HomeMy WebLinkAbout1248 4- Tnat ~n o~der r~ protect ma~ fulty th~ s~cunty ol tlus matQa~. ~M MatQ~yo~. to9sthe~ w~ih i~d ~n add~t~on tu the mo~~tAlY p~Ymants unde~ Ihe te~rt~s ol 11»
~ote securod M~60y o~ tM speui~«i paym~nt dsi~ ol ~ith munth untd Iiw si~d nQte +s fulty pa:~- w~U pay to the Assouatwn,lM }o!!s~weng sums
(~1 An ~nstillmOnl oi tM taafs ~nd ~tf~fsm~nls tevNd w t0 W hvNd ~pa~~it IM prenusBS covsrW Dy iMS ma[pa(~e. and an ~nstallmenl ol the Wtmwm
a Wsmwms tA~t w~U b~tom~ dw ~~+d WY~bI~ to r~n~w tM ~nsu~~nt0 O+~ tA! prem~sts cover~d Mitby aya~nSt lo;s by ~~r0. and w~~dit~~m as Wov~ded
!or Dy para9ripA 3 p~K~~y. a sut~ otMr h~tard as may ~NSOnaWy W~puusd by tr» Assoaatw~. and sn inStallment OI ihe premwm th~t wdl
bocome dw ~nd p~y~bN to nMw tM matp~~ ~nwr~nc~. d any Suc~ ~nsu~~men~s s~aU b~ pua~. ~~specavely to one-~w~Uth (1 ~ t 2~n10~ tne ss
t~mated pr~mwm p p~mwms fa sutA ~nwr~ot~. i~d t~aK ind ~tsltim~ms n~at due Ias esbmated by tlw Assocutwn) I~ss a~~ ~nSla11m9n1S iMledy
pad the~~la. d~v~d~d by tM numb~~ of months that N~ to Naps~ oM ~th p~oi to t1iM dat~ vrMn suth prsm~um w prsmwms and ta~es s~d
assessmena w~N b~com~ MW+pu~nl 1M Assoa~tqn. w1uN ~ppYMp sucA paymenis to ~~su~ance pem~ums. ts.es a~d ssssssme~ts. Oslo~e ine same
betom! dslupulnt. slNll ~Ot piy ~ntlrlit t0 ths MO~ty~pW on such lund~. a~d ~II suCh piYments maY a comm~~yled bY the AsSOCUtWn w~Ih i~y
oMe. such funds a vruh us own funds TM funds ~r~ pi~dp~d as add~eon~l s~cu~~W fw the sums secured by trus Matpaye a~d sra suqeu to use t„r
itua Assouaiw~ ~n paynwnt of °fsa char~s" ar+d CanA coll~ciron charpes
ib1 Au payments m~ntwn~d ~n 11» MK~?W wbiKtan ot tha W~ag~aph ~nd ill payme~ts lo Oa mxle unde~ t?~s note secursd htreby shall be sddsd
~oyetMr a~d tM ayp~pst~ amount tMr~ol sAa71 b~ pad Dy tM Mat9spa each month ~n a s~nyle payment to Oe apphed by the Assouatwn to the
foibw~nq rtems ~n tM o~da s~t iorth 1 T~x~s. sss~urrMnts. and +~wr~ncs prertuums 2' Late cha~qes a~d bank tu~kctwn chsrpes. unless ps~d m
' manner prov~dsd ~n psr~pqph ~ Isl 3 Inurtst on tht nota s~cured hersby ~ Amo~uiatwn ot ths prmapal ol sa~d note
Any de(K~sncy ~n tRs amount ol wch sqgroyat~ monthly p~yme~ts shau. unleu pa~d by ~he Matgaga W~a to ihe due dats d the nsat wch payment. con•
sutu[e an swnt o1 ds~sult unde~ tM mortQsps. Without wa~w~ ot u?y rphr, ths Assoaa~an may cotlect a"laie charge" as p~ov~ded m tM Nots
5 TAat ~f the toql 01 ihs p~YmMis mad~ by tM MatpiyW undM 01 pirip~~ph 1 p~eced~nQ Shall Baclsd lhe a~~0un1 Of paymenf5 aCtWlly made by ihe
