HomeMy WebLinkAbout1873 4. TI?~c. ~n ada ~o pouci mor~ fully tM s~cw~q o1 tlw matp~p~. tM Mptpapw. lop~tM~ w~th. uW u~ addtan to. tM inontNY p~Yrt+~nts unda tM t~+os ol tM
ra~~ s~cu~~d M~WY. on tM WK~Md arm.n~ dsa d.~ch ^w^a+ w+w en. u~a noa a h+W v+d. w~u pay ro[M Assouuan tM louow~ny sums
1+l M u~st~Nrn~nt oi tM taa~s ln~d asNS+nNnts bv»d w to b~ NrNd apw?st tM pr~m~ses cownd bY ths matpag~. and ~n ~nsullm~nt ot tM pr~mwm
a p~~mwms th~t aiM b~~~i dw ~nd D+YaON to r~w th~ wawanu on tM onm~s~s cownd h~~bY ~yauai b:~ by lu~. snd w~nds~am. ~s povd~d
for Dy pNaqqph 3 p~~t~dr~p. 0~ wCh othtr Ms~rd ~s rtyY r~sspnablY b~ rpuw~d by tM AsaOtatan. ~nd ~n ~nstailmMN M tM pam+um that w~M
pscpn~ dw snd paY~pl~ to rN~w tM maty~y~ ~nsu~~nt~. ~I ~e?y. Suth ~nstarm~nts sMN b~ ~pu~~. qsp~ttiwip. to a»•twNhh (1/12tA) oi t1r ~s
umsbd p~mwm a pr~mwms lor wtA w~wnna. M+d u~p s~~d ~aNasrtiMts rna~ dw !ss ~sump~d by t1+~ AswcNCqi?) l~ss aN ruu~IrM~~ts ak~ady
psd tlanfa. Ow~4~d Oq dw numbN ol monMs iiri in to Nsps~ on~ ma?tA Dra~ to th~ d~a wMn such pnmwm a p~rtwums ud ua~s snd
~ss~ssrtNnn w~Y b~co~M dMrW~~n~. TIw IlssocNtWn. wlnN ppy~+p wM p~ym~nts w u~sw~nc~ p~mwms. a¦~s snd sss~ssm~nes. bda~ ~h~ sam~ .
br~om~ dNMqw~t sANI not pay mtKqt l0 tM MOrtppo~ on wM lunds. ~nd ~II sucA paytM~tt may b~ tonw~wplW DY lM Assoualan vmth u~y
otM~ wch funds a with ~n own lunds. TM fueds ~n pNdp~d u adduwnN s~cur~t~ tor tM wms s~cur~d ~y th~s Morr~ sod sn wbNCt to us~ by
~n~ Assousuon m p~ymeot d"Nt• cM~pa" ind bN+k coN~ctan chup~s
Ibl AM paymMts rtN~ndNd m tM D~K~q suWKtqn Of tlw W?~fN~ srW aY WYmaus to b~ n+s~ undN [M not~ sltur~d Mr~by shaN b~ add~d
[oyetl~ and tM s9prp~a amount tM~w/ sMN b~ pad by ~M Mor~9pa sxh month ~n ~ su~p1~ paYment to bt +pp~»d bY tM Assoastan to tM
IoMowKg rt~ms tlw orda s~t IaM 1 Tax~s. ~ss~ssm~nts. ~nd u~wr~ p~mwms 2°lsa cnap~s" snd b~nt cdNctan cM~p~s. unNss Wd n i
marwr prowd~d m paap~aph ~(a) 3. Inqnst oo th~ not~ qeund 1w~b~r. 4. Amatuatwn of tM pW+c~p+1 0l s~d nw~.
My dOfiu~wy in tIN infOW~t Of M1C11 ~QQrpib mpNMY WYmM~It t1?sM. uNKS DMd DY tIN MOrtpipW pnOr lo tIN dW dat~ OI tM M:t fYCA WY~4
st~tu» ~n w~nt ot dNault uiWa tM mat~. VlfiMout warv~ of u~y npht. tM Assx~atan may colNct a"lat~ chups" ss prov~d~d in tM Noa.
