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HomeMy WebLinkAbout2423 ~ t 0. TAat ,n order to potect rrtore fully the setWrty of tlws mortgage. tM Mortgagor. togelMr wdh and in addrt+on to ttte monthly payments urWer the Cairns of Ina note sscureO M+aby. on tM spatrhad DayrMnt dal! of oath rttunth until tM sad rate a fully paid. wJl pay to the Assa:ration the Idbwu~g sums isl An ,nstalirtNnt of tM taxse and assessments bored a to a bv,ed against the pamrsas covered by Clue mortya;le and an insuumant of the wamwm or pemwms that wrN become dw and payabb to reMw tM inwuncs on the psmisas covered Mreby against bs, by lire and windstorm. as povrded fe by paragraph 3 petedrng. a such otMr Mtard as may reasonaby a requued by tM Assocratitxt. and an rnstaurnent of tM premwm that will become due and payabb to raMw tM metgage,nsurence. d any Such installmanis alien be aquas, respectively. to ohs twelfth it/12th1 0l the es [imatsd pemrum or pam,ums fa wch ,nwrants. and taxes and assessments neat due Ias estrmatad try ttts Ass«,saonl less all insta?Iments already pad therslor. divided by tits numbN of months that are to slaps! orse month pior to tM date when such pamwm a pemwms and taxes and assessments wrN baconte dalrrtqusnt The Aeaocutron. whrb applying such payments to mwrance pamwms. rases and assessments. before the same become dslirpwnt. shall not pay interest to the Metgaga on such funds. and all such payments may be comrninglad by the Assocrauan w,th any other wch funds a with its own funds Ths funds are pledged as addrtionil security for tits wins secured by this Mortgage and are su0lact to use by the Assocratron rn payment of "bte eMrgei' and bank cdlactron charges Ibl AN payments rrrentrortad rn Qte parading wbsettron of this paragraph and aft payments to be made urWer the note secured herelry shall be added together and tM aggrpats amount tMrsot shall bs pad by tM Metgsge each month ,n a ynyle payment to !re applied by the Association to the folbwring ,ems in lfte order sat lath 1 Texas assessments. and rnsurancs pemwms 2 '-Late charges and bank collection charges. unless pad m manner pov,dsd in paragraph 4 fat 3 Interest on the note secured hereby 1 Amoruration of the ~rincrpal of said note Any defrcrency m the amount of such aggregate ntontMy payments shah. unless pad by the Metgage error to the due date of the neat such payment. cort- sutute an event of delsult under flea mortgage Without waiver of arty right. the Associatron may collect a "late cftarge' as povrded in the Note 5 That it the totaFof the paYmants made by tM Mortgage under la) of paragraph t peceding shsN exceed the amount of payments actually made by tfte Association fe taxes and assessments and ,nsurance pamrums. as the case may bs. such excess shall be credited by the Assocratron on subsequent payments to be made by the Mortgages If. however. the monthly paYmsnts made by the Metgage under (al of paragraph 4 peceding shall not have been wffrcem to pay taxes and assessments aril insurance psmrums. as the case may be. when the same shall become due and payable then. the Association may. at ,ts op uon imrnedrately pay such taxes and assessments aril insurance pem,um. and the Mortgagor shall pay to the Assocratron arty amount necessary to make up the deficiency. and wch payment shall be due and psYSble vwtMn th,rty 130) days after the date of mailing of nonce by the Assocratron setting forth the amount of such dehcrency II, at any ems. the Mortgagor shall tender to tM Association. in accordance w,th the povsions of the note secured hereby. full payment of the enure indebtedness represented hereby. the Association shall. in tompuung the amount of such indebtedness credit to the account of the Mortgage any balance remairnrtg in the funds accumulated under tM povisrons of Isl of paragraph 4 6 To permit. commit a wffer rto waste. impairment or deterioration of sad property a any part thereof and upon the ta,lure of the Mortgagor to keep the bu,ldings on sad poperty in good corditron a repair and maintenarxe. the Association may demand ppper ma,ntenance and the ,mmediate repair of sad budd,ngs a an increase M the amount of security. w the immediate repayment of the debt hereby secured, and the fa,lura dl the Mortgagor to comply with Bard demand of the Associatron for a period of thirty 1301 days shall constitute a b+eacA of CMS mortgage. and. at the Option of the Assocrauon. immediately mature the enure amount of pirtcipel end interest hereby secured. and the Associatron immediately and wittWUt reduce may institute poceedings to lorecbse this mortgage and apply to Clio appentment of s receive. as hereinaher provided. and m case of the refusal. neglect or inability of the Mortgages to repau and maintain sad poperty. the Association may. at its opton. make such rspaus a cause the same to be made. and advance moneys in that behalf 7 7o perform. comply wrath and able by each and wary tM suputatrons. agreements. conditions and Covenants in sad promissey note and CMS mortgage set lath 8 To comply with the wbdrv,siors restrictions and the municipal toning edinances appl,cabb to the metgaged poperty not to erect or permit to be erected any new buildings on the premises herein metgagad or to add to a perrtwt to be