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HomeMy WebLinkAbout0593 L7~ ~ 4. TAeI ~n Wal~~~ lo Wuie.~ nwr~ futly tM s~cu~~ty ot tR.i rt10rIQiQ~ tM MatpaW~. tu~stne~ ~Nrt~ ~nd ~OdR~qn t0 ihp ~n~~n n~y peyn~CniS uni)r~ lhe Id~~n~ ul Ir~u nute secwud hereby oo IM sWuh~d paY~*+~nt dat~ ol ~itA mpnlA untd tFN sa~d nol• ~a lully ya~d w~U pay w llw Asux~etwn 1h6 fu+~uvr~ny wms la! An ~nslalirn~nt o~ lIN 1aa~s ~nd asNSSm~nts I~v~W d to W I~v~W aya~nst tM Wem~sui cuva~al ~y tMf rnurtya!~e s~~d an +ust~llrr.tlm ol lhe y~~rn~um pr p~ein~wns IAat wdl b~tom~ du~ ~nd D~Y~Dq ?o t~n~w tM ~nsu~~nc~ on ~ne prom~s~s cove~vd ha~abv aya~~~st Iu:a Dy h~e and w~ndsturm as Wuv~Urd Iw by uara9aph 3 pr~c~np. a such otM~ M~~rd ~t m~Y r~~sOn~Wy b~ rpu~~ed ~y the Assoaaaon a~uf sn ~nstallment ol tAa y~nmwm tfut wd~ bocurne due and paysDN to r~n~w tM matpay~ ~nw~~nc• J s~y Such ~nsaUment; snau t~e aVuai ~espauve~y tu une ?we~hh (1 12~h1 0l tne es umated Wemwm or p~m~ums for such ~nsur~nc~. ~nd qa~s ~~O ~ssassm~MS ~e¦t du~ (aa esum~ted by IAe Assoc~aaonl less atl ~nsta~~~ne~~ts a~~eady yaNi t~e~ela. dw0~d by lM numWr ol mwUhs tAat srt to elaps~ oM month prw~ l0 1M d~te rvAQ~ such pqmwm Or prem~ums and U~as anA assessrnents wJl b~tom~ MbrpuMl TM Assoa~tiOn. wMl~ ~pplpnp such paym~nts lo ~nw~ance p~emwms ~ues and assessrnents De~we ~he sa~~~e become de~uqwnt. shall not paY ~ntlrost lo lM MwipspW on suth funds. and all such psYments may be comm~nyted bY the Aswuatwn wn~ ~ny otne~ such funds a w~th ~ts own funds T!~ tunds u~ pl~dp~d ~s add~uonal s~cunty la ~he sums secwsd by in~s Mo~~yaye a~W are sub~ec~ ~o use ~y ihe Assoc~atan ~n paym~n~ ol ' I~t~ charp~i ~nd Wnk co~~~u~a+ cha~pss Ib) All paym~nis m~~twn~d M{M pr~tW+nQ sub6~GiW~ ot th~s pi~~q~aph and ~II paym~nls to be mad~ uncler the no~e secured ?w~e0y sna~i Ae adUed toyetbei a~d ths apq~~flals a~nou~t th~rspf SAi~~ bO pi~d by tM Mortysyo~ exh mpntA ~n a s~nyle pay~nnM tu be a{w~~~td by Ihe Assa:~at~an lo thb folbw~ng Uems in tM orde~ s~t lath 1 T~x6t ~3f~fsm~nls and ~nsw~nce Wem~ums 2 Lale charyes arK1 panM cotlect~on c~w~yes unless pa~d ~n mdnne~ prOV~dW m parsqr~pA 4 lat 3 Inuresl on the ~ot~ secwed M~eby t Amortuauon ot tne pnnupai ot sa~d nute Any del~uency ~n tM amount ol such aqyrsyst~ monthly paY~?~ents shall. unless paid ~y tAe Ma~ya{~a pra~ to Ihs due ~iate ol the neit such payment. con staute a~ ewnt of debult u~dsr ths matpa9~ Wrtlwat wawe~ ol sny nght ths Assuuauon may colba a"~ate cha~ye" as p+ovided xi the Nots 5 ihat J the total of ths pa~m~nts m~d~ ~y tM Mottp~ya undsr (~1 0l par~yr~ph 4 preced~np shall sacesd t1~e amount ol paYments actually made by the Assouatao la t~aes snd sss~ssm~nts snd ~nwrance pnmwms ss t~e us~ may b~. sucp excsss sha~~ W credrted by tne Assoc~auon on subseQusm payments tu be made by the Mortyaya 11. howwei. tM monthly paym~nts made by the Matpapd uode~ (al o~ {»raq+aph 4 precedmy shall nol havs been w~}~ueot to pay ~a+es and assessme~ts snd ~ntur~nc0 p~~mwms. if the t~t! may b! when th! same sAa~l betome due ~nd piYSWe tl~n the AssouaGc~n m~y at ~ts i,p twn ~mmed~ately paY SuCA l~alS ind ~SS~SSmOnts ~nd ~ntur~nts p~~mwm ind ths MO~tp~o~ sha~~ p2Y 1o th0 Assoc:iaUOn i~Y amount ~etessary !o make up the Aef~c~ency and wch psym~nt shsll Ds dus snd p~Y~DI~ w~ttun ih~rty 130) dsys afte~ the dste ot ma~l~ng of notite by tAe Assoc~at~on seit~np fwth the amount ol suc~ dehaency It. at any ame. 1Ae Matpa9o~ sha0 terWer to tM Assoaauon. ~n acco~da~ce w~M the pruv~s~ons ol the note secured he~e~y fuu payment ol [he e~n~e ~~debtedness ~eW~sented M~eby. the Assoustwn shsli. ~n compuUnp the amouM of sucn =rxleotedness cred4 to the account ot the Mortgagor any baiance rema~mng ~n the ~unds sccumuli[ed unds~ tM prov~s~ons ot ot parsyrsph 4 6 Te perm~t commu a suffe~ no waste. ~mpaumsm a d~nrwrauon o! ssuf propenr a any part tnereol and upon ~Ae fadwe o~ the Mortgagor to ?eep tne bu~Id~ngs on sad propatY in qood condrtwn a rsps~~ snd ma~nten~ncs. the Assouat~on may demand prope~ ma~Menartce a~d the ~mmed~ste repa~r of sa~d bu~W~ngs. or an ~ncrsax ~n tne amoune ot secunty. a the ~mmed~ate repayment ol the debt ~e~eby secured a~d the ladure of the MortgaQa t0 tomply wdA saat demand ot the Assoc~atan 1or a psnod of th~rty 130) days shall cons~~tuts s Meach of tMS matga9e and. at the opt:on ol the Assouat~on. ~mmed~ate~y mature the entue amount of pnnupsl snd ~nt~rest M~eby sscurW. and ths Assot~atwn ~mmed~ately and witAout not~ce may ~nst~lute proCeedinys to tWetlose ~n~s mor[gage and appfy fa ths sppantmem ot s recerver as Mre~n~he~ p~ov~ded. and ~n csu ot the retusa~. negiect a maMlny of the Mortgagor to repsu and mamta~n sa~d prope~ty the Asioastron msy. st ~fs optan. mske such ~epa~rs a cause the same to be made and advance mo~eYS ~n that behaH 7 To perform comply wdh and iD~d! Cy e~th and ~vsry tM sbpulit~Ons. sp~OertNnts tond~t~oni and Covenants ~n sa~d prom~ssorv no~e and tMS matpage set loilh 8 To comply w~tn the wbd~wsron rsstnctwns and the mun~upal ion~np ord~nances spphcaWe to the mortgaged Woperty. not to erect oi perm~t to be erected any new bu~ld~n.~s on the pem~ses he~s~n moripsyed W to sdd to or pMmrt to be added to. mske or permrt to De made any struttwal al[e~a[~ons to anY of tAe ea ~suny ~mprovements thereon wrtAOUt tM wnttso tonsent of ths Assoust~on. and m the event of any vw~auo~ o~ attempt lo v~olate tnese sGpula~~ons or any ol t?iem th~s mo~tgage and a~~ sums secursd hereDy shatl ~mmed~ately become due a~d payaDie at the optwn ot the Assoc~ai~o~ 9 Tnat ~n case of a de~auH m any of the tarms of this rrrortyape and the 61~np o~ a bd1 to foredose th~s or any othei mortgage encumbenng the wrtA~n desu~bed pro~erty the Assoc~atwn sAS~~ De entrtlod to apply. at s~y Ume wrthout noUCe pendmg suc~ loreclowre swt ro the court havmg ~u~~sd~cUO~ the~eof for t1~ ap {,o~n[ment o} a ~ecener o~ a~~ arxi s~nguls~ tha mortpspsd p~operty. and ot all tAe rems ~~comes pro~~ts. ~ssues and reveoues Ihereol. from whatsoever source cfenved and thereupon. ~t ~s heraby eapressty covenanted snd apreed that ~the coun sha~~ lorihwrt~ ap~w~ni a recerve~ of sa~d mor[gaged property. a11 and s~nguia~. a~d ol suc~ rems. ~~comes prohts. ~ssues and revenues thereof. from wAatsoever source des~ved w~t~ the usual pcwers and dut~es ot rece~vers ~n I:ke cases a~d such