s. Tnst d 1M totsl of tM paYm~MS n+ad~ bY ~ Mortospa u^da l~f d D~'~9'W~ ~ p'Kb'^0 ~~xc«d th~ smount ol p~rm~nts ictwu~r msd~ btr tM
Auous[wn ia taa~s and ass~ssinMts ~nd w~w?anc~ pr~mwms. ~s tM case may D~. wch ~ac~ss sh~It b~ cr~dted DY tM Assoc~suon on wOs~Vw~t WYm«?ts
to b~ msds by tM MortpaQa N, hovrevar. tM montMy p~ym~nts m~ bY tM Mortaspor und~r ot psraprspt? 4 pr~c~dnp shali not hsw b~? wM~c~a+t to
Wr ua~s and ~ss~ssm~nts snd r?xxu~p W~mwms. u tM us~ msy b~, vN~ tM s~m~ shaN b~conN dw snd WYSbt~. tMq. tM Assouatan nuY. ~t ~ts op.
twn. ~mmsd~udy pay wch tu~s and ~ss~um~nts ~nd mwr~nq p?~mwm. u~d tM Monp~pa shaN p+y co tM Assoustwn aMr smou~t nec~sssry to m~lu up
the def~c~sncy snd such p~ymMt sMN b~ dw u+d WY~bN wnlwn tlwty (301 days ahu tM dat~ ot ma~hnp of nouce bY th~ Assoustan s~uinp lath ~M smou~t
ot such def~cy If. st snr am~. tl+~ Monp~pa sMq t~ndK to tM Assouatan. in xcadanc~ w~th the prows~ons ol tM noa s~cwM MrebY. h?N WYm~m a
Ihe entre uWMtedn~as npr~s~nt~d AK~b1r. tM ~ssocwtan sh~d. a+ coa+putup tM amount ol wch ~~dsbtsQntss. usd~t to ~hs sccount of tM Mortpsya airy
Oatsncs remswrn~ m tM tunds sccuew~at~d unda tl+~ prans~a?s M 1~) ol pusyrsph
6 To pe.ma. oomm+t a wMK no wssa. ~mpium~nt a d~t~.ar~uon ol wd popKty- a srW Wrt thereof, s~d upon the bdun d the Mwtpayw to ksp tns
budd~c?ps on ssd pop~th M~OOd ~o~twn p tpMr u~d rtN~nt~n~nc~. tM AssotNtwn may demand ptop~r m~ntsnu+t~ snd tM ~mm~dst~ ipsw d ssd
budd~nps, p an mcnss~ m tM imouet o1 sKUnty. p th~ ~mn?~dut~ rtp~ymMt or tM dtDt Asraby satursd. s~d tM /s+lwt ol tM Mortyapa to comply vwth
sad demsnd ol tM Assoc+atan fa ~ pKwif o~ th~rty (30) d~YS sMll constrtut~ a b~ach of tlrs matp+y~. ~nd. at tM optan of tM Assoc~sta~. ~mm~dwtsly
mstwt tha ennn smount o1 pnnc~pal a~d N?ta~st MnOy s~cur~d. snd tM Assoc~ata~ ~mmed~ately ~nd vmthout rat~c~ m+y u~sutua pocNd~nqs to loncbs~
th~s mwtyays snd spph for th~ appantm~s?t o1 ~ ncMV~r. ss MrNn~h~r prov~dW: snd r~ css~ bl tM refussl. n~yl~ct a~nsbdrty ol tM Mortpspor w rpw and
ma~nuu~ ss~d propahr. th~ Assoustwn may. ~t ~ts option. nqk~ wdi np~us a uus~ tM sarn~ to b~ msd~. sM sdvs~ ~+awYS ~n tl»t beMN
7 To pN~am. comply nnth and sb~d~ Dy ~sch and ~wry tM abpu4tans. aprkm~nis. condtqns and cownsots ~n sad pronusso?y not~ aod tMS mat9sys s~t
Iwth
8 To comply w~th tM wbdrv~aan r~stncuan ~nd tM muroc~pal tonrq adnanc~s ~pplK~bN to the monpayed propsrtY. not to srect a perma to be M~ct~d u?y
nsn, pu,W,,,9s on ehe p~rms~s h~rNn mortyap~d a to ~dd to or p~rm~t to W sdd~d to. make w pernut to be msde. u~y structws~ altaatqns to an~ ot tM u-
~st~ng ~mprov~ments thsrso~ vmtAout th~ wntan conwnt ol tM Assocwtan: a~d ~n tM wN+t of any wolatwn a stumpt to v~olste thsse supulauons. a sny of
~hem. ths mortysq~ snd a11 wms s~cur~d Mreby shW ~mmsd~~teh Mcoms dw and WYSble at tM optan ot the Assoc~atwn
g That ~n case o1 s dsisuh u? any of th~ t~ms ot Ws mat~qe ard tM hb~p ot s bill to laetbse tfrs a a~r otMr mat9aq~ Mcumbe~up tha wrthn dsstn0sd
p~operry. the Assoc~stwn shaN b~ MatNd to ~pphr. ~t any urn~ vnthout notKe per?d~np such fweclowrs w~t. to the court hawnq ~unsd~ctan thereol fa ths sp-
pwn[ment ot a recervr+ of sN s~d su+pulsr tM matpsp~d p~opKtY. ard of dl tM r~nu. ~ncomes. pofits. ~ssues and revenues thereof. lrom rvhatsoewr soures
denved. snd. thereupo~. n~s hsr~by ~up~ssly wv~n~ntM ~nd ap~~sd thst the court shs11 tathw~th appo~nt a recervsr ot ssd mwtps~d pop~rtY. sN and
