HomeMy WebLinkAbout2424 1. That. ~n adv ~o po~~et ma~ fuW th~ Ncu~~ty of tlw matpp~. tM Monp~ybr. ~op~~h~~ wuh. uw ~n Wd~~wn ~o. ~M mom?Nr P+r~~r~is u~ iM ~alhs ol th~ '
nots s~cur~d hH~by. on tM sp~afMd paYm~n~ d+q ol ~acA rtwnth unul tl+~ sad raa a fulty pa,d. w~l p~y to ~M Assoa~~a~ tM Idbw~np wms
1~1 An ~ns~Wm~m d tM tu~s ~nd ~ss~ssrnM+ts hw~d a to 0~ Nv»d p~~ns~ tlr p~m~s~s cow~W b1r tn~s matpspo. snd ~n ~nsuUm~nt oi ~M w~~?w~~
pr~nwun?~tlyt MNi b~com~ dw u+d Wy~EN to r~w tM u+w~ant~ on tM p~m~tts tov~r~d M~~by sps~nst b:.~ Oy fu~. ~nd wu~dstam. ss prw~d~d
1~ by paayl~pb ~p~np. a such ocMr huud ~s mhr ~e~sonabhr b~ npuw~d by tM Aswuata~: sr+d an u+staxm~M M tM pam~wn th~t w~M
pscom~ dw a~d p~Y~bN w r~r?~w tM matpp~ msw~+c~. d aMr SucA Mstauma+ts sMU b~ ~qw~. r~sqcuwty. to ar•twNhh Iti12Ml ol tM p-
umu~d pnmwm a pr~mwms fa s~d+ mwrMa. ~nd tuts ~nd ~ss~ssmN+ts Ma~ dw I~s ~sumai~d by tM Assouatanl Nss ~u w+s»Ilr~+ts au~ady
p~~d t1~~br. dn~d~d bY tM +wmba ol monlhs tMt a~ to Nps~ on~ month paor to th~ dat~ wh~n such p~mwm a p~rtrums and ua~s ~nd
asssssm~na vhM b~can~ ON~nqiwnt TM Apoa~tan. wh~N ~ppM~p sueA paym~nts to rawaw~ Wsrnums. laa~s and ass~ssm~nts. Wla~ tM ssm~
b~cwrw d~Mrpu~nt. sMM nW p~y r+urtst to th~ Mortppa a+ wch funds. and ~11 such paym~nts ma~ b~ comm~nptW by tM AssocNUOn vnth ~ny
otha wcA funds a vr~th its own lunds- TM funds pbdpW a~dd~twnal s~cw~q ia tM sums s~cur~d by tMs Matp~p~ ~nd ~n wbNC~ to us~ by
t1N Assoaatwn in p~ym~et OI '.qt~ d~rpq.. ~od banlt tolNttqn charp~s
Ibl AN piymMts m~nuaNd m iM {x~udeq wbKtqn ol thq parsqraph ~nd sll piyrtNnis to D~ mad~ undK tM not~ s~cund hN~by sha11 b~ sdd~d
to~sthsr and tM ~~p~q ~mount th~nol sMU W p~d by tM Matp~pa ~ach month x~ ~ sw~pN paYm~nt to b~ ~pW~W ~1r tM Aswastwn 1o th~
fouovrmq ~tems w+ [M ada s~t fwtA 1 Tnp. ~ss~asmN?ts. and ~nwr~nc~ pr~mwms 2"LsN charp~i ~ snd bsnk colNctae cMrp~s. wWss pad m
manwr provwf~d ~n paayraph 4 1~1 3 Int~r~st on tM ~oq s~cur~d h~~by 1 Amauistan ol tM p~~nc~ of ssd rau
Any dsfip~ecy in tM amount of wch syprp~t~ monthlY D+Ym~+NS sMM. w~Mss Psid bY tM MatWqo~ W~a to th~ due dste d tM n~at wch p~yrtNnt. oon-
stitu» an w~nt d d~fault w~d~r tM matpp~. VKitl+out wsivK d ~ny rqht. tM Assoc~stan rruy coWct a"Iau d~srys" ~s prov~dsd in tM Noa.
