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HomeMy WebLinkAbout1508 4- That. rn order to protest more (ally ttte security of ttrs metpape. tM Mortgage. topetMr with and rn addition to. tM monthly payments undo ttw terms of the ' note secured Mreby. on tM specdred payrrNrtl daa OI each month until 1M sad noes rs fully pad. vest pay to 1M ASSOCration tM lottowrnp aums Isl An rnslallrrtent Of tM laxef and asaesSmMls tarred or t0 be Nomad aparnst 1M pemrses covered by cline metpage. and an installment of ttw premium or pemwms that wrN become due and PaYabN to nMw tM mwrance on tM pemrses covered Mreby against b:.>. by Irre, and wrndstem as graveled for by paragraph 3 pracedrrtp. or such otMr Mtsrd as may reasonably W requued by tM Assocratron. and an installment of tM premium that wrtl txscoms dw and paYaDN to rer»w tM mefpape insurance. it any Such installments shall bs equal, respectively to orre twelhh (1112th) of tM es trmatsd premium or premiums /or such nnwrarxe. arts texas and assessments next due Ias estrmstsd by tM Assocratronl Nss all installments already pad therefor. drvrded by tM numWr of month that era to elapse e» month pyre to tM date wMn such premium or prernrums and taxes end assessments will becort?e delrngtrent TM Assxratron. while applyutp such paymeMS to rniurartte premiums. taxes and assessments. balsa 1M same be:orrte delinquent. shall riot pay rntNesl to tM Metgapor On such funds. and all such payments may be tommrnpted by tM Associatan with any other such funds a with its own funds TM funds era pkdped as addrtronal secwrty for iM wing secured by this Matpage and are wgect to use by tM Associstan n payment of °laa cMrpei' and Wrrk collection cMrpss Ibl Au payments mMlreNd in the precedrnp wbsectron of cline paragraph and all payments to lte made under tM noN secured Mreby shall be added together and tM spprepau amount tMreol shall be pad by tM Metpapor exh month in a single payment w be applied by tM Association to tM lolbwinp items in tM order sat forth 1 Taxes. assessments. and inwrsncs premiums 2-'Late charges-' and bank collection charges. unless pad rn manner provded tit paragraph 1 tat 3 Interest on tM rate sscwrd Mrsby 1 Amea:atron of the pincipal of sad note Any deficiency in the amount of such aggregate monthly payments shah. artless pad by IM Metgago+ prior to tM due date of tM next such payment. ~ori- stitute an event of default under tM metpage. Without waiver of any rrpht. the Associatan may collect a '"late charge" as provded m tM Nots S That rf tM total of tM piYmsnts made by tM Mortgagor under lal of paragraph 4 pecrsding sMN exceed tM amount of payments xtualty made by tM Association for axes end assassmer+ts and insurance premwms. as 1M ass may bs. such excess shall be credited by tM Association on subsequent payments to be made by tM Mortgage It, however. tM monthly payments made by tM Metpape under Isl of paragraph 4 preced,np shall not have been wfhcient to pay taxes and assessments and inwance prsmrums. as tM ass may be. wMn tM same shall become due and payable. then. tM Assocrauon may. at us op trOrt. immediately pay such taxes and assessments and inwrance premwm. and the Mortgagor shah pay to the AsSOCistron any amount necessary to make up tM delicrenCy. and wch payment shall W dw end paysbN wrttun thirty 1301 days attar tM date of marling of notice by tM Assocratron setting Iwth 1M amount of wch defiaerrcy. It, at any tirtte. tM Mortgagor shall ender to tM Association. in xcedence with tM provisions of tM note secured hereby. full payment of the enure indebtedness rspressMed Mreby. tM Association shall. rn computirrp the amount of such indebtedness. crrdit to the account of tM Mortgagor any balance remarnrrt~ in the furls accumulated under tM provrsionf of (al of paragraph 4 6 To permit. commit or suffer no waste. rmparrment or deterieation of sad property. a any part thereof, and upon tM tartars of 1M Mortgage to keep tM burldrngs on sad property in good crlndrtron d repau and maintenance. tM Associalron may demand proper maintenance and tM immediate repau of sad buildings. a an increase in tM amount of security. a tM immediate repayment of 1M debt hereby secured. and tM festive o! tM Mortgagor to comply with card demand of tM Assocution for a period of thirty 1301 days sMll conshtuts a breach of ttus mortgage. and, at tM option of tM Association. nmmediately mature tM enure amount of principal and interest Mreby secured. and tM Association immediately end witlaut rtotite may institute proceedrngS to feecbse this mortgage and apply fe tM appentment o(s veteran, as Mrsinahar provded: end in case of tM ralusal, neglect a inabrbty of tM Mortgages to repair and maintain sad property. tM Assoc,stan may. at ris option. make such repairs or cause tM same to be made. and advance moneys in that behalf 7 To perform. comply with and abide by each and very tM stipulations- sgreaments. conditions and covenants in sad promrssey note and tMS mortgage set forth 8 To comply with tM wbdwsion restrictans and tM municipal zonrnp ordinances apphcade to tM mortgaged property. not to erect a permit to De erected any new buildings on tM premises herein mortgaged or to add to or permit to bs added to. slake a perms to be made. any structural aheratrons to any