appo~ntment shall be macb by wch court as s matter oi str~cl npM to the Assoc~auon. snd wrtnout reference ro tAe adeQuacy o~ ~nadeQuacy ol Ne value o~ the D~~er?Y heiebY mortyifled o~ to the 501vency or msplve~cy of the Mortgaga a~d lhat such rents prohts ~ncomes ~ssoes and reve~ues shali De app~~ea by such ~ece~ve~ ro the payme++t oi t~e moripape ~ndebtedness costs and cha~ges. accadmg to lhe order ot such cour~ 1 O Tnat ~n the event the owners~w of the mortqayed Drem~sss. a sny part thereol. becomes vested ~n a pe~son otne~ ~han the Mortgagor. the Assoaat~on may w~thout nouce to the Mortgagor. deal wrth scch successw or successors ~n mterest wrth reference to t~,s mortgaye and the debt hereby sewred. ~n the same manner as w~t~ the Mortgaqor. w~thout ~n any way v~Lat~ny a d~scharg~ny the Monyagor s I~abdrty hereunder or upon the debt hereDy secwed No sale ot the prem~ses hereby mwtgaged and no forbearance on tM ps~t ol the AssoaaUOn. a~d no e¦tens~on o} tne t~me for tne paymem of the debt nereby secured g~ven by ihe Assouauon. shall operate to relesse. d~scharpe mod~fy. chanos or aflea tAe ongmat hab~hty o1 the Mortgagor here~n e~ther m whole o~ ~n par~ ! 1 That ~n the event the p~em~ses hereby r*wrtpaped. a any psrt tAereot, shall be condemned and taken under the {wwer ol em~nent doma~n the Assouai~on sha~~ ~ ha•re the nght to demand that au damsges awsrded fa the tak~ng of or m~ury to sa~d prem~ses s~a~~ be Da~d to the Assoua0on as successo~s or ass~gns up ~o ihe amount then unpb~d on th~s mortyafle and msY Oe apW~ed to anv sums iast payaWo nereunder ' ~ 2 ihaf ume ~s of the essence of th~s contrsct and [hat no wawe~ of any obt.gafroo hereunder or ol tne ubi~geuo~~ sewred AereLy snan at any bme che~eahe~ De neld ro be a warver of [he terms hereol or of the p~om~ssory npte sewred hereby 13 in ~ne evenc o~ any de~ault m any ot the terms of th~s mortpsfle o~ ~n the note securetl hereby and accele~aLOn by the nolder or any other s[uat~on tha/ would cause the ~nterest pa~d or paraWe under th~s obhgabon to eaceed the ~nterest rete author~:eA bv ~aw then ~n such event ali eacess ~nterest theretofore pa~d shall be cred:ted to prinapol dnd ail aCCru2d end unpa~d s~ceu mierest s~a~~ abate and sha? nOl be dn oDLgdUOn o~ the mdkEr or ol any o[~er person ? 4 Trtat 2o tne extent of tbe ~ndebtedness ol tne Mortya9or to the Assouatwn dexnbed ~ere~n or secured hereby the Assouat~on ~s hereby suWoya~ed to the I~en or hens a~d to the nyhts o~ the owne~ a~+d holder thereo! ot esch and every mortpage. 6en or other ertcumbrance a~ the land Qesu~Ded here~n wh~eh ~s pa~d and sausf~ed ~n whole o~ m part. out of the proceeds ol the loan deunbed here~~ or secured hereby and tbe respecbve hens of sa~d mortyages. i~ens o~ other en- pass to and be held by the Assoaat~on he~e~n as secw~ty fw the ~n ~ cumDrances sha11 Oe. and the same and each of them hereb~r ~s preserved and shatl i deUtedness to the Assoaat~on he~em dexnbed or hereby secured. to tne same e¦tenc t?~at ~t woulA have bee!