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HomeMy WebLinkAbout0211 - - ~ ~ 6.0;.3 i ~ i - 4• That +n order to protect rttore hrfly fete security of thrs mortgage- tM Metpspe. topetMr w+th. and +n sdd+bon to. tM nanthly payments under tM term': of 1M note secured hereby. on tM specd+ed payment date of each month until the sad note rs lolly pad. will pay t0 the Assoc+atron tM fpUpwrrtg sums lal An ,nstallment of tM taxes and assessments leered d to be lev+ed aparnst tM Wem+ses covered by ih+s mortpsps.,snd an rnstaliment of tM Wam+um err urem+ums that wru become due and payabN to renew tM inwrance on 1M Werruses covered Mreby spaurst bu by tire. and w+ndatem, as Wovdsd for by parsprsph 3 WKedrrtp. Or such other ha>;ard as may ressonsbly be regwred by tM Assoc+atan. arxf an +nstallment o) tM prem+um that wrll become due and wyabl. to renew tM mortgage rnsuurxe. d any. Such installments sM11 be equal. respecuveN. to one-twelhh I1/12th) of tM es- tirnated Wemwm a Wemrums for such insurance. and taxes and assessments next due (as sst+mated by tM Assocratron) less a!1 +nstallments suealfy pad therefor. drvdsd by the number of months that are to elapse one month Wre to the date when such Wsrruum a Wemrums and taxes and assessments wrN bKOms debnquMt TM Assocratron. wh+le applying such payments to +nwwrlce W emams. taxes and assaumants. before tM same become dehngwnt. sMU not pay interest to tM Metpape t1n such lords. and all such payments may be comm+nplsd by tM Assocratan wuh any other such funds a wrath rte own funds TM funds srs pledged as addrtanal sacwdy fe tM sums secured by this Mortgage and srs wgect to use by tM Assocratron m payment of "late cftargss" and Dank cotlectan clrarpss Ibl All payments mentioned in tM prKedrnp subssctan of th+s paragraph and all payments to be made under IM note secured Mreby shall be added together and tM aggregate amount tMreol shall bs pad by the Metpsgor each month m a srn8le payment tp be appt+ed by tM Assocrsbon to tM folbwurg +tems in tM order set torts 1 Taxes. assessments. and inwrance Wemams 2 'Late charges' end bank collectan charges. unfair pad rn manner prov+tted in paragraph 4 lal 3 Interest on tM rota secured hereby ~ Ametrtat+On o/ tM Wrncrpat of sad note Any tiefic+ency in tM amount of such aggregate monthly Wyments shall, uroes5 pad by the Metgage War to the due date o! tM next such payment con- stitute an event of default under the mortgage 5lydhout wawsr o1 any right. its Assocratan may collect a "late charge" as Wowded rn tM Note g That +1 the total of tM payments made by tM Metpapa under bl of paragraph ~ prKed+rp shall exceed tqe amount of payments actually made by tM Assocratier le taxes and assessments end insurance Dremwms. as tM case may be. such excess shah be cred+ted by the Assoc+atan on subsequent payments to be made Dy tM Metpaga 11. however. tM monthly payments made by tM Mortgagor under Ial of paragraph 4 WKed+ng shalt not have peen wflrc+ent to pay tales and assessments end inwrance Wsmwms. as tM case may bs. when tM same shag gacome due and payable. then, the Assoc+atron may. at ris op tan. +mnred+atety pay such taxes end assessments and rnwrance Wemrum. and tM Metgape shalt pay to tM Association any amount necessary to make up the del+c+eix:y, and wch payment sMll be due arid IaaysbN w+thin thirty (301 days aher tM date of ma+hrtg of notice by the Assocrat+on setting Earth tM amount of wch dehcrerrcy If. at any time. tM Metgage shall tender to tM Assocution. ~n accordance with tM Wov+srons o} the note secured hereby, full payment of the entire +ndebtedness represented Mreby: tM Assocrstron chaff. rn computing tM amount of such +rdebtedness. creWt to the account of the Mortgagor any bala+tce rema+n+ny rn the funds accumulated under the Wovrsans of fal of paragraph ~ 6 To permit commit a suffer ro waste. rmpa+rment a dtter+eatan of sad Woperty. a any Dart therepl. and upon the failure of tM Mortgagor to keep tM tw,W,nys tin sad Woperty in good cortdrtan a repair and maintenance. tM Assoc+ation may demand proper ma,ntenance and the rmmed+ate repair of sad bwW,ngs or an increase rn the amount of security, or tM +mmed+ate repayment o! tM debt hereby secured, and the IaJu-.r of tM Mortgagor to comply wrath sad demard of tM Assocrat+on for s pared of thury 1301 days shall constitute a breach of iMs mortgage. and. at tM opt+on of tM Assocratran. rmmed+ately mature the enure amount of Wrnc+pal aril rnterest Mreby secured. end tM Assoc+atron rmmed+atety and w+thout not+ce may +nsutute Woceed+rrgs to teecbse th+s mortgage and apply for tM appentment of a receiver. as Mre+Mher Wovded. and rn case of the refusal. neglect a +nab+hty of tM Mortgage to repair and marnlarn sad property. the Assoc+atan may. at its option- make such repairs a cause tM same to be made. and advance moneys +n that behalf 7 To pe+ti>.m comply wrtfr and abide DY each e'id evsry sfx st:pu!atrpns. ag+eements condrt+ons and covenants rn sa+d promssey note and th+s mortgage set forth 8 To comply w+th the wbdrv,san restrrctrons and tM munrcrpai:onrng ed+narrces appl+cabte to the mortgaged Woperty. not to erect or perm+t to be erected any new bu+ld+ngs on the Wem+ses herein mortgaged a to add to a perrtrrt to be added to. make or perm+t to be made. any structural alteratans to any of tM ex- +stiny ,mprovements thereon w+thout tM wntten consent of the ASSOCratian. and rn the event of any valat+on or attempt to v+plate these strpulabans. a any of tr,em the mortgage and a!! wins secured Mroby shall +mmed+ately become due and payable at tM option of the Assoc+auon 9 That +n case of a default rn any of tM terms of this mortgage end the l+I,np of a b+ll to foreclose th+s err any other mortgage encumbering the w,th+n described property the Assoc+atipn shall be entrtted to apply. et any bme wrthput retire peed+ng such feecbwre sort, to the cowl hav+ng lurisd+ctan thereof fe tM ap lw,ntment of a rete,ver of all and s+ngular the mortgaged Woperty. soil of ail tM rents. +ncomes. prof+ts. +ssues and revenues therepf. from whatsoever source derived and thereupon. d rs hereby eiWessh covenanted and agreed that the court shall forthw+th appam a receiver of sa+d mortgaged Woperry. all and singular and of wch rents. +ncomes. Woh!s. +swes and revenues ihereol. from whatsoever source derived. with the usual powers and dut+es of receivers rn tike cases and wch appo+ntment shall be made by such court as a matter of strict r+ght to tM Assoc+ation. and w+thout reference to the adequacy or +nadequacy of the value of the Woperty hereby mortgaged. a to tM sotvengr a +nsolverrty of the Mortgages. and that such rents. Wofits. +ncomes. +ssues. and revenues shall be epee+ed by such receroer to tM payment of tM metpape +ndebtWness. costs and charges. accordng to the order of such court 10 That ,n the event the Wem+ses Mreby mortgaged. or sry part thereat, shalt be condemned and taken under the power of em+nent doma+n. the Assoc+atron shall have the ngnr to demand that all damages awarded fe the taking of a injury to said Wem+ses shall be pad to the ASSOC,atian +ts wccesses or ass+gns. up to me amount then unpa,d on fns mortgage. and may be applied to any sums last payable hereunder 11 That trine +s of the essence of the conUatt and that ra waiver of any obbgat+on hereunder. W of the obbyat,ar secured herebY snail at any bme thereafter tie rwld to be a waver of the terms Mreol a of the Wom+ssey note secured hereby 1? In ilia event of any default rn any o} the terms of tMs mortgage. a m [he note secured hereby. and accelerauori by the holder. or any other srtuatran that would Cause ilia rnlereSl pa+d or payable under Ihrs obl+gat+on t0 eiCeed its ,nterBSt rate autranied Dy ldW. iben +n Such even( all @iCC55 rnterest [Mre(OfafB paid shall be credited to princ,pal and all accrued and unpa+d excess interest shall abate and shall not be an obligation of the maker a of any other person 13 That to the extent of the +ndebtednessvt tM Metpage to tM Assoc+at+on described Mre+n or secured hereby. the Assoc+atan +s hereby wtxogated to the I+en or bens and to the rights of tM o'+vner and holder thereof of each arW every mo+tgage. I+en or other en_umbrance on the land described nere+n. which +s pad and satisfied m while or +n part. out of tM Woceeds of the ban described herein w secured hereby. and the respective hens o} sad mortgages. hens or other em cumbrances shall be. aril the same and each of them Mreby rs Weserved and shau pass to arts be held by [he Assoc+aaon here+n as security for the +n- debte+iness to the Assoc+at+on here+n described Or hereby Secured. to tM same extent that rt would have been peserved and would have been passed to and been herd by the Assoc+atan had rt been duly and regularly ass+gned. transferred, set over. and delivered unto the Assoc+at+on by separate deed o! au+gnment. notw,ths[ard,ng tM fact that tM same may be satisfied and cancelled of raced. rt berng ilia rntention of the panes hereto that [M same w+ll be sausf+ed and cancelled-of raced by the holders thereof at dr shout tM t+me of tM record,ng of the mortgage t 4 ?r:a; any a! flier s_r^s of !