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HomeMy WebLinkAbout0368 4• TMt. in order to potect mole tugY tM security Of ihri mortgage. tM Mortgagor. togetMr vnth. aril in addition to. tM monthly payments urxMr the forms of the rate secured herapy) orb tt~e sp~asifred payment date of each month until tM sad note is fully pad. wiq pay to tM Associatan 1M Idbwing wins ~ (a1 An instaNrtNnt of tM taxes and assKSmena Nvred a to be IwFdd against tM pemises covered by thq metyape. and an instillment of tM pemwm j a pemwms that wiN beoortre dw and payabN to renew tM insuranee on IM pem+sK covered Mreby against b.o by bro. and wudstorm. as povded 1 for by paragraph 3 ptrcedrrrg. a such other hazard as maY feasonabty be required by tM Association. aril an instaMrrrent of tM pemwm that will become dw and paysbN to renew tM mortgage inwrattu. if any. Such installments shall W equal, respecawti. to Dire-twNfth I1 / 12th) of tM K timatsd pemium a pertwwns for such insurance. aril taxK and assessments next dw Ias estimated by tM Asseiatanl Nss au mstaNments already t pad thsrebr, divided try tM rwmbar Of mon1M that are to elapse one month pne to tM ilea wMn such pemrum a pemiums and taxK and assessments vsiN become dekrlpNnt. TM Association. whiN applying wch payments to insurance pemiums. axK and assessments. betas tM same become debrgwnl shah rqt pay interest to tM Mortgagor on such funds. and all such paynrena may be cornrrrirtgled by tM Association with any otlra such fulls or with is own funds. TM lords aro pledged as addrtwnal seventy for tM wins secured by this Mortgage and are wblect to use by tM Associatan M paymMt of "late chargM" and bank gollactan dtarges Ibl All payments irtentiorred n the peceding wbsectan of tlws paragraph and all payments to be made under tM note secured Mreby shall be added together and lM aggregaa amount tMreol tihaN be pad by tM Mortgage each month in a sit.-r-*!e payment to be applied t>y tM Association to tM Idbwrrrg rams in tM silts set forts 1. TaxK. assessments. and insurance pentiums 2 "Late charges" and bank cdlectan charges. unless pad in manna povded M paragraph 4 lal 3 Inarest on tM mote secured Mreby 4 Ametusuet of tM pirrapal of sail rate. Any dehciettcy in tM amount of aueh aggrepaa rrrorrthly payments shah. uNess paid by tM Mortgage pie to tM due date of tM next such piyrnent. eon- • stitua an event of default under tM mortgage- Without waives of any tight. ill Assoaatan may collect a 'Mats charge' ss povided in tM plots 5 That d tM total of the payments math by tM Metgage under Id of paragraph 4 peceding shau exceed tM amount of payments actwlly made by tM Association for taxK end aKessmara art rnswarrce pemwms. K tM use maybe. such excess sMN be credited by tM Assocation on subsequent payments to be made by tM Mortgage. If, however, tM monthly payments made by tM Metgaga under Is10l paragraph 4 preceding sMU not haw been wHiciertt to pay taxK and assessments and inswance pentiums. ere tM case may W. wMn tM same shall become due and payable. then. tM Association may. at rte op- tan. immediatey pay such taxes and assessments and inwgnp pemium. and tM Metgage shell pay to tM Assouatan any amoum necessary to make up tM dshcroncy. and wch payment sMU be dw and payabN witMn tlwrty 130) days aher tM ilea of maibrtg of notice by tM Association sarong forth tM amount of such deficiency. If, at airy time. tM Mortgagor shall tender to tM Association. in accordance with tM ponsans of tM.ngts secured hereby. full payment of tM enuro udebtedrress repesMterl Mreby. tM Association sMlt. in computing tM amount of such irdebtsdriess, credit to tM account of tM Mortgage airy balance remaining m the lands accumulated under tM povisioni o/ lal of paragraph 4 8 To permit. commit a wHa ra waste. impairment a Mteraratan d sad poperty. a any part tMreot, and upon tM failure d tM Metgage to keep tM Duildirrgs on sad popery in good cordrtion a repau and mamaMnce. tM Association may demand paper maintenance and tM immediate rapau of sail buildir?gs. a an increase in tM amount of security. a tM immedate repayment of tM debt Mreby secured. and tM failure of tM Mortgage to coRiPlll with said demand of tM Associaton /e a period of tMrty (301. days tiMll constitute a breech of _ this mortgage. and. at tM riptan of tM Association. immediately maturo tM entire amount of principal and interest Mreby secured, and tM Association immediately and without notice may rnstituro ptxesdngs to leecbse this mortgage and apply for tM appointment of a reuiva. as Mroinaha pwded. and in case of tM refusal. neglect a inabibty of tM Mortgage to rsplu and maintain said popery. tM Associatan may. at is Ogren- male such repaus a cause the same to be made. aril advarres moneys m that behaH 7 To perform. comply with end abide by each aril very tM stipulations. sgresmMts. corii~tior?s and covenants in sad pomissory rats and this mortgage set brth 8 To comply with tM wbdrvisan rKtrrctiOrtf erd tM murucpal toning edinarrces appkcabte to tM mortgaged poperty: not to erect o. permit to be erected airy new buildings on 1M psmisK Mrein mortgaged a to add to a permit to tit added to. make or psrnut to bs made. sny structural