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HomeMy WebLinkAbout2468 4. That in order to protect more fully tM securely of tMS metgege. iM Metgage. togelMr witH and in addd:On to the monthly paymeMS under IM tNn~s of t`e - rwte secured hNeby. on tf?e ttpecihed payment data ~f each month until the sad nuts is fully pad. wilt pay to the AssociuiOn !M loltdyi~ng .um - lal An installment OI tM uaei and assessments levied a to be levied against tM premises covered by true mortgage. and an insut?mer.l of ir.e wemiuri, a premiums that will DKorM due and payable to nMw tM inwrancs on the painless covered hereby against b.~ by tin. and windstem as Provided fa by paragraph 3 preceding. a such otMr hazard as may reasonably bs requiiad by the Association. and an installment o' the Premium That will become dw end payable to renew tM metgags insurance. it any Such installments shall De equal. respectively. to one twelitA { 1 i 1 ~Ihl of the es . ' t a.`timated premium a premwms fe such inwrartce. and uaes and assessmems Haar due Ias estimated by tfa Association) less all insu:Imenis slwady pad therslor, divrrlsd by tM number of rtnontM tttat are to elapse one month prior to the date when such premium a pemiums and taxes and assessments will become dekngWrtt TM AssOCiatiOn. whrN applying such payments to insurance pemiums. teaes and assessments. before the same become delinquent. stiai! not PaY iniNest to tfw Metgage on such funds. and all such payments may be commingled by the Associatwn with any other wch funds a with its own funds The funds an d•dwd ~ add'tiortal sscwity for the sums secured by tMs Mortgage and are wgect to use by the ASSOCiat:on in payment of "lets charges' and bank collection charges Ibl Au payments mentioned in rl+e preceding subsection of this paragraph and all payments to be made under the rwte secured hereby mall be added together and the aggregate amount thereof shall be paid by the Mortgagor eacH month m a single payment to be applied by the Association to the folbwirtg gems in tfN order set lath 1 Tease. assessments. and rnswance premwms 2 'late charges arW bank colection charges. unless paid in manner provided m paragraph 4 Ia1 3 Interest ort tM note secured hereby 4 ArrwrUaauon of the principal of said note Any deficierity m the amount o) such aggregate rnontftfy payments shad. unless paid by the Mortgagor prig to the due date of the neat such payment. con- stitute an event of default under the mortgage Without waiver of any right. the Association may collect a 'late charge-- as provided m the Note 5 Tnat it the total of the payments made by tf» Mortgage under tort of paragraph 4 preceding shall eacaed tt+e amount of payments actually made by the Ass«iauon fa tames and assessments and mwrance psmiums. as the case may bs• such a¦cess ahaH be credned by the Assouanon on subsequent payments co be made by the Mortgage H. however. the monthly payments made b? the Mortgagor under Ia1 0l paragraph 4 preceding shall not have been wflicient Io pay tames and assessments and insursnts premiums. ss ilia case may be. when the same shall become due and payable. then. the Associaton may at its op tion. immediately pay wch tares and assessments and insurance premium. and the Mortgage shall pay to the Aswciation any amount necessary to make up the deficientY and such payment shall be due and payable withn thuty 1301 days after the date of mailing of notice Dy the Association setting forth the amaint of such deficiency If. at any time. the Mortgage shall tender to ttie Association. in accordance with the provisions of the note secured Hereby. full payment of the enure indebtedness represente6 hereby. IHe ASSOCiatiOn shall. m computing the amount of such indebtedness. credit to the account of the Mortgagor any balance remaining in the funds accumulated under the provisions of Is1 of paragraph 4 5 To permit. commit a molter no waste. impairment or deterioration o) said property. a any Dart thereof. and upon the !allure of the Mortgagor to keep the buildings on Said property in good cOnditiOn a rapau and maintenance. the Association may demand proper maintenance and the immediate repair of said buildings. or an increase m the amount of security. a the immediate repayment of the debt Hereby secured. and the failure of the Mortgagor to comply with said demand of the Association fe a period of thirty 1301 days shall constitute a breach of this mortgage. and. at the option of the Association. immediately mature the entire amount of principal and interest hereby secured. and the Association immediately and without notice may institute poceedings to forecose this mortgage and apply for the spporntmem of a recervN. as hersinaher povided. and m case of the refusal. neglect or inability of ttie Mortgagor to repau and maintain sad property- the ASSOCiatiOn maY• at its option. mate such repairs a cause the same to be made. and advan:.e moneys in that behalf 7 To perform. comply with and abide by each and every the stipulations. agreements. cotditions aril covenants in sad promissory note and this mortgage set lath - 8 TO [enply with [lie wbdivision IlStrictiOnS aril the municipal 2pning Ordinances applicable t0 the mortgaged property, n0l t0 erect Or permit t0 be erected any new buddirtgs on the premises harem mortgaged a to add to a Permit to be added to. make a permit to be made. any structural alterations to any of the ea istirlg improvements thereon without the written consent of the Association. and in the event of any violation oz attempt to violate these s[ipulstions. a any of them tMS mortgage and all sums secured hereby shall immediately become due and Dayable at the option of the Association 9 That in case of a default in any of the terms of tMS mortgage and the filing of a bill to foreclose this a any other mortgage encumbering the within described property the Association shall rte entitled to apply. at any time without notice pending such feeclosure suit. to the court having lunsdiction thereof for the ap pointment of a receiver of all and singular the mortgaged property. and of all the rents. incomes. profits. issues and revenues therept. f9 mgedw P,~rtyr asourcned ,derived. and thereupon. d is hereby expressly covenanted and agreed that the coup shall forthwith appo+nt a receiver of said inert a singular and of such rents. incomes. profits. levies and revenues thereof. from whatsoever source derived. with the usual powers and duties of receivers in like cases. and wch appointment shall be made by such court as a matter of strict right to the Association. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency a insdvency of the Mortgagor. and that such rents profits. incomes. issues. and revenues shall be applied by such receiver to the payment of the mortgage indebtedness. costs and charges. according to the order of such court 0 That m the event the ownership of the metgaged premises. a 8ny part thereof. becomes vested in a person other than the Mortgagor. the Association may. without rwtice to the Mortgage. deal with wch wccesse a successes in interest with reference to this mortgage and the debt hereby secured. in the same manner as with the Mortgage. without in any way vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby secured No sale of the premises hereby mortgaged and no forbearance on the part of the Association. and no extension o! the lime for the payment of the debt hereby secured given by the Association. shall operate to release. discharge. modify. change a sfiect the original tiabilrty of the Mortgage herein. either in whole or in part t T That rn the event the premises hereby mortgaged. a any Part thereof. shall be cedemrted and taken under the power of eminent domain. the Association shall nave the right to demand that all damages awarded fe the taking of a injury to said premises snarl be paid to the Association. its wccessors or assigns up to the amount then unpad on this mortgage and may be applied to any wins fast payable hereunder 1 2 chat time is o! the essence of this contract and that rq waiver of any obligation hereunder, or of the obligation secured hereby. shall at any rime thereafter be held to be a waiver of the terms hereof or of the Dromissory rtote secured Hereby t 3 In the event of any default in any of the terms of this metgage. or in the note secured hereby. and acceleration by the holder. or any other situation that would cause the interest paid or payable under this obligation to exceed the interest rate authorised by law. then in such event all excess interest theretofore paid shalt be credited to principal aril all accrued and unpad excess interest shall abate and shall not be an obligation of the maker or of any other person t 4 That to the extent of the indebtedness of the Mortgage to the Association described herein or secured hereby. the Association is hereby wbrogated to the lien or liens and to the rights of the owner and holler thereof of eacA and every mortgage. lien or other encumbrance ort the land described herein. which is paid and satisfied. in whole a in part. out of the proceeds of the ban described Mersin or secured hereby. and the respective Irene of sad mortgages. hens or other en- cumMances. shall be. and the same and each of them hereby is preserved and shall pass to and be held by the Association herein as security for the in- debtedness to the Associaton herein described or hereby secured, to the same extent that it would have been preserved and would have been passed to and been held by the Association had rt been duly and regularly assigned- transferred. set over. and delivered unto the Association by separate deed of assignment. notwithstanding the fact that the same may be satisfied and cancelled of record. it being the inte:ition of the parties hereto that the same will be satisfied aril ' cancelled of record by the holders thereof at or about the Ume of the recording of this mortgage t 5 Tnat d any of the wins of money harem referred to be not promptly and fully paid within thirty 1301 days Wert after the same severalty become due and payable. or if each and every the StipU12Up05. agreements. COndNOnS 8nd COVenant50l Said prOmiSSpry note and [h4 mOrtydy@. or either. are not duly performed COm- phed with and abided by. the aggregate sum unpaid under said promissory note and this mortgage shall become due and payable forthwith or thereafter. at Ina i option of the Association. as fully and completely as if sad aggregate sum of money were originally stipulated to be paid on wch day. anything in sad promissory note or herein to the contrary notwithstanding i fi That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tam assessment. liability oblige um or encumbrance upon sad property as herein provided. rt snarl not be necessary nor requisite that the Association shall first pay the same 7 It a conveyance should be made t>,r the Mortgagor of the premises harem descz~bed. Or