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HomeMy WebLinkAbout2022 . 4• Ttiat in ales to protect more fully tM securgy of the metgape. tM Malpage. lopitMr with. and m addition to. lM yments under tM grins of tM rap securd Mraby. on tM spiafrd piyntint dale of each month until tM sad note is (uNy pad. veep pay to tM Assocrition tM lolbwirrg awns Y lal An inslalknMl OI lM taxis and assessments Nvrd a t0 bi Itvis against tM prirMiii Covird by lhs matgape. iris an rmlillmMl of tM Wamrum a pimrums tMt veep lietortti dw and payabN to renew tM insurance on tM prinusq covered fteribY against b:s by Iiri. and wrndstam. as povrded fa by paragraph 3 freciduq. a-such other tuuard as may nasonably be riquus by IM Associatan. and an rmuNmint of lM premiiMn this wiu become dw and paYabN to rNNw tM metgigi inaurartci. it any SucA instalhnints styN bi equAl. respectively. to ate-tvwlhh (1112th) of tM K- umitd premtixn a prirtwtms for such inwrartci. a+d eases and ataissmints next dw Ise ishmatd by tM 4ssociatron! lies aN instaturtints akisy pad ltteseta. drvdid by tM numbs of monUts tMt are to ilapN oM rrtonth pray to tM elate whin atrch pemium a prantiums and taxis and assisunints wYl biconN dekrtgttittt TM Atiaociation. wftikl applying such payments to rniunrtq premwms. taxis and assessments. before tM same become deMtquenl. ship rtot PaY intense l0 tM MOttgapor os such curds. and aN such payments may be Comnunglid by tM Associatan with any otAir wch fulls a with its own funds TM hods an pledged u idditiortal sacuriry fa tM sums secure by this Matpags and are wgect to use by tM Association M payrnint of •'laU cMrgq" and bank collection cMrpis lb1 AN payments mertttortid in ill Pricid'^g subsection d tfrs paragraph and all payments to W made under tM note secured Mreby shah tti adds t topetltsr and tM igprigate amount tMreol ship be pad by tM Matgsga each month in a s+npN payment to be applyd by tM Associitan to tM loaowirtp rtesns to tM order sit lath 1 Taxis. assissntestts. and inwrance pimiums 2 `'late charges and bank colhxtron charges. unNss pad rn manner prtzrided in paragraph 1 Is1 3. IntesKt on lM note secure hereby 4 Ameuzatron of tM prinerpal of sad note Any dehcienty n cite amount of such aggrpate thly payments sttaN, unless pad by tM Matgsge pray to tM due date of tM next sui:A paymsnl. con- stitute an event of dNstrlt under tM mortgage. YYrthout waiver d arty rpttt. tM Ausoaatan tray colMct a "late cMtgs" as provided in the Note. 5 TMt rl tM total of tM paymirtts made by tM Mortgage under lal of pangraph ~ precidrrp sMll excel lM amount of payments actwNy made by tM Associatan br Uxes arts aafestnNnts and inwrartti premwms. as tM cave may be. such excess sMN De creditl by tM Asstxiatan on subsequent payments to be mods M tM Matgsga It. howwir. tM monthly paymen4 made by tM Matpspor under U) of puapraph 4 precedrtg ship not haw been wflitiint to pay taxes and assessmirtts and utsoranci printiunts. as tM case may bi• wMn tM same shall become dui and payable. ells- tM ASSOCratiOn may. st its op- tar?. immediately pay such axis and assessments and irtwnnq pramwm. and tM Matgape shall pay to tM Association any amount rtecessiry to make up the deficiertty. and wch payment sMN be dw and payable wrtian thirty 130! days apes tM date of /rtaihrig of notice by tM Atisocution setting lath tM amoum of sucA dehcrencY 11, at any brne. tM Matgaga sMN tinder to tM Association. a accordance with tM povisans of tM note secured Mreby. full payment of tM entire rndebtsdness ripresints heseby. tM Assocutan a1ta11, m computing tM amount of such indebtdrtess. criDdit to tM account of tM Mortgsga any balance remirrung in the funds acatmulatd under tM provrriaq of lal of paragraph 4 6 To perms. commit a wffes no wash. impairmiM a diurraatan of sad property. a any part theriol. and upon tM fadure of tM Mortgsga to keep tM - buddings