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HomeMy WebLinkAbout1473 1• That. in order tc wotxt more fully tM sxunty of this metgage. tM Mortgage. togetMr with. and in additan to. ttw monthly payments under tM terms of ;ne note secwed MrebY• on tM spxd+ed payment date of exh month until tM sail note is fully pad. will pay to tM Associaton tM Iollowuig sums tort An installment of tM taxes and sssessments levied a to be levied painst tM premises covered by ttus mortgage. and an +nstatlment of the prsmwm a premiums tMt vine become dw and payable to reMw tM inwrance on tM premises covered hereby against b:>, by hrs. and w+ndstem. as provided to by paragraph 3 preceding. a such other hazard as may reasonably be rpwred by tM Assocutan. and an installment of tM premium that wilt become due and payable to renew tM metgage inwrance. d any Such installments sMll Oe equal, respxtivety. to one"twelhh (1112th) of tM es timated premium a premwms for such inwrance. and lases and assessments next due lss sst+mstsd by tM Assocratanl kss all installments already pad therefor. dvided by tM number of month that are to elapse one month War to tM date wMn suM premwm a prenuums aril taxes and assessments wiM become debriquent TM Associaton. wMN applying such payments to inwrsnce premwms. axes and assessments. Dstee tM same become debngwnt. sMll not pay interest to tM Mortgage on wch funds. and all such payments may bs commingled by tM Associatiat with any other such funds or with us own funds TM lands an pledged as additiortal sxurity le tM sums secured by tMs Mortgage and are wgect to use by IM Associaton in payment of °late chargei' and bank cdlxtan charges Ib1 A8 payments rrientiorted in the preceding subsxtan of tMs paragraph and all payments to be made under tM note secured hereby sMll be added together and tM aggregate amount tMreol shall be pad by tM Metgage exh month m a singbz payment to be applied by tM Association to tM folbwing items in tM order set forth. 1 Tasss. assessments. and inwrancs pentiums 2 "late charges'- and bank colbctan charges. unless paid in manner provided in paragraph 4 tort 3. Interest on tM noq secured Mreby 4 Ametizatan of tM prir?crpsl of sad rats Any deficiency in tM amount of wch aggregate monthly payments shay. artless pad by the Mortgagor pray to tM due date of tM next such payment, con- stitute an event of default under tM mortgage. Witl?out waiver of any right. tM Association may collect a "bte charge" ss provided in the Note. - 5 TMt it tM total of tM payments made by tM Mortgagor under tort of paragraph 1 pecsdrnp sMtl esceed tM amount of payments actually made by tM Associstan for taxes and assessments and inwgncs premwmf. as tM case may De. wch excess shall be credited by the Associatan orr subspwnt payments to be made by tM Mortgagor. N. However. tM monthly payments made by tM Mortgagor under la) of paragraph 4 prxed+ng shalt not have been wfhaent to pay taxes and assessments and inwrance prsmwms. as tM case may be. when iM same shall become due and payable. then. the.Association may. at its op tan. immediately pay such taxes and assessments and inwrance premwm. and tM Mortgagor sMll pay to the Association any amount necessary to make up tM deficiency. and such payment sMll be due and payable Nnthin thirty 1301 days aher tM date of marling of notice by tM Association sarong lurch the amount of wch defrciericy If. at any time. tM Mortgage shall tender to the Assocutan. in xcedance wnh tM provisans of tM note secured Mreby. fuu payment of tM enure indebtedness represented hereby. tM Associston shall. in cenputing tM smount of such indebtedness. credit to tM account of tM Mortgagor any balance remaining in the lards accumulated under tM prowsans of tort of paragraph 4 6 To permit. commit a w(fsr ra waste. impairment a detsraration of said property. a any part thereof, and upon the failure of tM Mortgage to keep the buildings on sad property in good condition a repair and msintensncs. the Association may demand proper maintenance and tM immediate repair of sad buildings. a an increase in tM amount of sxurity. a tM immediate repayment of tM debt Mreby secured. and the failure of tM Mortgage to comply with sad demand of tM Assrxistan to a period of thirty 1301 days sMll constitute a brexh of this mortgage. and. at tM option of the Association. immediately mature the enure amount of principal and interest hereby secured. and tM Associaton immediately and without nonce may institute prOCeedrngs to teecbse tMs mortgage and apply fe tM appantmsnt of a receiver. as Mreinsher provided. and in case of the refusal, neglect a inability of tM Mortgages to repair and maintain sad property. tM Associaton may. at its opton. make such repairs or cause tM same to be made, and advance moneys in that behalf 7 To perform. comply with ar?d able by sxh and every tM supulatans. agreements. cWtditions and covenants +n said promissory note and tMs mortgage set lath 8 To comply with tM wbdmsan rsstrictans and tM municipal zoning ordinances applicable t0 the mortgaged property. not to erect a permit t0 be erected any new buildings on tM premises Mrein mortgaged a to add to a permit to bs added to. hrake a permit to M made. any structural