HomeMy WebLinkAbout2396 1'
4. That. rn order to protect more fully 1M secut+;r of this mortgage. tM Metpage. topelMr with. and n addrtan to. tM monttJy payments ruder tM terms d tM
note secured Mreby. on tM specrr.ad payment dale of each month unbl tM sad note is fuNy paid. will pay to tM Assocration tM loltowirtg wms'
la) An installment Of tM taxes and esssssmena leveed a to be leered egernst tM premises covered by the mortgage: and an installment of tM prsmrum
or premrums tMt wiN become dw end wyeble to renew lM insurance on tM premises covered Mreby against bas by Irre. aril vrnndstem. as provrded
for by paragraph 3 preudrrtp. a such otMr hazed as may reasonably be required by tM Assoctatan: arrd an tnstaNrncrtt of tM pemrum that wrM
become dw and payebh t0 renew tM metpapc inswancc, if any. Such instellmMU sltap Oe egwl, respectively. to one-twelfth Ilil2th) of tM es-
timated premium a premiums for stxh inwrartu, end sexes end •ssessments next dw Ias estimated by tM Assonatton) less aN nstauments sMeady
paid tMrofe, divided b11 tM number of months that an to elapse arc month error to tM date wMn such premrum a prertuums end taxes and
essessmsnts will bcceM dekrtqucnt. TM Association. whiN epplyutp such payments to inwrance premiums. taxes and assessments. belee tM same
become deknquenL shah rat pay interest to tM Metpsge tin such lards. and aN such payments may be commrrgled by tM Associatron wrM arty
other such lands or with its own funds. TM funds ero pledged es addrtanal secunty for tM wms secured by the Metgags end ere wbtect to use by
tM Assocration in payment of °lea charges" end bank colhctan charges.
(b1 AN payments mentioned b tM precedrrtg sgpsection of the paragraph end aN payments to be made under tM note secured Hereby shsN be added
together and tM aggregate amount tMreol 111taN M paid by tM Mortgagor each month to a :.ogle payment to be apphad by tM Associatan to tM
tdbwing ittms in tM Order set forts: 1. Tues. assessments. and nwrance prenuums 2 "late charges' and bank cogectan charges. unless paid n
manner provided in pawpraph 4 (sl. 3. Interest om tM note secured Mreby. 4. Amebzatan of tM prrncrpal of sad note
Any deficiency in tM amount of such agyrcgets montMy payments shah. unless paid by tM Metgage pray to tM due date of tM next wch payment. con-
stitute an event of defarrh under tM mortgage- Vlfithout waiver of any right. tM Association may collects "late charge" as provided in tM Note.
5 That it tM total of tM payments made by tM Metgsge under Ie) of paragraph 4 pecedrnp sMH exceed tM amount of payments sctwMy made by tM
Assocration for taxes end assessments end inwronce premums, as tM case maybe. such excess shsN be credted by the Association on wbsequent payments
to bs made by tM Mortgage. N. Itowcver, tM monthly payments made by tM Met9age under Isl of paragraph 4 preCttdrng shat) not Mee been wHiciMt to
pay taxes and ssssssments and awrrance premiums. as tM use may De. when tM same shell become dw and payable. tMn, tM Associatron may. at its op•
tan. immediately pay stzM toss and ussumertts and irtseartu pemwm, end tM Mortgage sheN pay to tM Assocration any amount necessary to mab up
tM defrciertcy, and such payment shah be dw and payable within thirty 130) days ester tM date of markup of ratio by tM Associatan setting lets tM amount
of such deficiency. 11. at any time. tM Mortgage tthaH tender so tM Association. in srxedertce with tM provsans of tM note secured hereby. frill payment of
tM come indebtedness represented hereby. tM Association sMM. in computing the amount of such indebtedness, asdrt to tM account of tM Metgye arty
balance remsirtirq in tM funds eeeumuletcd tutelar tM provisions of Ie) of paragraph 4.
S Tb permit, commit a wNa no waste. impairmertt or deterioration err said property. a any pert thereof. end upon tM farluro of tM Mortgagor eo keep tM
burldinps on said property in good condition Or repair end muintenartcc. tM Assoaation may demand proper marntenancs and tM immedrate repair of sail
burldirgs, or sn irtuessa in tM cmount of security. o? tM immediate repayment of the debt hereby scoured. end tM fidt:',r of tM Morepage to comply wreh
said demand of tl» AssoGation fe a period of thirty (301 days ahaN constitute c breech of this mttrtgege. end. at tM optron of tM Assot9stion. immcdretely
mater. else eosin amount of principal and interest hKeby setarred. and tM Association immediately end without notice may institute proceedings to foreebse
the mortgage artd apply fe tM appointment of a receive. as hcrcimaher provided: end in use of tM ntuttel, nplcct or insbikty o1 Utc Mortgagor 1D repair end
maintain said property. the Attsrxiatron rmay, at its option. melee such repairs or urrse tM same to be made. and edrartce moneys in that beMM.
T.-. r vm rtizvrll rc::ih irvt a:
sic As ossh srsi cvcrv t'~ Lair::tsTrrc aa~s.~ :ii rs
~t«~ L 3:rt rr:.•s.~:stc ist c~it sr:
~:ccz
sv s~t~ 3:.rt i!ii :r
v.:.srL z~i
.s...
