HomeMy WebLinkAbout0601 T ~
4. Tl~at ~n urde~ ~u piuteu ~na~ lui~y ~M s~cunty ot ~tas mw~psp~ tn~ Morty~yoi toy~ilwr w~th ~~Ki ~u eWi~~~w~ w ~~~a ~nu~~~hi~ y~vn~tr~~1s unJe~ u~a iu~~~~a ut u,d
nu~r se~wrd he~~by un tM sp~uhW paYm~ol d~t~ ol ~KA montA u~ld CM s~~d nut• ~s lully ya.d wdt ya~ to I~~e Ass~~sLUri ~he IW~uw~~~g swns
lal An mstaument ol tM I~a~s ~nd ~ss~ssm~nit !~r~W W t0 b~ Nv~W ~y~~nSl tM panalet wve~al Gy ~A~S nwrtgiqe sncf e~~ u»tail~nent ul ~rw urem~om
. pr w~mwmi tMl wdl Wc:om~ du~ and p~y~We t0 ~tMw iM mwi~nc~ on th~ W~m~s~s covered 1wreGr aya~~~st Iw, Gy lue a~~d w~~xfsw~~n ?s wov~de.]
fo~ by paraprspn 3 pncsd~np. a wch otM~ Mtard af may i~~sOn~Wy De ~Wu~~od b11 lM Assa.~at~un ana an ~nste~~~~~~nl o} Ihe p~e~: ,urn tnat wdl
becorne dus s~d paY~ ~o r~n~w tM mat~ap~ ~nsun~+c~. ~1 ~nY Such inSldlma~lS i~~~l Db w~uai ~~specnveiy to aie twa~hh I1 • 1?~ni ot u~e es
t~matml prort~cum w pnmwms fq fucA ~nsuunc~. ind ~~a~s ~rxf ass~ssm~nts nuat due las e~umated by ~he Asso~~at~onl ~sss at~ ~nsta~~me~~ts al~sadY
paN1 tne~efo~. d~vd~d by IM numW~ ol mon~hs tMt ~r~ to ~~aps~ on~ montA p~w to ths Jate when Such p~emwm W prern~umS ~M1 laa~l dnd
assess~naMS wJ1 O~tom~ d~hnqu~nt TM Assouatan wh~l~ ~pp~Y~np suc~ paymen~s to mw~ance Wem~ums. ts+as a~~d aswss~nents Gefore Iha sa~x
becum6 dehnqu~nt. s1N11 nOt p~Y ~nqr~st w th~ Matp~aor po suth tundi. and ai~ sucA pivmeniS m~Y ~e tummu~yl~t1 by tAe Asux:~aUUn wdh ~ny
uthyr wch funds W wrtA ~tf Own fundt TIN f~nds ~q piWp~d ~S ~dd~4on~l ietunty la tM sums securcd Dy th~s Mortyaye and are sul~ect to use by
tns AssocUt~or~ ~n piYmlot of bq cMr~ti ~•nd binY co1l~cUOn tA~rp~s
tbl All paymenis mentw~»d m iM w~ced~rW wbs~ctan ol tn~s w~ayrapn and an ~ayn:en~s to w mufe unda~ the rwte srcured he~eDV snail De adefud
~~thsr ancl tM apq~pats srtaunt tM~wl shs11 b~ pa~d by ~he Mort~apor eac~ mwun u, a s~nyie yaY~nent to Ge ap{,bed br ~he Assuuauw~ ~o tne
lulbw~ng itams ~n ttw orMr sN forth 1 Taa~s ~ss~ssm~nts ~nd ~~w~ance p~em~ums ? Late chaipes e~~d bank tolle~uai chsr9es uniess pa~d m
ma~.ner p~ov~ded ~n par~9rsph 4 la! 3 Inteasl on ~M ~ot• secwed AereDy 1 Amorbt2t~un o~ Ih! U~~~~~~[~ai ul Sd~d note
Any de(~c~e~cy m ths amaunt of such agp~sqate montMy paymenls shsll. uruess pa~d by the Matyayor pr~a to the due da~e ol the r~eit wcA paymenl. con
sututs an avant d d~fault unda tM mortyaq~ WrtAoul wa~ver pl a~y ~~pbt. the Assoaat~on may coiiec~ a late cha~ye" as prowded m ths Note
5 ihat ~f ~ne rot! ol tns parmMts mad~ by tM Matpa9a u~ 1~1 01 pa~sp~sph 1 preced~ny snan e~ceod ihe arnounl ol piYmenis actually m~de by tAe
AssouaUUn 1« ta~es a~d sss~ssms~ts and ~~sw~nc~ pr~m,ums. ~s the uss msy be. suc~ euess sha~i Ge uedded by the Assrx~aUOn on subseQuent payments
to br mxle by the Mwtya9a II. Aow~wr. tM montAly psYm~nts mad~ by IM MatQapw under Is10l pa~ayraph 4~xsced~ng slwu not havs bean w~fK~eM to
~wy ta¦es ard assess~nents and ~Rwrance premwms. ~s tM csse may b~. whe~ tfw ssme s~sii tiecome due and paYSWe the~ 2~e Assouat~on may. at ~ts op
twn immeef~ately pay such taaes and ist~ism~nts ~nd msur~nc~ pemwm ~nd tM Mu~tyaflo~ sha11 wy lo Iix AswuaUOn a~Y aRwuM necessary lo make up
