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4• That. m «dei a broNCt mono luMy the teturrry d the m«tgage. tM Mortgagor. together wrth. and cat addrtan to. the monthly payrrrr•rts under tM terms d the
nab secured hereby. On tM apecrMd payment dab d oath month trnbT tM ad rate a fully pad. vent pay to the Aasocwtron tM foNOwu?p swna
lad An iratalMrMM of file taxes and aseeasrrtena Nvrad « to be laved spawttt the pemrsp covlrred by the morlg~ge. and an rnstaUrtNnt d the pemwm
« psrniuma that wrU batonte due and peyabN to renew tM r+ewer+u on tM pemras wwred hereby sgarnst b:a by frre. and wrndet«m. a povded
br by paragraph 3 precerMrg, a arxh o11ar hazard N may reeaarybly be requwed blr file Aseowtion, and art rnstaUment d the pemwm that vnll
bet«na rive artd ayabla to anew tM mortgage inawartw, if any. Such trtstatrttants shall be epual, rapec4vsiy. to orw•twelhh I1/12th) d the ve•
trrt?ated premium or prertwwns far each eteurMtce, and tWt and aeNesments next rive la es4mated by the Associatrpnl lea all rnststnana already
pad therefor. divided by Ute rNMnbN d months that are b McPa one month pror to tM date when stw~t perrwum « pamrtrms and taws and
aseearttena will bec«rte dalirtgtrant. TM AtlaoeiatioR wtrN epp+yirtg ouch oawner?a to rrawartce pemwms. axes and aaasmena. b.f«,. the same
become dalirtquent. t+hall not pay rntanst to tM Mortgagor on auM hrrtds. and sU suM paymena may a c«rurwtpled bi tM Assocatan wrth any
aher euth funds a with is own /ands. The hMtds ere pNdgad a addrtiortel seeunry for the sums eetured by this Mortgage and are srrbfecl to ua by
tM Association in payment d "laq e1WpN" and beak orlUectron Merges.
Ibl AU payrnena rrtentiorted b tfte preceding sttbeettgn d live paragraph and all paymerta to W made under tM recta secured flan
together and tl+. aggregate amount tl+er.of shell be pad by tla Mortgag« eadt month rn a eby dtaN a added
items in the order set forth: 1. Taxes. aseaertterta. and inswinte eruums 2 '~Leu c~ha~~nt to oe appled by the Assocatan to tM
nY p gas" and bank tOtettron tMrga. unless paid rn
n,+nn« ptovid.d in parpraph 41x1. Interest on file itoa tattrnd hereby. a. Arrtorb:atgn a file pirtcrpal a sax nor.. t .
. , Any defidartrY in rite amorxtt d attM aggregsb ntaahly paymana allot, uMps paid by tM Mortgagor poor to tM rive dab a lla raxt suM paynnttt, can-
sauce an went d default under tM ntortgaga. 1Aritftotrt waiver d any right, tM Assacietipn tt?aY toted a 'lab Margi' sa provided in file Note. '
5. T-hYn-~if,_tM'taal d ua paym.nts made by ell M«tpagor under (al d pahgraph 4Yp~deeding shat exiled the amount -o-f-_p-a_ymena setuaW made br the
- o Y Aaeocratan ~ 1~xea and a/aanlNla and trtawance prerrx4rlN. as ~ Caere maybe. iV Wl e~iea chat be ~red•ted by the ~i~Ytr«t «t etnt payrrt~ra
GO to Da made blr tM Mongaga. If, however, the monthly paymarta made by tM Mortgagor under lal d paragraph 4 pecedrng shall not hew been wHrcrent to
pay taxes and aseessrrwna and iniWartte premiums. p the CaN may be: wMn the same sltaU beoonte dos and payable. then. tM Assowtan may. at is cep- t: ,
~j lion. rmmedratafy pay such uxp and assesarnena and inMrranCt pemum. and tM M«tgagor doll pay to the Assocrat+on any amoum neceaery to make up i.
tM defrc and such paysDle within lively 130) days aher tM date of merbng d notice by tM AaOWtron fettrrtg lath tM amount
T ? ~ d such ~
:-y. t!, ai ~ymrt. tM m..:.s:;tr: ir.'ss .*..wir to alts 3>~*aM+•=. as aM,v.wniai irr:ih ors i~v~+u o£ t?rs rxits secureo haabY. !cat payment d
I I 1 file enwe indebtgditeea represented hereby, tM Aeaonation shah. b torryxrting tM amount d such indebtedness. uedrt to tM account d the Mortgagor any
i } bslertq remarrirtp in the funds aowmulaled under tM povisioM d 1x1 d paragraph 1.
