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HomeMy WebLinkAbout1283 4. ih~f ~n uafa tu p~otect moU fully IM SfCUnly UI iMt aW~ty~y~ IM MW IQ~QOt. tayelM~ WAA ~nt1 ~n itklNwn tU tlb nW~~IhIY ydYmQnIS u~~if~ IIM ~C~n~i U) ll~p nwe srcured Aeroby on tM sp~ahW paYm~nt d~t~ ol sath rtwn1A untd IM s~~d ooia ~s lully pa~d wdl pay !o O~e Assa:~~t~on ~he fouuwu~y sums lal An ~nsHlim~nt ol {M tY~~Md ~tNSSm~nts Nv~~d or to D~ ?~v~~d ~ya~nsl tM pr~m~xs corerud try Ih~s n~ty~{~e. a~d an u~sqtlmenl ol lM Wemwm W WQrn,Umf (h~t ~MII bKOfM d~A ~Dd p~y~bt~ 10 ~fMW IM ~~suranc~ w~ tM pr~m~s~t cuve~Qd he~eDy aya~nst b:a by lue. and wuxfsiwm. ~s p~o~~c7sd iw by paia9~~ph 3 p~~c~dnp. a wch otMr I~a~d ss may ~aason~Wy b~ rpwrW by t1~e Assa.~at~on. snd sn ms~~~cmen~ ol the Wertuum thal w~U beccHns du~ and piY~~ to r~n~w IM matp~~ msur~nc~. d~ny Such ms~a~lm~ots sAal~ D~ nywl raspecuvely to one IweI1tA (tit~lA) of th~ ss um~ted W~rn~um a W~m~ums lor wch ~nw~~~c~. ~~d t~a~s snd ass~ssmtnts ~at due I~s ast~mat~tl Dy the Assouatanl ~ess sU ~nSl~llmMtS i~~bidy pawl tM~~for. drv~d~d by tM numG~r ol mp~tAS 1h~1 ~r~ lo ~~iD~ ~ rtw~~~ W'a ~o IM dal~ wM~ such yrsmwm w{Namwms ind 1~ass a~d assess~~M~is w~ll DKOm~ d~hnquMt TM Assot~~t~. wMl~ ~pplY~ny suc~ psym~nla lu ~nsura~te pem~ums. lsaes srn1 assessments bs~ae the sams . becwne del~nqusnl sh~lt not pay ~nta~s~ to ~M Matpa~a a+ wch tu~ds snd su such payments ~nay be co+nm~nyted ~y the Assuuatan w~t~ anY ane~ sucn funds a wnh ~ts own funds TM ~unds aw p~~dp~d ss ~ddmunal s~cumy Iw tne sums se~ured by th~~ Murt9aye arW ~~e sut~~ct to use by Ihe Assouatan m p~ym~nt ot ' I~t~ cMrp~s" ~nd DanA coll~clwn charp~t Ibl All paymeMS me~trorNd ~n IM W~c~np subs~ctan ol tlus W~a~~aph and a~~ paym~nts to tx made unde~ ~~,e note secu~~d ?b~~by ss~ai~ be xlded ~uyntha and the ~flpregsts a~+ount tn~r~of shs11 be ps~d by tM Matpspo~ exn m<xuh ~n a S~~~y~e p~Y~nenl to tM appl~ed by the Assoudt:un Io ~he fulluw~ng rtems ~n ih6 ord~~ s!t lorth t iaRes. ~sStssmsMS. and ~nw~ancs pamwms 2 late cna~yes a~W Gank colieciwn cAaryei unlsss {w~d m ma~u~e~ prov~ded m paq9rsph ~ Is) 3 Inl~r~st on tM no[t secured he~eby 1 Amo~Utat~on ol the prux~pal ul saN! note Any detK~ency t1?e amount ol wch aygisyste monthlY paYmems sAau. unleu parl by tt~e Murtyayw {H~ui ~o the due Aate ol the ne,t wch payment, con sutute an event o/ default under tAe mortgs9e WNhout warver ot a~y nyht. the Assouauun may cutlect a'~ate chaiye" as prowded m the Note 5 That ~f the total ol the paym~nts msd~ Dy ths Matp~por unde~ lal ol par~prayh ~ preced~ny sha~~ e~cewi the am~wnt ol payma~ts actwlly made by the Aswc~ahon ~a ta+~es ~nd asssssments srd ~nwr~nc~ pnmwms. ~s tAe case may b~. such eacess shaU be credned by the AssouaUO~ on subseQuent payments tu be made by the Ma, tgaga If. however. tM monthly paYments made Dy the Matp~9w unde~ l~l ol paragraph 4~xecedmg shau not have been suH~aent to iwy ta,es and sssessments sRd ~nw~snce pr~m~~ms. ss tM cssa m~y Dt. when the ssme sASt! become due arn1 payabte. ?hen. the Assouatwn msy st ~ts op ~n,n ~mmed~ats~y Day such taxes and ~ssessms~ts ~nd ~nw~snce Wemwm. and