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Thst. m adK to p~otect mor~ fuMy cM wcunty ol ifrs ma~p~p~. iM Ma~Qapa. ~op~~M~ w~th. ~nd ~n add~uon ~o. ~M momnlY par~»nts unda tM ~Nms ol in~ • note s~cursd MrWy. on tM sp~t~Md paym~nt d~t~ ol ~~cA month untd tM q+d not~ ~s fully pi~d. w~ piy 1o tiw Assoustwn tM ~dbw~y sums (al M ~~sullmMt o1 tM t~a and ~ss~ssm~na IwNd a to b~ NvNd pa~nst tM p~m~s~s cowr~d by th~s matp~g~. ~nd sn ~nsullm~nt ol th~ vr~mwm a prertuums tMt w~N WcorM dw ~nd p~Y~ to r~w tM ~~sw~nt~ a? tM p~m~s~s cwra~d Mr~by ~ps~nst b:. by hr~. ind wv~ndstwm. ~s Wovd~d Mr by pa~apraph 3 p~~c~q. a wch otlw~ huud as m~~ ~~ason~ohr b~ ~pwr~d by ~M Assouata~. aod a~ u+suNmenl ot ~M pnmwm th~t wdl bscom~ dw and p~yaDN to ~~ntw tM mortp~p~ u~wr~nc~. ~I ~ny SutA mstallmtnts shaH b~ pwl. r~sp~ctiwly. to on~-twNhA (1/12th) ol tM ~s~ t~matsd pnmwm a p~mwms fw such mwrMn. ~nd t~a~s an0 ~ss~ssm«+ts n~at dw Iss ~st~mat~d by th~ Auocutan) l~ss ~u ~nstaum~nts akssdy pad thenfa. drvd~d by tM ~um0a ol montha that ar~ to Naps~ on~ month pr~a to tM d~q wMn wcA p~mwm p prsmwms snd tsY~s snd ass~ss~n«?ts w~M b~wm~ d~Y~quM1. Th~ Astou~uon. w1W~ s~plyu+p sucl? p~Ym~MS to mwra~c~ p~emums. ta•~s ~nd ~ss~ssmMts. Wfa~ tM s~rn~ Decome MMqu~nt. shsN not pay ~ntN~st to tM Matpapa an such tunds. a+d aN such p~Ym~nts may b~ commrp~~d by iM Assoauwn w~tA u?Y otMr wch funds a Mnth ~ts ow~ tund~ TM tunds u~ pNdp~d ~s ~dd~tan~l s~cu~ny fw tM wms s~cur~d by th~s Ma~~s~ ~nd ue wqta to us~ by tM Assoastan in p~yrr~t o1 "4i~ charpN" ~nd baolc colNttqn cMrp~s (b) AN p+Ym~nts m~r?tan~d m tM p~cWmp wbMCtan ot ths W~p~~ph.and all paym~nts to b~ msd~ u~ tM ~ou ucurW Mr~by snad W sdd~d toqstMr snd tM spprp~t~ ~mount tMrwl sPall be pad by tM Matp~pa ~sth month M s s~~qle psYmsnt to b~ spp~~ed Dy tM Assouatan to tM loibannp rt~ms rn tM adK s~t falh 1. Tuq. ~ss~ssm~nts. ~nd ~nwranc~ pem~ums 2"L~t~ charpss' s~d bsnk cdlsctan cnsry~s. unlass pad in mamer provdsd u~ pupaPh 4 Ia1 3 IMa~st on tM not~ c~tursd hnsby 1 Amatuatan d tM p~napal o( s~~d not~ i Ar?y defiwsncy n tA~ smount ot wch ayprpau montNy p~Ymsnts shsa. uNSSS psd by Uw M«tpaya prar to tM due daa d ths nsxt wcA psym~nt. oon- strtute sn ww~t d d~fwR under tM mo.typ~. V1fitAaut wsiw~ ol arry rpht. 1M Assoc~atan may colNct a"4te chugs" ss prov~d~d in tM Not~. S That d ths tot~l ol tM piym~nts m~ by tM Mortpapa un~N? of ps~praph ~ pecM~np s1+aN ~acNd tM amouat ot p~ym~nts ~ctusYy rt~sOs by the Assoaatwn Iw tst~s snd ~sS~urtNnti ~nd mfur~nt~ p~rtuums. as tM us~ may b~. such e:csu sAall be credted by tM Assousuon on subssqueM psyments to bs msde by the Mo?tps9w H. how~vK. tM ma?thly paym~nts msds by th~ Matppa urxler (a) of psra~raph 4 psceAny shall not hsve be~n wlfic~+t to psy axes snd ass~ssments ~nd mwr~nce pnmwms. ~s tM c~s~ may b~. wMn tM same sM~~ b~cane dus snd paysWe. tMn. Ihs Assousuon msy. st as op- - tan. ~mmed~atsly paY such tsa~s ~nd sss~ssmsnls ~nd msurance pemwm. ind tM Monps9a shaN pay to ths Assocutan sny amounl Mc~ssary to msks up the defK~ency. s~+d wch psvment shsll b~ dw ~nd pay~bh w~tMn tlu~ty (30) days aha tM dat~ ot mad~nq of no~Ke bY the Assoc~atwn setta+y iwM [M amount of such defKNnc~r If. ~t sny arrn. ths Mortyayw sh~d ter~ to tM Assoastan. ~n accadsnce vnth tM p?ov~s~ons o1 the ~+ote secured he~eby. fuu p~yment ot ~he ent~~e mdsbt~dnsss rspnsa~tsd hK~by. tM Assoc~atan shall. e? cortpuanp tM smount ol such ~ndebtednau. uebt to ~M sccount ol tM Mat9a~or sny balante remssrnrq ~n the funds actumul~bd urWsr tM p~wnsans ol (si ot psrapr~ph 4 6 To pe~mrt, comm~t or wMsr no wsst~. ~mps~rm~nt a d~taar~tan of sad propHty. a sny part [hereol, a~d upon t1~e bdurs ol ehe Mortyagw to keep the bwld~ngs on sad propsrty m yood tpditan a rpiu snd ma~ntH?ant~. tM Assoaatron may dert+a~d poper ma~nteiwnte ard tAS ~mmed~su r~paa of ss~d ~w1dn?ps. a sn inuusa ~n tM ~ma+~t ol sscunty. a the ~mmed~aa rp~ym~nt ol ths deDt Mreby sscursd. ~nd th~ bdur~ of the Mortyapa to comply vnM sa~d demsnd ol ths Assoc~atan ~a s psraif of thwty (30) d~trs sAs~l consatut~ a be~cA o( ths mortgays. snd. at ths optan ot tne Assoaacan. ~mmW~stNy maturo the ent~re amount o/ pnnc~pal ~~0 u~tK~st Mnby s~cured. and ths Assoc~atan ~mmed~ately ~nd Mnthout not~u msy msuwte p~oceed~s to taecbss tMS mortgage and apply fp tM sppantmMt of a rKawr. ~s I+NemafiN powdsd. ~nd m use ol the rofussl. n~lett p m~bhty o1 the Mortpaya to ~spsu snd mamta~n sa~d property. ths Assoc~stan may. st As opt+on. msk~ such rsps~rs a tsuse tM ssme to be msde. and sdvsncs moneys that b~haif 7 To perlam, comply w~th snd ab~de by e~ch snd w~ry tM supu4ta+n. ~~emsMS. cond~uons snd covsnants n sad prom~ssory note and th~s mortpsye set fath ' ~ 8 To comdy w~th the wbd~v~swn rosv~ctwos snd the murnupal rpunp wdms~?ces ~pplKSbk to the mo.tpa9ad properry: not to erect a psrm~t to be e~ected sny new bu~ldnps on the prem~ses hs.e~n mortaspsd a to add to o? pam+t to be add~d to, make o. perm~t to be made. any structural aiteratans to sny d the e~- ~sang ~mp?ovements the~eon Nnclwut the wntten conssnt ol tM Assoastan. ~nd u+ the evenc of any v~olsuon or sttemp~ to valate thess st~puistans. a sny of them. tMs mortgage and sll wms secursd Mreby shsll lmmedutely betoma dw snd psyaWe at ths opta~? of tM Assoustwn 9 Tlyt m case ot a delsuh srryr of ths terms of tMs mortpaps ~nd tM fd~np o( s bll to faecbse ttus a arry other mortgage er?cumbenn~ tAe vrrtlw~ descnbed property. the Auocestan sha11 be enutled to appl~. at ~ny ume Mn[hout rat~cs pe~~y such (weclowre w~t. to the cou+t Aawr?g ~unsd~cta~ thereof to~ tAs ap po~n~ment of a recensr ol all and s~npulsr ths mat9apsd propertY. snd of all ths rems. incomes. Wofits. ~ssues and revenues thsreof. from whstsoevH source denved. snd. thsreupon. ~t ~s hsreby ~:psssly cownsmed and presd that tAe couh shaN Iwthwrth sppant a recerve~ of sa~d mort9ayed popertY. sN and s~~gular. and ol suct~ rents. ~ncomss. poRts. ~uues and .evsnues thersof, from wMtsoeve. source denred. wnM the uwal powers and duUes ot receners ~n hke cases. and wch appamment shail ba mads by wch court u s msttsr ot str~ct npht to tAe Assouatron. s~d vnthout