5 That d ths total ol th~ WYn+Ma m~ bY tM Matp~pa w~da 1~) o~ W~~W~ ~ p~c~op sA~M ~acted tM anaunt o1 WYm~nts actwMY msd~ M th~
Auoc~a~an (o~ aaes ~nd ~sa~ssmN+ts and ww~ pr~mwms. as tM c~s~ m~y W. such uc~ss sM11 b~ cr~dt~d Oy tM Auouatan on wb~puMt parm~nts
to Cs msd~ by tM Matpapa. If. Aow~vN, tM montAly WYmN?ts m~ by tM Matp~por und~r ls) d parpraph 1 pr~c~~p shsH not Mw bs~n wHK»nt to
psy u:es and sss~ssmK?ts aod mwra~c~ p?~mwms. ss tM us~ may b~. wMn tM sam~ shau bscomt dw ~nd psYabN. tMn. tM AssocNtan m~y. a~ ~ts op.
tan. ~mmed~st~ly pay wch tua ~nd ~ss~ssm~nts u~d mwnnu pr~mwm. ~nd tM Mat~~or shsp pay to tl+s Assouatan u?y smoum rac~sssry 1o msks up
the dehcKncy. and such palims~t sMq b~ dw ~nd W~~bN Mnth~ tlwty (30) d~ys ~ha tM date of ms+l~np ol not~ by tM Assotutwn s~tUnp rorth the ~mount .
ol wch defK~sncy If. a~ any t~m~. tM Mortp+pa sh~p t~rda to th~ Asaoc~atwn. in accad~nce vr~th tM pows~ons o/ tAr noa secur~d ha~by. (uu pa~m~ne ol
the antae u+d~budrNSS rpr~sMt~d hN~by. th~ Assopitan shall. r? computuq tM smount ot such w~d~W~dn~u. cr~t to tM sccount of th~ Matpipa sny
bslante rtm~uwq tM lunds ~ccurtwl~t~d und~~ tM prowswns o~ (a) of p~qpqph 4
6 To perma, comrtat or wfhr no wast~. ~mp~rm~nt a d~tNw~~tan ot sa~d prop~rty. a sny ps.t tMreof. and upon the ts~h+n d tM Matpspa to kNp ths
budd~n~s on sad popsrty ~r? pood ca~tan a rp~ ~nd msr,t~Mnc~. tM Assec~~tron m+Y dem~nd Proo~ ms~bnsnce snd tM ~mm~dab rpsw of ssd
bu~ld~ngs. a sn mcr~as~ r+ tM amount ot a~cuntr, a tM 1mm~d~at~ rp~ym~nt of ths d~W Mr~by s4cur~d, and th~ fsdurs ol tM Mortpsya to comply nnth
sa~d dsmsnd ol tM Assocat~on lor a p~rwd ot tMrty (30) d~ys shN~ oa+satua ~ DnscA d ths matps9s. ~nd. at the optan of tns Assoaatan. ~mm~~t~hr
msturo tne sntue ~mount W pincipi~ u+d ~ntaest Mnbv s~au~d. ~ne tM Assoc~atia+ ~rtvnsd~~tdlr and w~enout not~ may u~u~wt~ wocMdngs a toncbs~
tMs matpape a~d spphr fa tM ~ppantma~t ot ~ ncNVa. q Aeran~hK p~ovld~d. srd m csss o( ths r~fussl. ~sykct a~nsb~hty ol tM MatQspa to rp~1r uW
ma~nea~n sad pope~ty. tM Aswc~~tan may. at its aptan. en~b wch rpaw a uuse t1+e ssms to W msd~. snd sdvs~ce moneys u+ tMt b~haM
7 To perfam. comply vnM and abd~ DY ~sch ~nd wery tM stpulatwm. ap~NmN+ts. cond~~wns and cov~nams m s~d prom~ssaY rat~ snd tlrs mori~ys ~t
lath
8 To comply vr~th ths wbd~ws~a+ rqtnctans ~nd tM mwrapal ionrp pd~nar~c~s sppWCSbN to tht matpap~d propeny. not to N~ct a p~~m~t to D~ u~ct~d s~y
new budd~ngs on tM premis~s Mran matpp~d w to ~dd to a p~rrrrt to b~ add~d to. mske a permit to bs mads. sny structuql slterstans to s~y d tM ea-
~son~ ~mprovemsn~s tha~on w~chout tM wnn«? oonsau ol [ht Associatwn: snd m the era+~ d u~y valstan a suempt to wolate th~s~ supulataru. a sny of
them. tlus mortpsp~ snd sM wms s~eund Mnby shaN ~merwd~atdy b~eom~ dw ~d Wy~Ws st the optan ol tM Assoe~stan
g Thst ~n csse o( s da(sult u? srryr ot tM t~rms of tlns matpay~ ~~d tM h4~p of a b11 to tor~cbse thn a srryr other mwtysy~ enwmDerrq tM vwtMn dsscr~d
wooe.qr. ~he Asiocisean shaM b~ ~noeNd eo ~pply. st uw e~ms v~nthout not~ pa+d~ny such laecbswe uxi. w the court hawnp rynsd~cean thereot fw cM ap•
pwntme~?1 of s recs~ver o( all and s~npulH tM matp~9sd popsrty. and of a~l tM rents. ~~comss. pohts. ~ssws and rsvsrn,ss tMrwl. from wAatso~vs~ source
denved. and. thereupon. ~t fs Mr~Dy ~spsss~y cowMntsd u~d aprNd tMt tM tourt shsN Ipthanth sppant a rec~rver of s~W mortps9sd pop~rty. sM and
