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HomeMy WebLinkAbout1106 - ~TIc-- 4. That in order to protect ntea fully tM security of lMi metgaga. tM Mortgagor. togetMr wan. arxt in atfWtrort to Ure merihly payments under the arms of the note secured Mreby. on tM spacfied payment data of each mootA until tM said hots is fully paid. wiN pay to tM Asse:ration tM fotbw+ng sums Ia1 An rnstallrnent of IM texas and asNSSments lavrad a to be lavrad against IM premises covered by clue rnetgatle. and an installrnant of tM txem+um , w premwms that wdl batene dW and payable to rerww tM insurance Ort tM prsmrses covered hereby against lo„ by fire. and wrndstem as provided fa by paragraph 3 praeWing, a wch otf?ar hazard at may raaserably W required by tM Association. and an installment of IM premium tMt will become dw and payabN to renew tM metgaga rnwranca. d any Such instaNments shall W equal. respectively. 10 one twertih 11~12tn1 of tM ss umated pram+um a premiums fe wcA mwrance. and taxes and assessments next due las estimated by tM Assocratronl less alt unullmanls already paid tMrelor. divded by tM number of month tAat era to elapse orN mortlh pyre to the date when such Wemwm a prenuums arvd taxes and assessments viriN MeorrN delx?quMt TM AlsOtiatiOn. wMN applying such payments to mwrarxe pamwms. bxes and assessments. trebrs the same become delingwnt. sMll riot pay interest to IM Metgage on such funds. and alt SrrcA payments may be toinmingled by tM Asstxratron w+tA any otMr such funds a with qa own funds TM lends era pledged as additional security le tM sums secured by this Mortgage and are sugett to use by tM Association in payment o! "rata chargai' and bank collection charges Ibl An payments msntiorrad in the precWing wbssctron Of this paragraph and all payments to De made under tM note sacurW Mreby shat! be added together and lM aggregate amount tMreol shall be paid by tM Melgage each mpnth rn a Lngle payment to be aDPire/1 by the Asse:ratron to the lotbwing items in IM order set forth 1 Taxes. assessments. and inwiance prem+ums 2 elate charges and bank collection charges. unless paid rn manner provided in paragraph 4 Ia1 3 Interest on tM note secured hereby 4 Amortization of tM piintipal of card note Any deficiency in tM amount of wch aggregaw monthly payments shall, unless paid by tM Mortgage prior to tM due date of tM neat such payment. con- stitute an event of defwft under tM mortgage Without waiver of any fight. tM Association may collects "late charge" as provided m tM Note 5 That if tM total of tM payments made by tM Metgagor under lal of paragrapA 4 preceding shall exceed tM amount of payments actually made by the Association for taxes and assessments end insurance premiums. as tM case may be. such excess shall be credited by tM Association on subsequent payments to be made by tM Mortgage 11. however. tM monthly payments made by iM Mortgagor under Ia? of paragraph 4 preceding shall not have been sufficient to pay taxes and assessments and mwrance premiums. as tM use may De. when tM same shall become due and payable. then. the Association may. at its op lien rmmed+ately pay such taxes end assessments end rnsursrxe premium. and tM Mortgage shall pay to the Association any amount necessary to make up the dehuerrcy. and wch payment sMll be due and payable within thirty 130! days slier tM date of mad+ng of notice by the Assocrauon setting lurch tM amount of such deficiency If. at any trine. tM Metgagor shell tender to the Association. in accordance with the provisions o! tM note secured Hereby. lull payment of the enure indebtedness represented hereby. the Association shell, in computing tM amount of such indebtedness. credit to the account of the Mortgagor any balance remamrng in the funds accumulated unds? tM provisions of Ia1 of paragraph 4 6 Tu permit commit a wffer no waste. impairment a detsneation of said property. or any part thereof and upon the fa+lure of tM hlortgage to keep tM bu+(dargs on said property m good condition w repair and maintenance. tM Assocrauon may demand proper maintenance and iM immediate repair of Bard twdd+ngf. a an increase m tM amount of security. a tM immediate repayment of tM debt Mreby secured. and iM failure of tM Mortgage to comply wuh sent demand of tM Association fe a period of thirty 1301 days sMll constitute a breach of ttrs mortgage. and. at tM option of tM Association. immediately mature the enure amount of principal and interest Mreby secured, and the AsSOtiation immediately and without nonce may institute proceed+ngs to feecbse this mortgage and apply fe tM appentment of s receiver, as Mrsinalter provided. end rn case of tM refusal. neglect a inability of iM Mortgagor to repair and mmntain card property. tM Association may. st its option, make such repairs a cause tM same to be made. and advance moneys m that behalf 7 To pertain comply with and sbrda by each and wary tM stipulations. agreements. cOfWitroni and covenants in card promissory note and this mortgage set lath 8 To comply wnh tM wbdmsion resttit[iOns end tM municipal zeurtg edinances applicable to the mortgaged property. not to erect or permit to Ge erected any new twddings On tM premiSeS herein mortgaged a IO add 10 a permd t0 bs added t0. make a paring t0 be made. any Structural