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HomeMy WebLinkAbout2440 4. That. in order to protect more fuNy the seeunty of eMS rnortgags. IM Mortgagor. together wrtA ar,d +n addit+un to the monthly payments under ter teens of v,e note secured hereby on iM specfied paymMl daq of mach nWr,tA until tM sad note is fully pa+d w+u pay w Irw Assoc+auw, the IWluwu+y sums lal An ustallmanl of the !sass and assessments levied w to W Isv+ed against tl,s prem+ses covered by the murtya~le a,w1 an mstaUment of lr,e Ixemwm w premwms that will become due and payabh l0 reMw lM inwrance on the prem+sss Covered hereby dyaust b1a by f+re aril windstorm ds prov+ded for by Paragraph 3 DrKeding. w wch otMr hazard as may reasonably bs requued by the Assaaation. aril an instauinent of the premwm that will become due and payabN to renew tM n,ortgaps mwrance. d any Such +nsbllmenis shall bs equal. respectively to w,e twelfth I1: i2tA1 Of the es t+mated premium w premiums 1w sucA inwrancs. and taxes and assessments next due !as esl+n,ated Dy the Assoc+at+onl less au installments already pawl tAerelw divided by 1M number of months that era to elapse oM month prwr to tM date when such premrom w premwms aril cases aid assessrnsnts will become dehrtquMt TM Astrociatron. wtuN applying such payments to inwrance prem+ums taxes and assessments. before the same become delinquent. shall not pay interest to tM Mortgagor on wch funds. and all such Payments may be comminyled by the Assoeaat+or, w,th any other sucA funds w witA rts own funds The funds •n pledged as additiw,al securely Iw the sums secured by tMS Mortgage and are subject to use by the Association in payment of "late charges' and bank collection charges Ibl All payments msntionad :n (M preceding wbsectron of this paragraph and all payments to Ge made under the note secured hereby shall be added together and the aggregate amount thereof shall bs pad by the Mortgagor eacA montA m a S,nyle payment to be appl+ed by the Assoc+ation to the fulbwing items in the order sat fwlA 1 Taxes. assessments. and +nwrance pemrums 2 late charyes aril bank collection charges. unless pad m manner provided m paragraph 4 lal 3 Intasst on the note secured hereby 4 Anwrtization of the principal of sa+d rrote Any dehcierxy m the amount of sucA aggregate monthly payments shall. unless pad by the Mortgagor pew to the due date of the next such payment. coin statute an event of default under the mortgage Without waiver of any right the Associatron may u>tlect a ~ late charye" as provided rrt the Note 5 That rl the total of the payments made by the Mortgagor under (al of paragraph 4 preced+ng snau exceed the amount of payments actually made by the Assoc+aton for taxes and assessments and insurance prsmwms. as the use may be. such excess shall be credaed by tr,e ASSOC+ation on subsequent payments to he made by the Mortgagor 11. however. the monthly payments made by the Mortgagor under la! of paragraph 4 pre:.eding shall not have been sufficient to pay tares and assessments and inwrance premwms. as the case may be. when the same shall become due and payable. then. the Association may. at +ts op huh immediately pay such taxes and assessments and mwrance premium, and the Mortgagor shau pay to the Assuciaton any amount necessary to make up the deficiency. and wch payment shall ba due and payable within thirty 130! days after the date of ma+ling of notice by the Association se:t+ng Iwth the amount of such dehaency If, at any tans. the Mortgagor shall tsnWr to the Association. m accordance with the pruws+ons of the note secwed hereby lull payment of the enure indebtedness represented Mrsby. the Association shalt. m computing the amount of such indebtedness Ueda to the account of the Mortgagor any balance remaining in the funds accumulated under the prOVisrOns of lal of paragraph 1 6 To permit. commit w wffer no waste. impanment w deterroratron of said property. w any part thereof. and upon the failure of [he Mortgagor 10 keep the buiW+ngs on sad property in good cOnditron w repan and maintenance. tAe Association may demand proper maintenance and the immediate repair of said buddu,ys. or an increase in the amount of Security. w the immediate repayment of the debt hereby secwed and the failure o1 the Mortgagor to comply with sad demand of tAe Association for a peri0O of thaty 1301 days shall constitute a breach of the mortgage. and. at the Option of the Associatron. immediately mature the enure amount of principal and interest hereby secured. and the Association immediately and watrout notice may institute proceedings to lorecbse this mortyaye and apply for the appomtmant of a receiver. as Aere+nafter provided. and in case of tAe refusal. neglect or inability of the Mortgagor to repau and n,a~n[ain card property. the Association may. at rts option. make such repairs w cause the same to be made. and advance moneys in that behalf 7 To perform. comply witA and able by eacA and every the supulatrons. agreements. conditions and covenants in sad promissory note and clue mortgage set forth 8 To comply wah lha wbdiv,sron rsstnctrons and the munitipil zoning ordinances applicable ro the mortgaged poperty. rrot to erect or permit to be erected any new buildings On the premises herein mortgaged w to add to w permit to be added to. make or permit_to