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HomeMy WebLinkAbout2651 4• That in cedar to protect more fatly tM aaurity of th+s rrartgage. tM Mptgagp. togetMr w+M. and +n addraon lo. IM mori?r,ty payments under tM terms of tM note secwed Mreby. on tM specdred payment data of lath month until tM seed note a fully pa+d. will pay to tM Asses:+atron tM fdaw+ng sums Ial An rnstallntent of tM tares and assessments leveed p to W lev+ed agaenst tM prem+ses covered try th+s mortgage. and an rstallment of tM Wem+um p premwms Yyt will become dw and payabN to reMw tM enwrance ort tM prem+ses covered Mreby agaenst b:a by lira. and wendstorm. as prov+ded for by paragraph 3 preceWng, p such otMr hazard as m.y reasonably be requued by tM AssocrateOn, and an rnstallrt+ent of lM prem+um tMt will become duce and wyabN to renew 1M mestgage inwrance. d any. Such instauments shah be equal. nnpecuvely. to orw-twNfth (1it2thl of tM es Umsted premwm p premwms fp such rnwrarrq. and u,ts and assessments neu due Ices estimated by tM Assocrstronl less all installments already pa+d tteeretor. drvrded by tM number of months that era to elapse or» month prep to tM data wMn such pemeum p prem+ums and bass and assessments well becortee delrrtquent TM Assocration, wh+le apdyertg such payments to +nsurancs prem+ums. taxes and assessments. before tM same becesne delinquent. shall not DaY rntaest to IM Mptgagp on wch funds. and cell such psyReents may be comm+rpled by eM Assocrst+on weth sDY other wch funds p vwth its own funds TM funds are fledged as addrtansl securi+y for tM sums secured by flies Mortgage and are wgect to ass by tM Assocuteon rn payment of '-late cMrgei ~ and bank collectan cturges Ibl All payments mentaned in tM preced+ng wbssctan of tMs paragraph and all payments to be made under tM note secured Mrsby shall be added together artd eM aggregate amount tMreof shall be peed by tM Mestgagpr each month m a s+ngle payment to be apd+ad by the Assocation to tM folbw+ng stems in tM order sat forth 1. Tawas. asseuments. and enwrance prem+ums 2 Late charges and bank collactron charges. unless peed en manner provrdad +n paragraph 4 Is1 3 Interest on tM note secured Mreby 4 Amoruratrore of tM pr+nt+pal of seed rate Any defec+ertcy in tM amount of such aggregate monthly payments sMN, uNess pad by tM Mestgages prior to tM due date d tM neat wch payment. con- stitute an event of default urttler tM rrtptgage Without waiver of any right, tM Assocratrest may collect a "late charge' as provided in tM Note. 5 chat d the total of tM payments made by tM Mestgages urWer Ial Of paggraph 1 peced+ng shall exceed tM amount of payments actually mails by tM Assocaatia+ for toss and assessments and enwrance premwms. as tM case may be. such escess shat) De cradrtad by tM ASSOCral+on on subsequent payments to be made by tM Mortgages If. however- tM monthly payments madt by tM Mortgages under Ia1 of paragraph 4 preced+ng shall not Mve been wthcrent to pay taxes and assessments and inwrance prsmwms as tM use r*raY be- when tM same shall become due and payable. then, tM Association may. at its op t+on. +mmed+ately pay such taxes and assessments and inwrance premium, and tM Mortgagor shall pay to tM Association any amount necessary to make up the dehc+ency. and wch payment SMII be due end payable with+n tMrty 130) days after tM date of ma+hng of notice by tM Assoc+suon setting forth tM amount of such defruency It. st any time, tM Mestgages shall tender to tM Associatan. in accordance w+th tM provis+ons of tM note secured hereby. lull payment of the entire +ndebteoness represented Mreby. tM Association sMll. m computing IM amount of such +ndebtedness. cred+t to tM account of the Mortgages any balance rema+n+ng +n iris funds accumulated unde? tM p.ovis+ons of Ial of paragraph 4 6 To permd. commit a suMer no waste. impaurtient p deteraratiOn of Sa+d property. a any part thereof. and upon tM fa+ure of the Mortgage to keep tM txr+id+ngs on sad property in good cwWitan or repair and ma+ntenance. tM Association may demand proper ma+ntenance and tM +mmadrate repa+r of seed t?u+ktinys wan +rxrease in tM amount of security. p tM immediate repayment of iM debt hereby secwed. and the failure of tM Mortgages to comply with sa+d demand of tM Association for a pereod of th+rty 130) days shall constitute a breach of th+s mortgage. and. at tM optron of tM Associatan, immediately mature tM enure amount of pinc+pal and interest Mrsby secured. and tM Associaton +mmed+atery and without notice may institute proceedings to foreclose ihrs mortgage and aptly for tM sppesntment of a receiver, as Mremaher provided. and m case of tM refusal. neglect or +nabildy of tM Mortgagor to repay and mamta+n Said property. the Assocatan may. at ds optan. make such repairs p cause tM same to be made. and advance moneys in that beMlf 7 To perform. comply w+th and abide by each and every tM stiputatans. agreements. cesid+trons and covenants +n sa+d prom+ssory note and this mortgage set lath 8 To comely with tM wbd•vis.on restr+Gtans and tM murnupal Zoning wdinartces apdKable to the mortgaged property. not t0 erect es permit to be erected any new bu+Id+ngs on iM premises Mrern mortgaged es to add to w permit to be added to. make or permit to be made. any structural alteratrons to any of tM er<- +stiny +mprovements thereon without tM written consent of tM AssOCiatan. and in tM event o1 any v+olat+on or attempt to vrolate these stipulations. w any of them. Ih+s mortgage and all wms secured hereby shall immed+siely become due and payable at the option of tM Associatan g Tha[ +n case of a default m any o1 tM terms of this mortgage and tM filing of a bill to forecbse this w any other mortgage erxumbenng tM vwthm described property the Assoc+ation shall be entitled to apply. at any t+me without nonce pending such lorecbwre su+t. to the court having Iur+Sd+ct+On thereof tw tM cep pantment of a receiver of ail and singular tM mortgaged property. and of all tM rents. incomes. prot+ts. iswes and revenues thereof. Irom whatsoever source derived and. thereupon. rt rs Mreby e><pessfy covenanted and agreed that iM r_OUrt shall festhw+th appoint a receiver of sa+d mortgaged property. elf and s+ngular and of Such rents incomes. pro}+is. +swes and revenues tMreof, from whatsoever source der+ved with tM usual powers and dut+es of receivers in like rases. and such appesntment shall be made by such court as s matter of strict right to the Assocrauon. and w+tfiout reference to the adequacy o+ inadequacy of the value of the property Mreby mortgaged. or to iM solvency or insdvertCy of tM Mortgagor. and that such rents. prof+ts. +ntomes. +ssues acrd revenues shall tx aDDl+ed by such receiver to tM payment of tM mortgage +rtdebtedness. costs and charges. accord+ng to the order of such court 10 That +n the event tM ownership of tM mortgaged prem+ses es any part thereof. becomes vested m a person other than the Mortgagor. the Assoc+ation may. vc+thout nonce to the Mortgagor. deal w+th such successor w successors in +nterest w+th reference to th+s mortgage and the debt hereby secured. +n the same manner as with the Mortgagor. wdhout +r. any way viuat+ng w d+scharg+ng the Mortgagor s I+abrlrty hereunder or upon the debt hereby secured No sale of the premises hereby mortgaged and no forbearance on the part of the Assoc+ation. and no eiitens+on of tlw t+me for the payment of the debt hereby secured g+ven by the Associaton. shall operate to release. discharge. nad+fy, change es affect the or+ginal Labd+ty of the Mortgagor herein. either m whole or +n Dart 1 1 That m the event the prem+ges Mreby mortgaged. w any pan thereof, shall be condemned and taken under the power of ern+nen; domain. the Association shall have the right to demand that all damages awarded for the tak+ng of es mlury to sa+d prem+ses shall be pa+d to the Assoc+aton its successors or assgrs. up to the amount then unpaid on th+s mortgage end may be appl+ed to any sums last payable hereunder 12 That time +s of the essence of th+s contract and that no waiver of any obligation hereunder nr of the obbgauw+ secured hereby. shall at any time thereafter be Wield to be a Waiver of the terms hereof es O} 1M p!Om+S50fy note setitred hereby 13 In the evem of any default m any of tM terms of this mortgage. or in [M note secured hereby. and acceierauon by [rte tblder. or any other s+tuatron that would j cause [he interest paid or payable under th+s otN+gauon to exceed tM interest rate authorized by law. then m such event aft a¦cess interest theretofore Da+d shall be cred+ted to pr+nc+pal and all accrued and unps+d escess +nterest shall abate and shall not be an obl+gat+on of the maker or of any other person 14 That to the extent of the indebtedness of tM Mortgagor to the Associat+on dexr+bed here+n or secured hereby. cue Assoc+at+on +s hereby subrogated to the I+en or hens and to the rights of tM owner and holder thereof of each and every mortgage. I+en or other encumbrance on the land descr+bed here. wh+ch +s paid and sahshed m whole or +n part. out of the proceeds of tM loan descr+bed here+ w secured hereby. and the respective bens of sa+d mortgages. i+ens or other en- cumbrances. shall be and the same and each of them hereby +s preserved and shall pass to and be hehi 4y the Associat+on here+ as secur+ty for tM +n debtedness to the Assoc+atron herein described es hereby secured. to tM same extent that d would have been preserved and would have been passed to and been Held by the Assoc+at+on had it been duly and regularly ass+gned. transferred. set over. and delivered unto the Assoc+at+on by separate deed of assignment. notwrthstand+ng the fact that the same may be satisfied and cancelled of record. a be+ng the intention of tree parties hereto that the same mll be sat+st+ed and cancelled o} record by the holders tMreof al w about 1M t+me Of [M reCwd+ng Of ih+s mortgage 15 That +1 any of the wms of money Mrein referred to be not promptly and fully paid w+th+n th+rty 1301 days ne+it after the same severally become due and payable. or +f each and every the Stipulatron5. agreements. Cond+trOns and COVenani5 Of said prOm+iwry note and [h+5 mortgage. Or either. are not duly pertOrmed. cesn- pl+ed w+th and ab+ded by. tM aggregate sum unpa+d under card prom+ssesy rate and th+s mortgage shall become due and payable torthw+th or thereafter, at the ~ option of the Association. as fully and comdetely as d said aggregate sum of money were originally stipulated to rte peed on such day. anyth,ng in sa+d prom+s5ory note es herein to [he.COn[rary nOtwdhStand+ng S 16 That +n order to accelerate tM maturity of the indebtedness tureby secured because of the fa+ure of the Mortgayor to pay any tax assessment. I+ab+lrty oblige- ; t+on or encumbrance upon sa+d property as herein prov+ded. +t shall net be necessary nor requ+S:te that the Assoc+dt+on shall f+r5t pay the same 17 if a conveyance should rte made by the Mortgagor of the prem+ses here+ descr+bed or any part hereof. and the grantee named +n such conveyance fails or refuses to aswme the payment of iM obl+gat+on ev+dertced by seed prom+swry note and secured by th+s mortgage. and +n accordance w+th the+r respect+ve p terms and ab+de by the rules and regulations of the Assoc+atron +nclud+ng payment of a reasonable transfer fee. then. and +n the! event at the option and upwy the demand of tM Association all sums of money