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HomeMy WebLinkAbout1609 That. in order to protect more fully tM security of lMa mestgage. tM Meslgages. logelMr wdh. and In addtan to. the rtlonlhiy payments unWr the terms of tM note secured hereby. on tM specdled payment date of each month anal tM sad noes is fully pad. w111 pay to tM ASSOCwUOn tM fdtowing sums lest An Installment of tM taxes and assessments Nvled es to W Nvied against tM prem+ses covered by tMa mestgsge. and an /nststimMt of tM wemium es premiums tMt wrM become dw and payabN to renew tM mwrance on tM genuses covered hereby against b:s by rue. and wubstesm. as piovlded for by paragraph 3 preceduq. a such other hazard as may reasonably Oe requue0 OY tM Assocwtan, and an Installment of tM premwm tMt w1N became rlue and payabN to renew tM mestgsga ulwrarlce. If any Such installments t?haU be equal, respectively, to oni-twellth (1112th) of tM K- umated pram+um a premwms les such Insurance. and taxes and assessments pert due Ise estimated by tM Assocwtan) less all installments shady pad therefor, dlridad by tM numbN of rtwntM that are to elapse one month prar to tM date wMn such premium a premiums and taxes and assessments wnN bacortna dalingwnt TM Aasoaatron. while applying wch payments to IrnwranCe premiums. taxes and assessments. Wiese tM sannt become deknquent. slwll not pay ilterest to tM Mortgages on such lands, and ail such payments may be commingled by tM Associaton w/th any other wch funds a with us own funds. TM funds are pledged as addluonal secwdy for tM wms secured by tMs Mortgage end are wblect to use by eM Assocwtion n payment of "lea chargei • and bank colNctan charges. IDI All payments rrnentlOrned m the preceding aubaeetlon of ttra paragraph and ell payments to b0 made under tM note secured Mnby shall b• added together and tM aggregate amount tMreof shall be paid by tM Mestgsges each month in s single payment to be applied by tM Association to tM fdbwung items in iM order set festh 1 Tues. assessments. and lnwrsnce premiums 2 --late charges" end bank cdtectan cMrges. unless pad m rrlaruner prov+dsd n paragraph 4 Is) 3. Interest on tM note secured hereby. 4 Amortuatron of tM piMipal of sail note Any deficiency in tM amount of wch aggregate monthly payments shah. unless paid by tM Mortgages pray to tM dw date of tM next wch payment. con- stitute an event of default urndtir tM mortgage. Witfnout waiver of any right. iM Assocation may collect s ''late charge` as pronnded M tM Note. 5 That if tM total of tM payments made by tM Mortgagor under la) of paragraph 4 pecedip sM11 exceed tM amount of payments sttuslly made by the Assoc+ation fa taxes and assessments end nnsurance pramwms. as tM case may be. such excess shall be cradled by iM Assoc+ation ors wbsequsnt payments to be made by tM Mortgagor. If, however. tM monthly payments made by tM Mptgages under Is) of paragraph 4 preceding shall not Mva been wfficient to pay taxes and assessments end mwrance premwms. as tM case may De. when tM ssrna shag become due end payable. then. the Assocwtan may. at its op- - tan. Immediately pay such taxes and assessments and insursnw premwm. and tM Mortgages shall pay to tM Assocwtlon shy amount necessary to make up the deuuarxy. end wch payment shall be dw and payable witlwrn thrty 130) days aher tM date of malting of notice by the Assocation setting lesth tM amount d such deticlency If. at array urns. tM Mestgsgor shall tender to tM Assocwiwn, m accordance with tM provisions of tM note secured Mreby. full payment of the enure indebtedness represented hereby. tM Assoaatan slwll. M computing tM amount of such Indebtedness. credit to tM account of tM Mortgages sny balance remaurng M the funds accumulated under tM provisions of {al of paragraph 4 6 To perms. commit or wHer rho waste. impwment a deterioratan of sad property. es srny pert thered- and upon tM tatu,re of tM Mortgages to keep tM bulldings on sad popsrry m good conditan or repair ar?d msmteMrKe. tM Associabon may demand proper maintenance end tM immedwte vegan of sad bulWings. a sn u?cresse n tM amount of security. or tM immed+ate repayment of tM debt Mreby secured. and-tM failure of tM Mortgages to comply with sad demand d tM Association for • period of tMrty l30! days sMll conshtuu a breach of this mortgage. end. at tM opton of tM Assowtan. immediately mature tM entire amount of prirncipal and interest hereby secwed. and tM Assocwtion immediately end without nonce may institute procesdups to fesecbse tMs mortgage end apply for tM sppaintmwnt of a receiver. as Mreinaher provided. end m case of tM refusal. neglect es insbhry of tM Mortgages to repair end maintain sad property, tM Assocwtan may. at its opton, make such vegans a cause tM same to be made. end advance moneys m that behalf 7 To perform, comply with end abide by each and every tM stipulatlorns. sgraements. cornditans end covenants in sad presnlssory note and tMS mortgage set Path 8 To comply with the subdmsan ?estrictrons end tM municipal zoning ord+nsnces applicable to tM rtlestgaged property. rwt to erect a permit to bs erected sny • new tnlildrngs on tM premises Mrein mortgaged es to add to es permit to be added to. make es permu to be made. am strucwrsl alterations to any of