The URL can be used to link to this page

Home My WebLink About2853 . 1. Thal ~n Wd~r f0 prOt~Ci mOr~ fully tM Mtu~~ty OI ih~f mW lp~y~. lM Mplp~90r. tOptlM~ w~lh ~~d ~n ~dtl~tq~ 10 the montAlY WY~n~nls undfr IAa le~mf OI iM nob socw~d hKaOy. on tM sp~uMd piY~t dat~ of ~~th month u~td tM sa~d rwt~ ~s ~uth pa~d wdl pay to the Assou~twn the fdluw~np sums bl An ~~stallm~nt oi tM qa~s ~nd sss~ssm~~ts hvhd a to b~ NvNd ~psmst tM pem~s~s cow~W by tMs matya{~. and an insu~lm~nt of tM w~rt+~um a prNmums tMt vw110~som~ dw and paYabN 1o r~Mw tM ~nsu~~nt~ on ths p~mis~s cove~~d ~sreby sys~nst b:a oy f~~~. and w~ndstam. as Wov~dsd la by psrsq.aph 3 pnc~rp. a such otMr Au~rd ~s m~Y r~ason~0ly b~ rpuu~d by th~ Assoust~dn. i~d an ~nsullm~nt of 1M pr~mwm thst w~H Wcom~ du~ and p~Y~ON to r~w tM mptp~p~ ~nwr~nt~. d ~ny Suth ~nslellm~nts shatl b~ puat. r~spectrv~lY. lo on~ twsihh Ili 12th1 0l tM ~s nmat~d pr~m~um o~ p~mwms la wch ~nw~urc~. ~nd ua~s ~nd ~sNSSm~ms neat du~ I~s sst~maad by ~n~ Assouatanl less ~u msuUm~nts ~h~ady pa~d tMr~la. drvd~d by tM numb~r ot monihs tMt u~ to ~4ps~ on~ month p~ia to tM Mt~ wMn auch premwm a pemwms and u¦~s a~d assessm~nts vmN WcweM dNuqu~nl TM Assou~tan. w1uN apply~np sucl+ piym~nts to ~nw~anc~ p~m~ums. ua~s and assessme~ts. Oelao tM same bscoms deluqwnt. shau not p~Y ~ntM~st to tM Matpapor on sucA funds. a~d aU sucA p~Yments maY a commu~~d by tM Assouatan w~th sny oth~r wch funds a w~ih us own iunds TM funds ~n pl~dp~d as ~ddtanal s~cur~ty la tln sums s~cur~d by ttus Matysy~ and u~ wb~~ct to usa by ~1,~ Assocu~an m P+rmM~ d°I~t~ chaip~i' ~nd b~nk colNctan cMrp~s (bl UI paym~nts rn+nt~wNd ~n tl» p~t~d~p suDNttqn ot ths Wiaq~sph and all paymMts lo W mads unda tM rat~ secur~d hersby shall Ds sdded ~opsthsr snd th~ ayprp~b amou~t th~r~ol sMil W pa~d by tM MatpspW exh maith ~n a s~n{Ne paYR+ent ~o be app~~sd by tM Assa:Nt~on lo the iaa~~ ~~a+u M ~n. «d.~ s.~ ~aen 1 T~:q. ssstssm~nts. ~nd mw~a~+ce psmwms 2"lste cAarysi and bsnk tollectwn thuyes. unqss p~d ~n mannN prowd~d ~n p~rspraph 4 isl 3 Inta~st on tM ooq s~cured hK~by ~ Amautatwn ol the pn~upai ul ss~d note Any deficNncy ~n tAS amou~t o1 wch ~pprp~ts monthly paYments shsN. unl~ss psd by ths Mortgapa prar to tha dNe dats of tM naat wcf. psymem. con- st~wts an ewnt oi d~fault urd~r th~ mort9s{~s W~Mout ws~wr ol any rqht. tM Aasoc~atan msy cdbct s"1sa charge"' ss prowded m the Nots 5 Thst ~f the to1s1 ot tM paYm~nts mad~ Dy tM Matp~yo~ undp (~l ol p~r~~ph 4 p~sted~~ sASN eatfsd tM a~?wunl ot psymenis acwally made by tAe Assoc~atan lo. ta~~s and sss~ssmN+ts ~nd u+wranc~ pnrtuums. ~s tM c~se m~y b~. wch uceu shslt be cred~ted by the Assoc~atan o~ subsequ~nt payments to De made by tM Mwtpayor If. how~vK. tM monthly paym~nts m~ bY tla Matyspo+ und~~ Isl ol pars9~sph 4 pretedny shail not havs bsen wN~aent to paY ta~es snd ~sssumsnb ~nd ~nw~anc~ pnmwms. ~s 1M css~ maY M. whs~ ths sarn~ sha11 become due and psYSde. then. the Assouatron msy. st us op. tron. ~mmed~atsly p~y wch tsa~s ~nd ~ss~ssm~nts u+d ~nwranc~ p~mwm. ~nd tM MwiQapa sh~11 pay to tha Assoc~auon any amoum necsssary to