re~ere~ce to the adepuscy w ~nsdequxy oi the value of the property he+~by mortpapsd. w to tlis soMency a ~nsohency ot tAS Mw[ya9or. and that such ~ents. prohts. ~ncomes. ~ssues. and rererwes shall be appl~ed by such recerver to ths psyment ol ths mwt9sps mdsbtadness. costs snd chuqes. xcadu+g to the order ol such coun 1 O. That ~n the event the ownsrsAp o} ths mortyspsd pnm~s~s. or srry p~n the~eo(. becomes vested m s person other than the Mortgayo.. tAe Assoaatan maY- w~[ha,t not~ce to the Mortgagw. dssl nnth sucA succ~ssor a successas ~n mterest nnth reference to t1?is mor[gsge sM the debt hereby secured. in the same manner as wRh the MortyspOr. vwthout m amr w~y v~t~~t~np o? d~sthsrp~np tM Mortpaflor's habhty Ae~eunder w upon tAe dsbt hereby secured No sale d ihe prem~ses hereby matgsysd snd no (orbesrsnce pn ths part of tM Auocutan. snd ra extens~on o1 the ume iw the Wyment ol the debt hereby secured pwen by the Assoc~atron. shall operats to relssse. d~sch~rps, rtaddy. thsnpe w sNltt tAe wp~nal M,D+dty o1 the Mortpayor herem, mther ~n whole or ~n part 1 1 That m the event the prem~ses hereby mortqap~d. a sny pan thsreof. shsll ba cademned and uken u~der the power ot em~nent domam. the Assouatwn sha11 Aave the rght to demand that all damsgss awudsd fa the tsk~~p o~ a~~Iury to sad prem~ses shsil bf pa~d to the Assoaatwn. its wcceswro a sss~gns. uD to the a~+wunt [hen unpa~d on th~s mo~tyspe and msy be ~ppl~ed to sny wms Iast payab~ hereunde. t 2 That ame ~s of the essence o( th~s contract s~d thst no warver of any obt~gatwn hereunder. w of the ob~~gat~a~ secured nereby. shall at any ume tnereahcr be heW to ~e a warver ot the terms hereo( or of the pom~ssory ~ote secured hereby 13 In the event of any dehult ~n s~y of ths terms of tlus mortQsps. a m the note sscured here0y. and acceleratron by the Aoider, or any other s~tuita~ that wouW wuse the ~nterest pad a payabk under tlrs obhpat~on to excesd the mterest rite sutAOrued by law. then m such event ail ecCess ~nterest theretotae pa~d shaN be ~red~ted to p~napsl and sll accrusd and unp~id eacess ~nterest shsll aWte and sha~l not be an obl~gatwn ol tne make~ or of any other person 14 That to the extent of the ~ndebtedneu of ths Mortp~por to the Auoc~atan descnbed hereui a secured hereDy. ~he Assouatwn ~s hereby wGrogated co the Iren a 6e~s and ro the nghts of the ownsr snd holder tMrsof o( esch a~d every mortyaye. l~en o~ other encumb~ance on tt~e land descnbed here~n, wh~ch is pad and ; saGShed. in whole or m psrt. out ol tM pot~sds ol tAS losn descnbed her~n or sscur~d Aercby. and the respecUve 6ens of ssid mortyages. I~ens or othsr en~ cumbances. sha8 be. snd the ssme and esch of them heroby n prsxrved snd shafl pass to and be 1ie1d by the Auoc~atron herein as secunty ta the ~n- deb[ed~ess ~o ~he Assoaa[an here~~ dsscr~bed a nsreby secured. ~o [he ssme esten~ ehaf w«,a na,re nee~ aese~ed a~a wo~b nare bee~ wssed ~o a~d been Ae1d by the Assoaauon Mad'rt bee~ duly and repufarty ~ss~yned. u~nsferred, set over. and del~vered u~ro the Assoaatwn by separate deed of