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Home My WebLink About0998 . . 394 P ~455 c~~ery mo~th ~hercatter until Nov_ember 1 Iq88 , at which timc rhe entitc unpaid balancc shall . Ix withou~ notice due and payable a~cl said ~~aYmrnts are to bc applicd, fint to intcrest. and if a~iplicablt. to taxes, aasessments, imurancc prchn~ums anii othcr ci~arg~~a u~x?n thc }NU!xny. ~nd thc bal~ncc to ~~~i~ci~ul. until said indebuYlntas i~ ~id in (ull, and furd~cr i( thc mortga~~rs ~}iall ~xrfurm. romply with and abide by tach and cvcry thc stipulatiun~, aArcements, ronditions, anJ covcnants o(the ~id ~,runiiasory notc and thi: mortRage, thcn this mort- qaRc and the eatatc crcated hercby aliall ccase and bc nul! ~nd voiJ: huwcvrr, this mor~gagc likewise secures any advanccs made by the 4ss~ciation to thc mortgagors or thcir auca~ssorx in titlc for any putpose any timc bc(ore the rtlease, satisfaction and canceltation ot this mortgage, but at no time sl~all this martgagt secure advances o~ account ot the original pmmissory note together with such add itional ~dvanca to a max~mum principal in excess o[ s~ 29~, Q00. OQ plua interest thewn and any disbuxmcnts made (or tl~e payment o( taxes. levies or insunnce on the property covered by the lien with interest on such disbursements. AND the mortgagon do hereby covenant and agree: 1. To pay all and singular the Principal and intertst and other su~ns of moncy payable by vinue of said promissory note and this mortgage, or e~tl~cr, on the days rtspectively the same sevcralty come due. 2. 'I'o pay all and ~iagular the taxes. assessments. levits. liabilities, obliqations. and encumbra~ccs of every natore on the propcny covercd by this mortgage whee due and ~yable according to law. lx[ore they become detinqurnt. :~nd iE the ~amr shal! not be prom~tly paid the ~ssociauon may at any time, either be[ore or a[ter delinquency, pay the same without waiving or afiect~ng the option to foreclose, ot ny ri 1 t hereunder. and every payment so made shall bear interest from the date thereof at the defauit rate o( 11. 5~a~ pcr annum; to repay on dtmared any sums so paid by the Associacion and the failure of thc mortgagon to cnmply with the demand o[ the Associa- eion [ot zpe r~a! of thirty (SO) days shall mnstitute a brrach u( this mortgage. and the Association, at its option, i~nmediateiy and without notice. may institute proceedings to toreclc~x this mortgagr and apply for the appoint- ment uf a receiver as I~ereinatter prov~ded; to deliver to che :1~ociatiun on or brtore Afarch 15th of tach year. tax receipts evidrncing the pa}rt~ent oE al! liens tor public improvements ~vithin ninety (90) days, after the same shall become due and payablg,~and to }~ey or Jischarge wicl~in ninety (90) days after due dace. any and all govern- mental levies that may be madr on the mottgageci property, o» :his most}~ge or note, or in other way resulting irom "che morcgage inJebtedness secured by this mortgage. ~ 3. ?o keep the buitdings and all cyuipment and ~ersonal propcrty and other improvements now existing or herea[ter placed or erected on the mortgaged pnmises ~nsured as may be requirrd irom time to time by the Association ; against loss by 6re and other hazards, casuaities and contingencies, in sucl~ amounts and for such periods as,may be { requirtd by the Associa~ion; to pay Promptly when due the prrmiums on said insurance; to carry all insunnce in companies appsoved by the Assoc~at~on and wntten by a responsible local agent satisiactory to the Association; and the poliry or policies shall be oE a t~rpe or types atceptabie to the Aswciation and shall be held by the Associa- tion unless the Association waives in wru~ng such r~ghe to hold said policy or policies, and further provided that said waivtr may bt revoked at any eime bX the Associauon: and each and evrry o[ said policies shall have attached thereto an accepcable mortgagee clause, wuhoue coneribucion, making all losses payable to the Association; co giv~ immediate nocice by mail eo the Aswciation so that the Association may make proof oi loss if not promptly made by the martgagors; that each insurance company concerned is herrby authorized and directed to make payment for auch loss directly to ehe Association instead oE to the m~rtgagon and the Auociation jointly. and the insurance prucerds or any part thereof may be appliecl by the Associuion at its uption either w the reduction oE the indebted- nea~ hereby secured or to the restorauon or repair ot the proExrty damaged withuut impairing or waiving