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TMt. ui arch to protect mere fuNy tM security d this mortgage. tM Mortgagor. togetMr wrth. end n addrtron to. tM monthly payrMnts under tM tams of tAe
note secured Mreby. on tM specified paYmMt date d each month until tM syid note al fuNy pad. rota pay to tM Assocrauon tM tdbwu?g wms. ,
le) An rnsteNrrlant d tM razes end assessments levied a to be levied against tM premses covered by the mortgage. and an inatillknMt of tM premum
a promiums that wiN become dw end payable to renew tM insurance on tM premises covered hereby agsrnst lo.s by fire. and wrndstam. as provded
la by paragraph 3 peceduq. a such other hoard K may reaaonsbly W required by tM Assoaatan. and sn equNrrwnt d tM premum that OviN
~b dw and payable to renew tM mortgage infWante. it any. Surd+ uutteUments ahsU W equal, respectnelY• to urw•twelhA h/12th) Ot tM eS•
~timeled premium a premiums for such rnsuranq. end taxers and assessments nszt dw lss ssumated by tM Association) less au e+stellments already
pad therefor. divided by tM ntrnber of month that ere to elapse one month prier to tM dsa when such prerrwm a premums end sizes :nil
assessments wiN became dekrrquertt. TM Assocation. while epplyrrq such payments to rnsurenw premiums. razes and assessments. before tM same
bscorae dekrtquMt. shah not pay interest to tM Matgspa on such funds. and aN aunt payments rosy be commingled by tM Associstan with any
other such lands a with its own lands. TM lands are pbdged as addrtiauU security fa tM sums secured by tlws Mortgage end are subject to use by
tM Assoastion in payment d "qte charges" end bank coNectan charges
Ibl AN payments mentiorNd in tM preceding ftrWection d this puagraph and aN payments to be made undo tM rate secured Mreby shoo be sddad
together end tM aggregate amount thered shsN bt: pail by tM Mortgagor each month n s singb payment to be applied by tM Association to tM
foUOwirq items in tM order eel forth: 1. Tues. assessments. end uuurente prertiiums 2 ..late charges' and bank collectan charges. unless pad in
manner provded in persgreph 4 laf 3. Interest on tM rate secured hereby. 4 Amortizatan of tM prinGpal of sad rate.
Arty deficiency in the amount d such aggregab monthly payments shah. urJess paid by tM Mortgagor pray to tM dw date d tM next such payment. con-
stitute an swot d dstsult under tM mortgage. ~tliout waiver d any ~+t• the Associatan rosy collect a "ba eMrge" as provided b tM Noie.
5. That if tM total d tM payments made by tM Mortgagor under Ial of parsgrepA 4 preceding shah azeeed tM amount d payments sctuaNy made by tM
Associaton la Lazes sod sssessnNrtts and irisirrsrice premiums. as tM use may be. such expss shah bs credted by tM Association on wbsagwrit psymerits
to be made by tM iNOrtgsgor.ll, however. tM monthly payments made by tM Mortgagor under Ial d puagrsph-4 pre.:edirq shall rat Mw Dsen suffic+erit to
wy taxes end assessments and nsurena premiums. ss tM use may bs. wMn tM same shop become due and psysbb. then. tM Assoc?stan may. at its op-
tan. immediately ply such texas and aaNiNMnta and irLSUrerite premium. and tM Mortgagor shah pay to tM Associalon arty amount nacessery to make up
tM defiwerrcy. sod such payment shau be dw and payabN within thrty 1301 days abet tM date of rrwikng d notice by tM Associs*an settrrp forth the amount
of such deficierictir. 1! at arty time. tM Matgaga shall tender to tM Assoaatan. in accordance vnth tM prowsans of tM note secured hereby. tuN payment d
rM amore indebtedness represented hereby. tM Assocation shah. in computing tM amount d such indebtedness. aedH to tM aceoa.~t d tM Mortgsga arty
balerice rsmainwp in tM lands accumulated urdu tM provisions d Ia) of paragraph 4. _
6- To permit. commit a suffer no waste. inipsirmsnt a datrlriorstan of said property. a any pert thereof. and upon 1M Isilure d tM Mor:tiapor to keep tM
buiWirigS on said property b good cdridition a repair sod rrisintaoerice. tM Associeton may demand proper rrisiritenance aril tM immedMte repaM d sad -
buddirgs. or en iriaesss in tM amount d security. a tM irrenediate repayment of tM debt hereby secured. aril tM failure d tM Mortgagor to con+ply with
said derrierd d t~
Association for a period of thirty 130) days shah ea+sutute a bread+ d Urs mortgage. and. st tM opton of tM Assoaation. immsd~etely
mature tM entire amount of principal and interest hereby secured. and tM Association immediately end without notice may iriSbtuts proceede+gs to foreWoss
this mortgage and apply for tM appointment of a receiver. as hereinsher provided: sod in use d tM refusal. risgler.•t a inebikry of tM Mortgagor to repair and
mointaMi said property. tM Associstan may. at its aptWn. make such repairs a pose the same to be made. end sdvsnp moneys b that brrMN.
