HomeMy WebLinkAbout0915 4. lhat. ~n or~r to proiett ma~ fully tM Ntunty ol tAq mortp~p~. th~ Mwip~yw. top~IM~ w~th. ~nd ~n ~ddtan to. tM rtaMh1Y ps~rtNnt~ u~+d~r ~M tNms ol tM
nol~ secur~d Mr~by. on th~ ipKifNd piY~~t d~t~ O~ NtA nwntA unW lfN N~d n0t~ N luuy p~+d. wd~ paY to tM Aasoaatan tM foNOwu~q wms•
lal M~~s~aqm~nl o~ IM ua~s ~nd uMSSm~na Nv+~d a w b~ ~w»d pMmt t!» p~ms~s oov~nd bY t?p~ matpap~. aW M N?at~um~nt ol tM pr~mwm
a p~mwms that w~ DitortN dw ~nd W~~bM 1o nn~w tM mM?rant~ on tM p~mn~s towt~d Mr~by ap~wt bss by hr~. ~nd wnnostum_ s~.pov+d~d
fw bY w~ap~~ 3 p~9• a suM otMr hasud a may ~~awn~Wy b~ rpwr~d bY th~ Assocwuon. and ~n ~nauNmM~! ol tM p~mwm th~t w~Y
p~tpm~ du~ ~nd p~Y~pl~ tp rNNw tM matp~p~ mswsnq. d My Suth ~nstatknMts sha11 p~ pusl. r~sp~cuvNy. to on~-twNhh (1/12th) o~ tM q-
hm~t~d pnmlum a pn+~wums la wch wur~nq. ~nd tu~s ~nd ~sa~an+N+ts nu~ dw I~s ~sum~t~d Dy tn~ As~ocwiwnl Nss aU r+suMmN+ts sa~ady
ps~d thN~la. bv+d~d Oy tM num0~r ol ma+tAS th~t ~r~ w~4pN ons ewr?U~ Dra~ to tM dat~ wMn such p~mwm w p~nwums ~d taa~s and
assessmN+ts wri p~eon» d~Mrq~Nnt TM Assocutan. wf~N ~pp~ywp wcA Wvm~nts to ~nfW~nC~ W~rtrumf. t~aq Md ~sNflmMt~. O~tq~ th~ N~N
becom~ ONaqu~nt. sAW na paY a+tvut ro tM Mon~pa on wch funds. and aM such par~n~s may b~ commmp?W btr cM Assousua? vwtn ~Mr
otMr such fu~ds a w+t~ ~u own tu~+ds TM fund~ plWp~d a add~tanai s~wnty fo~ ttu sumi wcurW by th~s Matp~ and u~ wONn to us~ by
iM Aisouadon ~n p~ym~nt of "lal~ CMrp„' ~nd bM~k co~Nttqn chupq.
Iel AM pavrt~?ts mN+tarMd ~n tM pr~c~np wbNCtan o1 tMS puap~+ph and au payrtNnu ~o b~ maM und~~ tM nou s~cur~d nerWr ahau W ~ad~d
toq~tMr u+d tM ~pp?p~t~ anwunt li+~rw~ N+aM b~ pad by tM Mptpapo~ ~aN+ month ~n ~ w~pN p~Ym~nt to b~ ~ppM~d by un Assocwtan to /M
fdbvinnp ~I~ms r? 1M adK s~t 1o~th 1 Tu~s. ~ss~asn~+n. ~nd u~wrq~c~ pnmwmt 2"laa chup~i "~nd bu?k cofNct~a+ cMrpq. unNss p~d
~*~anr». a~~d~d m w?Wrwh 4 1~1 3 IntK~st on tM no~~ wcu~W M.~by 4 Amort~tstan ot tM W~nuWl ol sa~d noq
A~ry dst~c~+cy m ~M amount d such ~pprsp~t~ monthhr p~Y~ts shsN. urwss pa~d by the Matp~ya p+~a to iM dw dato d tM ~wat wch paym~nt. ca+~
sntute an wem d d~buh undK tM maty~y~ Without wa~wr ol ar?y ~pht. ths Assou~tao msy cdNct s"late thupi as p~and~d in IM Nou '
S Tnu ~f ~M ~oea1 01 ~M P+r~a m~d~ M[M Mor~p~por undM l~) ol Wr~W+ph 4 p~ud~^O ~aN ~acNd iM ~moum ol wrm~n.~ ~cw~Yy msd~ bY ~
AuocNCan la uaa ~nd a~sam~?n ~nd wnw~nc~ pnmwe». as tM us~ rtuY b~. wch ~¦c~ss shaN 0~ uW~ted by tM Assocucan on subs~awM D+Y~ts
to t» mad~ by tM Nlort9pa. 11. how~vM. tM mor+ehh Wt~nts mad~ AY th~ Matppa urdM o~ W~~y?ph 4 w~qd^p a~ ^o~ Mv~ b~+ wM~aN?t to '
WY tsaes and ass~ssm~nts ad e»wu~e~ p~mumt. p tM taN may b~. wM~ tM qen~ sAad b~eon+~ dw and WYSW~. tMn. tM Auxwtan may. ~t ~ts op.
