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Home My WebLink About0180 r , ~ • r' ' ~ 1 . • ? C1~C~C..:~.c~ . - . = • ~ , ~ ~ ti ~ ~~~~.1~11 4. That. u~ oraa to p.onct ma~ tu11y tM s~cunty of t?ws ma~p~p~. th~ Matp~pa. top~th~r vrnn. ~nd ~n sdd~tan to. tM ~tnly par~n~s unda cM t~rms o~ tM nota sacu~sd het~by. on tM sp~c~h~d p~YrMnt dal~ Ot ~~tA mWtt~ unUl lM Nrd not~ ~s fully p~~d. w~ll pay to th~ Assot~~tan tM fouow~rp s~ms la) An ~nstsllrn~~t of tM t~a~s aM iss~atm~MS ~wNd a to b~ iw~~d ~u?st tIN p~~~*uses to~~red by l~us maty~~. ~~d in ~nstallm~nt ol IM W~m.um o~ prem~ums that wdl b~tptH dw a~d paY~ to rM~w tM msur~nt~ on tM p~m~s~s cover~d M~sby sps~nst bu by hr~. snd w~ndstam. ~s p~ovdsd ~a by paraqraph 3 w~c~dw+p. a wch otM? huard as ma~ n~soMdy b~ rpuwW ~y tM Assocutan. snd an ~~staUm~n~ ol tM pr~~um thal wdl bscom~ dw and paY~ ~o r~r»w tM matpa~ ~~wr~nc~. ~t ~oy SucA u~sullm~nts sha~l b~ pwl. resp~cGwly. to on~•1we~hh (1i12th1 ot tM ~s• umated pr~mwm p pr~mwms for Wth ~nwrancs. ~~d tup and ~tNSSrMnts n~at dw (ss Kumstad by tM Assoustwn! leu ~~1 ~nsuUrtNnts alresdy ps~d thertfa. drvrd~d bY tl» num0a ol montl?s tMt ~r~ to N~ps~ oM month pna to th~ dst~ wMr. suc~ p~emwm or premwms and aa~s and asssssmenK vrJl Mcan~ dN~rqu~nt tM Assocutwn. wMN applyu~p such paymsnts w ~nsur~nce parruums. ta~es and atsessments. beia~ tM sart+e bscoms dshnqw~t. sh~ll not paY ~^~K~st t0 tl?~ Matpapa on suth (unds. and N~ such psyments may b~ comm~n9led by tM Assocutwn w~th any olhe~ wth lund3 p w~th Us Own funds Th~ fund~ ~r~ plldp~d ~f idO~IWni~ sOtunty for tM sums setur~d by tMS Mori9A9s ~nd ir~ wqsct to uss D~r the Assa:~stron ~n p~ymtnt ol ' I~t~ tMrp~i' and Wr?k cdNcuon tMrpss Ib1 All payments m~nta~ed u~ tfy pr~t~d~np wDsetteon Of tlas pusp~~ph ~~d DiY~nts to be madA under the note sacursd hereby shsl~ be adaed cogsthsr and tM a~pat~ ~mount tMrwl slyll be paW by tM Matps9or ~sch month m s s~nple paYR~ent to bs sppl~s~ by tM Astouat~on to the to~bw~nq demi in tIN orde~ s~t (orth 1 T~x~s. ~ss~ssm~ms. ~nd u+wr~ocs premwms 2'Late d~arqes an0 bank colieawn charyes. unless pa~d ~n manne~ piowded m psrsqr~ph 1 lal 3 Ints?~st o~ tM not~ sscured he+QDy 4 Amoru:at~on ot ~~s pr~napal ot sa~d rwie A~y dehaencv amount of such aggreg~te momhty paYrtNnts shall. uruess pad by the Matgagw W w~ to fhe due date ol the nest such paymem. con sutute an event of default unde~ the mortgags W~thout wasver ol any nght. the Auoc~aaun may coilect a' late charge" as prov~ded the Note 5 T~at d the toul ol ths paYments made by tM Mo?tp~pa undK l~l o~ Wrayr~ph 1 p+eteWr+p sha11 eacesd the smount of payments attusuy, mide bY tAe Assouauon for ta~ss u+d sss~ssm~~ts snd nawanc~ prem~ums. ss tM uts may bs. such e~ceu shall W crsd~ted by ths Assouat~on on subsequent payments to be made b~r tne Mortp~yw N. however. ths monthhr paYments mad~ by ~he Mwtpa9a u~r (a) of par~prsph 4 preced~ny snalt not have been wH~aent to pay taaes and sssessm~nts and u~wqncs pnm~umt. ~s tM us~ may W. wAen tM same shs~~ become due and psyaWe. tASn. the Assoaauon may. at ~1s op twn. ~mmsd~ately p~Y such ux~s ~nd sssessments snd ~nsur~nc~ p~mwm. ~nd tAe Mortpapor sha11 pay to the Assoc~aUOn ~ny amount n~cessary to msks uP ~he det~uency. and wch p~Ym~nt sl?NI Oe dw +^d PeY~~ w~~h~n thuty (301 days sftrr tAe date ot ma~~~r~g of nut~ce by the Assoc~atwn se[tmg Iwth the amount ol such defK~ency II. st sny ums. the Mortyspo? shstl t~nder to tM Assoaatwn. m