7. To perform. comply with aril abide by each and awry the stipulations. sgreerrients. conditions and coveriar?ts in said promissory rats aril this mortgage set
forth.
8 To comply with tM wbdivision restrictions and tM muriiapel zorrrp adirienps sppkeabb to the mortgaged property: not to erect a permit to bs erected any
new builduigs on tM premises lisrein rriortpaged a to add to a permit to bs added to. make a permit to be made. any structural aheratioris to any d tM ex-
isting improwmsntt: thereon without tM written oorisent of tM Association: end in tM event d arty violation a attempt to violate these stiputatans. or any of
them. this mortgage end sN sums secured hereby sMN irrtrr?ediateFy became due end payable at tM option of tM_Association.
9. That M case d a default b any d tM terms of this mortgage and tM filing d a bill to foreclose this a any other mortgage eritirmbering tM withn described
property. tM Assoaation shell Oe endued to apply. at any time without notice pending such toredosurs suit. to tM court having jurisdiction thered for tM sp-
pantmsnt d areceiver d aN and siriguler tM mortgaged property, end d aN tM rents. incomes. profits. issues and revenues tl+ereof. from vvhatsosver source _
derived: ord. nisreirpon. n is hereby expressly corensntad end agreed that tM court sMN forthwith eppant a receiver d said mortgaged property. err end
singular. and d such rents. iricorries. profits. issues end rewnws thereof. from whateoewr scrota derived. with tM uswl powers and duties d receivers n kks
pees; and such appointment shah bs made by such rn:rrt as a matter of strict right to tM ASeOtiition, end without reference to tM adequacy a inadequacy of
tM value of tM proPertY hereby rltatgaged. or to the sohroricy a insolvency d tM Mortgagor. and that such rents. profits. iritornes. issues. end reveriirss sMN
be applied by such receiver to tM paymerit d tM mortgage iridebtedriess. costs and charges. accordirq to tM order d such court.
1 O. TMt in tM event tM ownership d tM mortgaged promises. a any put thereof. becomes vested in a person other than tM Mortgagor. tM Assocstion may.
without notice to tM Mortgagor. deal with such wccKSOr a wccessors in interest with reference to this mortgage end tM debt hereby secured. in tM same
manner as with tM Mortgagor. without in arty way vitiatirp or dacMrging tM Mortgagor"s kabibty hereunder a upon the debt hereby severed. No sob d tM
premises hereby mortgaged aril ra forbearsnp on tM put d tM Assowtiai. and no extension d the time for tM payment of tM debt hereby secured given
by tM Assoaotion, sMN operate to release. discharge. modify. chirips a affect tM original kability of tM Mortgagor Mrein. afflict in whole a in pert.
