HomeMy WebLinkAbout0804 4. That. in order to potect more IuNy tM secuiry d this mortgage. tM Mortgagor. togetMr with. and M addition to. tM monthly payments under tM terms p1 tile,
note secured Mreby. on tM speafied D>fyment date d each month unW tM sad note i; fuNy wd. veto pay to,tM Assowtan the Itilownp wmr~ ~
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Is) An installment d the taxes and assessments ktvied a to be Nviid against tM pemises covered by the mortgage. end an irtstalkMnt d tM pemium
a pemiums that will becom. due and payable to renew tM inaurarice on tM ;xertrsK covered hereby against h:s by hie. and windstorm. as povided
' for by puagraph 3 peadirie. a such other hoard ss may rNSaiaDly be requred by tM Assouatan:'aid r111 uK aament ti the pnmxxn tMt wi11
become dw and wYSble to renew tM mortgage inwrance: d any. Such insuWnents shall be goal, respectively. to one•tweMth ll/12th) of five es• i
timated premium or pemwms for srr~i inwraria. and [axes and assessments next due Ise estimated by tM Association) Nu aN instaemeots sksady
pad t?isrefor. divded by tM number d months that are to elapse one month pia to tM date when such premium a pemums and taxes and
assessments wdl beoorrN delinquent. TM Assowtion. while apphririe suM payments to inswaria pemiums. taxes and arsessmerits. before tM same
Dewing delnquent tihall riot wy interest to tM Mongspor on such funds. and aM such payments may b. comrnuigled by the Assoaation with any
other such funds a with its own funds TM funds ere pledged as tldtktiorial security for tM sums secured by the Mortgage end errs subject to use by
tM Association in payment d '"late charges" and bank coNectiori M~rges-
Ib) AN payments-mMti+ried b the preceding subsectan o/ this paragraph and aN payments ro be made under tM riotr securW hereby sMN be added
together and the aggrsgau amount thereof shah be paid by tM Mortgagor each montA in s singN payment to be ~ltplied by tM Assoioation to tM
fogowing items in the older set forth: 1. Taxes. eesefeRtentR and insurance pemams. 2. "lets chuges end bank collection charges. unless pad n i
manner provided in paragraph t la). 3: Interest on the note secwed lieraby. 4. Amatuatan of tM pnneipal d sad not.. _
Any deficiency in tM amount d such segregate mouthy payments shell. unless paid by tM Mortgagor prior to tM due date d the next such payment con-
stlute sn event d default urdr the mo_rtgaee. VlfMout waiver d any right. tM Associatan may coNset a "late charge" as provided in tM Nots.
5, TMt it tM total cJ thi payments made by tM Mortgega under lal d paraera~li 4 pei'»dinp sling excNd tM amount d payments sctwMy roads by tM
Association for taxes and asssssnients end aiwrena pemiums, es tM case may be. such excess sMN be ueOted by tM Assouatan on wbeegiient payments
to be made by tM Mortgagor. 1/, htwvever, tM monthly payments made by tM Mortgagor under la) d parseiaph 4 pixeding shalt not Mvs been wtficiMit to
pay taxes end assessments and inwrs'ice premiums. es the ass may be. when tM same shag become dw end paysbb. then. tM Assoiyation may. at its op-
tion. immediately pay such tares and assessments and iriswence premium. end tM Mortgagor sMU pay to tM Association any amount necessary to make up
tM deficiency. and weft payment shah be dw and payable within thirty (30! dayi after tM date of msdirq d rwtia by tM Association setting lath tM amount
d weft dsficisticy. 11. at any time. tM Mortgagor shah tender to tM Association. in accordance with tM povisions of tM note secured hereby. fug payment d
tM entire indebtedness represented hereby. the Association shah. in twrriputing tM amount of such indebtedness. credit to tM account of the Mortgagor any
balance rsmsiriirip in the funds acaimulsted.urider tM provisions d ld ofparaeraph 4. -
6- To permit commit a wHer no waste. irrpsirment a dat~rieration d said poperry. or arty part thereof. and upon tM ferlure d tM Mortgagor to keep the -
buiWings on pid property b good oaidition a repair and rrisinter?aria. tM Association may demand proper maintenaria end tM irnmsdiate repair d said
.y. ~ buildings. a an intxesse in tM amount of security. or tM unit»diate reWY~I d tM debt hereby secured. and tM tailors d tM Mortgagor to comply with
O said demand d tM Atisoitiatan fa s period d thirty (30) days shW wnst:tuts a breach d this mortgage. and. at tM option of tM Association. irrxnediately L
- i:p mature tM entire amount d piriapal and interest hereby secured. and tM Association immediately end without riotia may institute poceediries to foreclose
this mortgage and apply for tM sppantment ti a receiver, as hereinafter povded: and n case d tM refusal. neglect a inability d tM Mortgagor to repair end
trj maintain said popwry. the Aetocittion may. at its option. make such repairs a cruse tM same to bs made. end advsria moneys in that behalf.
