Loading...
HomeMy WebLinkAbout1255 4. Tnat rn order to protect rntNe fully 1M tecunty of 1MS trartgage tM Metgage. tug~tM+ with. and rn addrtrwr to the nwnthty payrnenis under the farms of Inr note secured Mreby. on tM >ipecdred payment date of each month until tM sad torte rs~ully yard. oral pay to tyro Assuc:ut+un Me louuwrng sums let An rstallment dt tM ttr<~s and assessments leered a to W leered against tM premises covered by i/us rya+tgags. 'end an instaument of tM Wem:um e premwms tMt will ltetome dw and DaYabN to renew tM inwrance oo IM premises covered hereby ayarnst lo„ Dy firs. and wrrditorm. as provided for by paragraph 3 preceding. w such other Mtard as may aasonably be required by tM AssgCrairOn. and an rnstaument of tM premium that oral become dw and payaDh t0 reMw tM mottgage uwtrance. d any Such installments shall be equal, respectively. to oM twelhh 11~12th1 Ot tM es- timated premium a premiums for such inwgnce. and taxes and assessments neat dos Ias estimated Dy iM Associatanl less au installments al+eady pard therefor. drvded by tM number of month the tie to Napsa orro month prior to tM date when such prsmwm w promwms and tease and assessments will become delrrtquenl TM Aaoaatan. wMN applying such payments to inwrance premwms taass and assessments. lxlora the same ' become dekngiNM. sMll rat pay interest to tM Mortgage on such funds. and at1 such payments msy be commingled Dy tM Asstxratron with any other such funds a wuh its own funds TM funds us pNdged as additional security for tM sums secured by this Mortgage and are sugect to use Dy tM Assoctatan to payment of 'date cMrgei' and Dank cdlectrOn charges Ibl Au payments mentrorrod rn [fro preceding subsection of this paragraph and all payments to be made under rho rate secured Mreby shoo De added togetMr and tM aggregate amount tMreol sMU be pad by tM Metgage each month in a smgb payment to fro applied by tM Association to tM laboring items m tM edN Nt fetA 1 Taxes. assessments. and mwtance prem,ums 2 "Late charges and Dank collectan charges. unless pad rn manner provided to paragraph ~ lsl 3 Interest on tM note secwed Mreby 4 Arnortuatron of tM principal of sera note Arty dafrc~ency in tM amount of such aggregate monthly payments sMU. urikss paid by tM Metgage pray to 1M due date of tM neat such payment. co strtute sn event d default under tM mortgage Without waver of sny right. 1M Assocratron may tritest a "late charge" as provided m tM Nots 5 Ttiat d tM total of tM payments made DY tM Mortgagor urtder~ial of paragraph 4 precedrrp shall exceed tM amount of payments xtuauy made by tM Associstiort for taxes and assessments snd mwrance premwms. as tM case may be. such excess shit be credited by tM Association on suDSequent payments to be made by tM Mortgage 11. however, tM monthly payments made by tM Mortgage under lal of paragraph 4 preceding shall not Mve been wfficient to pay tares and assessments std tnwrsnce premiums. as tM case may be. when tM same sM11 become due and payable. then. tM Association may. at its op Iron. rmmedately pay such taxes end assessments and mwrsnce prsmwm. and tM Mortgage Shalt pay to tM Association any amount necessary to make up the defrcrency. and wcA payment ahall fro due and paYabN wrtMn thirty 1301 days after tM date of marling of notice by tM Association setting forth tM amount of wch dehcroncy If. at any time. tM Metgage shall tender to tM Associates. rn sccedartce with the provisions of tM note secwed hereby. full payment of tM enure rrdebtedrross represented hereby. tM Assocratan sMll. rn computing tM amount of such indebtedness. credit to tM account of tM Mortyage any balance remaining in tM funds accumulated under tM provisions of Ii1 of paragraph t 6 To pNmit. commit a wffer ra waste. impairment a deteneaten of sari property. a sny part thereof. and upon tM ladure of tM Mortgage to keep tM building; on sad poperty m good cordrtan a repair and maintenarxe. tM ASSOCraUOn msy demand proper maintenarxe and tM immediate repair of sera buildrfigs. a an increase m tM amount of secunry. a tM rmmedate repayment of 1M debt Mreby secured. and tM ladure of tM Mortgage to comply vriih sad demand of tM Assocraten to a period of tMrty 130) days shalt constitute a beach of tAis mortgage. and. at tM option of tM Assxiaten. rmmedrately mature the snare amount of priricrpal and merest hereby secured. and tM Association rmmedrately and without notice may institute proceedings to lorecbse tMS mortgage and apply le tM appentment of a reserver. as Mrernsher provided. end rn case of tM refusal. neglect or mabdrty of the Mortgagor to repair and maintain sad property. tM Assocratron may. st its optan, make such repairs a cause tM same to be made. and advance moneys rn that behalf 7 To perform. comply with and able by each and every tM stipulstans. agreements. conditions and covenants rn sad promasory note and this mortgage set forth 8 Tu comply wrtA tM wbdmsen restriCtrorK and tM murwcrpsl toning edinsnces applrtable to 1M metgaged property, rat to erect a permit to be erected any new buildings On tM pamises Mrein mortgaged a to add to a permit to be added to. make or perms to be made. any structeal alterations to any of tM ex- isbng improvements thereon without