alteralion5 t0 any Of tM ex- isung improvements thereon wdhout tM written consent of tM Association, and in the event of any v+olauon or attempt to violate thee stipulations. a any of them ices mortgage and all sums secured Mreby shall immediately become due and payable at tM option of tM AsSOCiauon 9 That m case of a default m any of tM terms of Ihrs mortgage and tM hbrig of a bill to foreclose th+s a any other mortgage encumbering tM within described property. the Association shall be entitled to apply. at any time without nonce pending such feecloswe suit. to tM court havirry lunsdictron thereof for tM aD tw+n[ment of a reserver Of all and singular tM mortgaged property. and of all the rents incomes. prol+ts. issues and revenues thereof. from whatsoever source derived and. thereupon. it is hereby expressly covenanted and agreed That IM court shall fetAwrth aDpomt a reserver of card mortgaged procerry. all and r nyutar and of such rents. incomes. profits. issues and revenues thereof. }rum whatsoever source derived. w+th the usual powers and dunes of recewers in like cases. and such appo+ntment shall be made Dy such court ss a matter of strict right to tM Assa-.iation and without reference to tM adequacy or inadequsty of the value of the property hereby mortgaged a to tM solvency a insolvency of tM Mortgagor. and that such rents. profits. incomes. issues. and revenues shall be apps,ed by such receiver to the payment of tM mortgage indebtedness. costs and charges. according to tM order of such court 10 That in tM event tM ownership of tM mortgaged premises. a any part thereof. becomes vested in a person other than tM Mortgagor. tM Association may. without nonce to tM Mortgage. deal vnth wch successor a successors in interest with reference to this mortgage and tM debt Mreby secured. in tM same manner as with the Mortgage. without m any way viuaung a discharging the Mortgagor's Irabihty Mreunder or upon tM debt Mreby secured No sale of tM premises Mreby mortgaged and rip febeararxe on tM part of tM AsiOtiatiOn, and n0 extens+on of the trine for tM payment of tM debt Mreby setureA g+ven by the Association. shat) operate to release. discharge. modify, change a affect tM original liabibty of tM Mortgage herein. either in whole e m pan t t That in tM event tM premises Mreby mortgaged. a any part tliereot. shad be condemned and taken under tM power of eminent domain. the Association shalt have [M right to demand that all damages awarded for tM taking of a :nlury to card premises shall be paid to the Association. its successes or assigns. up to [he amount then unpaid on tMS mortgage. and may be applied to any wins last payable hereunder t 2 Tnat ume rs of tM essence of tMS contract and that no waiver of any obhgauon hereunder- a of the obl+gahei secured hereby. shall at any time thereaher be held to be a waiver of tM [arms Mreof a of tM promissey note secured hereby 13 In the event of any default m any of tM terms of this mortgage a in tM note secured hereby. and accelerauei by the holder. or any other srtuauon that would cause the mfere5t paid a payable Uflde1 Ihrs ObhgatiOn t0 QxC@ed lM interest rate aUlhOnled by law. then rn such event all exC@SS interest theretofore paid Snell be credited to print+pal and all accrued and unpsrd excess interest shall abate and shall not be an obl+gation of the maker or of any other person t 4 That to the extent of the indebtedness of tM Mortgagor to the Association described Mre+n or secured hereby. tM Association is hereby wdogated to [M Iran e Irene and to the rights of tM owner and holder thereof of each and every mpr[gage. cyan or ocher encumbrance on the land described Mrern. which rs paid and sausired. m whole e m part. out of tM proceeds of tM ben described herein a secured hereby. and the respective bens of said mortgages. hens or other en- cumbrances. shall be. and the same and each of them hereby is preserved and shall pass to and be herd by tM Assa.iauon hereon as security le tM m debtedness to tM Association harem described or hereby secured, to tM same extent that it would have been preserved and would have been passed to and been held by the Association had it been duly and regularly assigned. transferred. set over. and delivered unto the Association by separate deed of assignment notw+thstandrng tM fact that IM same may be satisfied and cancelled of record. rt being tM rntenteon of the Darues hereto that the same wrH be saushed and cancelled of record by tM holders thereof at or about tM time of tM receding of this mortgage 15 That it any of the wins of money Mre+n referred to be not promptly and fully paid w+thrn thirty 130) days next after the same severally become due and payable. or if each and every tM stipulations. agreements. conditions and covenants of said promissory note and this mortgage. or either. are not dr,ly perfemed. coin ptred w+th and abided by. the aggregate sum unpaid under Said prom+ssory note and this mortgage shall become due and payable forinwrth or thereafter. at the option of the Assocraton. as fully and completely as d said aggregate sum of money were originally stipulated to be pa+d on such day. anything in seed promissory note a Mrein to the contrary riotwithstandrng t 6 That m order to accelerate the maturity of