added to. make or permit to be made. any siructurst alterations to any of the ex- sung ,mpovemenis thereon without the written Consent of the Association. and m the event of any viOlauOn or attempt to vrotate these stipulations, or any of them. CMS mortgage and aN sums secured hereby shall immWiately become due and payable at the optiori of the Association 9 That in case of a default in any of the terms of this mortgage and the tiiirig of a bill to foreclose this a any other mortgage encumbering the with+n deSCritred property. the AsSOCiatiOn shall b@ entitled to apply. at any time wdhOUt nonce pending such forectowre sort. to the court having lursdicuon thereof for the ap- pointment of a receiver of aN and s,ngular the mortgaged poperty. and of all the rents. incomes polite rssues and revenues thereof. from whatsoever source derived and. thereupon. rt is hereby expressly covenanted and agreed that the court shall lorthwrth appoint a receiver of Said mortgaged poperty. all aril singular. and of sucA rents. Incomes. polite. rssues and revenues thereof. from whatsoever source derived. with the usual powers and dunes of receivers rn tike .:aces and wch appantment shall be made by such court as s matter of strict right to the Assocratron. and wulrout reference to the adequacy or inadequacy of the value of the poperty hereby mortgaged. a to the solvency a insolvency of the Mortgagor. and that such rents. profits incomes. rssues. and revenues shall be applied by wch receiver to the payment o1 the mortgage ,ndebtedness costs and charges. according to the order of such court 10 That m the event the owriership of the mortgaged pemrses. a any part thereof. becomes vested in a person other than the Mortgagor. the Association may. withOUt ratite to the Mortgagor. deal wdh such successor or successors m interest with reference to this mongage and the debt hereby secured, m the same manner as with the Mortgages. without m any way vihatiri0 or discharging the Mortgagor's liability hereunder or upon the debt hereby secured No sale of the premises hereby mortgaged and rip forbearance an the part of the ASSOCiat,on. and no extens,on of ilia ume for the payment of the debt hereby secured given Dy the Association. shall operate to release. d,scharge. rtiOdify. change a affect the original baWhty of the Mortgagor herein. either m whole e m part t t Tnat rn the event the pemiSeS hereby mortgaged. a any part thereof. shall be condemned and taken under the power o1 eminent domain. the Association shall have the r,ght to demand shat all damages awarded for the taking of a mlury to said pemrses shall be paid to the Association. its successors or ass,gns up to the amount then unpad on th,s mortgage. and may bs applied to any sums last payable. hereunder - t 2 That ume is of the essence o1 this contract and that rip waiver of any oblrgauon hereunder. or of the obhgauoii secured hereby. shall at any ume thereafter be held to be a waver of the terms hereof or of the pomissdry note secured hereby 3 In the event of any default rn any of the terms of this mortgage. a in the note secured hereby, and acceleration by the holder. or any other situation that would cause the interest pad or payable under tMS oDligatrori to exceed the interest rate authOnted by law. then in such evem all excess interest theretofore paid shat) be treaded to Dnncipal and all accrued and unpaid excess interest shall abate and shalt not be an obhgauon of the maker or of any other person t 4 That to the extent of the indebtedness of ilia Mortgagor to the Association described herein or secwed hereby. the Association rs hereby wbrogated to the lien e bens and to the rights of the owner and holder thereof of each and every mortgage. uon a other encumbrance on the land described herein. which is paid and sanshed. in whole or in part. out of the pxeeds of the ban described herein a secured hereby. and the respective bens of said mortgages. hens or other en cumbrances. shalt be. and the same and each of them hereby is peserved and shall pass to and be held by the Association herein as security for the in debtedness to the Association harem described or hereby secured. to the same extent that rt would have been preserved and would have been passed to and been held by the Association had d been duty and regularly sssigried. transferred. set over. and debvered unto trio Association by separate deed of ass,ynment notwithstanding the fact that the same may be ssusfied and cancelled of record. rt being the rniention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof st or about the ume of the recording of this mortgage 1 5 That rt any of the sums of money herein referred t0 be not prOmptty and fully pad within thirty 130) days next alter the same severalty become due and payable. or d each and every the stipulations. agreements. conditions and covenants of card pomssory note and this mortgage. or erther. are not duly performed. coin plied wdh and ab+ded by. the aggregate sum unpaid under card pomissory note and CMS mortgage shall become due and payable forthwith or thereafter. at the option of the Association as fully and completely as d card aggregate sum of money were onginaliy stipulated to be paid on such day. anytMng in sad 1 promswry note a