ea~. ~mnwdut~ly wY sueh tuq and sss~ssm~?a ~nd insurane~ o~~mum. ~nd tM Monp~pa shsM pay to tM Assoe~a~an a~+Y amount n~e~ss~ry to mab up
ths deheNney. snd wM p~ym~e~t ah~Y 0~ dw ~nd p~Y~bN nntMn tlw~ty (30! d~YS ~hK th~ d~U o1 ma:4np ot ~ot~ by tM Assoeutan s~lAnp lorth tl» amount
ol sucn dstwwn~.b. N. ~t ~ny 6m~. th~ Mortpa9a sha~l la+da to t1+~ A~wcuian. m~ccad~nu vath tM prows~ons of tM oo» Ncur~d Mnby. fuN payrnM~ ol
tns ~nt~r~ ~nd~bt~ss ~pns~nad MrWy. tM Aasoaaaon s1+N1. in compuwq tM amount o~ wch md~bt~dn~ss. cr~dn to tM xcount d tM Mortpapa any
bslsnce rM+arwnp m tn~ fw+ds ~ewnN,I~t~d urW~. t?~ pwis~ons d(a) ~ oNSp~pA 4 -
8 ~o psrrmt. commrt a wN~r no w~st~. unpa~rmK?t a d~taaratan ol wd prop~rry. a ~rty p~rt thHwl. and upon tM Ia~1un d tM Mwtp~ya to kNp ths
Oudd~nps on ssd propaty ~n pood CorWitqn a ~p~r NW m~u~t~nsnt~. tM Assoaatan rtNy dtmsnd poW~ ma~ntMant~ and tAS ~mm~d~~t~ rp~u of Md ,
bwidu~qs. w an ~ntrqs~ n tM ~mouM ol sKw~ty. or tM ~rturwd~at~ rp~ym~nt d tM Wb~ M~~b1r s~cu~~d. and tM Isrur~ ol tM Matpapa !o comply Mnth ~
ss~d dsmand o1 chs Assoustan for ~ Pwad of thuty (30) d~r~ aMN oaautua ~ bn~ch of uw ma~9ap~. ~nd. ~t cM optan ol ths Aawcy~an. ~mrn~d~auh
maturo ths entv~ amount o1 p.u~cpd ~n0 ~nta~st ha~blr s~cw~d. and tM Assocutan ~mm~d~atNy snd vmtnout racK~ may ~natauu pocs~d~nps to ia~clo~e
iMS matpape s++d spp~y la ths sppantm~nt ol ~ r~c~~wr. q M~euuttH pw~dW. and ~n us~ ol t!?~ r~fusal. nsplsct a ~nabuty ol tM Mor}yapor to repsu ~nd
mamtam sa~d property. ths Atsoc~atqn m~y. ~t ~ts Op1qn. mW such tp~us a quse the sam~ to ba msds. snd advints mo~»ys ~n that beAalf
7 To pe~form comply wnth and ~bd~ by ~sch ~~d wsry tM sbpu~~trons. ~prNr+~ms. ca+d~tans s~d covenants m sa~d p~om~swry note snd thn matpays set
forth ~
B To comply w~th the wbdmsan ?~stnetans and tM muruc~pai zwanp ad~nane~s spphcabls to ths mortpsyed pops~ty. rwt to erect or permrt to bt ~rect~d uryr
new Gu~ld~ngs on the penus~s Mrnn rtartqs~d a to add to a pam~t to be add~d to. mske a pam~t to b~ mids any strucwrsl alte~atans :o smr ot th~
~st~ng ~mprovements theraon nntAOUt tM wrut~n conssnt of tiw Aasouatan. ~nd ~n tAe event oi ~ny vwlatwn o~ sttampt to vro~a~~ tMse sUputatwns. a sny ol
Ihem. tMs mor~ysge and sN wms sscund M~~DY sna11 ~mmsd~~ttly bscoms du~ ~~d WY~ ~M optan ot th~ Assouatwn _
g ~hat ~n case of a defwlt in sny of tM tams of tMs mortpp~ ~nd tM t~Nnp of ~ bdl io brsdos~ tMS a any othsr mwtpaye encumpNinp tM w~tMn dexnbed
