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HomeMy WebLinkAbout0197 4• That. in order to protect horror fully tM security of tAis mortgage. tM Mortpaga. togetM? witA. end in addition to. tM monthly payments under tM terms of tM rate secured Mreby. on tM spatiliad payment date of eacA monM until tM sad note is fully pad. will pay to tM Associatan tM tolbwrng sums. la) An installment of tM taxes and as:•ssmenu Nviad a to be levied against tM pram+ses oowred by this mortgage. and sn rnsisilment of tM premrum or premiums that win bacoma t1w and payable to renew tM mwrance on 1M premises covered Mreby against bas by tire. and wrndstarm, as provded for by paragraph 3 pratadip. a such otMr Mtard as may reasonably be raquirsd by tM Assocation. and an instaNment of tM premrum that will become due and paYabN to ranaw tM mortgage insurance. i1 any. Such Installments shall be equal, respectively, to one-twelhh I1/12th) of tM es- timated premrum or premiums (Or such insurance. and texas and assessments next due tors estimated by tM Asrocratan) loss ell rnststlments already paid therefor. drvidad by tM number of months that are to e4pse one month prior to tM date wMn such premium a premiums end taxes end assessments wig become delrnquMt. TM Assocrstron, wMN applyu?g such payments to insurance premiums. taxes and assessments. Mfo+e tM same become delrnquMt. shall not pay rntaest to tM Mortgages on such funds. and all such payments may De commingled by the Associaton with any otMr such funds or with its own funds. TM funds are pledged as addrtronal security la tM wms secured by this Mortgage and are wbpct to use by tM Association in payment of '-late charger and bank cdlactan charges IDI Atl payments mentioned in tM pracedrng wbssttrort of this paragraph and all payments to bs made under tM note secured Mreby atoll bs added together and tM sggrepats amount tMreof sftall be pad by tM Mortgagor each month in a single payment to be applied by tM Association to the folbwrng items in tM order set brth: 1 Taxes. assessments. and inwrsnce premwms 2 "Late charges-' and bank collection charges. unless pad rn manse. ptovrded rn paragraph 4 la1 3 Inures( on tM sou secured Mreby. 4 Amoru:atan of tM principal of said note Any dehcreney in tM amount of such aggregate nantMy payments shell. umess pad by tM Mortgagor prior to the due date of tM next such payment. con- stitute an event of dafauh under tM mortgage Without waiver of any right. 1M ASSOCratan may collect a "late charge-' as provided rn tM Note 5 That J the total of tM payments made by tM Mortgagor under Is) of paragraph 4 preceding shall exceed tM amount of payments actually made by tM Associaton for taxes and ssseumMts end inwrance premiums. ss tM case may be. such exuss atoll bs credited by tM Associsuon on subsequent payments to be made by the Mortgages. II, however. tM monthly payments made by tM Mortgagor under la) of paragraph 4 preceding atoll not Aave been wNicrsnt to pay taxes and assessments end rnwrancs premiums. as tM case msy bor. wMn tM same shell become due end payaDls. then. tM Association may. at its op- tan. rmmedrstety pay such taxes and assessments and insurance premwm. and tM Mortgagor sties PaY to tM Association any amount necessary to make up the defrcierity. and wch payment SMII be due and payabh w his thrrty 1301 days ahsr tM data of marling of notice by tM Association setting forth tM amount of such deficiency If. at any bins. tM Mortgagor sMtl tender~o tM Associaton, in sc~ -~ance with tM provrs+ons of tM note'secursd herdbY• full payment of the antis indebtedness rspresanted Mreby. tM Assoeistron shall. in computing tM amount of such indebtedness. aedit to tM account of tM Mortgagor any balance remaining in tM funds accumulated under tM provisions of tort of paragraph 4 6 To permit. commit or suffer no waste. rmpairrnent or dstsraratron of sad property. or any part thsreol, and upon tM ter{tire of tM Mortgagor to keep the bu+ldings on said property m good conditrOn :.r rspau and marnunance. tM Ataaciation msy demand proper maintenance end tM immediate report of said build+ngs. or an increase in tM amount of security. or tM immediate repayment of tM debt hereby secured. and tM larlu-.r o! tM Mortgagor to comply with card riemard of tM Assoaatron for s period of thrrty 130) days shall constitute a breech of this mortgage. and. at tM option of tM Associaton, rmmedrately mature tM enure amount of principal and rntsrest hNSby secured. and tM Associston immediately and wuhout notres msy institute proceedings to