alterations to sny of tM ex- rating impovemerrts thereon rvrthout tM written consent of tM Associaton: and in tM event of sny veteran or attempt to violate these sapulatans. a sny of them. this metgags and all wins secured Mrsby sMil immediately become dw and payable at the option of tM Assocutan 9 That in case of a default in any of tM tams of this mortgage and tM fibnp of a bill to foreclose tMs or any other mortgage encumbering the within described poperty. tM Association sMU bs entitled to apply. at any time without notice pendng wch foredowre wit. to tM court having rynsdictan thereof for tM ap- pointment of a receiver of aq and singular tM metgaged poperty. and of all tM roots. incomes. pohts. iswK and revenues thereof. from whatsowa source derived. and. thereupon. it is Mrsby espressly covenanted end spread that tM court sMU forthwith appant a receiver of sad mortgaged popery. au and singular, and o/ such rents. incomes. polite. issuK and rownuss thereof. hom whatsoever source derived. with tM uwal powers and dunes of receivers in like cases. and such appointment shall be made by such court K a mattes of strict right to tM Assot:istion. and without reference to tM adequacy or inadequacy of the value of the poperty Mreby mortgaged. a to tM solvency a inralvency of tM Matgsga. end that such rents. pafits. incomK. iswes. and revenues sMll be applied by such recerva to the payment of tM mortgage irdebtedMSS. costs and charges. according to tM order of such court 1 O that in tM event tM ownasMp of tM mortgaged pemises. a airy part thereof. beCOmK vested m a person other than tM Mortgage. the Association may. s F without nonce to tM Mortgage. deal with such successor a successors m mtasst with retererice to tMS metgage end the debt Mreby secured, m tM same manner as with tM Mortgagor, without in any way wtiating or discharging tM Mortgagor's babiliiy hereunder or upon the debt hereby secured No sale of ill pemises Mreby mortgaged.and rip forbearance on tM part of tM Association. end no extensor of the time for the payment of tM debt hereby secured green by the Association. shall operate to release. drschugs. modify. change a affect ill original baMhty of the Mortgagor bean. either in whole or m part 1 t That in tM event tM pemisK Mreby mortgaged. o? any part thaeol. shall be condemned and taken under tM power of eminent domain, the Association shall haw the right to demand tMt an damagK awarded for tM along of a inlriry to sad pemisK shall be paid to the Associatan- its wccessors or assigns. up to the amount then urrpad on this mortgage. and may bs applied to any wins last payable Mreunder - t 2 That time is of tM essence ol'this contract and that no wanes of any obligation hereunder, or of tM Obligatigr secured hereby. shau at any time thereafter be held to txt! a waiver of tM terms Mrsof a of the pomissory note secured Mreby. 13 In the event of any default in any of tM tams of this nartgage. a in the note secured hereby- and acceleratan by tM holder. or any other situatan that would cause tM interest paid or payable under tMS oblpation to exceed tM mteres; rate authwitad by Ww. then in such swot all excess interest theretofore paid shah be credued to piriGipal and au accrued and unpad excess interest shah abate and shah rat De an obligatan of the maker a of any other person 14 That to the a:tent of tM indebtedness of tM Mortgagor to tM Associaton described Mrein or secured hereby. tM Association is Mreby wbrogated to tM Herr or tierrs aril to tM rights of tM owner and holder thereof of each and every mortgage. lien or other encumbrance on tM land described harem, which is pad and satisfied. in whole or m part. out of 1M poceeds of tM loan described Mrern a secured hereby. and tM respective bens of said mortgagK. bens or orbs em cumbrancK. shall be- end the same and each of them hereby is preserved and shall pass to and be held by the Association herein as security lo. tM m- debtedness to tM Associaton herein described a Mreby secured. to tM same extent that rt would have been peserved and would love been passed to and been held by the Association had it been duly and regularly assigned. transfer?ed. set over, and delivered unto the Assxiaton try separate deed of assignment. notwithstanding tM tact that tM same may be satisfied and cancelled of record. it being tM ententan of the parties hereto that tM same will tie sauslied and cancelled of record by tM holders thereof at or about tM bins of tM. recording of this mortgage ~I 15 That d a of the wins of riy money Mrern referred to be not pomptly soil fuNy pad witMn thuty 130) days next after llie same severally become due and payable. j a it each and every tM stipulations. agreements. conditons and covenants of sad promissory note and tMs hart;age. or either. are not duly perfpmed, com- plied with and abided by. tM aggregate win uripad order said pomissory note and this mortgage shall become due and payable forthwith or thereafter. at the Ogren of tM Association. as fully and completely as if sad aggregate win of money were originally stipulated to be paid on such day. anytMrig in said pomissory rate a Mrein to tM contrary notwithstanding 18 That m order to