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HomeMy WebLinkAbout0134 i 1' • . . 4. TAiI in Urtlp~ !O (NOIfCt inor~ fully 11» s~cur~ly ol tYas mwt9ap~ ~M Mat9ayo~. ~o{~tM~ w~~n arxl ~n ~t1Wf~On tU 1Ab muntlilY WyintrlS u~~ It~e IBimS Ul lt~e nute securrd hs~~DY ~ tM sp~uh~d p~ym~nl dat~ ol ~~c~ ~w~tA unUl tM sa~d not~ ~s fully p~~d. a~U pay ~o the Asxx.~at~w~ the fW~uw~ng sums S~) A~ ~nstiltm~nl O) tA~ I~~~s ~nd ass~uminlt I~v~~d W to Os I~vied apa~nst the pfm~ses co~r~etl by Ih~s monya~~e ind an ~nstallm~nt ot the y~emwm , o~ Wemwms that wdl D~com~ du~ ~nd paY~b~~ w r~w IM ~nsuranc~ on tAe p~em~ses cove~eA n~reGy aya~~~s~ lu:, Dy hra and wmdsto~n, as p~owdrd ta or ~+~ay~aph 3 pr~c«hnp. a suM u~M~ has~~d as m~y qisonaDiy W ~pw~W by Ihe Assoual~w~ aixf an ~nstallu~~n1 0l tM {ndrnwm tAal w~li bCCtHM du! ind p~YaDN l0 ~~MW lh~ TWIQ~~ ~nsurarx~. d sny Sucn ~nst~llments ShiU pe wWl. i~spscUvely. t0 one-IwsI1tA i1i12~n1 0l the es Umated p~~mium q pr~miums ip such ,asuranc~. and ux~s u+d sssessr»~nts n~~t due las esomatW by ~Ae Assouatron? Iess sU msuume~us sl~eady paNf the~efw. dv~Md by tM numDa of mq~ths tA~t ~r~ to ~I~ps~ oM mw~lh pnor to 1M date when sutA pra~n~um o~ prem~ums and U.es a~d assessments vr~H b~com~ d~b~pu~~t TM AssoC~alwn. wMl~ ~pplyu~p suc~ p~ym~nts to mswa~c~ pa*uums. taaes snd sssess~ne~~ts. be~we the same become del~nqu~nt. shall ~ot pay ~nt~r~st to tM MatpsQa on suth lunds. and ~U suc?~ psyments may tte cornm~riyled py tt~e Assa.~a[~a~ w~1h any utner wch tunds a wUh rts own funds Ths funds u~ pl~dp~d as ~dd~twnal secur~ty lo~ the sums secu~ed by ~h~s Murtyaye a~b ~~e sut~ecl to use by the Assouabon ~n piYm~~t oi lat~ tha~pls and bink cdl~ctron cAarpes IG) All payments ~neMwn~d ~n Ne pr~c~d~ny su0s~ctan ol th,s pa~ag~aph and all p~ymeMS lu be made u~de~ tne note secured ne~eby snait pa added ~uyetner and ehe aQprsgat~ amounl tMr~of shall be p~~d by ~hs MatQapo~ exh muntn in a s+nyle yaymnnl to be apyhed Dy the Assoi.~at~tx~ to Ne fWbw~ng itams ~n tM order set IortA 1 Taass. sss~ssmenls. snd ~nwrance p~em~ums 2 la[e d~a~yes arW bank co116Gl~on cnirqeS unless pa'd ~n ma~~~xr prowded ~n par~raph 4(al 3 Inta~s~ on t?» not~ sec.ured Ae~eby 4 Arteurt~asbun ul ~he pnnapai ut sa~d nute Any det~c~~ncy ~n the smount ol wch aggre9ats monthly payments shail. unless pa~d Dy tAe Matyaya {Hw~ ~o the due date of Uie neat wcn payment. con- strtute an event ol defawl und~r the mwtyage W~thout wawer ol any nght. 1hs Assoaauon may collec~ a late charpe" as prov~ded ~n the Note 5 That J the tobl of Ihe paymentf msde Dy the Mortyapor urWe~ (s) of parspr~ph 4 preced~~ sAa~~ eaceed the amount of payments aclus~~y made by tne Aswi:~aUOn fw tsals ind it5lSSR~~ntt ~nd mturinC~ p~emiumi. is thQ casO m~y Dp. Suc~ eatess Sh211 be alddld by the AsSOUaGOn Wl subSQyue~t paymenls to br made by the Mwtya9or If. Aow~ver. t~e montAty payments made by the Mwtpapw under Ia) ot parag~ap~ a precedu~g shau not nave been su~buent to pay lases a~d 0ssessments and ~ntw~nce prlmwmi. is lhe tif! m~y D!. w~tn tAB S~oie sAill Decome due and peyabte then the AssouaUOn may at rts op iwn imrneclid~ely pay suCA tAa9i ind aSSOSSmentS and ~nsur~nc~ p~~mwm, and lhe Mo~Ipapor shalt pay to the Assoc~abon any amouM re~cessa~y to m~ke up ~be dehuancY aru] s~ich paymeM shall pe ~e s~d payaDle wdhm thuty 130? dsys aiter the date o~ mad~ny ol noace by the Assouauon se~ung furtn the amoum ol wch de}~c~ency 11 a~ any ume. ~h~ MatpaQw snau tender to the Assouauoo. ~n accordance w~~n ~ne Wov~s~ans of tne ~o~e secured hereby. full pa~me~t o1 the ennre ~ndebtedness ~eprase~ted As~sby. the Assoaat~on shall. m comput~np the amount o~ such ~nefe~tedness ued~t to tne a~couM ol tne Mo~tgago~ any balance romammg ~n 2hs Punds accumulated unde~ ths prov~s~o~s o~ (a) oi parapqp~ 0 6 To perrnrt comm~t or suffe~ no waste. ~mpsumsm a detenwatwn o~ sa~d p~opertY o~ any pan thereo) and u~wn the ladure of the Mortyayor to keep tne bu~W~nys on sa~d property m pood condrtwn w r~p~~~ ~nd ma~ntenarxs. the Assoc~at~on may demand proper ma~ntenance and the ~mmed~ate repau ol said bu~!d~ngs. o~ an ~~crease ~n the amount of secur~ty. oi the ~mmed~ate ~epaymsnt ol the deb~ here~y secweA. and tAe ladure of t~e Mortgago~ to curt+ply wah sa~d demarxl ot ~he Assoaatan for a perwd of th~rty 130) days s~a~~ consuwts a Mexh of th~s ma~gago and st tAe ooaon of the Assouauon. ~mmed~ately ma~ure ehe enure amount of prmapsi and mterest hereby secursd. snd the Asioc~at~on +mmed~atety and wrthout nouce may ~nsutute p~oceed~ngs to foreclose ~n~s mortyage and apply (o~ the appantment ot s rxerve~. as hsre~nalter prov~ded. ar~d ~n case oi the retusal neglect a mab~Lty oi the Mortyaga to repan and ma~~ta~n sa~d property. the Assoustron maY st ~ts optan. make suc~ repa~rs or cause [he same to be made and advance mo~eYS m that Oeha~f 7 To pe~torm comply w~th and sGde bY each and every tAS sUpulatrons. apteemeMS. cond~[~ons and covenants in sd~d p~om~isory ~oie and th~s mortgage set fwth 8 Tu comply wrth Ihe subd~v~sron rostncUOns and the murtrupi~ ion~ny ord~nantes appl~taWe to tAe nwrtgayed property. nut to erect or perm~t to De erected any new bu~idmgs on the prem~ses here~n mwtpaped a to Wd to a perm~t to be added to. make a pem~~t to be made aay structural a~le~at~o+~s to any of tne e¦ ~sbny ~mprovements the~eon wrt?wul the wntte~ co~sent ol tAe Assouatron. and ~n fhe erem ot any woia[~on or a[tempc ~o wotate these supulat~ons or any of them th~s matga9e and atl sums secured hereby si~U ~mmediatety bECOme Oue and psyabte at the opt~on ot the Assoc~atron g ~nat ~n case o} a de~aui[ ~n any of tAe [e~ms ot th~s mortyape and the Id~np ol a bdl to faecbse th~s o~ dny other mp~igage entumtxnng t~e wrtnin descnbed pipp@r(y. the AsSOC~dbUn shail b@ Qnb[I@d t0 8pp1Y. il any !~m@ wRhOUt ~IOLCB pCnd~ng SUCh fortdoSUre Su~t to ihe COUrt hav~n9 ~u~~Sd~cbOn thCrBpf fOr thQ dD~ ~ po~ntment ol a rece~rer of atl and s~ngular the mortQaged propertY. and ol al~ iAe rents ~ncomes prohtS ~ssues end rEVenu¢s IherCpl. frOm wfidt50evEr spurce drr~red and thereupon. ~t ~s hereby e~Wessly cove~anted and ag~eed Ihat the cou~t shall forthw~th appo~nt a iece~ver ot sa~d mortgaged property aH and s~+~yuiar and of such rents ~ncomes prohts ~ssues and rove~ues tl~ereo~ from whatsoever source derwed wrth the usuai powers and duUes of rece~vers ~n l~ke