds. wcA ~sesss shsu be crsd+t*d by ehe Assoua[~ort on w~qw^~ W1~^+~nis
to be made by the Ma.tqa9a It. how~v«. tM montNy WY^»nts mad~ by tM Mortp~por ur~ la) ol p~r~prsph < p~ced~nq sna11 not M+n bN~ wflK~snt Io
par taxes and ssseasments snd ~nw~~~c~ p~~ums. ~s th~ us~ maY a. t~ ~1~ becom~ due ~~d paYSbla tAen. tAS Assouatan msy. at ~ts op
c~a~ ~mrt~ed~stM~l piY suth tax~s i~d ssNSSrrN~ts ~nd ~nfu~~nt~ p~mwm. snd 1M MOrtyapW itN~~ paY to tl~e Assoaatwn ~ny ~rt~ounl nettasa~y lo make up
tt~e defK~e~cy. s~d such p~ym~nt shslf be du~ and pa~abN nnthu~ t1r»y (30) d~ys ~hp tM daa o~ Ma~unp ol not~cs Dy ths Auoustwn seu~nq fwth ine smoum
of such defK~s~cy If. st ar+y t~m~. tM Matyapor sM4 t~~ to tM Assouaudn. ~n ~ccadsnc~ vwth tM powsrons ot t1w rwte secursd Mreby. full pa~rrwnt ol
the enure ~~~debteaness rop~~nlM hNeby. tM Assoaat+on shsll. m tomputu?p tM i~?wu~t ot wch ~ndlbtedMSS tred~t 10 ttro ~tcount of tM MOrip~qW snY
Wlance rema~n~ ~n tM ~unds accurtwlaad u~ tM p~ov~s~ons of i~) o~ puaq~~D~ ~
6 ta permu. comr*ut a wfhr no wast~. unpa~rm~M w d~taip~twn ot sad prop~ny. a ~ny ps~t ther~ol. and upo~ tne ~a~~u~e ol tM Mo~tpafla to kep tht
bwid~ngs a+ sa+d popatY in yood cond~tiw+ w ~~PM~ ~nd ma~MMant~. tM Assoc!atron msY d0~+4rM prope~ ms~ntenanto snd the ~mmsd~sq rspaN of ss~d ,
bu~ld~nps or an ~ncreass m tM amount of s~cunty, p ths ~mmW~st~ rpayment of tM d~bt he~fbr secursd. a~d t1k I~~twe o~ ~ha Mrntpapa ~o compltr rw~~
sauf pemand ol the Assocatwn fa a p~~rod ot tMrty (30) daYS sMll consutut~ ~ br~scA of tn~s mwtyaqe. ~nd. at ths optron of the Assoustro~. ~mmed+atNY
mawre the enwa a~wu~t ol pren:~pal s~d ~nterost Mnby s~cu~~d. snd the Assoc~stw~ ~mmed~+tshr and wnhou~ notKS ms~ ~nsutu~~ procad~nqs to to~ecbse
tn~s mort9ape and spply 1a tM appa~trn~nt ol ~ nuwM. as hu~uwha prov~dad. ~+d u+ cass o1 the rolusai. np4ct a~nsb~~~ty oi ths Mo;tyspa to r~ps~r and
ma~..ta+n sawl poperty. th~ Asaoustro~ msy. ~t ~ts optan. make such r~paus a ciuse the ume to Oe made. and sdvanc~ makys ~n tMt b~haN
7 To perfam comply rwth ~nd sbd~ b~r ~KA ~nd wsrlr tM sdpulatqM. p~NmN+ls. cond+tans snd tovansntf ~n sa~d pro~mssaY ~ote ~nd tMs mat~aq~ xt
fath
8 To complY w~lh th! Subd~wsqn rftlr~ttron~ and tM murnc~l tpmnp wdn~ntlt ~pphcibb 10 tl~f rtwrt9iyed WoPQ~ty. nOt t0 lratt or plrmit to bO erlCted any
new bu~W~ngs w+ the p~ertusss hae~n mortyay~d a to add to a pam~t to b~ ~dded to. make a psrm~t to be made. a~y_ structursl s~te~uwns to irty o1 ths e.
~sunq ~mp.ovemsnts the+wn anthout tM writt~n conNOt o~ tM Assouatwn. snd ~n the evem ol any valat~on o* attempt to vwlate tMsa st~puistwns. a a~~ ol
~hem. th~s matgspe s~d aU wms s~cund Mr~by shslt ~mm~d~atsly Decon+a dw snd paY~We at ~he optwn of the Assoc~auon
9 Tna~ ~n case ol a dal~ult m iny OI ih! fNmt OI tfut mWtpiy~ ~~d th! hbtp OI i bll t0 IOrOCbfs IluS W ahy othe~ mwt9ipe entumbenny th! vrR?rn d~tcnbad
p~opetty. the ASSOC~atqn shall b! ent~thd t0 app~y. ii ~ny t~m~ WrtAOU! nOt~ce plnd~ny sutA fwKbwre tu~f. t0 tht Court hDwtiq ~ur~~c[wn ihereol fOr t1N ap.