s~ngular. ard d wcb rents. ~ncomes. profiri. ~ssues ~nd nvenues tMreoi. lrom vrMtsoevsr sourcs de.rved. w~th the uwal powers snd dutws of ~~ce~wrs w? hks
cases, and sucA appantm~nt shall b~ m~ by such court as s matw ol strK1 rpht to ths Assocatwn. and w+thout refertnca to ths sdspuscy a u~ads0uscy ol
~he value ol the poperty hersby monpsy~d. or to tM solwncy a~nsolv~ney of ths Monpsya. ~nd that wch ronts. po6ts. ~ncomes. ~ssues. ar?0 revsnues shsN
be apphed bv such recawr to tM psyment ol th~ matQsp~ ~r+d~D[edrwu. costs uid chsrpes. sccwd~rp to tne wder of such court '
1 O That ~n the svent tM ovrnenMp ol tM mortp~9sd pr~rtusss. a~~1r Wrt ths~eol. b~comss vested m a ps~son other t1+~n ths Mort9a~a. the Assousua+ may.
wahout nobce to the Mat9apa. d~sl vmth wth succ~ua a wcussws m mtlrest vmth ~elsrence to tMs matqsQe snd the dsbt ht+eby secured. m the s~ms
manner as wrth t1+e Mortpspa. vinthout m srry wsy wtuurq a d~sth~rp~np 1M Mortpayoi s 6ab4ry htreunder w upon the d~bt henpy s~cured No ssN ol the
prerruses hereby mortys~d and no forbearance on tM p~rt ot ths Assoc~atwn. and no extensan ot tne ame tw ths paymsnt ol the debt hereby secursd prven
by tne Assdcutan. shs11 opsrate to raless~. dacharp~. rtwd~(y. cnanps a attsct tn~ orp~nal ~~abl~ty ot tne Ma~qayw nerN+?. e~tner ~n whole or ~n psn
1 1 Tnat ~n the event tM prem~s~s Mnby mortpaped. a~~y pan thenof. sAaH be corWemned snd ukm~ under t1+s power ot ertunsnt doms~n. ~M Assoc~stan shatl
have the r~ght to demand thst sd dsmapes award~d for tM qlunp ol w ~~lury to sa~d premises shae be pad to the Assouatron. ~ts sutcessws w assprts. up to
the amount then unpa~d o~ [hn moatpspe. snd may b~ ~pplrod to u~y wms tast psyabl~ hareunder
12 That ume ~s ol tha essence ol tMs contract snd that no waner of sny oDbystqn hereunder. a o1 the ob+~atwn secured hereby. sna11 at any ume thereafter be
ne~d to be a warver of ths terms Mreof w o~ th~ prom~ssory ~ote secured 1~ereby •
13 In the event ol any ~efauM ~n u~y ot tM tsrms ot tlws mortyspe. a m the note s~cured hereby. snd scceleratan by tAe hdder. or any otAer s~twtan tASt would
cause the ~nte.est ps~d a pa~~bls ur~ tlws oblpsUOn to ~ac~ed tM ~ntsrest rste su[hor~:ed by 1sw. then ~n such even~ s11 e~ceu ~nterest tMnto}ors pa~d shaH
be uedrtsd to pnnupsl snd sll accrwd snd unp~d uctss ~nur~st shsll sb~te snd shsu not be sn oblp~tan of tAe make~ a ot srW other perso~
14 That to the e•tent o1 the mdsbt~dness ot th~ Mortppor to ths Assoc~atan d~scnWd here+n a secured hereby. the Assoc+auon a hereby su~opated to [he 6en
a bens and to tM rphu of ths owne~ ~nd hofdsr tMnoi of uch snd ~wry mortpsps.l~sn o. other erKUmbance on ths land descnbsd here~n. wh~ch ~s pad and
sat~shed. ~n wfwle or ~n psrt. out of the prousds of tM ban d~scnDW herem a secured hereby. snd the respscuve ue~u oi sad mortpspss. bens or oths. en-
cumOrances. shaU be, snd the same ~nd e~cA o( tMm hmsby n prsserved and shsll psss to and be held by the Auoaatan herom ss secunry ta the m-
debtedness to the Assoc~stan Asre~n descnbsd w hereby setwsd. to the ssme axtent thst A wouW have been prcxrved and would hsve been passed to and
been hefd by the Assoastan hsd h bsen duly snd repularly ass~pn~d. tqrtsferred. set over, and delnered unto the Assousnon ~y separ~te deed ot asspnment.
