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Home My WebLink About1075 4. T~~t. ~n ada to pot~ct ma~ fuMy tM sKw~ty of ih~s mat9a~. IM Monpapa. to{~~M~ wHh. and ~n ~Iwn lo. ~M ~+o~th1Y paYmeMS urWlr iM H~mt OI tt7 note s~cund Mrtby. on tM sp~uh~d paYmau dat~ ol ~ach month untd tM sa~d r+ot~ ~s IuUy ps~d. wdf paY to tM Assouatwn tM lolbvmnq sum} , Isl An ~nsullm~nl ot tM tu~s u+d aswssm~nts I~vwd or to b~ NvNd apau?st tM p~+MS~s tov~r~d by tMs mwips{N. and an ~nsqUm~nt ol tM Wertuum a prem~ums tMt wiN Wtw~N dw a~d paYabN to r~Mw tM u~suqnc~ on tM W~rtusK tov~r~d Mr~by spi~nsl Iw~ by fue. snd w~ndstam. as powdsd Iw by parp?~ph 3 pr~c~drq. a wcA otM~ M:srd ~s may rtison~WY W ~W+Nred by ths Assot~stw~. ai+d a~ ~nsullment d tht ptsrtuum tAS1 wdl bscom~ dw a~d psrsbN to nn~w th~ matp~p~ insur~nt~. d ~Mr Suth ~nsutlmMts sAill b~ eQusl. r~spett~wly. to oM•tw~11tA (1~lZih1 of tM es- amated pr~mwm a prNruums la sucA mwranc~. ~od tsa~s ~nd ~ss~ssm~~ts n~at dw Iss ~sum~tM by tM Assoua~anl Nss sll ~nsatlm~nts slre~dy pad thsr~ior. d~wd~d b~r tM nunlbN of months tMt ~n to NapN a» month pna to tM dau wn~n such p~rtuum a p~mwms snd ta.es snd sss~asm~na w~M D~com~ d~Nrqu~nt TM Assoa~tan. wful~ ap~Mlnr+p such paym~nu tn ~~w~snc~ p~mwms. tsa~s s~d sssessm~nts. O~foa ths sams becoms dshnpuMt. sMll ~ot pay N?t~r~st to tM Mat~pa on wcA 1unOs. sn0 sll such psyments msy b comm~rpl~d by t~+s Assoc~atwn w~th sny oths~ such funds a vrdh its own fur+d~ TM funds u~ pbdp~d as Wd~uaul s~cu~ty la tM wms secured by trrs Mo~tpsq~ ~~d sn wq~ct 1o use by tM Assouatwn m paymeM ol ~'I~t~ cMrp~s" ~nd psnk colNctwn ch~~pss Ibl All payrn~nts m~ntqrNd w? tM W~c~~p wbs~ttWn ot tMs pusg~~ph snd paY?~eots to be mad~ unde~ tM note secund Mroby shall ba aQdsd ~ogethsr snd ths s9prepato ~mount tMr~ol shaa be pad ~y tM Matyspa ucn mon~h ~n a s~n9b psvmem to De app~~sd by the Assous~an ~o ~M Idbwnny ~t~ms iM adN s~t !aM 1 Tu~s. ass~ssm~nts. and ~nwance p+em~ums 2 late cha~pei and bsnk collectan cASr9ss. unku psd ~n mannsr prowd~d r+ DHapr~pA 4 Isl 3, Intsnst on IM roa s~cur~d hsreby ~ Amoraiatwn ol th~ p~nupal of sa~d raa My defic~ency in iM ~mount ot suCA pprpit~ montM~t p~yrns~ts shall. uMess pid by the Mwtgaya p~ar to ths due dsta o( ths Mxt such paym~nt. oon- i stituts an svent ol dsfault under tM mortysps. Without wsiv~r of sny rpht. ths Auocutan maY colba s'"Iste charge" as prwr.dsd in tM Nots. 5 That d tM taal of tM psym~nts msd~ Oy tM Matp~~a und~+ lN ol par~prapA 1 p~tedinp sha~l eateed tM amouM ol payments ~ttWtllr mads by the Assouatan (a aaes and +sssssn+e~ts snd ~nwranc~ p~mwms, as tM c~se may bs. such exceu sAall be c~M~tsd by ths Assoc~atan on wbseQue~~ WYmsnts to be made by the Mat9spa If, howtwr, tM monthly p~ymMts msd~ by tAe Matp~pa urKltr (s) of panprapA 4 prsted~nq shall not hsve Geen wif~aent to paY taaes and ssssuments ar+d u+wr~nce pnmwms. as tM us~ maY a. whs~ tM same s?wu,becom~ due s~d payabN. then, the Assoaatwn may. at rts op- ~ron ~mmodutely psY wch taa~s and ~ss~ssm~nts ~nd msur~~c~ p~mwm. and tAs Mat9apa shall pay to the Assoaatwn any smouM necessary to msks up the detK~ency. and wch psymsnt s1?su b~ dw ~nd p~y~Db vmtMn tlwrty 130) d~ys ahsr ths dste of msd~ng ot ~ot~ce by ths Assoastwn setu~g torth the amoum ol wch delK~ency il. st any ums. tM Monpspa shaU t~+ to tM Assoustwn. in sccadance w~tA the pov~srons of ~?