HomeMy WebLinkAbout1271 4- Tnat. orWr to protsct ma~ tully th~ s~cunty ol tlus mortpap~. t?~ Matpapa. top~tM~ w~t~. srW ~n add~aun t~ tnr monthlY paYmenls undte t!~e re~ms o! !M
~~o~e secursd nereby. on tM sp~ufHd paym~nt dat~ oi ~~ch month unhl tM sa+d note ~s fu~~y p++d w~U pav ~o ~he Assouatw~~ ~ne ~uuuw~ng sums
Isl An msNitmfnt ol tM ua~s ~nd ~ss~asm~nts I~v~~d a lo D~ NvNd ayamst tM p~m~s~s tovaed Dy tn~s mo~tya~. and an ~nstaument of tne Wonwm
a Wem~ums th~t wJl Wtom~ dw ~nd payaDN to ~tMw tM ~nw~anc~ on tM p~em+ses cove~ed Aa~DY ~g~~~~s~ b:.~ Dy I~~e. a~d w~ndstorm ss ~xowda0
fw by psrs~rsph 3 W~c~du+p. w wch otM~ Mssrd ~s msy ruso~aWY a rpwr~d by tAt Assoc~stan. and an mslslUnen~ ol Ih! {uemwm ttis~ wd1
become dw and p~Yabi~ to rsMw tM matyay~ ~nsuqnc~. d~Y Such u~suUmeots shsn ba pusl r~sWcuvely to one tweUth (1 ~ 12tn1 ot tbe es
bm~tsd premwm p pr~mwms fa such mw~~~c~. ~rd t~a~s ~rd ass~ssm~nts ne;t due iaa ssUmat~d by the AsstK.Ntron) 16ss a~t +~Sbltmenis alreadr
pa~d thsrefw. dwd~d Dy tM numba ol months IMI to Naps~ on~ mw~tA piw~ to tM dit~ wMn sucA pnmrum or pamwms snd tsaes and
assessm~nts vr~N O~com~ d~hnawM TM Assou~twn. whJt ~pply~np wcA p~yments to mwranca pem~ums. ts~es and assessments. betore ~Ae same
becom~ del~nQuent sA~ll not pay ~n~~nst to tM Mwtpapot on wth funds. snd sU sutA paymems may bs tomm~npled by the Assoustwn wNA sny
o~ner such lunds or w~th rts own lunds TA~ funds s~~ pbdpW s~ Wd~twns~ sscwrty for tne sums s~cured by tn~s Mat9aye and ars wD~ect to uss by
tM Assouatan ~n p~yn»nt of "qt~ cMrp~s' ard bsnk coll~ctan charpss
Ibl All payments msntwr»d n(M pr~tsd~np fubs~ttwn ot tlws p~~agrsp~ ~~d all paym~ms to be mads unde~ ttie note secured he~eby shali be added
tuge~Mr and tne ~Qprspsq srnount tMrsol shail p~ p~~d by tM Matpspa exh month ~n s s+nyHt paYment lo b! aWl~ud by Ihe Aasoc~at~on to the
~dbw~~g ~tems ~o th~ ada s~e lath 1 Tu~s. ~ss~um~nts. and mwr~nte psmwms 2'Late c~ar~es and WM cWlectwn thsrpes. unless pad ~n
manner prp~nded ~n psrspraph ~ Is) 3 Int~r~st on tM no~~ s~cured R~r~by 1 AmorUtatnM ot tha p~maµal ol sad nots ~
Any detK~ency ~n tM amount oi wch aygrsyste monihly paYments shaN. unleu pa~d by the Matyaga pra~ ~o ~he due dste of ~he next wch payment. con•
st~tute an event ol de(ault unds~ ths matqaq~ W~thout warver o( sny riqAt. the Assocwtwn may cdlect s"lale chargs' as Wovnlsd m the Note
g Tha~ ~f ~ne total of the payments mad~ by the Mat~pa ur?ds~ 1~) 01 parap~aph ~ preced~~p shsll e~ceed tAS smount ol payments actually made by tAe
Assouatwn la teaes and ass~ssments snd msurancs prsmwms. ~s the qse msy be. such ercess shsn pe cred~ted by 1he Asux~aaon w~ subsequent psymems
to De made by the Matgpor If. hovrwe~. tM monthhr paYm~nis msde by tM Matpapa under Ia1 ot pa~a9rap~ 4 prsced~ny shau not have been wHK~en~ ro
pay ~aaes and aswuments snd mwranc~ prsmwms. ~s the cass msy b~. when tM same sha~i become due and psyaWe. ?nen the Assouauon may a~ as op
nun ~mmed~atsly psY such taass snd asstssments ~~d ~nsu~~ncs pr~m~um. ~nd tM Mortgayw sAall p~y to the Assouatwn sny amount necassary to ~nake up
the dehuency. end Suth payment tMll D~ due ~nd p~yiW! w~Um tturty 1301 dayt ihlr the date ol mad~ng ol notKe by the Assoc~auon setunp Iwtn tne amouni
ol such dehuency 11. at sMr time. ths Matyipor sMfl tMd~i to tM Assoustwn. sctonlsnCe w~th tt~e qowsans o1 the ~ote secursd Aereby. full paYment of
