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HomeMy WebLinkAbout2431 .Z T / ~ 4. Tnat m order to protect more fully the Ncurity of 1?us m«tgsge. tM Mortgagor, together wnH and u+ adddipn to the monthly payments undo the terms nl the • . note secured Hereby. oo ~M tlpeahed payment date of Bath month until chi sad note is fully paid w+u pay to the Association tM fdlowirtg sums lal An instaMrnawlallhe tatieti and assessments levied a to D• levied against tM pemises courted by CMS mortgage. and an instillment of the pramwm « W emwms that will become dw and payabN to reMw ttte inwrance on tht pain+ses coverr.4 hereby against b.~ by hrs. aril w+ndstorm as provided f« by paragraph 3 pretedrng, «wch other hazard as may rsasrxtably be requued M the Association and an insuumem of the premium tnat wilt t,ecome dw and payable to renew tM mortgage +nswartce. it any Such mstauments snau ue squat. gspect+vely to one twelfth (1112th) of the es timated prem+um or premiums fa such inwrance. and taxes and assessments next due Its estimated by tM Assoc+itionl toss ill +nsta:Imen?s already pad therefor. divided DY tM number of months that are to elapse oM month prat to tM data wMn such premium p premiums and taxes and assessments will bKOrne delinquent TM AssOtratan. wh+le applying such payments to mscrsnce premwms. taxes and assessments. eel«e the same become delirpuent. shall not pay interest to tM Mortgage on wch funds. and all such payments may be comm+ngled by ttte AssocNtan with any other wch funds or wnh its own funds Tire funds an pledged as iddnional secwny f« the sums secured DY CMS Mortgage and ire wtrlecl to use by the Associatan M payment of "tats charges and bank collection charge: 1b1 Ait payments rnentrorNd m the preceding wbsectan o) thra paragraph and all payments to be made under the rate secured hereby sna11 be added together and the aggregate amount thereof shall be pad by the M«tgag« each month in a s+ngte payment to be applied by the ASSOCNtior• to the folbwing items in the «der sat lath 1 Taxes. assessments aril +nwrance prem+ums 2 elate charges and bank cOaeCtion charges. unless paid rn manner provided in paragraph 4 lal 3 Interest on the note secured hereby 4 AmOrU2aUOn of the principal of sea note Any deficiency m the amount of such aggregate rtantNY payments Shall. unless pad by the M«tgag« prat to the due date of the next such payment. tort stitute an event of dafwlt under the mortgage Without waiver of any right. the Associatan may collect a ' Tate charge" ss provided in the Note 5 That d the total of the payments made DY the Mortgagor under Ial of paragraph 4 prsced+rtg shalt exceed the amount o1 paymems actually made by the Association 1« taxes and assessments aril inwranCe premiums. as the case maybe. such excess snail be cred+ted by the Association on subsequent payments to be made by the Mortgag« If. however. the monthly payments made by the Matgag« under lal of paragraph 4 prated+ng snap not haw been wflicient to pay taxes and assessments and insurance Wemrums. as the case may be. when the same shall become due and payable. then. the Association may. at its op tion immidiately pay such taxes and assessments and mswance prem+um. and the Mortgag« shall pay to the ASSrxiation any amount necessary to make up the dehuency. and such payment shall be due and payable wnh+n thuty 1301 days aher the date of ma+hng of notice by the Associati«~ setting lath the amount of such defrciMCy II. at any time. the M«tgsg« shall tender to the Association. +n accordance witH flit provis+ons of the note secured hereby. full payment pf the enure udebtedness represented hereby. the Asspcistan shad. in computing the amount of sucn indebtedness credit to the account of the Mortgag« any balarxe remaining in the funds accumulated under the provisions of Isl of paragraph 4 6 To permit. comma « wffer to waste. impiument of deten«itan of sad property. « any pan thereof. aril upon the ladure of the Mortgag« to keep ttie truildings on sad property in good cpndrtion « ?epiu and maintenance. the Association may demand proper maintenarxe and the +mmediate repair of sa+d twildings « an irKreaSe in the amount of security. « the immediate repayment of the debt hereby secured. and the failure of the Mortgag« to comply with sad demand of the ASSpciation la a period of thuty 1301 days shat) constitute a breach of this m«tgage. and at the option of the Associaton. immidiately mawre cite ensue amount of principal and interest hereby secured. and the Associatan immed+ately and without notice may institute proceedings to foreclose this mortgage and apply f« the app«ntment of a reCervsr, as hereinafter provided. arW +n case of the refusal. neglect or mabilny of the Mortgag« to repair and maintain sad property. the Assrxiatan may. at its optan, make such repairs w Cause the same to De made. and advance moneys in that be Halt 7 To pertain comply with and able M each and every the st+puleuons. agreements. condnans and covenants in sad promissory note and this mortgage set lath 8 To comply wnh the subdivision restnclrOns and the municipal rpning «dinances applrcaWe to the mortgaged property. not•to erect «permit to be erected any new txiildings on the premises harem mortgaged a to add to « permit to be added to. make « permit to be made. any structural alterations to any of the ex- isting improvemeMS thereon without the wntten consent of the Association. and in the event of any violation or