~ notw~thstand~ng ths tact that ths ssme msY ~~tn(~ed ~nd uncsN~d ol record. ~t be~rp the ~ntentwn ot the parues hereto that the ssme rnll be saust~ed and
~ ca~ce?ted ol record by tha holders ther~ol ~t o? about ths Urt» of tM recad~p of tMS mortpage
~ 15 That ~f any ot the wms ol money hernn re(~rred to be not p?omptly ~od tully psd wrtMn thuty (30) days ne~c~ after ine same severally become due and payaWe.
I w~~ eacA and every the sapulata~s. ~rwmenu. cor~dtpns snd covensnts o1 ssid prom~uwy rqte and ttas mortgage. or enher. are not duly perfo~med. com-
~ p1~ed vmth and ab+ded by. tAe aygre~ste wm unpsed under sa~d prom~ssory rate and th~s mortgape shall become due and payable lorthwrth w thereaher. s~ ehe
op[ron o( the Assoaatan. ss fuNy snd completNy as d ud spprspate wm ot mo~ey were ap~natly st~pulated to be pa~d on such day. anytMng ~n sa~d
p.om~ssory ~ote or he~a~ to th~ contnry ratw~thsund~np
~ 16 That m order to accale~ate the mawnry of tM a?d~bt~dn~ss hsreby s~cursd because ot the faduro ol the Matgaga to pay any ta. assessment. I~abhty. obl~ps-
~ non or encumbrance upon sa~d poperty as Mre~n p.ov~d~d. a shan rat be necessary nor requwte tnat tne Assouacwn snaN tust pay tne same
17 If a conveyance shoutd be made by ths Monpaqa of tAa pem~sss hsre~n descr~bed. w any par[ hereot. a~d the grantee named ui such conveyance ta~ls w
reluses to aswme ttie payment ot tRe oblp~twn sndenced by ssd pom,ssory note and secured by th~s mortgage. and ~n accordance w+th the~r respei:trve
te~ms. and abde by tha rulss snd rapulstpns of tM AstouaTwn. uxtud~np paymen: oi a reasonaWe tra~fer 'ee, then. arW m that event. at the optron and upon
[he demand o( the Assoastwn su wms ol mo~sy secursd hereby shs11 ~mmed~ately become fortAnnth due snd psY~~
18 Tnat the absn~e~ a abstrscts o( trtle coveruq ths mortpapeA propsrty sAa11 st an umes, dunng i1~e I+te ot t?us mo+tgage. rema~n m ~he possessan ot ihe
Assoc~atron and. ~n eveM o( tM foreclowre ol tMs mwtyspe. a otNer tr~nsfer ot utle to the mortQaged property. ~n eaungu~snment o~ the ~ndebtedness secured
hereby al~ rgbt. Utle and mterest o1 tAe ~Yio~tqspor m ~nd to ~rry wch sbstrects of UUe s?wll pass to the purchaser or grantee
19 Shoutd the val~d~ry a I~en of th~s maty~pe. or ths note s~cu~ed thereby, be contested by t~t~gatron a othe~w~se. the Mo~Tgagor agrees to pay to the Assouatron
tne cost oi detend~ng the same ~nclud~rq a naso~able attaney's fse
20 To pay aN and s~nflular the costs. cha~ges and expenses. ~nclud~ng atto:ney s tees reasw~ably mcurred. or pad at any t~me by the Assoc~ata~ beceuse ol t1~e
tadure ot [he Matgaga to peAam. comply vmih and ab~de by eacA and every Ifie st~pulata~s. agreements. cond~uons and covenants of sa~d prom~ssory note
and th~s mprigage. w erther. and every wth (except fw the payment of the montnly mstallment as requued by tlie Prom~ssory Note) sha11 bear ~nterest Irom
~ date at the rate ot ten per cent (109u per annum until tully pad