be made. any structural alterations to any of the ex sung +mprovements thereon without tAe written consent of the AsSOCiation. and m the evem of any violation or auempt to violate these stiputauons. w any of them. this mortgage and all wins secured Mrsby shall immediately become due and payable at the option of the Association g That in case of a default in any of the terms of this mortgage and the filing of a bill to fwecbse this w any other mortgage encumbering the within described properly. the Assoc+aton shall be entitled to apply. at any Urtie without notice pending such forecbwre via. to the court having lunsdiction thereof for the ap pointment of a reserver of all and Singular the mortgaged property. and of all !fie rents. +ncomes. profits. issues and revenues thereof. from whatsoever sours! derived. and. thereupon. rt is hereby expressly covenanted and agreed that the court shalt forthwith appoint a receiver of said mortgaged poperty. all and singular anA of such rents. incomes. profits. issues and revenues thereof. from whatsoever source derived. with tAe usual powers and duties of receivers in Irks cases aid wen appo+ntment shall bO made Dy such court as a matter of surer right to the Association. and without relerencn to the adequacy or inadequacy of the value of the property hereby mortgaged. w to the solvency or insolvency of the Mortgagor. and that such rents. profits. incomes. issues. and revenues shall be applied by such receiver to the payment of the mortgage indebtedness. costs and charges. according to the order of such coup 1 O That +n the event the ownership of the mortgaged premises. w any part thereof. becomes vested in a person other than the Mortgagor. the Assoc+atron may without notice to the Mortgagor, deal with such wccessw w successors in interest with reference to this mortgage and the debt hereby secured. in the same _ meaner as with the Mortgagor. without rn any way viusung w discharging the Mortgagors babihty hereunder or upon the debt hereby secured No sak of the pren,+ses hereby mortgaged and ri0 forbearance on the part of the ASSOCiatiOn. and n0 extension of !tie time for the payment of the debt hereby secured g+ven by the Association. shall operate to release. d+scharge. modify. change w affect the original habi4ty of the Mortgagor herein. eaher m whole or rn part 1 1 That +n the event the premises hereby mortgaged. w any part thereof. shall be condemned and taken under the power of eminent dpmain. the Associatron snarl have il,e right to demand that all damages awarded for tl,e taking of or injury to card premises shall be paid to the Association. +ts wccessors or assigns. up to the amount then unpaid on this mortgage and may Ix applied to any sums last Payablo hereunder 12 Treat time is of the essence of this contract and that no waiver o: any obbgauon Hereunder. or of the obi:yatiun secured hereby. shall at any time thereafter be held to be a waiver of the terms hereof or of the promissory note secured Hereby 1 3 In the event of any default in any o) tfiB terms of [his mortgage. w m the note secured hereby. and dcceleratiOn by the holder Or any other 9tuatiun that would cause the interest paid w payable under this obligation to exceed the interest rate authorized by law. then ,n such event all excess interest theretofore paid shall be cred+ted to principal aril all accrued and unpaid excess +nterest shall abate and shall not Oe an obligat+on of [he maker or of any other person 14 That to the extent of the indebtedness of the Mortgagor to the Associatron described herein or secured Hereby the Association is hereby wbrOgated to the ben or wens and to the rights of the owner and holder tAereol of each and every mortgage. hen or other encumWance on [he land Cescnbed herein. which +s pa+d and sat+sfied. in whole or rn part. out of the poceeds of the ban described hersrn w secured hereby. and the respective liens of sad mortgages. I+ens or other en= cumbrances. shalt be. and the same and each of them Hereby is preserved and shall pass to and Ce held by the Association herein as security for the in debtedness to the Association hersrn described or hereby secured. to the same extent that it would have been preserved and would have been passed to aril been held by [he Association had it been duly and regularly assigned. transferred. set over, and delivered unto the Assoc+a[+on by separate deed of assignment netwitnstanding the fact tAat the same may be satisfied and cancelled o1 record. it being the intention of the part+es hereto that the same wilt De sat+sfied and cancelled of recorA by the holders thereof at or about the time of the record+ng of th+s mortgage ~ 1 5 Tha! d any of the sums of money Herein referred to be not promptly and fully pad wahm thirty 1301 days neat after the son+e severally become due and payable i or if each and every the stipulations. agreements. coed+tions and covenants of said promissory note and this mortyaye. or either. ate not duly performed. tom plied wah and ab+ded by. the aggregate sum unpaid order card promissory rwte and th+s mortgage shall become due and Payable forihwah or thereafter at the opt+on of the Association. as fully and completely as if card aggregate sum of money were criy+naily stipulated tO be paid on such day anyth+ng in said promissory