the enure mdebtedneu ~spresentsd MrsDy. tM Auocut~on shsll. ~n compubnp t?~s amount o~ such ~ndebtedness cred,t to the accoum ol the Mortgay~x any
ba~ance rema~mng ~n the funds stcumulatad urW~r tM prowswns ol 1~10l psnorapA 4
6 io pnrmq tommrt or suNar ~o wsite. ~mpa~~ment w deterwratqn ol sa~d poperty. a a~y pa~t thereot. aod upon the (adure ol tne Mo~tgaga to keep the
uu~kl~ngs on sa~d pop~rry ~n good tond~tan a r~p~u ~rW m~~nt~nant~. tM Assocut~on may demand proper ma~ntena~xe and the ~mmed~ate ~epa~r o~ sa~d
D.~~~d~ngs a a~ uureass m the amount of secu~rty. a ths ~mm~dats ~epsYment of the debt hereb~ aecu~ed. and tne la~ture of tne Mortpapa ~o compiy w~th
s:~d demand o~ the Assocutan fa s pawd of tMrry (30) days shs~1 consutute s beach of tlrs mortpsge. and. at ths opuon of tne Assouata~. ~mmad~stNy
mawre ihe ent~re amount ol p~napsl s~d ~ntersst Mreby secured. and tM Assoustwn ~mmed~atelr and w~[hout nouce may ~nsawte proceed~ngs io taecbse
~h~s m«tgage and apply fa ths sppantment of s ncsrve~. ~s herNnsha povbed, snd N? case o~ tAe refusal. neylec~ a~nab~4~y ol Ns Morigagor to.eps~r and
ma~nta+n sa~d property. ths Assot~stwn may, ~t ~ts Optqn. mak! sutA rpaus o~ cause the same to ~e made. and adrarice ma~eys m ihat behall
) To pe~lorm, comply wrth a+~d ~b~ds by esth ~nd svOryr [As SUpulatrons. iprNmentS. cond~uons and cwenanis ~n sa~d p~om~ssory notB and th~5 mortyafle set
forth
8 To c~mp~y w~th ~ne wbdmsa~ restrKtwns snd tM mume~p~l:aunp adnance; appbcable to the mwt~aged property not to erect a perm~~ to be erected any
~ew bu~id~ngs on ~AS prerruses bere~n mort9aped w to add to w p~rm~t to Ge sdded to. make or perm~t to be msde any suucwrsl a~terabons to any of the e¦
~sang ~mprovements tns~eon wrthout tM wnn~n consent qf tM Assoastan. snd u+ [he even~ of any vroiatan or suemp~ io noiace tneu supulatans. a sny ol
them th~s matgage snd sil wms secursd Mreby shsll ~mmed~aceiy bscome due and paYable at the optwn oi the Assouatan
9 Tna~ ~n case o~ a oelauh ~n sny o( tha terms of this mDttpAy6 snd the hhnp of a bdl tu foretlose tfus o~ any ottxr matgage encumbenng the wrtMn descnbed
property. tAe Assouatwn shall bs enddsd to appty. at ~ny Urtro nntAOUt not~ce pend~np such faeclowre swt ~o the cour~ hav~n9 yu~~sd~uron tnereol to. tne ap
pp~ntment of a reCerve~ ot sN and s~npulsr tA! mOrtysp~d prOplrty. and o~ sll th! rents. intomCS. proUts ~ssues and revenues tnereo(. from whatSOeve~ SOUrce
derwed and thereupon. ~t ~s hereby exprssshr covenanted snd spreed that the court shatl fortnw~th appant a rece~ve~ of sa~d mortflaged property. ail and
s~ngutar and ot such rents. ~ncomes. prohts ~swes snd revenues thereol. from whDtsoever source den~ed w~tA the usual powe+s and duaes of ~ece~vers ~n hke ~
cases and such appo~mment sbs11 pe made by sucA cvu~t ss a mstter o~ stnct r~pht to the Assoaa[an and w~[nout reference ro tf~e adeQwcy or ~~adeancy o~
the vaiue o1 the prope~ty bereby mqtpaged. o~ to tAS sOlvency a msolve~cy ol thr Mortga9or. and that such rents Wohts ~ncomes. ~ssues. and reve~ues shatl
De app~~ed br wcn rece~ver to the payment ot the mortp~ps ~nd~btedneu. costs snd charpes. accad~ng to the order o1 such court
10 . Tnac ~n the event tf+e ownerSA~p of ihe mortysged prem~ses. w sny p~rt iAerepf, petomes vested ~n a persor: otner than ~ne Mortgagw. ihe Assoua[an may.