herein to the contrary notwdhstanding l6 That rn order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment. babihty. oblige bon or encumbance upon sad pdperry as herein povded. rt shall not be necessary nor requisite that the Association shall first pay [he same t 7 !f a conveyance should be made by the Mortgagor of the premises herein described or any part hereof and the grantee named in such conveyance tads or refuses to aswme the payment of the OWigatron evdenced by sad promissory note and secured by this mortgage. and m accordance with then respective terms and abide by the rules and reputations of the Assoaatron. rntlud+ng payment of a reasonable transfer fee. then. and in that event. at the option and upon the demand of the Associatiron all sums of money secured hereby shat{ immed,atety become forthwith due and payable 18 That the abstract or abstracts of oils covering the mortgaged poperty shall at all times during the Dfe of this mortgage. remain tie the possession of the Association and. in event of the foreclowre of the mortgage. w other transfer of tale to the mortgaged property. in extinguishment of the ,ndeutedness secured hereby. all right. titb and rnterest of the Mortgagor ,n and to any such abstracts of tale shall pass to the purchaser or grantee 13 $houe ilia vald,ty or Iron of this mortgage. a the note secured thereby. be contested by I,tigat,on or otherwise the Mortgagor agrees to pay to the Assocrauon the cost of detendrng the same ,ncluding a reasonable attorneys fee y 20 7o pay all and Singular the costs. charges and expenses. inciud,ng attorneys fees reasonably ,ncwrerl or paid at any ume by the Association. because of the failure of the Mortgagor to perform. comply with and abide by each and every the sbpulauons. agreements cundmons and covenants of Bard promssory note and this mortgage. or erther. and every wch (except for the payment of the monthly installment as regwred by the Promissory Note) shall bear rnterest from date at the rate of ten per cent iir39u per annum until fully paid ro ~ 21 The Association shall have the right at any time and from ume to ume and without nonce to or consent of any person to IaJ release any portion of the premises from the ben of CMS mortgage. ib1 release any person table for payment of any indebtedness secured hereby. lcf extend the ume of payment or alter the terms of payment of all a any part o) the indebtedness. wrthOUt affecting or releasing the personal liability of any person i,able (other than any person released pur- suant hereto) for the payment of any sum a rnterest secured hereby and without m any verse altering. varying. or diminishing the forces effects. or hen of tMs ~ mortgage on all the premises not Specifically released from the ben of tMs mortgage DY the Assoc,auon 22 Any agreement hereafter made by Mortgagor ant ASSOCiatron pursuant t0 this mortgage shalt be super,or to the rights of the holder of any intervening Iron ar encumbrance 23 ~DOn request of Mortgagor. the Association may. at its sole optiron. from time to ume. before full payment of all indebtedness secured Hereby make further ad vances to Mortgagor provided. however. that the total principal secured hereby and remaining unpaid mcludiny any such advances. shall not at any ume ex- 1 teed the orrg,nai principal sum secured hereby Mortgagor shalt pay alt such further advances w,th rnterest and the same shall be secured hereby Ail provisions r of this mortgage Shall apply to Bach further advance aS well a5 t0 all other indebtedness secured hereby Nothing here+n contained. however. shall limit the amount secured by this mortgage d Stith amount is increased by advances made by the Association. as herein elsewhere provided for to protect the security 24 In ilia event the Mortgagor herein, or any wbsequent Mortgagor. a any perwn a ceporation owmny any rnterest whatsoever. should encumber the property - herein mortgaged by an instrument commonly referred to and known as a "wraparound metyaye without first obtaimny the written consent of the Assocra trop. then. at the option of the Association, the ob!:gatia~ secured by this Mortgage shall immediately become due and payable 25 To provide the Association with Flood tnwrarice Coverage d the real property is now or hereafter determ,ried to be wdh,n a special food hazard area as shown on Florid Hazard 8rwndary MaplFlood Insurance Rate Map as published by the Federal inwrance Adm,nrstration - 26 At the request of the Mortgagor. the Associetron agrees to wares tfe povisions of paragraph 4 relative to the creation of a hazard insurance account, povided however, that the Assouation retains the right. at +ts option. to rs-instate such pov+sions of serif paragr~p,it 4a~.anpQ gatiQ7to r r hereunder upon the happening of any of the laboring _ A Failure to make any payment rsqu+red under the terms of the note on or before the due date therio~ ~ ~Jr'.T~ F:.. B Fmlure to comply with the rnwrsrice povsrons of paragraph 3. a of any of the other terms and conditions'oi this mortps9sor iio€s. or with the insurance ' _ _ requ+rements contamsd rn the Declsratron of Condominium and related documents st+ould the mortgaged property be comm,ited to condommwm development r 1 ~,l_c~ 42 k 305 r4ri~2418 ~~~35 aucrK _ -