tM indebtedness hereby secured because of tM la+lwe of the Mortgagor to pay any tax assessment. hab+hty. obbga I non or encumtxdnce upon said property as herein provided. +1 shad not bC necessary nor regwsite that the ASSOCiaLOn shall last pay the same ~ i 7 If a conveyance should be made by tM Mortgagor of iM premises hereinn described or any part hereof. and tM grantee named in such conveyance Earls e refuses to aswme the payment of the obligation evrdericed by sand prom+ssey note and secured by this mortgage. and in accordance with thou resioecnve terms. and abide by the rules and regulations of tM Associa[mn rnttudmg payment of a reasonable transfer lee. then. and rn that event. at the opuon and upon ~ the demand of tM Association all sums of money secured Mreby shat! immed+ately become Iwthwith due and payable ! 8 That tM abstract a abstracts of true covering the mortgaged property she!! at all limes. during the Ida of this mortgage. remain rn [he possession of the ' Association and. m event of the feeciowre of this mortgage. or other transfer of title to the mortgaged property. m exhngu+shment of the indebtedness secured g hereby. all right. title and interest of tM Meigagor rn and to any such abstracts of lrtle shall pass to the purchaser or grantee t 9 Should the vabdity a hen of this mortgage. or tM note secured thereby. be contested by !+hgauon or otherwise. the Mortgagor ayrees to pay to the Assoc+aton [ the cost of defending tM same rnclud+ng a reasonable attorney s roe 20 To pay erg and sngular tM costs. charges and expenses. rncludrng attorney's fees reasonably incurred. or paid at an ume y by the Association. because of the fadwe of tM Mortgagor to perform, comply with and abide by oath aril every the stipulatrons agreements. conditions and covenants of said promissory note and this mortgage. a either, and every wch lexcept fe tM payment of the monthly installment as required by the Prom+ssey Note) shall bear interest from a date at IM rate of ten per tent (10°X) per annum until fully yard 21 The Assoeeatwn shat! have the right at any t+me and Irom 6me to time and without notice to or consent of any person to lal release any portion of tM premises Irom the ben of thy; mortgage. Ib) release any person liable for payment of any indebtedness secured hereby. icl extend the lime of payment or after the terms ~ of payment of all or any part Of the indebtedness. without aNectrng a releasing tM personal Labdrty or any person bable loftier than any person released pur~ suant hereto! for the payment of any sum or interest secured hereby and without m any w+se agar+ng varying. or d+mrn+sn+ng the forces. effects. or ben of [his mortgage on al! the premises not specfically released from the ben of this mortgage by the Association 22 Any agreement hereafter made by Mortgagor and Association pursuant to tMS mortgage shalt ire superior to the nyhis of tM holder of any +ntervenrng lien or s encumbrance 23 tlWn req,,est of Mortgagor the Association may. at its sole opuon. from time to ume. before full payment of a!I +ndeb[edness secured hereby make further ad vances to Mortyagor. provided. however that the total pnnupal secwed hereby and rema,nmg unpaid +nciudmg any such advances. shall not at any ume ex~ teed the orrg+nai pr+ncrpal vim secured hereby Mortgagor shall pay all such further advances w,th interest and the same shat) be secured hereby AN provisions { of this mortgage shall apply to each further advance as well as to alt other indebtedness secured hereby Noth,ng herein contained. however. shall Irmrt the amount secured by this mortgage d such amount a increased by advances made by the Assoc+atwn as here+n elsewhere provided for to protect the security j 24 In the event the Mortgagor harem, or any wbsequent Mortgagor. a any person a cepeatron owning any interest whatsoever. should encumber the property herein mortgaged by an instrument commonly referred to and known as a "wrap-arourirf mortgage' without first obtaining the written consent of the Assocra hon. then, at the option of the Association. the obbgation secured by this Mortgage shall immediately become due and payable 25 To provide the Association with Food insurance Coverage d tM real property is now or Mreafter determined to be within a special flood hazard area as shown on Flood Harard Boundary Map/Flood Insurance Rate Map as published by the Federal Insurance Admimstratron 28 At tM request of tM Mortgagor. the Assocrauon egress to waive tM provisions of paragraph 4 relative to tM creation of a hazard mwrance aa:cunt. provided. ~ however. that tM Association retains tM right. at its option. to re-instate such provisions of said paragraph 4 as an obhgatron or tM Mortgagor Mreunder upon - tM happening of any of 1M folbwing A Failure to make any payment requved under tM terms of tM note on or before the due date chafed. % ~ ~ i : f . L ~1'~ B Failure to tom with tM mwrance pa erg p y gage ply provisions of r n h 3. or of an of the other terms and conddions of this. Mort d%sote. or with tM :nsu:ant.e requirements contained in the Dsclarstron of Condominium and related documents should the mortgaged property ba comrnrttetl to condom+nrum development 4.3'784' t C l -NI-7i s7 ri} ~ l~ MLCA 12 j ~ i , ~ ~ r..'1 ! ' ~~.~05 ~~<<1104