' ~ 1 O 7. To perform. comply with and able by each and ovary tM tNipiilatioris. agreements, wr'w7itioris srd covenants n said promissory note end this mortgage set -
forth. _ _
` ` ! ! 1 8 To comply with tM wbdivisiori restrictions and the mwreipsl =ovine ordinances applicsbN to tM mortgaged property: not to erect or permit to bs erected any
~ new buiWirigs on the promises herein mortgaged or to add to or permit to be added to. make a permit to bs made. any stnxturq aheratioris to airy d tM ex- t
' isniig uriprovsrtwnts thereon without tM written consent d the Association: and in the event d any vitiation a attempt to violate these stipulations. or soy of
:':j.~ them. this mortgage end aN sums severed hereby shag imrrtediately become dw end paysbkt at tM opton d tM Association
f i ~ ~ g That in cats of s default in soy d tM terms d this rriortgaea erd tM filing of a bill to /oreclose this or any other mortgage encumbering tM within desuibed
poPertY, tM Association shag be entitled to apply. at airy time without notice peridirie such faisidosurs wit to tM court Meng jurisdiction therad for tM ap= ~
• ' _ % pomtment of a reviver d aM end sineubr tM rriortgaeed property. and d ir11 tM rents. incomes. profits. issues end reireriues tMred. from wMtsower source 't
o. derived: and. thereupon. it is herby expressly covenanted and tigresd that tM court slisN forthwith appoint s receiver d said mortgaged popertY, aN and
" a sirigirbr, end d such rents. iriwrrias. profits. awes and reveniies ihered. from vvMtsower sours derived. with tM usual powers and dukes d receivers in tike
~ ~ , - ~ cases: and such appointms+it shall be made by such court az a mattir of strict npht to tM Association. and without reference to the adpuacy a inadequsry d
1 - tM value of tM property hereby mortgage4 or to tM sohreriry a insolvency d tlis Mortgagor. and that such rents-profits. inoomss. issues. and revenues able
: ~ be applied by weft receiver to tM payment d tM mortgage iridebtaifnsss. costs end charges. according to tM order d such court.
1 ! 10. TMt in tM event tM ownership d tM mortgaged premises. or any part thered. becomes vested in a person other then tM Mortgagor, the Association may.
nnthout notice to tM Mortgagor. deal with such wccessa a successors in interest wrath rehrenoe to this mortgage and the debt Mnbfr secured. in the same
maruier as vnth tM Mortgagor. without in soy way vitiating or discharging the Mortgagoi
s kablry liereurdsr o: upon tM debt hereby secured. No sskt d tM
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~ , premises Mreby mortgaged arid no forbsareria on tM part d tM Association. and ro extension of tM time for tM payment d the debt hereby secured green
by tM Association. SMN operate to release. ~scMrga. rrsodify. cliarips a effect tM original lability d tM Mortgagor Herein. either in whole or err part.