~e note secu~sd fie~eby. full paymsnt ol tAe enure NWebtedneu rspressntsd hsreby. tM Assouatwn sh~ll. in compuU~p tAe amou~f o~ such ~rwfebtedness. creWt w ths account ot tha Matpa{~or any balance remawng ~n ths (unds sccumutatsd u~ tM p~ov~saos of (a) ol pirsp~aph 1 6 To perm~t. commrt or wHer no wasts. ~mps~rrn~M a deterwratan ol ssd property. a any ps~t ~hereol. and upon the ladure of the Mo~tga~a to keep tne bu~ld~ngs on sad propsrty ~n 9ood corwAtan or rpaK snd m~~nt~nance. ths Assoc~atron msy dema~d proper ms~ntenance and the ~mmecLate rspsu of sad buddw,gs. a an ~ncresse ~n tM smount ot s~cunty, w ths ~mmed~at~ r~paymenl of the debt hereby secured. snd ths tadure of the Mat9ayw to comphr nntA sa~d demand ot the Assoc~atan fa s perad of tlurtr (30) days shsN const~wts a bresch of ttus mortpa9s. and. st the opuon ot the Assoc~stwn. ~mmed~atehr mawre the endro amount of pnr+cipsl snd ~nterest Aereby s~cur~d. snd ths Assoc~atan ~mmed~ately snd nn?hout nouce may ~nsututs p~oceed~ngs to laxbse th~s mwtgage and spply fa tM appantrMM ot ~ r~cyrver. ~s htrNnahe~ prov~ded. snd m case oi the refusai. negtett a~nsWlcty ol the Mwtqaga to reps~r a~d ; ma~nta~n sa~d property. tM Assoastan ma~. ~t ~ts optwn. m~ks such ~spsus a csuse the same to be made. and advance mw+s~rs ~n thst behslt z 7 To pertorm. comply vmth snd sbde by ~xh snd wery tM supulstwns. ~eome~+ts. ca~dtans and covensnis ~n sa~d prorrussury nots snd tMs mortysge sst ~pth 8 To romply w~th tAe wbd:wsron restnttwns i~d the muncpil twunp ord~nsntst appl~cable to the mat9aged property. not to erett a perm~t to bs erected amr ~ew bu~ld~ngs on tAe p~errnses here~~ matpsyed a to add to a p~rm~t to be added to. maks w perrrnt to be made. any structural a~te~a[wns to any ol ths e:- ntug emprovements thereon w~thout ths wrrtten conssnt ot tM Assoc~aba?. snd ~n the event ol any vwla~an o~ attempt ro vwlate these supulata~s. a ~ny of ~Aem. iMs matgags snd a11. wms secured Mnby sh~ll ~mm~d~atNy Oscome due and paysble at tMe opdan ot ~Me Assoua~an 9 Tna[ ~n case ot a detault any of the terms of tMS morlpsye and tha hGnp oi ~ b~11 to forecbse ttws w any other mortpa9e encumberup the w~tMn desu~bed - poperty, the Assoaatan shall be entrtled to spply. st any ume vinthout notKa pend~ng such toreclowre w~c ro the court hav~ng ~u~~sd~ctwn thereol la ths sp- pwntmem of a rece~ver of stl and s~rguls~ tM matpsped propertY• and ot all ths rsnts. mcomes. p~ohts. ~swes and revenues thsraof. (rom whatsoevs. source denved and. thersupon. ~t n hereby exp~sssiy covenanted and ~yrssd t1?