11. TMt in tM swot tM premises hereby mortgaged. a any part thereof. sMU be coridemied and taken under tM porter of errwient domain. tM Assoaation shell
have tM right to demand that sN damages awarded for tM taking d a iryury to said premises shall be pad to tM Assoastion. its wccessors a assigns. up to
tM amount then unpaid an this mortgage. and may be appksd to any sums lest psyada liereurider. _
12. - ihat tune K d tM essence d this contract and that ra warvsr of any oblgation hereunder. a of tM oWigation secured hereby. shall at arty time thereaher be
held to be a waiver d tM terms hared a of tM promissory rate secured Mreby.
13. In tM event d any default b arty d tM terms of thee matgsge. a in tM note secured he'ebY. and acceleratan by tM holder. a any other situatan that would
rouse tM interest paid a psysbb under the obbgation to exceed tM interest rats authorized by law. then in such event all excess interest theretofore pad shall
be aedited to principal and aN accrued and unpaid szpss interest shell share and shell not be an obligation of tM maker a of arty other person.
14. That to tM extent d tM indebtedness d tM Matgsgor to the Association described herein or secured Mreby. tM Associaton a hereby subrogated to tM ken
a liens and to tM rights d tM owner and holder thereof d each and every mortgage. lien a other encumbrance on the Lard described herein. which a paid and
~ sausfred. n whole a in part. out of tM proceeds d tM Iron dasuibed herein or severed hereby. and tM respective keris of said mortgages. liens a other en•
i cumbrances. sMN bs. end tM same and each d them hereby is preserved end sfu?N pass to and be Mkf by tM Assoaatan herein as security for tM in-
debtedness to tM Assoaation hereby described or hereby secured. to tM same extent that it wuuW haw been preserved and would have been passed to std
peer, held by the Association had n been day and regularly assigned. transferred, set over. and debvered unto tM Associaton by separate deed of assignment.
riotwithstandeig tM fact that tM same may be satisfied end pnceUed d record. it bung the intentan of the parties hereto that tM same will be satisfied and
cancelled d record by tM holders thereof et or shout tM time of tM recording of thismortgage.
15. That it arty d tM wms o(money herein referred to be not promptly and luNy paid within [bury 130) days next after the sameseveraUy become due end payable.
a ii roach and every tM sttipulations. agreements. eorditans and covenants d sad promissory note and this mortgage. o: either. are rat duly performed. com-
plrec+ vnth and added by. tM sggrsgate sum unpaid under Bard promissory note and this mortgage shall become due and payabb (prthrvith or thereafter. at the
option d tM Assoaabon. as fully end completehr as it s.:d aggregate sum of money were originally stipulated to be paid on such day. ariythng in sad
promissory note a herein to tM tontrery notwithstsriduig.
16. That in order to arxelerate tM maturity of tM indebtedness hereby severed because of tM failure of tM Mortgagor to pay any tax assessment. ksdkry. obliga-
tan or encumbrance upon said property as harem provded. d Shah not be necessary nor requisite that tM Associaton shall first pay tM same.
1 17 If a coiweyarice should M made by the Mortgagor of tM premises herein desaibed. a any put hereof. and the grantee named M verb conveyance tails or
refuses to assume tM payment of tM obligation evidenced rY said promissory note end secured by this mortgage. and in accordance vnth their respective
terms. and able by tM rubs aril regirlatia?s d tM Associatan_ iriclird~•.g payment of a reasonabb transfer lee. then. and in tharevent. at the option and upon
rile demand of tM Assoastion aN wins of money secured hereby shall immediately become torlhvnth due aril paysbb.
1 B That the abstract a abstracts of titb covering the mortgaged property shall at all Ames. duruq tM Ida of the mortgage. remain m tM possessan of tM
Association and. in swot of the foredowre of the rtartgags. a other trsrister of utk to tM mortgaged property. in exunguislimem d the indebtedness secured
hereby. all nght. title and interest of the Mortgagor in and to any such abstracts d title shall pass to ,tie purchaser a grantee.
t 9 Should tM valdiry a hen of the mortgage. a tM note secured thereby. be contested by btigatan a of+icrvrse. the Mortgagor agrees to pay to tM Associaton
the cost of defending tM same iriclirding s ressonsble attorney's fee
20 To pay aN and singular tM costs. charges and expenses. including attorney's lees reasonably incurred. a paid at arty Ume by the Association. bepuse of tM -
taikrre d tM Mortgagor to perform. comply with aril abide by eadi and every the stipulations. agreements, coriditwris and covenants of said promissory note
and this mortgage. or either. and every such (except for tM payment d tM monthly instalknent as iequired by tM ! romissory Note) shall bear interest from
date at the rate d ten per cent 110%1 per amain until luN1l paid.