~ammem of a recmver of sll snd si~Qula~ tM ~*a~tps~d proputy. ar+d of s11 tM rents ~ncomes. p~olns. ~swes a~d revenues thereof. trom wnstsoevt~ source
ar~wed and thereupa+. rt is ha~My ~sptsshr cov~nanted snd ~preed thst th~ court sha11 tathw~th appo~nt a rece:ver ol ss~d mortg~ped popertr. acl ~nd
S~ngu17~ and ot sucn rents. ~ncomes. O~oi~ts. ~sw~s and reve~~ES ifi~eievS. ir"v..~ ~i:~ii9G'o~2: S'v:i:CE cDB::vBQ. Nr:L!: ::S~t! r'
='-'•i°'' ~''?!94 2~ s!GlwFr; ~n I~kr
~ases. and such appo~~tmsnt sAS~~ ba msds by sucfi coun ss a matte~ ot stnct r~pht to tMS Assouatan a~d w~thoui relsrence to tna adepuac~ w~~sd~v~+~r o}
ttw Ya~ue of the property Mreby mat9ayed. a to tM solve~cy a~~sdvancY of tne Mortpspa. a~d that wcn rents p~ohts. ~ncomes. ~ssues snd rerenues snak
Ge appt,ed by such rece~vsr ~o the paYm~nt o! tM mat9a~e ~~Dtednsu. costs and chs~pes. actwdeng to the wder ol such cou~i
t O Tha~ ~n t!x evem the ownersh~p of tM mwlpap~d p~emises. w aMr ps~t tMrepf. b~comes vesttd ~n a pe~son otne~ thsn rhe Mortgayor tAS Assoustan ma~
w~Trwu~ not+ce to the Mortyagor dss~ w~th wch succassa or wccessws in ~nterest rr~th re~erence to tfus matgage and the debt hereby secwed. ~n the same
manr,e~ as w~tn [ne Mwtya9a. w~thout ~n snY wey v~uat~np a d~xharp~np tAe Mwtpsgw s nsb~t~ty her~unde* w upon the deDt heraby securea No sa~e o~ tne
wem~ses nereby mortgaqsd ard no lorb~u~nce on tAe p~~t ol tM Assocatron. snd no e¦te~s~oo of tne t~me ~a the piYment o~ the debt hereby secwed y~ven
by tne Assouat~o~. sna11 operste to rel~ase. d~xhs.p~. ~+od~lY. cha~ys a ~ftect the o~p~nal bab4ly o! the Mortgapo~ here~n. e~the~ ~n whale a m pan
1 1 That ~n the event the p~am~sts he~Wy ~?wfpsp~d. o~ any psrt tMrWf. shalt be tondemned ~nd taken u~der the powet ot em~nent domam. the Aswuauon sha~~
nave the nght ~o Aemsnd that a1t dsmapss aw~rdad ~a tAe uk~ny ol a ~n~ury to ssd Wem~ses shai~ be pa~d to the Asseuatw~ rts wccessors a ass~g~s up to
N~e amount then u~qa~d o~ tMS m9~tpp~ and may be WP~~ to any wms I~st psyaDb he~eu~de~
12 Tnat ume ~s o~ the essence o~ th~s cont~stt snd that no ws~ver of sny oDt~yauon hereu~er. a of ~he oW~yat~a~ secured hQreby s?~au at any ume inereafter pe
held to be a warve~ o~ the te~ms ?~e+eof a o~ tAS prom+ssory note secured hereb~
13 i~ the event ot anY defsult ~n s~y of ths te+ms ol tMS matflspe o~ ~n tAe note secured hereblr. and acceieranon by the hoWe~. a any oM+er utuatron ~nai wouW
cause ~he ~nterest pa~d w paYaWe under tMS oW~qst~on to ercead the ~nte.est ra[e author~ied by law. then such event all eacess m[erest thereto~o+e pa~d shstl
be ueA~ted to p~~nupa~ and a11 accrued snd unpa~d aaceu mtsr~st s1~aN abste snd sha~~ ~ot be an obbyatwn ot the mate+ o~ of any other p~rson
~ 4 7hat to the e¦tem o1 the ~ndebtedness ol tM Mwtpsya. to the Assoaafa~ deunbed here~n w secured herebY. ~?~e Assouauon ~s hereby wbrogated to the t~en
or t~ens and to the rr,nts o~ the ownes snd taider tMrtof of each and every mortpape. i~en or other e~cumtuance on the land descnbed hae~n. wh~ch ~s pa~d a~
sahshed. ~n whOle a~~ pa~t. out o~ tM potseds ot tM loan dKtnbld hlre~n or secured Aerepy. and tbe respecuve I~ens ot Sa~d mortgapes. ~~ens or otnlr e++
cumWances. sha~~ oe. ar~d the same ~nd uch o~ tMm RertbY ~s p~es~rved a~+d shsli pass to and be hNd by the Assoc~anon here~n ss secw~tY la the ~n
aebre~lness to ~he Assouatwn Aerou+ descr~bed a ha~by sacursd, to the ssrrM e¦tem chat ~t woukf nave been preserved a~d wou~d nave been passed to a~d
Deen he~d hy tt~e Assoaatwn hsd ~t been duly snd repularly ass~yned. tr~ns(e~red. se~ over. and del~ve~ed unto the Assoc~auon bY xparate deed of sss~g~ment.