secured Mreby shall +mmrd+atety become forthw+th due and payable 18 That the abstract w abstracts of title covering the mortgaged property sha0 at all rimes. during the life of th+s mortgage. remain m the possess+on of the Assoc+atron and. in event of tM fweGowre of tMS mortgage. es other transfer Of title to the mortgaged property. +n e+rt+ngu+shment of the +ndebtedness secured hereby all right. title and interest of tM Mortgagor m and to any wch abstracts of tale shall pass to the purchaser or grantee 19 Should the val+d+ty or I+en of this mortgage. Or tM note secured thereby. De contested ey l+t+gat+on or otherw+se. the Mortgagor agrees to pay to tM Assocrat+on the cost of detend+ng tM same rrtCltrdirfg a reasonable attorneys lee 20 To pay ag arW sirguiar the costs, charges and a=penses. irtclud+ng attorney s tees reasonably encurred. or pa+d at any lime by the Association. because of tM fa+ure of tM Mortgagor to peAorm, co+rtpltr with and ab+de by each arW every tM supulatrons. agreements r-ond+nons and covenants of card promissory note and this mortgage. weither- and every srich leacept for the payment of tM monthly installment as requ?ed by the Promissory Note) shall bear interest Irom * date at the rate of lrj% per aIlllLlm t1IIt11 fully pa.ld. 21 The Association shall have 1M right at any isms and from t+me to t+me and w+tfaut ratite to or consent o1 any person [o lal release any pest+on of 1M premises from the I+en of th+s mestgsge. Ib1 release any person I+able for payment of any +rtdebtedness secured hereby. Icl e+rtend the time of payment or alter tM terms w o1 payment of all w my part Of the indebtedness. without affect+ng w releasing IM personal I+abrl+ty o1 eery person liable tother than any person released pur~ want hereto) for tM payment of any sum or +nterest secured hereby and without in any wise altering varpng. or d+m+n+sh+ng tM forces. effects. or hen o1 ih+s - mortgage on all the premises not speci(+calty released from tM hen of tMS rtiwtgage by tM Association ~ 22 Any agreement hereafter male by Mortgagor and Associst+on pursuant to this mortgage shall be superior to the rights of the holder of any intervening hen or encumbrance 23 upon request of Mortgages. tM Associatan may. at its sole option- from time to Ume. before full payment of cell +ndebtedness secured hereby. make furtMr ad- vances to Mortgagor. provided. however. that the total princepal secured Mreby and remain+ng unpa+d. +nctud+ng any such advances. shall not at any time sir- ; teed the original princepal vim secured Mrsby Mestgages shall pay all such further advances with interest and the same shall be secured hereby All provisans 01 th+s mortgage shall aptly to each further advance as well as to all other endebtedness secured Mreby Nothing Mrein contained. however. shall limd tM amount secured by this mortgage if wch arttoum is irtueased by advances made by tM Association. as hereinn elsewhere provided for to protect tM security r 24 In tM event tM Mortgages herein, q any subsequent Mortgage. p eery person es cesppation owning any interest vlittatsoever- should ertcumber tM property ( Mrein mortgaged h7 ail instrument commonly referred to and kr10Wn as a '-wrap-around mortgage" without first Obtprvng tM written consent of tM Associa- s tan- then. st tM option of tM Association, tM obligatrort severed by this Mortgage sMll immediately become due and payable 25 To protnde tM Association with Flood Inwrartu Coverage if tM rest property is novv w Mreaher determined to be within a ~ecial flood hazard area as shown on Flood Hazard Boundary Msp/flood Insurance Rate Msp as published by tM Fitderai Inwrartce Admirtistratan ~ , '9 G~1 22 r.:~~ ~ 33 >~n ST lUC E %Ui 4iY.•ftA. o'KCA 4o ROGER POITftAS CiERK CIP.CUIT COUR z~~x3~.8 P?~E2645 >~-CCIIR YERii~E(t_ -