alterations to any of tM es- rsting improvements thereon without tM written consent oTtM Associaton: and in tM event of any violat+on or attempt to vacate tMse stipulatons. a any of them. tMs mortgage and all sums secured Mrsby shall immediately become dw and payable at the opton of tM ASSOCiatan 9 That in case of a default in any of tM terms of tMS mortgage and tM filing of s bill to teecbse this a any other mortgage encumbering the within described property. the Associaton shall be snarled to apply. st any Ume without notice pending such feecbwre wu. to tM court having lunsdiction thereof le the ap- pointment of a receiver of all and singular tM mortgaged property. and of all tM rents. incomes. profits. issues and revenues thereof. hom whatsoever source derived. and. thereupon. it is Mreby espressly covsMnted and agreed that tM court shall fethwith appant a receiver of sad mortgaged property. all and s+ngutar- and of such rents. incomes. profits. iswes and revenues thertol, from whatsoever source derived. with tM usual powers and duties of receivers in like cases. and such appantment shall be made by such court as a matter of strict right to the Association. and without reference to the adequacy or inadpuacy of the value of tM property Mreby rriortgaged. a to tM sohrency or insdvency of the Mortgages. and that wch rents. profits. incomes. issues. and revenws shat) be applied by wch receiver to tM payment of the mortgage indebtedness. costs and charges. according to tM order of wch court 1 O TMt m the event tM ownership of tM mortgaged premises. o? any part thereof. becomes vested m a person other than the Mortgagor. tM Associaton may. without ratite to tM Mortgage. deal with wch successe a successes in interest with reference to the mortgage and the debt Mreby secured. in the same manner as with the Mortgagor. without in any way vitiatirp a discharging tM Mortgagoi s habibty hereunder or upon the debt hereby secured. No sale of the premises hereby mortgaged and no febasrance on tM part of tM Association. and no extension of tM time for tM payment of tM debt Mreby secured given by [M Association. shall operate to release. discharge. modify. cMnge a affect tM original liability of tM Mortgagor harem, either m whole a in part 1 1 That in the event the premises Mreby rrartgaged. a any part thereof. shall be condemned and taken under the power of eminent domain. tM Associaton shall have tM right to demand that all damages awarded for the taking of a injury to said premises shall be pad to tM Assocrauon. its wccessors or assigns. up to the amount then unpaid on this mortgage. and may be applied to any wins last payable hereunder 12 That trrt+e is of the essence of tMS contract and that no waiver of any obligation hereunder. or of the oblrgatrar secured hereby. shall at any t+me thereafter be held to be a waiver of tM terms Mrsot a of tM promissory note secured Mreby 13 In the event of any default in any o1 tM terms of this mortgage. e m the note secured hereby. and acceleratrai by tM holder. a any other situation that would cause the interest paid or payable under this obligator to exceed the interest rate authorized by law. then in wch event all excess interest theretofore paid shall be credited to principal and all accrued and unpad excess interest shall abate and shall not be an OblrgatrOn of the maker a of any other person. 14 That to the extent of tM indebtedness of tM Mortgagor to tM Association described harem or secured hereby. tM Assocwtan is hereby wbrogatad to the ben e bens and to tM rights of tM owner and holder thereof of exh and every mortgage. lien a other encumbrance on the land described Mrein- which is pad and sausfred. m while e in part. out of tM proceeds of the ban described Mrein or secured Mreby. and the respective hens of said mortgages. bens or other en- cumbrarxes. steal! be. and tM same and each of them Mrsby is preserved and sMll pass to and be Mld by tM Associatan Mrein as security (e tM in- debtedness to tM Associaton herein described a hereby secured. to tM same extent that rt would have been preserved and would have been passed to and been Mb by tM Association had it been duly aril regularly assigned. transferred. set over. and delivered unto iM Associaton by separate deed of assignment. notwithstard+ng tM txt that tM same may be satisfied and cancelled of record. it being tM mtentan of tM parties hereto that tM same will be satisfied and cancelled of record by tM fw{ders thereof st a about tM time of tM recording of this mortgage 15 That if any of tM wins o1 money Mrein referred to be not promptly and fully pad within thirty 1301 days next after the same severally become due and payable. i or d each and every tM stipulations. agreements. condrtans and covenants of sad promissory note and this metgage. a either. are not duly pertained. com- plied with and abded by. tM aggregate sum unpad under sad promissory note and this mortgage shall become due and payable forthwith or thereafter, at tM option of tM Association. as fatty and completely as it sad aggregate sum of money were argrnaFly stipulated to be paid on such day. anyth+ng m said promissory note or herein to tM contrary notwithstanding 16 That