nOtw~IhSfdnd~~ IhQ fsC1 t~W~ th! S8A1! ~My b0 faAS~Nf~ a~ ti~lCel1ld OI fBCpfd. ~1 ~1Q~~1Q t1~@ ~ntlntqn O~ !11! P2~t~Q5 hCrltO lhiT thQ ian1Q W~II bC Sit~Slild d~1d -
cance~led of ~ecord by the AoMess thersoi at or ~bout ths Ums o( lhe recordu?p ol t?us mwtqage .
t 5 Tnat any of the s~ms o) money hereui roferr~d to D~ not promptly s~d tuUy pad vr~tMn thurty 130) dsYS ne¦t ~Iter the same sere~aNy become due and payaWe.
if p. ~f each and every the sirpulstans. a9rNnNnts. co~twns and Cow~snis o1 ss~d prom~ssory note and tlus mwtgage. o~ enher. are not du~y perlwmed. com- .
~ piced w~~h and aWded bY. ths spgrpate wm u~psd unA~~ saW p~om~ssa?r note s~d th~s mo~t9ape s?w~i Oecome due a~d payaWe forthw~tA w therea~te~ st the
crp~wn oi ~he Assouatan. as fu11y and compte~Ny ~s ~f sa~d sQpreyate wm ot monsy were o+~y~~aiN supu~aied to oe pa'd o~ sucn dar. any~ew~.g m ssd
~ promasory note o~ herein to tNa cw~trary notw~thsu~d~rp
~ 6 Tha~ ~n Qrder to accelerate ihe maWnty Ot !he ~~dsbt~dness f+er~by secund bac~ose of the ~adura o1 the Mortga9o~ to pay sny ta• assessment. Hab~~dy. oW~ga-
~~o~ or encumtxance upo~ sa~d property ss ?+e~s~n prov~dsd. ~t sha~l not be necessary nor .eau~s~ce ihai tne Assoc~at~o~ s?vfl I~rst paY il+e same
~ 7 11 a So.~wra~ce snouM be msde by the Mortflsyor of the prem~ses here~n descnbed. a am part hereot. and the g.antee named sucn conveyance fa~ls o~
refuses to assume the payment o! !he oW~ystwn sv~deMed bY ta~d WOm~ssory note an0 ucured by thn mortyage. aRd ~n accorda~ce w~tn the~r ~espect~ve
urms. ancf abde by the rules and reyuietans of the Assoust~. mcludu+p D~Yr^ent o~ s~easonaWe t~a~ter lee. then. and m that event at the opuon and upon
rne demand of the Assoc~atron al1 wms o/ money secured Aer~by sASll ~mmed~ate~y become fa~hw~th due ~nd paYaWe
~ t g Tha~ ~he abstract or aDstnps of t~th covannq th~ nwrtp+yed WopertY shs~~ st ~It t~mes dur~ng tt~e ~de of tha matga9e ~ema~n ~n the possessan o~ tne
Assouat~on and in event of tAe forec{Owre o~ th~s mortpspt. d othe+ uuK~er o( at~e to the ma[gaged ~xope~ry. ~n e¦ungu:shment o~ the ~ndeG:edness secured
p hereh~ a~~ r,ght utle aRd ~nterost of the Monyi~ m ~nd to any such aDstrsas o/ t~t~e shali pass to the pur~haser w g~antee
~ 19 Shcx,ld the va~~d~ty a lren oi thn mortysgs. w the note securtd thereby. bt cont~sted by Gt+gaLOn w o~he~w~se. the Mortgagor agrees to pay to tAe Assouauo~
~ne cost o~ dete~d~ng the same ~ncludinp a resaonsDie attwney's les
a
~n T~ ~~a ~.,.~.r_. .n. ~h,,...~ ~rv_f ..._,.ncwa url~.rf.nA~anmi~n,v's tees ~easonaWy ~nturred w pad at anv I~me by [he Assoc~atwn because of the
fa~lure o1 the Mortgaga to pe~wm, comply w~th and sbde by each and every il~e snputa~ans agreements. cond~t+ons and cwenants ot saKf prem~ssory no~e ,
~ and th~s mortgsge. w erther. and every suth le~cept (a the paYment af the mo~tMy ~nstatlment as requ~•ed by the Prom~ssory Notel shatl bear ~~;erest fron, • `
date at the rate ol ten per uM (1096? per snnum unLi fulfy ps~d ~
2 t ihe Assot~ata~~ sna~l Aave the nght st sny bme snd trom t~me ro brr~ and w~thOUt notrce ro or consent oi any perso~ to lal re{ease any poruon of the p~em~ses .
