Loading...
HomeMy WebLinkAbout1679 4. TMt. in ordH to protect m«e IuNy tM setway of the m«tgage. tM Mongag«, togetMr w,th, and in additwn to. the monthly payments uncy IM terms of tM note zscured Mreby. on tM spac+fied payment date of each rtr«tth anal tM sad nose is fully pad. veal pay to the Astacistion tM ldbwrng s.,ms lal An u?etallrttertl M tM taxes end assessments lev+ed « to be gyred aganst tM wemises COwred by the mortgage. end sn inSbllmMt of tM premwm « premiums tMt wiN become tlw and PaY+bb to renew tM irtwrsnce on Me prertuses covered Mreby against b:. by tire. end vvrndst«m. as prowled for by paragraph 3 precedng. « such other Mzard as may reasoryWy be rpuued by IM Aswcutan. and an mslsNment of tM prsm+um tMt wdl bec«ne dw and payabh to renew tM m«tgage rnwrartce. if any. uch uistsNments shah W equal. respectively. to one-twelhh Itil2th) of the es• bmated premium « premwms for such msuranCe. end taxes and assessments Mat dw las estimated by tM Atisocrationl less aN insbllmen+s aheadll pad thasfor. dnrded by tM Mrmber of months that Ne to e4pN one month prr« to tM date when such premium « premiums end taxes end assessments will become delinquent. TM Aasocation. wMN apptyetg such payments to rnwtanM premiums. taxes and assessments. bet«e tM same become ifekrtgwnt. stuN not pay interest to tM Mortpag« On such funds. and aN such payments r+taY qe commingled by tM Associatan with any other such lands or with ib own Yurtda. Tlta turtle are pMdged as ailditror?al security br tM wins secured by tlrs Mortgage and ere sirgect to use by tM Association in payment of "late charges" and bank COllaction iltarges Ibl AN psyrrNnts rrierNiorted M Yte preceding wbeec?wn of tMS parapraWt and .g i,aYments to be male under tM note secured Mreby sMll be added together and tM aggregate amount tMreol sltaN be pad by tM M«tgag« each month in • single payment to be applied by the Association to tM folbwing items in tM order wt 1«iii i. Taxes. assessments. and rrtwrante premiums 2 "Late cMrgsi -and bank cdNdan charges, unless pad m martrter provded in paragraph 4 la1 ~ Interest on tM note secured Mreby. 4. Amortuatan of tM prinC~pal of sad note. Any deficiency in tM amount of such aggregab monthly payments shah. unNss pad by tM M«tgag« pri« to tM dw data d tM next such payment. con• . sbtub an event of delsi>tt ttrtder tM mortgage: Nfithout woiver of any rght. tM Association may coNsct a "late chargi' ss provided in tM Note. 5 TMt if tM total of tM payments made by tM M«tgap« order (a) of paragraph 4 preeed+ng sMN exceed tM amount of payments actusNy made by tM Association f« taxes and afaeafnNnb and insurance premwms. as tM case maybe. such excess shah De Crt>3ited by tM Associstan wbspwm payments to be rnsde by tM M«tgag«. N. hovwvlr, tM monthly payments made by tM Mongsgor under la) of paragraph 4 precedng shah not Mw been wHraent to pay taxes and assessments end inswanu premiums. as tM wee may be. when tM ssnie sMH become dw and psysbN. tMn. tM Assocratan may. at rte op- tiQn, imntedialely pay such taxes and assessments all irtw:as:va p-eem!±+. and tM Mongag« sMN pay to tM Associatan any amount necessary to makt up tM ileticierrcy. and sircA payment itMN be dw and WYa>bb within tMrry 1301 days ahsr tM date of msrhng of notice by tM Association setting f«th tM smouM of such delrcierity. 