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HomeMy WebLinkAbout1523 4. Thal. in order to Drotecl more fully tM setunty of tMS mortgage. IM Mortgagor, topstMi wnh. and in addrtron to. tM montldY WYments under the terms of lr+e rwte secwrtd hereby. on tM specified payment date of each month until lM laid rwte is fully paid. will pay to tM Association the following sums . Isl An installment of tM taxes and atfessmenls lowed or to W lowed ape+nst tM premises covered by Ifus mortpalle. and an installment of ttirr premwm w pemiums that writ become due end PaYabh t0 renew tM insurance on tM premises covered hereby against b:~ by lire. and windstorm. as provided for by paragraph 3 preceding, a wch other Mzsrd as may wssonablY W requred by iM Association. and an installment of tM pwmium that wilt become dW and payable to renew tM mwtpipe +nsurante. it any Such installments shall be equal. respectively. to one-Iwellth Ilil2th) of tM es - timated premium Or ptsmiums for such inwrance. and taxes and assessments next due las ostimatsd by tM AstOCiatiOnl less all installments slreidy pa+d chorale. divdsd by tM numWr of months that are to elapse one month prior to tM date when such premium w premiums and taxes and • assessments will become dehngtrent TM Aswtiation. while applying such payments to inwrance premiums. taxes and assessments. belwe tM same become delirtquent. shall not pay inanst to 1M Mortpapor on wch funds. and all such payments may be commirtplrxl by tM Associatan with shy other wch furls a with rte own funds TM funds an pledged as adduional sKUnty for tM sums secured by this Mortgage and are wbtact to use by tM Associatan in payment of "late charpei • end bank collettan charges Ibl All payments mentioMd in the pretedinp wbsectiori d this paragraph and all payments to be made under tM note secured Mreby shall be added together and tM apprspate amount tMreol sMll bs paid by tM Mortpapor each month in a single payment to be applied by tM Association to tM folowing items in tM order set forth 1. Taxes. assessments. and inwrance premiums 2 "late charger and bank collection charges. unless pad in manner provided in paragraph 4 Isl 3 Interest on tM note secured hereby 4 Amortization of tM principal of Said note Any deficiency in tM amount of wch spprepate monthly payments shall, urdess paid by tM tiAwtgagw prior to tM due data of tM next such payment. oor?- stituts sn event d default under tM mortgage. Without waiver of any right. tM`Assotiation may collect a "late chaSgs" as provided in tM Note. 5 That it tM total d tM payments made by tM Mortgagor under lal of parsprsph 4 preceding shall exceed tM amount of payments actusUy made by tM Associatan for taxes and assessments and insurance premiums. ss tM case may be. wch excess sMll be credited by tM Association on subsequent payments to be made by tM Mortgagor If, however. tM monthly payments made by tM Mortgage under lal of paragraph 4 precitding shall not have been wfficient co pay taxes and assessments and inwrance premrums. as tM case may be. when tM same sMll become due end payable. tMn. tM /?SSOCiatron may. at its op- tion. immediately pay such taxes aril assessments and rnsursnts premium. and tM Mortgage shall pay to tM Association any amount necessary to make up the deficiency. and such payment SMII be due and payable within thirty (301 days after tM date of mail+np of notice by tM Association setting Iwth tM amount of such deficiency If, at any ame. tM Mortpa9or shall tender to tM Association. m accordance wnh tM povisans of tM note secured hereby. tau payment of tM enure indebtedness represented Mreby. the Associatan shall, m computing IM amount of wch indebtedness. credo to iM account of tM Mortgagor any balance remaining in tM funds accumulated under tM provisons of lal of psraprsph 4 6 To perms. commit a suffer ra waste. impaumeM a deterioration of Said property. or any part thereof, and upon tM failure of tM Mortgage to keep the buildings on sad property in good condition a repair and maintenance. tM Association may demand proper maintenance and tM immediate repair of said buildings. or an increase in tM amount of Security. Or tM immediate repayment of tM debt hereby secured. and tM failure of ttie Mortgagor to comply with said demand of tM Association for a period of thirty (301 days shall constitute s bleach of this mortgage. and. at tM optan of tM ASSOCiatiOn. immrdiately mature tM entire amount of principal and interest hereby secured. and tM Association immediately and without notice may institute proceedings to forecbse this mortgage and apply for tM spppntment of a receiver. ss Mreinsfter provided. and in case of tM refusal. neglect or inabiluy of tM Mortgagor to repau and maintain card property, tM Association may. at its option, make wch rspaus or cause tM same to be made. and advance moneys in that behalf 7 To perform. comply with and abide by each and wary tM stipulations. agreements. cixidiuons and covenants in card promissory rate and this mortgage set lath 8 To comply with tM wbdivisan restrictions and the municipal zoning ordinances applicable to the mortgaged property. not to erect a permit to be erected any new buildings on tM premises herein mortgaged M to add to Or permit to be added to. make or permit to to made. any structural alteratrons w any d tM ex- isting improvements thereon without tM written consent of IM Associatan, and in lM event Ot any wolatiori or attempt to valeta these stipulatrons. a any Ot them. this mortgage and sq wins secured hereby sMll immsdiateN become due and payable at tM option of tM Association 9 That in case of a default in any of tM terms of tMS mortgage and tM filing of a bill to foreclose this or any other mortgage encumbering tM within described property. the Association shall be entitled to apply. at any time without notice pending such foreclosure sort. to tM court having jurisdiction tMreol for tM ap- poiniment of a receiver of ell and singular tM morgaged property. end of all tM rents. incomes. profits. issues and revenues thereof, from whatsoever source derived. and. thereupon. tt is Mreby expressly covenanted and agreed that tM court shall forthwith appant a receiver of said mortgaged property. all and singular, and of such rents. incomes. profits. iswes and revenues thereof, from whatsoever source derived. with tM uwal powers and duties of receivers in like cases. and wch appwntment shalt be made by such court as a matter of strict right to tM Association- and wittaut reference to 1M adequacy a inadequacy of the value of tM property Mreby mortgaged. or to tM sdvency or insdvency o} tM Mortgagor- and that such rents. profits. incomes. issues. and revenues shall be applied by such receiver to tM payment of tM mortgage indebtedness. costs and charges. according to tM order of wch court 10 That in tM event tM ownership of tM mortgaged premises. or any part thereof, becomes vested in a person other than tM Mortgagor. tM Association may. without notice to tM Mortgagor. deal with wch successor or successors in interest with reference to this mortgage and tM debt Mreby secured. in tM same manner as with the Mortgagor, without in any way vitistirig or discharging tM Mortgagor's liability hereunder or upon tM debt Mreby secured No sale of tM premises Mreby mortgaged and no lorbearante on tM part of tM Association. and no extension of the time for IM payment of tM debt Mreby secured given by tM Association. shall operate to release. discharge. modify. cMnpe or affect tM original liability of the Mortgagor Mrein, either in while or in part t S That in tM event the premises Mreby mortgaged. Or any part thereof, shall be condemned and taken under tM power of eminent doma+n. IM Association shalt have tM right to demand that all damages awarded for tM taking d or injury to said premises shall be paid to the Association. its successors or assigns. up to the amount then unpaid on this mortgage. and may be applied to any sums last payable hereunder 12 That time is of the essence of this contract and that rip waiver of any obligation hereunder. w of the obigatioi secured hereby. shall at any time thereafter be Mb to be a waiver of tM terms Mreof a of the promissory note secured Mreby 13 In the event of any default in any of tM terms of tMS mortgage. or in tM note secured hereby. and acceleration by tM holder. or any otMr situatan that would cause tM interest paid a payable under tMS oblipstron to exceed the interest rate auttarrzed by law. then in such event all excess interest theretofore paid shat) tie credited to principal and all accrued and unpaid excess interest affect abate and shat: not be an obligation of the maker or of any other person 14 That to tM extent of tM indebtedness of the Mortgagor to the Assocraton described Mrein or secured hereby. tM Association is Mreby wbrogated to tM t:en a hens and to tM rights of tM owner and holder cheroot of each and every mortgage. lien or other encumbrance on tM land described Mrein. which is pad and satisfied. m whole or in part. out of tM proceeds of the Iwn described Mrein or secured Mreby. and tM respective liens of said mortgages. liens or other err cumbrances. shall be. and tM same and each d them Mreby is preserved and shall pass to and be Mld by tM Associaton harem as security for tM in- debtedness to tM Associatwn Mrein described or Mreby secured, to tM same extent that it would have been preserved and would have been passed to and been held by tM Association had rt been duly end repulsrly assigned. transferred. set over, and delivered unto IM Associatron by separate deed of assignment. ~ notwrthstaridirig tM fact that tM same may be satisfied and cancelled of record, it being tM intention of tM parties hereto that the same will t?e satisfied and cancelled of record by tM holders thereof at or about tM time of tM recording of this mortgage 15 That it any of tM sums of money herein referred to be not promptly and fully paid within thirty 1301 days next after the same severally become due and payable. or d each and every tM stipulatrons. agreements. cons+tions and covenants of said promissory note and this mortgage. or either. are not duly performed. coin- ! plied with and added by. tM aggregate sum unpaid under said promissory note and this mortgage shall become due and payable forthwith or thereafter. at the I option of the Associatron. as fully and completely as i1 said aggregate vim of money were originally stipulated to be paid on such day. anytfung in said ~ promissory note or herein to tM contrary notwithstanding 16 That in order to accelerate the maturity of the indebtedness Mreby secured because of tM failure of the Mortgagor to pay any tax assessment, liability. obliga- ~ lion or encumbrance upon said property as herein provided. it shalt rat be necessary nor requisite that the Association shall brat pay the same t 7 If a conveyance should be made by tM Mortgagor of 1M premises harem described. or any part hereof. and tM grantee named in such conveyance fails or refuses to aswme the payment of the obligation evidenced by Said promissory note and secured by this mortgage. and in accordance w+th tMir respective terms. and abide by the rules and regulations of tM Association. including payment o} a reasonable transfer fee. then. and in that event. at the option and upon the demand of the Association all wins of money secured hereby shall immediately become forthwith due and payable ~ t 8 That iM abstract or abstracts of title covering tM mortgaged property shall at all times. during the life of this mortgage. remain in the possession of the Association and. in event of the (weclowre of this mortgage. or other transfer of title to the mortgaged jxoperty. in extinguishment of tM indebtedness secured hereby. all right. title and interest of tM Mortgagor in end to any such abstracts of title shall pass to tM purchaser or grantee 19 Should tM validity or lien of this mongage. or tM note secured thereby, be contested by I+tigatiOn or otherwise. the Mortgagor agrees to pay to tM Association the cost of defending tM same including a reasonable attorney's tee 20 To pay all and sirigufar tM costs. charges and expenses, including attorney's tees reasonably incurred. or paid at any time by IM Association. because of the failure d the Mortgagor to perform, comply with and abide by each and every tM stipulations. agreements. conditions and covenants of said promissory note and this mortgage. or either. and every wch (except for tM payment of tM monthly installment as requred by the Promissory Note) shall Mar interest from date at the rate of ten per cent (1096) per annum until fully paid 21 The Association shalt have the right at any time and from time to time and without ratite to or consent of any person to {al release any portion of tM premises from tM lien of this mortgage. Ibl release any person liable for payment of any indebtedness secured hereby. Icl extend tM time of payment or alter tM terms of payment of all or any part of the indebtedness. without affecting or releasing tM personal I+ability of any person liable (other than any person released pur- suant hereto) for tM payment of any vim or interest secured hereby and without in any wise altering. varying. or d+minishing tM faces. effects. or lien of this mortgage on all tM premises not specilically released from the lien of this mortgage by the Association 2 2 Any agreement hereafter made by Mortgagor and Association pursuant to this mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance i ~ 23 upon request of Mortgagor. tM Association may. at its sole optan- from time to time. before full payment of all indebtedness secured hereby. make further ad- vances to Mortgagor. provided. however, that the total principal secured hereby and remaining unpaid. including any such advances. shall not at any time ex- by provisions ~ Geed the original principal vim secured Mreby Mortgagor shall pay all such furtMr advances with interest and the same shall be secured here All 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 s amount secured t>?r this mortgage d such amount rs increased by advances made by tM Association, as herein elsewhere provided for to protect tM security 24 In tM event the Mortgagor Mrein, or any wbsequent Mortgagor. or any person w corporatan owning any interest whatsoever. should encumber tM property harem mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage" wittaut fast obtaining tM written consent of tM Associa- lion. then. at tM option of tM Association, the obligation secured by this Mortgage shall immediately become due and payable 25 To provide 1M Association with Flood Inwrance Coverage d the real property is now w Mreafter determ+ned to be within a special flood hazard area as shown on Flood Hazard Boundary Map/Flood Insurance Rate Map as published by tM Federal Inwrance Administration 26 At tM request of tM Mortgagor. the Associston sprees to waive tM provisons of paragraph 4 relative to tM creation of a hazard insurance account. provided. ~ however. that the Association retains tM right. st its option. to re-instate such provisions of said paragraph 4 as an obligation of tM Mortgagor hereunder upon tM happening of any of tM fdbwinp ~ A failure to make any payment required under tM terms of the note on or before tM due date thereof. B Failure to comply with tM mwrsnce provisions of paragraph 3, or o1 any of tM other terms and tpndibons of this mortgage w note. or with tM inwrsnce requirements contained m tM Declaration of Condomirnum end related documents should tM mortgaged property be committed to coridominwm development ICI-NI-76 M.LCA 42 (,i .,y k •t ~ - :t"x ~ -