any part hereof. and the grantee teamed in such conveyance fails e re{uses to assume the payment of the obligation evidenced Y1r said promissory note and secured by this mortgage and in acccrdance with their respective 9 terms and abide by the rules and regulations of the Association. rnclud • g payment of a reasonable transfer fee. then and in that event. at the option and upon the demand of the Association all sums of money secured hereby Shall immediately become forthwith due and payable a g• ; 8 That the abstract or abstracts of title covering the mortgaged property shall at all limes. during the life o! this mortgage. remain m the possession o ilia Association and. in event of the foreclosure of this mortgage. a other transfer of title to ilia mortgaged property. rn extinguishment of the indebtedness secured hereby alt right Lrtle did interest of the MOtlgage m end LO 8ny wch abSVBCtS of title shall pass t0 the port ha Set Or grantee 9 Should the vai,drty or hen of this mortgag!. or rho note secured thereby. be contested by Irrigation or oMerwise. the Mortgagor agrees to pay to the Association ~ tree cost of defending the same including a reasonable attorneys fee 0 To pay all and singular the costs, charges and expenses, including attorney's fees reasottabiy incuried or peed at any time by the Assocaauon. because of the ~ failure of the Mortgagor to perform. comply with and abide by each aril every the supulauons agreements. conditions and wvenants of said promissory note and this mortgage. or either- and every wch (except for the payment of the monthly installment as regwred by the Promissory Note1 shall bear mlerest from k date at the rate of ten per cent 11096) pN annum until idly pal 1 The ASSCCraLOn shall have the right at any time and from Ume to Line and without nonce to or consent of any person to tort re~ease any portion of the premises from the hen o} this mortgage. Ib? release any person bable for payment of any indebtedness secured hereby. Ic1 a:tend the time of payment or alter the terms n/ payment of all or any pan of the indebtedness. without affecting or releasing the personal liability of any person liable iothet than any person released put suant he+etol for the payment of any sum a interest secured hereby and without in any wise a~tenng varying or diminishing the forces. effects or hen of this mor;yage on all the promises not speuficatty released from the lien of this mortgage by the Associaton 2? ~ Any agreement hereafter made by Mortgagor and Association puauant to this mortgage shall be superio• to the nghs of the holder of any intervening hen or - encumbrance - ~i _ ? 3 Utwn req~iest of Mortgaycr the Association may. at its sole option. from Ume to time. before full payment of ail indebtedness secured hereby make urther a !m yentas to Mortgagor. provided rtowever that the total principal secured hereby and remaning unpaid. indudmg any such adva^ces shall not al any Line ex- teed the original prmupal vim secured hereby Mortgagor shall pay all wch further advances with interest and the same shag be secured hereby AI! provisions of this mortgage shall apply to each further advance as well as to all other indebtedness secured hereby koihiny herein contained however. shall limit the amount securer by this mortgage if such amount i5 increased by advances made by the Association. as herein elsewhere provided for to protect ire security . 24 In the event the Mortgagor herein, or any wbsequent Mortgage. a any person or corporation owning any interest whatsoever. should encumber the property herein mortgaged by an instrument commonly referred to and known as a 'wrap around mortgage without first obtaining the written consent of the Associa lion then. at the option of the Association, the pbiigation secured by this Mortgage snail immediately become due anal payable - 25 To provide the Association month Food Inwrance Coverage d the real property is now or hereafter determined to be within a special 8oor1 hazard area as shown r on Flood Nazard Boundary Map/flood Insurance Rate Map as published by the Federal Insurance Administration 26 At the request of the Mortgagor. tfte Associatwn agrees to waive the provisions of paragraph 4 relative to the creation of a tax and hazard insurance account. provded. however, that the Assouatwn retains the right. at its option. to re-instate such provisrons of said paragraph 4 as an obligation of the Mortgage hereunder upon the happening of airy of the folbwing A Transfer of the mortgaged premises. a any part thereof B Failure to make any payment regwred under the terms or the note on or belor~ the due dare thereof C To deliver to the Association. on a before March )O of each year. tax receipts evidencing ilia payment n( all lawfully imposed taxes fe the _ preceding calendar year, to delver to the ASSOCiabon receipts evidencny the payment of all hens for public improvements within ninety 190) days after the same shall become due and payable. and to ply a discharge within ninety 190) days after due date. any arr(1 all governmental levies that may be made on the mortgaged property. O Failure to comply with the insurance provisions of paragraph 3. a of any of the other terms and conAiLerts of tRS mortgage qr note. or vnth the insurance regwrements contained m the Declaration of Condominium and related documents should the mortgaged property be committed to condominium development ~ n ~ ~ :~-1-~~.7~ ~ ~~~k. ~U5 r.=24fi3 !'_CA 41 :i _