of tM sx- rsung ~mprovemeMS thereon without tM written consent of tM Association. and in tM event of any vrolaUOn or anempt to violate 1Mse stipulations. or any of them. this mortgage and aN sums secured hereby shell immediately become due and payable at tM option of iM Associsuon 9 That in case of a default in any of tM terms of this mortgage and tM 6hrig of a bill to feecbse tMs a any other mortgage encumbering tM witMn deathbed property. tM Association shall be entitled to apply. at any trine witliOtrt ratite pending Such torecbwre suit. t0 tM court having lunsdretion thereof for tM ap~ pantment of a receiver of aN and singular tM moripapsd property. and of all tM rents. incomes. profits. levees and revenues thereof. from whatsoever source derived. and. thereupon. it is Mreby expressly covenanted and agreed that tM court shall torthwah appoint a receiver of sad mortgaged property. aN end singular. and of such rents. incomes. profits. levees and rwenues thereof. from whatsoever source derived. with tM uwat powers and duties of receivers in like cases. and wch appentment sMll be made by such court as s matter of strict right to tM Association. and without reference to tM adequacy or inadequacy of the value of tM property hereby mortgaged. or to tM solvency or insolvency of the Mortgagor. and that such rents. profits. incomes. levees. and revenues shall be apptrtd by wch receiver to the payment of tM mortgage indebtedness. costs and charges. according to tM order of wch eouet 10 That in tM event tM ownership of tM mortgaged premises. or any part thereof. becomes vested m a person otM? than the Mortgages. the Association may. wrthOUt notrce to iM Mortgagor. deal with wch successor a successors m rnterest with reference to this mortgage and tM debt Mreby secured, in tM same manner as with the Mortgagor. without m any way vitiating a disCMrping tM Mortpape's 6abihty Mreunder or upon tM debt hereby secured No sale of the premises hereby mortgaged and no lorbesrance on tM part of the Association, aril no extension of tM time for tM payment of tM debt hereby secured given by the Assocratan, shall operate to release. discharge. modrly, cMnge a affect tM eiginal Iiabrlrty of the Mortgagor Mrein. erther m whole a in part t 1 That m the event tM prerruses hereby mortgaged. or arty part thereof. Shall be condemned and taken under tM power of enunent domain. the Associatan shah have iM right to demand that all damages awarded le tM tak,rtg of a injury to sad premises shall be pad to tM Association. its wccessors or assigns. up to the amount then uripad on this rriortpape end may be applied to any wins Iasi payable hereunder 12 That trine is of the essence of this contract end that r1p waiver of any Obl+gatiOn hereunder. Or of the oblrgatier secured hereby. shall at any trine thereafter Oe held to be a waiver of tM terms Mreof or of tM promissory rate secured hereby 13 In the event of any default rn any of the terms of clue mortgage. a in tM note secured hereby. and acceleration by tM holder. a any other situation that would cause the interest yard or paYabk under ills Obligation to exceed the interest rate autheized M law. then in such event all excess rnterest theretofore pars shall be credited to principal and all accrued and tinged excess inarsst shah abate and shah not be an obligation of the maker or of any other person 14 That to tM extent of tM indebtedness of tM Mortgagor to tM Association dsscnfxd Mrem or secured hereby. tM Assocretrorr rs hereby wbrogated to tM hen or bens and to tM rights of the owner and holder thereof of each and every mortgage. IrM or other ericumbrarice on the land described herein, wiirch is pars and satisfied. m whob or in part. out of ilia proceeds of tM loan described Mrein or secured Mreby. and the respective hens of card mortgages. Irene or other en- cumbrances. shall be. and the same and each of them Mrsby is preserved end Shah pass to and be held by tM Associa[ipn Mrein as security for tM rn- debtedness to tM. Associatan Mrein described or hereby secured. to tM same extent that it would have been preserved and would have been passed to and been held by tM Assooatan had it been duly and regularly assigned. trarislerrird. set over, and delivered unto the Association by separate deed of assignment. ratwithstaridrrig the fact that tM same may be sebsfied and cancelled of record. rt being tM rntenuon of the parties hereto that the same vest be satisfied and cancelled of record by tM holders thereof et or about tM Ume of the recording of this mortgage i 15 That i} any of the sums of money harem referred to De not promptly and fully pad Mnthrn thirty 130) days next after the same severally become due and payable. i or rt each and every tM stipulations. assssments. cordrtrOns and covenants of said promissory rate and cline mortgage. or erther. are not duly performed. com- plied with and added by. the aggregate sum tinged under sad promissory rate and inns mortgage shall become due and payable forthwith or thereafter. at the option of the AssOCratiprr, as fully arts completely as if aid aggregate win of money were orrgrnally stipulated to be pad on such day. anythrrrg rn sad prom+ssOry note a herein to tM contrary notwrthstandinp 16 That m order to accelerate the maturity