asspnment. ~ noiwrthstand~ng the (act thit the same may bs sstK6ed and urxslled of record. ~t be~ry the mtentron oi the parues he~eto that the ssme vnll be sausf~ed and { cancelled o( recwd by the hotders tAsreof ~t w~bout the ams of tM recadmy o! tMS mortgage ~ 15 TAat any of the wms ol rtwney herem ro(errsd to bs noi prompNy and fully ps~d vrithm tlurty (30) days ~ext after the same severaUy become due and pa~ab~e. a~1 each and every the supulat~ons. sgreamtnts. cond~tw~s s~+d covsnants ol sad prom~ssory note and th~s matgage. or erther. are not dvry performed, com~ ~ pl~ed w~tn a~d abded by. tAe sppreQats wm u~sid unde~ sa~d prom~ssory note snd tlus monQage sha11 become due and payaWe forthnnth w thereaher. at the optan o~ the Assouatwn, as fully and completsly ~s ~f sard spp~egate wm oi mo~ey were a~naNy supuiated to be pa~d on such day. anyth~ng ~n sa~d € prom~ssory nota or here~n to the contrary notwdhsq~d~np ~ 16 That ~n orde. to accelera[e ehe matw~t~r of tM ~ndsDtedness nsreby secursd bec~use o~ the fa~fure ol the Mortgaqor to pay any ~ax assessmen[. I,aMhty. obl~ga- ~ ewn or encumtrance upon ssd property ss here~n pronded. ~t shsll not be necessary nw requ~s~te that the Assouat~on shan (ust pay the same ~ 17 N a co~reyance s1~ouW be made by tAS Mort~spw o( the prem~ses here~n desa~bed. w any part hereot. and the grantee named ~n such conveyance tails o~ ~efuses to aswme the psyment ol the obligauon ev~denced by sa~d prom~sso.y note and secured by tMs mortgage. and ~n eccwdance w~th theu respect~ve . terms. and abde ~N the rules and ~eflulstwns o( tAS Assoastwn. ~~cludnp paYment ol a reasonable trans(er tee. then. and ~n tnat event. at the opaon and upon the demand o( the Assoaatan sil wms of money secured Mereby ~hall ~mmed~ately become lathrv~th due snd paysbb 18 That ~he abstract a abstracts of utN covennp the mortps~ed propsrty shsll at all e~mes dunng the I~fe of tMs mortgage. rema~n ~n the possess~on oi the Assouatwn and. m eveM o( tM faeclowro ot tMs mortgsge, a othar transier of utb to the mortgaged property. m eaUn~u~shment ol tNe ~ndebtedness secured hereby. all rght 6tie and ~nterost of tM Mortp~ya in snd to sny such abslracts of Utle shall pass ro tAe purcAaser or gra~tee , t 9 ShoulA the vai~d~ty w I~en o~ tMS matyays. a ths nob sscursd thereby, be co~[ested by I~ugat+on or otherw~se. tAe Mortgagor agr~s to pay to the Assoc~aLOn ~ ihe cost ot de(e~dmg tAe ssme ~ndud~ng a ressonaWe attaney"s tee 20 To pay all and s+ngular the costs, charges and eapenass. includ+ng attaneY s tees reasonaWy ~ncu~red. or paid at any ume by the Assoaatan. because of the fauure of the Mortgagor to pe~fam. oomply rnth and sbide by each and eve~y the supulat~ons agreements. cond~tans and covenants of sad psortussory rate ~ and tMs mortgage. or e~ther. and every such (eacept fa the paymenl of the montMy ~~stallment as reqw!ed by the Prom~ssory Notel shatl bear mterest from dale at the rate of ten per cent (10%! psr snnum unt~l fuUy pad. 21 The Assoc~atan sha11 have the nght at any ume arx! trom ume to ume and rnthout