j w~+hou~ nof~ce to tne Mor[gagor. dea~ antA wc~ successor or succassas ~n ~meros[ wrth relerence to tMs mortgage and ihe deDt hereby secured ~n the same
manner as wrth the Mwtgagor. vr~thout ~n any wsy v~Uauny w d~xhsry~ny tAa MortOagor s hab~l~ty hereunder or upon the debt hereby secured No sale ot the
yrem~ses 1~ersby mortgay~sd and no torbeannce on the psrt of tMe Assousi~on, and ra e~tenseon o~ t1~e ume for tAe paymen~ of the debt ne~eby secured g~ven
Ay the Assouatan. sh~ll operate to relesse. d~xharpe. mod~fy. cha~qe w sHect the w~g~nal I~aWl~ty of the Mortgagor he~e~n, e~ther ~n whole u~n parf
1 1 That ~n the eveM tAe Wem~ses hueby mMtysflsd. w ~~y pirt thereof. shall be condemned and taken under tAe power ol em~r.ent doma~~. the Assotratwn shall
have tne r~ght to demand that all damayes swudsd lor the takmy of or ~n~ury to sa+d prem~ses shatl be pa~d ro the Assouat~on ns wccessors or ass~gns up to
the amount ~hen unpa~d on th~s mptpape snd msy be app~~ed to any wms lsst payaWa Aereunder
12 That ~~me a o~ tne essence o( th~s contract and that no warve~ ol any oD~,gai~on hereunde~ o* o~ the ubi~yauo~~ secur~ nereGy snali ai a~y u~ne [tw_rea~ter be
held to be a wa~ver of the terms herpp( pr of the prom~ssOry note secuced hereDy
13 In the event of any defauh in any of the terms o( tlus mortpsge. or m ihe note secured hereby and acce~erat:on by tne hWder or any o~ner s:wauon ~nat would
cause tne ~nterest pa~d a paysble unde~ th~s oblpstan to e:ce~d the ~ntarest r~te authonzed by law then m such event ali e•cess ~nterest ~hereto~o~e pa~d shatl
be credded ro pr+napal and ali accrued snd unpsid e;ceu ~nterest shali sbate and shall nol be an obl~gabon ot the maker or o! any other person
! 14 Tnat to the eatent ol tbe mdebtedness of the Mortpapw to tAe Assouatwn descnbed"herem or secured hereCy the Assoc~auon ~s hereby wbrogated to ibe ben
or 1;ens and to the nghts of tAe owner and hOlder tAerepl Of eith ind erery mM_tpapl. I~Cn a other enwmbra~e on the land Cescr,p~ herem, wh~ch is pa~d and
sausfi¢d m wnole or ~n part. out of tbe procseds ot the Iwn descnbed here~n w secured he~eby and the respect~ve ~~ens of sa~d rrprtgages I~ens o~ other en
cumtxances shatl De. and the sart+e and each ot tMm Aereby ~s preserved a~d sha~~ pass to and be heM by the Assouauon herem as secunty for tne m
debtedness ?o the Assoc~at~on here~n dsscnbed w hereby secured to tAe same eatent tha~ would nave been preserved and wou~d have been passed to and
j been held by ihe Assoc~at+on had ~1 been duly and re9uiarly assipned. transferred. ut over and del~ve~ed unto the Assouanon by separate deed oi ass~gnment
~ notwitAstand~r.y the fact that the same may be saushsd end cancelled of recprd. ~t bemg the mtenbo~ of the part~es herew that the same w~li be saUSbed and
~ cancer,ed of recorA by the 1w~de~s thersol st or ~Eout the ume ol the r~cwd~ny o1 t?~~s mortgage
f 15 TAat +f any ot the wms of money herem referred to be not prompfly arM tully pa~d w~th~n th~rty 1301 daYS ne¦t a![er ~he same severaiiy become due and payable.
