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e. TIy1. ~n adM to prot~tl mo+~ (uW lM Ntw~ry o~ tlw inatp~p~. lM Matp~pa. loip~thM antA. and w? ~dd~tqn to. th~ monthlY WY~~1s unda tM tNms ol lM
noH sKUr~d hN~bY. On lIN fD~~ WY~~t O~t~ 01 Nth fn0~?tA WRI~ lM Md IWt! ~ 1uMy Wid. w~Y pi~ t0 Ilq AsfOC~~tWn lh~ 1oNovwp sumf
~Nnt a tn. u....na ,.w..n»na Iw~w « eo e. I~v,.d .pw?a tn. p.m~s~. cov«w w th~: mw~p.9•. •no .n u+.u~1n+.~+t a tn. w.mwm
tMt w~N baam~ dw ~nd DaY~bN to r~w tM w+w~~nc~ on tM W~msa covwod 1?K~bY s9+u~st b« bY hri. and wmdstam. u wovMfM
t''=• ph 3 pr~c~dr~p, a wch otMr I+kard N m~Y rwwnabhr D~ ~wua~d ~1? tM Assoaatwn. and ~n w~su~m~nt W tM v~Mwum tn~t vwN
p~cpM ~w and p~Y~bl~ to r~Mw iM moitp~p~ uNUtN~t~. N inY SuCh w?st~UmM?tt shaM b~ pual. r~~tUwly. to on~•twNhh (1/121h) 01 tM ~3•
~ nmat~d pnmwm a p~~ ta suth w?wru~p. Md tuN Md ~ss~ssm~nts n~xl dw (~t ~sdmit~d by tM Assoa~UOn) Nss sN ~nf1~YrtNnls ak~~dy
pid tMnfa. d~vid~d bY tM numb~ ol montln th~t ~n to M~~ on~ momA p~a a tn~ d~a wt~ tuch p~mwm a p~rtrums srnf ~ua ~+d
~ssa~na w~M O~com~ dNinq~~?t. TM AstocwUOn. whiN ~ppMi~p sucA p~ym«+ts to rawana p~mwms. taa~s ~nd asf~suMms. b~fa~ tn~ fam~
wc«n~ a~Mna»n~ shw not n+v a,tK~at t0 tM tNOrep~po~ on wd+ hrnds. u+d w sucn wYcn.na m~y t» comnunphd br u» Assouauon w~th any
ot1+M wch Iw+ds a witA ~ts own funds. T1w lunds u~ plWp~d a ~dd~aonal s~cunty 1a tM wms wcu~~d Mr t1w Matpsp~ and s~bqct w us~ bY
tM Assoaalwn m p~yrt~ee~t ol "I~a efwpa.. Nd Wrdc ooN~ttan chNpn.
lbl AN piyn~ntf mM~tqtNd m fM P~K~p M~bNCt~On ol tMs W?+~~ NW aM WYrtNnts to b~ mid~ und~~ tM not~ s~tund INnbY sh~ll b~ ~dd~d
top~thK srd t1~ ~pprp~t~ ~n+ount tha~ol tNaM b~ p~d by tlr Matp~pa ~sch month w? ~ s~~qN paY~nt to be ~ppl»d Oy th~ Assocutwn to tM
1oMowKp a~ms ~n tM orda a~ lorth: 1. Tu~s. ~ss~ssm~r?ts. ~nd mw~~nc~ p~mwms 2"Uu charq~i' snd bank to~Nctan chuy~s. w~less aad ~n
m~mp ~ov+d~d m parpnph 1 Is) 3. tntKat oo tM not~ s~cw~d MnbY 4 Amatu~tan d tM pnnt~pal ol sad noq
I?rw d~fici~ncr in dw amow?t d wch ~yprpan monury owmu~a sh~ll. unNss P~ br Uw Mortpiyor prar to tM dw dau ol TM nsat such paym~+t. oon-
sutut~ an ~v~nt d d~~ult undK tM matp~p~. Vlfithout waiv~r d anY ripl+t. tM Assoc~atior? msY colkct a"tats chsrp~" as proridM in t1w Not~.
