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HomeMy WebLinkAbout1239 4. Tnst in order to protect rne• forty tM securey of tn,s metgage. tM Mortgagor. tugetMr w,tn ai,d rr. addrl,un to the monrnir pays,arts untie, iM rrrrns of the nuts secwed Mreby. on IM specthel payment data OI exh month until tM sad not• is fully pad. w,N paY to tM Asuxiabtin tM IWruwrriy Burns (al An installment Of tM taxYi and afiel3mentt bvied a to be revred igarnfl tM prem,sei covered try true morlga!le and an m3laliment Ot the yrem,um p prenuumil tllal 1 OeCOrrN dW and payable to reMw tM insuranct On tM premses t:ovaed Mreby sya,nsl lo:, by fire. a,d windstorm. as provided IOr W paragraph ~pxed,rp. p such ottia Murd as may reasonably t?a requued by iM Association. ud an insuurnem d tM gem,um that w,u become due and payable to renew tM metpage insurance. it any Such instailmsnis sMll DO squat. respxtively to one twelfth 11,12th1 of iM es umatsd Wemwm p premwms fp such insurance. an0 tease and assessments neat due less •surnatsd by tM Associatwn? less au installments already pad tMrefp. divdad by tM number of month tMt are t0 elapse oM month pile to tM date wMn such prern,um p prsin,ums and taxes a~ assessments wig become delrr?quenl TM Association. wlrla applying such payments to insurance pem,ums taxes and assessments. belae tM sa DecorrN delirpuent. sMU not pay interest to tM Mptgage on such furls. and au such paYrnents may be commingled by tM Association with a Y other such funds p with its own furls TM furls era fledged as additional security for tM sums secwsd by this Metgage and are sugect to use by tM Association in payment ul "4a cMrges" and bank cdlection charges Ibl All payments merttiorted m 4te preceding subsection of this paragraph and all payments to bs made under tM rate secured Mreby shall be added t Cher and tM aggregate amount tMreof sMll bs pad by tM Mptgape sxh merth in a yngte paymem w be applied by tM Association to ltie lowing ,toms rn iM pile sat iptA 1 Taxes. assessments. and inwrance premwms 2 late charges' and bah collection charges. unless pad rn manna provded in paragraph 4 Ial 3 Interest tNr the note secured hereby t Amortrrat,on of tM pr,ncipal ul sa,d note Any defic,ertcy rn tM amount of such aggregate monthly paymems sMM. unless pad by tM Metgage pile to tM due date d tM next such payment. con- utute an event of default under tM metgage Without wawa of any right. tM Association msy cdlect a 'late charge" as provded in tM Note 5 That d tM total of tM payments made by tM Mptgagp under Ial Of paragraph 4 preceding shall eacsed tM amount d payments xtuaMy made by tM Assoc,atron Ip taus end assessments and insurance premwms, as tM case may be. such excess sMll be cred,tstf by tM Association on subsequent payments to be made by tM Metgage If, however. tM monthly payments made by tM Mptpspe under Ial of paragraph 4 preceding sMll not Mve been wihc,ent to pay taxes and assessments and inwrance premiums. as tM case may be. wMn tM same sMll become due and payable. then tM Association may. at its op tion ,mmedapiy pay such taxes aril assessments and insurance prsmwm. and tM Mortgage shall pay to tM Association, any amount necessary to make up tM dehcierxy. and such payment sM1i be dw and payable within iMrty 130) days.aher tM date of marking of notice by tM Association sarong forth tM amount of such dehcienty N. at any bins. tM Metgage shall tender to iM Association. m xcedance w,th tM provisans of tM note secured Mreby. full payment of iM enure irdebtedneSS represented Mreby. tM Association shall, m computing tM amount of such u,debtedness. usdit to tM account of the Mortgagor any balance remairong rn the funds accumulated under tM provifrptS of la) of paragraph 4 6 To permit. comma a sutler no waste. unpairrnent a deterieation of sad property. p any part thereof. and upon tM failure of tM Metgage to keep tM twitd,ngs on sad property in good condition p repau and mainteMncs. tM Assocuuon may demand proper ma,ntenance and tM immed,ate repau of sa,d burld,ngs. a an increase in tM amount of security. a tM immediate repayment of tM debt Mreby secured. and tM failure of Me Mortgage to comply w,th sad demand of iM Association Ip a period of ih,rty (30! days sMll constitute a brcxh of CMS metgsge. and. at iM option of tM Association, immed,ately mature tM enure amount of principal and interest Mreby secured. and tM Association immediately and w,thoirt rWtice may institute proceedings to feeClose M,s metgage and apply fp tM appantment of a receiver. as Mreinaher prowled. and in case of [M refusal, neglect a inab,hty of tM Mortgagor to repau and mamta,n sad property. tM Association may. at its option. make such repairs p cause tM same to be made. and advance moneys in that behalf 7 To periem. comply with end able by exh and every tM stipulations. agreements. cond,uons and covenants in sad promissey note and flue mortgage set Ieth B To comply with tM subd,vision restrictions and the municipal zoning ediriances applicabb to iM mortgaged property. rat to erect or perms to be erected any new bu,idings on tM premises Mrsin metgsged a to add to p parrot to be added to. make p permit to be made. any structural alterations to any of tM