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~ 6 To permit eorrtmit « wHer rto waste. impairment « deterioration of acid property. « arty part tMred. and upo(j ette failure d the Mortgagor to keep tM
;tF s ~ j' ~ burtdings on said property in good caridition « repair and maintartartce. the Assoaation may demand proper marntertanCe and file rrt?rtiediate repair d sad `
. e.% buildings. or an inerNee b file amarn d pectrriry. « tM irrxnediate repayment d tM debt hereby second. and the faihrre d tM Morlgago. to comply with +
~ sad demand d tM Assoxiation for a period d thirty 1301 days al+at toratitub • breach d this +riortgage. and. e[ tM open d tla Association. rrrrrteidiately
mature die entire amount d prwtdpal and interest hereby aewred. and tM Association iitirriediately and without notice may inshtuts poceedings to torettose
` this mortgage and appy for tM appointment d a receiver, as herairafter provided: and b tax d tM rdusal, riegleth « iriabrbry d the Mortgagor to repair and
i . maritsin sad property. tM Assoaation may: at its option. make such repairs « cause tM ame b be made. and advents moMys in that behsH.
` = 7 To perform. tompy with and abide by each and very tM stipuletioria. agreements, oooditiora and covenana in said pomiaory nob and this mort '
f brlh
r 8 To comply with tra wbdwisiort restrictions and tM rrwrrcipal :«rng «dinanns applicabN to tM mortgaged property: nor to erect « permit to be ereaad any ~
new buildings on the premises herein mortgaged « to add to « pemtit to bs added to. make « perrmt to be made. any structural slteratans to any d the ea- ?
~ ' iswq improwm«+a thereon without the written consent d the Assocation: and in the event d any vatarion «anemps to vwlaq these stwulatiora. «sny of _
+ i them. this monyage art8 all sums secured hMeby shell imn»rliatMy become rive and payabN at tM opton of tM Association.
. ~ 1 9. That b lass d s default b any d tM terms d this mortgage and tM hlirip d a bill to f«ecloss this « any other mortgage sncumberinp the vrrthin desenbed "
proDerry, tM Association shah Oa entitled to apply. at any tune without notice pending such forecbsure wit. to tM court havutg jurisdiction thereof for tM sp-
poritrriartt of areceiver d err and singular flit rriortgaped properly- and d all tM r.ria. incomes. posts. issues and revenues thered, from whatsoever sours
derived: and. tMreupon, is is hereby expressly coveriarrled and agreed that tM coon shall forthvnth appoint a recover d said m«tgsgad poperty. all and
sirWulsr- and d sud? rants. aitortias. pofrls. leaves and revenues thered. from whatsoever source derived. with the uwal powers and duties d receivers b bks
roses: and such appointment shat W made by such court M a mattes d strict npht to the Astxtwtion, and without relerente to tM adequacy o. inadegwcy d
the value d the property hereby mortgaged. «to tM sohrericy «irtsohancy d tfle Morlpagor, and that such rtnts. pdrts. incomes, leaves. and revenws shall I
De applied by wth recover to tM psymMt d tM mortgage indebtedness. cases and charges. wording to the order of well cowl
10 That in the event tM owrarship d tM mortgaged peitiises. « any pan thereof. becomes vested b a person other than lM Mortgagor. the Assocation may. -
wrthout reptile ro tM Mortgagor. deal with such artpsaor « strccessora in interest with iehreriCe to ttxs mortgage and the debt hereby setx?rsd. in ttie same -
manner as with the Mortgsgrir, without in any way vitiating « discharging tM M«tgsgo: s kabrkry herewider or upon the debt hereby secured No soh of the
pemises hereby mortgaged and no forbearance on the part d tM Association. and no extension of tM tune for the paymerit d tM debt hereby severed green
M the Assocation. shat operate to reNase, dacharge. modify. efaripe « affect the «ipuial babiliry d the Mortgagor herein, either in whop « in pan..
