Loading...
HomeMy WebLinkAbout1248 4- Tnat in order to protect mere fully tM secuntY of th+s mestpape. tM Mortgagor. toyetr+er wrth and in addrtKxi to tr+e mwunfy paymenu waver v» trims or the note sacurrrd hireb~. oft tM specified payment daq of each month until lM sa+d mote +s fairy Wrd will pay to trw Aswc:at,ai tna tuduw+ng sums la) An inslallrrNnt of tM taxes end atttiessmenls levied es to t?e Nvied apa+nst IM premises i:uvere0 t+tr ltus mortya;te and an insut:ment of tr,a yrenuwn or prerruuma tMt will Decirne due and payable to renew tM insurerxe on tM prem+ses cuvwed nerebr aga+nst lox by Lw arW w:rwsturm as yiuv.J@d Iq by paragraph 3 Wecedrnp. or such OtMr haaard as meY rea~pnsbhr Oe rWwred by tM AtwCialWn. aril an installrnMt of IM premium coat will become due end payable to renew tM mortgage +nsugnte. J any Saco insbilrt+ents shall be equal. respectively. to one twolfM I lr 12th1 0l tM es t+mated Wemium Or premwma Ies such +naurance. and taxes and assessments next due Ias estimated by tM Association) less all installments already pad therefor. divided W tM number of months tMt an to elapse one month pray to tM date wMn such premium or pramwms and taxes and assessments will become dekrpuent TM AafocratWn. wh+le epplyinp such payments to insurance pram+ums. taxes and assessments. before :M SiiM become dslrr?quent. slfall not pay intereat to tM Mortgagor on wch funds. and all such payments may be commingled by the Assoc+aton w+lh any otMr such funds or Wrth its own lands TM funds are pledged u addit+onal Lecur+ty fa tM wms tired by this Mortgage and are sugect to use by tM Assocraton M payrrNrtt of "fete cMrges" and Dank collectart charges Ibl All paymenta rrtentaned in tM preceding subsectan of this paragraph arw all payments to be ma under IM note secured Mreby snau be added together and tM aggregate amount thereof shall be pad by tM Mestpagor each month +n a sings payment to t?e applied by tM Assocration to tM folbw+ng +tems +n tM order set forth 1 Taxes. assessments. and inwwnce premwms 2 late ch zees and bank collsd+on charges. unless paid in mariner provided in paregrepl, 4 lal 3 Interest On tM note secured Mreby 4 Amoruzatwn oft principal of said note Any deficiency m tM amount of such aggregate montiJy payments stiaN. unless pad by tM Mortgages W to tM due date of tM next wch payment. con- stitute an event of default under tM mortgage Without waiver of anY right. tM Assocrman may collect a "late charge" as prov+ded m tM Note 5 That d tM total OI tM paymMts made by tM Mortpega under Ia1 of parsprsph 4 precedirq shall exceed t amount of payments actually made by the Assocrat+on for taxes and asseumerits end inwrsnce premwms. as tM case may be. such excess shall be credit by tM Assoc+aton on subsequent payments to be made M tM Mortgagor. If. howwer, tM monthly payments made by tM Mortgages under la1 of paragraph preceding shall not have been wff+cient a pay taxes and assessments and rsurancs premiums. as tM case may be. when tM same shalt become due and able. then. its Assoc+ation may. at its op huh. immediately pay such taxes and assessments and insurance premwm. and tM Mortgages shall pay a tM Ass ta[ion any amount necessary to make up tM defic+ency. and wch payment sMll be due and payable wuh+n thirty 1301 days after the date of malting of nonce tM Association setting IortA tM amount of wch dehaency If. at any time. tM Mortgagor shall tender to tM Associatian. in accordance yvith tM povisions o tM rate secured hereby. lira payment of tM enure indebtedness represented Mreby. tM ASSOCiatan sMll. +n cdmpuung 1M amount of such indebtedness. c rt to the account of its Mortgagor any balance remaining in tM funds accumulated under tM prov+srons of lal of paragraph 1 6 To permit. comma or wffer no waste. impairment or deteraration of sad property. a any part thereof and upon failure o} the Mortgagor to keep me - lwildings on card property m good condtan Or repair erd maintenance. 1M Association may demand pope+ mains ante and tM immed+ate repair of said lwddings. w an irxrease in tM amount of sscunty. or tM immedate repayment of tM debt Mreby secured. and tM dare of the Mortgagor to comply with said demand of tM Association for a period of thirty 1301 days shall constitute a breach of 1MS'mortgage. and. st tM option of tM Association, immed+ately mawre tM ensue amount of principal and interest hereby secured. and tM Associatron immediately and without nonce may institute poceedings to forecbse this mortgage and apply for tM appointment of a receiver, es Mreinelter provided. and in case of tM refusal. neglect or inawhty of tM Mortgagor to repair and maintain said property. tM Association may, at its Dysart. make wch repairs a cause tM same to be made. and advance moneys in that beMif 7 To pertain. comply wrth and able by each aril every tM stipulations. agreements. conditans and covenants in said promissory note and tlrs mortgage set forth 8 To comply with its wbdmsan rsstnctans and tM municipal zoning ordinances applicable to tM mortgaged property. not to erect w permit to be erected any new buiMirigs on tM wemises herein mortgaged or to add to or permit to bs added to- make or permit to be made. any strucwral alterations