5 That ~I tM totN of tM p~ym~na m~ by tM Mortppa u~ (al 01 psrp~ph 4 pnad~np sh~N ~acs~d tM ~mou~t o1 p~Ym~nts actwW mad~ M tM
Assocutwn la ux~s snd ~ss~ssm~ntt ~nd a~ur~ p~mM+~?s. u tM us~ m~Y b~. sud+ ~xpss sh~H b~ cr~ted by tM Assouatwn o~ wEs~pu~nt p~Y~ts
to be msd~ b1r ths Mortypa- B. how~w~. tM montAh WY~ts mad~ bY tM Mortppa unda 01 pa~~aph 4 Pr~^q s1++N not 1?~w b~ wfhcwnt ~o
wY eaaes s~d ass~ssm~~ts srd a+swar?c~ D~~mwms. a tM cas~ may bs. w1+M tM sam~ shsu b~cara dw snd WYSb1e. tMn. ~M Assoaata~ msy. st ~ts op•
~an. ~mrtwdatNy p~Y weh tu~s a~d ~ss~ssn~+ts Md Wrwa~a D~~++wim. ~~d tM Mortp~por sh~u psy to tM Assoustwz~ anlr sma+nt n~ussary to mak~ up
tM ddK~e~cy. and wch psym~nt shsM b~ dw and p~Y+bM nntlwn tlwt~r (30) daYS ~h~r tht dste o1 ma~hnp of nouu bY tM Assoc~atwn s~ttuq /ath tM ~moum
of wch d~hc»ncy. If. ~t any twn~. tM Mortpspw N~NI t~tdM to tM Assouatan. n atco~du+c~ vmd+ tlie Prows~a+s of tM ^cq s~cur~d hsrW~t. luM paYm~nt o1
the ~n[us ~nd~bt~6n~ss npnsK+ad Iw~b11. tM Assoc~~tia? s~»M. in ~wrputxp tM ~mount of such uWsbuMess. u~i to tM account ol tM Monpsya snY
bala~ce remawrnp m the fw~ds ~ccumulat~d undK th~ provis~ons ol (a) ot W~~pqph 1
6 To pe+m~~. commu a wHa ~o wssu. ~mps~rmMt a d~t~ra~abon o1 sud popKtY. o~ ~Y Pm thereot. a~d upon th~ ~~dun d tM Matysya to kNp tne
buddu~ys on sad popafy m yood ea~d~tan a rp~ir u~d m~w?~~nu. tAs Assoc~a~an m+Y d~m+nd Drop~ ms~ncensna and u» ~mm~ata rpsa o1 sa~d
bwld~nys. or s~ mcr~ss~ ~n tM ama+nt o1 s~cuntY. a tM ~e~+~d~~n rpaymN?t ot tM d~M h~nbY s~+~. +^d ths tsdur~ of ehs MortOpa to comply w+tn
ss~d dem~+d d tM Assoe~stan ~a s p~rad of tMrty (30) d+Ys sMM constnuq ~ Dr~sc1+ o~ ttrs morepp~. snd. st the optan ot tM AssocNt~a+. ~mm~d~aaly
mstur~ H+e e~+un amount d prinapsl ~nd ~nqnst hK~by s~cund. sad tM Asson~tan mwn~d~~tely ~nd vr~thout not~a maY M+sotuu p~ocwdxps to loados~
ths matys~ snd ~pply fw tM ~p~wmtmK?t of a nc«wr. ss Mr~hK p?owd~d: ~r+d ~n us~ ol th~ nfusa~. nsp~~ct w~nsbhry d t1+~ Morfqspa to ~eWu snd
mamtam ss~d D~~~ll. tM AssotNtwn tn~Y. at itt optan. malc~ wch r~pairs ot Caus~ tM s~rn~ to be msds. snd advsnte monsys m tn~t bshsH
7 To pe~fam. comply vmth snd sbd~ Dt? uch a~d ew~Y tM sUD~+~~+s. +WN^»^K. ~o^d'twns ~nd covMants ~n s~d prom~ssaY oote ard chs mon9sp~ s~t
Iorth
8 To comphr w~th tM subd~ws~a? rqtnct+u^s ~^d ^'u^'c'WI zonnp adu~ancss sppbcabN to th~ mortysp~d propertll. ~wt to sr~ct a pe.~t to b~ «sa~d ~~Y
new buddrqs on ths prenrs~s hKNn monp~p~d a to add to a p~?mit to b~ sdd~d to. msk~ or perrrut a b~ msde. srw strucwr~l slteqtans to any d th~ e:-
,stMg ~mprowm~nts tMrw~ vmthout cM nnuan co~s~+t o1 tM As~oc~~aa+: and m ths ewo~ of sny woluron or snempt to valsn tMs~ st~pulst~a?s. a any ol .