11, at any time. tM M«tgag« shah tender to tM Associatan. in acc«dance with tM provisions of tM note secured hereby. full payment of the entire indebtetfMSS represented hereby. tM A»oaatittn shall. in eontputirrg tM amount of such iridsbtadness. credit to tM account of tM Mortgagor sny Wlance remsiriing in tM funds accumulated under tM provisions of lal d paragraph 4 - 6 To permit. comrtiit w wHer no waste. irrtpsunNnt « deters«atan of said property. « any pert thereof: end upon tM faiure of tM M«tgsg« to keep tM - buildings on sad property in good condition « repair and maintenance. tM Association may demand proper msmtenance end tM immediab repair of sad twildings- or an increase in tM amount of security. « tM immetLste repayment o1 tM debt hereby secured, and tM Isdun of tM Mortgsg« to comply with sad demand of tM Assixiat+on fa • period Ot thirty 1301 days shall wnsUtub a breach of tlrs mortgage. end. at tM optan of tM Associatan. immediitsly mature tM entire amount of principal and interest Mreby secured. and tM Association imrr+ediatety and without notiu may institub proceedings to f«edose the mongags and apply f« tM appantmertt o/ a receiver. as Mreinahe? provided: and in use of tM refusal. neglect «inabhry of tM Morigag« to rspsu and maintain said property. tM Association may. at_its option, make such repairs « cause tM same to be made. and advance m«teys m that behaN 7 To pert«m. comply with end abide by each and very tM stipulations. agreements. cord,taris and covenants M sad promissory rate srd the mortgage set forth 8 To cor+?Pb with tM subdrvisior? restrictions and tM murtreipal zoning «dinances spphcabN to tM mortgaged property: not to erect a permit to be erected any new buildings on tM premises herein mortgaged « to add to « permit to be stfded to. make or permit to be made. any stnrctursl alterstarts to am of tM ex- - isbrg improvements thereon without tM written congnt of tM Aseopatiori: and in tM event of sny vidstan « attempt to violate these stipulatans. « any of them. tMs mortgage and aN wins secured hereby shah imniedately become dw and payable at tM option of tM Association. g That m case of a default in any of tM terms of tMs mongsge and tM filing of a bill to 1«ecbse tMs « any other m«tgsgs encumber+ng tM w+tMn described property. tM Association shall be trebled to apply. at any time without notice pending such f«eclowrs curt. to tM court Mving liirisdictar+ thsreol f« tM sp- pantment of s receiver of aN and singular tM mortgaged property. end of all tM rents. irxomes. profids. issues and reverwas thereof. from wMtsoever source derived. and. thereupon. it is hereby expessly covenanted and agreed tMt tM court rtltall forthwith app«nt s receiver of sad m«tgaged property. sN and srigular- and of such rents. irico+nef. profib.issues and nvenws thereof. Iron whatsoswr source derived. with tM uwsl powers end duties of receivers in Ake cases. and such appantment sMll be made by such court of s matter of strict rght to tM Association. a^d without reference to tM adequacy or insdsquscy of the value of the property hereby mortgaged. a to tM solvency or utsoNency of tM M«tgag«- and that such rents. profits. incomes. issues. and rownues shalt be applied by such receiver to tM payment of tM mortgage irtdebtodrtess. costs and charges. att«ding to tM «iler of such court.. • - 10 That in tM event tM ownership of tM matgaged premises. « any part thMeot. becomes vested in a person otMr than tM Mortgagor. tM Association may. without rfotice to tM Mortgag«. deal with such successor « successors m interest with reference to this mortgage and tM debt hereby secured. in tM same manner as with tM Mortgag«. rnthout in any way vrwtxp «d+sclwrging tM Mortgagor's MI»Irty Mreunder a upon tM debt hereby secured. No safe of the prerruses Mreby ritortgsg.d and no /«bearanu on tM pert of tM Astaastan, and no extension of the sine t« tM payment of tM debt Mrsby secured given till the Association. shah operate to nNase. discharge. modify. change « affect tM «ilpnsl Mbihry of tM Mortgagor Mrein. either rn whole a m pert 11 That m tM event tM premises Mreby mortgaged. « any part tMrsof. shall De condemned and taken under tM power of eminent domain. tM Associatan shall haw tM rght to demand that ell damages awarded for tM bking of « iri~ury to sad premises shalt He pad to tM Association, its vetoes«s or assigns. up to the amount then angel on this mortgage. and may be applied to sny wins last paystM Mreunder. 