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HomeMy WebLinkAbout2385 . tr - That rn order to protect more fully 1M security of tlrs mortgage. lM Mortgagor. togetMr wdh. aqd +n addrtror, to iht rranthly payments under the terms of trre note secwed Mreby. On tM specdrnd payment date et each mauh until tM sad note rs fully pad. wru pay to the Assocraawr IM followrrrg sums Ia1 An installment of tM taxes and assessments leered a to a levied againri tM prsnuses covered by file mortgage. and an urstallment of tM premwm or pramwms that will become due and payable to anew tM inwrance on tM premises covered hereby against toe, by Ere. and windstorm as provided for by paragraph 3 preceding. or such otMr Mtard as may reasonably W rsquued by tM Association. end in insullmem Ot IM premium that wilt become due and payable to reMw tM mortgage rnwrance. rl any Such installments shalt bs equal. respectively. to orte twelfth 11 / 12th1 of tM ss trmated premium a ptemrums for wch inwrance. and taxes and asaessments next due lss estimated by tM Assocratanl less all :nstsltments already pad therefor. defiled by tM number of month that are to elapse one month prior to tM date afros such premium or pemiums and taxes and assessments will beCOrM Oelrrtquent. TM Atsocratron. while applying such payments to rnsurartce Ilremrums. taxes and assessments. beloro tM same become delingwnt. shau riot pay interest to tM Mortgagor on such funds. and aU such payments may be commingled by tM Association with any other wch funds a vwth its own lands TM funds ate plWged as ailditiOrtal security fa tM wins secured by tMS Mortgage and are sublet( to use by tM Assocatron M payment of 'date cMrgei' and bank collectan charges IDI AN payments mentrorted rn 4te preceding subsection of this paragraph and all payments to be made under tM note secured Mreby sMlt be added together and tM aggregate amount lMreol shall be pad Dy lM Mortgagor exh month rn a single payment to be applied by tM Association to tM lolbwirg items in tM ordN set forth 1 Taxes. assessments. and inwrancs prem+ums 2 "late charges" and bank collection charges. unless pad rn manner provided m paragraph 4 fort 3 Inures( on 1M mote secured Mreby 4 Anarutation of tM principal of sad note Any deficiency m tM amount of wch aggregate monthly payments shall, unless pad by tM Mortgagor pier to tM due date of tM next such payment. con- stitute sit event of default under tM mortgage. Without waiver of any right. tM Associates may collect a -late charge" ss provided in tM Note S That d iM total of 1M payments made by IM Mortgagor under Isl 01 paragraph 4 prstridrp sMll exceed tM amount of payments xtuatly made Dy tM Association fa taxes and assessments and inwrance premiums. as tM case may be. such excess sMll De criydited by tM Association on subsequent payments to be made by tM Mortgagor. If, however. tM monthly payments made by tM Mortgagor under Isl of paragraph 4 praced+ng shall not have been wlfitient to pay taxes and assessments aril inwranCe premiums. as tM case may be. wMn tM same shall become due and payable. then, tM Association may. at its op- tan. immadately pay such taxes and assessments and rnwrance premwm. and tM Mortgagor shaft pay to tM Association any amount necessary to make up tM rfeficiertcy. and wch payment sMU tit due end payabN witdn thirty 1301 days aher tM date of marking of notice Dy tM Association setting Iorth tM amount of wch deficiency. 11, st any lime. tM Mortgagor sMll tender to tM Associatan. in accordance with [M prowsans of tM rate secured hereby. full payment of tM enure indebtedness rspressntsd Mreby. tM Assocrstion shall. in computing tM amount of such indebtedness. cred+t to tM account of tM Mortgagor any balance remaining m the funds accumulated under tM provisions of fort of paragraph 4 6 To permit. commit w suffer no waste. rmpsrrment or deterroratron of sad property. a any part thereof. and upon tM ladwe of 1M Mortgagor to keep tM builtlirtgs On sad property in good torditen p repair and rtiaintenartte. tM Association may demand proper maintenance and tM rmmed+ate repa+r of sad txi+ldings. a an increase m tM amount of security. or tM immadrate repayment of tM debt Mreby secured. and tM failure of tM Mortgagor to comply wuh sad demand of tM Assocraton for a period of thirty (301 days shall constitute a breach of ids mortgage. and. at tM option of tM Association, immediately mature tM enure amount of principal and interest hereby secured. and tM Association immediately and without notice may rns[ituie proceedings to foreclose Itus mortgage and apply (or tM sppontment of a receive. ss Mrernafter provided. and in case of tM refusal. negtett a inadlrty of tM Mortgages to repair and maintain said property. tM Associates may. at its opten. make such rspaus or cause tM same to be made. and advance moneys in that behalf 7 To perform. comply with and able by each and every tM saputatrons. sgreemssts. conditions and covenants in sad promissory rate aril ids mortgage set lath - 8 To comply with tM wbd+visan rsstrictrons and tM munitipal:oning ordinances applicable to the mortgaged property. rat to erect or perms to be erected any new buildings ort tM premises Mrein mortgaged or to add to or permit to bs added to. make or permit to be