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HomeMy WebLinkAbout0243 . 4• That. +n order to potsct•rrtore fuNy tM secur+ty of ttus mortgage. tM Mortgagor, togetMr wrih. and +n sdd+t+on to. tM monthly payments order tM farms o1 tM note >}Curs~ hateby..on tM speaf+ed payment daq of each month anal tM aid non rs lady pad. wrU pay to tM Associaton tM Idbwing wms Ia1 An +nstsllrt?ent of tM taxes and assessments Nvred or to W Nvted agautst tM prem+ws covered by this mortgage. srd sn rnstsllment of tM premwm or psmiums that will Decorrte dw and paYaDN to anew tM rnsuronce on tM prenuses covered Mreby against ties by hrs. and w+ndstorm, as provded fa by paragraph 3 precedrrp. or wch other hazard as msy roasonsbly be requ+red by tM Associatan: anti sn insgltment d tM premwm [fret w+H become dw and PaYaDN to renew tM mortgage utiwsnce. rf any. Such installments ttMU be equal, respsct+wly, to orte•twelhh (tit2th) of tM es• t+mated premium or premiums Ior such rrtsurance. and taxes and assessmartts next dw less est+rrtsted by tM Aesocratan) Nss all installments skeady pad therefor. drvxled by tM rwmber of month that are to e4pw one month error to tM daq when such psrruum a pnm+ums and texas and sssessmenq will become delirrquMtt. TM Association, wMN appMng wch piymsnq to rnwronte premiums, axes and aswssmenq. before tM same becpnre dekr?gwnt. shall not pay interest to tM Mortgagor on wch funds. and s11 such payments may be cornmrngled by tM Assowstan with any otMr such funds or wiM rte own funds- TM fixds era pNdged as additarNl security for tM wms secured by this Mortgage and ere sub)ect to uw by tM Associaton in paym«tt of "Nte charges" and barrR oollactron charges. Ibl All payments rrtentiorrsd in tM precedrrtp wbsectan of tlrs paragraph -end all payments to be made under tM note second hereby shad a added togetMr and tM aggregate amount tMreof sMN bs pad by tM Mortgagor each month in a singN payment to M applied by tM Associatan to tM Idbwrng items in tM order sat forth: 1. Taxes, aswssments. and mwroncs premiums. 2 "Late chargsi' end bank cdlectan charges. unNss pad in roamer Wovrded in psrepraph 4 Is) 3. Interest on tM noes secursg hereby. 4. Amortrutan d tM prrrtcipsl of sad noq Any iefciency in tM amount of such aggregaq monthly payments shall. urrNss paid by tM Mortgages error to tM due date of tM next such payment. con- stitute an event of defauh under tM mortgage. Without waiver of any right. tM Associatan may cdlect a "late charge-- ss povrded in tM Nots. 5 That +f tM total of tM payments made by tM Mortgagor under Isl of psragrspA 4 precod+rtg shell exi;eed tM amount of paymenq sctwUy made by tM Associaton for taxes and sswssments and inwnnce prsnuums. as tM ass msy tier such excess shall be credited by tM Associatan on wbsettwnt payments to be made by tM Mortgage. If, however, tM monthly paymenq made by tM Mortgagor under Isl of paragraph 4 prsceWng shall not Mve been wHrcient to pay taxes and assessments end inwrarrp premiums. as tM caw may be. wMn tM same sMll become due and payabN. then, tM Association may. st its op- tan. imntadiately pay such taxes and assessments and irtwranGe premwm. and tM Mortgagor shad pay to tM Associatan any amount neceffary to rnske up tM deficiency. and such payment sMH be dw and payebN witlwn tMrty 1301 days she tM daq of markrp of notice by tM Association vetting forth tM amount of such deficiency If, st any bins- tM Mortgagor tihatl tsrtder to tM Assocation, in accordance with tM prowsiorts of tM note secured hereby. full payment of [M entire indebtedness represented hereby. tM Association sfrall. in compudrtg tM amount of such indebti?drress. credit to tM account o1 tM Mortgagor any balance remaining m tM funds atxumulsted under tM provisions of 15) of psrsgnph 4. 6 To permit. commit or wffsr ra waste. impairment a dstsrbrstan of cad property. a any pert thereof. end upon tM failure of tM Mortgagor to keep tM Ou+ld+ngs on sad property in good cortditan a repair and maintenance. tM Assoastan may demand proper maintenance end tM immifdiaq repair of sad buiW+ngs. or sn irxreaw in tM amount of sscunty. a tM immediate repayment of tM debt Mrsby secured. and tM fsilu-,r of tM Mortgagor to comply with sad demand of tM Assocrstan for s period of tMrty (30l days sMH constitute a breach of the mortgage. and. at tM option of tM Assocatan. rmmedistehr mature tM amnia amount of prmcipsl and interest hereby secured, and tM Association immediately and without notice msy institute proceedings to forecbse tMs mortgage and apply for tM appointment of a rscerver. as MreiMha pri„rided. acrd in ass of tM retussf, rregbct or insD+kty of tM Mortgage to repair and maintain sad poperty. tM Association may. at its option, make such repairs or csuw tM same to be made. and advance moneys in that bshstf. 