~ p~eserved and wa~~d hava bee~ passe0 to aM ~ ba.en neld by the Assouauo~ nad rt been duly and reqularly ass:pned t~sns(e~red set over a~d dei~vered unto the Assouatron Dy separate deed of ass~gnmem I notw~[hs2and~ng the fact thal the saR+e may bs saflshed snd csncelted ot recad rt be~ng the ~ntenteo~ 01 the Darues hereto that the same w~fl be saLShed and j cancelled o~ retorA Dy the hoiderS iheteoi at or sbout the t~me ol tAe retord~ng o~ this rtr~rtgage ~ ~ 5 That ~1 an oi tne sums o1 mone herem referred to be not rem tl a~d 1ul! y 130) days ne¦t afte~ Me sa~ne seve~aii txcome due and payaWe ~ Y Y P D Y Y Dd~d wrthin th~rt Y o~ d each and every the sbpu~abo~s. agreements. condrt~ons and tovenants o( sa~d promissory note and th~s mortgage or e~trter are not dvly perfo~med com a pl~ed with a~d ab~ded by the aggregate sum unpaid unde~ sa~d Drom~ssory npte a~d th~s mwtgage sna~i Aecome due anc] Uayable forthwrth m thereaher at the f opt~o~ o~ the Assouanon as tully and comptecely ss ~f sa~d appreyate sum of moneY Nere ong~na~~y st~putateA lu be pa~d o~ such day anyth~ng ~n sa~A prum~ssory note or here~~ to [AE COntr~ry notwdhStand~np i E ~ 5 ihat m o~de~ ro accelerate the matunty oi the ~ndebtedness he~eb~ secured because oi the fa~iure o~ tne Matyayo~ to pay any tax assessmen~ I~ab~l~ty obt~ga ° hon ~r encumbrance upo~ sa~d property as herem prowAed ~t s~all not De necessary no~ requ~s~te Mat the Assouahun sha~l f~rst pay the sa~e ~ ! 7 !f a conveyance slwuld be made by the Mortgagor of tAe p~em~ses here~~ descr~ped or any part hereo~ and the g+antee na~neO m such co~ve~~ance ~a~is o~ ~efuses ro assume tne Dayment of the obl~yatron endenced by sa~d p~om~ssary note a~d sewred Dr th~s munyaye and m accordance w~tn tne~r ~espe~t~ve ~ te{ms dnd db~d¢ DY the ru~QS 2nd r8gulaTtOnS Of tha ASSOC~il~OO. ~ud~nQ pdymBnf O~ 2 rea50ndW¢ IrdnSf@r fee. tnen a~d ~n that event. at the opt~on and u{x~n ~ ~he d~mand of the Assouabon all su~n of money securld~he~ s~all ~mmed~atetv become /orthw~th due and paYabfe ~ 18 That ~he abstract or abspacts of trtl~ covenng the mortyaped.Qf~perty sha~~ at all umes dun~g the bfe ol tn~s murtya~e reR~am ~n the possesvon of tne Aswuahon a~+d ~n event of tfie torecbwre of th~s mortpage. w other Vansle~ of btle to t~e mongayed pruperty m e~t~nyu~shment o~ ttre ~ndeDtedness secured ne~ebv au ngnr. n~le and mterest of tne Mortyaga snd to a~y such abstracts of t~Ue shan pass to tne Wr~hdse~ or y~antee ~ t 9 Shou~d the vahd~ty w I~en of th+s moriga~e. w tne note secwed thereby. be co~tested by i~t~gat~on o~ uthe~w~se the Mortyayor ayrees ~o Uay to tne Assouat~on tne tost o~ defend~ng the same ~ndud~ng s reasonaDie attaney s(ee ~ 20 To pay aU and s+nyular the costs charges and exqenses. mcluding'atto~ney s fees reawnab~y ~nwrreA or ya~A at any Dme by thP Ass<h.~auon because ol the ~ fadure ot the Mortgagor to perform. comply wrth and ab~de by each and every the sbpulat~ons. ayreements cu~iAibons anA cove~ianis ot sa~A prom~ssory not¢ and th~s mortgage. or erther. dtx7 every suCh IBaCept for ih! payrtMnt ot the monthly ~r.staliment ds reqw~ed b~ ihe Prom~swry Notel shall bedr mterest (rom date at the rate of ten per ce~t (10%l per annum unt~i tulFy pa~d . a 21 The Assuc~abo~ sha11 have the regAt at any [~me and from Ume to t~me and wrthout