made- any structural alterations to any of tM ex- rsting improvements thereon without the written consent of tM Assocratron. and in tM event of any velatert or attempt to yalate tMse stipulations. or any of them. tMS mortgage and all wins secured Mreby shell immadiatsly become due and payable at tM option of tM Association 9 That in case of a default in any of 1M terms of file mortgage and tM hbrig of a bill to forecbse this or any other mortgage encumbering tM within described property. the Association shall be entitled to apply. at any ame without notice pendng such foreclowre art. to the court hawrig lunsd+cbon thereof for tM ap pantment of a receiver of all and singular tM mortgaged property. and of all tM rents. incomes. profits. issues and revenues thereof, from whatsoever source derived. and. thereupon. it is Mreby expressly covenanted and agreed (fiat tM court shall forthwith appant a receiver of said mortgaged property. all and s+gular. and of such rents. incomes. profits. rswes and revenues thereof. Irom whatsoever source derived. with tM usual powers and dunes of receivers rn like cases. and wch appointment shaft be made by such court as a matter of strict right to tM Associates. and without reference to the adequacy or inadequacy of the value of tM property Mreby mortgaged. a to tM solvency or insolvency of tM Mortgagor. tnd that wch rents. profits. incomes. rswes. and revenues shall be applied by wch receiver to tM payment of tM mortgage indebtildness. costs and charges. xcordmg to tM order of such court 10 That rn tM event tM ownership of tM mortgaged premises. or any part thereof. becomes vested m a person other than tM Mortgagor. tM Association may. without notice to tM Mortgagor. deal with such wccessor of wtcessors in rnterest with retererxe to tMs mortgage and tM debt hereby secured. m tM same manner as with the Mortgagor. vrrthout in any way vitiating or disCMrging tM Mortgagor's Gadl+ty Mreurder or upon tM debt Mreby secured No-sale of the premises Mreby mortgaged and no forbearance Wt tM part of the Association, and no extension of the time for tare payriient of tM debt hereby secured given blr the Associates- shall operate to release. dixharge. mpd+fy. change or affect tM original hadhty of tM Mortgagor Mrein. eittier +n whole or rn part 1 1 That in iM event tM premises Mreby mortgaged. M any part thereof. shall be condemned aril taken under 1M power of eminent domain. tM Association shall have the right to demand that all damages awarded for tM [along of or injury to sad premises shall be pad to the Association. its wccessors or assigns. up to the amount then unpaid on this mortgage. and may be sppl,ed to any wins last payablo hereunder 12 That time is of the essence of this contract and that no waiver of any gbligation hereunder. or of the oDlrgatio,i secured hereby. Shall at any time thereafter be Mfd to be a warver of tM terms Mreof or of tM promissory rate secured Mreby 13 In the event Of any default In arty Of lM IermS Ot lhls siOrlgage. Or rn tM fate secured hereby. and aCCeleralion by lM holder. or any Other SilUalion that would cause tM rnterest pad a payable under tMs obligation to exceed tM mtersst rate autlarized Dlr law. then rn wch event all excess rnterest theretofore paid shat) rte cri;dited to principal and all accrued end unpaid excess rnterest sMlt abate and shalt not be an obligation of tM maker or of any other person 14 That to tM extent of tM rndebtedriess of tM Mortgagor to CM Association described Mrern or secured Mreby. tM ASSOCiatiOn is hereby subrogated to tM lien or tress and to the rights of tM owner and holder thereof of each and every mortgage. lien or other eixumdance on tM land described herein. which is pad and satisfied. rn whob or in part. out of tM proceeds of tM loan described Mrern or secured hereby. and the respective bens of sad mortgages. bens or other en- cumtxances. shall rte. and tM same end each of them hereby is preserved and shall pass to and be MId by tM Association Mrern as security for tM in- debtedness to tM Assocratron herein described or Mreby secured. to tM same extent that it would have been preserved and would have d3en passed to and been Mld by the Association had it been duly and regularly aSSigned. transferred, set over, and detrvered unto the AssOCiatiOn by separate deed of assignment. notwithstaridsng tM fact that tM same may be satisfied and cancelled of record. rt txing tM intention of iM parties hereto that the same will be satisfied and cancelled of record by tM holders thereof at a about tM time of tM record+ng of this mortgage 15 That it any of tM wins of money Mrern referred to be not promptly and fully pad within thirty (301 days next after the same severalty become due and payable. or if each and every tM stipulations, agreements. corditans and covenants of sa+d promissory note and this mortgage. or e+ttier, are not duly perfortni;d, com- plied with aril added by. tM aggregate vim unpad under card promissory note and tots mortgage shall become due and payable forthwith or thereafter. at the option of tM Association, as fully and completely ss rl said aggregate vim of money were originally stipulated to be paid on such day. anyth+ng in sad i promissory rate or Mrem to tM contrary nolwdhstanding 16 