cases and sucn appo~ntment sna11 pe made by suth tourt as a mat[er ot sU~t[ n9At to the Asso~~at~on. and w~tAOUt reterence to tne adequacy or ~nadeQuacy o~ the value of ihe property hereDy mwtgaged. or to the solvency or msolvency o( tbe Mortgagor and that such rents. piohts. mcomes :ssues. and revenues sha~~ I~e appl~ed br such recerver to the paymeM of the mortysge ~ndebtedness. costs and charges. accwd~ng to the order ot such court ! O That ~n the event tne ownersh~p of the morcgaged prem~ses. or any psrt thereot. becomes vested ~n 0 perso~~ othCr than the Mortgaga. t!ie AssociaUOn may w~tnout rwt~ce to the Mortgagor deal w~M such successa or successws ~n mterest wrt~ .elerence to th~s mongage and tAe deDt hereby secured m the same n,anner as wrth the Mo~tgapor. w~thout m a~y wav ~~UShny a d~schuQ~~g ~he Morteayor s i~aA~~~iy nereunder or upon the debt hereby secured No sale of the prem~ses ne~eby mortgaged and no forbearan~e on the part ot the Assouauon. and no extens~on of tne t~me for the payment of the debt Ae~eby secured g~ven by the Assoaabo~ snall operate to reiease d~uharp~ mpd~fy change or ~ffect the or~g~nal bab~hty of the ~llortgagor herem. e~ther ~n whote o~ en pa~t 1 1 ~nat ~n the event the p~em~ses hereby mortgaged. w any part thereot. sha~1 be corxfemnecf and taken under [ne power o~ em~r.ent doma~n the Assoaat~o~~ snau nave ~ne ngAt to demand tnat all damapes awarded for tf~e tak~nfl ol or m~ury to sa~d prern~ses shan De pa~d to ihe Assoc~auon ~ts succeswrs o~ ass~gns up ~o tne amount then unpaid on this mortgape snd msy be app~~ed to any wms tast payaGto hereundei ! 2 That hme ~s o~ the essence of th~s contract a~d that no warver of any oGl~gaGOn hereunder or c: the obbyauon sewrecl neiebv zha~: at ary Ume ~hereaher tie hrld to i~e a wa~ver of Ihe terms hereof or o~ the prom~ssory ~ote secur~ he~eDy 13 In t~~e event o1 any default m a~y Of lh! termi ot th~s mortQapC or the note secured hereDy and acceierat~on by the holder ot any othe~ s~tuaGOn tnat wou~d cause the ~nte~est pa~d or payaWe under th~s oDbgaho~ to e~ceed the ~nterest ~ate authonred Gy iaw then m such event ai~ e¦cess ~nterest tne~etolore pa~d snali t~ Cred~(ed t0 pnnC~pol and all accrued and unpa~d eacess m[erest snall abare and snan not be an ubi~yabon ot the make~ or ol any other person ' 4 That to the e¦tent of the mde~tedness of the Matgaeor to the Assouauon descnbed he~e~n o~ secured heriby the Assoua~~on ~s hereby wbrogated to the I~en or hens and to the r~gMs of the owner and ho~der thereof o~ each and every mor[gage I~en o~ Other encumbrance on the ~and descnbed here~n whKh ~s pa~d and ~ sahshed m wAde or ~n part. out o~ ihe poceeds oi tAe loan descnbed f~erem o~ secured hereby and the respecUVe hens o~ sa~d mortgages hens or other en cumbrances. shall tte aM the same snd each ol them Aereby is p~eserved and shail pass to and be he!d by the Assoc~at~on he~e~n as secur+ty fdr the m deD[edness ro the Assoc+at~on here~n deunDed or he~eby secu~ed. to t~e same eatent that rt wou~d have been preserved and wowd Aave been passed to and Deen hetd b~ the Assouabon had rt been duly and reyularly ass~pned. translened. set ove~. and de~~vered unto the Assot~at~on by separate deed of ass~gnment ! ~utw.