HomeMy WebLinkAbout0458 4. ihd! m Orda to prot~tt moi~ fully lM ~CUnty OI tlri matw~. lM MWtp~pW. tu~tM~ w~tA •nt1 ~n ~dWUOn to. IAC nwntMY p~Ymrnl~ wu~r th! taunS ul UK
~~u1Q 56GU~9d h!tlb~ 011 tfN S~NG~i»d piY~1NM d~l~ O~ uch montl~ unhl tM sa~d r10tQ q luliy paed w~ll {»y l0 the AsSOC:i~iW~ I~e IotWw~ny SWiis
~ lal An ~nstaum~ot o~ tM t~a~s ~~d iss~ur+»~~s Nw~d a to a hv~W a~~ns~ iM p~m~sss cuvrrW py tMS mor~~a=» ~M1 ~n ~~Sl~~~m~nl O~ ll~ yNr~uum
w Wsmwms tMt Nnll acom~ dw and DaYabN ~o r~n~w IM ~~wr~nce oo the pem~s~s cove~ed nQ~eb~ sga~ns~ 1u:a by hra. a~x1 windstwm as yiuv~drd
la by pars9~aph 3 p~c~drW. a such otM~ Mta~d as maY i~a~aY a rpwred by tM Ass«:~aUO~. srn1 an ~nsullm~nt ol tM pr~mwm tna~ N~n
becom~ Qw snd WY~~ to ~~ntw tM ~~p~y~ ~nw~~nc~. d any Such mstatlm~nts shal~ bs puil ~ea~xc~~vsly to aa IwNlth I1 %121h1 of tne es
t~mated p~mwm p prtmwms la sucA ~nw~~nc~. ~nd tss~s ~~0 assassm~nts neat due Ias esum~ad by tlw Assouat~onl lsss au ~nstalime~ts atready
pad lMrtlOt. d~wd~d by lM numON OI nqntAi tlNl M~ l0 ~t~py~ oM mOn1A p~p to tM d~t1 wMn Yuth p~m~um w prern~ums ~~d Isaes a~~d
assessments w~M b~torM dNuiqu~nt TM Auou~tan. wMt~ app~ri~+p sucA DaYmeMS to mw~a~+ce p~~mwms t~¦es and assessmsnts ba~ore the same
becume depnquMl. shail npt piY mt~rqt t0 lM Matpspa on tuth funds. and all such paymenq may O~ cornm~nql~ by ths Assouatron w~Ih snY
otn~r such furxfs a wrth As own Iu~OS 1h~ funds an pI~QpW as ~dd~tanal secun~y lo~ tAa wn~s secu~M Dy ttus Mo~tgags ancf aro wt~ect to use Dy
the Assocuta~ N+ paYmN+t oi "I~u chup~i a+d b~nk cdNnwn cMry~s
101 Alt psyments menGa»d u? tA~ pncWu+p wbsKtwn o) tlus ps~ag~aph ~nd ~I~ paymenls to be made under lhe no!e securnd hereby sh~il pe acklyd
~~y~etne~ and t?~e s~epaie smou~t ~M~so~ sMU bs ps~d Dy M«~qagor exA month r~ a sa~yle pay~ne~t ro b~ appuud 6y the Assouat~o~ lo [As
tolbw~ng ~tems w~ tM wdH s~t fath 1 T~~es assessm~nts snd ~nw~aoce p~em~ums I late cna~yes and ba~k co7iecbon charges unless pa+d ~n
ma~ner p:owded ~n parsprsph 1 1~1 3 Inurpt on tM non secu~ed M~eby t Amo~ntauon of the p~nc~pa~ ul sa~d ~rote
Any defiu~nty ~n ths amount ol wth pprepaq monthly psYmants st~all. wUess pa~d by the Mortyaga Prqr to the due date ol thu neit wch payment. con
sutute an event of detault und~r tha mortgay0 Wrthout wsiver ol any nyht. the Assoaatan may collect a'late charge" as prowded ~n the Note
5 Tnat ~1 the totst ol ths p~ym~~tt msdt by ih! MOrtyipOr u+dlr ol p~r~pi~ph 1 p~Rtednfl shall ecte0d th~ amOunt ol payments actualty made by tAe
Assac~anw~ !o. ~s.es and assessments ~nd ~~sur~nc~ prertnums. ~s tAe case may Oe. suc~ excess sha~i be cred~ted Dy ~he Assouatwn on subsequens paYmen~s
