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HomeMy WebLinkAbout1298 • 4• iAat m order to protatt ittore (tithe tlta security Of tMti mortgagor. tM Mortgagor, together wqh. arw +n rldd4+or• to. the monthly vaymems under fate .terms of rite rota secured Itarsby. on the sWc+had payment date of each month until ttte moor rota +s funtr paid. will pay to tM Assoaaa.,n tM tolbw~ng sums . . • - tort An installment OI tM taxes and assessments bvied or to W lev+ed pains! tM pam+sei coveted by chit mortgagor. and an inslsltment o1 the premwm ' • or pre 1 ortro due and payable to renew IM inswanCe On the wem+ses covered troreby against Io.a by lue. and w+ndstorm. ss provided fa D~npaFa +ng. a such othN haiard as may reasonably W reQuuad by tM Assot+atwn. and an +nsul!mant of tM prem+um that w+ll become dw arw payaDN to renew tM mortgagor inwnnce. d any Such instanments shah De equal. nspectivNy. to one-twNhh (1i12th1 of the as umatad pramwm a pemiums fa such inwwrtp. and taxes and assessments next dw Ias estimated by the Atsoc+atan) less s11 installmen[s already paw therefor. d+trided try tM number of months that an to e4pse one month prior to the date wMn sucA premwm or premiums and taxes and - assessmornts vv+ll Decorate delirtptrornt TM Assocation, wMN appying wcA payments to +nsurance pam+ums. taxes and assessments. balsa the same Deconro dNingwnt. shah not pay interest to 1M Mortgagor oat wch furt~. and alt such paYmants maY to comrmnglad by tM Associatwn wiM any ~,T- other such funds err w+th its own funds ?M turtds an pNdped as adduanal secun+y for tM wins secured by tMS Mortgage and are wbtect to use by tM Associatan m paymMl Of "late charges' and bank coMed+on charges a Ibl AN payments rttent+oryd in the preceding wbsectgn of tlw Para ra and aN • g Ph piYments to Oe mad! under the note secured Mreby shall De added f--t together and the aggrpate amount tMreol shall be paw by tM Mortgagor each month +n a single payment to be applied by the Assocutwn to the Idbw+ng +tems in tM ordN fat forth 1 Taxes. assessments. end mwnnce premwms 2 -late charges and bank collection charges. unleu paw m . mortars pw~ded in paragraph 4 Ial 3 Interest on iM note secured hereby 4 Amortuatron o1 the pr+nC+pal of sew note Any dehciertcy in tM amount of strM aggregate monthly payments shah. unbss paw by the Mortgagor W+or to the due date of the next such payment. tort- . suture an event of datauh nails the mortgage Without waiver of arty right. the Assocrotan may collect a ""rate charge" as provided M the Note 6 chat rl the tout o1 tM paymenn made by the Mortgagor undei tort of parpnph 4 precrtd+ng shah exceed the smoum of payments acwauy made by the Assoi:+atron fa taxes and assessmMts and inwranca pramwms. as the case may bs. such excess shorn be credded by the Association on subsequent payments to be made by the Mortgagor tl. Aovvewr. tl+e monthly paymMts made by the Mortgagor under la; of paragrapA 4 preced+ng shall not have been wff+c+ent to gory taxes and assessments end :nwrance Wamiums. as tM case may fro. when the same shorn become due aril paYSWe then. the Associaton may. at its op t.un +mnted+ately pay sucA tames aril asseSSmentS end insurance prem+um. and tM Mortgagor shall pay to ttte Association env amount necessary to make up the dehcreney. and wcA payment shorn W dw and payable wrtMn tMrty 1301 days aher the date of mailing of notice by the Associatwn setting Iwth the amount of such rleficroncy It st any time, the Mortgagor stytl tender to the Associatron in accordance w+th the prors+ons of the note secured hereby full payment of the entire +ndebtedness represented hereby. the Associatwn shall. +n computing the amount of such +ndebtedness credit to the account of tree Mortgagor any balance remamrrg +n tM funds accumulated under the povisions of la) of paograpA 4 i 6 To perm+t commit or suNer n0 waste. impa+rmant Ot deter+oration of saw property O• any part thereof. and upon the fa+ture of the Mortgagor to keep the ~ bu+td+ngs oat saw property in good condition Or repa+r and ms+ntenanCe. the Associaton may demand proper ma+ntenante and the +mmed+ate repair of saw buJdings or an increase in the amount of secw+ry. or the +mmadrate repayment of the debt hereby secured. arw the )ordure of the Mortgages to comply w+th i sad demand of the Associaton for s perrod of thirty 130) days shall constitute s breach of tMS mortgage. and. at the opton of the Association. +mmediately mawre the entire amount of pr+rttipil end interest Hereby secured. and the Associaton immediately and without notice maY +nstitute proceed+ngs to foreclose tMS mortgage and apply for the appwntment of a recerva, as hereinafter provwed. and in case of the refusal. neglect or +nab+l+ty of the Mortgagor to repair and ma+nta+n saw poperty. the Associatron may. at its optan, make wch repairs or cause the same to be made. and advance moneys in that beAall 7 To perform. comply with and ab+de by eaCA end wary the stipulat+ons agreements. condrt+ons and covenants in sad promissory note and tn+s mortgage set tarn 8 To cumpty w+th tiro