HomeMy WebLinkAbout1608 4. That. ri order to protect mole fuNy tM setunty d tors mortgage. tM Matgaga. tOyetMr rwth end in addaan w IM montnlr garments under tM terms of tM
rwro secwad Mrirby. On tM ep/c+f+ed WYment daro d each month until) tM Nd noro ,s fully pad. w,il Pay to tM Assocar~.rn tM follow+ng wine
lal An rrtttall~Nll d the t4eN and aswesm.nts IevNd a t0 be levilea egainat tM pem+ees covered by the matg.pe. end en ineteNrrWnt of IM pem,um
w pemwms that wiN bstwtN dw and WYabfe to renew tM ilnsurence on tM painless cortred MrebY iga+nst b:>. by fire. end w,ndstorm. as povrded
fa by Wrsgraph 3 petedrtg. Or each othM haiNd as rnaY reasonably W requred by tM Associlalan. and art Inilallmenl d tM pem,um that will
t»come dw and payable to renew tM mortgage insurance. d atY Such irtsteNrrterilis shal+ W equal. resprcurNy. to Dior iwNhh 11,12th1 0l iM es
!,mated gem+um w genuums for such inwrence. end !axes and assessments next dw ies esuniated W IM Assoc,ation? less su instauments eaeadY
Wd ttierefa. divided by the number d month !flat an to elapse one rrtonlh pilsotro ineuranCe pemwms
s ~a and assepssments. alas tM same
assessments yylN bacons delingwnl TM Assoaatan. whN ePpfYrrq such WYmen
becaM deMnquertt. shall not pay inleteat l0 tM Mptgagw On Wch fund!. end iN such payments may Ire comm+nglW by llte Assoctat+on Willh any
other such lards or With iro own lands. TM funds are PfedNd as additioMl security for tM soots Ncured by tors Mortgage and are sublet! to use by
tM Associatan in payment d .'late chargp'• and bank tollectan charges
Ibl AN payments mMtwrted rn tM geCedrrtg blbeection of thN Wragrsph end aN payments to W made undo tM note secured Mrekfy shoo be added
together end tfr? eggregaro amoum tMreof sheN fie pad by tM Matgagw each montn in a srnpM payment to M spW,ed by tM Assocutan to tM
fdbwtng items in tM order set lath 1 Tues. assessments. and rtsuranq pemwms 2 law charges soil bank coliectilon charges. urdels Wd in .
manrtM povtdad in peregraph 4 la) 3. Interest on tltR rate secwed Mreby 4 Amwtuatan of tM g,nciWi of sad note
Any defiaency m tM amount d such aggregaro monthly Wymertts altaN. uNess part by the Matgaga par to tM due date of tM next such payment, con.
- stituro sn event d defeat! under the rliwtgege. Vyithout waiver d any right. the Associatan may collect a-'late chugs" as govided in tM Nora
5 TMt if tM total of tM payments made by tM Matgaga order let of Wrsgreph 4 pircedrtg shall exceed tM amount of payments actusuy made by tM
As;OCiation fa taxes and assessments and inwrence pemwmntssmade by tM Mat such sunder !oleo! parap
sph 4 preced+ snq
AMU no Rave been wffK+ent to
ro rte made by tM Mortgagor It. ItatNerer, tM monthly Wyme 1Ntiw
pay foxes and assessments and inwrance gemiums. as the uw may De. when tM same shell becorne due and WYSble. thM. tM ASSOCNt,On rosy. at as OP
Uon. ,mmed+stely pay wch taxes and issessmertts and inwrirtCe pem+um. and tM Matgsga shalt pay to the ASSOCIauon any amount netesssry t0 make up
tM dehaencY. and wch payment sltail be Oua.ard WgbN wthn thirty 1301 days aha tM date of marl+rty of nonce by tM Associanon settutg forth tM amount ~
of wch deficlenCy Ii. at any time. tM Mortgagor shat! order to tM Assoc+suon.•in eccadance with tM pors+ons Of tM note securid Mreby. fun payment of