attempt to violate these sblwlatans. Or any of them. this m«tgage and all sums secured hereby shall cmmedrateN bE~orne due and payable at the Doran of the Assouauon g That in case of a default in any of the terms of this m«tgsge and the filing of a pill to foreclose th+s « any other mortgage encumbering the wnhm described property. the Association shall Ile entitled to apply. at any time without notice pending such f«ecbsure sun. to the court having lunsd+cuon thereof toe the ap- pointment o1 a receiver of aN and singular the mortgaged property. and of all the rents- incomes. profits. issues and revenues thereof. from whatsoever source derived and. thereupon. n is hereby a:INSish covenanted and agreed tMt tfee court shat) lorthwnh appoint a rece+ver of said mortgaged property. all and s+ngular and of such rents. incomes. profits. iswes and revenues thereof. from whatsoever source derived. with the usual powers aril dunes of recewers m tike cases. and such appointment shall be made Dy such court as s matter of strict ngM to the Association. and without reference to the adequacy or inadequacy of the value of the property Hereby mortgaged. o+ to the solvency or insolvency of the Mortgagor. and that such rents. prof+ts. incomes issues and revenues shalt be applied by such reserver to the payment of the mortgage indebtedness. costs and charges. acs«ding to the order of such court t 0 Thai in the event the ownership of the mortgaged premises. « any part thereof. becomes vested in a person other than the Mortgag«. the A550Ciation may. without notice to the Mortgagor. deal with wch wccess« « wccess«s m +nterest with reference to this mortgage and the debt hereby secured. +n the same manner as with the M«tgag«. without in any way wtiiting « d+scharging the Mortgagor s I+abibty hereunder or upon the debt hereby setwed No sale of [he premises hereby mortgaged and rw f«besrsnce on the part of the Association. and no extension of ttie t+me for the payment of the debt hereby secured g+ven by the Associatan. shall operate to release. discharge. modify. cM•'ige « affect the or+g,nal habibty of the Mortgagor herein, either m whore « m part t t That m the event the premises hereby m«tgaged. «any part thereof. shalt be condemned and taken under the power of em+nent doma+n, the Assoaabon shall have the right to demard that all damages awarded f« the taking of a mlury to said premises shall tie pad [o the Association. its wcceswrs or assigns. uD to the amount then unpad on this mortgage and may be applied to any wins last payable hereunder 2 That Ume i5 Of the essence Of this Contract and that rip Waiver of any Obligation hereunder. Or Of the Obt+gab«1 SeCWed hereby. Shall at any time thereafter be Held fo be a waiver of the [arms herepl or of the promiss«y note secured hereby 1 3 In the event of any default in any of the terms of th+S mortgage or in the note secured hereby. and acceleration by the [wider or any other situation that would cause the +nterest paid or payable under this Obl+gatiOn to exceed the interest rate suthorited by law then +n such event alt excess +nterest [heretofore paid shall be credited to pririCipal and all accrued and unpaid excess interest snarl abate and Shall not be an obl+gation of the maker « of any other person t 4 That to the extent of the indebtedness of the Mortgagor to the Assoc+atipn described herein or secured hereby. the Association +S Hereby wWogated to the lien « liens and to the rights Of the Owner aril holder thereof Of each and awry mortgage. lien «ottuer encumb+ance on the land described herein. which +s pad and satisfied- m whole or m part. out of the pOteeds of the bin described herein or secured hereby. and the respective hens of sad mortgages. hens or other en cumbrances. shalt be. and the same and each of them hereby is preserved and shall pass t0 and be held by the Assoc+ation herein as security for the in ~ debtedness to the Association herein described « hereby secured. to the same extent that it would nave been preserved and would have been passed to and ~ been held by the Association had it been duty and regularly ass+gned. transferred, set over, aril delivered unto the Association by separate deed of assignment. notwithstanding the rest that the same may be Satisfied and cancelled of rat«d it being the intention of the parties hereto that the same will be satisfied and s cancelled of record by the holders thereof at or about the time of the recording of this mortgage t 5 That it any of the wins of money herein referred to De not promptly and fully pad within thirty 1301 days next after the same severally become due and payable. or d each and every the stipulations. agreements. conditions and covenants of said prom+ss«y note and th+s mortgage. or either. are not duly performed. tom plied with and ab+ded by. the aggregate sum unpaid under sad promis5«y note and this mortgage snarl become due and payable }orthwnh or thereafter. at the ~ option of the Association. as fully and completely as d Said aggregate sum of money were «+ginally stipulated to be pad on such day. anything m said promissory note or herein to the contrary notwithstanding t 6 That in order to accelerate the maturity of the indebtedness hereby secured because of the tadure of the Mortgagor to pay any tax assessment haWbty_ oDbga- 3 twit or encumbrance upon card property as herein provided. rt shall not be necessary rot regwsrte that the ASSaadtipn shall first pay the