tMm. thn matgsy~ ~nd sN wms s~cund hK~Oy ah~N ~mm~N~t~IY bKOms dw and paysb~ at the optwn o1 th~ Assoc~stan
9. That w? case M a ddwn ~n anyr d tM t~rms o~ tha matp~p~ snd tl+~ fih~p ol a b~11 to faecbse tMs a sny other mortysgs t~cumba~np ths MntMn d~scnb~d
property. the Assoc~atqn shsM b~ ~nutl~d to ~pp1y. st any ams nnthout noteq p~ndu+p such ipscbwrs wd. to tM cam hswq rynsd~ctan thersol for tM
pwntment ot a rsce~wr of s11 snd s~npulu tM Rwrtp~p~d Wop~tY• a~d ol all th~ ~eats. mcomss. pohts. ~ssues snd revenws iMr~ol• from whstswwr sauc~
denved. snd. therwpon• ~t ~s hereby expressh ~M~tb ~^d ~pr~d ~Mt tM court sASp forthw~th appam a receryer ol s~d mortpayW MoP~tY. aN and
s~ngu~ar. snd ol suth rsnts. ~ntom~s. pOhn. iuWf ~nd nv~nws thK~Of. lrom whatsolw? fource dNrved. vr~th ths usual powers snd dutNS ot racervers m IJte
cases. and such apppntment sh~ll b~ mad~ by such wwt ~s s m~ttK ol sv~ct rpht to tM Assoaata~. snd vnthout rofNSrx~ to ths sdsqwcy or wiad~quscN of
[he valua of ths p~operty M~~bY mw1y~9~d- a to tM solve~cy a mso~v~+~cY ol tM Matyayor. snd thst sucA reots. pohts. ~ncomes. ~ssues. a~d r~venws shs11
be appl,ed by sucA recNVK to th~ p~ymsnt ot tM mortpp~ ~bbdr»ss. costs md chu9es. accadrW to the adsr of such court
1 O That ~n the event tM owmrsh~p o~ tM mortp~d pnm~s~s- p ~~Y Wn t~~. ~o^'~s vKt~d a~ s ps.so~ other thsn the Matppa. the Assoc~atwn msy.
anthout rat~ce to ths Mwtqspa. d~al w~th wch wcussor a succ~ssas m mbr~st vwth relerence to ehs mortgaye snd the de01 haeby sscured• u+ the same
manner as vr~th tne Mortgpor. vnd+out m sny wsy wWtu+p w d~athaip~np ths Mwtyspor's babMry hereunder ot upon tM dsbt hsrWy securad No sa~e of the
prem~ses Aereby morty~ysd snd no forWsruxe on th~ p~t of tM Assonatan. ard no extens~on ol the ume la ths paYm~n~ o( the deD~ hsreby secured p~ven
by the Assodstan. shaN opsr~t~ to rN~ss~. d~schup~. mod~h. N+u?ps w~H~ct ths a~nsl WbMty ot the Mort9a~or Mreui. aths~ u+ whole a u~ Wrt
1 1 - That ~n tMe event ths pt~mises hsnbY matp~ped. a iny pirt thsnot. shall b~ cw~d~mned snd tskan under ths power ot emment domaui. the AssotNtan sha~t
nave the nght eo demsnd that sll dsmspes sw~rdW for ths t~kmp of or ~ury to ssd prem~ses sMlt bs pa~d to the Assouatan. ~n wcuuws w sss~p~s. up to
the amou~t th~n unpad o~ Uus ~++ortyap~. snd msy b~ apD~d to uryr sums Isst psva~ hereunde~
12 Tna~ t~me ~s of the esssnce oi th~s contr~ct ~nd tMt ra wnv~r of uiy obl~patwn hersunder. w ol tne obhgai~~ secured he~eby. snstl ai any ume tf~ereaf~er be
hNd to be s wa~ver o( ths terms haeol a o( tM pom~ssory note secursd hereby
13 tn U~e event o~ any ds~sult ~n any o1 t1» arms ot thn mort~ys. a~n tns note secured hereb~r. and acce~eratwn by the nolde.. a any other s~tuauon thst would
cause the ~merest pad o. pari~ ~~+~~W~p^ ~o ~~^ter~st nte suthor~ed bY Isw. then m such event aU sacess rnterest theroiofwe pa~d sha0
be cred~tad to pra~c~ps~ sn0 ad sccru~d and unps~d ~auss ~nta~st shall abste ~nd shsU not be sn obl~yatron o1 the msker w of snp other person
14 That to the eatent oi the uW~btedness ol tM Matpapor to ths Assotutan d~scnQsd he?e~~ a secured he~eby. the Assocutron K hereby wbrogsted to the I~en
w hens ard to the nghts of tM ownt~ and hold~r tMnof o( Nch end ~vsry mortpape_ I~en a otlxr encumbrance on the Iand descr~bed heran, wMch ~s pa~d and
saosf~ed. m wfals w m put. out of ths p?oc~eds o! tM IoN+ dacnbsd Mrein a secured hereby. snd the respscuw I+ens o1 sa~d mortysq~s. I~ens w other en-
cumbrances. shaN be- snd the ssms and ~~ch o! tMm hsr~by ~s psssrv~d snd shs11 psu to and be heM by the Assoaatan herem as secunty fw che u~•
deb[edness to the Assocutan harsm descnb~d a ha~bY sscw~d. to the ssms ~atent chat ~t would nsve Ceen peserved and would 1~ave been passed to and
' been 1~sld by the Assoastan had rt b~s~ duhr and rspu4rly asa~n~d. tr~nsferred. set over. and deWvered unro the Assoaatan by separa[e deed o( ass~gnment.