12 That unit is of tM essence of the contract end that no wawa o1 any obligston Mreunder. « 01 tM obligatan secured hereby- shah at any time thereaher lx held to be a waiver of tM terms hereof a of tM promissory nob secured Mreby. 13 In the event o1 any default in any of tM terms of the mortgage. « in tM note secured hereby, and acceleratan M the holder. « any other situation that would cause tM interest paid w payable under the oblgation to exceed tM interest rats suthonzed try bw. then rn such event all excess interest theretof«e pad shah be credited to principal sill all si:crwd and unWd excess interest sMll abate and shah rat he an obligation of the maker « of any other person 14 That to the extent of tM iridebtedrtess of tM Mortgagor to tM Assoaatan described Mrein « secured Mreby. tte Associatan is hereby wbrogated to the hen « bens and to tM rights of tM owner and holder thereof of each and every rr+ortgega. lien « other encumbance on the land described herein. which is pad and satisfied, in whole or in part. out of tM proceeds o/ tM ban desuribed herein « secured hereby. and tM respective hens of said m«tgages. Miss or other en- cumbrances. shah be. end tM same and each of them hereby is preserved end shah pass to and be Mld by tM Assocation Mrem as security f« tM in- dabtidness to the Association herein described or hereby secured. to tM same extent that it would Mve been preserved and wouM Mve been passed to and been held by tM Association had it been duly and regularly assigned, transferred. set over. and delivered unto tM Association by separate deed of assignment. 'f notwithstanding the fact that 1M same may be satisfied and unceNed of rec«d, rt beir+g tM mtentan of tM part,es hereto that tM same will be satisfied and cancelled of record by tM holders tMrsot at a about tM Urt+e W tM rec«ding of tMs mortgage ~ 15 That d any of the wins of money herein referred to be not promptly and fuNy pad within thrty 1301 days next after the same severally become due and psyable- ~ « d each and every tM stipulations. agreements. cotrditioris srd covenants o1 sad promissory note and tMs m«tgage. « either, are not duly pert«med- tom- s plied with and abdsd by. tM aggregsb win angel under sad pomissory note and this m«tgage shall i+ecome due and payable f«ihwith « thereaher. at the optan of the Association. ss tally and completely as it sad aggregate win of money were «iginaUy stipulated to be paid on wch day. anythng rn sad promissory note or Mran to the contrary notwithstatidirtg. I 18 That m order to accelerate tM maturity of tM indebtedness hereby securid Oecause of tM failure of tM M«tgag« to pay any tax assessment. habihry. obliga- tan or encumbrance upon sad property ss Mran provded. rt spelt not bs necessary nor requis,te that the Associaton shah first pay the same t 7 I(a conveyance should be n?sde by tM Mortgagor of tM premises herein described. « any part hereof. and the grantee named m wch conveyance tails « refuses to sswme tM payment of the oWrgatan eviifer+ted by sad promissory note end secured by the m«tgage. and ,n accordance with then respective terms. and abide by the rules and regulatans of tM Associatan. incliiding payment of s reasonabhi transfer lee. then, and in that event. at tM optan and upon the demand of tM Associatan ell wins of money secured hereby ufiall immid,ately become forthwith due and payable 16 That the abstract « absaacts of UtN crrverirg tM rriortQsged property shall st all Umes. during the tilt of the m«tgage. remain in the possession of tM Associatan and. m event of the f«scbwre of the mortgage. «other transfer of title to tM m«tgaged property. in extinguishment of the indebtedness secured hereby. all right. Utb and interest of tM Mortgsg« m and to airy such absuscts of titb shah pass to the purchaser « grantee 19- Should tM valdiry « hen of the mortgage. «tM note secured thereby. be contested try litigation «otherwise. the M«tgagor agrees to pay to [M Associatan the cost of defending tM same intliding a reasonable aft«ney"s fee. 20 7o pay aN and singular tM costs. charges and expenses, incliding attorney's fees reasonably incurred, « pad at any sine by the Association. because of the failure of the Mortgag« to pertain. comply with and abide by each and every the stipulatans. agreements, conditions and covenants of sad promissory note and this mortgage. « either, and every such (except f« the payment of the monthly installment as requued by the Promise«y Note) shall bear interest from date at tM rate of ten per Dent (10°X) per annum until fuNy pad. 21 The Association shall have the right st any time and from time to Ume and without notice to «consent o} any person to la) release any p«uon o1 the premises from the licit of this m«tgage. (b) release any person liable f« payment of any indebtedness secured hereby. Icl extend the time of payment or after tM terms of payment of all a any part of tM indebtedness. without aHecUrg « releasing tM personal fiabihty of any person Iiabh3 lother than sny person released pur- want hereto) for the payment of any win «interest secured hereby and without m any w,se al[enng. varying. «dinunisMng the faces. effects. a lien of the mortgage on all tM premises not specifically released from tM licit of this mortgage t>>r the Association 22 Any agreement hereaher made by Mortgagor and Association purwant to the m«tgage shall be superar to the rights of the Adder of any intervening lien or encumbrance - ~ 23 upon request of Mortgagor. the Association may. at its sde option. from time to time. Aef«e lull payment of al? indebtedness secured hereby, make further ad- vances to M«tgagor: provded. however. that tM total principal secured hereby and remaining unpaid. ,ncluding any such advarxes. shall not at any tirtie ex- teed the original principal win secured hereby. Mortgsg« shall pay ell wch further advances wah ,merest and the same shalt be secured hereby. All prowsans of the mortgage shah apply to each furtMr advance as well as to all other indebtedness secured hereby Notting herein contained. however. shall hrrwt the amount secured by this mortgage rf such amount is irxreassd by advances made by tM Association. as harem elsewhere provided f« to protect the security g 24 In the event the Mortgag« herein. « any wbsequent Mortgag«. « any person « c«p«atwn ownurg any interest whatsoever, should eruumber tM property herein mortgaged by an instrument commonly referred to and krawn as a'"wrap-around m«tgage' without first obtaining the written consent of tM Associa- tan. then, at tM option of tM Association. tM obligation severed by this Mortgage shall immediately become due and payable. 25 To provide the Association with food Insurance Coverage it tM real property is now « hereafter determined to be within a special flood hazard area as sfiovirn on Food Hazard Boundary Map/Flood Insiuance Rate Msp as published by tM Federal Inwrarice Admimstratan 26. At the request of tM M«tgsg«. tM Associatan agrees to waive tM provisans of paragraph 4 relative to tM ueatwn of a hazard rnwrance account: provded. however, that tM Assixistan retains tM right, at its option. to b•instab such prrnnsioris of sad paragraph 4 ss an obligatan of tM Mortgagor hereunder upon the hspperwng of any of tM tdbwing A failure to make airy payment required under tM terms of tM rate on or bet«e tM due date thereof. B. failure to comply with tM insurariu provisions of paragraph 3. or of any of tM other bans end COriditiOns of tMs mortgage w note. M with tM uuwrancs requirements contained m tM OeclaratiOn of Condominium and related documents should ill mortgaged property be committed to condominium . ileveloprr+ent. at «,.,~.n a~~iK 3~4 PasE 167 MLCA 42 .»~f