the enure indebtedness regessntad hereby. tM Assoc,atwrt sMll- in comput+ng tM amount of such +ndebtedness. crrrdt to tM account of tM Mortgagor any
balance remainilng m tM funds accumulated under the govisiOns of Isl of W!agrsph 4
6 To permit. comma w wHer ra waste. impaurttent w dster+aatilon iN sail goperty. w any part thereat. and upon the Iaaure of the Mortgagor to keep the
bu,ld,rtgs on sad property in govt! condition W reWtr and maintenertee. tM Association may demand gaper muntensnce and tM immirdiate repair of sad
bu+kf+ngs. a an increase in tM amount of security. or tht immedate repaymMt of tM debt MrsbY secwed. soil tM Iadure of tM Matgagw to comply with
card demard of fife Assoc,st,on 1w a period of thrty 130) days sMll constitute a bleach of this mortgage. and at tM opt+on of the Assoc+at,on. immediately ;
mature tM enure amount of principal end Intsreet Mreby secured. end the Assoc,atan immediately and witflOUt notice may +nstitute pocead+ngs to faecbse
this mortgage and apphr for iM apppntment of a receiver. es Mre,naher govrded. and m case of tM refusal. neglect w +nabilt,ty of tM Mo'n
tgaflo' to~f ,r end
maintun sad goperty. tM Associls[ion rnaY. at its optrort, make such rapers w cause tM same to be made. and advance rrtateys
7 To perform, contplY wiltA end atr+de by each and every tM stipulitiOns. agreements. cartd,twrts std covenants in serf gom,ssay noro and the moregsge set
lath
8 TO Comply vr,th tM Subdiv,sion reettictiOn3 ird tM muniCrpal 2atilng OrdiMrtCN applicable IO tM mortgaged goperty, not t0 erect w permit t0 t>e Bretted arty
new build+ngs on tM gainless Mrein mwtgatged w to add to w perms to be added to. make or permit to be made. any stiucturei alieratilons to any of tM ex-
isting imporemenis threat without tM writron consent of tM Assoustan. and in tM event of any v,ir4t+ort w attempt to v+olate these sapulat,ons. a any of
them this mortgage and all wins secured Mriby shah immsdiatey become due and Wysbfe at tM option of tM Association
g That in case of a default in any d tM terms d this mortgage and tM hfirtp Of s bill to faecbse this a any Other mortgage encumbering tM with+n descnfxd
property. iM Association shall be entitled to apply. at any time wdhout nonce pending such twecbsure w:t. t0 tM court hanng lunsdcuon thereof Iw tM sp-
pointment of a reserver of al! and s,rtgulsr tM mortgaged goperty. and d ail tM rents. incomes. gofits. ewes and revenues thereof. from whatsoever source
derived. and. thereupon. rt ils Mrsby a:pessly covenanted and agreed that tfte court shah forthwith appo+nt a rece+ver of sad mortgaged poperty. aR and
singular. aril d such rents. incomes. pofits. issues and revenues tMreof. from whatsoeve? source denied. w+th tM usual powers and dunes Of racsivsrs in files
cases. and such apppntment !!!till rte made by wch court as a mittM of strict right to tM Associlstion. end without referenu to tM adequacy w Inadequsty of
tM value OI tM goperty Mreby mortgaged. w to tM solvency w insolvency of tM Mortgagor, soil that such rents. profits. ,ncomes. tssuss. and revenues ithatl
be apptirrd try such receiver to tfte Wyment of the mortgage rrdebttdnsss. costs and charges. accadilng to tM order of such court ~ -
10 That m tM event tM owr»rship d tM rnortgiQed gainless. w any Wit thereof. becomes vested in s person other than the Mortgagor. the Association may.