! or each and every tt~e st~puladons. agreements. cond~tWns and toven~nts Of ~e~ prom~sswy nOte and th~s mortgage or e~ther are not d:,ly pe~}ormed, com
i pbed wrth and ab~ded by. the aggregate sum unps~d unde~ sa~d prom~ssory note and t~~s mo~tgage snaN tiecome due and payable lonhwah or tnerea~ter. at Me
~ opGOn of the AsSOUahon. as tuliy and complete~y ss ~f si~d aypregate wm of mOney were ong~naUy st!pulated to De pa~d on such day. anyth~ng ~n sa~d
prom~swry note or Aett~n to tAa ton[rsry notw~thitand~ny
1
~ 16 That ~rt order to accelerate Ihe matunty of the mdlbtedness A6reby secured Decause ol IAe ladure o~ the Murtgagor to Day any taa assessment. I~ab~i~ty. obbga~
aon or encumbrance upon sa~d prciperty aS bare,n prov~ded. shall not be neclssa~y nor r~~u~s~te .nat thE Assouat~on sha~~ t~rst Day tne same
~ 1 7 a conveya~ce shou~ be made try the Mortyapor o~ the prem~ses herem descnbed or any part her~l a~d tne grantee ~amed in Su[h COnveydnCC IddS Or
reluses to assume thr payment ol the ObLgstWn ewdenCed by Sa~O Worn4SOry note and secured Dy tn~s morigage and ~n acco+dance w~th the:~ reSpECUve
€ rerms and atHde by eAe rulez and regulaba~s of tMe Assouatron ~nciud~ry paYment o( a reasonable trans~e~ fee the~. dnd m ~hdt evBnt a! !he opuon and upon
~ sne demand of the Assouatw~ a0 sums of money secursd hereby sha~~ ~mmed~atety become IorthwrtA due and payable
18 7ha[ the abst~att or abst~atts Of Otle tovennp the mOripaged property sha~l at all t~mes dwmg the ~:~e of th~s mo~tyage remam ~n the Dossess•o~ ol the
~ ASSOC~dUOn d~A. ~n e~enl Ot the forKlOiur! Of lMS mOr[gi{~C w otner t~a~s(e+ ot htte to tne mortgayea prover~y m eannyu~shment of tne ~r.~ebteclness sewred
~ hereby a~~ ngM_ bL'e and mterest o} tAe Mortpayo~ ~n and to any such aGstrads o} bGe sRa~i pass to ine pu~cnese~ o~ gra~tee ~
~ 19 Shouid the va~,d~ty o~ 6en of Th~s mortgage o~ the note secured ihereby. be contested 4Y ~~~~gat~un or uthe~wae the Munyayo• ayrees tu pay tu tne Assouat.on
i the cost of defendmg the same mtlud~ng a reasonilble altorney s fee
K
F 20 To pay aii and vngular the costs. charges and e:penses ~nctudmg attwney's fees reasonaWy mw:red or pa~d at any tune by the Ass~r_~aUOn. because oi the
€ fa~lure of the Mcxtgagor to pertam. comply w~th and ab~de by each and every the suputat~ons ayreemenK r~xuLUOns and cuvenants o( sa~d promissory notC
~ and th~s mongage. or e~ther. and every wch le¦cept fo~ the payment ot the momhty ~nsta~iment as req~~reA Ay the Prom~swry Notel sha11 bear ~merest from
~ da[e at lhe rate o( ten per cent (1094) per annum unul fuily pad
Z 1 ihz ASSOC•abon shail have Ihe r:ght at any Ome and ~rOm Ume t0 Ume and wrthOUt not~Ce to Or COnytnt uf any~ pe'SOn t~i ;ai ~e•ease any W~tiUn o} tfie premi585
fr~m ;ne i~en of th~i mortgage {bl re~ease any per~n bable fo~ paYment of any ~ndebiedness secured he~eDy !u e¦!erxl tr~ nma ot payment or a~!er tne terms