accadsnce w~t~ tne prov~sro~s of Ihe note secured hereby. full payment o~ the enUre mdebtedness r~sss~tsd 1~ersby. tM Astoaatan s~s~~. ~n computinp the amount ot such indebteOness cred~t to tAe account ot the Mortqagw any balance ~ema~mng ~n the lu~ds ~ccumulated und~r 1M prwns+a+s of of par~pr~ph 4 6 To permrt, comm~t w suflei n0 wiitl. ~mpi~tmsnt Or dOte~WratiOn ol S~~d prOplrty. M inY part thereol. artd upon the ladure oi the Moripa9w to ke~p tne pu~Id~n9S On Sa~d ptOpfrty u1 QOOd COf~d~tWl~ d~lpi~t a(~d rr~a~nt~Mncs. fhe Assonatwn may dema~d proper ma~ntenance and lhe immed~~te repa~r ol sa~d ~u~W:nys. or an ~rxrease m the amount o1 s~cw~ry. a the ~mmed~ats repayment of tt~e debt her~Dy secured and the fsdu•~ ot tne Mortpaga to rn~y w~th sa~d demand of the Assouatan fo~ a psrwd o~ th~rty 130) days sl+alt consuwt~ s besch o~ th~s mwtyaye. aM at the optan o! the Assoc~at~on. immed~ately matwe the entue amount ot pmupal and mtersst MreDy sscured. and the Assouatan ~mmed~stely and wrthoat nouce may ~nsutute proceed~ngs to foreclose ~h~s mortyaye and apply for the sppantms~t ol a~ecs~ve~. as hsra,naher pror~ded. and m case oi [he refusal. negtett w enaWbty of [he Mortgaga to repau and mam2am sa~d property. tbe Assoustwn may. ~t rts opi~on. msks wch .epa~~s o~ csuse the ssme ~o be made. and advaRCe moneys ~n that beAalf 7 To pertwm cOmpty w~th and aWdE by eaCh and every tAe st~pul~tans. sp~eementi. tond~l~ons a~d covena~ts ~n sa~d prom~sswy note and th~s mo~tgage set forth - 8 To comply w~M tne subd~v~s~on rostr~cnons and ths murnapal romny wd~nances app~~cable fo tbe mortgaged Drope~cy not to erect or permrt to De erected any • new budd~ngs o~ the p~ern~ses hersm mortpaged o~ to ~dd to or pe~mrt ro be edded to make o~ perma to be made. any strucwrat ahe~atwns to any of cbe e• ,s~~ng ~mprovements thereon vwthout tt~e wmttsn consent of the Assouat~or+. and ~n the event of any v~olauw~ or attempt to wo~aie these supuiauons. or any of ihem cn~s mortyaye a~d au sums secured he~eby shau ~mmeO~stely become due and psYaWe at the op~~on of ihe Assouatron 9 inat m case of a delault ~n any ot tM terms o} ih~s moriQaye and the 6l~np of s bdl to foreciose th~s or anY other mortgage e~cumbenng the wrth~n dexnbed prpperey. the Assouauon shall Oe enuUsd to app~Y at any bme wrtAOUt noUCe pendmy such foreclowre surt. to the court hav~ng ~~resd~ctan thereot /or the ap- ~~ntment oi a~ece~vet o} atl and rnpu~ar tl:e mo~tpapsd property. and of all the rents. mcomes. prot+ts. ~ssues and revenues thereof. from whatsoever soures ~rr~~ed and thereupon. ~t ~s hereby expressly covenanted and apresd tAit the court snau fwthw~th appo~nt a rece~ver ot sa:d mortgaged Woperty. alt and s~nyutar, and ol such rents. ~ncomas profe!s. ~ssues and revenues thereof. f+om whstsoevsr source de~~ve~. w~th the usual powers and dut~es o~ ~ece~ve+s ~n I~i~e cases and such appo~n[ment shsu ps msde by such court as s mane~ of sinu r~Qni co cne Assouat~on. and wnnou[ r~ference ~o the adeQuacy or ~nadequacy oi the ~alue o( the property bereby mortpsged. o~ to the sotvs~cy a~nsdrency of the Morteagor. and that wcn rents pro6ts. ~ncomes. ~ssues. a~0 revenues snall be apphed by such recene~ to the payment ol the mat9aye ~~debtedness. coses a~d chsrges, accord~ng ro:he o~de~ ot such court 10 Tnai m the event ihe prem~ses hereby mortgaped o~ sny part thereoi. shs~~ be condemned a~d taken under the power of em,nent domam t7~e Assouat~on