Aswc:aua~ la taaes snd ~sssurMms and ~nwr~~c~ pnmwms. ss tM qs~ may bs. wcA ~xcess shsn pa credrted by tne Assouaoon on subsequent paymsnts
to be made by Ihe Mwtyapor If, howwer. iM mw~tAh p~Ym~ntf msds by tM Malpayp under lal ol parag~ap~ ~ Weced~n~ shall not have Dsen wMK~ont to
paY taaes and asiessments snd i~wr~nc~ pr~mwms. ~s t1» c~se may D~. wMr? tAe sime sha11 become due a~d paysWe. tnen. the Assocwtwn maY. st ~ts op
can ~mmed~ately psv suth ts~ss s~d ssfsssmMts ~~d ~nw.~nt~ W~m~um, and the Matpa~or shall pay to tT~s Asiouabon any artWUnt necessary lo make up
~he delw~ency. and wch paymsnt shs11 bs dw ~nd paysDN wah~n tMny 13~1 dsys aher tne da2e ol mad~ng ot notKa Dy the Assoaauon setuny fwth tns amount
of wch def~uency II. st sny t~rn~. tM Mo~t9syar s~a~~ t~nWr to tM Assouatwn. ~n scco~dancs w~th the prowswns ot the note sscured hereby. fu11 payment ol
tAe ent~re u~debted~ess rspresent~d htrtby. tM Assoc~~t~on sAi~~. ~n tOmputmy tAe irtwunt of such ~ndebted~ess. cred~t to the account of the Mongagoe any
ba~a~ce remaunng ~n tne funds sccumul~ted ur?dt~ the prov~sa~s ot NI o~ parapraph 4 '
6 To perm~t. commd w suffer no wsste. ~mpaurn~nt or det~nw~twn ol sa~d p~opsrty. w any pa~t thereol and upon the Ia~lure of the Mortgaga to kesp tne
pu~id~ngs on ss~d proptrty m good tad~ta~ a rpa~r ~nd m~~ntens~t~. the Assoast~on may demand proper ma~Menance and the ~mmed~ate ~epsu of ss~d
bu~id~n9s a a~ ~ncresse ~n tM smount ol s~cu~~ty. a tM ~mmW~sa rpsyment of ~he debt Mreby secured. and ihe ~a~lure ol the MortpaQa to comphl w~th
sa~d demand o1 the Assouatwn fo? ~ p~.ad of tA~rty (30) d~ys shaU coosatuu a Dreach of th~s mwtflage. and. ai tne opuon ol the Assouatwn. ~mmedste~y
maw~e ehe enure amount of p~i?c~pd snd ~nt~rest M«by s~cur~d. sod tM Assoustan ~mmRd~ately an0 w~thout nobta m~Y msUtule p~oGeed+n~tt t0 IWRC{OSe
th+s mwtgage and sppy la ths sppantrt~M of a nc~~va. ~s Mro~~sher pror~ded. and K+ csse of the ~t~ussl. ne~lect w~nabd~ty ol the Mat9apw to repa~r and
mamta~n sad p~operty. iNe Atsot~~twn msy. ~t ~n q?twn. make sucA tepiuS M uuse the s~me to be made a~d adva~te moneYS ~rt th~t bahait
7 To per(wm. co~y wrth and abids by e~ch ar~ ~very tM sUpulstwns. sy~eemsnts. cond~irons and corenants ~n sa~d prom~sswy ~ote and tMS matysge set
forth
8 Ta comDly w~th the wbdw~s~on restrictwns ~nd tM mumcp~i iwunq ordm~nc~s spp~~tide tu tAe mortga9ed properly. not to erett Or pe~m~t to be ercttsd iny
new bu~ld~ngs on the prerrases hersm mortpap~d a to add to a pamrt to be ad~ied to. make or pe~m~t to be made any suuctwal a~teratwos to any ol the ei-
. : - - - - - r.! ~ ~..a.~~...: .~~a:r ek..:.t s ..,..~~t:.^..^.s.