tM ex• (sting Improvements thereon without tM written t.onsent of tM Assocwtan, and in tM event of any violation or attempt to vrolate tMse stipuWtloris. es any of them. this mortgage end sl! wms secured Mreby shall Immsdwtsly become dw end payable at tM opton of tM Assocwtan g That m case d a default in any of tM terms of tMs mortgage end tM uhng of a bill to fesecbss this o. any other mortgage encumbering tM withal described property. the Assocwtan SMU be enacted to apply. at any urns without notice periling such leseclowre wit. to tM court Mving lunsdictlon thereof fes tM ap- pdntment of a recerer of sa and sinngular tM mortgaged property. aril of ell tM rents. Incomes- profits. Issues and revenues thereof. from whatsoever source derived- and. thereupon. rt is Mrsby expressly covenanted and agreed that tM court shalt festhwith appoint s receiver of said mortgaged property. aN and yngular, and of such rents. incomes. profits. levees and revenues thereof. from whatsoever source derived, with tM usual powers and dunes o! receivers in tike cases. and such appesntmem shall be made by such court as a matter of strict rlglnt to tM Assocwuon. and without reference to tM adequacy or inadequacy of the value of the property hereby mestgagad. or to tM solvency es insolvency of tM Mortgages. and that wch rents. grouts. Incomes -iswes. and revenues shall be applied M wch receiver to tM payment of tM mortgage irndebtedness. costs aril charges. sccesdu?g to tM order of such court 10 That m the event tM ownershp of the mortgaged premises. es any part thereof, becomes vested in a person other than tM Mortgagor. tM Assot:wtion may. w:thous notice to tM Mortgages. deal wuh wch wccesses or wccessess m interest with reference to tMs mestgage and tM debt Mreby secured. in tM same manner as with tM Mestgages. without m any way vitiating or dlschargirng tM Mortgages-s uabbty hereunder w upon tM debt Mreby secured No sale of the premises hereby mortgaged and no tesbearancs on tM pa?t of tM Assocation, end no extens+on of tM nine for tM payment of tM debt Mreby secured g+ven ~ by the Associaton. shall operate to release. discharge. modify. cMnge es aflact tM esrglnal liabluy of tM Mortgages harem. mther m whole es m part 1 1 That In the event tM gemises hereby mortgaged, es any pert thereof, shall Oe corifemned and taken under tM power of em/nent domain. tM Assocwtwn shall have the right to demand that all damages awarded Ior tM taking of es mlury to sad premises shall be pad to tM AssOCwtion. +ts wccessors or ass+gns. up to _ the amount then unpad on this rrlortgags. end may be applied to any wins last payabta hereunder 12 That t+me Is of the essence of this contract end that no waiver of any obilgatan hereunder, es of the oWlgat+al secured hereby. shall at any t+me thereafter the held to txg a waiver of tM terms Mreot es of tM promissory rate secured Mreby 13 In the event of any default In any Of the terms Of tMS mortgage. es in tM nets secured Mfeby. and aCC6leratton by ills holder. Or any Other Slluilron that would cause the Interest pad a payable under tMS oblpation to exceed tM Interest rate euthorlred by law. then in such event all excess interest theretofore pad shall De credited to prir?clpal and all accrued and unpsd excess interest sMll abate end shalt not be an d~llgation of the maker es of any other person 14 That to the extent of the Indebtedness of tM Mestgages to tM Assocwtion described herein or secured Mreby. the Assocation Is Mreby wbrogated to the Ilan es wens and to tM rights of the owner end hdder tMreof of each and every mortgage. lien es other encumbrance on tM land described Mreln. wrath is paid aril sausued. In while a m part out of tM proceeds of tM loan described Mrem es secured hereby. and the respective bens of said mestgages. (lens es ostler en" cumWances shall be. and the same and each of them hereby Is preserved end shag pass to and tx held by the Association herein as security tes the in- j debtedness to tM Assocwtan herein described or hereby secured, to 1M same extent that It would have Deen preserved orb would have been passed to and been held by the Association fwd rt been duly end regularly sssipned. transferred- set over. and debvered unto the Assoc+auon by separate deed of ass+gnment. notw+thstandng the tact that tM same may be sstlsued and cancelled of record it belrq the mtentan of the parties hereto that the same will be sausfled and cancelled of record by the holders thereof at or about tM time of tM recording of th+s mortgage ~ 15 That If an of the wins of money Mrein referred to be not ro y p mptly and fully pad Nnthin thirty 1301 days next after the same severally become due and payable. I or If each and every the supulatrons. agreements. condulons and covenants of said prom+ssesy note and th+s mortgage. or ether. are not duly performed. com- plled w+th and abided by. the aggregate win unpad under sail presn+ssory note and this mortgage shall become due and payable forthw+th es thereafter. at the option of the Assocwtan, as fully and completely as if sad aggregate win of money were eslglnatly stipulated to be pad On such day. anytMng m sob prom+ssesy note a herein to tM contrary notwlthstsnd+ng 1 B That In order to accelerate the maturity