~hstand~ng [he facc that the same may be sausfied and cancelled o1 record rt bemg the mten~~~~ oi the pa~t~es hereto that the same wdl be sat~sfied a~d can~elied of recoM by the ~Wde~s thereoi at or about the t+me of the record~ng oi thrs mortgage ~ / 5 That ~f any ot the sums o1 moneY here~n reterr~ to be not promptly and futly pa~d wrthm Ihuty i30) days ne~t aher tne same seve~a~ly become due and payable ~ o~ d eacA and every I~e sbpu~dUOns. dgreemenl5. Condrtwns a~d covenants ot Sa~d promiswry note and th~s morigaye or e+the~ are nof d~~ty perlormed. com- pt:ecf wrth and ab~ded by the aggregate sum unpa~d under sa~d prom~ssory nate a~d th~s mortgage s~~a~l Aecome due and pavable ~orthwnh or therea(te~ at the opnon oi the Assouat~o~. as fu~ly a~d completely as d sa~d aygreeate s~m of money we~e o~~g~~ally supuiated to Ge pa~d on such day a~ythmg ~n sa~d j prom~ssory note o~ herem [o the contrary notwrthstand~ng f ~ g Tnas m order to accelerate the matur~2y ot the :ndeD[edness hereby secured because of the ~a~lure ol tne Mortgayor to pay any ea¦ assessme~~~ bab~bt~~ obhya ~ nun or encumbrance upon sa~d prope~ty as here~n prov~ded. ~t sha11 not be necessary no< <eQu~s.te that tne i~ssouat~on shatt hrsf paq the ~ame ' J If a co~veyance should be made by tAe Morigago~ of [he prem~ses here~r. descnDed or any pdrt ne~eof and tne graniee named ~n such conveyance fads or S refuses tu assur~,e the pavn,ent ot the obl~gaUOn ev~dented by said prom~sory note and secured by t~rs mo~tyaye and m accurdan~e wrth the~r ~especbve f terms and ab~de by the ruleS dnd rEgulat~ons Ot the ASx:uition ~~ctud~ng payment o~ a reasonab~e trans~er fee then. and ~n that erent at t~e opt~on and upo~ ~ ~ the demand ot the Assoc~at~on a~~ sums of money secured ne~eby shau ~mmed~ately become formw~tn due and payab:e ~ ~ 8 That che abs[ract or absttacts of t~ue covenng the mortgaged Droperty shai~ at all t~mes dunny ~~e IAe of th~s mortydye re~na~n ~n the possess~on of ihe ~ AswuaLOn and ~n event of the ~o~CClosurB O~ th~S t*torteDg! or OtAl~ iranste~ o} utie to the murtgayrci proper:y in ei[inyu~shment O~ !he ~ndebtedness secured hereby a~~ rght trtle ard mterest o( Ihe Mortpapor m and to any such abstracts ol t~Ue s~all pass to the pu~chaser or grantee ~ ' 9 Sne~~d ~he va~:nay cx ben of tn~s m~tgage o~ the note secure~ thereby be co^tested by i,t yec~un u• otne~w~se tne Mu~tyayor ayrees :o pay ro the Assouatrun ~ the cost oi ~tend~ng the same ~ndud~ng a reasonaDle attomey-s tee ~ ~ 20 To pay aN and s~nyular the costs. charges and eapenses. rnclud •ny attorney s(ees rea~onabty n,wr~ed or ~ra~rt at any nn,e by the Assoaatron. because o~ the faAwe o( the Mortgagor ~p perlorm. comply wrth and ab~de by each and every tne sLpulahons ay~eements cond~uu~s and covenants of said prom~ssory ru~te q and th~s mort~}aye. o. e~ther. and every wch (except for the payment of the mr,nthly ~nsta~iment as reqwre.f by the Prum~suxy Notel shali near mterest irom ~ date at the rate ot te~ per cent (109W per annum unt~l fully pa~A _ 2 1 The Asscx~atw~~ shall t~ave the nght at any bme and Irom ume ro hme and