! notvntnstandng the tact thst tns srms may bs utafiW and sit~ceU~d ot racad. ~t banp tne ~ntentan ot ths parues heroto tha~ the same nnx be wushed and
canceqed ot rscad by the hotdsrs tMrsot at a ~bout tM t~ins of tM ~etadinp o( ttws mwtpsps
! 15 That d any of the wms of money hsrem relsR~d to M not prompt~y and fuily pa~d wrtlun Uurty (30) days next aher the same severaHy become due and payade.
~ a~~ each snd avery ths st~pulitans. p?sementf. co~twrK ~nd covensnts ot sa~d prortussay ~ote and th~i moripsys. w e~iher. are npt duly periormed. com-
pbed anth and abded by. tne s{~pats wm unpad unda s~~d prom~ssaY note s~d th~s morc9aye shafi become due and payable fathw~ih or thereaher, at ihe
opt~on of ttie Assocwtan. ss fully and compl~tely ~s d sa~d spprep~te wm ol maseY were orp~naNy supulsted to be pa~d on such day. anytMng m sa~d
prom~ssory ~ote w h~ran to the contrsry notvnthst~ndnp .
~ g That ~ri ader to accNerate the mstunty ot th~ ~nd~btsdntss haeby s~cursd becsuse of the ta~~ure ot ttie Mwtyago~ to pay any taa assessment. habl~tr.
uon w e~+cumbrsnce upon ss~d prope~tY ss Mreui provdsd. ~t shsll not be necsssary rwr ~eqwsite that the Assouatwn shall brst pay the same
17 If a conveyance s!wuW be made by the Mortp~yor ol ths prem~sss here~n descnbed. a any pari hereof. and the grantee named m wch conreyance bils o?
retuses to aswme the paYme~t of the oblpstan ~wdancsd by ss~d p~om~ssory note snd secured by tn~s mwtgage. and ~n xcordarxe w~th theu respect~ve
terms. and abde b~r the rules and rspubtwns of ths Assocutqn, u~clud~ng psYment a~ s reasonable transfer tee, t1~en. and ~n that eve~t. at the optron and upw+
the demand of the Assoc~ata~ sR wms oi money s~cured hereby shall ~mmedwteh become fathw~th dus and pays0le
18 That the abstrxt a abstracts of Otle covenrp ths mortp~ped p~ops?ty shau st all t~mes. Cunng the ble ot th~s mo~tga~e. rema~n ~n tt~e possess~on of the
Assouat+on and. ~n evem ot th~ (wecbwre ot tMs rtw~tpaye. w other uaosier ol utls co the matgaged property. m e¦ungu~shment of the mdebted~ess secu~ed
hereby. a11 rgnt. ntle an0 ~nterest ol ths Mortyspa ~n snd to ~ny wch abstracts of utle sha1l pass to the purchase~ o~ grantee
19 $hou~d the val~drty w ben of th~s mortpape. o~ ths nots secursd thsreby. be contested by Lbgatwn or otherw~se the Mo~igagcx agrees to pay to the Assouatron
the cost of defend~ng the same ~~+clud~n9 a ressonaDk anwney's tee
20 To pay aN and s~ngular the costs. charges and expenses. uxluding attorney's fees reasonably ~ncwred. or pa~d at any ume by the Assoaat~on, because ot the
(adure of the Mdtgagor to pertam. eomply rv~th and abule by each and every the sbpulataM agreements. cond~t~ais and covenants of sa~d prom~ssory note
aM thn mortgags. a eitAer, and every wch (eacept !or the payment o( the mon[hly ~nstaUment as ~equued by tlie Prom~ssory Note) shall bear ~nterest from
date at the rate d ten p~r cent (109L) per anm~m unUl tully ps+d.