of the indebtedness MreDy secured because of the fanfare of the Mortgagor to pay any tax assessment. Irabhty. oblrga Uon or encumbrance upon sand property as Mrein provided. rt shall not be necessary nor reqursrte that the Assoc+ation shall first pay the same i 7 If a conveyance should be made by the Mortgagor of tM premises herein described. or any part hereof. and the grantee named rn such conveyance fads or refuses to aswme the payment of the i7blrgatrOn evidenced by sad promissory note and secured by this mortgage. and rn accordance with their respective terms. and abide by tM rah>s and regulations of tM Assocratwn. rncludrnp payment of a reasonable transfer lee. then. and rn that event. at the option and upon ~ the demand of the Association all sums of money secured Mreby shall rmmedrately become forthwrth due aril payable 18 That the abstract or abstracts of title covering the mortgaged property shall at all trines. during the t+le of cline mortgage. rema+n in the possession of the Assocrat+oe and. rn event of iM foreclowre of this mortgage. a otMn transfer of true to the mortgaged property. in extrngurshment of the rdebtedness secured hereby. all right. title and rnterest of tM Mortgagor in and to any wch abstracts of true shall pass to the purchaser w grantee 19 Should the valdrty or ben of this mortgage. or tM note secured thereby. be contested by hugaUOn a otherwise. the Mortgagor agrees to pay to the Assocrauon the cost of de/erdrng the same iricliidirip a reasonable attorneys fee 20 To pay aN and srngular the costs. charges and expenses. nncluding attorney's tees reasonably recurred. or pars at arty Ume by the Assocratan, because of the cedars o1 the Mortgagor to perform. comply vnth and abide by each and every the stipulations. agreements, coedrtrons and covenants of said promissory rate and this mortgage. or erther. and wary wch (except for tM payment of tM monthly iestallment as required by the Promissory Note) shall bear rnterest from date at the rate of ten per cent (10911 per annum until fully pad. 21 The Assocratron shall have the right at any bme and from trine to trine and without notrce to or consent of any person to {al re~ease any port+on of the premises ~ from the ben of this mortgage: IDl release any person liable for payment of arty indebtedness secured hereby. Icl extend the Ume of payment or alter the terms 01 payment of all or any part of the indebtedness. without effecting a rekasirip iM personal Irabrbty of any person Irable lother than any person released pur- want hereto) for the payment of any sum a rnterest secured hereby end wrthOUt in any verse altering. varying. or d+mrnishing the Ieces. effects. or Iran o1 tMs mortgage on all the premrSes not zpeCdreally released from the ben of this mortgage by the Assocra!rOn 22 Any agreement hereafter made by Mortgagor and AssociaUOn purwant to cline mortgage shah be supene to the rights of the holder of any mtervemng ben or encumbrance 23 upon request of Mortgagor. the Associstron may. at its sole option. from bme to trine. before full payment of all indebtedness secured hereby make further ad a varies to Mortgagor. provided. however, that tM coal principal secured hereby and remaining angers. includ+ng any such advances. shall not at any Ume ex- 4 teed the origrna! pnricipal sum secured Mreby Mortgagor sMll pay all such further advances with rnterest and the same shall be secured hereby All provisions of ihrs mortgage shall apply to each further advance as well ss to all other indeb[edness secured hereby Nothing herern contained. however. shall Irmit the amount secured by ihrs mortgage rf such amount is increased by advances made by tM AssocraUOn. as herern elsewhere provided le to protect the security 24 In tM event the Mortgagor herein, or any wbsequent Mortgagor. or any person or corpeation owmrig any interest whatsoever- should encumber the property ' Mrem mortgaged by an iristiument commonly referred to and known as a "wrap-around mortgage without first obtarmrig the written consent of the Associa iron. then. at tM option of tM Association. the obligation secured by this Mortgage shall rmmed+ately become due and payable a 25 To provide iM Association with Flood Inwrarice Coverage H the real property is raw or hereafter determined to be within a spatial flood hazard area as shown on Flood Hazard Boundary Map/Flood Irrswance Rate Map as pudrshed by the Federal Inwrance Admm+stration N 28 At tM request of the Mortgagor. tM Association egress to wave tM provisions of paragraph 4 relative to the creation of a hazard inwrance account. provided. however, that the Association reams tM right, at its option. to rs-instate wcA provisans of sad paragraph 4 as an oblipatan of tM Mortgagor hereunder upon tM happening of any of the tdbwing A Parlors to make arty payment required under tM terms of the note on or before tM due date thereof. 8 Failure to comply vnth tM mwrsncs provisions of paragraph 3, or of any of tM other terms and condrtans of tMs mortgage a note. or wdh tM insurance nequrtsments cantsiried in the Osclantion of Condomirnum and related documents should the mortgaged property be committed to condomrruum dwebpment ~ iCI-NI-7i M~ CA 12 • ~ R ~~~15t1s . 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