11 That in tM event tM ptmias tareby mortgaged. or any part thereof. shat be Wrtdenw?ed and taken under the power d srnirient Boman, the AstACration t0isb
have tfis rrpht to demand tMt all damega awarded br the eking d «ittpuy to said psmises shell De pad to the Assocratan. its wcassors or assigns. up to
the amount then unpaid on this mortgage. ord. may be appled to any sums last payabta hereunder.
12 That time r; d the essence d the contntt and that no waiver d any obligation liereixider. «of the oWrgatron secured hereby. shall at any trine ihereaher be ~
held to be a waiver d the .terms hared « of tM pomissory rich severed hereby. -
13 In the event d any defauh n any d the tams d the mortgage. «in the note secured hereby. and wirleratan by the tii)Wer. «any other srtwtion that would
cause the interest paid «payable arbor this oDkgetan to exiled tM interest race autfionzed M Isvrr. then n such event aN e:csss interest theretot«e pad shall f
tie credited to prwitipal and all accrued and unpaid sxgve interact sliaN abab and shall not be M obbgat+on d the maker « d any other person
14. That to the extent d tM indebtedness d the Mortgagor to tM Association described herein « severed hereby. the Assoaatan is Mreby sirbrogatsd to the lien `
or liens and to the right d tM owner and fit>tder flared d call and every mortgage. lien «other encumbrance on the Zarb described heren, which is pad end `
~ satrsfiid. in whop « M part out d the proceeds d tM ban described herein « secured hereby. and the respective Ireris of ad mortgages. bens «other en-
cumbrances. dtaN be. and tM ame and each d them lareby a psserved orb shat pass ro and be held by the Assrx+stan Mrsin ss seciinry for the in-
debtsdriess tithe Association herein described or hereby second. to tM cams extent that it wouV1 have been psserved and would have been passed to and
been held by the Association had it Deer duly and regularly assigned, tnnsfened. act over, and delivered unto the Assocatron
f riotwithstsndrg the fact tMt the same may be satisfied and griceNed d record. it bernp the intention of the parties hereto tfi~th~e
saarame wrNDefsataf.ed and
cariceUed o1 record by the holders tMraol at « about tM came d tM racordirig of the mortgage.
15. That d any d tM wins d money herein referred to be not promptly end tally paid wittwri tinny 1301 days next aher the same severaUlr become due and payable.
« d each and every the stipulations. agrNmena. wriditiora and covenants d ad promissory note and this mortgage. or etther. are not duly pert«med, coni-
pled with and sbded Dy. Ute sggregan win unpad undo aid pomissory note and tt?•s mortgage shoo become due and payable forthvnth or thereaher. at the
!j option of tM Assocrstion. as fogy and c«npletehr as if cad aggregate win d nwney wars origrnaUy s4pulated to be pad on wch day. anythng m sad
pomrssory note or herein to tM contrary riotwithsbridirig.
j 18. That in «der to accelerate the maturity d the iridebtedMSS hereby secured because d the tarkxe d tlxr Mortgagor to pay any tax assessment. bsbilrry. obbga"
~ trop or enwmbrance upon said poperry as harem provided, it shalt not be necessary nor reqursete that the Assouat+on shall first pay the same
I 17 If a cormyance should be made by the Mortgap« d tM pemras Mre+n deacnbed. « arryr part hared, and the grantee nanwd m such conveyance lads « /
4 refuses to aswme the payment d tM obligaton widorited by sad pori>sssory note and severed tryr the riiortgage. and :n accordance w+th then nspecbve
E terms. and abide by the rules and regrilatiora of the AssotHtan. rriekdueg payment of a reasonable tra+isfar fee, than. and in the! event. at the optan and upon
tM demand d tM Assoustan st wins d money secured hereby sMN imrriediatefy become forthwith rive and paysbh.