che dnfw~ency a~d wch psym~nt shau W dw and paY+~+ w~~Mn t1r~ry (301 dsYS sher t~e date o~ mad:ny oi np~~ce by tne Assouat~on seiang Iwih ~ne anwum
of wch dehuency It at iny t~ms. lhe Matpspa sA~ll tenda lo tAe Aisoait~on. ~n sctaddnce w~th tt~e yrowiwos of the note secured he~eDy tull payment o~
the ent~re ~ndebtedness representsd har~DY ~h~ Assx~atron s?~si1 ~n tOmput~r~ !Ae imounl O~ such ~rxlebtedness. crecLt to tne account o1 tne Mo~tgagor any
bala~ce ~ema~n~~y ~n ths funds accumulated unde~ tM prov~s~ons ol lai 9~ pa~a9~aph 4
6 Io pe~m~t comm~t a suNs~ no wsste. ~mp~urt+~nt a dete~wrstron o~ sa~d prope~ty. a ~ny part tnereof. a~~d upu~~ the ~a~~ure ol the Mortyaya to keep tne
pu~W~nys o~ sa~d prope/tY 9ood cond'uw+ w r~psu s~d ma:ntensncs. the Assoasi~on maY ~^~a^d Droye~ ma~ntenance a~d tne ~mmed~ate repau o~ sa~d
tw~~d~r~ys or an ~ncrease ~n tM smount of secunty. a tM ~mmW~ate ~epavme~t ol the debt hcr~Dy secweA and tne fa~~we o~ ~he Mortyagor to comply w~tn
sanf Aemand ot the Assouatan fa a p~rwd of tAuty 1301 days sha~~ consututa a bre~ch o} th~s mortgage. snd. at the optwn of the Assouatwn. ~mm~rd~aiel~
mature tne enwe smount ol prmup~l and ~ni~rosi Mr~by secured. sad ~he Assoc~suon ~mmed~atety and w~thout nouce may mstdute qoceed~ngs to lo~edose
ch~s murtyaye a~d app1Y ~a tAe appo~ntment of a r~ce~vn. as h~remafter proveded snd ~o case o~ tt~e rcfusal_ ne9~ec~ or ~nab~~~1Y of ihe Mortgaga to repa~r a~d
mamta~n sa~d property. tM Assouauon msy. at rts optan. make wch repa~rs w cause the same to Ge made and adva~ce moneys m tAat txhalf
7 To pe~lwm comply w~th a~d sb~de by each snd way tM sbpulaUO~s. ~preements. cond~uons and covenants ~n sa~d pron,~ssory note and ch~s mortpaye se~
~wth
8 io comply w~th ehe wDd~nsan restnct~ons a~d tM mu~ic~p~i iornnp wd~nances appl+cable to the moitpayed prcK~erty. not to e~ect a peim~t to be erected any
new twJd~ngs ~ tha Wem~ses hers~n mortQaped w to add to a psrmrt to Da added to. make a pe~ma to be made any svucwral alte~auons to any of the ea
isUny ~mp~ovemen~s therpon wrthout lAe wnttln COnteM O~ lAe AtSOC~~twn. snd ~n lhe event ot any noUt~on or attempt to v~ulate these sOW~abons. o~ any o~
them tn~s ~*Kxtgaga and a1l sums secund Aersby sha11 ~mmed~ately Decome due and payaWe at t~e optan ol the Assoc~at~o~
9 Tnat ~n case of a defauh m a~y ol the tlrms of tMi mortp8fle end tAe td~~y of a bdl [O fo~ecbse tA~s or any pther rtwrigage encumbenng tbe wdMn deunDed
pruperty the Assocrat~oo shsll be eM~tlsd to sDdY i1 sny t~me wrthout noUCe pend~~ sutA Iweclosure wa to the court Aawng ~u~isd~cuon tbereof fo~ the ap
tx~~ntrne~t o~ a recerve~ 01 au and s~nyu~ar ~he matpsped WopertY and ot a~~ ~~+e rents uxomes Wo~ns ~ssues amf reve~,ues tnereo} Irom wnatsoever source
denvzcf. and Inereupon. rt~s ~ersby elprassiy coven~nted snd apreed tnat the court shau fwtnwnh appo+nt a re~e~ver o( sa~d murtgaged p~operty. an and
s~nyu~ar and ol such rents- ~~comes. pofds. ~ssws a~d revenues thereot. Irom wAatsoeve~ source denved w~th the usual powe~s and duUes ol receners m t~ke
~ases and sucA appo~ntment shall be ms~e by such court ss s matqr o1 stnct r~qht to the Assouahon and wafwut rele~ence to the adequxy o~ ~nadequacy o~
tne vaiue ol tne p+opertY herepy mo~tyafled or !o the sotve~cy o~ ~nsolvencY of the Mortgayo~ and t~at wch rr~~ts prufrts mcomes ~ssues. a~d revenues sbali