same t 7 If a conveyance should be made by the M«tgagor of the prem+~es herein described or any Dart hereof and the yrantee named m sucn conveyance tads or ~ refuses to assume the payment o! the obligation evidenced r1r sad prom+SSOry note and secured by this mortgage and in accordance with their respective r terms. and ab+de by the rules and regulations of the AsSOCiatan, mctud~~ g payment of a reasonable transfer fee. then a^d m that event at the option and upon the demand of the Assoc/atlon all sums of money secured hereby shall immediately become forthwith due and paypble' g That the abstract or abstracts of title covering the mortgaged property shah at all rimes. during the fife of this mortgage remain m the possession o1 the Association and in event of the f«BCIOwre of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness setwed hereby. alt right. title and interest of the Mortgagor in and to any such abstracts o! title shall pass to the purchaser or grantee 9 $nould the vat+dity or ben pf this mortgage. « the note secured thereby. be contested by l:t+gat,an or otherwise the Mortgagor ayrees to pay to the Assouatio^ the cost of defending the same includ+ng a reasonable atto+ney s fee 20 To pay all and singular the costs. charges and expenses including attorney's fees reasonahly incurred or Da:d at any time by the Assoc anon because o' the failure of the Mortgagor to pert«m. comply with and abide by each and every the stipula!wns agreements cvitditions and covenants of said promissory note and this mortgage. or either. and every wch iexcept for the payment of the monthly instanment as reguued by the Promissory Note) shalt bear interest from dare at the rate of ten per cent 1,0'!W per annum until fully paid 2 t The ASSOGiahOn shall have the right at any time and from Ume to time and without notice to Or consent of any person to ~.ai release any pOrl!on of the pre mists from the ben of th+s mortgage. Ib) release any person liable for payment of any indebtedness secured hereby icl extend the time o} payment Or alter the retina of payment of all o+ any part o1 the indebtedness. without affecting or releas+ng the persona! bay:'ny of any person !:able loner than any person released put cuant heretoi for the payment of any sum or interest secured hereby and wittaut m any wise altering varying or diminishing the forces effects or hen of this Tortyage on all the premises not specifically released from the ben of this mortgage by the Associaton 72 Any agreement Hereafter made by Mortgagor and Assoc+aton pursuam to this mortgage shad be superior to the rights of the Holder of any mterverrng hen or encumbrance 1 _ 23 UD~^ •e+r++est of hlortgagcr the Association may. at its sole Doran, from i+me to i+me before furl pay~*:ent of ail indebtedness setwed Hereby make further ad ,:a^ces to Mortgagor. provided however. that the total prinupal secured hereby and remaining unpaid inciud,ng ary such advances shad not at any time ex teed the original ptinupsl sum secured hereby M«tgagor shall pay all such further advances with +nterest and the same shad-be secured hereby All provis,ons of this mortgage shaft apply to each further advance as well as to all other indebtedness secured hereby Nothing herein co^tamed However. shah emit the - amount secured by this mortgage if such amount is increased by advances made by the Associaton as herein elsewhere provided for to protect the security 24 In the event the Mortgagor herein- or any wbsequent M«tgagpr. or any person cr corp«ation own+ng any interest whatsoever. should encumber the property harem mortgaged by an instrument commonly referred to and known as a "wrap-around m«tyage without first obtaininy the wntten consent of the Assocra- hon. then. at the option of the Associatan. the oWipation secured by this Mortgage snail immediately become due and twyaWe 25 To provide the Associatan vnth flood (nwrance Coverage if the real property +s now or hereafter determined to be within a spatial tlooA hazard area as shown on flood Haiard Boundary Map/flood Irsurance Rate Map as published by the Federal Insurance Adm+nisvanon 26 At the request of the Mortgag«, the Association agrees to waive the provrsrons of paragraph 4 relative to the creat+on of a tax and hazard rnwrance account. provided. ftowever, that the Association retains the right: at its option. to re-instate such prov+sions of sad paragraph 4 as an oblrgatan of the Mortgag« hereunder upon the happening of arty of the loibwing A Transfer o1 the mortgaged premises. « any part thereof B failure to make any payment regwred under the terms of the note on or before the due date ttiereOf C To deliver to the Association. ors or before March t0 of each year. tax receipts evidencing the payment of an (awfully +mtwsed taxes f« the preced+ny calendar year. to deliver to the Association receipts evidencing the payment of ail bens for public improvements within ninety 190) days after the same shalt become due and payable, and to pay or discharge within ninety 1901 days after due date any and all yovemmental levies that may be made on H the mortgaged property D failure to ~mpfy with the inwrance provisions of parayraph 3 or of any of the other terms and conditions of this mortgage or note « Wrtr: the insurance regwrernents contained in the Declaration of Condomin,i:m and related documents should the, mortgaged property be committed to condominium development i~-.-~~.~` ~ 2426 3:_. rJ i~~cA., ~ °305