~ 21 The Assoc~atwn s?catl have ths nyhf st any bme and Rom bme to ume s~d wrthout nodce to w consent of any perso~ ro(al re:ease any poriw~ of the prem~ses
trom the I~n o( tMS mat9ays. Ibl tslesst sny ptrw~ I~able for paYment ol any indebtedness secured hereby. Icl e~te~d the t~me of payment or alter tM ter4ns
01 payment o( alI or any part oi the ~ndsbtsdn~ss, wrthout aHecunp a releas~rp the pasonal habbry of any person 6able 4other than any person reteased p+r-
s~:ant hereto) lor tbe paYment ot any wm a~nterest sscured hereby ~nd wrtAout ~n any w~se ahenny va~n~9 a d~mm~sn~ng ihe forces. eHeces. a ben oi ih~s
moregage on au the p~em~ses not sp~cd~cally reltased from the I~sn of th~s mortgaqe by the Assouat~on
22 Any agreement herea~ter made by Mortgagor and Assoastwn purwant to th~s mortgage shall be super~o~ to tfie r~ghts of the hoider of any ~ntervemr~ I~en or •
~ encumbrante
23 Voo~ ~equest of Mortgsgw. the Assoc~suon msy. at ~ts sols optan. (rom bme to ume. be(ore ~un paymeni o! a~~ ~~deb[edness secured hereby. make furtner ad-
vances ro Mortgagor. prw~ded. howerer; that the tota~ Wmupal secured hereby and remam~ng unpa~d. ~nciud~ng any wch adva~xes. shaH not at any Ume e¦
~ ceed the wW~nal pr~napal wm secu.ed hereby Mwtpapw sAall pay atl wcA further advances w~th mcerest and the same shalt be secu~ed hereby AII prw~s~w~s
o~ ~h~s mo~tgage shall apply to exh furtlier advsncs as weil ss to aN other ~ndebted~ess secured hereby Noth~ng herem cona~ned. howeve~, sha11 hrmt the
~ amount securM by th~s mortgage d wch smount n~ntressed by sdva~tes msde by the Assoaat:o~. as he~e~n etsewhere p+onded tw to protect the secunty
24 In the event the Mortgagor t~erei~, or any wbsequent Mwtgapor, w an~ person pr caRwratron owrnrx,~ any ~nterest wnatsoever, sAOUid encumber the properry
~ he~em mortgaged by sn ~~strument commord~ rolerred to and known as a"wrap-around mortgage w~thout hrst obta~rnny the wrrtten consent of the Assoua
ta~. then. at the optan o( the Assoc~atwn, the obl~gatan secured by th~s Mortgage shaU ~mmedately become Jue and payable
~ 25 To prw~de the Assouatian with Flood Inwrance Coverage ~f the real property ~s now or 1~ereafter determ~ned to he w~tMn a speaal flood hazard area as show~
on Ffood Harx~ Bwndary Msp/F!ood Iruwance Rsro Map ss pud~shed by t1~e federal Inwrance Admm~stratwn
28 At the request o( the Mortysqw, th~ Assocutan ~yNS to wa~w tM pronsans of par~pr~ph 4 relauve to the usatwn of s huard ~nwranc~ sccount, prowdsd.
however, that ths Assocutan nu~ns tM npht. at rts optwn. to n-~r»uu such prans~wis ol sa~d psraprsph ~ as an obbyatron o~ tM Mortyspa Mrwnd~r upon
the happernng of any of tM (WlowMp.
A Fadure to msk~ sny prymsnt rpuu~d u~d~r tM nrms of tM not~ on a bdon the dw date thersot
8 Farlun to comply vinth tt» ~nwr~nc~ panswns o/ p~np~ph 3. a of any of tM otMr terms and ca~d~tans o~ tMS mwt9sp~ a note. a vnth tM ~hwranc~
reqwremsnts conumed m tM O~clar~tro~ of Cwidomwuum ~~d nlat~d docurrNnts st~ould che matp~9sd propsrry be oomm~tted to condorrunwm
clsvsiopment.
(C)-M-Ti
INLCA 42 ~~J~)M 312 F~~,E2422