tAe Mortpago~ shail paY to tne Assouatwn any amount nocassary to make up t1~e defic~eocy. and such payment shau be due and WYSble w~tMn th~ny 1301 days sfler the date ot ma~!u~y ol nohce by tAe Assouatro~ satu~g tu~th t1~e am~wnt ol wch Ael~uencY II. st anY dm~. the Matpspa shs1~ t~nder to the Assouatwn. m xcadance w~th tfw wov~swns ot ~he note serureu hereby. fu11 paYment ol tbe enure ~~debted~ess reprssen[ed MrebY. tM Assouatwn sha~l. ~n compuUnp ths smuunt ol suN~ ~ndebtedoess. ued~t to the account of the Mo~tqaqa any balance rema~mng in ths lunds accumuist~d under tM prows~ons o1 1~10l parsynph 4. 6 io perm~t. commrt w wHe~ no wsste. ~mpa~~msnt a deterwratwn ot sa~d p~opsnY. w a^Y part thr~eol. and upon the fadwe u1 the Mortya~w to keep tne bu~i~3,nys u~~ seKi wuyu+ty u~ gaod ca~rtNrc ar repsu and ma:nle^a.^ce. t!:e Assoaauon maY de~^~ [u~ ~~ntenance and the ~mmed~ate repau ol ss~d Gu~W~nys w a~ mcrease M ths amount of sscunty. or the ~mmad~ste repayment o~ tbn drbt hereby secured and the la~iwe o} tne Mortgaga to comp~y w~th saH1 cfemand ol the Assoustron for ~ pe~ad o! tAuty (30) d~ys sha~~ consUtute a beach of tA~s mortgay~e. and. at tfie optwn of the Assouatan. ~mmed~ately mature the enure amou~t ol pru~c~psl s~d ~nbrest hereby secursd. snd tAe Assouatan ~mmld~itely ind without nOt~cB may ~nSUtut! prOClBd~ngS IO IMBCbs! tMS mu~tyaye a~d appl~ fw tAe sppantms~t ol a recerve~. ss he~e~nsiter pronded. aM ~n case ol the ie~usal. neg~ec~ or ~nabl~ty ot-the ~Vlortgagw to repa~r and ma~nta~n sa~d property. tAe Assoaatwn msy. st its optwn. msks wch rspa~~s a cause the same to be made and adva~ce moneys ~n tha~ behalt 7 To perfwm comply w~th and ab~de by each snd every the sUputatwns. ap~eements. condrtwns and covenants ~n sa~d prom~ssay «ote and th~s mwtgage sN lath 8 To cwnyly w~th the wbdv~sa~ rostr~ctans and the muruupal ioM~y wdnsncas app~rcable to tne mo~tgayed p~operty not to erect w pe~m~t to be erected sny new bu~W~ngs on the p~em~ses here~n mortyayed w to sdd Io or pe~mrt to be added to. make a pe~m~t to be mado any suuctural aiterauons to any ol the es ~sbrx~ ~mp~ovements lhereo~ w~thout tl?e wnttsn conSent ot th! Assoaatan. and ~n the eveM o1 any vwlauon or attempt to v~otate tAese supulatwns. a any of ~nem thcs matgage and a~l sums sacursd Asreby shall ~mmed~ately become due and paYaWe a~ ihe opuon of ihe Assouauon 9 That ~n case ot a delault ~n any ol tAe terms ot tMs mo~tpape s~d tha hl~np of a b~U ro~orecbse th~s w any other matgage encumbenog the wUh~n descnDed poperty. tne Assouaoon shall be e~t~tled to sppty. at any ume w~thout notKe psnd~ng such (aecbwre su~t. to the court hav~ng ~w~sd~ctwn the~eof Iw tAe ap ~ntment o! a recerver ol atl and singu~ar tAe mortpsged poperty. and o1 alt the rents. mcomes. Wof~ts. ~ssues a~d revenues the~eo~. hom whatsoeve~ source denved and. thereupon. ~t ~s hereby e~pessly covenanted and aflreed that the courl shall torthwrth appo~m a recerve~ ot sad mortyaged qoperty. all and su~yular and of sucn ~ents. ~ncomes p~ohts. awes and revenues thersol. from wAatsoeve~ source denved wnh tne usual powers and duues ol recervers