mobil+wsiort restnetans and the muniCrpal ion+ng ad+nantes applicable to tree mortgaged property. not to erect a perm+t to be erected any new tturldings oat the premises harem mortgaged or to add t0 W permit to be added to mak! a permit to tit made any structural alterations to any of the ex +st+ny improvements thereon NnthOUt the wntten Consent of the ASSOCNbon. and m the event o) any wotation or attempt to waste these sulwtations. or any of them this mortgage and alt sums Secured-Hereby shall immed+ately become due end payable at the option of the Association 9 That m case of a default +n arty of tAe terms of tMS mortgage and the finite of a bi0 to forecbse the or any other mortgage encumbering the witMn described vrolxrty the Association shall be entitled to apply- at any time without notice pend+ng sucA foreclosure w+t- to ttte court Aav+ng lur+sdiction thereof for the aD- pointment of a receiver of al! and singular tAe mortgaged property. end of al! the rents. incomes. profits issues and revenues thereof, from whatsoever source derived. and. thereupon. it rs Hereby expressly covenanted and greed that the court shall lorthw+th appoint a receiver of saw mortgaged property. an and singular and of such rents. +ntomes. profits. iswes and revenues thereof. from whatsoever source derived. with the usual powers and duties of rece+vers m like cases. and such appointmem SAall be-mode by such court as a matter of strict rpht to the Association. and without reference to the sdegwcy or inadequacy of the value of the property hereby mortgaged. w to the solvency or insolvertty of the Mortgagor. and that wch rents. vrofits. +ncomes. +swes. and revenues shall be applied by wch reserver to the payment of the mortgage indebtedness. costs and charges. according to the order of such court 10 That +n the event the ownership of the mortgagtw prenuses. or any part thereof. becomes vested rn a person other than the Mortgagor. the Association may. - without nonce to the Mortgagor. deal month wch successor or successors in +nterest vwth reference to tMs mortgage and the debt hereby secured. in the same manner as with the Mortgagor. without in any way wtiabng or drschargmg the Mortgagor's MabrMry hereunder or upon the debt hereby secured No sale of the ' premises Hereby mortgaged end no forbsanrtce on the part of the Association, arw no extension of tfte time for the payment of the debt hereby secured g+ven by the Assocwtron. shall operate to rsNase. discharge. rttodify. change or affect the orginat Irabihry of the Mortgagor harem. ether m whole or +n part 1 1 That M the event the Ixemises Mraby mortgaged. or any part thereof, SAall be Condemned and taken under the power of ernirtem domain. the Association shall have the right to demand that sN damages awarded to the taking of o+ infury to sad premises shell be paw to the 4ssociation- its wccessors or assigns. up to the amount then unpsw oat this mortgage. and may be applied to any moms last payable hereunder 12 That time +s of the essence of tMs contract and that no waver of any oWigatron hereunder or of the obligation secured hereby. snare at any time thereaher tx held to be s waiver of the terms hereof a of tAe promissory mots secured hereby 13 In the event of any delauh tit arty of the tams o! tMS mortgage. a tit the note secwed hereby, and acceleratwn by the holder. or any other situatan that would cause the +nterest pod or payable under tMS obMgatan to exceed the +nterest rote authauad by law. then rn such event all excess +nterest theretofore paw shall be critdrted to principal end aN accrued and unpaid excess interest shat! share and shall r?ot be an obligation of the makes a of any other person . 14 Treat to the extent of the indebtedness of the Mortgagor to the Association described herein or secured hereby, the Association is hereby wbrogated to the Iron or liens and to the rights of the owner and holder thereof of each and every mortgage. Iron or other encumbrance oat the land destnbed herein. wh+ch +s paw saw satisf+ed. in whole or in part. out of the proceeds of tits loan described heron or secured hereby, and the respective harts of saw mortgages. hens or other en- cumbrances. shah be. and the same and each of them Aaeby rs preserved end shat! pass to and be herd by the Associaton herein as security for the in- debtedrtess to the Association harem dssaibed or hereby secured. to the same extent the[ n would have been preserved and would have been passed to and been held by the Association had it been duly and ragtrlarty assigned. transferred. set over. and delivered unto the Association by separate deed of assgnment. notwithstanding the tact that the same may bs satisfied and cancelled of record. rt be+ng the intention of the parties hereto that tAe same will be satisfied and cancellea o? record try tAe holders thaw( at a about the t+me of the recording of th+s mortgage 15 That d any of the moms of money haen reterrsd to be not promptly and fully paid within tMrty 1301 days next aher the same severalty become due and payable. or if each and