~t the court shall IorthMnth a~pani a recervsr o~ sa~d matgafled poperty. aU and s~ngular. and oi wch rents. ~ncomes. profits. ~swss and r~vanues tMrpf. Irom wAatsoever source denved. v~nth the usual powers arxl duues of recervsrs m I~ke cases. a~d wcA appointme~t shall ~e msde by such court as s rn~ttsr ot str~ct npht to the Assoaatwn. and wnhout relerence to the sdaquacy a~nsdepuacy o~ ~ ~he value of tAe p~operty hereby mortpayed. w to the solvsncy a~nsolvency of the Mortyagor. and tAat wch rents. prot~ts. ~r.comes. ~ssues. and revenues shatl be appl~ed by wch recsrver to tM psyment ot the mortpsp~ md~Dtedness. costs and.ciwrges, xco.d~n~ to the orAe. ol such court 10 Tnat m the event the ownsrsh~p of the rtsatpa9ed prsrtuses. w ~n~r psrt thereot, betomes vested m s person other tAa~ the Mortyapa. the Auotwtan may. w~thout nonce to the Mwtqagw. dssl vrrtA wcA sucpssor a successars m~nterest w~th ro~erence to tMs mortgage and the debt hereby secured. m the same manner as wrth tne Mortgagor. Nnthout ~n any wsy vrt~aUnp a d~scMry~ng the Mwtgagor"s hsbdiry hereunder or upon tMe deb! he~eDy secured No ssb ol the p~em~ses hereb~ mwtgaged and ra forbsaqnca on ths psrt of ths Assouatan. snd no eacenswn of the t~me for the payment of the debf hereby secured ~ven Dy ~he Assoaatan. snall opsrats to roleass. d~achsrps. mod~f~r. chsnpe w aHect the or~nal 1~ab~t~ry of the Morcgagor here~n. ather ~n whote a~n pan. 1 1 That m tlie event the pem~ses hereby mortysged. w any pan thereof. shall be condemrw,d and taken under the power ol em~nent domam. the Assoaatron shall have the rght to demand that alt dsmagss swsrdsd (o~ the talunp oi a m~ury to sa~d prenuzes shall be pa~d to the Assoaabon. ~ts wccessors or ass~gns. up to tAe artwunt ihen unpa~d o~ this mortyi~. i~d m~y be ,pp6ld to any tumi 12St piyablY hC~eunder 12 Tnat bme ~s oi the essence of th~s co~trsct and tha! ra wa+ver ot any oDl~gat~on hereu~er, p of the obl+gauon secured hereby. shall at any t~me thereaftar be heM ~o be a wawer ol the te~ms hereof a ol the prom~ssory note secured hereby 13 lo [he e~ent of a~y detau~t ~n an~ ol tAe terms of tMS mortyage. a m the oote secured hereby, ar~ acceleratwn by the holder. or any other s~Wateon tAat would - cause ~1~e mterest pa~d o~ paYSble under tlus obbyata~ to exce~d the ~nterest rate auihon:ed by law. then ~n wch event all eacess mterest theretofore pa~d shall be cred~[ed to pr~napal and all sccrusd and unpa~d exceu ~nurest shait abate and snau ra? be an oW~gatwn o~ tne maker ar ot any other person 14 That to the eatent o( tMe mdebted~ess of the Mo~tpapa to ths Assouatan desu~bed herem o~ secured hereby. the Assoaauon ~s hereby wbrogatCd to the i~en o~ hens arW to the nghts of the ownsr snd Aolder therepf ot esch and ewry mortgapE. I~en or otAe~ encumbrance o~ the land destnbed Aerem, wh~ch ~s pa~d and sai~shed. ~n wfiole or in parL out ol the proceeds o~ the loan descnbsd he~e~n or secured hereby. and the respect~ve bens of sa~d mwtgages. I~ens or other en- cumbrances. shatl be. and ~he same and esch oi tham hereby ~s preserved and shalt pass to and be heid by the Assoaatro~ here~n as secunty Iw the m- debtedness to ihe Auooatwn herem descnbsd or hersby secured. to the same eatent that rt wouid nare been p~eserved and would hare been passed to and ! been held by the Associatao Aad rt been duly and repuiarly assrpned. transferred, set over. and de6vered unto the Assouat~on by