ui I~ke cases and such appantment sball be msds Dy such court ~s s matte~ 01 stnct nght to tne Assoaatro~. and wrthout refErence to the adeQuxy o~ madequxY ol ~he value of the p.operry hereby mortyaged. a to the sdvei+cy a~nso~vency of the Murtgaga. and tAat wcn rents. Wufits. ~ncomes ~swes- and revenues shali Oe app~~ed Ay such recerve~ to the psYment ol the mortyape ~odebtedness. costs a~d cAarges accord~ng to !he on1e~ ot such court 1 O That ~n the event tAe ownersh~p ol the mwtpayed prem~sss. p any psrt thereol. becomes vested m a pe~son other t?ian thx Nbr[gaga. the Assoaatwn maY n~[noui notKe ro the Mwtgaga. deal nnth wch wccessa or successors m~nterest vnth ~eference to th~s matgage and :ne deDt hereby secured. ~n tAe same manne~ as w~l~ tAe Mortgagor. wrthou[ ~n i~Y w~Y ~~Uat~np or d~scharp~np the Mortyagor's I~ab~l~ry hereur:der or upon the deDt hereby secured No sale o~ IAe pem~ses hereby mortgaged and no labesrance on the part of the Assoaauon. and no ealenvon of [1~e ume iw ~he paYment ot the debt hereby secwed g~ven by the Assoc~atwn. s~a11 operate to release. d~scnarpe. mod~fy. chinpe p attett Ihe ap~nal I~ablrty o1 tlre Mortgayor he~e~n. e~lher ~n wtale w~n part 1 t That m the eve~S the prem~ses hereby mortpsped. or any part thereol. shall be condemned and uken under the power oi em~~nt doma~n. the Assouat~on stwl! nave tFre ~~ght tu demand that all damapes awarded fw the islunp ot or ~r.lury to sa~d prem~ses sAa~l be pa~d tu the Assa.+auon ds wccessors or ass~gns up to the amount Ihen unpa~d on tMS morl9sge snd may be app~~ed to a~y wms Isst payaWo he~eunder ~ 2 Tha~ nme ~s o~ the essence ol th~s contracl and tAat no wa~ver of any obi~gat~on hereunde~ or of ~he oW~yatwn secwevf hereby shal! at any Line ~hereafter be nekf to be a warver o~ the terms hereof or of the prom~ssory note secured nereby 13 In ~he eve~t o1 any default in any of the terms ol tlus mortpape. or ui tAe note secured nereby. and acceleiat~a~ by the nolde~. or any otne~ s+tuatan tna~ would cause the ~nte.est pa~d a paraWe urWer Uus obbpatan to e:ceed the ~nterest rate iuthonred Dy law. tt~en ~n such,evenl all eacess ~nterest Me~e[ofae pa~d sha~~ I be credrted to pnnapal and all sccrued and unpa~d eaceu ~nterest sha~l aWte and shall not be an obi~gaUon o~ ttie maker o~ of any othe~ person 14 That to the eitent of the ~rbebtedness of 11~e Mortpayw ro ths Assoaatron descnbed herem or secured hereby. the Assouatw~ +s l~e~eDy wbrogated ro the I~cn ~ w I~ens arxl to the ngh[s of the owner a~d hOlder thereof of exh snd evlry mortp2ye. ~~en q other e~cumbra~ce on the lartd Cexr~bed here~n. wh~ch ~s pad and sat~sf~ed ~n wtw~e or ~n part. out ol the poceeds of the loan descnbed i~erem w secured he~rLy. s~Kl ~t~r ~rspecuve Lens o} sa:d rr.origaryes. l:e~s os othe: an ! cumtuances. snatl be. a~d the same and escA ot tlrom hereby ~s preurved and sAa11 pass to a~d be heW Dy ~he Assoc~at~on here~n as secunty fw tAe ~n ~ ~ debtedness w ttie Assoc~auon herem descnbed a her6by sacured. to the same e~[ent that rt would have been prese.red anU woukl have been passed tc and been heid by ~he Assoaatron had rt