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HomeMy WebLinkAbout0491 - ~ . _~70n; - - v 4• That. in order to protect more fully tM Ncunty of this mortgage. tM Mortgagor. togetMr with. and in addition to. tM montMy payments under tM terms of tM note secured hereby, on tM ttpecfied payment dale of each month until tM sad note is fully paid. vest pay to tM Association tM folbwmg wms fat An instaltrttent of tM taxes and assessments teviad or to be toured against tM premises covered by this mortgage. and an instalmmant of tM premium a premiums that will become due and payabh to renew tM insurance on tM prerruses covered Mreby against tits by hie. and windstorm- as provided for by paragraph 3 preceding. a such other Mzard as may reasonably be regwred by tM Association. and an installment of tM premium that will become due and payable to renew tM mortgage inwrance. d any. Such installments shall tit equal, respecuveh- to one-twelfth 11~12th? of [he es- timated premwm or premiums for wch inwrarxe. and taxes and assessments neat due las esumatsd by tM Association) less all installments already paid therefor. divdsd by iM number of months that are to elapse one month pia to tM date when such premium or premiums and taxes and assessments will become debnquem TM Associaton- whde applyir?g wch payments to mswance premwms. taxes and assessments. before tM same become delinquent. shall not pay interest to tM Mortgagor ort wch funds. and s11 such payments may be commingled by tM Association with any other such funds or with its own funds TM funds are pledged as additional security fa tM wms severed by this Mortgage and are wgect to use by tM Association m payment of "late charges'- and bank collection charges Ibl All payments mentronsd in tM preceding wbssctron of this paragraph and all payments to be made under tM note secured Mreby shall be added together and tM aggregate amount thereof sMll be pad by tM Mortgagor each month m a angle payment to be applied by tM Association to tM folbwing items in tM order set forth 1 Taxes. assessments. and inwrance premiums 2 "Late charges' and bank collectron charges. unless pad in manner provided in paragraph 4 lal 3 Interest on tM note secured Mreby 4 Amortitatron of iM principal of sad note Any deficiency in tM amount of wch aggregate monthly payments shall, unless pad by tM Matgaypr prior to tM due date of tM next wch payment. con stitute an event of default under tM mortgage tlyithout waiver of any right. the Association may collect a late cnarye'- as provided in tM Note 5 That d [M total of tM payments made by tM Mortgagor under Ial of paragraph 4 preceding shall exceed tM amount of payments actually made by the Associatron for taxes and assessments and inwrence premiums. as tM case may be. such excess shall be credited by 1M Association on subsequent payments to be made by iha Mortgagor. IL however. tM monthly payments made by tM Mortgagor under lal of paragraph 4 preceding shalt not have been wMicient to pay taxes and assessments and inwranes premiums. as tM case may be. when tM same shall become due and payable. then. tM Associatron may. at its op- tion. immediately pay such taxes and assessments and msurancs premwm. and tM Mortgagor shall pay to tM Association any amount necessary to make up the defiaency- and wch payment sMll be due and payable wtMn thirty 1301 days after tM date of matting o1 nonce by tM Assoc:atron sarong forth tM amo.rnt of such deficiency If. at any time. tM Mortgagor shall tender to tM Association. in accordance with tM provisions of the note secured hereby. full payment of the enure indebtedness represented Mreby. tM Association sMlt- in computing tM amount of such indebtedness. credo to tM account of tM Mortgagor any balance remaining in the funds accumulated under tM povisiOris of lal of paragraph 4 - 6 To permit. comma o. suNer no waste. impairment or deterroratron of sad property. w any part thereof. and upon tM failure of tM Mortgagor to keep the buildings on sad property in good condition W repair and maintenance. tM ASSOCiaUOn may demand proper maintenance and the immediate repair of sad tw+Idengs. or an increase m tM amount of security. o? tM immediate repayment of tM debt hereby secured. and tM faJu-.r of tM Mortgagor to comply wrth said demand of the Associatron for a period of thirty 1301 days shall constitute a breach of this mortgage- and. at tM optiai of tM Association. immediately mature the entire amount of principal and interest hereby secured. and tM Associaton immediately and without nonce may institute proceedings to foreclose tMS mortgage and apply for tM appointment