noi~ce to or consem o} any perwn ro~a~ re~ease any portron of trw prem~ses ~ from tne i~en o} th~s mortgage Ibl re~ease any person I~ab~e for paYment ot any mdebtedness sewred nereby Icl e¦te~zd the ome of paymen~ or aite~ the terms 01 payment o/ aU or ar.y part of the ~ndebtedness. w~thout aHecong or re~eas~n9 the persona~ ~~abdrty o~ any pe•sort ~~aDle ~other tnan any person re~eased pu~ ~ suant neretol ior t~e payment of any surn w~nterest secured he~eby and withou! m any w~se aicer~ng vary~ng or d:~rnmsh~ny tne foices e~fecis m I~en ot th~s mo~cyage o~ a~~ the p~em~ses ~ot speu6callY re~eased from the I~en o( th~s mortgage by the Assuaat~un ~ 12 Any agreement hereafter made by Mortgagor and Assouaaon pursuant to th~s mortgage shait be supeno~ to Me ~~yris o+ ihe hGti]e~ o~ dny :nte~ven~ny I~En pr En~umD~anC@ z3 Upon req~est o} Mortgagor the AssoaaUO~ may. st rts sole opiron, Irom ume to ume beto~e fuii payment of a~: ~~WeGtedness securev] ne~eoy mate further ad - rances to Mortgagor prov~ded however. that the rotat prmupal secured hereby and remam~n9 unpa~d mciud~ny any wcn advances sha:i rrot at any ume e¦ ceecf ~he or~g~nai Dnnupal wm secu~ed hereby Mortgsgor shall pay a11 such further advances wnh mterest and the same sha~i ce secv~ed ne~eDy A? prov~s~ons ` o~ ~n~s morigage sna~l apply ro each further advance as wd~ as to al! other ,ndebtedness secured hereby Notn~ng he~e~.~ conta~~~ed noweve~ shaU hmd the ` amoum secu~ed by th~s mortgage d such amount ~s ~ncroased ~y ad~ances made by the Assouabon as he~e~n eisewhere prov~ded ~or to p~otect the secunty ~ 24 In the event the Moriga9a herem. or any wbsequent Mwtgagor. a any person or co~porat~w~ ownmy any mterest whatwever should encumber the property ~ herem mortgaged by an instrument commonly relerred to and known as a wrap a~ound mortyage w~thout hrst obtai~~ny the wnnen consen[ of the Associa bon then. at the opuon o~ the Assouat~on. the obl~gauon secu~ed by th~s Mwtgage shali ~mmed~ately bewme due and oayaWe 25 To prov~de the Assouatron w~th Flood Inwrance Cove~age d the real prop¢rry ~s now w hereafter dete~m~ned to be wrth~n a sPeaal (IooA harard area as shown = on Flood Harard Boundary MayFlood Insurance Rate Map as publ~shed by the FeAeral Inwrance AAm~n~strauon zs At tbe request of the Mortpapa. tM Assocutron ap~ses to w~~ve the prov~s~ons of paray~sph 4 retauve ro the creauon oi a Jiar~~ir.w ~a,r~e ~c nt. ro.~ ~d however. that t?~e Assoaatan rst~ms tAS npht. at ~ts optro~. to ~e ~~sute such pov~s~ons ot ca~d paragrapn 4 as an oW~gaGon dtF~ 11~oKp~gOt~~~ ~ ~x~+ the happs~~ng of any o( tbs totbwmy - ' , ~ . ? L ; . ~ A FaJuro to make sny psyn+snt rpwrsd under tM tsrms ot tM note on a before the due date thereof B fa~~ure to comply w,th the ~nwr~ncs prov~s~ons ot pu~pr~ph 3. or o1 sny o1 the other terms and cond~t~ons of th~s mortgage a note. or w~th the ~nsurance ~ reQu~rements contsined m ths D~tlaraUOn of Condommium and r~latsd documents shou~d the mortgaged property be comm~tted ro co~dom~mum " devebW nent ~ ~ ;C)-N1.7` ~19 ~ ! ~a~ 9 : i 7 , y ~a~~~ .2 o k r •~:35'736 ~ ' ~~iJK ~V~ ~~~E • ~ ~ ,l ~ ~ • i , ~ _ _ - _ ' ~ " ' ' 3, 3 . . .