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HomeMy WebLinkAbout1003 1 , t 4. That in order to potect more fully tM security of this mortgage. the Mortgage. togetMr vwtA. and to addrtipn to. tM montMy payments unMr tM tams of tM note secured Mreby. on tM specihsd payment date of wtA month anal tM sard note is IuNY pad. will pay to tM Association tM ftibwrng wine lal An installment of the texas and assessments hvied or to be Nvied against tM psrr?iNS wwred by this mortgage: and an tr?stallrrtent of the pemium or pemiums that wig become dw and payabN to rsMw tM trtswance ort tM pemises covered ftaeby against ties by tire. and vwndstam. as povded la by paragraph 3 psceding. or such otMr ha:esd as may rusonably be requued by the Associatan: and an instaument of tM premwm that wiM become due and payabN to renew tM mortgage inwrartCe. if any. Such rnstaurr?ents shah be equal, respectively. to one•twelftA It/12tH) of tM es- timated pemium O? pemiums fa such inwranCe. and taxes and asNSSments next dw less estimated by tM Assoaation) less aN installments already pad chestier. drvded by tM rturrtber of months that era to elapN orw montA prior to tM den wMn such pemwm or premums aril cuss and assessments will became delirtawnt. TM Associatrort. whip apptyir?g such payments to tnsurance pemiums. taxes end assessments. before the same become dahnquent. shall not pay into:set to Me Mortgagor ort such funds, end all such payments may be wmmirtglild by tM Associatron vritA any otMr wch funds or with its own funds. TM funds en pledged as additional security for tM wms secured by the Mortgage and are suged to uN by tM Assouation in payment of "an cftarges" and bank cousctan cMrgas (b) AN payments mentioned in tM pecrd+ng wbsection of clue paragraph end aN payments to 1» made under tM note secured Hereby shah be added together and tM aggregate amount thsreti shah De pad by the Matgagor each month cat a single payment to be appMed by tM Associst+at to the - fdbwirtg acme n tM order Nt IortA. 1. Teas. asNSSments. and inwrancs pemwms 2. "late charges' end bank ctilectrort charges. urttsss pad in manner povided in paragraph 4 la). 3. Interest on tM non secured Hereby. 4. Amati:atron of tM principal of sard note. Any deficiency in tM amount of wch aggregate montNy payments shah. unless paid by IM Matgagor pbr to the due date ti tM r?ext such payment Con- stitute an event of default under tM mortgage. Without waives of any right. tM Association may ctilect a "qte charge" as povidaf in tM Non. 5 That if tM wtal of tM payments made by tM Mortgagor ardor (al ti paragrapA 4 peceding shah exceed tM amount of payments sctuagy made Dy tM ' Association for taxes and assessments and insurance premwms. es tM case may Oe. such excess shall bs credited by the Association on wbssquent payments to bs made by tM Mortgage. If, however, the montMy payments made by tM Mortgagor under {a) of paragraph 4 peceding shall not flaw been wffrcient b pay taxes and assessments and insurance premiums. ss tM use may be. when tM same shah Decome due and payable. then, tM Assoxiation may. at in op- tan. immediately pay such tuns and assessments and insunnq prenuum. and tM Mortgagor shall pay to tM Associatron any amount necessary to make up tM deficiency. and such payment sMN be dw and payable within thirty (301 days aha tM date of maiMng of notice by tM Association Ntung forth tM amount of such dtficiertcy. If, at any brie. tM Mortgagor sMN carder to tM Assocation. in accordariu with tM poviswns of tM note secured tteseby, fug payment of tM cretin indebtedrtsss represltrtted Mreby. tM Association shall, in computing the amount of such indebtedness. uedit to tM account of tM Mortgages any balance rerrtairwng in tM funds saumulated under the provisions of U) of paragraph 4. 5 To permit commit or wfNr ro waste. impairment or detesiaation of Nid property, or any part thereof. and upon tM failure ti tM Mortgagor to keep the buJcMrigs on sail property in good condition a repair and maintenance. tM Association may dtmsnd proper mamtenanu and tM immedian repair of said bwldirigs. or sn incruse in tM amount of security, or tM immediate repayment of tM debt hereby secured, and tM laitu-.r of tM Mortgagor to comply vinth said dernarxf of tM Association for a period of thirty (30) days shah constitun a branch of this mortgage, ord. at tM option of tM Assowtion. immediately mature tM entire amount of pmcipel and interest hereby secured. and tfr Assoraation immediately and without notice may irtsbtute proteedirtps to foreclose this rrtortpage end apply for tM eppoirttment of a reeeit?er, ss Mreinattes provided: aril in eaN of tM refusal. neglect a inability of the Mortgagor to repay and maintain sad propMy. tM Association stay. at its option, retake such repairs a csuN tM Nrne to be made. and advattu moneys in that bishaN. 