w~fhout not~ce to or consen; of any pe~wn to tai re~ease any portro~ ol the prem~ses frum thr i,en of th~s mo~tgaye Ibl re~ease any person baDle for payment o1 any mdeAtedness secured ~e~eLy ~u eatend the t~me o1 payment or alte~ the terms of payme~~t o~ dH or any part Of the ~ndebteAness. w~thout aHecuny or reieas~n9 the personai IidG~hly o1 dny person 6abie iotner ~han anY ue~son ~e~eased pu~~ ~ s::ant neretr~i !or !he Dayment of any sum or mterest secured hereby and wahout !n any w~se a~termg ra~r~9 ~r d:m~n~sn~ng ihe to~ces effects or I~en ut th~s ~ ~ «;o•tyaye on alI the pre~n~ses not speuhcalty rel~asrJ ~rom ihe f~en o1 th~s mortgage by the Asso~:atw~~ ~ 72 A:,~ ayreement herea(ter rnade by Mor~gayor and Assoc~at~on pursuant ro th~s moitgage shai~ be supenu~ ro tne rgnts ot tne hu~der o~ any ~nte~Len~ng i~en or enr,umbranC@ - ~ 23 ~eq;.est of Mortgaqoi t~e Assoc~at~on may at ~is soie opt~on. f~om t~me ro t~me Ge~Ore f~ll pdy me,it of a~,~~:febtedness sewred hereby rnake fu~chqr ad ' cane es to Mortgayor pror~ded however that the totel pnnc.pal secur~ hereDy and rema~mny unpd~d incF~d~ny any w~h advances sha~~ noc at any t~me ea ~ ceed the ungmd~ D~~~C~pdi Sum 56CUr@d hlrBby Morteapor sha:i paY a~~ such furtne~ advances w~M mterest and the same shatl t~ secu~ed he~eby Ait prows~ons of sn~s mortgaye snaU apply to each further advance as wel! as to ali other ~ndeGtedness secur~ hereDy NoM~ny Aere~n conta~ned howeve. snatl ~~mrt !ne j amount secured by tn~s mortgage ~f such amount ~s ~ncreased try advances made by the Asscx~at:on as he~e~n etsewnerE R~o~~ded for to prutect ;ne securay ~ : 24 In the event the Mortyago~ he~em or any subsequent Mortgagor or any person or corporatK,n uwn~ny any n,te~est whatsoe~er shou~d encumber the pwperty here~n mortyaged by an ~nstrument comrnonly referred to and known as a'wrap arounef mortyaye w~tM~ut firs! obta,n~~ig the .vntten curisent o1 the Assoc~a hon then at the opbon ot the Assoaabon the obl~gatro~ secured by th~s Mortyaye sha? ~mmed~ateiY t~comr due dnd pdYahfe • ' 25 To prov~de the Aswc~at~on w~th Flood Insurance Coreiage d the real property ~s now or t~eieahe~ determmed to t~e wrtb~n a s+~eual Nooc1 hara~d area as shown on FIuoA Harard Boundary Map%Flood Insurance Rate Map as put~I~sheA by Ihe fCde~dl Inswdnce AdmmiStraLOn ? Zs At the request of the Mortgagor. ~he Assoust~on ~press to wa~ve tAe pronsrons of paray{aph 4 re~at~ve to ehe creauon o~ a haia~d ~nsu•ance account. poaded ~ however that the Assouatwn rota~ns the nyht, at ~ts opnon !a re mstate such prov~s~ons af sa~d paragraph 4 as an ohl~gat~on of t~e Mortgapor horeunde~ upon the happenmg of any oi the followmq _ - • ti A Fa~~ure to make any psymsnt rsqu~rsd under ths terms of ths note on or befae the due date ihereof ' _ v ~ 8 Fadure to comply wrtA tAe ~nSUr~nte prOV~S~onS O~ piriBr~Dh 3. Or o1 eny O! Ih! othEr terms 2nd cond~t~ons of [R~s mortgSfl9 Or nptl. Or wAh ~h0 inSUr2nte ~ req„~rements conta~ned ~n the Dscisratron of Condommwm and reiated documents shou~d tne mor~gaged property be comm~itsd to condOm~~ium ~ devebpment ~ I~y~~ ~ i C?-NI-7i . ~ f~i F~~1 ~ . 30 , '1~CA ~2 - ~ 134 ~ : 3e~~ 3U5 -1e_ a-:~ ~ _ , .