ex- stirig improvements tMreon withOUt the written consent of the Association. and m tM event of any v,datrori or anempt to valeta rhea sbpulstions. a any of them. t?us metgage and all wins secured Mreby shall immediately become due and paYaWe at tM option of tM Association 9 That in case of a default m any of tM terms of CMS mortgage end tM firing of s bill to feecbse CMS a any other mortgage encumbering tM within described property. tM AssocraLOn shall be enbtted to apply. at any time without notice peMing such feeclosure wit. to the court flaying lunsd,ction thereof for tM ap pantment of a receiver of all and singular tM metgagsd property. and OI 811 tM rents. incomes. profits. issues and revenues thereof. from whatsoever source dei_ived and. tMreupon._,t is Mreby expressly covenanted and agreed that tM court shall fethwith appant a reCener of sad mortgaged poperty. all and c,ngi.lar and of such rents. incomes. profits. issues and revenues thereof, from wMisoever source darned. with tM usual powers and duties of receivers in tike cases. and such appOtntment shall be made by such court as a mattes of strict right to tM Association. and without reference to tM adequacy a inadequacy of tM value of tM Woperty hereby metgsged. a to tM sdvency a insdvency of the Mortgagor. and that such rents. profits. incomes. ,ssues. and revenues shall lx appl,ed by such receiver to tM payment of tM metgage indebtedness. costs and charges. according to tM order of such court t O That in tM event tM ownership of tM mortgaged Dremises. p any part thereof, becomes vested in a person other roan tM Mortgage. tM Association may wittxwt notice to tM Metgage. deal with such successor a successes m interest with reference to this mortgage and tM debt Mreby secured. ,n tM same manner as with tM Metgagpr, without in any way vrtiatirtp or dsscMrg,ng tM Mortgage s IraWlity Mreunder or upon tM debt Mreby secured No sale of tM premises Mreby mortgaged and no febearance on tM pert of tM Association. and no extension of the time for tM payment of tM debt Mreby secured given try tM Association. shall operate to release. dacharge. mdlify, change a affect tM eiginal babibty of tM Mortgage Mrein. ether m whole or in part 1 1 That ,n tM event tM premises Mreby mortgaged. a any pert thereof. SMII be condemned and taken under tM power of em,nent doma,n. the Associaton shall have tM rght to demand that all damages awarded fe tM taking of a iryury t0 sad premises shall be pad to tM Association. its successors or assigns. up to the arnounl then tinged on this metgige and may be appl,ed to any wins last parable Mreunder 12 Tha[ time is of the essence of this contract and that rio waiver of any obligation Mreunder. or of the oW,yatiar secured hereby snarl at any Ume ttereafter be Mld to be a waiver of tM terms Mreof a of tM pomissory note secured hereby 3 In tM event of any default in any of tM terms of this niOrlgage. a in tM note secured hereby. and acceleration by tM tio!der. a any other situation that would cause the ,merest pad a payable under this obligation to exceed tM ,merest rate authorized by law. then in such evens all excess interest itieretofore paid shall be cred,ted to principal and all accrued and tinged excess rnterest sMll abate and shall not be an obligation of !M make a of any other person 14 That to the extent of iM endebtedness of tM Metgsge to tM Assocation described Mrein or secured hereby. the Association is Mreby subrogated to the Iran a liens and to tM rghts of tM owner and holds thereof of each and every mortgage. I,en or other encumbrance on tM land described Mrein. which is pad and satisfied. m while a rn part. out of iM proceeds of tM loan described Mrein a secured hereby. and tM respectwe hens of sad mortgages. hens or other en cumbrances. shag De. end tM same and each of them Mreby rs preserved and shall pass to and be Mid by tM Association Mrem as security fe tM in debtedness to tM Assotiatran herein described a Mreby secured. to tM same extern that it would have been preserved and would have been passed to and been held by tM Association sad it been duty and regularly assigned. transferred. set over. and delivered unto tM Assouatron by separate deed of assignment. notwithstanding tM fact that tM same msy be satisfied and uncelted of raced. n be,ng tM intention of tM parties Hereto that tM same wilt be satisfied and If cancelled of record W tM holders thaeoT at a about tM time of iM recedirig of this mortgage 15 That it any of !M sums of money Mrem referred to be riot promptly and fully pad with,n thirty 1301 days next after the same severally become due and payable. or J each and every tM stipulations. agreements. condrtrons and covenants of sad promissory note and the mortgage. or ether. are not duly performed. com- plied with and abided by. tM aggregate win tinged under card promissey note and this rnetgage shall become due and payable forthw,th or thereafter. at the option of tM Association. as fully and completely as it Bard aggregate win of money were eigrnally stipulated to be paid on such day. anyttung rn sa,d promissory note or herein to tM contrary notwithstanding 'r ~ 16 That ,n Order to accelerate tM maturely Of tM