of tM Indebtedness Mreby secured because of the fa+ure of the Mestgages [o pay any tax assessment. Iwbll+ty. obilga tlon or encumbrance upon sad property as herein provided. rt shall not be necessary nor raga+site that the Assoc+ation shall f+rst pay the same S / 7 If a conveyance should be made by tM Mortgagor of tM premises Mrein described. a any part hereof, and the grantee named in such conveyance (x115 es refuses to aswme the payment of tM obllgst+on evdenced by sad promiswry note and secured by th+s mestgage. and in accordance with rhea respei:twe terms. and abide by the rates and regutatwns of tM Assocwtwn. includ+ng payment of a reasonable transfer tee. then. and In that event. at the opton and upon the demand of the Associaton all wms Of money secured Mreby shat! Immedwtety become lesthrvith due and payable ~ 18 That the abstract or abstracts of trtk covering tM mortgaged property shall at a+l t+mes. during the Ilse of ih+s mortgage. rema+n In the possess+on of the Association and. m event of the torecbsure of this mortgage. es ostler transfer of title to the mortgaged property +n exungwshment of the indebtedness secured hereby all rght. t+tle and Interest of the Mortgages in and to any such abstracts of t+tte snail pass to the purchaser es grantee t 9 Should the val+d+ty or Ilan of this mortgage. or the note secured thereby. be contested by i:t+gatlon or otherwise. the Mortgagor agrees to pay to the Association ~ the cost of defending the same Including a reasonable attorneys tee e ~ 20 To pay au and singular the costs. charges and expenses. Including attorney's fees reasonably inCUrred. or d at an time t Pa y blr the Association. because of the failure of the Mortgagor to pertesm. comply with and abide by each and every the supuiations. agreements. cond+tions and covenants of sold prom+ssory note and this mortgage. es either, and every wch )except tes the payment of the monthly mstaAmem as required by the Promissory Note) stroll bear Interest from ' date at the rate of ten per cent (10`X) per annum until fully pad s 21 The Association shall pare the right st any Ume and from brM to time and without nonce to or consent of any person to cal release any portion of the premises from the I+en of tMS mortgage. Ib) release any person liable for payment Of any Indebtedness Secured hereby. ICI extend the tame of payment or alter the terms S o! payment of all es any part of the indebtedness. vvlttlpUt effecting a rellas+ng the personal Ilabllity of any person Ilable )other than any person released pur- > seam hereto) for the payment of any sum es Interest secured hereby and without many w+se altering. varying- or dimlrosh+ng the faces effects. or Ilan of this _ mortgage on all the premises not specd+caHy released from the ben of this mortgage by the Association 22 Any agreement hereafter made by Mortgagor and Assocation pursuant to this mortgage shall be superior to the rights of the holder of any intervening (fen or encumbrdnce - 23 OPOn request of Mortgagor. the Assocwuon may. at its sob opton, from time to time. before tau payment of all Ir+deutedness secured hereby. make further ad - vances to Mortyagor, provided however, that the totN principal secured hereby and rema+mng unpaid including any such advances. shalt not at any time ex- cPed the onglnal prinupa+ win secured hereby Mortgagor shell pay alt such further advances with Interest and the same shall be secured hereby All provisons of this mortgage shall apply to each further advance as well as to alt other Indebtedness secured hereby Nothing herein contained. tlpwever, shall Iim+t the _ amount secured ray this mortgage d wch amount is increased by advances made by-the Assoc+ation. as heron, elsewhere prov+ded for to protect the security v 24 In the event the Mortgagor herein. a any wbsequent Mortgages. es any person es corpesatron owrnng any rnterest whatsoever. should encumber the property herein mortgaged by an Instrument commonly referred to and known as a '-wrap-around mortgage' without first obta+rnng the written consent of the Assocw t hon. then. at the option of the Association, the obligation secured by this Mortgage shall Immediately become due aril payable ` 25 To provide the Association vnth Flood tnwrance Coverage rt tM real property Is now es hereafter determined to be within a speaal flood hazard area as shown on food Hazard Boundary Map/Flood Inwrance Rate Map as publ+shed by the federal Inwrance Admimstiatan 28 At the request of tM Mortgagor. tM Association agrees to warty tM provisions of paragraph 4 relative to tM creators of a hazard inwrance account. povded. however. that the Assoastan salsa the right, at its option. to re•instats such provisions of said paragraph 4 as an obllgatron of tM Mortgagor lnersunder upon the happening of arty of tM fdbwrng A Fa/bre to make any payment required order tM terms of [M rats on es befess tM due date thereof ~ Ij failure to comply with the inwranp prowsions of paragraph 3. or of any of tM other terms and condulans of this mortgage es note. or with the inwrance requisments contained in tM OeClaret+On of Cordomul+um and related documents should the mortgaged property be commuted to corv3ominrum devebpment r - IC)•NI-7f MLCA 42 ~i+R!. 31V t ~vE +