propercy. ~M Assoasca~ sh~1l b~ Mati~d to apphy. st any uma vnthout notxs p~ndu+p such 1«ecbwre su~e. co ~na cour~ h~ruip ~ur~sd~ctan tnHw~ tor tM sp-
po~ntment of s.acs~wr ol s11 and su~pu?sr th~ mwtysp~d p?opK~Y. ~ ot a11 tM nnts. u+comes. pof~ts. ~swes snd rewnues thersof. from wnstswv~ sowa
der~ved. srd. thereupon. ~t a Mr~ ~apesshr CovMantsd snd ~pre~d that tM couA sh~ll fatAw~th appant s ncwve~ of p~d mortp~p«! popHtY. sN and
s~~gular. and ot wch ~~nts. ~ncortws. pohb. aw~s u+d rw~nu~s tMr~o(. Irom whatsowa sou~u arrved. w~th ths uwal powsrs ~nd duws ol recNwn ~n Wu
eases. and wch ~ppo~ntmsnt shall b~ mKM by suth eoun ~s i matt~ ol tUict npht to the Assoastron. and Mntha:t .~f~r~~ce to ths adsqu~cy p m~d~qu~cy of
the vaiue of tM propsrtr hsnby mwtpsp~d. a to tM solwncy a~nsdwncY of tM Mwcp~pa. snd tnai sucn nnts. pro!~n. ~ncom~s. ~ssws. snd r~wm»s sh~n
be appbsd b~r such ncsrvN to tM p~ym~nt d tM mortp~p~ uW~bt~dn~ss. casts snd cMry~s, ~ccord~nq to tM ada o1 such couh •
1 O Tnat m the ev~nt the pertuses M+eby nwrtysp~d. a iny part tl+~?wt. sh~li bs condemned ~nd tak~n w+dsr the power o( em~nenf tloms~n. ths Assocatan sASll
have the npht to dems~d tMt aY damapss ~wuOW la tM takx~p of a~nWry to sad prem~ses shsN be pard to ihe Assouaha+. ~ts wccessors or sss~pns. up to
the amount then unp~~d on this matqsp~. ~nd maY a~PWad to sr?y wms last psyaDle hersunde~
1 1 That ~~me ~s ot the essencs of tMf cont~~ct and that no warvN ot sny obbpetwn_Aerounde~. or ot the obi~gaUw~ secured Aereby. shall at soy Ume thereaher tx
nald to be a wa~va o~ ths tams hsreof a of tRS pom~sswy nots s~cwsd her~by
12 in Me event of any default m any of ths tams o1 tlus rriwtpsps. a ~n the note sscured Aereby. and accete~stwn by the holder. or a~y oiber s~twtan thst would
cause the interest pa~d a payabM unde~ th~s obi:pat~n to ~xcesd ths mter~ft rats ~utlwnisd by taw then ~n such event a!1 eacess ~Merest therotofwe pa~d snatl
be cred~ted to pnnr:~p+l snd ~II sccrued snd u~~d exuss ~ntsrost shall abste snd shatl not be an obl~qatwn oi the make~ w of any otAer person
13 That to t~e ertent of the ~nd~Dtsdness ol tAs Matpapa to the Assoc~~tan dsscnb~d M~e~n w secured AsreDy. tne Assocwuon ~c hereby wbro9sted ro the i~e~
or t~ens and to tM ngAte of tM ownsr and Iw~d~~ tMno~ ol sath s~d ~vaY ~8~fle• ~"e^ a otMr encumtxance on tAe Isnd daunbed nero~n. wh~cA ~s pa~d and _
sausfied. ~n wlwle w m par[. out o! iM prot~eds of tM bsn dtscnb~d Mrein a secured hsreDy. a~d cAe rospecove I~ens of sa~d mortyayss. l~ens a othe~ en.