to any of tM ex +sting improvements iMreon wrthOUt tM wruten consent of tM Associatan. and in tM event of any wolauon or attempt to valate these stipulations. or any of them. tMS mortgage and all wms secured Mreby sMll immediatefy become due and payable at its option of its Assoc+ation g That in case of a default in any of tM terms of 1Ms mestpape snd_tM filmy of a bill to foreclose th+s a any other mortgage encumbering the with+n descr+bed property. tM Associaton shall be entitled to apply. st anY time without notice pending such loreclowre sou. to the court Aawng lunsdictan thereof Ies tM ap pantment o! a receiver of ail and singular tM mestpaged property. and of all tM rents. +ncomes- profits. issues and revenues tMreot. from whatsoever source derived. and. thereupon. it is Mreby expressly covenanted and agreed that tM court shall Iesthw+th appesnt a receiver of Said mortgaged poperty. all and singular. and of such rents. incomes. profits. iswes and revenues t .from whatsoever source derived. w+th tM usual powers and dut+es of receivers in I+ke cases. and such appesntment shall l1e made by sue rt atte? of strict rpht to tM Association. and wrtlaut reference to tM adequacy a +riadequacy of the value of tM property Mreby mortgaged. or to its solvency or insolvency of the Mortgagor. and that such rents. profits. +ncomes. +ssues. aril revenues shall be applied by such receiver to tM payment o1 tM rtartgape indebtedrieu. costs and charges. according to the order of such court i O That in the event tM ownership of tM mortgaged premises- a any pert thereof, becomes vested +n a person other than the Mortgages. tM Association may. without notice to tM Mortgages. deal w+th wch wccessor a successors in interest with reference to this mortgage and the debt Mreby secured in tM same manner as with the Mortgagor. witfaut in any wey vitiating a discharpinp tM Mortgagor-s I+ability hereunder or upon its debt Mreby secured No sale of 1M txemises Mreby mortgaged and no forbearance on tM part of tM Associatan. and no extension o1 tl+e time for tM payment of tM debt Mreby secured given by tM Associaton. snail operate to release. d+schsrpe. n,odi(y change a affect tM original 6abihty of tM Mortgagor herein. sober m whole or in part t i That +n tM event tM prem+ses Mreby mortgaged. or any part thereof, shall be condemned and taken under the power of eminent doma+n. tM Associaton shall - have the right to demand that all damages awarded for tM talung of or infury to sad premises shall be paid to tM Association. its wccessors or assigns. up to the amount then unpaid on th+s mortgage and may be applied to any wms last payablo hereunder t 2 That hme is of the essence of tMS contract and that no waiver of any obligation Mreunder. or of the obliatia, secwed hereby- shall at any hme thereafter De held to be a waiver of tM terms Mreof or of the prom+ssory rate secured Mreby i 3 In the evem of any default in any of tM terms of ttis mortgage. or in tM note secured hereby. and acceleration btr the holder. or any other suuation that would cause tM interest yard es payable under this obigaton to exceed tM interest rate authorized by law. then m such event aft excess interest theretofore paid shall be credited to pr+ncipal and all accrued and unpa+d exceu interest sMll abate and shat) not be an obhgat+on of tM maker or of any other person t 4 That to the extent of tM indebtedness of tM Mortgages to the Associaton described Mrem or secured hereby. the Association +s Mreby subrogated to tM hen or liens and to tM rights of tM owner and holder thereof of each aril every mortgage. lien or other encumbrance on tM land described here:n- which is paid and satisfied in whole or in part. out of tM proceeds of tM loan descrited Mran a secured hereby. and the respective bens o1 said mortgages Lens or other en cumtxances. shall be. and tM same and each of them Mreby is preserved and shall pass to and be MId by tM Assoc+ation herein as security Ies tM +n debtedness to tM Association herein descnbsd es Mreby secured, to tM same extent that it would have been preserved and would nave been passed to and been Mkt by tM Association had rt been duly and repularty assigned. transferred. set over. and delivered unto tM Association by separate deed of assignment. notwithstand+ng tM fact that tM same may be satisfied and cancelled of record. rt being tM intentan of tM parties hereto that tM same will be satisfied and cancelled of record by tM holders thereof at or atwut tM hme of tM recordrnp of tMS mortgage t 5 That d any of the wms of money Mrein referred to be not promptly and fully paid with+n thirty 130) days next after tM same severally become due and payable or +f each and every tM stiputatans. agreements. conditans and covenants of said prom+ssory note and this mortgage. or either, are not duly performed, tom- ; plied wrth and abided by. tM aggregate Sum unpaid under sad promissory rate and this mortgage snarl become due and payable forthwith or thereafter. at the ~ option of tM Associat+on. as fully and completely as if said aggregate win of money were originally st+pulated to be paid on such day. anything in said j promissory note or herein to tM contisry tatwithstanding