accelerate the maturity of tM indebtedness Mreby secured because of tM failure of the Mortgagor to pay arty tax assessment. liability. obliga- uorr or encumbrance upon said poperty as Mrein povided. R SMII not be necessary nor requisite that the Associatan shah first pay the same t 7 If a conveyance should be made by tM Mortgagor of tM pemisss Mrein described. or any part hereof. and the grantee named m such conveyance fails or refuses to aswme tM payment of tM obligation evidenced by sad pomissory note and secured by tMs mortgage. and m accordance with then respective terms. arts aMde by tM rules and regulatans of tM Aisociation, including payment of a reasonable transfer fee. then. and in that event. at the option and upon the demand of tM Associston su wins of money secured MrebY shall immediately become torthwth due and payable 18 That tM abstract or abstracts of hthr coveruq tM mortgaged poperty shall at all times. during tM Ids of this mortgage. remain in tM possessan of the Associatan and. in event of tM lorecbwrs of this mortgage. or other transfer of utter to the mortgaged poperty. in extingwshment of the indebtedness secured hereby. all right. titb and interest of tM Mortgagor m and to any such abstracts of title shat! pass to the purchaser or grantee - 19 Should tM validity or hen of tMs mortgage. a tM note secured thereby. be contested by btigation or otherwise. the Mortgagor agrees to pay to the Associatan the cost of deferd!ng 1M same including a reasonable attorney's fee - 20 To pay au and singular tM costs, charges and expenses. including attorney's fees reasonably incurred. or paid at any time by the Association. because of the failure of tM Motgagor to perform. comply with and abide by each and every the shpulatans. agreements, coridrtioris and covenants of said pomissory rate and this mortgage. or either. and every wch (except far tM payment of [he monthly installment as required Dy the Promissory Rotel shah bear interest from date at tM rate of ten per cent 11094 Pa annum until fully paid. 2 t The Association shall have tM right atany time and from time to time and without ratite to or consent of any person to Its) release any portion of the premises from the lien of tMs mortgage, Ibl release any person hebte for payment of any indebtedness secured hereby. lc? extend the time of payment or alter the terms of payment of all or any part of tM iridebtsdriess- without affecting or releasing tM personal liabibty of any person liable (other than any person rebased pur- want hereto) for the payment of any win or interest secured hereby and without in any wise altering. varying, or diminishing the faces. effects. or lien of this .mortgage on all the pemises not specifically released from the hen of this mortgage by the Association 22 Any agreement hereafter made by Mortgagor and Associatan pursuant to tMs mortgage shall De superior to the rights of the holder of any intervening hen or encumbrance 23 upon request of Mortgagor. Me Associaton may. at its sole Ogren- from time to time. before fuE1 payment of all indebtedness secured hereby. make further ad- vances to Mortgagor: provided. howeve?, that tM total pincipal secured hereby and remaining unpaid. including any such advances. shall not at any time ex- teed the original priricipa! win secured hereby Mwtgagor shall pay all wch further advances with interest and the same shall be secured hereby All powsans' of this mortgage shall apply to each further advance as weN as to all other indebtedness secured hereby Nothing herein contained. however. shall IFmit the amount secured by this mortgage if wch amount is increased by advances made by the Association, as herein elsewhere ponded for to protect the security 24 fn the event tM Mortgagor herein, or any wbsequent Mortgagor, or arty person a corporatan awmrig any interest whatsoever. should encumber the poperty herein mortgaged by an mst?ument comnartly referred to and known es a -'wrap-around mortgage" without brat obtairnny the written consent of the Assocw- 1 non. then, at tM option of the Association, tM obligation secured by tMs Mortgage shall immediately become due and payable 25 To povrde the Association with Food Irisurarxe Coverage it the real property is now or hereafter determined to be within a special flood hazard area as shown on Flood Hazard Boundary Map/Flood Insurance Rata Map as published by the Federal Insurance Admmistratrort 28 At tM request of tM Mortgage. tM Association agreK to waive tM povisans of paragraph 4 relative to tM creation of a hazard inwrance account. povided. however. that tM Association reams tM rpht. at its opton, to reinstate such povisioris of sad paragraph 4 as an obligatan of the Mortgagor hereunder upon tM Mpperting oI any of tM fdlowng. A Failure to make any payment required under tM tams of tM rate on or before ill due date thereof. F! Failure to comply vnth tM rnwrsnu povuioris of paragraph 3, or of •r?y o1 tM outer terms and conditions of this mortgage or note. a with tM mwrance requuements contained in tM Declaration of Condominium aril rslats0 documents slauld tM mortgaged popsrty be committed to corxlomirnum - development. MLCA 42 etj~x3~4 P?cE 367 .