21 The Assoc~atux~ shal~ have tne nyAt st sny t~me snd lrom ur.~e to t~me a~+d w~thout noUCe to or consent o! any perso~ so la) reiease any port~on o( [he prem~ses
f~om the I~en of tlus mortpaqe. tb) releiss a~y ps~sw~ ~ubk tOt paYmem of stryr indebtedness secured hereby. (c) extend the ume o~ payment w alter tAe terms
o~ payment ol all o~ ,ny parl ot tM ~~+debtedness_ vr~thout aNecUnp or reless~np the perso~a~ I~ab~~rt~ ot any person bable lothe~ than any person rNeased pu+-
suam he•etol (or tAe payment ot s~y wm w mteresi secu~ed horeby and w~thout in any w~se altenng. rary~ng. w d~m~rushing the lacrs. ef(ects. a f~en ot th~s
morrgage on an tne prem~ses rat spsc~fKa~N ~eleesed from the hen o~ th~s mortgaye by tAe Assoaauon
22 Any ag~eemen~ hereafter m,de by Mwtpaya and Assouacron pursuant to rMs mortyape shall be superror to the r~gMS of the holder of any ~nierven~ng I~en or
y. encumMance ti
Z3 lipon request oi Mwcgago~. the Assoastwn msy. at ~IS wk optro~. from t~me to t~me. betore ~ull payrr~rst of all indebt~dness secured nereby. make turther ad
~ va~ces to Mortgagor. prov~ded howev~r. thst tM totd pnne~psl secursd hereby and remam~ng unpa~d. ~nclud~ng any such advances. sha~I not at any t~me ex-
~
ceed the org~nal w~napsl sum secured hsreby Matpa9or shaU p~y s0 wch further advances wrth ~nterest and the same snau be securod hereby Atl prrnnswns ,
~ of ~n~s mo.tgage shsn apply to each turtnK ~d,rance ~s vwu ~s to au oeher mdebtedness secured nereby Noth~r,g t~ere~n conta~ned. however. snat3l~m~t tne
amount secured by this mortgaye wch smount ~s mtrsssed by sdrsnces made by the Assoc:at~on. as here~n elsewhere prov~ded for to p~otect tlie secunty
24 In the event tt~e Mwtgaga herein, w any wbseQuent Mortgegor. or any person or cwpaatron own~ng anv ~nterest whatsoerer. should encumber the property
here~n mortgaged by an mstrument commonly reterred to a~d known as a"wrap around mortgage"' w~thout hrst obta~rnng the wntten consent of the Aswc~a-
tron then. at the opta~ of the Asux~ata~. the obl~gatan siscured by th~s Mwtgage shall immed~atefy become d:ie and payaWe.
25 To prov~de the Assowatwn vnth Flood Insurance Cove~sge ~t the real property ~s raw or liereaher dete~rrHned to be w~th~n a spec~al flood hsrard area as shown
~ on Flood Hazard Boundary Mspiflood Inwrsnce Rate Map as puWq.yed Ay the Federal Inwrance Adm~mstrata~
28 q~ ehe requsst o1 ths Mony~por. tM Assocwtan ~prus to w~rv~ tM prov~sans oi parpraph 4 relatrw to the creatron ot a hszard ~nwrsncs sccoum. pov~ded.
however. thst the Assouatan nu~ns tM npht. ~t ~is opuon. to n•~~sut~ sucA prowsans of sa~d psrsfl.sph 4 as an odpstan oi tM Mortpspa Mreund~r upon
the happsMnq ot sntr of th~ foNow~np
A fa~lun to msk~ any paym~nt rpuK~d unda tM t~rms o~ tM nob on w bdore the dus date theraoi
B Fsdwe to comply rntA tM mwrsnc~ pov~sa~s of prrpr~ph 3. a oi ~r.y ot tM otMr terms ~rd conditwns ol tlws morty~ys a nots, or rv~th tM r?wr~nce
requwsments cona~ned ~n tM D~claratan d CondomKwum ud nlat~d dowmK+ts shouW the matya9sd propat~ bs wnwmtad to cadomuw+m
dwelopnw~t
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