to Ae madr Dy the Mwtysgd 11. hpweve?. the monthl~r p~Ym~ntS m~de py the Matpaqw urxler ~sl ot parag~aph 4 prececbng snau not nave bse~ wihc~sn~ to
pay taRes and aSSesimenti ~nd ~ntur~nce premwmi. if tM c~SO m~y D!. wAen~tAf sim! shi~~ become due and paYaWe tnen tne Assoc~auon may a~ ~ts op
Ucx~ ~mmed~ately pay such taxes a~d aSStssmeMS s~d infurinGe pr~m~um, and tha Mortgaflor s?w~i paY ~o i~ ~~~atwn anY amou~t necesssry ~o make up
~he dehuency and wch paymem s1+~U M due snd psWbl! w~lh~n tlurtY 130) days after the dats ot mad~ny of ~ot~ca bY ~?+e Assoc.~aUOn SliGn9 ~Utih the irtWUnl
ot su::h deltuent? II at any Ums. lhs Matgspa s~sll t~nd~r to the Assoaaaon ~n sccwdance wdh tne p~ov~s~ons o~ ~he note secu~ed he.eby ful~ paymenf o1
the ent~~a ~ndcbteaness representad hMeby. ths Assot~~twn shsll. ~n comput~np ine amou~t o~ such ~ntfe0tedness. cred~t to tne acwu~t o~ the Mortgago~ A~y
tw~5nce remam~ny m the ~unds stcumulatld urxl~r tht prov~s~w~s of lal of pi~s~rsph ?
6 To {~rm:1 comm~t o~ wNM n0 w~fN. ~~np~~~rMnt w dltMqr~tWn O~ ss~d prOpe~~Y. a any part Ihereot and upon t~+e fa~lu~e of t1i0 Mortyaga tJ keep tt~e
bu~td~nys on ssd prope~ty m qood ca?d~1qn a rpau an0 ma~ntsnsnca. !he Assoaauon maY de~++a~d D~ape~ ^~a~ntenance a~d tne ~mmed~ate repa~~ ol sa~d
bu~W~nys w a~ mcrease u+ tM amount ot secunty. p the ~mmed~ete repsyment Af tAe debt nereDy secured a~~d the ladwe of the Mortgagw to comply w~tA
sa~d demand o1 ~ne Assocutan fw a p~rwd ol M~rty 1301 dsys shs~~ consawte a b?esch o~ tn~s mo~tgape ar+d at the opuon of tne Assouanon. ~mmed~ate~y
maw~e the ent~re amount of pnnupsl snd ~ntenst Mreby sscured. snd the Adsouaaon ~mmed~atehr and w~thout not~ce maY ~~st~tute proceed~nys to fo~edose
th~s matgage and apply fo! ths sppantment o~ s r~cerver. as here~nsfter prov~ded. a~+d ~n casa ot the ~e~usa~. negiect or+nab~hty of the Mo~tgapor to repa~~ and
ma~ma~n sa~d property. the Assoc~atwn may. at ~ts optan. make wcA rsps~rs w cause the same to be made. and advance mor~eys ~n tnat be~atl
) To pe~form. comply wrth snd sbde b~r esch ~nd svery the stpulatqns. sp~esments. ca+d~twns and covenants sa~d Wom~ssar ~te and th~s mwtgage set
~O~th ~
8 To comply w~th tne wbd~ws~on ~sstnctans and the munK~pa1 iomnp ord~nancss app~Kade to the mortgaged p~operty not to e~ece w pe~m~t to be e~ected any
new bwld~ngs o~ the p~em~ses here~n mortpsysd O? to sdd to or perrrWt to De sdded to. make or perm~t to be made any stwctura~ a~te~aoons to any of the e¦:
~u~ng ~mprover+~ents the~eon vnthout tAe wntten co~sent of tAe Assouatwn. and tAe'event o} any vrdaf~on or aftempt to v~olate ~hese st~pulat~ans. or any o}