±+aney Mrem referred to be not Womptiy and tufty pad wdhrn thirty f301 days next alter ,he same severally become due and payable. or d each and every the stipulatans. agreements. candrtans and covenants of Sad prom+ssory no:e and tins raw+tgage rr a+:t'R:. are ^ ~y pt3rfprmeC com~ pl,ett w+th and abided bY~ tM aggregate sum urrpad under Sad Wom+ssory not! and th+s mortgage Shaft trecome due and payable torthw+lh or thereaher- at tM r>(awn of [he Association. as fully and completely as d sad aggregate win of money were e+g,nally stipulated to be pa,d on such day. anyth+ng +n sad prop„awry note o+ herein to tM contrary notwdhsiand+np 15 1 hat ,n order [o accelerate the maturity of tM indebtedness Mreby secured because of the failure of tM Mortgagor to pay any tai assessment. I+ab+(rty. oblige :•r,,, encumtrrance upon sa,d Woperty as hlre+n WOVdW. rt Shan not be necessary nor requs+te that tM Association shall first pay Me same ?fi 11 err n,e abstract or abstracts of title covering tM mortgaged Woperty shall at all times. during the life of the mortgage. rema+r. rn the possession of the ' rs•.x+oa:,on aid m event of the feecbwre of th+s mortgage. or otMr transfer o1 true to the mortgaged property. m eitingwshment of tM ,ndebtedness secured hereby au •+Tht title and interest o1 tM Mortgagor +n end to any such abstracts of title shall pass to tM pu+chasw or grantee - 1 7 $hpJid th/: Vdud,[y or ben a1 th+s rnOrlpage. or tM oats Secured LMteby. De COnLlSted by I+Ugation or OthetW,se. the MOltgdgpr agrees to pay IO 1M Assoc+at+on r',e ~i c.+ :sPls'.~,ny the same +ncludrnp a reasonable atteneY s fee 18 .n pay all .r~+f s+ngular the costs. charges and expenses. +nclud+ng atteney's fees reasonably incurred, or pa+d at any time uy It+e AssouaiWrt, because of LM iaJnre of thrz Mortgagor to perform. comply with and abide by each and every the sbpulatans. agreements. cond+tions and covenants of sa+d Womssory note end ibs mstilage. or e,iher. and every wch (eicept for the payment of 1M monthly +nstallment as requ+red by the Prom+ssory Note) shalt bear rnterest from ual? at the rata of 15~ per annum until fully pad 19 Tnv Assoc+abon shall nave its right at any bme aril horn t+me to tome and without nonce to or consent of any person to lal re~ease any portiorr of tM Wem+ses lion, the hen of th+s mortgage. Ibi release any person bsble for payment of any +ndebtedness secured hereby. Ic1 eitend the bme of payment or after the terms of pay+nent of ah or any part of tM rrrdebtedness. w+thout affecting or releasrnp the personal babrhty of any person haute (other than any person released pur- suant hereto) for the payment Of any sum a interest secured Mreby and wdhout m any w+se altering. varying or d+mmsh+ng the forces. effects. or I+en of iMs m„•lyage on an the p+em+Ses not Spec+fically released from tM I+en of tMs mortgage by the Assoc+atare 20 Any ayreeme+,t hereafter made by Matgape and Assoc+at+on purwant to the mortgage shad be superior to the rights o1 tM holder of any rntervernng I+en e encumbrance 2 ~ Upon request o! Mortgagor. the Assoc+ation may. st its sole opton from time to trine. before fun payment of all +ndebtedness secured hereby. make further ad vdrr es to Mortgagor. pruv+ded. however. that the total prrnc+pal secured Mreby and remaining unpa+d. mcludrrtg any such advances. shall not at any Ume ei- ceed the original pr+nupal sum SeCUred hereby Mortgagor shall pay all wch further advances w,th ,nlerest and the sarr•.e shall be secured herebY All Wov+s+ons of the mortgage shall apply to each further advance as well as to all other +rdebtedness secured hereby. Notn,ng Mre+n conta+ned. however Shah hind the amount secured by this mortgage +i such amount +s +nereat:ed by advances made by tM Asioc,at+on. as herein elsewhere prov+ded for to Wotect the security 22 In the event the Mortgagor herein. a any wbsequent Mortgages. or any person or corporation owning any rnterest whatsoever. should encumber the property hr-rem mortgaged by an instrument commonly referred to and known as a 'wrap-around mortgage- without first obtam+ng the wntten consent of tM Assoc+a- . t,on then at the opian of the AsSOC,atan. the obligatan secured by th,s Mortgage shall ,mmed+ately become due and payable 23 To prov,rle the Assoc,ation wuh Flood Inwrance Coverage rf the real property +s now or hereafter determ+ned to be within a special flood hazard area as shown on Flood Marard Boundary MaprFlood Insurance Rate Mao as pubbsr+~ ` tM Federal Inwrance Adm+mstrauon TiP•A MCP ~~C 3 ~ I ~i L• 32 ddlp PECOtt EIS E COUMTY.~IA. MLCA u R P0ITRAS - • CIRCUIT COUR~ 1'ERIFtEO___~ . s,~~"3~'~ PACE 211