That m order to accelerate the maturity of tM indebtedness hereby secured because of tM failure of the Mortgagor to pay any tax assessment. hadhty. obliga- non or encumbrance upon sad property as herein provded. it sMll not be necessary nor requisite that the Association shall first pay the same 17 tf a conveyance should be made by tM Mortgagor of tM premises Mrem described. or any part hereof, and the grantee named in such conveyance fails or refuses to aswme tM payment of the obligation evidenced blr sad promissory note and secured by this mortgage. and m accordance with their respei:tive terms. and adds by tM rules and rsgulatiorts of tM Assocratron. rrtclyding payment o1 a reasonable transfer fee. than. and in that event. at the option aril upon i the demand of tM ASSOCiation all wins of money secured Mreby shall immediately become forthwith due and payable 18 That the abstract or abstracts of titb covering tM mortgaged property shall at all times. during the 6fe of [his mortgage. remain m the possession of tM S Association and. in event of tM forecbwre of tMs mortgage. a other transfer of title to the mortgaged property. rn extinguishment of the rrdebtedness secured hereby. all right. title and mtersst of tM Mortgagor in and to any wch abstracts of title shall pass to the purchaser or grantee 19 Should the vabddy or Gen of this mortgage. or tM rate secured thereby, be contested by btigabon or otherwise. the Mortgagor agrees to pay to tM Association the cost of deferrdirig tM same rnclirdrrg a reasonable attorney's fee 20 To pay all and srrtgular tM costs. charges and expenses- including attorney's fees reasonably incurred. or paid at any time by the Assocraton, because of the failure of the Mortgagor to perform, comply with aril abide by each and every the stipulations. agreements. corditens and covenants of sad promasory note and this mortgage. or either, and every wch (except for tM payment d tM monthly installment as required by the Promissory (Yore) shall bear rnterest from date at the rate of ten per cent (10'IW per annum until fully pad. 21 The Association shalt have tM right at arty trine and from time to time and without notice to or consent of any person to fort release any port,On of the premises from the I,en of this mortgage. Ib) release any person liable for payment of any indebtedness secured hereby. Icl extend the time of payment or alter tM terms of payment of elf a any part of tM iridebteiiness. without affecting or releasing tM personal tiabil+ty of any person liable (other than any person released par suant hereto) for the payment of any vim or mtersst secured hereby and without m any wise atteiing varying a dimmishmg the faces. effects. or hen of this mortgage on all tM prem+ses not spea(rcally released from the lien of this mortgage by the Associat+on 22 An a reement hereafter made Mort a and Assoc+atan ivies( to th,s mort a y g by g gor pu g ge shall be superior to the rights of the holder of any interven,ng hen or "s encumbrance 23 Gpon request of Mortgagor. the Association may. at ds sole option. from time to time. before full payment of all ,ndebtedness secured hereby make further ad- vances to Mortgagor. provided. however. that tM tool principal secured hereby and remaining unpaid including any such advances. shah not at any time ex- ceed the original principal vim secured hereby Mortgagor shall pay all such further advances with rnterest and the same shall be secured hereby Ali provisions of this mortgage shall apply to each further advance as well as to all other indebtedness secured hereby Nothing fierern contained. however. shall lrmst thq x amount secured by this mortgage rf wch amount rs intreaSed by advances made by the Association. as herein elsewhere provided for to protect the secunty~ a 24 In tM event the Mortgagor Mrern. or any wbsequeni Mortgagor. a any person or corporation owmriy any interest whatsoever, should encumber tM property Mrern mortgaged by err instrument commonly referred to and known as a "wrap-around mortgage'" without first obtasrnng the written consent of tM Associa- - bon. then. at tM option of tM Association. tM obligates secured by this Mortgage shat) immediately become due and payable ~ 25 To provide tM Association with Flood tnwrarice Coverage d tM real property is now a hereafter determined to be within a specie( flood hazard area as shown - - on Flood Hazard Boundary Map/Flood Iriwrarrce Nate Map as published by tM federal Insurance Administratan `f 26 At tM request of tM Mortgagor. tM Assocratron egress to waive tM prorrsrons of paragraph 4 relative to tM creation of a hazard mwrarice account, provided. however, that tM Association rsurns tM right. at its option. to re-insets wch provrsrons of sad paragraph 4 as an obligation of tM Mortgagor hereunder upon iM happernrig of any of tM (olbwing 3 A. failure to make arty paymsm required under tM terms of tM note on or before tM due date thereof B Failure to comply with tM rnwrance provisions of paragraph 3. a of any of the other terms and cosd,Uons of tMs mortgage or note. or with tM +nsurance requirements contained m tM dsclarabon of Cordomirnum and related documents should the mortgaged property be committed to coridommwm development C?-Nl-7i y Cp~~f~ M~cA ss a~(~a 1 i T ~