~nem en~s mwtgage ar+d an wms secured hsreby shaU ~mmed~stety become due a~d paYable at the opt+on o~ me Assoc~auon
9 That m case o1 a defa~it ~n any o1 ine terms of th~i mor~pape and ehe ~~~~nq o1 a b~U ~o forQdose thFS or any other mortgage encumbenng the wKn~n tlescnDed
~~u~erty the Assoc+aaorvsnail bs enutl~ to apptY at any t~me vr~thout ~+ouce pend~~g such twecbsure swe to the cuun hav~~y ~ur~sd~ct~on thereof fo~ the ap
po~niment ot a rece~ver o~ a~i and s~~qu~sr tBe mwtgaped prope~ty. and o/ a~~ the ~ents ~~comes. p+of~ts +SSUCS aru~ revC~~ueS LhergOt from whdlSOevE~ sOU~[@
der~ved and the~eupon. ~t ~s hereby sapressly covenantsd ~nd spreed that the cour2 shsll torthw~in appo~ni a rece~ver o} sa~d murtgaged p~oDerty. a~~ and
vngular and o~ Suth ~e~15. ~~cOmBS. p~O~rti ~ssues ar+d ~eve~ues tAereof. from Mrhacsoever sowce denved. wRh the usuai powers a~d duues ol rece~veis hke
cazes arxi sucn appo~~tme~t sna11 ps msde by such coun ss ~ matter oi str~ct r~pht to the Associa~~on. and w~tnout reference to the adeQuacy or ~nadequacy o~
~ne value ot the p~ope~ty hcrebY mwtQafled. a to the soivency a m~dve~cy o~ t?~e Mortgagor. and that such rents v~o}ns. ~ncomes ~ssues and revenues snau
be ap~~ed by wch recewe+ so tM p~ym~nt o! tM mwtya9e ~nd~~t~dnsss. cous and cha~ges. accord~ng to the ade~ of such coun
+0 That m the event the ownerS~~D of the mwt98ped p~lm~SpS Or eny part thlrept. beCOmes ve5ted ~n a pesrson otne~ than the Mortgagw. tbe Assouatron may.
watxwt not~ce ro the MMtyagor. desl w~th such wtcessor a successo~s ~nte~est wrth re~erence to th~s matgage and tne dedi he~edv ~~ured. ~n the sa~ne
manner as wrth Ihe Mortgago~. wdhout m any way wuaUnq o~ d~scAS~p~~g the Morfpaga~s bab~hty Aereunder o. upon [he debf ne+eDY secured No sale of tne
Wem~ses hereb~r mortgagad and no fwbeara~cs on ttie pa~t ol tM Assoc~auon. arW ra eatenyon o~ the ume ~ur ~ne payment ot [ne deDt he~eby secured gne~
by the Assoc~anon shali operate to release. d~scnarye mod~ty. cAange a a~}ect lhe ong~~a~ naD~l~ty o~ the Mor~yagor here~n. e~tnei ~n who:e o* ~n pa.c
~ 7 Ti.at ~n the event tne pem~ses her~by mortgaped. a any part thereol. shaH be condemned and taken under the power o1 em~nent doma~n. the Assouat~on shalt
nave the ngbt to demand tnat a~l dsmapes swarded fa the qkmp ol w~n~ury to sa~d prem~ses sha~t be pa~d to the Assouauo~ ~ts successors or ass~gns up to
the amouni then unpaq! on [h~s mortgaye aod may be spp~~ed to sny wms ~ast paYable heieunder
~ 2 Tnar hme ~5 O~ the e55entC Of tA~S contract and Ihat n0 wa~ver Of any oW~gaUOn hereunder or o} tnr oLbyat~un secureA hereb~. s~a~E at any t~me ihe~eahe~ be
hetA to be a warver of the terms hereof pr o~ the Wom~ssory note secured hereDy .