wmWsnces. snslt be. and tM s~ms anC asch of tMm Mr~by's press~ved ~nd sha11 pass to and be he~d by the Assouatwn hsrnn as ssci,nty fa th~ rn-
deb~eansss co tne Assouatwn M~~ d~sc++bed a MrrbY sscursd, ta the s~r*» e¦tent thst rt wouM hsve been peserved and•would have bsen psssed pp and
been ?~ekf by sne Assoaatwn h~d ~t bs~n duly and rpularly ass~pn~d. tru~shrrsd. set over. snd deine~ed un[o tne Assouatron by sepsrate dead ol ass~ynnerN.
~otw~thstand~ny the fsct th~t ths fame maY b~ saUSf»d and untNNd o~ ntord. ~t bs~np the ~tentan of the pa~ues hersto thst ths ssms wdl be ssusfNA snd
cancetied of rstord by the hoWs~s thtrwf ~t Or about tM t~m~ O~ tM rscadup ot th~s mort9ape •
I 14 ihat ~f any ot tne wms of money Mr«n rt(ar~d to b~ not promptFr ~nd luliy pa~d w~tlun tturty (301 days +ie:t aher ihs sarrse uve: ally become due snd paYSMe•
, er ~1 exh snd eve?y tM si~pu~abw~s. aprsem~nts. corW~tans and cow~a~ts o~ ssd promasory note snd t~us mo~tyape. or e~ther. ars rwt duiy periame~l. com~
pbed w~th and sbded by. tM spyrpat~ wm unpid urWer sa~d prom~ssory nots snd th~s mort~aye sha~1 become due and paYablt lorthw~tn or thereaher, st ths -
~ optwn of ths AssocNtan. ss fuNp and torrp{~t~lp ~s if s~rd pprpste wm ot rtwn~y were ary~~~ st~pulated to be pa~d on such day. snyttuny_~n pd
prom~ssory rats o? hNe~ w tM contrary noMnthsund~np '
15 Tnat m order to xc~krate tM mswnty ot tM rWMt~dr»ss hN~by s~wnd C~c~use ot tM la~luro o~ tha Mwtpa9or to pay say ta: assessmen~. Msb~htyt ~4pa• -
cwn a encumbnnc~ upon sa~d popKty n hHw~ p~o+r~d~d. n sMil nof bs ~sussa?Y na rpu~s+te tha~ t?N Assouatwn cha0 tKSt p~~ tNS ams - .
16 That the aDStrMt w sbsttscts ot title Cownnp tM mortp~pW poW~tY shall st ~0 Urt~s. dunnp the Ids ol tMs mortpsye. r~ms~n ~n the possesseon of tM _
Assouauon snd. ~n swnt of tM (artbwn of tMS mort~p~. a oth~r tr~nsfer of t~W to tM moripap~d propsrtY• ~n eabnpu~thmsnt ot the mdebtednesss~curod
he.ebr. au r~y1,t. atk and ~nnrqt oi tM Matpapa in ~nd to u~y wcA ~bsuxts o1 trtN sha~~ pass to the purchasa~ w pramse
/7 Should ths vsld~ty a 1~? of tMs rnortp~y~. a tM not~ s~cw~d tMnby_ b~ ca+lqted by 4lrystro~ or otherw+se. th~ Mo~tyapa ay~ees to paY to ths AssousMOA ~ .
the cost o/ dsi~ndmp th~ sam~ rrciud~np ~ nasonabN attanhr's h~.