from the ~mn of th~s mo~tflaqe. Ib) rsless~ any psrson 6~We Iw ps?rment o~ any u+debtedness secured hereby. !c) extend the bme of p~yment or alter the [erms
of payment of a~~ w bny psn of the md~Dtednsss. rv~thout aHect.ny w releas+np the persons~ bab~~~ty o~ any pe~sw~ ~~aWe (other than any person re~eased pu~-
suam heretol ~o~ the paynee~t ot any wm o~ ~nts~est secured h~reby ant) vr~thout m snY w+se aitu~ng wry~ng or dimm~sA~np the ~aces eHects, a I~en ot thrs ~
mortqage on alt the Wertuses not tp~u(itstiy r~le~sed trom the ben o~ ttus mor[ya9e by the Assoaauo~+
22 Any agreement hereslter made by MortpspOt and Assot~strOn purw~nt to tMS mo+tpape sha~~ be supena to the rrghts o1 tAe +wlder of any mterv~m~p I~en o~ ~
encumbrance f
~ z3 upon request of Matgsga. the Assoustan may. ~t ~ts soN optan. from Ume to ume. Defae 1uu pavment ot ~II ~ndeDtcdness secured he~eby. make lurther ad F
~ vances to MatQaqw. prw3ded. howevOr, tAst tM total pnnupsf secured he~eby a~d rema+rnnp unpa~d ~~cludmq any such aAvances. shau not st any ume eY i
ceed ~he a~g~nal p.mapsl wm sscured nereby Matpaya ahaU psy ill such fw~her advsnces w~th ~nterest and the same sha11 be secured hereby All qons~ons
( 01 ~h~s mor[gage sha11 spply !o esch furths~ advsncs as w~l ~s to ~l~ other +ndebtedneu secured hereDy Noth~~g he~e~~ conu~ned. howeve~. shalt I~rrut tne
~ amount secured by th~s mwtys9e ~1 such ~mount n N+cres~ed by ~drsnces m~de by the Assouanon, as here~n elsewhere pw~Oed 1w to potect the secw~tY
~ 24 In the event tha Mortgayor herein. or any wbsequent Mortysyw. or any perso~ or corporatan owrung a~y ~nterrst whatsoever. should encumbsr the propertY
~ hereu~ mortgaged by sn instrumen] comrtwNy reierc~d to snd known as a'"wrsp arou~d matgsye" wnthout hrs~ obea~n+ng ene wr~tten consent o( the Auous-
s tron. tfien. at ths opta~ of the Associstion. the oW~ystan secursd by tlrs Mo.tgsge shaN ~mrnedstdy become due and paysble
~ 25 To provide the Asaoustan with flood Inwranu Cov~rsge the ~es~ P~aPenY ~s now a hereafter cleterm~ned to be wcttan a spec~sl flood hszxd srea as s?awn
~ on Fiood Huxd Boundary Msp/flood Irnursnce Rate Map ss puW~shed by the Federal Inw~ance Adm«ustratan
~ FILED APJp RECORDEO~
~ ~UC~E CCUt~TY. FLA.
F'7S ~ C n r) `l~ F ~ i ` ! G ~ (n~~
"'%~1llL~~ ~ / fPAGA~ ~ ~ JPit~!!t0 ~ -~L~ . ~(YY.
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~ MICA ~0 ~1e a~4558 , ~
NOV Z I A~1 9. 3 I
40~ E..O~EO'~nST. SU~tE 102
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STt'UARt FL~OpOA 33494
c~
• ~~.~La7(7 ~ v ROGrr .-~ri . ;
LERK CtF2CUIT COURT ;
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