witftout not+ce to tM Mortgagor. deal vnM such sucussor w successors in interest with reference to the mortgage aril the debt hereby secured. in ttte same
manner as with tM Mortgagor. without in any way !vitiating a dischargrtg the Mortgage-s habhty Mreunder w upon tM debt hereby secured No sale of tM
painless Mreby mortgaged and no tirnbesrartce on tM put of tM Association. and no extension of tM time fa tM payment of the debt hereby secured given
by tM Associatan- shall opegte to release. discharge. modify, change w affect the wigilnsl bsbd,ty d the Mortgagor Mrinn. either m whole w in Wrt
1 1 TMt in iM event tM gemws hereby rrtortgiged. a anti pert thereof. !that! be condemned end taken order the power of ent+nent domain_ the Assoaation shall
have tM right to demand that sN damages awarded far the rokinp of w rnrury to sad painless shall tx Wd to tM 4syOtiat,on. its strccesrors w assigns. up to
the amount then unpaid on this rrtortgsge. and may qe iPM1ed to any wins last paYab1e liereurtder.
1 T That time is of the essence of the oontrect end that no waiver d any obtilgatan ttereurtder. a of tM irblilgatilort secured hereby. shall at any time thereaher be
held to rte a waiver d the terms hereof a of tfts pomissory note secured hereby -
13 In tM event of any defsuN m any d tfte terms d tlws ntongsge. w in the rtoro secured hereby. and aaelention by tM holder. a arty other situation that Ytroirld
cause tM interest Wd o? Wyable uMer tlw obligatan to exceed the interest rate authorized by law. then in such event all excess interest theretofore Ra'd shsN j
be criidted-to pnnciWl and aN attrued aril urtWd excess intMeet shall abate and shell not be an obirgatan of tM maker w of any other prison
14 That to the extent d the indebtedness of tM Mortgagor to tM Assouatrtn described Mrein or secured hereby. tM Assot+auon a Mreby abrogated till the Ilan
w lens and to tM rtgftts d the owner-and holder thereof of each std every rriortgsge. !tart a otMr ertcumtxance on iM lad descrifrsd herein. whth es
psib a1d
satisfied. in whole a in pert. out of the proceeds of the loam described herein a secured hereby. and tM respective karts of sad mortgages. karts w other err
cumbancK. shah be: and the same std each d them fteL!bY a geserved aril shall Wss to and be Reid by the Assouatilon harem as security j01 the for=
- debtedness to tM Association herein described w hereby secured. to the same extent that tt would have been gesenred end would have been W [o and
been held by the Associatan had it been duly end regularly assiprtsd. trar?sferrad. set over. and delivered unto tM Assouat,on by separate deed of assigp?ttertt - ~
notwithstanding the tact tftit tM same may fie satisfied and gtlcelNd d record, R being tM intention of the Wrties hereto that the same will be safifil~d artd - -
~ cancelled of record by the holders tMrsot at w about the time of the recording of this rrilor[gage a, -
~ 15 That d any of tM wins of money Itsrtin referred to be not promptly and fully Wd withrt thrry 1301 days next alter tM same severally trecome due and payable. •
a d each and every the stipulations- agreements. corditiont and covenants of sad pomissory rate and the mortgage. a either, era not duly perlaftted!coa~-
pled with end atrided by. the aggregaro sum unpaid under sad pomissory note and this matgsge shell become due aril Wyable forthwith w thereaftBr,at (M
option d the AssotisttOn• as fully and corrtpletety as if sad aggregate win of money were wiginaUy stipuWtsd to De paid ors such day. snything in said
gomissory note w harem to tM contrary nptwrthsrorrluq.
1 g That m order to accelerate tM maturity of tM indebtedness ftereby secured Dscause of tM fa,lilrre d the Mortgagor to Wy any tax assessment. liabbty. obl+ga-
i tan a sncumbrartce upm sad property as harem provded. it sftau rat be necessary nor requ+s,te that tM Assocutan shah fHSt peY tM same.
