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HomeMy WebLinkAbout0291 4- That. m order to protect more fully the secunry of flies mestgape. the Mortgagor. together with and u, addruon to. the monthly payments under flies terms o1 the note secured hereby. on the spetrfred payment date o) each month until the sa,d note rs fully peed. well pay to the Assoc,atron the follow,ng sums lest An :nstaflmsnt of tM taxes and assessments leveed a to be awed against the prem+ses covered by ttus mortgage. and an installment of the premwm or premiums that well becesne due arW payabh to renew the ,nsurance on the premises covered hereby aga,nst loss by fire. and wrndstesm. as prov,ded fa by paragraph 3 prseedrng. a such othe? hazard as may reasonably be requ,rsd by the Assocratron, and an installment of the prsm,um that well become due and payabN to renew tM mortgage rnwrance. r1 any Such ,nstallments shall be equal. respectively. to one twelfth I l r 12th1 of the es timated premium es premiums fa such inwrancs. and taxes and assessment! next due Ias estimated by the Assocratron? less all installments already peed therefor. OivWed by tfte number of months that are to elapse one month pries to rho date when such premium a pram+ums and taxes and assessments will become delrnqusnt The AsSOC,atiOn. whit applying such payments to insurance premiums. taxes and assessments. Defore the same become delinquent. Shall not pay interest to the Mortgagor oe such funds. and all such payments may be commingled by the Association with any other wch funds es with its own turWs TM funds are pledged as addilronsl security for the sums secured by this Mortgage end ire subtsct to use by the Association m payment of late charges" and bank collection charges fbi Aii payments msntroned m the prscedirig subsectron of this paragraph aril au payments to Ae made under the note secured Hereby shah bs added together and the aggregate amount thereof Shall be pa,d by the Mortgagor each month in a su,yle payment to be appbed by the Aswciabon to the fulluwuyg ,terns in the order set forth 1 Taxes. assessments. arW insurance premiums 2 Late charyes- and Dank collection charges. unless paid m manner provided in paragraph t lest 3 Interest on the note secured hereby 0 Amortuabon of the princ,pal of said note Any drficwncy m the amount of such aggregate monthly payments shall. urness pa,d by the Munyayor prior to the due date of the neat such payment. cat suture an event of default under the mortgage Wdtwut waver of any right. the Assuciaba, may collect a late chartte"~ as lxov,ded m the Note § That it the total of the paym@nt5 made by the Mestpeges under let OI paragraph 4 preceding shall exceed the amount of payments actually made by !h@ Association fa taxes and assessments and mswance premiums. as the case may be. such excess shall be treaded by the Association on subsequent payments to be made by the Mortgages If. however. the monthly payments made by the Mortgagor under lest of paragraph 4 preceding stall not have been wfficient to pay taxes and assessments and +nsurance premiums. as the case may be. when the same shall become due and payable. then. the Association may. at its op lion. immediately pay Such taxes and assessments and insurance premium. and the Mortgages shall pay to the AsSOCiation any amount necessary to make up the dehcrency and such payment shall be due end payable wdhin thuty.1301 days after the date of mailing of nonce by the Assocabon setting forth the amount of such deficiency tf at any rime. the Mestgsgor shall tender to the Association. in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness represented hereby. the Association shall, in computing the amount of such indebtedness. credit to the account of the Mortgagor any balance remaining in the funds accumulated under ttte provisions of lest of paragraph 4 6 To pennrt. comma or suffer rip waste. impanment es deterroratron of card property. a any part thereof. and upon the fa,ture of the Mortgages to keep the i,uiWu,ys on said property in good condrtron es repan and maintenance. the Association may tlemand proper maintenance and the immediate repair of Said twildings. or an increase in the amount of securely. a the immediate repayment Of the debt hereby secured. and ttve faile•..