01 parment o1 a+i o~ any part of the .ndeLted~ess wrthout affecUne Or reiqSmg tAe personal I~db~'rty ot any person i~ab:e ~uther tna~ any persnn reteased pw
suant neretoi !oi tne paYment of any sum w mterest secur~d hereby an0 w~tnout m any w~se a~tenny vart.ny or d~m,n~sfi~~y tne fo~ces eHects o~ I,en oi th~s
~~o~tgaye on aii tne prem~ses ~ot spec~(rca~ty released Irom the i~en ol th~s mortgage by Ihe Asw:.~at~u~~
22 Any ayreemem her~afte~ made by Mortgago• and Assouat~o~ purwant to th~s mortgage sna~~ Oe supe~~or t~ ~hP r~gnn ot t~e hu!der ot any ~r<;erven~ng i~en or
% ~nwmwance
~ 23 V[~o^ ~equest o~ Mo.tgayor. the Assoua0on may at ~ts sote opuon irom t~me to t~me Deture 1~u pa~Tent o~ a~~ ~ndebtedness secured heredy make turiher ad
`s_ van~es to Mortyagor o~ov~ded however tRat the totaf pnnupat sewred hereby and rema:n~ng unpa~~ :nciud~~y any such advances sha.i n~t at any t~me e¦
E creA the ong~na~ pnnc~~a! sum secur~W he~eby Mortgapw shall pay a~l such further advances w~th ~nteresf ar.d the same sha~~ be secured hereby AH prov~s~ons
t o1 th~s mo~lg0ge shall apply !o EacA lurTher advant! s5 wEfl ai t0 all OtA~~ mdebtedness sewreo nereby Notr.~ng herem conta~ned howerer snai~ Lmrt the
~ amuunt secureA by th~s mo~tgagt d such ampunt ~s ~ncreased by sdvances made by [1~e Assooat~o~ as he~e~n e~sewne~e pro.~ded !o~ tu ~~otect ~he sewnty
24 In !he event the Mortyayo~ here~n. or any subSequeM Mortgdyor. or any ~~r~n q co~~wratron uwnrny any mleresi wnatsoever should encumG~: the properly
~
i herem morfgaged by an mstrument commonly reterred to and known as a w~ap a~ound murcyaye w~thout fnst obta,n~ny the wntte~i consent ol the Aszoua
~ uon then at the opuon o~ the Assouat,on. the oW~gauvn secured by th~s Mo+tgage shat! ~mmed:at^Fy #,ecome Aue aiwf payal~le
j 25 To prov~de the Assoc~at~on nntA flood Inwrance Coverage if the real property ~s now or hereafter determ~necl to be v~nth~~ a spec~a~ ftood harard area as sfwvrn
~ on Flood Hazard Boundary MapiFlood Insurante Rdt6 Map as puDl~shed by the Fede~dl Inwrdnce AAm~mslratron
~ Z6 At the request ol the Mortgapor. tM Assou~tan ~prNS to ws~w tM p~ov~swns of parag~aph 4~eiat~ve to the cre~UOn ot a haia~d mwrance accouni, prov~ded.
nowever. that tne Assoast~on reu~ns tb~ r~yhL ~t As optan. to n msUte sucA prw~swns o~ sa~d paraysaph 4 as an oW~gauon oi the Mortpapo. hsrounder upo~
~ ~ the happen~r~g ot any ol 1M ~dbw~np
~ A Fa~luro !o maks sny paymint rpu~r~d ur~r tM tamt Of ths not~ on a betore the due date :hereof .
B fsdw~ to comply vnth tM msuqnt~ prov~swns of p~qpr~pA 3. w ol ~ny ot tM other tarms and cond~UOns ol tMs matyaye ur nots. w w~th ths ~nwrs~ce
~ requ~rements cont~~ned in tM D~tl~r~tron o~ Condom~rnum ~~d r~latsd dotuments should the mortyaged poperty be comm~ttsd to tondom~rt~um
~ development
~ .
1 C?-NI-7t
, MLCA 12 ~'~~k, 3i1 r~t:1270
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