heen duly and reQulariy ass~y~ed. tra~slerred. set ove~. and de6ve~ed umo the Assouauon by sepa~ate deed of ass~g~ment ~ ~wtw~thstand~~g the fact tAat the same msy be sausf~ed and cancelled o! recwd. ~1 bang the ~nteman o~ the pa~~:es hereto that the same w~t~ be sat~sf+ed and ca~cel:ed ol record by tMe hdders thereol ~t or sbout the trms oi the record~np ol [h~s morcgage 15 That ~1 any ot the wms of ~wney herem rele~red to be not promptly and tully pa~d wdhm th~rty 1301 days neat a~ter the sa~ne severa~~y bec~ome due and payaWe. w~1 rach a~d every the sbpulaGOns. ag~asments. tondrtans and covenants of sa~d prom~ssory ~ote and th~s mortgage or e~ther. are no[ d~Jy pertamed com pl~ed w~tA and 3D~ded by. the aggregate wm unpa~d under sa~d prom~ssory note 2~d th~s mwtpa~e shall become due and payable fpthw~th a the~eaher, al the , opt~on ol tAe Assouabon. as fully and compietely as ~I sa~d apyreyate sum ot money were w~g~nally supuiated to be paK1 on such day. anytlung ~n sa~d t wom~sswr ~~e w herc~n to tne contrary ~otw~thstsnd~ny r ~ g That ~n order to accelerate tt~e ma[unty o~ tAe ~ndlb[edr~ss hereby secured becaust of Ihe ta~lure of [he Mo~tgayor to Day any taa assessment. I~abl~ty. ob~~ga t~on or encumfxance upon sa~d Wope~ty as herem prov~ded ~t shatl rqt be necessary nu: reqws~te that the Assouat~on s~al! hnl pay the same 1 7 II a cunveydnce s~ould be made ty the Mortyagor of the prem~ses Aere~n descnbed or any pa~t hereof and the gtantee named in such tonveyance tads o~ ref;,ses to aswme Ihe payment ol the oW+gatwn ev~derxed by sa~d prom~ssory no[e and secured by th~s mortyage. a~d m accwdance wrth then respect~ve te~ms ared aade ~y the rubs and repulatans o} tAe AssoaaUOn. ~nclud~np payment o~ a reasonaWe transfer fee then. and ~n that event at the opuon and upon the dema~d o1 t?~e Assocatan sll wms ol money secwed hereby sha~~ ~mmed~ately becane torthw~tA due and payaWe 18 That eha abstract or absdacts of tAle cover~~ tAe mortgaged Woperty sha~~ at aU t~mes dunng the i~fe ol th~s r*wrtgage remam ~n the possess~o~ ol the Assouaua+ and. m even~ of the loreclowre ol tMS mortpage or otbe~ transfe~ of uUe to the mortgaged prope~ry ~n e¦bngu~shment of the mdebtedness secured hereby a~~ rght ntle a~d mterest ol the 71Awtpagor in snd to any such abstracts oi trtle sha~~ Dass ro the pu~chaser ur grantee 19 5?wuid ~he vai:d~ty or ben o~ th~s mo.tgage. or ths note secured thereCr. be conteseed by ~~ngauon w otnerw~se tne Mortyayw ayrees to pav tu the Assouat~o~ tne cost of defend~ng the same ~nclud~np a ressonaWe attarsey s fee 20 To pay au and s~ngular the costs. charges and eapenses. ~ncluding attorney s(ees reasonably ~ncurred o~ pa~d at any ume M thx Assooabon, tiecause of the fa~lure ol the Mo~tgayo~ to periorm. comply w~th and ab~de by ead, arxl every the stqx,latw~s agreements. corxl~twns and crnenants a( sa~d ~xomissory note and th~s mortgage. or erther. and every wch (eRCept ta the payment ol the monthly mstailmrnt as ~eqmred by ttie Prom~ssory Notel shall bear ~nterest lrom date at the rate of ten per cent 1109L) per annum unt~i fuliy pa~d 21 The Assouatw~ sha~l nave IAe nght at any t~me and trom bme to [~me and wrthout nouce tc co.