tM written consent of tM Assocrihan, end rn tM event of any violation or attempt to valets tMse stipulations. or any o1 them. this mottgage and all wms secured Mreby shat) immediatery become due and payable at tM option of tM Association g That m case of a defauh in sny of 1M terms of this mortgage and iM (ding of a brit to foreclose this or any other mottgaye encumbering tM within described property: tM Assocratron shall be entitbd to apply. at sny time without notice pending such feeclowre sort. to tM court having tunsdicten thereof for tM ap punitment o1 a reserver of alt and singular tM mortgaged property. and of ail the_ rents. incomes. profits issues and revenues thereof, from whatsoever scarce derived. ord. thereupon. rt is Mreby expressly covenanted and agreed that IM court shaft forthwith appoint a reserver of card mortgaged poperty. all and srnyular and of such rents. incomes. profits. rssues end revenues thereof, from whatsoever source derived, with the usual powers and duties of reservers in Irks cases. and such apporntment shall Iro made bl+ wch court as a matter of strict right to tM Association. and without reference to tM adequacy or inadequacy of the value of tM property Mreby mortgaged. a to tM sdveney or insolvency of 1M Mortgagor. and that such reins. wofits. incomes rssues, and revenues shall be applied by such reserver to tM payment of tM mortgage indebtedness costs and charges. according to the order of such court t 0 That in the event tM ovrrrrorship of tM metgsgsd premises. a any part thereof. becomes vested in a person other than the Mortgagor. tM Association may. withOUt notice to tM Mortgage. deal wrM wch successes a successes m interest with reference to this mortgage and tM debt Mreby secured. m tM same- marvier as with tM Mortgagor. without m any way vitiating a discharging tM Mortgagors habdity Mreunder or upon tM debt hereby secured No sale of tM premises Mreby mortgaged and ra forbearance on tM part of tM Association. and ra extension of the time for tM payment of tM debt hereby secured green by the AssoCiatiOn. shall operate to release. discharge. madrty. change a affect tM original liability of tM Mortgagor Mrern. enher in whole a rn part t 1 That rn tM event tM premises hereby mortgaged. a any part thereof. shall be condemned and taken under tM power of eminent domain. the Association shad have tM right to demand that all damages awarded for tM taking of a inryry to card premises shat! be pad to the Asso:.ration. its succeswrs or assigns. up to the anaunt then unpad on this mortgage end may De applied to any sums last payablo Mreunder 2 That trine rs of the essence of this contract and that no waiver of any oblrgaten hereunder or of the oblryatroii secured hereby. shall at any trine thereafter be Mid to be a warver of the terms Mreol a of tM promrSSOry note secured Mreby 3 In the event of any default in any of tare terms of this mortgage. or in fM note secured hereby. and acceleration by tM ho{der. a any other situates that would cause the interest pad or payable under this obtrgatron to exceed tM interest rate authorized by law. then in such event all excess rnterest theretofore paid shalt Oe credited to prrncrpat and alt accrued and unpaid excess interest shat) abate and shat) not be an oDhgation of the maker a of any Other perwn ? 4 That to the eaten[ of the rrdeDtedness of tM Mortgagor to tM Association described herein or secured hereby. the Associatan is Mreby sutirogated to the hen a i:ens and to tM rrghts of tM owner and holder thereof of exh and every mortgage. Iran or other encumbrance on the land Ce5[ribed herein. which rs pard and satisfied. in whole a in part. out of tM proceeds of tM ban described Mrein or secured Mreby, and the respective hens of Bard rtartgages. bens or other en cumbrances. shalt txe. and tM same and exh of them Mreby rs preserved and shall pass to and be held by the Association Mrern as security for tM in debtedness to tM Association herein described or hereby secured. to tM same extent that n would have Deen preserved and would have been passed to and been held DY the Association had it been duly and regularly assigned. transferred. set over. and delivered unto the Association by separate deed of assignment notvwths[anding the fxt that tM same may be satisfied and cancelled of record. n be+ng [he rntenUOn of tM parties hereto that the same oral be satisfied and cancelled of record by tM holders thereof st a about tM time of tM receding of this mortgage 15 That if any oI the wms of money Mrern referred to rte not promptly and fusty pard within thirty [301 days neat after the same sew°ratly become due and payable. or it each and every tM stipulations. agreements. conditions and covenants of sad promissory note and tMS mortgage. or enher. are not duly performed. coin plied write and added try. tM aggregate vim upped order sad promissory note and this mortgage shalt become due and payable forthwrth or thereafter. at the i option of the Association. as fully and completely as d card aggregate sum of money were onyinatty stipulated to be pard on such day. anything in sera ~ promissory rate or herein to tM contrary notwrthstatidrng 16 That in order to accelerate tM maturity of tM rndeDtedness Mreby secured because of the ladure of the Mortgagor to pay any tea assessment. I+abrhty. obhga ` non or encumbrance upon card property as herein provded. n shall rat be necessary nor requisne that the Associatwn shalt first pay the same ? 