18 To psY aii and s~npuiar tht cosb. ch~~Ves and ~ap~nsss. ~~udmg +tta~+at~'s faes rsason~bly ~ncurred. or paed st any t~ma by ~he Assoc~ata~. because o( tM
Ia~iure ot the Mwtgsgw to periam. wmply with an4 abde by exh snd every the shpu~atans. ag~eements. cor~t~o~s and covenants o( sa~cf promnsory note
and th:s mortgsge. or setMr. si+d ~very wd+ (~xcspt fw ths psY~t of the monthly untallmem as raquued by the Prom~ssory Notel shall bear ~nrerest trom
date at the rate o1 tan per cent (109U per snrwm until fuNy ps~d
1 g The Assoc~atw~ shali haw tM np1+t st ~rhr t~m~ ~nd hom hrr» to brr» ~nd w~thout not~ce to a consent of ~ny person to (al releise sny portron of [M prem~ses
from the hen of tMS matpapr. Ib) r~Maf! Mr p~rson Y~blt fa payrtwnt ol ~Mr ~rW~bt~dr»ss secured hereby. (cl e¦tend tAe ume of payment or alter ths te~ms
ol payment of al~ w any part ol the ~ndebtedMfs, vmthout ~fl~ttmp p r~f~np th~ p~rWn~l I+~b4ty OI sny person baWe (othet thsn arty perfOn rp1~~fAd pur.
suant he~etol tor the paymMt of any wm a ~nbrest sKw~d h~reby ~~d wrthout ~n ~mr wise sltennp. vsry~ny a dsrmrnsh~np the Iwus. sHecu. w INn of th~s
mortgage o~ a~~ the p.em~ses not spec~f~catly rsl~as~d ~rom tM I~n oi tMs matpape by ths Assoustwn
20 Any agreemem herea(ter m~ds by Matpiqa and Assou~twn purw~nt !o th~s mortpaye sha~~ be superror to the nyhts of tAe ?w~der o~ sny ~ntervaHnp Aen a
encumbrance
2 i Vpw~ requsst ot Mwtpaqor. che Assoaatan may. ~t ~ts iolt op[ro~. from t~me to t~me. belwe full payment ot sil ~ndebtedness secured f?er~y. .ryk~ turiher ad- 5 ~
u......~..... .....w~w ' Nr ~nf~l ~v.~+r.n~l a~rw~rf h~r~hv anrl rwma~n~na unoa~d ~nclud~no anv wch advances. shaN ~ot at smr urrw ex-
....y.ti.,., r......~... .
ceed the a~g~rul prmupsl wm setund he~~by. MortQapor ahall p~y all wch further sdvsnces wrth ~nterest snd the ssrna shall be tecur~d Mreby All prowsans
ol Ih~s mortgaqe shail spply to sach IurtMr ~dvanca q wN1 as to all othtr ~ndebtsdneu sscured Mreby NotMny herem conta~ned. however, shafi 6m~t ths
amount securs0 by th~s mwtysps ~f such amount a ~ncr~as~d by ~dv~nces mads bY the Assoustron. ~s Mrem etsewhcr~ provWeO fp to protect ths a~cunty ,
22 In the event the Mortp~qa herei~. a sny wbspwnt Mortpsya. a amr psrson or capaatan owru~q srry ~nrorest whatsoever. shou~d encumber tM popMY '
nermn mortq~ysd by sn u~strun,snt commorAy roterr~d to ~nd known n s"wqp-around mwtgage" wrthout f~rst obta~rnng the wntten consent o1 the Asaoca- `
iwn. ~hen. at ths uP[ion o1 ths Aswuat~on. the ob4pstan setured by ~Ms Macqsye shsn imn?ed~stety become due and'WVabN =
x
23 To p~ovde the AssousUOn anth Fbod ~nswanu Ccverp~ d the re~t propertY ~s now a hereaher determ~ned to be v~ntMn a speaal ~lood fisrsrd aros ss ~tawr ?
on Ftood Hazard Baundary MsyFlood Iruuru~ce R~u M• v. pub al+~d by ths F~ders! Inwrance Admurstrstan ' - i
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