21. The Assouatan shall have tM right at any time and from trine to time and without nonce to or consent of any person to lal release any portan of tM prerrwses
from the hen d this mortgage: Ib) release any person liable for psymont of arty indebtedness secured Mreby. (c) extend tM nine of payment or alter tM terms
of payment of all or any part of tM indebtedness. without affecting or releasirp tM personal babliry of any person Babb (other than arty person released pur-
suant hereto) for tM payment of arty sum or interest secured Mreby and without M any verse altering. varying. or dinwnishng tM laces. effects. or ken of the
mortgage on aN the prenuses rat specifically rebssed from tM ben of this mortgage by the Associaton.
22 Any agreement hereafter made by Mortgagor and Assoustan pursuant to the mortgage shall be wperar to tM nghts of tM holder of any intenrereng lien or
encumbrance.
23 Upon request of Mortgagor. tM Assocation may. at its sole opton, from time to nine. before 1u11 payment of ail irdebtediiess secured hereby. make further ad-
vances to Mortgagor: provided. however. that tM total prinppal secured Mreby and remauung unpad. including a+iy such advances. shall not at arty time ex-
ceed the original pnnapal sum secured Mreby. Mortgagor shall pay all such further advances with interest and tM same shall be secure:l hereby. AI: provisions
of the mortgage shall apply to each further sdvarice as well ss to ell other indebtedness secored Mreby Notting harem contained. however. shah brtwt the
amount secured by the mortgage if such amount is increased by advances made by the Associatan, as herein elsewhere provided for to protect tM seventy.
24. In tM event the Mortgagor herein. or any subsequent Mortgagor. a arty person or corporation owning any interest whatsoever, should encumber the property
Mrein mortgaged by an instrument commonly rofeaed to and krawn as a '"wrep•around mortgage"' without first obtaining the written consent d the Associa-
tion. then. u tM option d the Association. tM obligation secured by this Mortgage shall immediately become due aril payable. s
25. To provide the Association with Flood Insurance Corersge rf the real property is now a hereaher deternwried to be within a special Hood hazed uea as shown
on Flood Hazard Bourduy Map/Fldod Inwrsnce Fiats Map as published by tM federal InsurarKe Adminisvation.
26. At the request d the Mortgagor. the Association sprees to waive tM provisions of paragraph 4 relative to tM aeation of s tax and hazard inswsnoe octant:
provided, however. that the Association retains the cght. at its option. to reinstate such provisions of said puagrsph 4 ss an obligation d the Mortgagor .
lisreirrider upon tM happeriitg d arty of the fioNowirp:
A. Transfer d the mortgaged premises, a any part tMred. B. failure to make any payment required under tM terms d tM note on or before tM due date
thereof. C. To deliver to tM Association. on a before March 10 d each year. tax receipts evidencing tM payment d aN tavrtuNy imposed razes for the
.preceding pbxdar yea; to delirer to tM Assocation receipts evidencing tM payment of aN bens for pubkc improvements vvittwi niriery Ig01 days aher tM
same shsN became due and payable, and to pay a dischuge within rwiety It161 days aher due date. any and all governmental hulas that may be roads on
tM mortgaged property. D. Follette to ooniply with tM irKUrerice provisions d puagrapli 3. a d arty d tM other terms and toriditions d this mortgage or
note. or with tM insorsnce requKements contained in tM Dedaruion of Cordorniniiim and related dowments should tM mortgaged property be cornrrtittM
to condominium development.
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