them th s mortgage'and a11 sums~secured •Mr~Dy sM11 ~mmeaatNy Wcome dw.and payabte a~ tne opuon ot ttx ~Assoc~auon
g That ~n case ol a detault ~n any of the terms of tMS matp~ye ~rd tM ~~~~p ol a Ddl to foretbse th~s or any othe~ matgage encumbenng tAe wrth~n dsscnbed
property. ~ne Assoaata~ shau be snntted to ~ppty. st any ume w~thout ~otKe pend~ng wch fwecbwre w+f to the court hav~np ~unsd~ctan thereof ta tAe ap
pomtment o! a~ece~ver of a~l and s~npu~~~ tM mortpiped p~opsny. ~nd o1 aI1 tAS rsnts. mcomes. p~ohts. issues and revenues tAereof. from whatsoeve~ source
denved and thereupon. rt is hereby lspresslY cov~nsntsd ~n0 sp~kd thai the couil shall lorthw~th sppo~r.t a recerver of sa~d matga~ed poperty. ~II snd
s~nguta~ and of sucA reots. ~~comes. pro6ts ~ssues and revtnuas the~eoL (rom whatsoever source denved w~th tne usual powers and duues of rece~va~s ~~ke
cases a~d such appo~ntment shall be made py wch court ss a mst=er ot strKt rpht to the Assoualwn and w~ihout re~ereoce to the adequacy or madeQuacy o~
~he va~ue of tne property Meroby matgsged_ or to the solvency a ~nsolw~+cy ot Ihe Morigapw. and tnat such rents p~ot~ts ~ncomes. ~ssues. and ~evenues shau
be appl~ed by such recp~rer ro tM payme~t ot the mortqaps ~ndeGtWrNSS casts and chsrges scco:d~ng to the wder of wch court
10 That ~n the event tAe ownersA~p ot tM mortysgsd prem~sss. a any pa~t t1~e~eot. becomes vested ~n a person othe~ than t1~e Mortgagw. the Assouatan may.
w~~nout nobce to tne Mwtgagor. ds~~ w~th sucA successa w succsssors m~nterest w~th reference to th~s mortyage and ttie debt ne~eby sew~ed. ~n the same
manner as w~th the Mwtgsgo?. w~ihout m sr.y_way v~uaunp w d~scMfp~~p the Moit9apa s I~abi~ty he~eunder or upon the debi hereby secured No sale o~ the
' prem~ses he~eby mwtgaged and no fOrbe~r~nt0 O~ tM pi~l OI [M ASSOC~stwn. ind no eatMS+on Oi the bme (or the payment O} t1~C deDi herQpy seCUred q~ven
by the Assoaauon. sha~l operate to reiass~. d~scharpe. mod~fy. chanpe a aHect tne w~gmal I~ab~l~t~ ot the Mor~gaga tie~e~n, e~t?+sr m whole w~R part
1 1 Tha2 m the esent the prem~ses here0y mortpsyed. w any psrt thereof SAill ba condemned aru! taken unde~ the power of em~nem doma~n. tt~e Assoaatwn sna~~
have the ~~gnt to demand Uwt all damapes awarded fw tAe qk~n~ 01 or ~n~ury to sa~d D~em~ses sha~~ be pa~d to tne Assoaat~on ~ts wccessas or ass~g~s. up to
the amount then unpa~d on th~s mwtpa9R and may ba ~pp~rod to s~y wms Isst payaDl~ hereunder
12 That nme ~s o~ lhe essence of tMS contract s~d thst no ws~rer 01 s~v ~~Qeiwn hereunOer pr o1 the oW+yauon secured nereby sna~~ a~ any ume theteatter be
netd to be a wa~ve~ of the terms Aerso} w of ~he pom~ssory ~ote secured hereby
13 In tn¢ eve~~ o( any delautt m any of tAe te~ms of tMS mwtpage, a m the note secured hereby and accele~auon by the noider a any other s~tuauon that would
cause lhe ~nrerest pad or o~Y~~k u^der tMS oblqaUOn to e~ceW the ~ntnest rate autAO~ued by Iaw. tnen m such eveni aU eacess mteres~ thereto~we pa~d shail
be c~ed~ted lo pr~nupsl a~+d atl xtrued and unpaid saceu ~nterest shsll abste a~d shalt not be an oW~gat~on of the maker or ot any other person
14 That ~o the extent o! the ~~+debtedness of the Mwtp~por to the Assoustao dexr~bed he~e~n or secwed he+eby. the Assoaauon ~s hereby wbrogated to the i~en
o. ~sens and to the ~~ghts o~ the owne. and holder tAersof oi each snd every mortpspe. I~en o~ other encumb~ance on the ~and Cescr~bed nere,n wn~ch ~s pa~d and
; sata~~ed. m whole w~n part out of the proceeds of tF~e loan descnpsd Aerem w secured hereby. a~d the respecuve bens o~ sa~d mo.tgages. 6ens or other ~n~
cumbrances shall be and iAe same anA esch oi them hereby ~S prlslrvld and shail p2s5 f0 and be hBld by Ih! ASSOC~dt~o~ hera~ as secw~ty fa the ~n-
! debtedness to the Assouatwn here~n dascrebad or hereby sscu~ed. to t1+e same e¦tent ~~at ~s would nave been p.eserved and would have Deen passed to and
~ been held by the Assouatron had rt been duly a~d resu~lrly ass~Qnld tnnsferred. set over and de~~ve~ed unto the Assouano~ by separate deed of ass~gnment
notwrtnstandmg ~he fact t~at the same may be sausf~ed and unceil~,d o~ recwd rt be~np tAe ~mennor, of ~ne parnes nereto that the same w~u be wnshed a~d
~ canceiied of recorA by the holde~s tAereot ~t o~ sbout tAe ume of tAe recwd~ng o1 tA~s mo~tga~e
~ 15 Tha[ ~f anY of the wrns of money here~~ referred to be not promplly snd fully pa~d wrth~n thuty (301 days ne¦t a}ter the seme severa~~y become due and payabse.