~ 3 1~ ine event of any detault anv of the te~ms of cn~s mwtgage o~ m[he note secured hereby and acce~e~at~on by [he noider or any oiher srtuat~on tAat wou~d
tause the ~~t2rest paed Or pay2blE undlr th~s OWrpa[Wn t0lat!!d the mtlrBSt rat! 2Whonted by Idw lnen ~n such event att eacess :nterest the~etofore pa~d sha~~
be credrted to pnnc~pat and all ataued s~d unpa~d excess ~nte*est shs~l abate and snaH not De an ob~~gat~on of tne maker or of any other person
1 4 That to the extent of ttx ~ndebtedness o~ [he Mortpapor to ihe Assoust~on descnbed here~n o% secwed hereDY the Assouauon u hereby sutxogated to the i+en
W hen5 a~1d to th! r~ghtS O~ tf7C OWOQ+ ifld bO~dlt Ihlt@01 Of liCh afld EYQry TprtQ~QE. I~C:1 O~ othCr encumW aM:B On ~tt@ 12nd CeSCnb@d herE~n. wh~cA ts Da~d 2nd
sanshed. :n whote or ~n parl out of the poteeds of the loan descr~bed herem or secured hereby: and the ~espect~ve hens ot sa~d mortgages. I~ens or other en
cumbran~es sna11 be. and the sar*~e and esch of them hereby a preserved a~d shatl pass to a~d be ne~d by tne Asxx~ai~o~ nere~r as secunty for the ~m
debtedness to the Assouatan here~n descnDed o~ hereby secured. to the same eatent t~at ~t would have been preserved and would have bee~ passed to a~uf
Ceen he~d by the Assoaatron had ~t been duly and repularly ass~pned. transfe~red. set over. a++d de~~ve~ed unto tne Assouat~o~ by sepa~ate deed of ass~gnment.
notwuhs~andmg the iact rhat the same msy be sst~s6ed and w~celled of record. ~t be~ng the +ntent~on ol the part~es herero ihat the same w~8 be saLS~~ed a~d
ca~ceiied o( reco+A by t!se ~~den thereoi st a sbout the t~me o~ the ~eco~d~~g o~ tn~s mo~tgagE
Fy pa~d w~ih~n th~it ~
~ ~ 5 lnat ~f any of the wms of monBY he~e~n rlterred to be not p~omptfy i~d }ui v 30i days neu af~e~ Ne same severa~~y become due and paraWe_
{I or d eac~ and every the sbputatwns. apr8ements. condrtwn5 ind cove~ants ot sa~d prom~ssory note and ih~s mo~tgage. of e~the~. are not duiy ~rfo~med com~
j phed w~th a~W aG:ded by. the ag~re9ate wm unpi~d under sa~d prom,ssay note a~d th~s mo~tya~e sAaU become due and payaDle forthwrth or thereaher, at the
i opuon ot the Assoaatan. as ~utty snd comptetely as ~f ss~d a~eyate wm o1 r*wney were o~~q~nally st~pu~ated to be oa~d o~ such day anyth~ng ~n sa~d
~ pom~ssory no[e o~ here+n to tne contrary notw~thstand~nq
i g That m o.der to accete~ate the matunty of itie ~r.0ebtedness herebV secureA because of the tadure o1 the Mortgagor to pav any ta• assessmem. haWhty. ob!~ga
t~on or e~cumb.ance upon sa~d property as Aerem prov~ded. rt sha~~ ~ot -be necessa*y nor requ~ste that the Assouaaon sha': first pey the same ~
t 7 If a conveyance should be made by tbe Mortgagor of the p~em:ses herem descnbed or any part he~eo} and the g~anjee ~amed ~n such conveyance fads o~
refuses to assume the paymEM of the obl~gaTion ev~denCed by Sa~d Wom~ssory ~ote and secu~ed bY th~s mortgage a~~d m accordance w~th tne~r respect~ve
te~ms arxi ab~de by tne ruies and requiauons of the Assoaaaon. ~nclud+ng payment o~ a reasonabte trans~e~ ~ee. t~e~. and ~n that eve~t a! the optron and upon
ine demand o1 tne Assoc~at~a+ aH sums of money secured he~eby shali ~mmed~ate~y become ~~rthnnth due a~d paYabfe
• g - That the abstract or absc~acis o~ Utte cove~~~g the mortgayed property sha~~ at a~~ nmes. du~mg [~,e i~~e o} th~s mongage rema~~ m the possess~on of t1w