any ty uity, tien or right under anci by virtae oi this mortgage: that ~n the evcnt ot the foreclosure oE this mortgage or ~ other transfer of titlt to the mortgaged property in exunguishment of the indebtedness secuted hereby. a11 nght. ~ titlr and interest o[ the n~ortgagon in and to any insunnce policies then in force shall pass to the purchaser or ~ grentre: in thc erent the mortgagon shall fail to keep the premiscs insured as above prov~ded or shall insurc in ~ a manner not acceptable to tRe Association, the Auociation may place and pay for such insurance or any part , ~ thereot wi~hou~ wai~~ng or aAecting its option to toreclose ot any nght hereunder, and each a~d every payment = ~hall bear interrst (rom the date thereo[ at the default rate as stated in paragraph 2 and shall be repaid to the As- ' aociation upon demand, and failure of the mortgagon eo comply wieh saiJ demand by the Association for ape riod u( thiny (~Q) days shall constitute a breacl~ oE this mortgage. and, at the option ot che Association, immecliately ~nature ~he en~ire amou~e secured by this mortgage, and the aasociation immediatelY and without notice may in- seitute prcxeecli~gs to foreclose chis moregage and apply for ehe appointn~enc of a recerver as hereinafeer provided, to deli~•er rrnewal or ecceptable substitute policies or evideoce thereof acceptable to the Association not less than 6fteen (15) d•rrs prior to the ar~ni~•ersary date o[ the currrnt policy; it the }x~lity is cancelled. by the insunr, the ~ inurtgagon must ha~-r a new policy, acceptable to the ~ssociauon, in the hands of the Asxxiation twenty-[our (29) houn before the effeceivr clate stated in the notice o[ cancellation to the mortgagon. 4. To permit, cumn~it, ar suNer no waste, impairment or detcrioration of said property. or any part thereoE; including ! but nut limitcY! tu ci~rtation, and u~~on the [ailure oE the mortgagon to kcep the impmve~nents on said property in ~ood cunditiun ul rr~,air, the A~sociation may demand thc immediate repair of said improvements or. at its : upuon, d~e :~~xxiatiun ma~ make anct pay such repairs as in its discretion it may deem »ecessary to the proper 4 presen~ation tl~r~rul, a~?J tlu• tull amount ot such pa~•ments shall be secured by tl~e lien ot th~s mortgage ~nd ~ shall be paid tu ~h~ -\asociation immediately upon dtmand; and the failure of the mortgagon to comply with the drmand u( ~hr .lawciatiuu tu make such repairs, or repay such monies expended by ihe Association, within ehirty (3U) davs ul ritt~rr of said dc~rnands, shall conscitute brrach of this morigagc, and the Associaeion, at its option, immrdiatrh ~uJ without notice, may instiwte proceedings to toredose this mortgage and apply tor the ~ppoincment ol •r recri~•rr as herrinaEter provided. ~ 5. To luretish to ~hr .~~uxiation uF,e,n its reyuese. within one hundrecl twenty (120) days atter the end o[ each 6sca1 4 year uf mortgagun, a balance ~heYt and a profit and loss statement and such other 6nancial in[ormation as tllC ~ ~ssociation ~uay r~~auinabl reyuite relacing ~o che abilicy ot che ~norcRaK~r~ to make the payments herein provided. ~ Each item reyucYttYl ~I~alt tx in rea~onable detait and certifird by n~ortgagon, and, i( the Association shal) require. ' bp an inde}xndeil~ certi6rd ~ccountant. 6. Tu execuie and deli~•rr financing ~taeemenes co~•ering aU oi tl~r ~xrwual Nro~cny s}xrcified above irom tim~ to time and in such torm as leneler ru:~y rclquire co Per[ctie a securi~y interctit with respect to said personal propeny. Alungagun shai) pay all cciau ut hling such stacemtnts ancl nnrKala ~nd relcax~s thereot and shall pay all rason- ~ble costs and exjxnxa ol any rrcurd searches tor 6nancing statemrnts as I.ender roay rtasonably requite. With- uut tlie Nrior wTUten consent o( .~asociationi mor[gagon shall not crcace or suF[er to be created pursuant to the UniEorm (;omnurcia! C.ocie any other security ineenest in s~id personat ~n~prny, induding replacemenu and addi- ?iu~~s chereeo. ~pon moregagor~ breach ot ~ny covenanc or agreement ef morega~urs mnt~ined in this mottgaRe. ~ including the co~•en~nts tu pay Mhen due all ~ums secured by this mortgage, Association shall have the remedia ° u1 a srcured pany under the Uni(orm Commercial Code, and. at thr A+sociation's opcion, may atsQ 8eciare ati oi ~ che sums sccurtd by ehis mortqage to be immaliately due and payable witl~eut (urtl~er demand and may fore- ' clost thi; mortgage by judicial procetding. ; y k _ . R~~r~;t~ F,'~( . ' ! ~ : - ~ _ _ - _ ~ ~ '~~-~-~~t . :~.~`J~~