s~ngu~ar. and of such rents. mcom~s, po6n. ~ssws ~nd nwnues tMrwl. lrom whitsosver soures der~ved. vnth ths uw+~ pows+s and dutros o1 recervers n hfce
cases. and wch appantment sMN b~ mads by such court ~s a rMtt~r of suict ~pht to tM Assoaatan. end vr~thout ~~lerence to the idpuscy or u?sdequscY o1
the value of ths pope~ty Aersby mortpsp~d. a to tM sdwncy or msdv~ncy ot tM Ma~9aqor. a~+d that such rents. pof~ts. ~~comss. ~ssws. and revenws shsll
pe ~ppbed by wch ~ecmwr to tM psymtnt of tM mortpap~ n+dbndnsss. costs u~d charqes. xcord~ny to [M orde~ of wch court.
1 O TAat ~n t1~e event the ownsnlrp ot tM mortp~y~d p~mis~s. a ~ny p~rt tMreol. b~tomes vssted x? a persa+ otM~ th~n ihs Matyspa. tM Assocwtan may.
w~ihout not~ce to the Mortp~ya. de~t antA wM wec~sso~ a wcc~uors u+ ~M~r~st vr~th roterence to tMs mortyaye srid t~e dsDt hereby secured. m tAs ssme
mame. as Nnth the Mortyspa. vntAOUt in aey way wt~aUnp or d~xharyinp tM Mortpspa's IabMty hereunder o~ upon ths d~W henbp satu~~d No sals o1 the
prem~ses ne~eoy mo~tysyed snd no forCssrsna a+ the psn ol tM Assoaatan. snd no e~tenswn of the t~me !a ths pa~ment ot tAe debt hereby secured y~wn
by ihe Assocwaon. shsU opsr~ts to releass. discharp~. rtadty. charpe a aHect ths ong~nal usbDry of tha Mortqsgw herhn. e~ther m whols w~n pa~t
1 1 TAat m the event the prenus~s henbY mortpsp~d. o~ any part thereol. shs11 be caW~mnsd snd aksn undsr the power ot e~nMe~t domam. ths Assouatan shaq
nave the rght to damand thst sll dams9ss ~wudsd for tM ulunp ot w ~n~ury to sa~d pem~ses shau be ps~d to the Assouatan. ~IS wccessors o. asspns. uD to
the amount the~ unpa~d a+ th~s mortpsys. a~d msy bf ~pp~~ed to ~ny wms Isst psysbh he~eunder
12 That hme ~s ot the essence ol tMs tontrstt snd tAat np wi~wr o~ sny oW~ystwn Aereunder. q O~ the obl~gatw~ secured hereby. shatl at any hme tAereaher be
held to be a wa~ver oi tNS terms Aereof or of tM prd~.cssory rat~ sacured Aereby
13 In tne event ol any delault m a~~ of tM tsrms of tMS mortpsys. a H+ the note sacured 1?Heby. and acceleraian by the noide.• a any other s~twta~ ihat would
cause the ~n[erest ps~d or paysble under ths obtpstan to e=ceW ths ~ntsrtst r~te ~uthorued by law. then ~n such event a11 axcess ~ntarsst tl~sretofwe pad shaN
be cred~ted [o pnnapst and sN sccrwd s+W u~pa~d ~auss ~n[er~st sh~ll sWte sM shall not be sn oblpstron ol the maker~ a o~ a~y other person
14. That [o the estent of the mdebtedness o( tM Mortpaqa to tM Assoc~stwn desu~bed here~n w secured hereby. tha Assoaatan ~s nereby wb~opated w the I~en
or i~ens ar+d to the ngh[s of the ownsr and holdsr tMrsof o( each and ewry mortpspe.l~en w o~her encumbranca a+ ihe ~and descnbed here~n. wh~ch ~s psd snd
, sacat~ad. m whob or m psrt. out of ths procsWs ot th~ losn descnMd Mreu~ or secured hereby. and the iespecbve I~ens of sa~d monga9ss. hens o: other en-
i cumbra~ces. sha~t be. and the s~me u~d aach of thsm Mr~by n presened ~nd shaU psss to and be 1+eld by the Auoaatwn herein as secunty (w the m-
i deDtedness to t1~e Assoc~sta~ Aersin dsscnbsd or hsreby s~cursd. to the sams e~tent tAat ~1 would have been preserved and wv~::d have been passed to and
i been helu Dy tM Assoc~atw~ hsd rt bssn duty ~nd rpularly ~ss~pned. tqnsferred. set over. and delrverad unto [hs Assouauon by separate deed of ass~g~ment.