17 If a conveyance should Ire roads by tM Mortgagor d tM gemses herein desuibird. a airy part hereof. and the grantee named in wch conveyance tads a
refuses to aswme the Wyment d tM obligation evident+sd by said gomissory rats and secured by the mortgage. and m accordance with their respective
terms. and abde by tM rules and regulitiorts d tM Assouatan. including Wyment of s reasonable transfer tee. tften, and in that event. at tM optrort and upon i
the demand of the Associaton all wins d mousy secured Mreby shall immed,stefy become lorthvrith due and Wyafrle
18 That tM abstract a abstracts d titN covering the rrtortpaged goperry sits!! at sit times. during the fife of this mortgage. remain m tM possession of iM
Association and. in event d tM fwecbsure d the rriortgege. a other transfer of utb to the mortgaged poperry. in exurtguishment of tM indebtedness secured
Mreby. all right. title and interest d the Mortgagor in and to any such abstracts of tale shah pass to tM purchaser a grantee
19 Should tM valday w Iran OI this mortgage. w tfti rate secured thereby. be Contested by kugaua, Or otMrwise. the Mortgagor agrees t0 pay t0 tM Association
tM cost of ifetartdir?g the same irtcltrding s reasonable attomsy s fee. 1
20 To pay aN and singular tM costs. charges and expenses. including attaneY s fees ressortably incurred. a pad at any time by tM Assoaatan, because of the
failure d tM Mortgagor to perform. comply with and abide by each end every tM Slipulatiats. agreements. cixtdit,ons and covenants of sad gomissory note
and this mortgage. a other. and every such (except for the WYment d tM monthly installment as required by tM Promissory Note) shall bear interest from
date at the rate d ten Wr cart! 110%1 Der anrwm until fully paid
21 The Assoc+atan shall have the right st any tans ird from time to time and without nOtite to a consent of any person to cal release any portion of tM premises
Irom tM hen of this mortgage. Ib1 release any person kabls for payment of arty irdebtedness secured Mreby: Icl a:tend the time of Wyment err alter tM terms
of payment of all a ar?y part d the irtdebtednsss. without affecting a riNeasing the personal kabdity of any prison kabb !other thin any person released p~r-
want hereto) iw tM WYment d arty win w Interest secured hereby and without in arty wise altsrirtg. raryirtg. or dirrwrtishrtg tM faces. effects. a hen of the
mortgage on ell tM genuses not spenfically rsrossed hom tM hart d this matgags by the Association
22 Any agreement hereafter made by Mortgagor and Association pursuant to the matgsge shall be superrx to the rights of tM Holder of any intervening tree w
encumbrance.
23 Upon request of Mortgagor. the Assoast:art may. st its sole opt:ort. from ums to time. before full Wyment of aN trtdebtodness secured Mreby. make further ad-
vances to Mortgagor: govided. however, that tM total principal secured hereby and rema,ning unpad. +rtcltldirp arty such advances. shalt rat at any time ex-
cecd tM original gincipaf sum secured hereby. Mortgagor sheN pay ail such further advances with interest and tM same shall be secwed Mreby All govisrons ,
k of the mortgage shall apply to each further advance n weN ss to ail other irtdsbtedness secured hereby. Nothirq herein contorted. however. shah hrrot tM +
~ srtiount secured by this mortgage d such amount is increased by advances made by the Association. as Mrein elsewhere povded la to potect the security
24 In tM event the Mortgagor hereirt• w any twbeequetrt Mortgagor. or any person a corpwatan owrtrtg any interest whstsoever_ should enwmbsr the property
Mrein nartgagsd by sn ir?strument corrNrtorYy refsrrs0 to and kngwn' as a ..wisp-around mortgage'" without first rrbturrng fife written consent of the Assoaa-
lion, then. at the optan d tfte Association, the oblpation secured by this Mortgage shah immediately become due and payable
25 To pavids the Association with Flood Inaxarrq Coverage H tfa real goper : err a Mreaher deternrned to be within a sWaal flood hazard area as shown ~
on flood Hazard Boundary Mrtp/FIOpQ±r~n~~e~~ the Federal Inwrsncs Administration. 1
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i~-n ~ 434452 -
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