on sad property m good catdition a repair and rrtamtenarici. tM ALSOtiation may demand proper maintenance and tM immediate repair of sad twrklrngs. a sn rrtueise in tM amount of secuhry. a tM imrrtediate repayment of tM debt Mreby secure. and tM fadure of tM Mortgagor to comply with sad demand d tM Association fa a period of thrry 1301 day; slop consututi a breach of this mtxtpsps. and. at tM opton of tM Associatan. immediately maturo tM antra amount of principal aril interest hesiby securd. end tM Assocutan immedritsly and without notice may msatute proceedings to lorecbse the mortgage and apply for tM apppntment of a recirva. ss tteninaher provided: and in case of tM refusal, neglect a inabihry of tM Mortgspa to repay and maintain sad property. tM Assouation may. at its option. mike siicA repairs a cause tM same to Oe midi. and sdrance moneys in that biahaH 7 To perform. comply with end abide by NM and wiry tM strpulatrpm. agrNmestts. cortditans and covenants in sad promissory note and the mortgage set s lorth i 8 To comply vrrth tM wbdivisrOrt restrictans and tM murocipal zawtp adrnances applrcabie to cite rriortgagad property: not to erect a permu to be erected any ~ new buildrtgs on chi premises Mresn rt?ortgagid a to add to a pesnnt to be added to. make a permit to be made. any structural alteratans to any d tM ex• rsurtg rmprwements thereat without tM written consist of tM Associatan: and m tM event of any vioWtion a attempt to vacate these supulatans. a arty of them. ttvs mortgage std ar stems second Mriby ship immediatNy t?ecorrts due and paYSbN at tM opton of tM Association. 9 That in case of a default in arty of tM tams Ot this mortpsps and tM fihrig of a till to teecbse the a my otMr mortgage encumbering tM wrthn describl property. ttie Arsocuhan shall be entitled to apply. at any sine without notice pendrtg such faecbwre wit. to tM court Mwrtg lunsdictron thereof fa tM ap- pentment of a receiver of iN and singular tM mortpagsd property. std of all tM rents. incomes. profits. issues and revenues thereof, from whatsoeves source derived. and. thereupon. it a Mreby expressly covenanted its sgrel ills tM court shall forthvnth apppnt a racesves of sad mortgage property. a0 and singular. and d such rents. incomes. profits. iswes and rswnires thereof. from whatsoever source desrvl. with tM uwal powers and duties of recesvess in tike cases. and such appomtntertt shsN be mle by such court ss a matter of strict right to tM Assocratan, and wuitout refeserxe to tM adequacy a inadequacy of tM value of tM property hereby mortgsgd. a to tM soNertcy a rrisolvsncy of tM Mortgage. and that such rents. profits. incomes. iswes. and revartues sMll be apptrs by such receives to tM payment of tM rrtortgage indebtedness. costs and charges. sccordirtg to the ceder of such court 1 O That in tM event tM owtlersltrp of tM rrtortgsgad prsmrsif. a any part thereof. ttecomes wired in a person Other than tM Matgaga. tM Associatan may. wrlhout notice to tM Matgaga. deal vnth wch succsssa a wccessors m intesest with reference to the mortgage and tM debt Mrrrby secured. in ill same manner as with tM Metgaga. without m arty way vitrahr?g or disthirprrtg tM Mortgagor's liabdrry Mreurder or upon tM debt hereby secured. No sale of tM prertrses Mretry mortgsgl and no lorbesrance On tM part of tM Association. and ro extensan of ttie came to tM payment of tM debt Mreby securd given S by tM Assocutan- sftaU operate to release. discharge. ntodih• change a affect tM original habhry of tM Mortgage hesesn- erthes in whole a rn part i 1 1 That in tM event tM premises Mreby mongagl. a any part theseot. sttaN be condemned arts taken under tM power of eminent domain. tM Assocatart shall ~ have tM right to demand that all damages awards fa tM talunp of a inptry to sad premises shall be pad to tM Assocratron, its wccessas or assigm. up to the amount then