t 6 That in order to accelerate tM maturity of the indebtedness Mreby secured because of tM failure of the Mortgagor to pay ar•.y tax assessment- habJrty. obhga F aun es encumbrance upon said property as Mrem provided. it shall not be necessary nor regwsrte that the Association shall first pay tM same 7 11 a conveyance should be made by tM Mortgagor of tM premises Mrem described. or any part hereof. and the gramee named in such conveyor-rice fails or refuses to aswme the payment of tM obhgatari evidenced by said promissory note and secured by this mortgage. and ,n accordance with tMir respet.t+ve I terms. and abde by tM rules and regulations of tM Associaton, rncfuding payment of a reasonable transfer fee, then- and in that event. at Ine option and upon the demand of tM Association ail sums of money secured Mreby shall immediately become forthwith due and payable t 8 That tM abstract or abstracts of title covering tM mortgaged property shall at all times. during the fife of this mortgage, remain m tM possession of the S Association and m event of tM loretlowre of tMS mortgage. or other tgnsfe? of tole to the mortgaged property. in exhngwshment of the indebtedness secured hereby. all rght title dnd interest of tM Mortgagor in and to any wch abstracts of title shall pass to the purchaser or grantee t 9 Should tM validity or ben of this mortgage, or tM note secured thereby. be contested by 6tigauon or otherwise. the Mortgagor agrees to pay to tM Assoi.fauon tM cost of deterding tM same inciudirig a reasonable attorney's fee 10 To pay all and singular tM costs. cMrges and expenses. indud+ng attorney s tees reasonably incurred. or pa+d at any time by tM Association- because of tM /allure of tM Mortgagor to perform, comply vnth and abide by each and every the stipulations. ayreements. conditions and covenants of said promissory nose and this mortgage, or either. and every wch (except for tM payment of tM ma,thly installment as required by the Prom+ssory Note) shall bear interest from date at the rate of ten per cent 11091) per annum until fully paid t The Association shall have the right at any hme and from time to hme and without notice to or consent of any persai to tai release any poraon of the premises ~ from its Len of this mortgage. Ibl release any person habie (or payment of any indebtedness secured hereby. Id extend the time of payment or alter tM terms of payment of all or any part of tM indebtedness. witlaut sNectirip es releas+rp tM personal liability of any person stable (other than any person released par sirens hereto) for the payment of any sum es mtere;t secured hereby and without in any wise altering. varying, or diminishing the forces. effects- or hen of this mortyage On all tM premises not speciticalty released from the ben of this mortgage by tM Association 22 Any agreement hereafter made Dy Mortgagor and Association pursuant to th+s mortgage shall be superior to the rights of the holder of any intervening ben or encumbance 3 lilwn request of Mortgage. the Assotiation may. at its sole option. from hme to hme. before full payment of all indebtedness secured hereby make further ad . vances to Mortgagor. provided. however. that the total pnnapal secured Mreby and remaining unpaid including any such advances. shall not at any time ex teed the ongmal princ+pal win secured hereby Mortgagor shalt pay all wch further advances wrth interest and tM same shall be secured hereby All provisions r of this mortgage shall apply to each furlMr advance as well as to all other indebtedness secured hereby Nothing herein contained. however. shall hurls tM amount secured by this mortgage d such amount es increased by advances made by the Association as herein elsewhere provided for to protect tM security. 24 In tM event tM Mortgage Mrem. or any wbsequent Mortgagor. es any person or cespesatwn owning any interest whatsoever, shouts encumber tM property Mrem mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage-' without first obtaining tM wr+tten consent of tM Associa lion. then. at tM option of tM Assocwt+on. tM obligation secured by this Mortgage shall immediately Mcume due arW payable 25 To provide the Associaton wrth flood Insurance Coverage d tM real property is now es Mreafter determined to tie wrth+n a special flood hazard area as shown on Fkwd Hazard Boundary Map/Flood Inwrance Rate Map as published by tM Federal Insuraru_e Administrat+on 26 At tM request of tM Mortgagor. tM Associaton •prses to wave tM povisars of paragraph 4 relative to tM creation of a hazard mwrance acccunt. provided. however. that the Associaton ratans tM right, st its option. to re-instate wch provisons of said paragraph 4 as an obhgahon of tM Mortgagor hereunder upon tM happening of any of tM fdbwinp A Failure to make any payment required order tM terms of tM note on or before tM due date thereof 8 Failure to comply wrth tM mwrance provisons of paragraph 3. or of any of tM other terms and conditions of this mortgage or note. or wrth tM mwrance ~ requirements contained m tM Dsdaratan of Condom+nwm and related documents should tM mortgaged property be committed to condominium dsveiopment 1 C 1-NI-?i MICA 12 go~K ~U7 ~~E ~z48 - . - - :y t _ x ~ . - , W-