i notw~thstand~ng the fxt that ths ssme m8Y a~US~isd ~nd unc~flsd of record. ~t bar+p the ~ntentan of the parUes hereto that the same wdl be saUSfied and
i cance~Ied of recwd by tM ~wldsa thersol ~t w about tM dm~ 01 tM retadnp o1 tMS matyaQe
! 15 That ~f any d tl~e wms o/ money hers~n rets?rsd to Os ~+ot promptly snd fully pad vmiMn thrcty (301 days next alter the same sere~ally become due and payable.
or ~f each and every the st~pubtans. s~rsements. cond~tarts snd covensnts ot sa~d pom~ssory note a~d th+s matgage. w ather. are not duly pertwmed. com-
~ pl~ed w~[h and abdsd by. the aQpreyate wm unp~d under s~id p~om~ssory note s:~d th~s ma[pa9e sha11 become due and payable forchw~th w ihereaher, ai ~he
optan ol the Assoaatan. as fuMy and canpfeteryr ~s d sa~d spp~epste wm o1 mone~ were a~~nalh supuWeed to be pad on such day. a~ylh~ng M sa~d
prom~ssory note or here~n to tM contrsry ~otnnthstsnd~np
16 Thai m orde. to accelerate the matunry of tM ~ne~btedness Mrsby secu~ed b~cause ot ihe (a~lure o( fhe Matgsgor to pay any ta~ assessment. haat~ty. obbya-
t~on o+ e~cumbrance upon ss~d propsrty as hernn prwded. n sM11 not be necessary nor requ~sne that t1~e Auouatwn s?wn hrst paY the same
i 7 ~f a conveYance shoulA be msde by the Mortpspa of ths prerrwses Mre~n destnbed. o~ a~~ part nereof. and the g~antee named ~n wcA conveYaMe Isds d
refuses to aswme the payment o( the ob6yatan evdenced by sad pom~sso?y note and secured by tlus mortgage. snd m xcwdance wrth then respecuve
terms. and ab~de by the rul~s a~+d requlstwns of tM Assoaat~on. ~rxlud~np Oayment ot a reasonade transfer fee. then. and m tbat event. at the optan and upon
the demand ot the Assocutan aU wms of moneY secursd hsreby st~ll ~mmed~ateN ~~?+e ~~hw~th due snd psysble
18 That t+?e abssract or abst~acts o1 utle covennp tM mo?tpsped prope~tY shs11 st all umss. dunng the I~fe o~ th~s mortgage. remam ~n the possess~on ot the
Assouat:on and. event of the laecbwre o~ th~s morty~ye. or other transler of t~~le to the mortgaged property. ~ e;ungu~shment o~ tne +ndeDtedness secu~ed
hereby aH nght. utle and rnterest ot the Mortpa9or ~n snd to s~y wch absvaas o( Utle shall pass to the purchaser or grsnsee
i 9 S?auld the val~d~ry or 1~en o( th~a mortyspe. a the nots sscursd thereby. be contested by bt~gatro~ a otnerw~x. the Mortgayor ag~ees to pav to ~he Assouatwn
the cost of defe~d~ng tAe same ~nclud~rp a reasonable ~ttwney s fee
~ 20 To pay aN and s~ngular the costs. charges and e~epenses, mclud~ng attaney's fees reasonably ~ncurred or ~~d at any t~me by the Assouauon. because oi the
(adure ot the Mwtgagor to pe~tam. comply vrith and abde by eac1~ s~d erery ttie sbpulatwns. ag~eements. cond~tans and covenants ot sa~d prom~ssory note
~ and th~s mortgage. ot e~the~. and every wch (e:cept (a the payment of the rtanthly ~nstallment as ~equ~red by the Promissory Note) shall bear ~nterest (rom
date at the rate ot ten per cent (109L) pe~ annum untA fuily paid
Z t Th2 ASSOt~dt~On Sh811 h8v! ~1M nght at ~ny t~m! ~nd (rOT tim! t0 bm! ~nd w~thOUt nOS~c! to or cOnsen[ ol any perSOn to ial retease any portan ol the prem~ses