separate deed oi ass~gnment. j notw~thstandmg the tact that the sams msy be sabs(~sd and canceNsd of recad ~t be~ng t1~e mtenbon oi the pa~ues Aereto that the same w~il be saUShed a~d canceued of recwd by the holders tl~sreoi at or about the t~me ot the record~np of th~s mortgape ~ y p ly y pad w~th~n thn~ (301 da s ne¦t afte~ the same seve~all become due ard payabte. ~ 15 That ~f any of the wms ot mone here~n reterred to be rat prom t and tull Y Y Y ~ o~ d each and every the sapulatrons. sg~eements. cond~tans snd covenants o! sa~d prom~ssory note and th~s mortgage. or erther. are not duly peAamed. com- pl,ed w~th and abded by. tM aflgregate wm unpard under sad prom~ssory note a~d th~s mortgage shatl become dve and payable torthwrth or chereaher. at the i opaon o~ tne Assoaa~~on. as tully and compietely ss d sa~d appreyate sum ot mone~ were ag~nally supu3ated to be pa~d on wch day. anytMng ro sa~d E prom~ssory note or here~n to the contrsry notwrthstand~ny I 16 That m order to accelerate the matunry o( the mdebtedness htreby secured because ot the tadure of the Mortgagor to pay any tax assessment. I~abbty. obl~ga- no~ or e~cumbrance upon sa~d property ss herem prov~ded. ~t sha11 not be necessary nor reqwsrte that the Assoaauon shau h~st pay the same 1 7 If a conveyance shou?d be made by the Mortysgor of the prem~ses herem descnbed. or any part hereol. and tne grantee named ~n such conveyance tads or refuses to aswme the payment of tt~e oW~patron ev~denced by sa~d prom~ssory note and secured by th~s mo~tgage and m accordance wnh the~r respei:tive terms and ab~de by the rules and requistans.o~ the Assoc~at~on. ~ncludmg cayment o~ a reasonaDle transter fee. the~. arxt ~n that event. at the optro~ and upon the demand o( tne Assoaatan a11 sums of money secured hereby sAa11 ~mmed~ately become torthvr~lh due and psyade ~ 1 B That the abstract or abstracts ol t~tle tovenng the mortpayed property shall at all Omes. dunng the 6te ol th~s mortgage. rema~n ~n tbe possessron ot the ~ Assoaahon and ~n event ot the taeclowre of tlus mortpape. a other transter of bde to the mwtgaged proper~y. ~n eaungwshmem of the mdebtedness secured hereby ali nght. utle and mterest ot the Mortyagor m snd to a~ry wch abstracis oi t~tle shall pass to tAe purchaser or grantee 19 Shouid the val~d~ty w I~en o1 th~s mortpage w the note secured thereby. be contested DY ~+t~9auon or otherw~se, ihe Mortgayor agrees to pay to the AssoaaUO~ ~ the coSt Of defend~ng the Sam! ~nciudmg a ressonaWe atcaner~s 1ee ~ ~ 20 ,To pay aN and s~ngular the costs. charges and expenses. ~nclud~ng attaney's tees reasonablv mc~rred. or pa~d at any ume by the Assouatw~. because ot the fadure ol the Mortgagor to pertorm, comp~y with and ab~de by each and every the shpula!