of s receiver. as Mreinalter provided. and in case of the refusal. neglect a inability of tM Mortgagor to repair and maintain said property. tM Association may. at its option. make such repairs a cause tM same to be made. and advance moneys in that behalf 7 To perform. comply with and abide by each and every tM stipulatons- agreements. conditions and covenants in sad promissory note and this mortgage set IortA 8 To comply wah the subdwisron restrictions and the muniapal toning ordinances applicable to tM mortgaged property. not to erect or permit to be erected any new buildings on the prenuses Mrein mortgaged or to add to or perms to be added to. make or permit to be made. any structural alterations to any of tM ex- isting improvements thereon without tM wntten consent of tM Associatron, and in tM event of any violation or attempt to violate these supulatrons. m any of them. this mortgage and all wins secured Mreby shall immediately become due and payable at tM option of tM Association n} tFa farina n! r ~ ni s z !rl:nr- ! a * rn !r_.:ertfl[P lhsc M x-. n!nrr r^nrlr`:irM PRet:m!~re^.^. !!ee. we!nen f!est!ebeQ o Ti.~...r L'a;e of a defa_.It ...:.,y his n+or*L+_e_ H.._ ...i i+. ^Y s property. the Associaton shall be entitled to apply, at any time vvitnout notice pending such lorecbswe sort. to tM court having lunsdiction thereof br the ap- porniment of a receiver of all and singular tM mortgaged property. and of all tM rents. incomes. profits. iswes and revenues thereof, from whatsoever source derived: and. thereupon. it is Mreby expressly covenanted and agreed that tM court shall forthwith appant a receiver of sad n•.ortgaged property. al! and sinyular, and of such rents. incomes. profits. issues and revenues thereof. from whatsoever source derived. wrth tM usual powers and dunes of receivers in like cases. and wch appointment shall be made by such court as a matter of strict right t0 tM Association. and without reference to the adequacy or inadequacy of the value of tM property hereby mortgaged. or t0 tM solvency or insolvency Of tM Mortgagor, and that such rents. profits. incomes. issues. and revenues shall be applied by wch receiver to tM payment of tM mortgage indebtedness. costs and charges. according to the order of such court 1 O That in the event the premises Mreby mortgaged. W any part thereof. shalt bE condemned and taken under the power of emrrent domain. the Associatron shall have the right to demand that all damages awarded for tM taking of or mtu:y to said premises shall be paid to the Assa.ration. its successors or assigns. up to the amount [hen unpaid on tMs mortgage. and may be applied to any wins last payable hereunder 1 / That rime is of the essence of tMS contract and that no waiver of any obligation hereunder. or of the obhyauon secured hereby, shalt at any time thereafter be herd to be a waiver of tM terms hereof or of the prdhiissory note secured hereby 12 In the event of any default +n any of tM terms of this mortgage. or in tM note secured hereby. and acceleration by the holder. or any O[Mr Situation that would cause the interest paid or payable under this obligation to exceed tM interest rate autiiorited by law. then in such event all excess interest [heretofore paid shall be credited to principal aril all accrued and unpaid excess :merest shall abate and shall rrot be an obligation of the maker or of any other person ~ 13 That to the extent of the indebtedness of tM Mortgagor to tM Associatron described herein or secured hereby. tM Association is hereby subrogated to the Iron i or hens and to the rights of the owner and holder thereof of each and every mortgage. lien or other encumbrance on tM land descnued herein. which is pad and sat+sfred. in whole or m part. out of the proceeds of the ban described herein or secured hereby. airs the respective Irons of said mortgages. hens or ather en- ~ cumbrances. shall M and the same and each of them hereby is preserved and shall pass to and be held by the Association herein as security for the in- debtedness to the Association herein described a hereby secured. to iM same extent that rt would have been preserved and would have been passed to and ~ been held by the Associanon had it been duly and regularly assigned, transferred, set over, and delivered unto the Association by separate deed of assignment. notwithstanding tM tact that tM same may be satisfied and cancelled of record. it being IM intention of the parties hereto that :he same will be satisfied and cancelled of record by tM holders thereof at or about tM time of tM recording of this mortgage 14 That i? any of the