~srnt ot any persw~ lu ~al re:ease any port~w~ ol the premaes Iram the hen o1 tha mortgage. Ibl release any pe~son h~We lor payment of any ~ndebtedness secu~ed he~eGy Icl e•terHf the t•me o~ paymem or a~ter the terms ~ of payme~t of ali o~ any part of t~e mdebtedneas. w~[hout atfecunp o~ releas~ng the personal hatHlny oi any person LaWe lother t~an ar~y perzon re:eased pu. ~ want heretoi for tAe payment o! any sum a e~terest securod hereby and w~thout ~n any w~se a~tenng va~y+ng or d~m~n~sh~ny the !rrces eftects oi i~e~ oi th~s mortgage on all tne p~em~ses not speui~ca4r released from Ihe hen o~ th~s mo~tgeae by the Assouat~o~ ~ ~ 22 AnY ayreement nereaher made by Mortgagor end Assoaauon pursuant to th~s mortgage shaU be w~~eno~ to [he nghis ot ihe hoitfe~ o} dny inte~vernny I~en o~ encumbrance ~ 1 ~ 23 V~wn reyuest ol Mortgagor the Assouauon may. at rts soie opt~o~. from ume to Ume bCfo~e fuil paYment o! a~~ ~ndebtcdness secwed ne~eby make further ad ~ vances ro Mwtgagw prov~ded. however. that tMe total p~:nupal secu~e0 he~eby a~d ~emammy unpa~d mCiud~ng d~y such ddvanCBS sha11 nof at any t~me e¦ ~ ceed the or~g~nal Wmapal sum secured liereby Mortyapor sha~l psy ali wc~ ~urther advances w~th ~nterest arxl the same shau tx secured he~eby AH prov~s~ons o~ m.s mortgage shall apply to eac~ ~urther advance as wel~ as to atl othe~ ~nCebtcd~ess securecf hereby Noth~ng nere~~ coma~ned nuwever. sna~1 bm~t the • ~ amount secured by th~s mortgage d such amount ~s ~ncreased by advances made by the Assoaae~o~ as herem e~sewhe~e Vwv~ded ior to Drotrct the secunty ~ 24 In the event t1~e Mortgayor herem. or any wbsequent Mortgagor o~ any peiwn or corporaUO~ owmny any urterest whatwever ctwukl enr.umber the prupertY ~a herem mortgaged by an msirument comrnonly reterred to end known as a'virap ar~und mwtyaye wnt~ut hrst obtamux~ ttK wntten consent ot the Assoua = t~on. then at tt~e opt~o~ o~ the Assoc~atwn the oW~gatron secured by th~s Mwtqaye slia~l ~mme<fia~ei~~ become Aue arxl payaWe ~ 25 To prov~de the Assouatwn w~th Fiood Inwrance Cove~age d the reaf Druperty ~s nuw cr heiealte~ clelermmed tu be wrth~o a s~~ec:~a~ flop! harard area as shown on Fbod Harard Bwrxlary Map~Flood I~surance qate Map as publ~sh~ed by ~he Federal Inw.ance Adrnm~strat~n ~ 26 At the fenuest of the MortyaQw. tf» Assoaatwn ~pre~s to w~ne ths prov~s:o~s ot parayraph 0 reiauve to the creatwn of a naiard ~nwrance accou~t Wov'ded ~ however. that the Assoc~aUOn ret~~ns tM rpht. ~t its optan to rs-~nst~te wcA prov~s~ors oi sa~d paray~aph 4 as a~ obLgatwn o~ the Mortpapw hsrsu~~ upw~ ~he nappernng ol any o1 the tdbvmnp A Fa~Iure to maks srry paYment rsQuusd und~r tM tsrms o~ the note on w betore the due date theraot ~ B Fa~lure to complr vnth ths msunnu prov~swns oi p~r~pr~ph 3. a of ~ny ot tM other terms s~d cond~twns o~ th~s mortyags or note. or w~th the ~nsurance requ~remBnts Contained ~n iM O~ctir~tron of Condom~rnum and re~ated documents slau~d tAe mwtpagnd Woperty be comm~tted to cond~m~mum deveiopment ~ ~ ~ ~?-N,.~~ ~ 311 i28z ' MLCA 12 3~,~~.r AC: