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HomeMy WebLinkAbout2203 4• That rn order to proteTa more fully the sacunty of Mrs mortgage. the Mortgagor IogetMr wdA. and m adddra, to tAe monthly payments under the terms of tAe rwte secured herebY on the spscfiad payment door of each month until the said note +s fully paid will pay to the Association the foibwrng sum; sort An uTStallment o) the rates and assessments lawad a to bs lewad agamTt the premises cove+ed till this mortgage. and an installment of the premwm o+ preenwms that w,U bacorna dw and payable to renew the rnsugnce on tM pemses covered hereby against loss by hrs. and wrrWstorm. as provrded for by paragrapA 3 Dre;edrng. or sucA other hazard ss may rsasonaWy be regwred by the Association. and an +nstaliment of the premrum that will become due and payable t0 renew tAa mortgage +nsurance. r) any $ucA rnstaliments shall De equal. rsspectrvely. to one-twelfth I lr 12th) of the es bmated premum or pramrums Iw such msuNncs and taxes and assessments nett due tors ashmated by the Assocrahon? less all instaumants already paid therefor. divided by tAS number of months tAat aro t0 elapse one montA prior to the date when such premrum or premiums and taxes and assessments will become delinquent Ths Assocrat+on. while applying such payments to insurance Wemrums taxes arxf assessments. Defaa the same become delinquent. shall not pay interest to the Mortgagor tin such funds. aril all such payments may De commingled by the AssocraUWT w+th any other such funds or wdh rte own funds TAe funds are pledged ss sddrbonal secwely for the sums secures oy this Mortgage and are sub{ect To use Dy the Assoc+ation m payment of 'Mats charges and bank cotlechon charges ibl All payments mentioned in tfb preCSding subsectan of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid Dy ttte Mortgagor each month in a single payment to De applied by the Assoration to the following +tems m the order set torch 1 Tortes. assessments. and insurance premiums ? elate charges and bank couection charges. uMess pa,d rn manner provided m paragraph 4 tai 3 Interest On the note Secwed hereby 4 Amorutauon of the p+,nupal of sa+d note Any etehcrency rn the amount of such aggregate monthly payments shall. un+ess yard by thr Mortyayoi prior to the due date ul the nett such payment. coin ctnure an event of default under the mortgage Without waiver of any nyht the Assocrahw, may collect a late charge- as prowled m the Note ~ That ,f the total of the payments made Dy the Mortgagor under Ial of paragraph 4 preceding shall exceed the amount of payments actua~ly made by the Assocratio+, for taxes and assessments and rnsurarxe premiums. as tAe case may be. such excess shall be credded by the Association or, subsequent payments To De made by the Mortgagor If. however. the monthly payments made by the Mortgagor under sal of paragraph 4 precedirvg shall not have Deep wHrcient to pay taxes and assessments and insurance premiums. as the case may be. when the same shall become due and payable. Meg. the Assoc+ation may. at its op~ hon. rmmed,ately pay Such fates and assessments and insurance premrum. and the Mortgagor shall pay to the Assrxratrix, any amount necessary to make up the dehcrency and such payment shall be due ins payable wi[Mn thirty 1301 days after tAe date of mailing o1 notice by the Association setting furtA the amount - of such dehuency if. at any time. the Moagagor shalt tender to the Association. rn accordance with the pruvsruns of the note secured hereby. full payment of the entire indebtedness represented hereby. the Associatwn shall. in computing the amount of such utdcbtedness credit to the acccwnt of the Mortgagor any balance remarnu,y rn the fund> accumulated under the provrs+ons of (al of paragrapA 4 ti Tq permit commit or suffer n0 waste. impsument or detenorahon of Sard property. or any pan thereol. and u{wn the ladure of the Mortgagor to keep the bwld+nys on sa+d property in good condmon or repair and maintenance. the Association may demand proper marntenarxe and the immediate repair of Bard [x+ddmys or an ,ncrease m the artwunt of security or the rmmedrate repayment of the debt Hereby secured. and the fades o1 the Mortgagor to comply welh Sdrd demand of the Assocratan for a period Of thirty (301 days shaii constdute a breach of the mortgage. and. at the option of the Association. immediately mature the entire amount of principal and interest hereby secured. and the Association rmmedratety and welhout nohce may +nsutute proceedings to foreclose This r.,urtgage and apply for the appo,ntment of a rece+ver. as Hereinafter provrded. and rn case of the refusal. neglect or inaDri+ty of the Mortgagor to repar+ and mdintdrn Sard properly. the Assocrahon may st ds option. make such repairs or cause the same to be made and advance moneYSin that behalf • To perform comply with and abide by each and every tAe stipulatiCns. agreements. conditions and covenants rn said promssory note and Mrs mortgage set forth t3 To comply wdh the subdrvrsron restnctiOns and the municrpsl iOnrrlg ordinances appbcable !O the mortgaged property not !o erect or permit to bB erected any new buildings on the premises herein mortgaged or f0 add to or perms to be added to make or perms to be made. any structural alterations to any of tAe e• rst+ny improvements thereon w+thout the written consent of tAe Association. and rn the event of any vrolatron or attempt to vrolate these strpulatrons. Or any nl them th+s mortgage and all sums secured hereby shall rmmed,atety become due and DayaDle at the option of the AssOCiatron 9 That rn case of a default m any of the terms of tArs mortgage and the tiling of a bill to foreclose th+s or any other mortgage encumbering the wdh,n descuDed property the Association shall be entelled to apply. at any time welhout notice pending such forecbsure swt. to the court having rynsd+ction thereo! for the ap~ {monument of a receiver of ail and singular the mortgaged property. and of a!I the rents. incomes. profits issues and revenues thereof. from whatsoever source derived. and thereupon. rt is hereby etpressFy covenanted aril agreed that the court she+t forthwith appoint a recener of said mortgaged property. ail and singular and of such rents. incomes. prof+!s. ,ssues and revenues thereof /:om wha:soever source derived w+th the usual powers and duties of receivers in Irke cases and such appointment shall be made by such court as a matter of strict right [o the Association and without reference to the adequacy or ,nadequacy o1 the value of the property hereby mortgaged. W to the solvency or insolvency of the Mortgagor. and [hat such rents. profits ,ncomes issues and revenues shall be aVV!~ed by suci, receiver to the payment of the mortgage indebtedness costs and charges. accord,ny to the order o} such court ' ~ That in the event the premises hereby mortgaged. or any part thereof. SAaii be condemned and taken under the pourer of ernrnem domain. the Association shaii nave the right to demand that all damages awarded for the taking of or injury to said premises shaii be paid to the Asses:+atiun. its successors or ass,gns. up to the amount then unpaid on th,s mortgage and n.aY be applied to any sums last payable hereunder That time rs of the essence of this contract and that no waiver of any ob!+gahon hereunder or o/ the ob'rydtion secured Hereby shau at any hme thereafter be helot to be a waiver of the terms hereof or of [he Dromrssory note secured hereby 2 In the event of any default rn any of the terms of this mortgage. or in the note Secu+ed herebY. and acceleration by the Holder. o+ any other situation that would cause the interest Dard or payable under this oDirgatwn to exceed the interest rate autHOnted by saw. then rr. such event au excess interest theretofore paid shall be credited to pr,ncrpal and all accrued and unpaid access interest shall abate and shall not be an obligation of the maker or of any other person ' 3 That to the extent of the indebtedness of the Mortgagor to the Association described herein or secured herebY the Association rs hereby subrogated to the tren or bens and to the nyhts of tAe owner and holder thereof of each and every mortgage. hen or other encumbrance on the land described herein. wh+ch is Vard and satisfied. ,n whole o+ rn part out of tAe proceeds of the loan described herein or secured hereby and the respective bens of said mortgages hens or other er. cumbrances shorts be and the same and each of them hereby rs preserved and shall pass to and be neld~by ilia Assouat~on herein as securely for the rn d«b~edness to the Association herein descnDed M hereby secured. to the same extent that rt would have been preserved and would have been passed to and been Held by the Assocranon had rt been duly and regularly ass+gned. transferred. set over and delivered unto the Assouat,On by separate deed of assignment. notwelhstandiny the tact that the same may be satisfied and cancelled of record. d berg the intention of the Dart+es Hereto that the same will De Sdhsfred and cani.elled of record fry the hOlderS thereof at or about the bme 01 the recording OT this mortgage » That rf any of the sums of monty harem referred to be not promptly and fully paid welhrn thirty 130! days neat after the same severally became due and payable E or rf each and every the SlrpuiatrOnS. agfeemErrtS. COnd+t~Ons and covenants O/ said prOmrSSOry hole and stirs m.Ortgdye Or Either are HOT duly performed COm pi+er7 w•th and orb+ded bY. the aggregate sum unpaid under said prom~sswy note and this mortgage shall trecome due and payahle forthwith or thereafter. at the option of the Association as fully and completely as d card aggregate sum of money were onginauy snpuiated to be Va~d on such day anything rn said ~ prum~swry note or• herein to the contrary notwrthstand+ng I • r Tnat rn order to accelerate the maturely of Me indebtedness hereby secwed because of the failure o/ the Murtyayw to pay any ta¦ assessment 6ab~hty obligor 3 bon or encumbrance upon Bard properly as herein prov,ded ,t shall not be necessary nor regwSrte that the ASSOC:ahan shall first pay the same h That the abstract or abstracts of title covering the mortgaged property shau at a!I times. during the life of stirs mortgage. remain m the possession of Ina Asso~rahon and m event of the forecloswe of th!s mortgage. or other tiansfp of title to the mortgaged property. rn ettingurshment of the mdebtedress secwed hereby ail right title and interest of the Mortgagor m and t0 any Stith abstracts of tale shall pass t0 the purchaser Or grantee , Should the vabdrty or hen o} the mortgage. or the note secured thereby be contested by litigation or otherwise the Mortgagor agrees to pay to the Assxrat~on the cost of defending the same including a reasonable attorneys fee g ' ~ To VaY ail and singular the costs. charges and e>tpenses includ+ny attorney s fees rr•awnably nxuned or paid at any time by the Association because of the failure of the Mortgagor to perform. comply wdh and ab+de by each and every the stipulations ayrer<ments rondrt~ons and cc:•enants of Bard promissory note and this mortyaye. or edher. and every such (except for tl,e payment nt the monthly mstatlment as requned by the Pmmrssary hotel Shill! tear mt¢re5t from date at the rate of ten per cent 110'0 per annum until fully paid g The Assouabon shalt have the ngM at any hme and from hme to time and Wdhout notice to or consent of any person to tort release any portion of tt+e prem+ses !rom the hen of this mortgage. Ib! release a^y person Gable for payment of any indebtedness secwed hereby. ici a.tend The hrne of payment or alter [he terms of payment of al! or any part of the indebtedness. without af}ecting or refeas,ng the personal Irabrbty of any parson liable iother than any person released pur want hereto; fe• the payment of any sum or interest secured herebY and welhout m any wise aRenng vary+n9 0+ d~mrnishing ;rte forces effects. or hen of th+s y murtaaye on all the premises not speufrcaiiy released from the ben of this mortgage by the Asscx.ration v : 0 Any agreement hereafter rt,ade Dy Mortgagor and Assoc+ahOn pursuant to this mortgage shau be suVerror to the nyhts of the Holder of any :ntervemng hen Or «rwmbrance - . l:{,a~ reuuest of Mortgagor the Assoaation may at its sole opt+on- from time to time before fuu paymem of au indebtedness secured hereby, make further ad varx.«s to Mortgagor provrded however. that the total pnncrpal secured hereby and rema~nmg unpaid .nclud~ny any such advances shau HOT at any hme e¦ ceert The c:nyrnai pnnupai sum secured hereby Mortgagor shat{ pay all such further advances with interest and me same shau be secured hereby Au prons~ons of this mortgage shau apply to each furMer advance as well as to ah other indebtedness secured hereby NotH;ng herein contained however shau hens the v " amount secured by this mortgage d such amount rs increased by advances made by the Assovation as herein elsewhere Grovrded for to protect the secu: dy r z In The event the Mortgagor herein. or any subsequent Mortgagor or any pe+son or rorporahun nwn=ny any interest whatsoever, shoukt Encumber the property herein mortgaged Hy an instrument commonly referred to and known as a wraV-around mortgage Wdhout first obta+nrry tf,e written consent o1 the Associa ti lion then. at tt,e option of the Assocrairon the obligation secured by Thrs Muriyaye shall ~mm«diat«ly i,ecome due and payat„e i : 3 To provrdE the Association wdh Flood Insurance Coverage if the rear property rs now Or hereafter deternuned to irE within a s{,eua+ floral hazard area as shown on Flwd Harard Bounds+y Map~Flood Inwrance Rate Map as published by the fade+al insuranr.v Admnnstrat~on 4600 -ry far r. tr f E-16 TPA ~ _ I~ ~ t i-rift 'ttt:^.tav MLCA 44 S:. LL"'f: t t.v` i Y f E .1. ~ ROUER P13i3RA5 CLEP.K tiRGUlf C~:i//elf , t c~ p e~