every the stipulatwrts. agreements. corw+tions end covenants of saw promissory rate and th+s mortgage. or e+ttter. are not duly performed. cam- plied with and abided by. the aggregate mom unpaw under saw promissory note and tMs mortgage shah become due arx) payable forthwith or thereaher, at the j option of the Associaton. as tally and completely as if saw aggregate mom of money were originally stipulated to be pad on such day, anytMng m saw promissory note or herein to the contrary notyvithstartdinp 16 That m order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgages to pay any tax assessment. babibty. oW+gs- non orencumbrance upon sad property as herein provded. +1 shall not be necessary nor requisite that the Associatron shall first pay the same t 17 Ii a conveyance should be mode by tM Mortgpor of the premises harem described. or any part hereof- and the grantee named +n wch conveyance lads or i refuses to assume the payment of the oblipst+on w+denced by saw pomissory note aril secured by tMs mortgage. and in accordance w+th then respective ~ terms and abide by the rules and rsguiations of the Association, +ncluding payment of s reasonable transfer fee. then, and in that event. at the optwn and upon the demand of the Association an moms of money secured hereby shaft immediately become (orthvwth due and payable t 8 That the abstract or abstracts of title covering the mortgaged property shat) et all times. during ttte Ida of tMS mortgage. remain m the possessron of the ~ As~pcytwn arid. +n event of the forecbsure of tMS mortgage. or other transfer of title to the mortgaged property. in extmgu+shment of the indebtedness secured hereby. all right. title and interest of the Mortgagor m end to any wch abstracts "ot title shat! pass to the purchaser or grantee t 9 Should tti~ vaMdry Ot Men of th+s mortgage. or the note second thereby. be contested by btigation a otherw+se. the Mortgagor agrees to pay to the Associatron tree cost of detendmg the same including a reasonable attorney's fee 20 To pay aN and singular the Costs. charges aril expenses. including attorney's lees reasonably incurred. or paw at any time by the Association. because of the failure of the fa?Migagor to perform. comply with and abide by each and every the stipulatiorts. agreements. COrtditiOns and covenants of sad promissory note and this mortgage, or either. and wary such (except for the payment of the montMy installment as required by the Promissory Note) shall bear interest from date at the rate of ten per cent 110'X1 pa annum until fuNy pad. Z 1 The Association shalt have the right st arty time and from t+me to time and without notice to or consent of any person to tort release any portion of the premises from tree hen of tMS mortgage. tbl release arty person liable for payment of any indebtedness secured hereby. Icl extend the time of payment or alter the terms of garment of all Or any pert of the indebtedness, r+nthout affecting M releasing the personal habihty of any person liable !other than any person released pur- want hereto) to the payment of an mom or interest secured ha y shy and without in any wise altering. varying. or dim+nishmg the forces. effects, or hen of tMs a mortgage oat all the premises not specifically reeased from the hen of this mortgage Dy the Association 22 Any agreement hereaher made by Mortgagor aril Association purwam to tMs mortgage shall De wperwr to the rights of the holder of any interveniitg ben or i encumbrartu 1, 23 Vpon request of Mortgagor, the Association may. at +ts solo option. from time to time. before full paymem of all indebtedness secured Hereby. make further ad- vances to Mortgagor. provided. however. that the tool principal secured Hereby and remaining unpad. mcludiny any such advances. shorn not at any time a:- - ceed the original orinapal mom secured hereby. Mortgagor shall pay all such furtAer advances with +nterest and the same shall be Secured hereby All prowSgns y of tMS mortgage shall apply to each further advance as wen as to all otMr indebtedness secured hereby Nothing Herein contained. however. shat) I+rrtit the amoum secured by this mortgage it wcA amount is increased by advances made by the Assocution. as herein elsewhere provided for to protect the security. 24 In the event the Mortgagor herein, or any wbscq+ient Mortgagor. or arty person or corporatan owning any interest whatsoever. should encumber the property ' herein mortgaged by an instrument cortxnonly referred to and known as a '-wrap-around mortgage-- without first obtaining the written consent of the Assoua- tion. then, at the option of the Associatan. the obligation secured by this Mortgage shah +mrttedately become due aril payable. 25 To provide the Association with Flood Irtstirartte Covasge if the real property is now or hereaher deterrruned to be vwthin a special food Hazard area ss shown on Flood Harsrd Boundary Map/Flood Insurance Rate Msp as published by the Federal inwrance Admin+stratiort • ~i~~~ ,1N~ i~ECORDED" ~ - } 4:~~9~6b i MLCA 40 '79 t,P~ 4 PM 3:05 00 q/1-h :1~9? -t ~ ~ : ~ -