7 To perform. comply with and able by each and wary tM strpulatans. sgreemertts. conditions and covenants in sad prom+ssory noq and flits mortgage set forth 8 To comply with tM wbdmsan rsstrrctiorts anti tM munrppal zoning ordirtsrtces applicabN to tM mortgaged property- rat to erect or permit to be erected any new build+ngs orr tM premises Mrein rrrortgsgsd or to add to or psrnwt to be added to. make or permit to bs made. any structural stteratans to any d tM a:- isting improvements thereon without iM Written consent of tM Associaton. and in tM event of any vrdatan or attempt to vitiate tMw stipulations. es any of them. tMS mortgage and ell wms secured Mreby sMll cmrttedratsly become dos and psYabN st tM optan of tM Association. - g That in case of a default in any of tM terms of this mortgage and tM fikng of a bill to fesecbse tMs or arty other mortgage encumbenng tM within Ms,ribed property. tM Associston shall be entitled to apply. at any time without notice periling such forecbsure wit. to the coon Mwng lunsdieteon thereof for tM sp pesntment of a recewer of sH and siriguNr tM mortgaged property. end of all tM rents. incomes. profits. issues end revenues thereof. from whstsoevN source denved. and, thereupon. it is Mreby expressly covenanted and agreed that tM court shall forthwith appesm s receiver d sad mortgaged property. sU end singular. and of such rents. incomes. pofits. issues and revenues tMrsof, from whatsoever source denved. w+th the uwal powers and duties of receivers in like cases. and such appesntment shall be made by such court ss s matter of street right to tM Association, srd without reference to the adequacy or inadequacy of tM value of tM property Mreby mortgaged. a to tM sdvency or insolvency of tM Mortgagor. and that such rents. profits. incomes. levees. and revenues sMH be applied by such receiver to tM psymMt of tM mortgage indebtadrisss. costs and charges. accesding to tM order of such court t O That in tM event tM premises Mreby mortgaged. es any part thereof. shall be condemned end taken under tM power of eminent domain. tM Association Slis11 have tM right to demand that alt damages awarded for tM [slurp of or injury W sad premises shall be pad to tM Association. its wccessors a assigns. up to tM amount theji unpad on tMS mortgage. and may be applied to any wins last payable Mreunder t 1 That nine is of the essence of tMs conusa and that no waiver of any obligation Mreunder. or of tM obligatiw secured hereby. shalt at any time [hereaher be held to txr a waiver of tM terms Mrsot or of tM pomissory note secured Mreby 12 Iii ilia event of any default in arty of tM terms of tMs nartgsgs. es in tM note secured hereby. and acceleration by tM holder. es any other situatan that would cause the interest pad es payable under iMS obtigsdon to exceed tM interest rate autlarized by taw. then in such event all excess +nterest ttieretotese pad sMN be credited to principal and all accrued end upped excess interest shall share end shalt not be an oWigatan of tM maker a of any other person t 3 That to tM extent of tM indebtedness of tM Mortgagor to tM Associstan descnbed Mrein or secured Mreby- tM Associatan is Mrisby wbrogated to tM ken or kens and to tM nghts of tM owner end holder thereof of each and every mortgage. ken es oilier encumbrance on tM land described Mrein, which is pad end satishrd. in wliote or in part. out of tM proceeds of the k~sn descnbsd Mrein es secured Mreby, and the respective kens of sad mortgages. kens a other en cumbrances. shall be. and tM same end each of them Mrsby n preserved end shall pass to and be Mb by iM Association Mrsin as secunty for tM m- debtedness to tM Association harem descnbed or Mreby secured. to tM same extent that it would Mve been preserved and would have been passed to and been held by tM Association had rt beer. duN end regularly assigriod. transferred, set over. and delivered unto tM Association by separate deed o1 assignment. notwithstaMing tM fact that tM same may be satisfied and cancelled of record. rt beeng tM intentan of tM parties Mreto that tM same will be sausfied and cancelled of record by tM holders thereof at a about tM lime of tM retording• of this mortgage f 14 That if any of the sums of money Mre:n referred to be not promptly and fully pad vyithin tMrty 130? days next after tM same severally become due and payable. or if each and wary tM stipulations. agreements. cord+tans end covenants of sad promissory note and this mortgage. or either. are not duly performed. tom- ! plied :virh and abided by. tM aggregate win unpad under sad prom+ssory note end this mortgage shall become due and payabb forthwith es tliereaher, at tM option of the Associaton. as /ally end completely as if sad aggregate win of money were ongmally stipulated to be pad on wch day. anytMrig in sad promasory note es Mroin to tM contrary notwithstanding 15 That in order to accelerate tM maturity of tM indebtedness hereby