7 If a conveyance should be made by the Mortgagor of tM premises Mrern described. or any part hereof and tM grantee Warned in such conveyance fails or 1 refuses to aswme tM payment of tM oblrgatian evidenced by card promissory note and secured by tMS mortyaye and m accordance with their respective € terms. and abide by tM rules and regulaterts of the Assocratan, including payment of a reasonable transfer fee. then, and in that event. at the option and upon € the demand of tM ASSOCration alt Sums of money secured hereby Shalt rmmedratety become forthwrth due and payable ? B That tM abstract Or abstracts of title covering tM mortgaged property shaft at all rimes. during the fife of this mortyaye. remain m the possession of the Association ord. m event of the foreclowre of this mortgage. or other transfer of title to the mortgaged property. r~ erunywshmem of the indebtedness secured hereby. all right. true and rnterest of tM Mortgage in and to any such abstracts of tale- sha!i pass to the purchaser or grantee 9 St,ould the valdiry or hen of tMs mortgage. a tM note secured thereby. be contested by litigation or u[heiw~se the Mortgagor agrees to pay to the Assocratron the cost of delerding iM same including a reasonable attorneys fee 20 To pay all and singular tM costs: charges and expenses. including attorney s tees reawnably incurred or pard at any trine by [tie Associates. because of the ladure of tM Mortgagor to perform. comply with and abide by each and every the stipulations agreements. condrtens aria covenants of card promissory note and this mortgage. a enher, and every wch teacept for tM payment of the monthly installment as rertwred by the Promrswry Nutel shall bear interest from i date at tM rate of ten per cent 110961 per annum until fully pard 21 The Aswcration shall have tM right at any time and from time to time a without nohce to or consent of any perwn to lal release any portion of tM premises from IM Iran of [his mortgage. Ib1 release any person Iribb for payment of indeb:edne55 secured hereby it) extend the time of payment or alter the terms of payment of alt or any part of tM indebtedness. wrtfaui aNecung or reteasrng tM perwnat habdrty of any person I,able loftier than any perwn released pun suant hereto) for the payment of any sum a rnterest secured hereby and without in any verse altering varying or d+mriirshrng the forces effects, or lien or this mortgage On act the premises rAt specifically released from tM hen of tMS mortgage by the Assecration 22 Any ayreement hereafter made by Mortgagor and Association pursuant to this mortgage shad be superior to the rrghts of the holder of any intervening hen or encumbrance k 2 3 upon request of Mortgagor the Associates may. 8t its sae option. from trine to Line before loft payment of all indebtedness secured hereby make further ad i z yentas to Mortgagor. provided however. that the total priricipai secured hereby and remammy unpaid mutudrng any such advances shag not at any time er Y teed the eigmal principal sum secured hereby Mortgagor SMtI pay alt such fwther advances with interest and the same shall be secured hereby Alt provisens t of ;firs mortgage shall apply to each further advance as well as to all other indebtedness secwed hereby Nothing herein contaned however. shaft hmrt the amount secured ray this mortgage d such amount is increased~by advances made by tM Association. as herein elsewhere provided for to proteu tM security r 24 In the event tM Mortgage Mrern. or any wbsequent Mortgage. a any person or corporation owniny any interest whatsoever. should encumber the property :r herern mortgaged by an instrument commonly referred to and known as a "'wraparound mortyaye~ without first obtaining tM written consent of [M Associa- bon. [Aen. at iM opton of tM Assocraten. tM pbligaten secured by tMs Mortgage shat) immediately become due and payable 25 To provide the Association with Flood Insitrarice Coverage d tM real property is now or hereafter determined to be wrthrn a species Flood harard area as shown et Flood Harard Boundary Map/Flood Insurance Rate Map as published by the Federal Insurance Administrates 26 At tM request of tM Mortgagor. tM Assocratron agrees to views tM provisions of paragraph 4 re{atwe to the creation of a harard msurarxe account. provided however- that the Assocratron retains tM rpAt. at ds option. to re-rnstste such provisans of sad paragraph 4 as an obligation of tM Mortgagor Mreunder upon i thy happernng of any of tM idlownng. A Failure to make any payment rsquirsd under tM terms of the note on a txfore fM due date thereof B Failure to comply wrath tM inwrsnce provisions of paragraph 3. a of any of [M other terms and conditions d tMS mortgage or nose. or with tM :nsurarxe requirements contained m tM Dediration of Cordeninium aria rotated documents should [he mortgaged property be commdted to condominium devebpmeM {V i.. F ICI-NI.7i tin\ti'~ ~?~i y :~LCA 12 t At~ep'f1r j(~~,~j~Vlill• . - ~ _ _ - r . . ~