make up the defK~ency. snd wch psymMl shsp b~ dw and paYable nntlun tM?q (?O) d~ys sher the dste ol mad~np ol nouce by the Assouatron setu~q forM ths smouM 01 such def~usncy It. st sny um~. tM Morty~pa sha~~ t~nda to tM AssoGatwn. ~n sccord~nce vmth the prov~sions of the note sacured hereby. fult psyrr~nt ot the e~are ~nd~bt~dneu rpr~sN+ted Mr~by, tM Assoaatan shs~~. u+ comput~rq tM amoum of such ~ndsbtedneu. cred~t to the accoun~ ol the Mortyspa sny ba~ance rems~rnrq u? the h,nds sttvmul~t~d ur~r tM prov~s of (~1 of paraprsph 4 6 To perrrul. commu a wft~. no w~sts. ~mpsnrr~nt a detsrwratan o~ sa~d WopNty. or ~ny par~ tMereol. snd upon the h~iure of the Mort9aya to keep tna bwtd~ngs on sad poperty m yooA con6twn p rtp~N ~nd ms~nt~Mnt~. th~ Assoaatwn msy demand prope~ ma~mensrxe and tAe ~mmed~ste rspsrr ol ss~d budd~ngs, o~ sn ~ncresse m tM ~mount o~ }~cunty, p the ~mm~diate rp~ym~nt ot ths deot Mreby secured. snd tns ~sduro ol the Mort9a9a to comply nnth sad demand ol ths Assocatron fa ~ p~rad of tlurty (30) days sh~0 consUtute s bresch of tfus mwtpape. and. at the optwn o1 the Assoustan. ~mmed~sbH mature the entue amount o1 pnnt~l snd ~nt~rest Mrsby s~tur~d. ~nd ths Assoustron ~mmed~stely and wrthouf not~cs msy ~nst~tute prote~d~nps to faecbse t?rs matyage snd apply tp th~ appantrn~M of s recawr. ~s MrNnahsr pov~d~d. snd en csse o~ the refussk ne9lect a~nab~l~ty o1 ths Mortyapa to repau and ma~nia~n sa~d poparty. th~ Aswustan maY. at ~ts opta~. nuk~ sucA npaus a puse the ssme to be made. snd advance nw++ays ~n thal behsl( . 7 7o pertam, comply vmth ~nd sbds by ~ach and ~v~ry tM tttpul~twns. apreemRttts. twW~trons ~nd coven~nts ~n ssd prom~ssory note u?d tlus mort~sye set fatn 8 To comply vwth [M wbd~visan r~strKtqns ~nd tM muruc~pN:aunp ad~nances ~ppl~csble to the mortgaged poperty. no1 to erect w perm~i to be erectsd any new Duddngs on tne perrrses herew+ mortysp~d a to ~dd to a p~rrtut to be ~dd~d to. make or perm~t to bs made. sny structursl alteratans to any o1 the e:- ~sung ~mprovements thsrson nnthout tM wntt~n consent of tM Assoastan. and m tt+e event o~ sny vrolatan o. attempt to vrolace tnese supulatans. a sny ol them. tMS mortysge snd sM wms sicund Mreby shall ~mmed~atdy bacome Oue snd paYade at tne optwn ol tns Associatan 9 Th~t ~n tsse ol a debult m iny ol tM tNrrK of tlus mort~pa and the I~Unp ot ~ bdl to fwecbse tlus or any other mottyaQe e~c.umpenng tAe with~n descnped prope.ty. ~ne Assoaaswn shall b~ ~nutNd to ~pply. at ~~?y urr» vintAOUt notK~ pend~ng such fwtcbwro swt. to the court hswng ~ur+sd~ctwn thereot ~a ths ap. ppntment o1 a retervsr of sN snd sutqulsr tM rnwtpsp~d prop~tty. and ol ~II the rents. ~rxomes. p~o6ts. ~ssues and revenuas thereot, from whatsoever souree denved. and. thereupon. ~t ~s harsby ~xp~uiy cownsntsd and syresd thst tM court shau tathw~th appo~nt a recewer of sa~d mortqaged propeny. atl snd s~ngu~ar. and ot such rents. ~ncomes. polrts. ~swss and revenues tAerwf. Irom wMtsoever source denved. anth the uwai powers and dubas ot recsrvers in b4e cases. and such appantmsnt sh~11 be m~ by such coun ss a