unpad on the mortgage ird may be applrl to arty wms list psyablta Mreunder 12 That came rs OI tM essence of the contract and that no waives of arty obligation hereunder. a of tM oblrgatrort secured hereby. shall at any came thereafter be held to be a waiver of tM terms Mrsot a of tM promissory rote securl Mreby- 13 In tM event of any default n any of tM terms of firs mortgage. a a tM rate secured hereby. and acceleration by tM holder. a any other situation that woukt cause tM interest pats a psvsble under the otilrgatiort to excel tM interest rate autttwas by law. then m such event all excess interest titeretotee pad shah be oasts to prrrtcrpal and all scutied and unpad excess mtessst 3tta11 abate and shall not be sn obligatan of tM maker a of arty other person. 14 That to tM extent of tM irtdabtedrtess o) tM Mortpsga to tM Assocratwri described Mrsin a secured ftereby. tM Association rs Mreby wbrogatd to tM Irert a Irene and to tM rtpttts of tM owner and holder thereof of each and awry mortgage. Item a other encumbrance on tM land described Mrern, which rs pad and sarisfrs. m vrdtole a in part. out of tM proteedt of tM ban discribsd Mann a secured .and tM respecbw (tens of sad mortgages. harts a outer en- cumbrances. shsN Ice. and tM same and each of them Mreby is preserved and shall pa to and be Mkt by cite Assocratron Mrmn as security fa tM in- debtedness to the Assocutron ttese:+t dsscnbsd a hereby securl. to tM same extent tM rt would Mw been pre5ervl and would haw been passed to and been held try ill Assoaat+on had it been duly arts rpularly sssiprrsd. transferred. sat over, and delrverl unto tM Association by separate deed of assignment. j notwithstanding tM fact that tM same may be satisfied and cirtceNed of record. rt being intentan of tM parries Mreto that tM same will be saUSfis and ` cancelhed of record by tM Hiders tMreot at a shout tM tinte of the recadrng of th mortgage t 5 That r( any of 1M sums of ntortey ttesein referred to be not promptly and fully pars within th ty 130) days next after tM same severally become due and payable. ~ or ii each and every tM stiptrtations. agreements, corditiom and covenants of sad promissory note and the mortgage. a either, are rat duly performed. can- j plied with and still by. ill aggregate win unpaid under eats Womrssory rate and this mortgage shall become due and payable forthwith a thereaher. at tM opton of tM Association, as fully and completely as d card apprepste win of money were erginalty supulats to be yard on wch day. anythng rn sad promissory note a harem to tM contrary notwrthstaridinp 16 That in order to accelerate tM maturity of tM rrtdebtedness heeby secured because of tM fadure of tM Mortgagor to pay any tor: assessment. badhry. oblrga- uon a encumbrance upon sad property ss hesein provxled. it sMN not be necessary nor requisite that tM AsSOCration shall fast pay tM same t J It a conveyance should be made by tM Mortgage of tM premises Herein described. a any part hereof. and tM grantee Warned rn such conveyance fads a refuses to aswme ilia payment of tM obligston evidence by sad pomissory note and secured by ihs mortgage. and in accordance with then respective terms. and abide by tM rules and rsgulatrom of tM Assouatan. incltidirtg payment of a reasonable transfer fee. then. and in that event. at the option and upon the demand of tM Assouatan all wms of matey securl hereby shall immediatery become torthvnth due and payable 18 That the abstract a abstracts of Usk covering tM mortgaged property shall st all trines. during tM 6fe of the mortgage. remain rn tM possession of tM Associaton and. in event of tM forecbwrs of the mortgage. a outer transfer of title to tM mortgaged property. in exringuishment of tM indebtedness secured hereby. all rght. title and rntsrest of tM Mortgagor in and to any such abstracts of ark shall pass to tM purchaser a grantee 