shall nave the nght to demand that sli damapes swarded for ihe takmp o~ a~n~ury to sa~d prem~ses shat~ be pa~d to ihe tissouauon ~ts successo+s or ass~gns. up to tne amount ihen unDa~d on th~s mortpage. and rrmsy be app~~ed to sny sums last Oayabie hereunde~ 1 1 Thal RrnC ~s Of Ih! BSSCnCE OI th4 COni~aCt 3~ Ihat n0 wa~vei Of 8ny ODhgdbOn he~EUndE~ o~ of the uL4yat:o~~ ee~ured hereAy. sr.aH at a~y t~me ihereafte~ be hel~ t0 b¢ 2 Wd~rB~ Of thQ tErmS hB~BO} Or O~ th@ p~OT~SSOfy note secu~ecf nereby ' 2 fn ~he erent o~ any defautt ~n any ot ihe terms of th~s mortpage. or u~ ihe ~ote sewred hereby. and acceje~at~or. by the hWder. or any othe~ s~tuatwn that would ! cause [ne ~nteros[ pa~d or paYaWe under th~s obl~yatan to excesd the ~nrerest iate author~zed by law ihen ~n sucn event a~t excess ~marest ~he~etolore pa~d sAatl ~ be c~ecf~[ed to or~nupal and sil accrued and unpa~d eacess ~nteresi shall abate and sRall not be an ob~~gat~a~ 01 [he maker or ot any other person i ! 3 That to the e¦tent of the ~ndebtedness ot tna Mo+tgago~ to the Assoaatwn Qescnbed herem or xcured hereby tha Assouatwn ~s rxrebY subrogated ~o the hen o+ ~~ens and to tne nghts of tAe owna~ and holder the~eol oi esch and every mortpaye. I+en or other enwmbrance on the land descnbed here~n. wnich ~s pa~d and ~ sdt~s}~ed ~n whote or ~n part out of the p~oceeds oT the loan descnbed he~e~n or secured hereby. ar.d ine respecuve f:ens of sa~d mo~tg~ges. I:ens or o:her en- cumbrances. snau be. a~d the same and each of tnem hersby is preserved and shan pass to and be he~d by the Assoc~auon nerem as secunty for tne ~n- 9 deb~edness to the Assoaa0on here~n descnbed or hereby secured, to the same extent that ~t would have been preserved and woutd have been passed to and ; Deen held by the Assoaatwn had rt Deen duiy srb rsyuiarly asseaned. translerred. set over anG debve~ed unto the Assouauon Dy se0arate deed oi ass~gnment. ~ noiw+ehstand~ng the fact ihat ths same may be saUSf~ed and cancelied of record. ~t be~ng the ~ntent~on of the pa~bes hereto that tne same wA1 be sat~sl~ed and g ca~ce;led ol recorrS by the ho~de+s thereof st a about tha Gme ot tAe recordmp of thrs mortyage ~ 14 Tnai any o~ U~e sums o~ mortey Aere~n referred t0 be not promptfy and fuRy pa~d wrtA~n thuty t301 days nex! a(te~ the same severally become due and payabte. ~ ~r ~1 each and every the SUpulaUOnS. agrBamentS. conddiOni ind covenant5 Of said prom~ssory note and Lh~s rrwrtgdge. Or e~ther. are n0t duiy Derformed. com- ~ pt~ed w~th and ab~ded by. the 2yflrepate sum unpa~d undEt siM prom~ssory note a~d th~s mortgage sha~i becume due and pavable ~ortn.v,th o~ thereafter. at the oo~~o~ o} the Assoc~anon, as (ully and.compleiely as ~1 sa~d iQp~epate sum of moneY were or~g~na~~y sbpu~eted to fle pa~d a~+ such day anyth~rtg 1n sard • prOm~sSOry nOte or hlr8~n t0 th! COMqry nOtw~thstif~d~n~ r ~ 15 Tnaf ~n 6rder iu accele~ate t~e mstunty o~ the ~~deDtedness he~eby secured because ot the fa:lure ol ihe Mortgago~ ro pay any taa assessmem 4aD~?