• of the Mortgages to comply wdh said demand of the Association fes s period of thuty 130) days shall constitute a breach of this mortgage. and. at the option of the Associatron, immediately mature [he enure amount of pnrtcipal and interest hereby secured. and ilia Associatron immediately and without nonce may mstdute proceedings to foreclose this mortyaye and apply for the apPOintment of a receiver. as hereinafter provided. aril m case of the refusal. neglect es mabilay of the Mortgagor to repau and maudain card property the Associatron may. at its option. make such repass or cause the same to be made. and advance moneys in that lxhalf To perform. comply with and ab,de by each and every the stipulauonS. agreements. cond,nons and covenants m Said promis50ry note and this mortgage set forth 8 TO comply with the SuDdrviS,On reSlncbon5 and the mumgpal toning OrdinanCQS appbcable t0 the mortgayed property. not t0 erect or patina t0 be BreClBd any new tx,ildirys on the premises harem mortgaged or to add to or permit to be added to make or permit to be made. any structural alterations to any of the ex istu,y ,mprovements [hereon without the written consent of the AssOtiabon. and m the event of any vrolatron or attempt to violate these sbpulauons. or any of them. flies moriyage and all sums secured hereby shall immediately become due and payable at the option of'the Association 9 Tnat in case of a default m any of the terms Of Mss mortgage and the 6brtg of a bJl to foreclose the or any other mortgage encumbering the wrttun described property the Association shall be entitled to apply. at any rime without notice pending such torecbwre suit. to the court having lunsdicuon [hereof for the ap lx,intment of a receiver of all and singular fete mortgaged properly, and of all the rents incomes. profits. issues and revenues thereof, from whatsoever source derived. and thereupon. d is hereby expressly covenanted and agreed that the court shall forthwith appant a receiver of said mortgayed property. all and sinyufar. and of such rents. incomes. Ixofrs. +ssues and revenues thereof. from whatsoever source derived. w,th the usual powers and duties Of receivers in like cases. and such appointment shall be made Dy such court as a matter o1 strict right to the Association. and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to the solvency or insolvency of the Mortgagor. and that such rents. profits :ncon,es issues. and revenues shall be applied by such receiver to the payment of the mortgage +ndebtedness. costs and charges. according to :he order of such court ~ 4 Tha; :n ;he eve^: the p:c.mscs hereby mortgaged or any part therc+ol. she!! be condemned a^^_ ta4rn under the t>nwr+ of rm,nant domain, the Assnciatinn shall nave the nyht to demand that all damages awarded for th! taking of Or injury to said premises shall be paid to the Assoaabon its successors o+ assigns up t0 the amount then unpard on this mortgage. and may be applied to any sums last payable hereunder 1 That t,me s of the essence of tns contract and that n0 waver of any obligation hereunder. or ur the ub!iyabun secwrd hereby. shall at any time ihereaf[er be Held to tie a waiver of the terms hereof or of the promissory note secwed Hereby ' 2 In me event of any default :n any of the terms of this mortgage. or in the note secured Hereby. and acce:eratwn by the holder. or any other situation that would :reuse the interest paid or payable under this obl:ganon to exceed ilia interest rate authonred by law. then .n such event all excess interest theretoture paid shat{ be credited to pnnapal and all accruedand unpaid excess interest shall abate and stall not tie an cb!iyaDOn of the maker o+ of any other person 3 ?hat to the extent of the indebtedness of the Mortgagor to the Association described here,n or secured hereby T'~e Association is hereby subroga[ed to the Iran u• ::ens a~,d ro the rights of the owner and holder thereof of each and every mortgaye..:en or other encumbrance on ;tie !and described harem which rs paid end I satisfied .n whose or m pact out of the proceeds of the roan described herein or secwed hereby. and the respecb.e ;yens of said mortgages. lienc or other en .un,brdnie5. Shall be and [tie same and each of them hereby is preserved and shall pass to and be nerd by the Association harem as security for the m- debtrd:,ess to the Assoaabon herern described or hereby secured. to the same extent that rt would have been preserved and would nave been passed to and been held by the Association had ,t been duly and regularly assigned. transferred. set over and delivered unto the Assoc,at:on by separate deed of assignment. rutwrthstand:ny the fact that the same may be satisfied and cancelled of record. rt t)e,ng the intention of the part,es hereto that the same vial be saushed and If cencetied of record by the holders thereof at or about the time of the record,ng of th+s mortgage ~ t4 That .f any of the sums Of money harem referred to be not promptly and fatly paid wrth,n th,rty 130: days next a`ter the same severalty become due and payable. t o+ ,f each and every the sbpulauons agreements. condrtrons and