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HomeMy WebLinkAbout0804 • ~ 4• That. m «der to protect more fully tM security of tiffs m«tgage. tM Mortgsg«. togetMr wdh. and in addition to. tM monthly payments under tM terms of tM note secured Mreby. on tM spscilied paY~nt date of each month until tM said note is fully pad. will pay to tM Assrciation tM following wms lal An instatlrrterit of tM texas and assessments leveed a to be Nvied sgeinst tM pemisss covered by this mortgage. and art installment of tM premium « Wemwms that will become dw end payabM to renew tM insurance on tM prertuses covered Mreby against bas by fire- and wiridst«m. ss provided f« py paragraph 3 preceding. a such other hazard of may rsasoriaDly be requued by tM Associatan, and an installment of tM premium that will become due and peyabM to renew tM mortgage inwrarice. if any. Such installments sMN be equal. respectively. to one-twelhh 11/12th1 of tM ss- timated wsmium or premiums fa such inwrance. end taxes and assessments next due Ias estimated by tM Assoaationl Mss all installments atresdy pad tMrel«, divided Dy tM number of months that tie to eMpss one month prig to tM date when such premwm a premwms and taxes and assessments will become dNingirsnt TM Associatan. whits applying wch patyments to insurance premwms. taxes end assessments. bel«e tM same become dsliriqusnt. shell not pay interest to lM Mortgagor on such funds. and all such payments may be commingled by tM Association with any other such funds a with its own funds TM funds an fledged as addmonal security for its wms secured by ttus M«tpsgs end are wb~ect to use pY tM Association m payment of "Mte cMrges" and Dank collection charges IDI All payments mentioned M tM p?ecedirig wbsectan of this paragraph end ell payments to De made under tM note secured Mreby shall be added together and tM aggregate amount tMreot sMll bs pad by tM Matgag« each month in a yngle payment to ba applied by tM Assocutan to tM fulbwing items rn tM order set /wch 1 Taxes. assessments. and insurance premiums 2 'Late charges" and bank collection charges. unless pad in manner povided in paragraph 4 lal 3 Interest on tM note secured Mreby L Am«u:atan of tM principal of sad note Any defiuency m tM amount of such aggregate montMY payments shall. unless paid pY tM M«tgag« pri« to the due date of the next such payment. con- stitute an event of default under tM mortgage Without waver of any right. tM Association may collect a "late charye'~ as provided m the Note S That it [M total of tM payments made by tM M«tgsg« under (al of pa?sgrsph 4 preceding sMH exceed tM amount of payments actually made by tM Association fa taxes and assessments and insursnes premwms. as tM use may be. such excess siiaii be credited Dy the Association on wbsequent payments to be made by !lee Mortgag« If, however. the monthly payments made by tM Mortgsg« under lal of paragraph 4 peceding shall not Mvs been wHiaent to pay razes and assessments and inwrsnce premums. as tM case may bs. when tM same shall Decome due and payable. then. tM Associatan may. at ns op- tan. immediately pay such taxes and assessments and insurance prsmwm. and tM Mortgagor shall pay to tM Associatan any amount necessary to make up the deficiency. and such payment shall be due and payabh within thirty (303 days after tM data o! mail+ng of notice by the Association setting forth tM amount of such deficiency II, at any trine. tM Mortgagor shall tender to tM Association. in accordance with the povisans of tM note secured hereby: full payment of the enure indebtedness raprssemed Mreby. tM Association shall. in rnmputirp tM amount of such indebtedness. credit to tM account of tM Mortgage any balance remaining m tM hinds accumulated under tM provisions of lal of paragraph 4 6 To permit. commit « stiller no waste. impairment « deteraratan of sad property. a any part thereof, and upon tM ladure of tM Mortpsg« to keep tM twddings on sad property in good conditan a rspau and maintenance. tM Association may demand proper maintenance and tM immediate repair of sad buildings. « an increase in tM amount of security. or tM immediate repayment of tM debt Mreby secured. and tM fadu'a of tM Mortgagor to comply with sad demand of tM Assocatan for s period of thirty (301 days sMll constitute a breach of this m«tgage. aid. at tM optwn of tM Association. rmmedrately mature tM enure amount of pruicipsl and interest Mreby secured. aril tM Association immidiataly and without notice may