be tppl~ed ~Y such rece~ve~ to tAe paymint ol the ewrt9ape ~~debtedness tosts ind tha~ges acco~d~~g to the order ol suc1+ court
! 0 That ~n the event tAe ownersh~p ot the mortpaped D~am~ses a any pa~l thereol. becomes vested ~n a pe~wn otRer t~an fhe Mortgagor the Assouatwn mar
wnhout nouce to tbe Mortgagoc desl wrth such succsssa w succesw~s m~nterest wrth ~e~ere~ce to tMS mortgage and the debt hereby secured ~n tAe same
manner as wdh the Mortgagw. wrthout m any waY ~~uauny w diuharp~np tlie Mo~tgagof s hab~~ny hereunder or upon tne debt hereby secured No sate o! the
preR,~ses hnreby mo~tgagsd and oo torpearancs o~ tha psrl of the AuouaUO~. and no extens~on o~ t1~ Ume for tAe payment ot tAe deAt nereby secured gne~
by ~ne Aswuauon. shall opeqte to re~ease. d~scharpe mod~fy. chan9e or affect the or~gma~ i~abdrty of the Mo~~gago~ ~ere~n e:ther ~n wtwte a m pari
' 1 lhat m the evem the qem~ses Aereby mortgaeed. o~ a~y part tMrepl. shall be condemned and taken under the power of em~nen: domam the Assouauon snau
heve the r~ht to demand that all damages awarded for the tak~np of w~n~ury to sa~d prem~ses ~ha~l be pa~d to the Assoc~atwn ~ts successo~s ur ass~yns uD to
ihe amoum tnen unpa~d o~ th~s mcr~paye and may be spp~~ed to any sums las[ payabto M:under
~ 2 Tha~ t~me ~s of the esse~ce of M~s coMratt snd that no wa~ver of any obt~gat~on he~eundei. or of the obi~gatw~~ secured hereDy shaH at any t~me therralte~ be
heid to tre a warve~ of tAe te~ms he~lO! or of tAE pomisSO~y nOte SCCWCd Alreby
` 3 ~n the event of anv defautt ~n any ol the ro~ms ot tMS mortyape. or in the note secured ~ereby and accelerana~ by the no+der o~ any uther s~tuatwn that wuu~d
ceuse ehe ~~[e~est pa~d or paraWe under th~s obbQatbn to e¦ceed the ~nterest ra[e autnonted by ~aw then m such event a~~ e~cess ~nte~est tneretofore pa~d shafl
be cred~ted to D~~M~Da~ and a~l aCG~ued and unpi~d !~ClSS ~nte~est shall abate a~d s+~a:i nOt be an obhyat~o~ of Ihe makCr pr of any ot~e~ pe~son
t 4 That to the eatent ot the ~Mebtedness of the Mortyayor to the Assouai~on deur~bed ~erc~n or secured hereby. the Assoc~anon ~s hereby wb~ogated to the i~en
or bens a~d to tAe nghts o( the owner and holder thereoi of eac~ a~d every mortpage I~en a ottier encumbrance on tne ~arx1 descnDed here~n wn~ch ~s pa~d a~d
sat~shed. m whole w~n part Out ot th! prpClRdS Of [hR IOan dlSCnbBd herl.~ or secu~ed he~eby. and ~he respechve bens ol sa~d nwrtga~es ~~ens o~ otner e~
i rumbrances sha~l ~e and [he ssme snd each of them Aereby ~s proserved and sh"a~~ pass to and be hetd by the Assoc~auon here+n as secur~ty for tfie ~n
; debtedness to ~he Assouat~on hera~n descr~Dad or hereDv secured. so tAe same eatent that rt woutd have Deen preserved and would have Deen passed to a~d
! been ne~d ~r the Assoc~at:on had rt Deen duly and reyula~ly ass~pned. trans(e~red set ove~ and de6ve~ed unto the Assouat~on by separa~e deed of ass~gnment
; notw~thstandmg tbe ~act [bat the Same may be SsbsfiEd snd ca~celFed of record. ~t be~ng the ~ntentwn ol the Darues hereto that t~e ume wd~ be sat~sfied a~d
~ cantelted o( reco~d by the hOlde~s tAlreOt at or abOUt the t~me o) th! record~ng ol ih,s mo~tgagC