~ons. agreements. co~drt~ons and covenants o( said prom~ssory rqte and th~s mortgaye. w erthe~. and every wch (e:cept (or the payment of the monthly mstal{mem as reqwred by the Prom~ssory Notel shall bear mterest irom date at the rate o1 ten per cent (10%) per annum unt~l tu~ly pa~d s ~ 21 Tne Assoc~atwn shall hare the rrght st any dme a~d from t~me to ume and w~thouc nonce to or ccnsent ol any person to lal re:ease any poruon o1 tne prem~ses Irom the ben ot th~s mortgage reteax any person I~able fw payment ol any ~ndebtedness secured hereby. (c1 e¦tend the ume of payment or after tAe terms u` payment of aU or any part of ~he mdebtedness. wrthout aHecunp or releas~ng the persona~ bab~~~ty of an~ perso~ bable lother than any person reteased pur ~ suan[ heretol ~or the payment ot any wm or mterest secured here~y and w~thout ~n dny wiSe 21tBnng. vary~ng or dimm~s~~ng the faces. effects. or hen Of [h~5 ~ murtgage on all the prem~ses ~ot speuUcally released (rom the i~en of~th~s matgage by the Assoaaoon 22 An~ agreemen[ hereafcer made by Mo~tgagor and AssouaUOn pursuant ta th~s mortgage sha~~ be supenor to the nghts o~ tne hoider o1 any m,rr•rerong hen or ° encumbrdnce Z3 t~p~n ~eq~est o~ Mortgagor the Assc~c~2UOn may. 2[ rts Sole optro~. from t~me to brne. belore fu~l paymen~ of a~t ~ndebtedness secured hereby. +~~ake further ad ~ vances [o Mortgago~. pronded. howevet, that the total pnnupel secured hereby and rema~n~ng unpa~d mclud~ng any such advances. shau ~ot at any t~me ea- ceed ehe ong~nal pr~nupat sum secured hereby Mwtpapor shail pay all wch (urther advances w~th ~meresi and the sarne snall t,e secured he~eby All {uov~srons ~ of rh~s mortgage shall apply to each further advance as well as to all other ~ndebtedness secured ~ereby Nothmg he~e~n conta~ned. however. shatt I~m~t the ~ amoun~ secured by th~s mortgage d sucA amount ~s uxressed by adva~css made by the Assouanon. as herem elsewhere prov~ded for to ~xotect the aecunty y 24 In [he event the Morigagor herem, or any wbsequent Mwtgaga. a any person or corporatio~ owrnng any m[erest whatsoever shou{d en~umber the property ~ herem mortgaged by an mstrumeM tommonly referred to and known as a"wrap-around mortgage" wrthout 6rst obta~mny the wnuen co~sent of the Assoua- t~on. then. at the opbon o( the Assoc~atwn. the obligat~on secur~ by tMs Mortgage shail ~mmed~ately become due and payable ~ 25 To prov~de the Assoaateon vnth Flood Inwrance Coverage d tbe rea~ property ~s now o~ hereafter determined to be wrth~n a spec~al fiood harard area as shown ~ on Flood Harard Bounda.ry Map/Flood Inwra~ce Rate Map as puW+shad by the Fede~al ~nwrance Adm~mstrat~on ~ Z8 At the request ol ihe Mwtyspa, the Assoaatan ~9re~s to wsrvs tM prowsans o( paragraph 4 retaUVe to tAe aeaoon of a hazard inwrance account. prov~ded. however, that the Assuustan rou~ns th~ rpht. st its optron. to n-~nstats such ~ronsans of sa~d paragraph 4 as a~ obl~gatwn ot the Mortgagor hereund~r upon ihe happemng of any oi the (dlowrnp ~ A. Fadure to maks any paymsnt rpuusd unds? tM tsrms of tM rate on or bsfore the due date thereof ~ 8 fadure to comply w~th ths ~nwranu pransans of pupr~ph 3. a ot ~ny ol ths other terms and cwd~twns ot th~s mortgage a nots. or w~th the ~nwrance repu~rements contsmsd m the Wciaratwn o( Condom~mum srW related documents should the mortgaged poperty be tommrttsd to condommwm ~ devebpment ! (C)-NI-7i BO'~K 312 F~(;F ~if~3 ~ MLCA 12 i , . _ ~ _ - - ~ i~:~- ~ . . . a~-: taa.._.. -