7. To perform. Comply with and abide by each and awry the stipulations, agrNmeon. conditions and tovenann in Nd promissory rota anti flee rrtorsgege Nt forth. 8 To wrnDh with tfis wbdivision restrictions and tM municipal zoning ordinartus applicabN to the mortgaged property: not to erect or permit to M ewcted any new buildings on tM premises ftesetn mortgaged or to add n or permit to be added to. make a permit to be mods. any structural alterations to any ti tM u- istirtg improvements tftesson witftoul tM written consent of tM Association: and in tM evMt of arty vitiation p atnmpt to violate chase stiptilationa. or any ti them, flee mortgage end ell sums secured Mreblf shah immediately bewms due and payable at tM option of tM Association. g. That in ass o1 a default in any of the terms of this mortgage and tM frirtp of a bill to forecbss this or any othes mortgage encumbering tM within described . property. tM Assoaation shsN be enbded to apply. at any time without notice periling such foredown wit ro tM court having jurisdiction theseol fes tM aP• pointment of a receives of aN end singular tM mortgaged property. and ti alt the rents. incomes. pofits. issues ar?d revenues thereof, from wftatswwr souru derived: and. thereupon. it is fiesaby expessfy wwrtanted and agreed that tM court shaft forthwith appoint a receiver of said mortgaged property, aJ and scapular, and of such rata. incomes. profits. IfeYN and revenues tfNreOf. hom whatsoeves source denveQ with tM caveat powers and duties Of receivers M Mke cases. and such appointment shah be made bIr such wort as a manor of strict right to tM Association. and without rsfesence to the adequacy a inadequacy ti tM value of tM property hereby mortgaged. or to tM solwnry or insolvency of tM Mortgagor. and that sutA rents. pofiu. inwmN. issues, and rewnws shah be appMed by such receives n tM paymatt of tM mortgage indebtedness. vests and charges. xcording to the order o/ such court. 1 O That b tM event tM premises fteseby mortgaged. or any part thereof, shall be wndemnad and taken under tM power of eminent domain, tM Association shah have tM right to demand that all damages awarded for tM"tskirtp of or injury to said premises shall be pad to tM Association, its wccessors or assigns. up to the amount then. unpaid on tAis mortgage. and may be applied to eery wms last psyabn fiaeunder. 11 That rims u of the essence of this contract and that no waive of any oblpatan Aaeunder. or of the obligation secured hereby. shat) st any time thereafter tier Held to be a waiver of tM terms Mreof or of the promissory note secured Mreby. 12 In the avant of arty default in arty of tM tams of tftis mortgage. a in tM note secured hereby. and acceleration M the holder. or arty other situation that would cause the interest pad or payaDM carder ttrs ti>tigation to exceed ttis interest rate authorized by law. then in such even! all excess interest theretofore paid sAaN be credited to principal and aN accrued and unpaid excess interest shall abate and shall not De an tittigation-o( tM maker or of any other person. 13 That to tM extent of tM indebtedness of tM Mortgagor to tM Associatan dexnbed Mrein or secured Mreby. the Association is hereby wbrogated to tM Mart or liens and to tM rights of tM owner and folder thereof of each and awry mortgage. lien or other encumbrance on the land desuibed heritin, which is pad and satisMed. in while or in part. out of tM poceeds of tM ban dexribed herein or secured hereby. and tM respective Irons of said mortgages. Mans or other en- cumbances. shah be. and the same and each of them hereby is preserved end shalt pass to and be MMi by the Association herein as seventy for tM in- debtedness to tM Association ftesein dsscnbed or fierepy secured. to tM same extent that it would have been preserved and would haw been passed to and bean Mb by the Association fad it been duly and regularly assigned. transferred, set ova. and dekvesed unto tM Assoaation by separate deed of assignment. notvnthstandirtg tHs fxt that tM soma may be NUSfied and urtcelled of record. it being tM intention of the parties hereto that the same vnN be satisfied and cancelled of record by tM hoWess theseti at or about tfte lima of the recording of this mortgage. 