nouce.to w consent ol any person to fal re:ease any portwn of tAe pem~ses ~ Irom the hen oi tfus mo~tgay3e. (b) rolease aMr perso~ hable fpr p~yment of srryr ~ndebted~ess secured hereby. (c) eatend tAe bme ot payment or altar the terms ~ ot payment ot all or any part o( the ~ndebtedness, vnthout sHeci~np or reieas~r~q IAe personal babel~ty ol any perso~ I~aWe lother than a~y person released pur- ~ want he~etol (or the payment ol any wm a~nterest secured hereby snd wrthoui ~n any w~sa attenng. vary~ng. a d~m~msMng the faces. eHects. a lien of tMs mwtgage on all the prem~ses not spsafKally reksssd from the I~en o~ fMs mortpaye by the Assoaatw~ 22 Any ag.eement hereaRer made by Mortpspor and Assoastan purwant to tMs mortyaye shali be supera~ to the nghts o1 tAe holde~ o~ any ~ntervemny l~en w ~ ~ encumb~ance y3 Upon request of Mwtgagor. the Assoc~stwn m~~. n~ts sole optan. trom ume ro t~me. belwe lu11 payment o1 ~II mdebtedness secwed nereby, make turther ad . ~ vances to Mortgagor: prov~ded. however, thst the total pnnc~p~l sscured hereby and rema~n~n9 unpa~d. ~nclud~ny any such aQrances. shali not at a~y t~me ex- ~ ceed ~he a~gu~al pnnapal sum secured hereby Mortpipor shs11 p~y sll wch (urtl~er advances w~th mterest and the same shatl be secured hereby All provrswns . of ~his mor[gage sball apply to exh lurther sdv~nts u well as to ~tl other ~ndebtedness secured hereby Notlwng Ixrem contamed. however. sFiall hmit the ~ amouM secured by tlus mortpage rt sucA ~mount K~ncreased by sdvu~ces made Dy the AssouaUOn. as Aerem etsewhere prov~ded (a to protect the secur~ty ~ 24 In the evem the Mortgagor here~n. or am wbsequent Mortgaga. a any person o~ caporatan owrnng any ~nterest whatsoever. should encumber t1+e popert~ 5 herem mwtgaged by an ~nstrumeM commonly reierred to and krwwn as a'"wrap-aroutid mortgage" w~thout 6rst obta~n~ng the wntten consent oi the Assoua~ a twn. tAen. at the opta~ o( the Assoc~atqn. the oblgatwn secured by tMS Mortgage shaU ~mmed~ately become due and payable - ~ 25 To pronde tl~e Assoaat~on with Flood Inwrsnce Coverage i( the res1 property ~s rrow o~ hereafter deterrrr~ed to be rr~tMn a specaal Bood hazard area as shown ~ on flood Hazard Boundary Map/flood Inwrance Rate Map as puW~shed b~r ~he federal Inwrance Admm~stra~an. ~ 28 At the request of ths Mortyaya. tM Assoa~t~on ~prNS to w~~w tM prrnnsa~s of p~rrpr~ph 4 relauve to tM ueatron o1 ~ haisrd ~nwnnc~ sccount; prov~dsd. however. that the Assoclsta~ nuu?s tM rpAt. ~t ~a optw~. to n-u~sut~ such prans~ons ot s~~d psraprsph 4 ss sn obl~ystron ot ths Mortpapor hsrsundsr upon the hsppsrnnp d smr of tM fdlowmp. A Frluro to mab sny p~ym~nt rsquw~d undK tM t~rms ot tM rat~ on a bs(w~ tha due dan thereof 8 fs~lure to comply w~th tM ~nwnnc~ pransrona oi p~rpnpA 3. a o( any ol tM other terms and condaans at ths mortys~s a rats. or w~[h ths mwnncs rsqwrements cont~~n~d u~ tM O~tlsqtwn oi Condomirnum and r~latsd 6otumeMS shouW the matysyed propsrty bs commrttsd to tadom~ruum dwNopment v ~ iC?-NI-7i 3 ~~c~ a2 . . . 3L1-Ir Al'. ` ` k 31~. ~ ~ 750 ; ~ ~ ~