~ty. oW~ga- y ;~~n o~ ?ncumb~ance upo~ said property as herem provided. rt ihalf not be necessa+y nor reqwsrte that ihe Assouabon shau i~rst pay the sar.ie # ?6 Thac cne abstract or absvacts o~ utle co~ennp che mortpaped prope~ty s~ati at all Umes dunng the hfe o( th~s mor2gage, remam ~n the possess~on of the ~ Assot~auon and ~n event of the foreclosure ot th~s :nortpafle. a other transfer of trtle to the mortgaged p+oNerty ezt«gwshment of the mdebtedness secured ~ nereby a~~ nght uUe and ~nterost of the Mortgegor ~n snd to any such abstracts o~ utle shatl pass ro the purchaser or grantee ~ ; 7 S~wutid the val+drty or Le~ o~ th~s mortgspe or the rwte secured thsrpby be consested by ~+LgaLOn or otherw~se. the Mortgago~ agrees to Fay to the AssoaaUOn ~ rne cost of defend~ng the ume ~nciud~ny s reasonabte sttorney's fee ~ ' 8 To pay~ all and smyuiar the costs. charges and erpenses. ~nclud~ng attof~ey~s ~ees reasonaMY ~ncur~eA o~ pa~d at ar~~y t~me by the Asscx:~at~on. because of the ~ .`adure of the Mortgagor to perform. comply w~th a~d afNde by each anA every the st~pu~abor.s agreements ~ond~UOns and covenznts et sa~d prom~ssor~~ note ~ a~d :h~s mortgage o{ erther. and every such (except for the payrr.ent o' the morthPy ~nstallment ~ requ~recf by the Prom~ssorY No[e) shall pea~ ~~te~est (rom ~ :ate at the rate o~ ten per cent il0°~6) per a~num unt~! fully pe~d ~ ~ g The Assoc~auon sha~l have tM nght a[ any t~me and t~om t~ms to bme and wdfwut not:ce to or consent o1 anq perso~ to (ai .e;ease any port~on of the p~em~ses ~ tr~m tne I~e~ of thes mortgage. Ib) retease a~y pe~so~ liable tor Daymer.t o~ any mdebtedness sew~ed ~ereby •tci e,!end the Ume o( DaYment or alte~ the terms of uayment oi a~~ a any part o1 the indebteAness. wrthout affectmq a re~eas+ny the persona~ ~~ab~~~ty o( any person f~abie (othcr than any perspn released pur- ~ Su3~! ~~B~et0) ~O~ [he payment ot any sum or ~nterest secured Aereby and wrttwut m any w~se a!tenng. vary~ng. o+ drm,n~sn,ng ihe fo~ces. et!ects. or 6en O! tn~5 ~ R+ortgaye o~ a~~ the D~em~Sei rtot specd,c211y roiessed from tAe I~en ol th~s mortgape Oy the Assouat:o~ 20 Any ag~eement hereahe~ made by Mo~tpaqor and Assoua~w~ pursuent to th~s mortQage sha~~ be supe~~o~ ro the {~ghts of the hofder o} any ~nierve~~ng t~en or enwmbrarrce Z~ t~~on request of Morigaga. the AssouaLOn may. at ~is so~e opbon. trom t~me to t~me before ~u~i payment of aft ~ndeb?edness secured hereby makb (urther ad- va~es to Mortgagor prov~ded. ?rowever. that t~+e rotsi pnnc~pal secure0 hereby a~d rema~mng unpa~o. ~nc~ud.ng any such advar.~es. shait not at any t~me eR~ - ceed tne ong~ral pnnapal wm secu+ed hereby Mortpaya shall psy alt such further advances wrth ~nterest ar.d stie same shaN De secured he~eby All pronsrons j~ of th~s mortgage sha~l apptY to each further sdvance as wel! ss ro a~l other ~ndebtedness secured hereby Notning here~n contd~ned however. Shall I~md the amount secured by th~s mortyaqe ~i such amount ~s ~~creased by advances made b~ tAe Assoaaian. as here~n etsewhe~e p~owded fw to p~otect the sscur~ty p2 In the event the Mwtgagor here:~. o: any wbsequent Mortgagor. or any person or corpwau~ owrnng arty mterest whatsoeve~. s?auid encumber the Wopertv _ here~n mortgayed by an instrument commonly re~erred ro arxf known as a"wraD a~nNnd mo.tgage" wrthcut t~rst obtauung the wntten consent o( the Assoua ~E tan, ihen. ai the epuon oi the Assouatan, the' oW~gatw~ secured by th~s Mortgage shall ~mmed~ately become due and pavahle 23 To prov~de the Assouabon w~th flood Iruurance Coverage d the real property ~s now or hereafter determined to he wrtMn a speaa~ flood hazard area as shown r on Flood Haza~d Boundary MayFtood Inwrance Rate MaD as publ~shed by the federat Inwrance Admm~straUO~ . . - ' ~J ~ ~3 ~ E-~s ~:;`7~!~ ~ TiP-A ~ i ~ ~ ( .~s, _I3 . 9 ~ ~ - " . `U k c~~ ? ~ ; , , grr,. JtJS ~~GE 1~ ~