institute proceedings to f«eclose th+s m«tgage and apply f« tM appantment of a receiver, as hereinafter provided. and m case of tt+e refusal. neglect or mablity of the Mortgagor to repsn and maintain said property. tM Association maY• at its optan. make such repairs a cause the same to be made. and advance moneys in that beMlt ~ To pert«m. comply with and abide by each and every tM supulatans. agreements. conditions and covenants m sad promissory note and this m«tgage set forth 6 To comply wdh the subdrvisan restnctans and tM munippal zoning «dinances applicable to tM m«tgaged property. not to erect or permd to be erected any new buiWrngs on tM premises herein mortgaged or to add to or permit to be added to. make a permit to be made. any structural alterations to any of the ex- +st+rig improvements thereon without tM written consent of tM Associatan, end in the event of any valation or attempt to valeta tMse stipulations. « any of them. this m«tgage and all wms secured hereby shalt immediately become due and payable at tM option of tM Assoaatan g That in case of a default in any of tM terms of this mortgage and tM filing of a bill to forecbse this « any other mortgage encumbering the within described - property. the Associatan Shall t/e entitled to apply. at any time without notice pending wch f«BCbwre suit. to tM court having jurisdiction thereof for tM ap- pointment of a receiver of all and singular the mortgaged property. and of alt tM rents. ificomes. profits. issues and revenues thereof. from whatsoever souru . derived. and. thereupon. it is Mreby expressly covenanted aril agreed that tM court shat) forthwith appoint a receiver Of said mortgaged property. alt and singular, and of such rents, incomes. profits. iswes and revenues thereof. from whatsoever source derived. with the uwai powers and duties of receivers in like cases. and wch aPPorntment sMll be made by such court as a matter of strict right to tM Association. and without reference to the adequacy or inadequacy of tM value o1 tM property Mreby mortgaged. or to 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. act«ding to tM «der of wch court 10 That in tM event the premises Mreby mortgaged. « any part thereof, shall be Condemned and taken under the power of eminent domain. the Association shall have the right to demand that all damages awarded f« its taking of « injury to sad premises shall be pad to the As50CiatiOn. +ts succeswrs or assigns. up to the amount then tinged «i this mortgage. and may be applied to any sums last payable hereunder 1 1 Tnat time is of the essence of this contract and that n0 waiver of any obbgauon hereunder. « of the obhgauwi secured hereby. shall at any time thereaher be held to be a waiver of the terms hereof « of the promissory note secured Mreby 12 In the event of any default in any of tM terms of this mortgage. « in the note secured hereby. aril acceleration by tM holder. « any other situation that would cause the interest pad «Dayabte under this obligation to exceed tM interest rate authorized by law. then rn such event alt excess interest theretot«e paid shall j be credited to principal and all accrued and uripad excess interest shat) abate and shall not be an obligation of the maker or of any other person 13 That to the extent of tM indeptedrtess o1 tM Mortgagor to tM Associatan described Mrein or secured hereby. the Associatan is hereby wbrogated to tM L•en ~ or I+ens and to the rights o(tM owner and holder thereof of each and every mortgage. lien « other encumbrance on the land described Mrein, which is pad and satisfied. m whole or in part. out of the proceeds of the ban described herein or secured Mreby. and the respective hens of sad mortgages. liens or other en- ~ cumbrances. shall be. and tM same and each o1 them Mreby is preserved and shall pass to and be held by the Association herein as security for tM in- debtedness to tM Association herein described or Mreby secured. to the same extent that it would have been preserved and would have been passed to and been held by the Association had it been duly and regularly assigned. transferred. set over, and delivered unto tM Association by separate deed of assignment. notwithstand+ng tM fact that tM same maybe Saustied and cancelled of record. it being the mtentan of tM parties hereto that tM 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 if any of tM sums of money herein referred to be rat promptly and fully pad within thirty 1301 days next after tM same severally become due and payable. f or +f each and every tM stijwiations. agreements. conditions end covenants of sad promissory note and th+s mortgage. or either. are not duty performed. com- p?