11. TMt in the event tM psmises hereby rriortgsgsd. a-airy part thered. shag be coridemried end taken ixider tM power of ernuient domain. tM Assocation sMg
Mve the right to demand that ell damages awarded for tM glune d a injury to said peniises SMg be paid to tM Assixiation: its waessors a assigns. up to
tM amount then unpaid on this mortgage. and may be applied to any wins last payable Mreunder.
12. That vine is of tM esserioe d this wntract and tMt rq waiver d soy obligation Mreurider, a of tM obligation secured hereby, chap at any time thereafter be _
held to be a waiver d tM terms herso(or d tM promissory note secured hereby.
13. In tM event d any default b any d tM terms of this mortgees. a b tM note secured hereby, and accgeratron M tM holder. a airy otMr situation that would
cause tM interest paid a payable under this obligation to exceed IM uiterest rate authorized by bw, then M such event sg excess interest theretotoro paid shag _
be uedrted to pindpsl and aN atxrued and unpaid excps interest shall abate and shalt rat be art oblgation d tM maker or d soy aMr person.
14. TMt to tM a:tent d tM indebtedness of tM Mortgagor to the Asiwciation described herein a severed Mreby. tM Assouation a hereby subogstsd to tM fen
a liens and to tM rights d tM owner and holder thereof d each and every mortgage. lien a other enwmbrsria on tM land described herein. which is paid end
satisfied. M whole a in part out of tM proceeds d tM ban described Mrem a secured hereby. and tM respective liens of said mortgages. flails or other en-
cumbrances. shag be. and tM sania.and each of tMm MfebY is preserved and sfisM pass to end be held by tM Assoaation herein as seventy /a tM in-
debtedriess to tM Association herein dssuibed o+ hereby secured. to tM same extent that n would Mve been peserved and would have been passed to and
been held by tM Assocation Md it been duM and regularly assigr?ed. trsrisferred. set over.and dekvered unto tM Association by sspxsts deed of assienmant.
notwithstanding cM fact that the same may bs satisfied and cancelled d record. i1 being tM intention of tM parties hereto that tM same vinll be satisfied end
cancelled o1 rewrd by tM holders tfiereoi st w about tM time d tM-tacordxp d the mortgage. i
15. That d arty d tM sums d rtarisy herein rgixred to be not promptly and lolly paid iivithn thrty 1301 days next after tM same severaNy become due and psysbb.
or if each and every tM stipulations. agreements. conditions and covenants of said ponrssory note and the mortgage. or either. are not duly performed. win-
plied with and abided by. tM s9erpste vein unpaid under said pomissory rate and ttws mortgage shall Decome due and payable forthwith or thereafter. at tM
option of tM Association. as fiitly and wrrpletsly ss it sad segregate vein of money were originally stipulated to be pad rn such day. anything in sad
pomissoyy note a herein to tM wntrsry rgtvirithstariding. - `
16. That m order to accebrate tM matunry d tM indebtedness hereby secured bs= ause of tM (ordure of tM Mortgagor to pay any tax assessment kabhty. obkga-
tan aencumbrance upon sad DroWrtY as Mrem povded, it sMH rat be necessary rar requisite that tM Association shall first pay tM same.