m~ttsr o~ stnct rpht to the AsioaaUon. ard vwthout refarence to tAe adequacy or ~nadeQuscy o~ ~he vatue of the properry hsreby mwtpsp~d. w to tM solveney or msolv~ncy oi tM Mat9syor. a~d that wch rents. pioi~ts. ~ncomes. ~ssues. and revenues shaN be appl~ed by wch recervs~ to tM psymMt of tM matpsps ~ndtDteM~ss. costs snd chsryes eccadmg to the order ol wch zoun 10 Tnat m t~+e evem the ownersMp ot tM mwtas~sd prsm~sss. a any psrt thersot. becomes vested ~n a~erson othe~ than [t~e Mwtya9or. the Assouatron ma~. w~ihout nouce ro the Mortyaya. desl vr~th such wcussor a wccessors m mterast w~th reference to tMS mwtyaye a~d ihe debt hereby secured. ~n [he same manner as w~th the Mwtya9or. vmthout ~n sny w~y nuatin9 w d~sch~rpmp tM Mwtpsgor's I+ab+hty hereunder w upon the debt hersDy secured No sale of the p~em~ses hereby mo?tgagsd snd no lorbesrance on tM psrt oi tM Assocut~on. ard no e.tens~on ol the ume b~ the paYment ol the debt herQby secured grven by the Assouatan. shall operate to retesss. dacMr~. mod~ly. ch~nqe a aHect the a~nai I,abhty ol ~he Mwigafla here~n. e~ther m whoie a m part 1 1 T?~~ ~n ~he event the prem~ses henby mort9sp~d. a any psrt thereol. shsll bs condemnad and iaken unde~ ihe power ot emmen[ doma~n. ti~e Assoc~aaon shaN Iwve the rghl to demand thst sll damsQ~s ~wuded Iw ths tek~np of a ~~~ury to sa~d prem~ses sAa11 be pa~d to the Assousaon. ~ts wccessors or sss~gns. up to the amouM the~ unpaid on tMs mwtysye. ind may be sppl~ed to any wms Isst payabl~ hereunder 12 Tnat ume ~s of the essence of th~s contr~ct and tAat no warver of any obbyabon bereunder. w oi the oW~gaecw~ secured hereby. shaU at any ame thereaher Oe held to be a wawer o1 ths terms hs•so( o? of the p~om~ssory note secured Aerobp 13 In the eve~t ot any default m any ot the terms of th~s mortpi9e. w ~n the note securld hereby. and acce~eraua~ by the hotder or any other srtuatron that would cause tne mterest pa~d w paysbie ur~r tlrs obbpstron to eaceed the mierest rste authonied by pw. then m wch event alf eacess ~nterest t?~e~etofore pa~d shall be cred~ted to pnnapal snd all accrwd snd unps~d s:ceu r~terest shsll abate and sha11 ~ot be an obt~gatro~ ol the maker or ol amr other person 14 Tnat to the e~tent ol the ~ndebtedness a~ tAe Matps~w to the llssoaatan desa~bed here~n or secured hereby. the Assoaauon ~s hereby wbogated to the ben w hens and to the r~ghts ol the owner snd holde~ thsreol ot esch and every mortgage. I~en.w other encumbrance on Ihe land descnbed he.e~n. whKh ~s pard and uLSfied ~n whole or m pan. out of the procseds o( the loan deunbsd herem a secured nereby. and the respetbve I~ens o~ Sa~d mortgages. Lens or other en- wmb~ances. shall be. and t1~a sams snd sach of them hsreby ~s p?eserved and shall pass to and De hetd by the Assouatan herem as secunty (a the ~n- debtedness to the Assoaatan herem descnbed pr her~y secured, to the same exteM that ~t wauld have ~een preserved and would have been passed to and beert held by the Assoaatan hsd ~t been duly snd repuiarly ssspned. tr~ns~erred. Set over. and del~vered unto the Assouat~on by separate