19 Should tM vafidiry a ken of this mortgage. a the note securl thereby. be contested by hugatan a otherwise. tM Mortgagor agrees to pay to tM Association tM cost of iletMdeng tM same rncfudrtg a reasonable attorney's fee 20 To pay aN and singular the costs. charges and expenses. inehedrng attorney's fees reasonably incurred. a pad at any came by tM Association. because of the fadure of the Mortga~b pprfaj@. tortrpfy. with ass abide fzy each and every tM supulatrons. agreements. condrtans and covenants of sad promissory note and this mortgage. or either. and every wch (except for tM payment of tM monthly mstalbnent as requred by tM Promissory Note1 shall bear interest from date at tM rate of ten per cent (109L) per artrwm until copy paid 21 TM Association shall haw tM right at any time and from brill to came and without nOtiCE to or consent of any person to (al re:ease any paean of ill premises from the hen of ttus mortgage. Ib1 release arty person liable fa psymenrot any indeb[edneis secured hereby: lcl extend tM came of payment a alter tM terms of payment of as or any pan of tM irdebtsness. without affecting a releasing tM personal liability of any person Gable (other than any person release pur- want Mretoi for tM payment of any win a rntsrest sscurd hereby and without rn any verse attenry. varying. a dimmrshing the fortes. eNects. a hen of ihs mortgage on aN the premises not specificalry rabies from tM hen of the mortgage by tM Assocraton 22 Any agreement Mreaher made by Mortgage and Association purwant to the mortgage shall be superior to tM rights of tM holder of any mtervcmng ben or encumbrance ~ payment of all irtdebtorlness secured hereby. make further ad- s 23 upon request of Mortgagor- the Associstrori may. at its sole option. from time to trine. before full variGes to Mortgagor. provided. however. that tM total priritipal securl Mreby and remaining unpaid. including any such advances shall not at any came ex- teed the original prinupal win securd Mreby Mortgage sMN pay cep such further advances with interest and tM same shall be secured Mreby All provisions ~ of this mortgage shall apply to each further advance as well ss to all otMr indebtedness secured hereby Notting Mrem contained. however. shalt omit tM amount secwed by this mortgage i1 wch artaunt.is irtusasd by advances made by tM Associatan- as herein elsewhere provided fe to protect tM security. 24. In tM event ill Mortgagor herein, a airy subsequent Mortgagor. or arty person a corporatan owning any interest whatsoever. should encumber tM property Mrein mortgagd by an instrument commonly referrl to and known as a '-wrap-around mortgage-• without first obtaining tM written consent of the Associa- tiun. !lien, al the option of the AsSOCratiOn. else OblrgatiOn secured by this Mortgage shall immerbately become due and payable ' n 25 To provide tM Assouatan with Food Insurance Coverage rt tM real property is now a Mreaftes determined to be within a speual flood hazard area as shown ~ on Flood Hazard Boundary Map/Flood Imurarxs Rate Map as published by tM federal Inwrarxe Admimstratan 28 At tM request of tM Mortgsga, tM Association agrees to waive the provrsans of paragraph 4 rel8bw to tM uesuon of a hazard inwrarv_'e account. proved!. ftowever. that tM Assoaation norm tM right. at its option, to rs-insole such provisions of sad paragraph 4 as an obligation of tM Mortgagor hersurder upon tM ttsppenirtg of arty d tM fdbwrtp A failure to make any payrnsnt regtrrl under tM firms of tM nos at a bates tM due date thereof. B Fedora to corrtply with tM inwranci provisions of paragraph 3. or of any of tM other terms and cortdrtans of the mortgage a note. a with ill inwrance requiremenn contains in tM Diclaratan of Condenirxum and related documents should tM mortgagl property bs committed to cordomimum i development. ~ I (C)-NI-7i MLCA 42 - ~o~K307 ~~~~t12~ ~ -