! or ~f each a~+d every the sbpuladons. ay~reements. cond~tw~s s~d corenants of sa~d prom~ssory note and tn~s mo~tgaye o~ e~ther. are not du~y pe:formed. cum
E pbed w~th and aMded by the agg~egate sum unps~0 unEer ~id promasory note a~d th~s mo.tgage s?+ail become due and pavable forthw+th o~ t~ereaftu at the
f oyt~on ot ~Ae Assouat~w+ as ~ully snd completely as ~i sad apprepate wm of money were or~g~nallY st~putated to be pa~d on such day. anyih~ng ~n said
ptomi550~Y ~t! W hErNn t0 [tl! COn[riry I10twdAStilldrtlQ .
~ g Tnat m order to accelerate the matunty of the ~ndebtedness hereby secured because of tne ta~~ure ol tne Mo~tgayor to pay anv taa assessment 6ab~hty oW~ga
~ uon or enwmbrance upon sa~d p~ope~ty as here~n prowded. rt shslt not be necessary nor reqws~tr t~at the AssouaLUn snaf~ brst pav the same
~ S 7 If a conveyance shouid be made by the MatQagw ot tAe prsm~ses nere~n descnbed or any part he~eof and the gran[ee named ~n sucn conveyance ~a~ls or
~ retuses to assume the paYment ol the obl~y~twn ewdenced Dy ss~d Wom~sso~y note and secured by th~s mortgage and ~n accordance w~th tneu respect~ve
~ rerms and abrde by tAe rules and regulabons o1 t~s Assousuon. ~nclud~ny Cayment of a rea~naD~e t~ans}er tee then and ~n inat event at the opLOn a~+d upon
~ne demand ol ttx AssouaLOn all wms ol mp~ey setursd hereby shall ~mmed~ately become ~onhw~th due and payaWe
~ 18 Tna~ the abstrac[ o. abstracts ot t~U! cOVlnny ihE mOrtp~9Cd prOpt~ty Sha~i at All t~mCS dun~g tne Ide o} th~s murtyage remam m the possess~on o~ tne
Assuc~ano~ and ~n event oi the torec:osu~e o} tn~s matpage a othe~ aans~er of utie co ~ne mo~tgayed proc,e~~~ ~n eaongwsnment of the ~ndebtedness secu~ed
g ~~ereby a~f rght utle and mterest of the Mortflayw m and to any such aostrads of ut~e shail Dass ro tne Uu~chaser o~ grantee
19 Sn~u~d the val~d~ty or hBn Of this morigagE. Or thr nOt! S![urRC ~hetlby DB ContCSted Dy Luyat~on ~r otherv~~se the Mo~tyagor ayrees to pay to tne Assouatron
tne cost of ~~e~~ng the same ~nclud~ng s reasonabie sttor~e~ s/ee
20 to pa~~ ali and s~ngular tne costs charges and expenses. +~clud~ng at[aney s fees reasonably m~.urred or pa~d at any hme by the Assouauon because of the
/a~lu~e of the Mo~tgagor to pe~form. co~np~v w~th and abde by each arxl every ehe sopu~at~uns ayreements curxt~t:ons and covenanls of sd~d prOm~iSOry note
~ and ih~s mortgage. or atAer. and every wch leacept for the paymeM of the monthiy ~nstaUment as reqwred by the ?rom~ssory 7Vote1 shail bear mterest trom
~ tiaie ai ii~@ ibie Ci~ ib~~ yo~ C6~~~ iiv+oi ~sci a~aru.i5 u~.i.i iuii~ ye~.i'i
21 1he Assw:~ai~On S~dli hevC the nght 2t 0ny t~me 2nd f•Om Um! t0 timt 2nd wrthout not!ce to or cunsrnT o~ any pergpn to tai re'ease any po~uor. of t~e p~em~ses
~ hor.~ ene nen o~ ~h~s m,xtgage lb! re~ease any per~n haDte ~o~ payme~t ot any ~ndeb~edness secured ne+eby ~cf e,te~~d the ume of payment or arte~ the terms I
rt o! payment of all or any part of the ~ndebteC~eSS. wrthout ilfect~ng Or ~e~eas~~ the personal i~ab~~rt~ of any ~rsor. hab~e !ot~~er tha~ any perwr. release0 pur~
~ wdrrt herrioi fo~ the paymen~ pf any sum or ~nterost sewred he~eby snd w~ttwut ~n any w~se ai;er~ng. vary~~y ar d~m,n~smry the fe~ces ef~ects. o~ bCn O~ th~5
_ " ~wrt a e un a~l the prem~ses not s
y y pea~~ca~~y ~eleased from the ~~en o} th~s mo+tgage bv the Assuc•at~un
22 Any ayreem~ent he~eaher ~nade by Mortpagor and Asso:.~auon purswnt to t~~s mortgage sha~l be supeno~ ro tne r,ynts o~ the noldr~ of any mterven~ng her. o.