; ! 5 Thar ~t any of the sums o} moneV he~em referred to be not p~ompily and ~ully pa~d wrt~~n th~.ty i301 days ne¦t after the same severai~y become due and payaWe
or ~f each and every the st~pulat~ons. aqreements. cond~tans and covenants of sa~d prum~swry note and th~s mo~tgaye or e~ther are not duly pr~lor~ned com
j p~~ed w~th and ab~ded by the aggregate sum unpa~d under gsid prom~ssory npte arM th~s mortgage shail Decome due a~xf payaGie ~orthwrt~ or therea!ter at the
upnon of the Assouauon as fu~iv and completely as +f sa~d apQrepate sum of moneY were or~y~na~~y shDulated to be Va~d on such day anyth~ng m sa~d
' prom~sso+y no[C O+ here~n t0 [A! COntrary nOtwR~!StaOdin9
s
~ t g Tha~ ~n order to acceterate the matur~ty ot the ~ndebtedness he+eDy sewred because of tlie fa~lure o} tne Mortgayor to pay a~Y ~a¦ assessment i~ab~hty. oAhga
~ nu~ or encumbrance upon sa~d property as he~em prov~ded. ~t shall not be necessary nor reVws~le thai th¢ Assoaa:~on s~all hrst paY ihe same
' i/ If a cunrerance should be made by ihe Ma[gago~ ol the p~em+ses ne~e~n descnbed or any part h¢reot ancl [he gfantee namrd ~n suc~ conveyance fa~1s or
~ refuses ro assume the paYment ot !he oDt~gaUOn ev~de~ted by Sa~d p~om~sso~y note and secured by th~s mortyage. and m dCCOrddn[e w~th the~r respect~ve
- ~erms arxl aA.de Dy the rules and regulat~ons ot the AssoaiUOn. mc~ud:ng payment oi a~eawnaWe transfe~ fee then, ar.d ~n that evern at the opUOn and upon
~ the demand of the Ass«~ano~ ai~ sums o~ money secured he~eby sha~~ ~mmed~ate~y become ~orthw~th due and payable
+ • B that ~ne absaact o~ abs2racts o1 Utle covenny the mwtplffed property shat~ at a~~ Umes dunng tne h1e of tn~s mo~tyage ~ema~n ~n the possess~on of the
~ Assoc+aUO~~ and ~n event of [he forK~OSUr2 Of thiS mOrtyayE. or other transllr Of trtlC to the murtgdyed property m e¦uny„~shment ot t~e mdebredr,ess secwed
hereby. d~i ngnt. t~tle ar.d mterest of the Mortgapor ~n ~nd t0 any Such dbSlr8ci5 Of Olte sha~~ pass to the vu~cnaser or yrd~~teC
" ' 9 S~~ouW the va!~drty~ o~ 6Bn O~ th~s mortgag! Or t~~ nOte secured t~ereby be contested Dy Dhgauon o~ utne~v~~se tne Mortyayor agrees to Uay tu the Aswuabon
~ tne cost ot defendmg the same ~ncludmg a reasonaDle at[wney s fee
~ ~ p io pay aU anA smgular the costs. charges and ewpenses mclud~ng attomeyz fees reawr~aWy ~ncu~reA or pa~d at any tune Gy the Asscx:~aLOn because of the
~ fadure of the Mortgagor to perform. compty wrth and ab~de by each and every the sUpulauo~s ayreemenu condibons and covenants ol sa~d prom~ssory note
anA th~s mortgage. or ather. and every wch (eacept for the payment of the nwnthly ~nstallment as reyu~reA bY the Prom~swry Note) shalt bear ~nte~est from
~ date at tbe rate ol ten per cent (10'ii) per annum unul fu11Y pa~d
? 2 1 The Aswuauon shan have the ~~gnt at any t~me and from t~meto ume and w~ihout ~oi~ce to o~ consene o~ any peisor~ to ~a~ re~ease any pori~on of the prem~ses
hom i~e hen Of IhiS mOr[gdgB Ibi retease any person 6aWe }or payment o~ any ~nde~tedness sewred ~ereby tc~ e?tend the t~me o~ paymem or a~te~ the terms
y ut paymen! of a0 or any part o1 the ~~debtedness. wrthouf affactmg o~ re~eas~ng ehe persona~ I~aD~i~ty ot any ~,ersun I~ab+e Iotnei than a~y Ue~son reieased p~~ .