+ed with and at>.ded by. tM aggregate sum unpaid under sad promissory note and this mortgage shall become due and payable forthwith o+ thereafter. at the option of the Association. as !silly and completely as if sad aggregate vim of money were orig+nalty stipulated to tie paid on such day, anything in sad promiswry rate or Mrein to tM contrary notwithstanding i 5 That +n order to accelerate the maturity of tM indebtedness hereby secured because of tM failure of the M«tgagor to pay any tax assessment. liability. oblpa- uon « encumbrance upon said property as Mrein provded. tt Shan not De necessary nor regwsite that tM Association shall first pay the same 16 That the abstract or abstracts of title covering the mortgaged property shall st all times. during tM life of this mortgage. remain in tM possession of tM Association and. en event of tM f«eclowre of this mortgage. or other transfer of titM to tM m«tgaged property. in extinguishment of tM indebtedness secured hereby. all right. title and interest of tM M«tgagor in and to any wch- abstracts of title shall pass tc tM purchaser or grantee 7 7 Should tM valdity « lien of this mortgage. « tM rate secured thereby, be contested by hlNaation «ottierwise. tM Mortgagor agrees to pay to tM Association the cost of defending tM same including a reasonable act«riay's fee 18 To pay all and singular the costs. charges and expenses. including att«ney-s tees reasonably incurred. or paid at any time by the Association. because of tM failure of the M«tgagor to pert«m, comply with aril abide by each and every the stipulations. agreements. conditions and covenants of sad promissory note and this mortgage. « either. and every wch (except t« tM payment of tM monthly installment as required by the Promissory Note) shall bear interest from date at the rate of 15~, per annum unLl (silly paid 19 The Association shall have tM right at any time and (ruin time to time and without notice to or consent of any person to lal release any portion of tM premises from the lien of this m«tgage. Ibi release any person liable for payment of any indebtedness secured hereby. Icl extend tM time of payment or alter tM terms of payment of all or any part of the irdebti)dness. without affecting « releasing tM personal hab+bty of any person bable (other than any person released jxrr- suant hereto) for ilia payment of any Sum « irterest Secured hereby and without in any wise ahenrig. varying. or diminishing its forces. effects. « lien of this mortgage on an the premises not Specifically released from tM hen of this mortgage by-the Association 20 Any ayreement hereaher made by Mortgag« and Associatron pursuant to this mortgage shall be wpenor to the rights of the holder of any intervening Iran or encumbrance _ 21 Vpon request of Mortgag«. the Assoaatron may. at its sofa option. from trine to time bet«e fu:1 payment of all Indebtedness secured hereby. make further ad- vances to Mortgagor, provided. however. that tM total principal secured hereby and remaining unpaid. iru_'luding any such advances. shall not at any time ex- ~ teed the original principal vim secured hereby M«tpagor shall pay all such further advances with interest and the same shall be secured Mreby All provisions of tn+s mortgage shall apply to each further advance as well as to all other indebtedness secured Mreby Nothing herein contained. however. shell limn tM amount secured by this mortgage if such amount is increased by advances made by the Associatwn. as herein elsewhere Drovided for to protect tM security. 22 In tfie event the M«tgag« Mrein. « any wbsequent Mortgag«. or any person or c«p«ation owning any +merest whatsoever. stwuld encumber tM property Mrein mortgaged by an instrument r:ommonly referred to and known as a "wrap-around m«tgage' wrtt:out lust obtainirtg tM written consent of 1M Assoaa- tion. then. at the optan of tM Associaton, tM obligation secured by this Mortgage shall immediately become due and payable 23 To provide fife Associatan with Flood Inwrance Coverage if tM real property is now « hereafter determined to be vintnin a special flood harard area as shown on Flood Haiard Boundary MapiFlood Inwrance Rate Msp as published~~We ~ederYl~nwra~i~,Admirustration ST. LUCir i-'-~ ~.c~'CCUDD. TiP-A - . ~ ~ n i; ; NOM ~ 3 32 P~+ ~