18 That the alistratt « absuactf d title toverinp the mortgaged poperty shag at all rimes, during the bfe d thf mortgage. remain in tM possession d the
Associatan and. in event o/ the foretbwrs d tfiis mortgage. or other Vander of 4tle to the mortgaged poperry, m ex4ngiiahment of the rrdebtednea secured
f hereby. at right title and inbrest d the3 Nlongep« in and t0 any sucA abstracts of 4tle shah pass to the purchaser « grantee
19 Should the valydry or ben of taus mortgage. Or the-(rote secured tMraby. be contested by 6t+gatron or otherwise. the Mortgagor agrees to pay to ehs Assouatan
~ ~ the cost d defaridirp tM same iricbdirq s taaloriable attorr»y's fee.
20.. . To pay aN snd,ttiripiilp the vests. thaigas srid,~cperises, iricludirig sttomey s fees reasonably incurred. or paid at any came by flit Association. because Of the
failwa d the Mortgagor b part«m, comply with and abide by each srd every the stipulatroru, agreements. cadiiwns and covenants of sad pomissory rate
and this rrtortgtrge, bf athM, and every wch Isxtept for the payment d the monthly instslbnent as requred by the Promissory Notel shall beer interest /tom
doti~Y ths.iatd cant. 1Q~.~ until -
21 Th~A-ssocist~sl>~If hive this"iight`iTirt~j t?r from tins to tirra and without notice to or consent of any person to (al re:ease any p«tan of t?re prom+ses
hom the ben d this mortgage: Ibl release any parson table for payment of any indebtedness secured hereby: Ic) extend the 4me of payment or aher the terms
of payment of all « ar?y pan of the indebtedness, without aHectirip or releasing the personal bab+l+tY d any person table (other than any person released pur-
want hereto) f« the payment of any win or interest severed hereby and without rn a
mortgage or? all the peruses not riy verse aherinp, varyu?g. «drnurwstur?g the forces. effects, or ban of t:vi
fpecifitaty released from tM lien of this mort by the Assocatron .
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22 Any agreement hereahe. made by Mortgagor and Associatan purswnt to [ills rriortgage shaft be superar to [he rights of the holder of any nterverung ben w
encumbance
23 li fwn request of Mortgagor. the Assocation may. at rte sole optan, from tune to came. before full payment of all +ndebtodness secured hereby. make further ad~ ,
vances to Mortgag«: provdsd, however, that the total p+nupsl secured hereby and remam+ng unpaid +rxluda?g any such advances, shall not at any lime ex"
teed the origuyl p+ritrpal win secured hereby. Mortgagor shall pay all such further advances w+th interest avid the same shall lx secured hereby AN poirisans
of flirt mortgage shah apply to each further advance as well as to all other indebtitdrxrss secwsd hereby- fVothng harem contained, fawever. shall omit th6
amount secured by the mortgage d such amount n inasasid Dy advsrxes made by the Association, as he+em elsewhere povrdird for to potect :he secunry.
24 to the event the Mortgagor herein. or any wbsequent Mongsg«. «sny person « corporation owning any interest Niwtscever, should encumber the popeny
herein mortgaged by en instrument tomrriorily referred to and known ss a --wrap-around mortgage'- without first obtaung the written consent of the Associa• -
tion, then. st the optan d the Association, the obligation secured by firs Mortgage shall imrtiedrately become due and payable.
25 To povide the Association with food Inswsriq Coverage it the rtal poperry is now or hereaher determined to be withn a spedal flood hazard area as shown
on Food Hazard Boundary Map/Fbod Irawarice Rob Map as published by the federal Inswance Ailm+nrstrat.ai
28. At tfis request d tM Mortgagor, the Assixiatiixi agrees to waive tM provisions of paragraph 4 relatM to the creat+on d a hazard inwranq account: povided.
however. that the Association rebwa the rpht at is option, b n•irtstab such poviei«ie d cab paragraph 4 as sn otilpatan of tM Mortgagor hereunder upon .
tM fiapperurig d any d tM folbwing:
A. Faikiro to make any payment required under tM terms d file note on « before file rive dab thereof-
8. Faihire to comply with tM NNWartCt prpvisipria d paragraph 3. «d any d tM afttt terms and torditans d this more
regiaremena ~ntairted in tM Oeclantan d Condominium and related Tdowmerta kf 9+9e «noa. «with tM msunnu
dwebpnient. ~tg ~ ~ popery be committed to toridonuriium
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e~~~_~_ec`r~a REt~~Eit~ . 6DOK3~4 P~c~ X71