s~ant hereto~ ~o~ tne Dayrnent o1 aRy sum or ~nterest secured Aereby and w~lhout ~n a~y w~se a~tenng vary~ny or d~n:~rnshmy ~ne ~u« es E1teCI5 or 6en ol th~s
mortyaye on a~~ the prem~ses ~ot specd~ta~4y re~eased (rom the Len of th~s mortgage by the Assvuat:on
~ 22 Any ay~eemem Aereafter made by Mortpagor and Assouat~on pu~suant to th~s morigage sha~~ De supe~~or w the r~ghts of tne hWder o( any ~nter~emng t~en o~
«a encumbrancC
' 3 ~po., re~~-est o~ Mo•tyago~. t!~e Assouaoon may at rts sole op~~o~ from Ume to nme befo~e fuu parme~u ot a~i ~r~debtccf~~ess sewred nereby n:ake furtner ad
vances to Morlgdgu~. DrOVided howlvl~ t~at tAe total pnncrpal secwed hereby ar.d rema~mng unya:d ~nctud~ny any wch ad~antes s~~a~i r.ot at a~y time e~~
- ceed the ong~nal pr~nupal sum secwed he~eby Mortgayw shaU pay all such lurthe~ advances w~th ~nterest and the same sha~I be secureA hereby AIt prov~s~ons
~~t ~h~s mortgaye shall apply to each turthe~ advance as well ss to alt oiher ~ndebtedness sewred n~ eby Nothmy here~n conta~~~ed however shail hmn Me
" amount secured by th~s mortgage such amount ~s ~~cressed DY advances made by the Assouabo~ as he~e~n elsevrhere prov~ded ~or to protect the secunt~
24 In the event tbe Mortgago~ herem. or any wbsequent Mortyagor or any person or corporauon own~ny any mterest whatsoever shouW encumber the property
herern mongaged by an mstrument commwily referred to and known as a' wiap around mwtgaye wrtt~uut 6rst obta~m~~ 1he wrrteen consen[ of the Associa
uon then at the opuon of the Assoaatwn. the obl~gat~on secured by th~s Mo~tyage shall immed~ately fiecorne due and payabfe
- 25 To prov~de the Assouatan w~th Fiood Inwrance Coverage ~1 the real propeity ~s nuw or hereafte~ deteim~necl te be w~1Mn a s~~eaa1 /lu~c1 hara~A a~ea as shown
on Flood Harard 8oundary Mapiflood Insurance Rate Map as puW~shed by the Fede~al Inwrarxe Adnnmsvaaun
26 At the request oi the MortQaQor, tM Assouatw~ ~p~ess to w~rvs tM p~ov~s~ons ot v~~ag~aph 4 relauve to the ueauon of a ~arard msurancy atcount. pr!~!~ ~
Aoweve~. that the Assoustan rsta~ns tM r~9ht. at rts opuon. to re-msuts sucn prov~srons o( sa~d paragraph 4 as an oW~gaoon 6~ the~Ort(~apa heiewfdbl uptip
.
the happen~ng of sny ot ths (dbanrq . ~ ' ~
A fa~lure to make sny paymsm rpwrsd urW~r the tsrms of the note on w betore the due dare thereot
B Fa~~ure to comply Nnth tM mwr~ncs prov~swns of p~r~praPh 3. w of any o~ the othr terms and condrt~ons o} th~s norsgage a note. or w~th the msurance
- requ~rements conta~nsd ~n tAe Dsclu~t~on o~ Condom~n~um end rel2ted dOCUmen[5 ShOU~d lhe mO~tydgad p~Up@rty b9 comm~tied to [ondom~n~um
~ deve'~opment , I ~
~ i C?-NI-16 1 , , ~ P`
3 :'LCA 42
~ ~ ~ BOOIC Jv4 PdGE VO~ . . _ . , ~
~
~ _ . :
- - - - -
~u.... . _ ~ _ ...p.