17 I(a wmeyance should be made by the Mortgagor d tM pemisss Mrem described. a any part hereo/. and tM grantee named m weft conveyance fails or
refuses to aswme tM payment d tM obligation evidenced by said pomasory rate and secured by the mortgage. and in accordance vnth their respective
terms. and abide M tM odes and rsgulstaru of tM Assoaation. iricludine payment of s reasonable transfer lee. then. and in that ev_
ent at the option and upon
tM demand of tM Associatan aN wins of money secured lifreby shall immediately bswme forthwith due end payable. _
18 That the abstract a sbsuacts of title c tM moil 3
overirq gaged property sMll at all times. during the b/e of this mortgage. roman in tM possession of tM ;
Associaton and. in event of the /orei3owro ti this mortgage. a other transfer d btb to the mortgaged poperry, in extinguishment d the indebtedness waxed =
hereby. all right. title. and interest oTtM Mortgagor m and to arty ruck sbsuacts of atle sMg pass to the purchaser or grantee. ~
19 Should tM validity a fen of this mortgage. or the note secured thereby. be contested by litigation a othervnse. the Mortgagor agrees to pay to~lhe Associaton ~
tM vest of defending the same ndudirp a reasonable ariorney
s tee. - T
20. To pay aY and singular the vests. cfisiges and expenses. iridirding attorney's fees reasonably incurred. a paid at arty time M tM Association, because of tM
failure d tM Mortgagor to perform. comply with and abide by each and every tM stipulataris. agreements, rbriditioris and wvenants of said pomissory note
and the mortgage. a either, and every such (except for tM payment d the monthly installment as required by tM Promissory Note) sMll bear uiterest from
date at iM rats of ten per cent (10X) per annum until tuNy paid. ~
21. The !lssociatioa shall have the right at arty time end from time to time and without notice to a consent of any person to lal release any portion of the pemises a
from the fen of this mortgage: Ibl release any person fable br payment of any indebtedness secured Mreby: Ic? extend tM vine of payment a abler tM terms
of payment of aU a any part d the indebtedness. without aNectirie a rebating tM personal kablry o` airy person liable (other than any person released pur-
want hereto) for the payment of airy vein or interest secured hereby end without in arty wise altenrig. varyuig. or dirruriishing the forces. effects. a fan oleihs
mortgage on all the perruses not specificaay released from tM fen d this mortgage by tM Assocratiari.
22 Arty agreement hereafter made by Mortgagor and Assouatan purwant to this mortgage shall be soggier to the rights of the holder of any intervening ben a
encumbrance - -
23 Upon request of Mortgagor, tM Association may. st its sole option. from vine to time. before full payment of all iridebtodness secured Mreby, make further ao-
vances to Mortgagor: povided. however. that the toUl pincipal secured hereby and remaining uripsd. irictuding any weft advances. Shall rat at airy trine ex-
coed tM original piricipal win secured hereby. Mortgagor shall pay all such further advances iinth merest and tM same shag be secured Mreby. AN provisions
of this mortgage shall apply to axh further advance as weN ss to ell other indebtedness secured hereby. Nothing Mrem Contained. however, sMg Gmt tM
amount severed by this mortgage if such amount is increased by advances made by the Assocation. as herein elsewhere povided for to protect tM sawrit rL
24. In tM event tM Mortgagor herein. or arty subsequent Mortgagor. a any person or wrporatiors oviming any interest wMtsoever. should encumber tM property
Mrem rrartgaged by sri instrument wmmorry referred to and known as a "wrap-mound mortgage" without fist obtaining the written wnsent of tM Associa-
tion, then. at tM option d tM Association. the obligation severed by the Mortgage sMN ir. ^aecfiately become due and payabb. } -
25. To provide tM Association with Flood Inwrance Coverage i1 tM real poperty is raw or hereafter determined to be within a speaal flood hazard area as shown
on Flood Hazard Boundary Map/Flood Inwrance Rate Map as publslied by die Federal Iriwrarice zdmirristration.
If)- At the request d tM Mortgagor, tM Association agrees to weive tM provisions of paregraph 4 rsbtiw ro the ueatan d a hazard irisurarice aaourm: povidsd,
however. that tM Asaoitiation retains the right, at its option. tore-ir?stau such povisions d sad paragraph 4 as an obligation of the Mortgagor herwnder upon i
the hepperwrie of any d tM tollowinp:
A. ,Fedora to make any payment required order tM terms of tM note on a before tM dos date thereof
B. Failure to wmply with tM inwraria provisions of paragraph 3. a d any of tM other terms and wriditioris d this mortgage or note. a vnth tM insurena
requirements contained iii tM Declaration d Caidomiiriium end related documents should LM m~tgaged property bs oomrnitted to wndomirium
devebpment. f9T~ JC~FP rLLLfUC Ali 9= O1
~C~'~'n (~~~2 ~ILEO ANb AECOttU£0
_ ST.LUCIE000NTY.fIA. ;
MLCA 12 ~ n.nC ~ .I CL9tK~CUfTTC0U3T ~