~ AsSOC~Abon dnd. ~n evCM of the /WCCtoSU~C O} IheS mOrtgepC. or othlr transler O~ t~Ue io the mOrtgayed p~operty ~n e¦t~~gu~shment of tne ~ndebtedness secured
hereby all r~ght. i~tle a~d ~nterest ot the Mwtgaga m~~d to a~y such absteacts of utle sha~! pass ro the purcnase~ o• yrantee - ~
' 9 S+:o:,iA the vaiiday ~x I~en o~ tha mortgage. o~ ihe note secu~ed fhereby. De contested by +a~gat~on o+ otherw~se tne Ma~tyagor ay~ees to pay to me Assoc~aho•~
[hr cost of defenA~~g tfie same :~+c~ud~ng s reasonaWe atromey s fee
To ~av aN and vngutar the costs charges and e~per.ses. ~nclud~ng attomey~s fees ~easonaWy ~ncu~reA. or pe~d at any t~me by the Assoc~atron bscause o~ the
fadure ot the Mortgagor to perform comply w~th a~d atade by each and every the suputaT~ons agreements cotxlrt~uns and tovenants ol wrtl promissory no[e ~
and th~s mortgage. or edher. and every wch (eacept fw the payment of tAe monthty ms!allme~i as reqw~ed by the Prom~sso+y Note! shall bear m,eress from
da[e at tne rate of ten per cent (104L) per annum until fully pa~d
2~ The Assouatwn sha!! have the ngM af iny bme a~+d f~om t.me to Ume and rntbout not~ce to or corrsent o~ any person to +a! re.ease any port~o~ of the prem~ses
from the I~en o~ this mwtgage. (bl relesse anY psrson l~able Iw paYment o( any indebtedness secured herebo Ict e¦tend the t~me of payme~t or alter t1+e terms
of payment o~ aii or anY part O~ [he ~+WEbtldnlsS. wrthout aHetLnp O~ rEllaSmg Ibe persW~01 6abdrty o~ 2ny person I~abfe (other ,han any person_released pu~-
. Suant her@[OI fOt the pdym2nt 01 Bny Sum Or mfE~eSt SBCUtfd ht~Qby 8nd WithOUt m any w~se ane~~ng vary•ng or d~m~n~snmg tne fo~ces. e~~ecu.~o~ hen of th~s
nwr2gage on a~i the p~em~ses ~ot spec~iKaUy released from tne ~~en of th~s mo~egage by ihe Assoc~at~on
22 Any ag~eement nereafter made by Mortgagor and Assouat~on pursua~t to th~s mortgage shaF~ be supeno~ ro the ~~yh[s of tne hdder of a~y ~nterve~:mg i~en m
encumtxa~ce
; 3 l~por~ rea~~est of Mortgagor the Aisoaatwn may. at rts so~e opLOn. ?rom ume to t~me. be}o~e fuii paVment of ail ~nAebtcdness secu~ed ne~eby make fu~the~ ad
~ vancrs to Moftgagor p~ov~ded however thai jhe total prmcrpal sewred hereby and remam~ng unpa~A ~nt~udm9 2ny SuCh ddvd~_2S s~a•~ not a: any ume e?
s; re~ jne or~g~nai pnnupal wm secu+ed he.eby Mo~tgagor sha~~ O~Y a~~ such (ur~her advances wnh mcerest and tne same sha•I be sewred nerPby A~i prov~s~ons
~f tn~s mortgage shall apply to each lurther advance es welt as to a~1 otAer :ndeb~edness sewred hereby No~n~ng here~n ro'~ta~r,ed huweve~ snali t m~t !ne
~ amount secured by th~s mortgage such amouni Es ~ncressed by advances made by the Assouauun. as he~e+n e~sewnere prov~ded +or to protect the secunty
~ gagw y sequ gagw, y pe pcrauon owmng any +nterost wha[soever. staulp encumher the property
i4 In the event the Mort here~n. or an wb ent Mwt or an rson or co~ -
~ here+n mor[gaged by an i~trument commonly re(ened to sad known as a"wrap-a~o+,nd mw[gage w~thout fust obta~n~ng the artrt[en consent of the Assoc~a- ~
~ Uon. then. at the optwn of the Assocwtion. t1x oblgatwn secured by th~s Mortgage shan ~mmed,ateH due arxl psyaWe
~ 25 To prowde the Assouatron with Flood Inwrance Coverage ~i the real property rs now or Aereafter determ~rxd to be.voth~n a spausl flood Aa:ard area as shown
on ffood Haiard Bou~dary Mapiflood Insu~ance Rate Map as publ~shed bY .he Fede~al Inwrance Adm~mstrat~on I
~ '-~'_cJ ~,,ii~ Rf:C6RDED~ .
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