forecbse tors mortaaoe and apdv for tM aptwintmsnt of a recewer, as Mrsinahsr provided. and in case of tM relusal, neglect or inabkry of tM Mortgagor to repau and maintain said property. tM Associatan may. at its option. make such reports or cause the same to be made. and advance moneys in.llial Lenail 7 To perform. comply with and able by each and every tM strpulatans. agreements. corditions and covenants in sad promissory note and this mortgage set forth 8 To comply with tAe subdivision restrictions end the munrtipal zoning ordinances applicable to tM mortgaged property. nos [o erect or permit to be erected any new puddings on tM premises herein mortgaged o. to adA to a permit to bs added to. make or permit to be made. any structural alterations to any of tM ex- istiny improvements thereon vvrthout tM written consent of tM Associaton, and rn tM event of any valation or attempt to violate tMse stipulations. a any of them. this mortgage and all wms secured Mreby shall immWisteh become due and payable at tM option of the Association g That in case of a default in any of tM terms of this mortgage end tM Irling of s Drll to foreclose this or any other mortgage encumbering the within described piirycity. itie Aaavi.+6iro~+;:.al: ties eni:itad i0 apply. at any time without noL•ca ps^~:rg such farecbs::re su+t. to the court having lunsdict+on thereof br the ap- pointment of a receiver of all and sirigulsr tAe mortgaged property. and of all iM rents. incomes. profits. issues and revenues tMreol. from whatsoever source derived. and. thereupon, it is Mreby expressly covenanted and agreed that tM court shall forthwith appant a receiver of said mortgaged property. all and srngutar. and of sucA rents. incomes. profits. iiSUS; and revenues thereof, from whatsoever source derived. with tM usual powers and dunes of reservers rn tike cases. and such appointment shall t?s made by sucA court as /matter of strict right to the Association. and without reference to the adequacy or inadequacy of ~ the value of the property hereby mortgaged. or to tM solvency or insolvency of tM Mortgagor. and that such rents. profits. incomes. issues. and revenues shall be applied by such receiver to tM payment of tM mortgage rndsbtsdness. costs and charges. according to tM order of such court 1 O That in the event the premises Mreby mortgaged. or any pert thereof. shall Oe condemned and taken under the power of eminent domain. the Association shall have the right to demand that all damages awarded (or tM talurp of or injury to sad premises shall be paid to the Association. its wccessors or assigns. up to the amount then unpad on this mortgage. and may be applied to any wms last payable hereunder 1 1 That time is of the essence of this contract and that no waiver of any abiigatran hereunder, or of the obligation secured hereby. shah at any time thereaher ()e held to txe a waiver of the terms Mreol or of the promissory rate secured hereby t 2 In the event of any default +n any of tM terms of this mortgage. a in tM note secured hereby. and acceleration by the border, or any other situation that would cause [he interest paid or payable under this pbligstian to exceed tM interest rate autAOrr:ed by taw. then in such event alt excess interest theretofore paid shall be creel+ted to principal end all accrued and unpad excess interest shall abate and shall not be an obligation of the maker or of any other person ~ 13 That to the extent of the indebtedness of the Mortgagor to tM AsSOtiatan described herein or secured AerebY the Association is Hereby subrogated to the lien ' or bens and to the rights of tM owner and holder therept of bath and every mortgage. lien or other encumbrance on the land described harem. which rs paid and ~ sausf+ed. m whole or in part. out or the proceeds of tM ban described Mrein or secured hereby. and the respective bens of said mortgages. liens or other en- - i cumbrances. shall be. and tM same end each of [hem Mreby is preserved end shaft pass to and be held by the Association herein as security for tM in- I debtedness to the 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 Associat+on had it Dean duly end regularly essigned.:ransfenrsd. set over. and delivered unto the Association by separate deed of assignment. notw+thstanding the tact that tM same may be satisfied and cancelled of record. it being the intent+on of the parties hereto that the came will be satisfied and cancelled of record by tM holders thereof at or shout tM time of tM recording of this mortgage 14 That if any of the sums