from the I~en of this matgaye. Ib) relesse any psrson I~able fa psyment oi sny sndebtedness secured hereby. Icl eatend tne bme ot Dayment o~ a~ter the terms
~ o} payment ot all a any part ot the ~:~debtsd~ess. wrtAOUt aNecanp a relus~np tRe persona~ 4ab~bty of any person I~able lather t~a~ any person released pur-
~ sua~t heretol for the paYme~t of s~hr sum p~nterest setured hereby u+d wrthout m sny wise alte~~~g. vary~ng or d~m~n~sh~ng the Iwces ef(ecls. w I~en o1 th~s
- r.w*tgage on a~~ the prem~'ses not specdK~~ti ~slessed from the I~en of th~s mortgage Dy the Assauauon
r" 22 Any agr~¢ment hereafte~ made by Mortyaya and Assouatan purwant to tlxs mortyage sha~i be wperwr to the r~ghts ol the holder of any ~ntervemny ben or
~ entumb~ance
~ 23 Upon request of Mwtgsqor. tAe Assoc~atwn msy at rts sole optwn. irom ume to Ume. before full payment ot all ~ndebtedness secured hereby. make further ad
~ vances to Mw[gagor. prov~ded. hovrever. thst the tot~l pnnapsl secured hereby and rema~nmg unpa~d ~nclud+og any such advances shali not at any ume ea-
ceed the org~nal pnnapal sum secured hereby Mortpsqor shall pay all suth further adra.xes wnA mterest and the same shall be secured hereby A11 prov~seons
~ ol t1:~s matgage shall apply to each further advsnce ~s well as to all other ~rAeDtedneu secured hereby Noth~ng herem conta~ned. boweve~. shall brMt tAe
~j amount secured by th~s mortQage ~f such smount ~s mcr~ssed by advsnces made by the Assoc~atan_ as Ae~e~n e~sewAere prov~ded lor to ~xoteci [he secunty
~ 24 In the event ttie Mwtgagw here~n. or any wbsequent Matgagrx. a amr person w c«paatan own~ng a~y interest whatsoever, should encumber the p~operty
~ herpn mortgaged by an ~nstrument tommonly referred to and known as a"wrap-around mortgage vnthout fust ob:aerang the wr~tten co~seM oi the Assoc~a-
~ tan. then. at ihe opuon of the Assocnta~. the oblqaUOn secured by ttxs Matgage sha11 ~mmed~ately becortre due and payable
~ 25 To prov~de the Assouatwn w~th Flood Iruu~ance Coverage ~f the real property K rww or hereafter determ~ned to be vntMn a specral Nood harard area ss shown
on flood Nazard Boundary Map/Flood Iruursnce Rate Map as puW~shed by the iede~al Inw~ance Adm~n~suatan ~
~ 28. At the request of tM Morty~yw. tM Assoc+~UOn ~prws to wa~w tM prw~s~ons o1 parpr~pA 4 relatrve to the ueabon o1 s hazard uiwrsnc~ accovrn. pror~dsd.
~ however. thst the Assocestan nt~u~s tM rpht ~t its optan. to r~•mst~t~ such p?onswns of saW psraprsph 4 ss sn oWpatw~ o~ tM Mortpsya Mreu~ ~pon.
~ tne hsppernng ot any of tM fdfower+p.
A fa~luro to mslu aMr pryma+t rpwnd ur~r tl» tKms of iM note on w bsfae tM dus date tM?sot - ~
B Fadun to cwnQhr nnth th~ u~wr~nu pranaons of p~npqpA 3. a o( ar?y o1 che otMr tams and cond~twns of tMS mortpap~ a not~. a w~tA tt~e ~nwru?c~ `
rsquuements conu~n~d m tM Dstlsrstwn o~ Condanu~wm ~nd r~lat~d docum~nts sAa~1d the mortyspsd propsrty b~ oommit~~d to tw~dom~MUm ~
~ Mvelo~nsnt I
~
(C)-NI•?i
~ M`~?.2 1872
~ ~~,R~ 311 PAC: ~