note or herein to the contrary notwdhstanWng 16 That in order to accelerate the maturity of the indebtedness hereby secured because of the fa+lure of the Mortgagor to pay any tax assessment i+ab+hty. obbga non Or ena,mbrance upon said property as herein provided. rt shall not be necessary nor regwsrte that the Aswuatiun shall first pay the same I 1 1 if a conveyance should De made by the Mortgagor of the prem+ses herein described or any part hereof and the grantee named in such conveyance fads or S refuses to assume the payment of the obl+gatipn endenced by sad promissory note and secured by ihs mortgage and +n accordance with rhea respletive terms and abide by the rules and regulations of the Associairon. including payment of a reasonable transfer fee then and m that event at the option and upon the demand of the Associat+on all sums of money secured hereby shall +mmedrately become forthwith dos and payable 18 That the abstract or abstracts of lilts covering the moagaged property shalt at all times during the afe of the mortyaye- remain m Ins possession of the Association and m event of [he foreclosure of this mortgage or other Vansfer of title to the mortgaged property u, extinguishment of the indebtedness secured hereby all right title and interest of the Mortgagor in and t0 any such abstracts of tale shall pass to the purchaser or grantee 19 Should the vabday or ben of the mortgage or the nets secwed thereby be contested by Irt:yativn o+ uthrrwse the Mortyayor agrees to pay to the Association tr,e .ust of defending the same including s reasonable attorneys lee 20 To pay all and singular the costs. charges and expo_rses. includ+ny attumey s fees reasonaby nxurred Ur paid at any time by the Association. because of the fa+lwe of the Mortgagor [o perform. comply wah and abide Dy each and every the stipulations agreements. conch+ons aril covenants of said prom+ssory note and this mortgage. or either and every wch )except for the payment of the rt,onthly installment as regwred by she Promssory Note) shall bear interest from date at the rate of ten per cent (1046) per annum until fully paid 21 The Assoc+aton shall have the nghi at any lime and from Ume to time and without nonce to or consent cf any pe•sun to lal release any port.On of the premises from the hen of this mortgage Ibl release any person liable for payment of any indebtedness secured Hereby lu extend the ur^e of payment or alter the terms of payment of a!1 or any part of the indebtedness. without affecting or releas+ng the personal i+ab+hty Of any person hab!e iuther than any prison released par suant heretm for the payment of any sum w mtersst secured hereby and without in any wise alts++ng. vary+ng or dirninishu,g the forces effects Or hen Of tHrs mortyaye on all the prem+ses nO1 SpeufitallY released from the ben of this mortgage by the Assoc:+ation 'a 27 Ar,y agreement hereafter made by Mortgagor and Association pursuant to the mortgage shall be superior to the rights of the Mulder o! any •rtervenmy I:en ur en+.~mbran;;e a 23 Vtwn request of Mortgagor the Association may. at its sole option. from rime to time. before full payment of ail indebtedness secured Hereby make further ad .arses to Mortgagor provided. however. that the total principal secured hereby and reman,iny unpaid mt.iud~ny any such advances shat: not at any time ex creel the original pnnupal sum secured hereby Mortgagor shall pay all such further advances with :merest and the same shall t,e severed Hereby An provisions of fns mortyaye shalt apply to each further advance as well as to all other indebtedness secured heretry Nothing herein contained However shat! lima the an,uunt secured by fns mortgage if such amount is +ncreased by advances made by the Assocaton as herein elsewhere provided br to protect the securty 24 in the event ifie Mortgagor herein. or any wbsequent Mortgagor. o+ any person or corporation owning any interest whatsoever. should encumher the property hersrn moo a eA b an instrument common) referred to and known as a 'wrap around moil g g y Y gage wanout first obta+nmy the whiten consent of the Associa lion then. at the option o1 the As5OCiat+on. the obligation seciued by this Mortgage shall +mmediately become slue ancf payable 25 To provide the Association with Fbod (nwrance Coverage if the real property is now or hereafter determined to Ire wrth+n a s{wcial flood harard area as shown on Flood Hazard Boundary Map/Flood Insurance Rate Map as publshed by the Federal Insurance Administration 2` 26 Ai the request of tAe Mortgagor. Ihs Association sprees to waive the provisions of paragraph 4 relative to the creat+on of a hazard +nsurance account. provided however. that the Associatron retains the right. et its option. to re-instate such provisions of said paragraph 4 as an obligation of the Mortgagor hereunder upon ~ the happening of any of the following A Failure to make any payment required under the terms of the note on w before the due data thereof B failure to comply with the insursncs provisrons of paragraph 3. or of any of the other terms and conditions of cols mortgage or note. w with the +nwrance requ+rements contained in the Declaretron of Condominium and related documents should the mortgaged property be committed to condominium devebpment [ (C?-NI-7S MLCA 42 U R pACc b00~ -