deed ot ass~gnment. notw~rhstandmg the fact thst tAe ssme may bs sst~si~ and uncellsd ot reco~d. rt be~ng the ~ntentron of the part~es hereto ihat the same w~ll Ge sabs(~ed a~d cancened o~ recwd by the hoiders thereoi st w sbout ths ame ol tM recwdmp o~ tMS matgage ' 15 That ~I any of itie wms of money herem referred to be rat promptly snd fully pa~d w+th~n th~rty 130) daYS nex; alter the same severally become due and payable. ~ or ~f eacD and every the stputstwns. syreements. cood~trons snd covenants ot sa~d prom~ssory note and t~~s mortyage. w erther a~e not duiy perforrr.ed. com- ~ d~ec1 w~th and abded by. the agpreyste wm unpa~d under sard prom~ssay note and th~s mortgage slwll become d~e and payable twthw~th o. ther8after at the y opt~on ot the Assouatwn. as futly and completel~ as sa~d appreqate wm ol money were o~~g~nalty supulated to be pa~d on such day. anytlung ~n sa~d F prom~ssory note w here~n to the contrsry notnnthstandrnp , ~ g That ~n order to a=celerate the matunty oi the indeptedness hereby secured because of ihe 1a~lure of tho Mort~ayo~ to Ra~ any tax assessment. bab~hty. obt~ga ; t+«, or erxumbrance upon sa~d proparry as herem prowded. ~t snali not be necessary nw reqwsrte that the Assouauon shall I~rst pay the same ~ 1 7 If a conveyance should be made by tt~e Mpigapor of the prem~ses here~~ dexr~bed, or any part hereof. and the g~antee named ~n such conveyance fads or refuses to aswme the payment ol the oW~gatwn ev~denced by sa~d prom~ssory note and secured by tA~s mo~tgage. and ~n accordance w~th the~r respei:Uve te~ms_ and ab~de by the rules and re9ulatrons ol the Assowstwn. mclud~ng payment ol a reasonable tra~sfer fee. then. and m that event. at the op2wn aod upo~ ~ the demand of the Assouatwn all sums of mone~ secursd hereby sha~l ~mmed~ate~Y ~~e torthw~th due and payable 18 That the abstract or abstrscts ol btls covenny tAe moripsped property shaf~ at all hmes. du~~ng iAe i~fe o~ tMS mortgage. remam m tne possess~on o1 tne ~ Assouatwn and ~n event of the (aecbwre o} th~s mwtysge. o~ other trsns(er ot btle to the mortgaged property m e•ungu~shment of the mdebtedness xcure4 ; hereby. a~t rgAt. hUe and ~nterest Of the Mortpagor in and to any such abstracts o? t~ile s~ali pass to the purchaser or grantee s ~ 19 Should tne val~d~ty a ben ol th~s mortyaye. w the note secured thereby. be contested Dy i~ugat~o~ o~ othe~w~se. the Mortyayor agrees to paY to the Assoaauon ~ sne cost o~ delendmg the sarne mclud~nQ a reasonsble auaneY s lee 20 To pay aU and s~nyular the costs. charges and eapenses. ~nclud~ng attorney s fees reasonaWy ~rxurred. o~ pa~d at any time by tt~¢ Assouat~on, because of the fadure of the Mortgagor to perform, comply w~th and abide by each and every the sapulauw~s a,yreementa condrtans arrd covenants of sald prom~ssory note ~ and th~s mortgage. or e~ther. and every such (e:cept (or the payment ol the monthly instafiment as requ~red by the Prom~ssory Note) shall bear ~nterest trom date at the ~ate ot ten per cent (109L) per annum unt~) (ully pa~d 21 The Assouauon shail Aave the ~~gAt st any ume and hom t~me