of money Mrein referred to be rat promptly and fully pad within thrrty 1301 days next after the same severally become due and payable. or if each and every the stipulations. agreements. conditions end covenants Of said promissory note and this mortgage. or either. are not duly performed. com- l pled w+th and abided by. the aggregate Sum unpid under sad promissory rate and this mortgage shall become due and payable fortAwith or thereaher, at tM opt+on of the Association. as fully end completely ss rf sad aggregate win of money were originally stipulated to be paid on such day, anything in said promissory note or Mrein to tM contrary notwrthsisnding 15 Tha[ in order to accelerate the maturity of the indebtedneSS hereby secured because of the failure of the Mortgagor to pay any tax assessment. liability. oblrga- tion or encumbrance upon said property as Mrein provded. rt shall not be necessary nor requisite that the Association shall first pay tM same 16 That tM abstract or abstracts of title covering the mortgaged property shall at all limes. during the fife of this mortgage. remain m the possessors of tM Association aid. in event of tM foreclowre Of this mortgage. or other transfer of trtb to the mortgaged property. in extingu+shment o} tM indebtedness secured hereby. all right. title and interest of tM Mortgagor in and to any- wch abs!nscts of t+tle shall pass to the purchaser or grantee 1 7 Should the vaidrty or hen of this mortgage. or the note secured thereby. be contested by LtigaLOn or otherwise, Ise I?10rtgay0+ agrees to pay to tM l~ssaaaian the cost of defending tM same including s reasonable attorney-s fee 18 To pay alt and singular the costs. charges and expenses. including attorney's fees reasonably incurred. or paid at any time by the Association. because of tM failure of tM Mortgagor to perform. comply with and able by each and every the shpulanons. agreements. conditions and covenants o1 said promissory note and this mortgage, or either. end every wch lexcept for tM payment of the monthly installment as required by the Promissory Note) shalt bear interest from date at tAe rate o! per annum until fully pad 19 The Association shall Aave tM right at any Ume and from time to time end witfaut notice to or consent o1 any person to tai release any portion Of tM premises from the lien of this mortgage: Ibl release any person liable for payment of any indebtedness secured hereby. Icl extend the time of payment or alter tM terms of payment of al! or any part of the indebtedness. without affecting a releasing tM personal habdrty of any person liable (other than any person released pur- suant hereto) for the Dayment of any Sum or rntsrest secured hereby end without in any wise altering. varying. or diminishing the forces. effects. or Iran Of this mortgage on all the premises not speuhcaliy released from tM hen of this mortgage by the Association 20 Any agreement hereafter made by Mortgagor and Association pursuant to this mortgage shall be superior to the rights of the holder a( any intervening Ilan or encumbrance 21 Upon request of Mortgagor. the Associatan may. at its sole option, from time to time. before full payment of all indebtedness secured hereby. make further ad- vances to Mortgagor, provided, however, that the tool principal secured hereby and remaining unpaid. including any such advances. shall rat at any time ex- ceed the original principal cam secured hereby Mortgagor shalt pay all such further advances with interest and the same shalt be secured Mreby All provisions ~ of this mortgage shall apply to each further advance as wet{ as to all other indebtedness secured hereby Nothing herein contained. however, shall hmrt tM amoum secured by this mortgage r} wch amount rs increased by advances made by the Association. as termm elsewhere provided for to protect tM security 22 In the event the Mortgagor Mrein. or any wbsequent Mortgagor, or any person or 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 written consent of tM Associa- non, then. at tM option of tM Association- the obligation secured by this Mortgage shall immediately become due and payable. 23 To provide the Associaton with Flood Insurance Coverage if the real property s now or hereaher determined to be within a speuat flood hazard area as shown on Flood Hazard Bounrfarv MapiFlood Irtwrance Rate MaD as published by tM Federal Insurance Administration 4'71213 E-~6 - 1919 0'EC 3-t PEt 2~ 31 T/P-A F L DDA •C RECORDED s ROGER POITRAS~ ~ CIERK CIRCUIT COURT ~ nR RECAROVERIFIED__ - , ~ . g~ 3~3 Pa~~ 19T .