securod because of tM failure of tM Mortgagor to pay any tax assessment. I+aMlity. ob!iga- i torn or encumWance upon sad property ss herein provided. rt shad not be necessary nor regwsite that tM Associaton shall fast pay -tM same 16 That tM abstract es abstracts of t~tb covenrig tM mortgaged property SMH st ell limes. dunrig tM life- of tMS mortgage. remain in tM possessan of tM r ASSOC+ation and. m event of tM feseclowre of this mortgage. es other transfer of title to the mortgaged property. in extinguishment of tM iridl3btedness secured + hereby. ail right. title and interest at tM Mortgagor m end to any wch abstracts of title shad pass to the purchaser es grantee 7 Should ;he valdity or ken of tMS mortgage. es tM note secured thereby. be contested try litigation es otherwise. the Mortgages agrees to pay to tM Associatan the cost of defending tM same including a reasonsby attorney s fee t 8 To pay all and singular tM costs. charges and expenses. including attesriey's fees reasonably incurred or paid at any lime by the Association, because of tM failure of the Mortgagor to perform, comply with and abide by each and every the stipulatans. ayreements. corditrons and covenants of sad promissory rate and this mortgage. es either. and every wch fexcept for tM payment of the monthly installment as required by the Promissory Note) shall bear interest from date at the rate of lss•/MM annum until fully paid • g The Association shah have 1M t ~ny dine and from nine to Gme and without nOUCe to or consent of any person to la~i re~ease any portron of the premises !rom the lien o} this mortgage. (b? relssw any person I+abN for payment of any indebtedness seturert hereby. lci extend the tame of payment or alter tM terms of payment of all or any pert of tM indebtedness. without aHeciing es relesfing the personal liability of any person liable (other than any person released pur- suant heretoi for the payment of any cam es +nterest secured hereby and without m any wise aitenng varying. or diminishing the faces. effects. o+ lien of tMs mortyage on a0 the premises not specifically released Jrom tM ben of tMS mortgage by the Association a 20 Any agreement hereaher made by Mortgages and Associaton pursuant to flits mortgage shah lx superior to the nghts of file holder of any intervemrig ken o+ ~ encumbrance - 2 t Upon request of Mortgagor. the Association ms/. st its foie option, from [trite to time. before fail payment of all indebtedness secured hereby. make further ad- vances to Mortgagor, provided. however, that tM total principal secured hereby and remaining unpaid. incli:clirig any wch advances. shall not at any dine ex- teed the onginal prinCrpal cam secured Mrel>y Mortgages shall pay ell wch further advances with +nterest and the same shall be secured Mretty All prOVis+OnS of this mortgage shah apply to each further advance as well as t0 alt other indebtedness secured hereby NotMrig Mrein contained. however. Shall limit tM amount secured by tMS mo+tgage if such amount is increased by advances made by tM Associaton. as herein elsewhere provded-for to protect tM secur:tC 12 In the event the Mortgagor Mrein. or arty subsequent Mortgagor. or any person es corporation owning any interest whatsoever. should encumber the property herein mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage without first obtaining the wntten consent of the Associa- from- then. at the opt+on of tM Association. tlxs obligatan secured by tlirs Mortgage shalt immediately become due and payable 23 To provide the Association with Food Insurance Coverage if tM real property is now es hereaher determined to tie within a special flood hazard area as shown on Flood Hazard Boundary Map/Flood Insurarits Rate Msp as published by tM Federal Insurance Administiatron 3 24 At the request of tM Mortgagor. tM Associatan agrees to waive tM provisions oI psragrsph 4 relative to tM creation o(s tax es+:row account: provided. lawgiver, that tM Assocmtion rotsirts tM right. at its option. to re-instate such provisions of said paragraph 4 as an oblige;tort of tM Mortgagor hereunder upon the Mppemng of any of tM fdbwinp: A. Transfer of the mortgaged premises, or any pert thereof. B Fadurs to make any payment requusd under tM terms of tM note on or before tM due date thereof. ' C To deliver to tM Association. on or before March 10 of each year, qx recepts evideriang tM payment of ell lawfully imposed taxes for tM preceding caNrdar year, to deliver to tM Association receipts evxfericing tM payment of sH lier?s for pubkc improvements witMn riinsry 190) days after tM same shag become due and paysbN. end to pay or discharge within ninety (901 days aher due date. any end all governniengl Nvies that msy W made on Ilta mortgaged propilAy. a f! lEU eft - i • o>; F`O<< ST. U1r,(r ~ ~ F~~. 4~9~40 o~P• p. - ~s ~ IC):NE~R t~a~t&-j?t~eG 1~ RErnEc,r- :_~1~ T/P A Abe ~