sums of money Mrein referred to bB not promptly and fully pad within thirty 1301 days next after tM same severally become due and payable. or rf each and every tM stipulations. agreements. conditions and covenants of said promissory note and this mortgage. or either. are not duly performed, com- plied with and abided by. the aggregate sum unpaid under card promissory note and This mortgage shall become due and payable forthwith or thereafter. at tM option of the Associaton, as fully and completely as if sad aggregate sum of money were originally stipulated to be paid on wch day. anything in sad promissory note Or herein to tM contrary notwithstanding 15 That +n order to accelerate the maturity of the indebtedness hereby secured because of tM failure o} the Mortgagor to pay any tax assessment. liability- obliga- tion or encumbrance upon card property as herein provided. shall not be necessary nor requisite that the Association shall first pay the sam! 16 That the abstract or abstracts of title covering the mortgaged property shall at all times. during the fife of this mortgage. remain in the possession of tM Association and. in event of the foreclosure of this mortgage. or other transfer of title to the mortgaged property. in extinguishment of the indebtedness secured hereby. all right. title and interest of tM Mortgagor in and to any such abstracts of title shall pass to the purchaser or grantee 17 Should the vat.drty or lien of this mortgage. a the note secured thereby, be contested by litigation or otherwise, the Mortgagor agrees to pay to the Assouation the cost of defending iM same including a reasonable attorney-s tee f3 Te pay all and s!ngila. oho r•ncrq r•harges and expencnc, mr•Irirlrng xrrnrnPy"c feet rPxcnnaMy incurred nr hard at any time by the Association because of the failure of tM Mortgagor to perform. comply wrth and abide Irv each and every the stipulations. agreements. conditions and covenants of said promissory note and this mortgage. oreither- and every wth (except for tM payment of tM monthly installment as regilired by the Promisso+y Note) shall bear interest from date at the rate of lj~ rev annum until fully paid 19 The Association shalt have the right at any time and from time to time and without notice to or consent of any person to (al release any portion of the premises from the hen o} tMS morigoge: ib1 release any person hsbte for payment of any indebtedness secured hereby. (c1 extend the time of payment or alter the terms of payment of all or any Dart of tM indebtedness. without affecting or releasing the personal liability of any person liable loftier than any person released pur- suant hereto) for the payment of any vim or interest secured hereby and without in any wise altering. varying. or diminishing the forces. effects. M hen of tMs mortgage on all the premises not specifically released from the lien of this mortgage by the Association 20 Any agreement hereafter made by Mortgagor and Association purwant to tMS mortgage shat: be superior to the r:ynts of the holder of any intervening honor encumbrance 21 t,pon request of Mortgagor, the Association may. at its sole opton, from time to time. before full payment of all indebtedness secured hereby. make further ad vances to Mortgagor. provided. however, that the total principal secured hereby and rema+nmg unpaid. including any wch advances, shall not at any time ex- teed the original principal vim secured Mreby Mortgagor sMll pay all such further advances with interest and the same shall be secured hereby All provisrons of this mortgage shall apply to each further advance as well as to all other indebtedness secured Mreby NotMng Mrein coma+ned. however. shall limit the amount secured by tMs mortgage d such amount is irxreased by advances made by the Association. as herein elsewhere provided for to protect tM security 22 In the event the Mortgagor Mrein. or any subsequent Mortgagor. or any person or corporation owning any interest whatsoever should encumber the property f Mrem mortgaged by an instrument commonly referred to and known as a wrap around moayaye without firs[ obtaining the wntten consent of the Associa- r lion, then, at the option of the Associaton. tM obligation secured by tMs Mortgage shall immediately become due and payable 23 To provide the Association with Flood Insurance Coverage if the real property is now or hereafter determined to be within a special (food hazard area as shown on Focal Natard Boundary Map/Flood Insurance Rate Map as published by tM Federal Insurance Administration • 4~i'7581 1919 Nov 2~ PM z ~:q Tie-A i• c l a t. . tir. - - 4 e r ; {