to nme and w~thout nouce ~o or consent o~ any ~¢r~n ~o Id~ re:e05E dny porUOn Of [hC prtmiSeS ~ /rom the 6en ol thrs m~tgage, iD) ro~esss any person bable for peyme~t of any ~ndebtedness secured nereby. ~u eatend tne c~me of Dayment o~ alte~ the terms ~ ~ of payment of a0 or any part of the mdebtedness. wrthout aHecUnp w releas~np tAe personal 4ab~l~ty of any person bab~e loiher than any pwrscn released pur- • ~ suant heretoi (or the payme~t o( any sum or mte~est secured hereby and wrthout m a~y w~se a~tenng varymg or d~m~msr,~ng the fo~ces etfects. or hen oi tMs mWtgage on at~ ~he premeses not speufical~y released irom the I+en o} th~s mo~rgage by the Assouano~ i 22 Any ayreement hereatter made by Mortyagor and Assa.isUOn pursuant ~o th~s mortgage shall be supeno~ to the nghts of tne ho~der of any :nterven~ng hen or ~ a encumbrance - ~ y3 lipon reyuest o( Matgagw. the Assouatro~ may. at rts sole optwn, from ume to ume. before (ull payment of atl ~ndeb[edness secured nereby. make further ad ; vances to Mortgago. prov~ded however. that the total pnnupal secured hereDy and rema~nmg unpa~d mdud~ng any such adva~ces. shail not at any ume e¦ g ceed ~be or~gmal DnnuDal wm secured Aereby Mortpapw shall pay all sucA fwthe~ advances wrth mte!est and the same shat~ be secured here0y Ali prov~s~o~s ; ol eh~s mortgage sha11 appiy to eacA turther advance as we~~ as to atl other ~ndebtedness secured hereby Noth~ng herem conta~ned. howe~er. shali hmrt the 7 amount secured by th~s mortgage d such amount ~s ~ncressed by sdvances m~~ by the Assouanon as heie~n e~sewhere prov~ded (or to ~xotect the secur~ty a x 24 In the event ihe Mortgagor he•e~n. or any wbsequent Mwtgagor. or any person or ceipora[~on own~ng any mte~est whatsoeve.. shoutd encumber the Wuperty ~ herem mortgaged by an mstrument commonly relerred to and known as a wrap arounA mortyaye wrthout brst obtam~ny the wrrtten co~sent of the Assoua hon. then. at ~he optw~ of the Assoc~atan. the obl~gat~on secured by th~s Mortgage shall ~mmed~ately become due and yayaWe ' 25 To prov~de the Assoaatan wrth fbod Inwrance Coverage d the real property ~s now o~ hereafter de~Crmmed ro be w~th~n a speuai fiood harard area as shown ~ on Fiood Harard Boundary Map~Flaod Iruurance Hate Map as puW+s!~ed by tt~e fedecal Inwrance Adm~mstrauon ` 2g At the reQusst of the Mortpaqor. tM Assoaatan ~~NS to wa~ve ths provisrons ol pusoraph 4 relauve to Ihe crsabon of a hs:artl ~nwrarce account, prov~dsd. ~ howeve~. tASt the Assoaatwn r~u~ns tM nqht. ~t rts opuoo. to re-~nstate wch qov~s~ons of sa~d paragraph 4 as an obt~gatw~ of the Mortyago. herounder upon i the happenu~g of any of tM (d~owu?p ~ A Fadure to make s~y p~ym~nt rpwr~d und~? tM tums of tM not~ on w beio~~ the due date thersof ~ 8 Fa~lure to cwnpFy vmth tM ~nwnnc~ prov~sions oi p~r~pr~ph 3. or of ~ny o( ths otMer te.ms and cond~trons of tMs mwtyaQe w nots. or w~th tha ~nwrancs ~ reQu~remsnts contsm~d ~n tM ~stlar~twn oi Condom~mum ~nd rs~atsd dotumems should the mortqaged property bs tomm~tted tp to~dom+rwum ~ developrtMnt I (C~•M-~ ~~c~ ~2 3JVr ~1~ 'AL: ~JV~ ~ ~