14 That if any of the wms of moray herein retesred to be not promptly and fatty pad within thirty 130) days next ahar the same severally became due and payable. E or if exh and every tM stipulations. sgresmenn. cortrlitiats and wvsnants of said pomissory note and this mortgage. or either, are not duty performed. com- pMed with and abided by. tM aggregate sum unpaid under said promissory note and this mortgage shall become due and payable forthwith or thereafter. at the option ti the Association, u fuW and wmplstely as if said agg?epata sum of money were ixiginally stipulated to be pad on such day. anythng in said pomissory note or hesein to tM catuary rtotwithstartding 15 That in order to attelesate tM maturely of tM indebtednesi fNreAysecured because of tM farturs of tM Mortgagor to pay arty tax assessment. MabiMty. obMga- tan or ertcumbrartq upon said property as ftesein provided. it shalt not be necessary nor requisite that tM Association shah first pay tM same. t 16 That tM abstract or abstrsas of title covering tM mortgaged poperty sMN at act times. during tfie Mle of the mortgage. remain m tM possession of tM Association end. in event of tM lorscbwre of the mortgage. or other transfer of title to tM mortgaged property. in ubnguishment of tM indebtedness secured fieseby. aN rigftt tide and interest of tM Mortgagor in aril to any wch abstracts of title shah pass to the purcAasa or grantee. 17. Should the validity or Men of the rrtortgsge, or the non secured thereby- bs contested by litigation or otherwise. the Mortgages agrees to pay to the Associstan the vest of delendrrig tM same irttdirding a reasonable attorney's fee. 18 To pay aN and singular the costs. charges and expenses. including attorney's tees reasonably incurred. or paid at any time by tM Association, because o`. the failure of the Mortgagor to perform. wmply with and at„de Ay each and every the stipulations. agreements. candrtrons and covenants of said promrs;r~ry note aril the mortgage. car either. and every such (except for the payment of the monthly installment as requred by the Promissory Note) shall bear inte~sst }ruin date at the rate of 1 ~j°~ per annum until fully pad. - 19 The Assocrat+on iha:l have the right at any time and from time to t+ma and without notice to Or consent of any person to (a) rs:ease any portion of the premises from the Iron of this mortgage. (b) release any person liable for payment of arty rrdebtedness secured hereby. tc1 extend the time of payment or alter the terms of payment of at1 or any part of the indebtedness. wrthoiit alfectirig or reteasrng the personal irabrMry of any person treble (other than any person rn:ea;±d pur- want hereto) for the payment of arty sum or interest secured hereby and without in ar?y wise attenng. varyrag. or d+mmrshrry the tortes. effects. or lxm o! ttvs , mortgage On all the prerrrisP f not specifically released from the Iran of this mortgage by the Assoaa:ron 20 Any agreement hereafter ma4e by Mortgagor and Association puauant to this mortgage shalt be wpenor to the rights of the holder of any mterver..n , t:en or ~ encumbrance 21 upon request of Mortgagor. the Association may. at its sole option. from Ume to trine. before full payment t,f all indebtedness secured hereby. make forth+r ad- vances to Mortgagor. provided. however. that the total prrnt+pal secured hereby and remarnrng unpaid. rnrluding any such advances. shall not a[ any t.me ex- ceed the ongma{ pr+*t`-'+Pal sum secured hereby Mortgagor shat) pay all such further advances nnlh interest and the Same shall be secured hereby Ail prov~s•ons of LArs mortgage shalt apply to each further advance as well as to all other indebtedness secured hereby Nnthrrig herein contained. howr.ever. s.'ralt limit the amount secured by this mortgage i( wcA amount is increased by advances made by the Associatan, as herein elsewhere povi3ed for to potect the secunry 12 In tfie event the Mortgagor harem. or any wt>sequent Mortgagor, a any person or corporation owning any interest whatsoever. stauld encumber the property harem mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage."' without first obtarrung the written consent of the Associa- tan. then. at the option of the Association. the obligation secured by this Mortgage shall immediately become due and payat.fe N 'd, 23 To povde the Association with Flood Iriwrance Coverage if the real property is now or hereafter determined to be within a speual flood harard area as shown ~ on Flood Harard Boundary Map/Flood Inwrance Rate Map as published by the Federal fnwrance Admmistratari equest of the Mort a or. the Assotierion a ens io waive the povisans of paragraph 4 relative to the aeatron of a harard insurance account. pr 24 At the r 9 g ~ ~ however, that the Associatan retains the iyht, at its optr~n. to ra-instate such povisions of said Daragraph 4 as en Ob!igJtinn of the Mortgagor hereunder upon lhq happening of any of the tolbwing~. A Failure to make any payment required under the terms of the note on or before the due date thereu!. B Failure to comply with the insurance prwisions+i paragraph 3. or of any o/ the other terms and condinr-ns of the mortgage o? note. or with tM mwrancs requirements contsmid in tl,g OsGesatiat of CordomiMUm and related documents should the rive t3agid property tM committed to cixdomirnum development (jR ;~?-~~-~6 gn~x32~ Pd~E1003 .r; )r-a