indebtedness Mreby secured because of tM failure o1 the Mortgagor to pay any tax assessment. habihty. obbga ~ lion Or encumbrance upon sad property as herein provded. rt shall not be necessary nor requisite that the Association shall first pay the same 1 7 If a conveyance should De made by the Mortgagor of tM premises Mrem described. or any part hereof. and the grantee named in such conveyance farts or S refuses to assume tM payment of tM oblrgatron ev,denced Dy sad promissory note and Secured by this mortgage. and m accordance with then respeiave terms and abide by tM rules and regulations of the Association, including payment of a reasonable transfer tee. then, and in the[ event at tM Option and i,pOn the demand of the Association all sums of money secured Mreby shall ,minedrately become fethwrth due and payable 18 That Me abstrxt or abstracts of title covering tM metgaged property sMll at all times during the fife of this mortgage. remain m the possess,on of the Association and. ,n event of tM feeclowre of this metgspe. a other transfer of title to the mortgaged property. in extinguishment of the indebtedness secured hereby- all right. title and rnterest of tM Metgsge in and to any such abstracts of title shall pass to the purchaser or grantee 19 Shrwtd tM vaidrty or ben of this mortgage. a the note secured thereby. be contested by btigation o+ otherwise. the Mortgagor agrees to pay to the Association a the cost of defending tM same ,rxliid,rig s reasonable stteney s fee 20 To pay ail and singular tM costs. charges and expenses. incli?ding attomeV s fees reasonady incurred. or pa,d at any time by the Association because of the failure of the Metgagor to perfem. comply with and abide by each and every tM stipulations eemenis ctxidroons and covenants of said promissory note and this mortgage. a either, and every such (except for tM payment of tM monthly mstaame~s requred by tM Promssory Note) shall bear rnterest from g date at tM rate of ten per cent 110961 per annum until fully pad 21 The Association shall nave tM right at any time and from time to time and without notice to or consent of anq parses to lal release any pomOn of tM premises from the Iran of this mortgage. Ibl release any person liable fe payment of any indebtedness secured hereby. Ici extend the time of payment or alter the terms of payment of all or any part of the indebtedness. without aHKUrig or releasing tM personal babibty of any person babie iother than any person released pur- seam Mretol for the payment of any sum a interest secured Mreby and without in any wise altering. varying. a dimmishrng tM forces. effects. or ben of this mortgage on at1 tM prem,5es not Specdicaily released from the hen d the mortgage by the Association 22 Any agreement Mreafter made by Mortgagor and Associatron pursuant to this mortgage shalt be superior to the rights of the holder of any mterven~ny hen or encumbrance 23 Upon request of Mortgagor. the Association may. at its sole option. from Line to time. before full payment of a!1 ,ndebtedness secured hereby. make further ad ~ vances to Mortgagor. provided, however. that the total principal secured hereby and remaining unpaid including any such advances shall not at any time ex- teed the eigina! princ,pal sum secured hereby Mortgage shall paY ell Such further advances w,th interest and the same shalE be secured hereby All provisions - of this mortgage shall apply to each further advance as well as to all other indebtedness secured hereby Nothing Mrein contained however. shall limit the amount secwed ay this mortgage d such amount is increased by advances made by the Association as herein elsewhere Drovided for to protect the security 24 In the event tM Mortgagor Mrem, or any subsequent Metgage. a any person or corporation owniriy any interest whatsoever. stwuld encumber tM property . Mrem mortgaged by an instrument Commonly referred to and known as a "wrap-around mortgagee without first obtarnrny the written consent of tM Associa L bon. then. at tM opl,on of tM Association. tM obligation secured by this Mortgage shall immed,ately become due and payable - ~ 25 To prov,de the Association with Flood Insurance Coverage it tM real groperty is now a Mreafter determiners to be with,n a special flood harard area as shown on Flood HararA Boundary Map/Flood Insurance pate Map as published by tM Federal Insurance Admin,stratioit 26 At the request o! the Mortgage. tM AseOCiatiOn agrNS to we,w tM provisions of paragraph 4 relative to the creation of a harard insurance account. provided. however. Mat tM Association retains tM right. •t its option. to re-instals such provisions of sad paragraph 4 as an oW,gation of tM Mortgagor hereunder upon tM happening of any of tM (dlowrng A Failure to make any payment required order tM terms of tM note on a bates tM due date thereof 8 Failure to comply with tM inwrancs provisions of paragraph 3, a of any of tM other terms and conditions of ttws mortgage a note. a with tM insurance z regwrements comainsd in tM OscUra[ion of Condominium end related documents should the mortgaged property be committed to condommwm development IC)-NI-7i B[IUId11O MLCA 12 go~3U7 X1239 1~`~r~t cap.. • ~ - 1 - _ _ - - = i ~ ~ Y'