rn order to accelerate the maturity of tM indebtedness Mreby secured because of tM failure of the Mortgagor to pay any tax assessment. liab+lity. Oblrga- iron a encumbrance upon sad property as Mrein provided, it shall not be necessary nor requrs+te that the Association shall first pay tM same 17 11 a conveyance should be made by tM Mortgagor of tM premises Mrein described. or any part hereof. and tM grantee named in such conveyance fails a refuses to aswme tM payment of tM obligator evidenced by said promissory note and secured by th+s mortgage. and m accordance w+th tMrr respective terms and abide by tM rules and regulators of tM Associatan. including payment of a reasonable transfer tee. then. and rn that event. at tM option and upon 1 tM demand of tM ASSOCiation all sums of money secured Mreby sha0 immediately become forthwith due and payable 1 1 i3 That the abstract a abstracts of title covering the mortgaged property shall at all times. dwrng tM life of this mortgage. remain m tM possession of the Association and. in event of tM faecbwre of this mortgage. a other transfer of title to tM mortgaged property. in extinguishment of the indebtedness secured Mreby. all right. title and interest of tM Mortgagor m and to any wch abstracts of title shall pass to the purchaser or grantee t 9 Should the validity a hen of this mortgage. a tM note secured thereby, be contested by litigation a otherwise. the Mortgagor agrees to pay to tM Association tM cost of delend+ng tM same including a reasonable attorney's fee 20 To pay aN and singular tM costs. charges and expenses. including attorney s fees reasonably incurred, or paid at any time by tM Association. because of the failure of tM Mortgagor to perform. comply with and abide by each and every tM supulatons. agreements. condrtans and covenants of said promissory note and this mortgage. neither- aril every such (except (a tM payment of tM monthly installment as required 6y the Promissory Note) shall bear interest from date at tM rate of ten per cent (109L1 per annum until fully paid. 21 The Association shall have tM right st any time and from time to time and vnthout notice to or consent of any person to Ia1 release any portion of the premises from tM lien of this mortgage, lb) release any person liable for payment of any indebtedness secured hereby. Icl extend tM time of payment or alter the terms of payment of alt a any part of tM indebtedness. without affecting a releasing tM personal liability of any person liable (other than any person released pur- want hereto) for tM payment of any vim a interest secured hereby and without in any wise altering. varying. or drmrn+shrng the (aces. effects. or Iran of this mortgage on all tM premises not spxi(ically released from the ben of this mortgage by the Associaton 22 Any agreemem Mreaher made by Mortgagor and Association pursuant to this mortgage shall be superior to the rights of the holder of any +ntervening hen or - encumbrance i 23 upon request of Mortgage. the Associatan may. at its sole option, from time to time. before full payment of all indebtedness secured hereby. make further ad- yentas to Mortgagor. provided. however, that tM total principal secured Mreby and remaining unpaid. including any such advances. shall not at any trine ex teed the original prmapal vim secured hereby. Mortgagor shall pay all such further advances with +nterest and tM same shall be secured hereby All provisans i of this mortgage shall apply to each further advance as well as to all other indebtedness secured hereby Nothing herein contained. however. shall limit tM amount secured by this mortgage rt such amount is rrxreased by advances made by tM Association. as herein elsewhere prov+ded for to protect the security 24 In tM event tM Mortgage Mrein, a any wbsequent Mortgagor. a any person a corpaaton owning any interest whatsoever, should encumber tM property Mrein mortgaged by an instrument commonly referred to and known as a"'wrap-around mortgage" without first obtaining the written consent of the Assoua- tion. then. at tM option of the Association. tM obligator secured by this Mortgage shaft immed+atefy become due and payable 25 To provide the Association with Food Inwrance Coverage if [M real property is raw a Mreafter determined to be witMn a special fbod hazard area as shown on food Hazard Boundary Map/Flood Insurance Rate Map as published by the Federal Inwrance Adminrstratan ~ 28 At tM request of tM Mortgagor. iM Associatan agrees to waive tM provisans of paragraph 4 relative to tM creation of a hazard insurance account. provided. ~ however. that the Asstxistan retains tM right. at its option, to rs•ir+fUte such p?ovisions of sad paragraph 4 as an obligation o(tM Mortgagor Mreundsr upon tM happening of any of tM fdbwing: A Failure to make any payment rpuired under tM terms of tM note on a before tM due date thereof ~ B Failure to comply with tM inwrance provisions of paragraph 3. a of any of tM other terms and cond+tions of this mortgage a note. or with tM inwrarxe requirements contained in tM Dsclaratan of Condominium and related documents should tM mortgaged property be committed to condominium devebpment. tc?-mat 3n~r t~.1~ PaC~1471 fi MLCA 12 - - } -