~ pnr.umb~dnCQ
~a~' 23 V~wr, :eq~est of Mortgago~. the Assoc+atron may at 4S SOI! Op[iOn 1rOm t~me t0 i~mg b@fOre tufi pdym¢nt o~ dil ~ndebtedr,ess secu~ed he~eby ciake further ad ~
vances to Morigdyor pronded. ?awever. that the total pr~nupai secur~ hereby and rema~r.my u~Va~d mcludmy d^; such ddva~~ces s~d~~ not d[ dny Gme e~-
~.eed ;nz ong+na~ w~nupa~ wm se~ured hereby Mortpapo. shai~ paV a~i wcn turther ad.ances w~th ~nterest and the saTe sha~i Ge secured hereby AI+ prov~s~ons
~ uf tn~s mortgage sha~~ appiy to each further advance as weil ss to a~~ ot~e~ :ndeE:edness sec~~ed nereby Noth,ng here~n co~;amed howeve+ sha~~ bm~t the
~moun~ secu~erf by th~s mort~afle d such a:nount rs mcreased by sdvances made by th¢ Assouat~on as nerem eisewne~e pr~v~d~d lur to ~otect the secunty
3.
24 In the event the MortgM~or herean, or any wDsequent Mo.tgayo. w any pe~soR w ca~rora~~u~ti owmny any mte~est whdisuever should entumber the pr^~rry
~ nerem mortgaged by an instrument comrnonly reterred to and k~own as a' w~ap around mo~tyaye wrthout hrst obtarnmy the wntten consert Gf the AssoGa
_ ~.on the~ at the ophon of the Assouatwn t1iC Ob1~gaUOn sCCUrCd Dy [hi5 Mo~cyaae sha~~ ~mmed+ate~y become due arxf payabie
25 To prov~de tne Assoaauo~ wdh Flood Insurarsce Corerage ~f the real property ~s now or hereafter dete~m~ned to tre withm a speaal /IOOA hara~d area as shown
~ on flouf Harard Bourxfary Map:'Flood Inwrance Raie Map as pubi~ah~x1 b~ the Federal tnwra~ce Adm~n~stratwn
~ Zg At the ~equest of the Mortyayor. ths Auou~tan ~prws to wa~w tM pw~swns parap+aph 4 relauve to [he creat~on of a narard mwrance account. prov~ded
~ however. that tAe Assoc:stan rst~~RS tM npht. ~t ~ts optron. !o rs-~nstate such prov~srons of sa~d paiagraph 4 as an otrl~gatwn of the Mo~tpapor hereundsr upon
~ the Aappernng ol sny of the Icfbwmy
~ A Fa~lure ro maks any pr/msnt rpuN~d unda tM te~ms oi tM rate on a before the due date thereof
~ B Fa~lure co comply ~nn1A tM mwranc~ prw~swns ol panyr~ph 3. a o~ any o1 ine other terms and cond~uo~s o( ch~s mortgsge or nofe, a w~ih ihe ~nwrsncs
~ reqwrements tonis~ned the O~tl~qtwn ot CwWOmuiwm ~nd rs~s•~d documents shou~d tAe mortgaqed properry bs commrtted to condommwm
~ development .
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~ (C?-NI-7i
' MLCA12 ;~~;.311 ~~~:fi247
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