covenants o! said promissory note and th,s murtyage or erther. err not duty performed. com- C piiwf with and ab,decf by. the aggregate sum unpard under card promissory note and the mortgage shall become due and payable forthw,th or thereafter. at the t upnon of the Associatron. as fully and completely as d Said aggregate sum of money were ony~nally sbpu!ated to be pa,d on such day anything in said promissory note or herern to the contrary notwithstanding ~ 5 That m order to accelerate the maturity of the indebtedness hereby secured because of the failure cf the Murtyayor to paY any tax assessment. bab,Hty. obbga- t,on or encumbrance upon Said property as herein provided. rt shall not be necessary nor requisite that the Assoc,auon shall first paY the same '6 That [lie abstract o+ abstracts of htie covering the mortgaged property shall at all times during the Ida of the mortgage remain m the possession of [tie \sstxia;ion and. m event of the foreNosure of this mortgage. Or other transfer of title to the mortyayed property. in exungushment of flit ,ndebtedness secured hereby. all right title and interest of the Mortgagor in and to ary such abstracts o} title shall pass to the purchaser or grantee 7 Should the vabddy or lien O! this mortgage. es the note secured thereby. be contested by bbgabon or otherwise. the Mortgagor agrees to pay to the Assoaabon the cost of defending the same including a reasonable attorneys fee 8 To ray all and srnyular the costs. charges and expenses, including attorneys fees reawnabiy incurred or paid at any time by the Associat+on because of the failwe tit the Mor;yagor to perform. comply with and abide by each and every the snbulabons agreements cond,buns anrf covenants of >aid promissory note and this mortyaye. or erther. and every wch lexcept for ttte payment of the monthly mstallmrnt as requ,red by the Promissory Notel shall bear interest from s date at the rate of ten per cent 110+61 per annum until fully pond t g The Assixraben shall have the right at any rime and from rime to Ume and without notice to or consent of any person to la: +e;ease any portion of the premises ~ !torn ;he Tier of tl,rs mortgage. Ib) release any person liable for payment of any indebtedness secured hereby. ic) a.tend the time of payment or alter the terms of par T,rm of au or any part of the ,ndebtedness. without affecting or releasing the personal bab,lrty of amt person bable !other than any person released pur- sua•i; herewi for the payment of any sum or ,nterest secured hereby and without in any wise altering varying o+ diminishing the forces. effects. or ben Of this mortyaye on aN the premises not specd~catly released from the Hen of this mortgage by the Associatwn 20 An a eernent hereafter made by Mort a rand Assoaabor. ursuant to this mots a e sha'I be super~Or to then fits of the polder of an inte•venin nr• Or Y gr g f)o P 9 6 y Y g' encumbrance 71 Vl,un reVuest of Morigago+. the Assoaabon may, at its sole option. from rime to time before full payment of aft ,ndebtedness secwed lira eD;. make further sir vances to Mortgagor. prov,ded however that the total pnnapal secured hereby and remaining unpaid. includu,g any such advances. anal: hot at any t!me ex- coed the ong,nal pnnapal vim se::ured hereby Mortgagor shall pay all such further advances w~ih interest and the same shall be secured ~errby Ali prOV,S,OnS of tors mortgage shall apply to each further advance as well as to all other +ndebtedness secured hereby Nothing herern containeC. however. theft find •he ~ amount secured by the mortgage d such amount is increased by advances made by the Assoaabon. as herein elsewhere provided for to protect the secuniv. t: 22 In the event [tie Moriyagor herern. or any subsequent Mortgagor. or any person or corporation owe:any any interest whatsoever. should encumnrr the property 4 herein mortgaged by an instrument commonly referred to and known as a wrap around mortgage without first obtauung the written ~ nnsent of the Associa- tion. then. at the option of itte Association. the obbgabon secured by this hlortgage shall immediately become due and payable 23 To provide the Assoaabon with Flood Insurance Coverage if the real property is now or hereafter determined to be within a special flood hazard area as shown on Flood Flarard Boundary Map~Flood Inwrance Rate MaD as published by the Federal Insurance Administrahrx, ^ Received S ~`3/' ~ `J In Payment O! Taxes E-76 •^7 pr Otte On Class "C" IntengiblePersona~~roprxty, TiP-A t ~ C" ~ r ' ~ ~ ~ Pursuant To Chapter 71, 134, Acts Or !971. ilt.EG , • _ '#b~'T7c~ ROGER POITRAS ST. LUCIE C;;~~T c A Clary Circuit Collet, St. LUC19, CO., ~w r RcOGER F'~.,t..,..-r i C~. t:Q}: C:~~:it~ rr~ ~i i ~ t,.n[