/orth. - - - - - - - - - - - -
8 To comply with tM wbdivision restrictions end tM municipal zorirtp ordinances applicable to tM mortgaged property: not to erect a permit to be erected any
new burldngf on 1M promises hcreim metgaped a to add to a permit to be added to, make a perrrut to be made. arty atrtrctursl attentions to arty of tM ex-
istirtp improvements tMreon without tM written consent of tM Association: and in ifte event of arty vi0latiem a attempt to vrobte tMsc stipuletatts. er any of
- tMm. this mortgage end eM sums second Itenby shall immediately Dscome dw and psyebN at tM option of tM Association.
9. That in case of a delatrh in any of tM terms of this metgspe and tM filirtp of a biN to foreclose this a arty otMr mortgage izrtwmberinp tM within described
property. tM Association shell Dc entitled to apply. at any time without notice pending such feecbwro suit. to tM court Mvinp jurisdiction tMreof for tM ap-
pointment of a receiver of all end sirtgutsr tM mortgaged property. end of aN tM rents. incomes. profits. issues and revenues tMreof, from whatsoever source
dtrived: end. thereupon. it q MrcbY cxpressty cownsnted and agreed that tM taut shah fethwrth appont a receiver of sad mortgaged property. aft srtd
wtgubr. and of such rents, irtcorrtes. profits. issues end avenues thereof, from wMtsowsr :cure deritred. with the trstul powers and duties of receivers in kke
cases: and such appointment abets be made blr wch court es • matter of strict rpht to tM Association. and without rei~rence to tM adequacy or inadequacy of
tM valve of tM property MrcbY mortgaged. a to tM solvency a insolvency of tM Mortgage, end that such rents. profits. incomes. issues. end revenues shah
be appked by such receiver to tM payment of tM mortgage indebtedness. costs and cMrges. sccordrrtp to tM eder of such court.
10 That in tM event tM promises hereby mortgaged. a any part thereof. shall be oortdemrtsd and taken under tM power of eminent domain. tM Association sMN
Mve tM right to demand that sN damages awarded for tM taking of e-injury to said premises sMll be paid to tM Association. its wccesses or assigns. tip to
tM amount then unpaid on this nvartgage. and may be eppked to coy wms Iast payable herwnder.
t t That time K of tM essenu of this contract end that no waiver of any oblgation Mrwnder. a of tM obligation secured hereby. shah at any time thereaher W
Mld to bs a waiver of tM terms hereof a of tM promissory note secured Mreby.
12. In tM event of srttr default in any d tM terms of this metpage. a in tM note secured Mreby. and acceleration by tM holder. a arty other srtuatan that would
rouse tM interest paid a payable under this obligation to exued tM interest rats suthonzed by law. then b such event ell excess interest tharetotee pad shah
be creelrted to pnrtdpal and sM accrued end unpaid excess interest sMH abate and stall not be en pbhgatiort-of tM maker a of arty other person.
t 3 TMt to tM extent of tM indebtedness of tM Mortgagor to tM Association dssaibed Herein a secured Mroby. tM Association is hereby wbrogated to tM hen
e bens and to tM right!: of tM owner and holder ptereof o/ each and every metpage. Iran a other encumbrance on the land descnbad Mrein, vrfticl? is paid srid
satisfied. in whole a in pert. out o! tM proceeds of tM loan described herein a secured Mreby. and tM rospective ken: of said mortgages. leans a other en-
'j cumbrances. shah bs. and tM same and each of them hereby is preserved and sMN pass to and bs held by tM Associatan Mrein as security fe tM in-
debtedness to tM Association Herein described or hereby secured. to the same extent that it would Mw been preserved and would haw been passed to and
been held by tM Association had it been duly end regularly ass+grted. transferred, set ow+. and dekvered unto tM Associatan by separate deed of assrgnmsnt.
i notwithstanding the tact that tM same may be satisfied and urtceNed of record. it being tM intention of tM parties hereto that tM same will bs satisfied and
cancelled of raced by tM holders thereof et a about tM time o/ tM recednp of this metgage.
14 That it arty of tM wms of matey Mrein referred to bs not promptly and lolly paid vrnthn thirty (301 days next after the same severaNy become due and payable.
a it each and every tM stipulations. agreements. cortdrtiets and covenants of said promissory rate and the mortgage. or either. are rat duly performed. eom-
plied with aril abided by. tM aggregate wm unpaid under said pronussory note and the mortgage shall become due and payable torthvnth a thereafter, at tM
option of tM Association. a: hrNy end completely as it said sgpregata wm of money were O^9i^aNY stipulated to be pad on wch day. anything in said
+ pronassory rats a herein to tM oomnry notwithstartdetp.
E t 5 That in order to acceNraro tM matunry of tM irtdebtedrtess Hereby secured because of tM failure of tM Mortgagor to pay any tax assessment. iisbilrty. oblige-
= two or encurrtbrortcc tiler said property n herein provided. it shall not bs neussary ne reqursits that 1M Association sMN fast pay tM same.
16 TMt tM abstract o. abstracts of title covering tM mortgegd property sM11 at all times. dunnp tM kh of this mortgage. remain in tM possession of tM
Association end. in swot M tM teecbwn of this mortgage. a other usnsfer of true to tM nartgspcd property. in sxtingurshment of tM indebtedness secured
hereby. sN right. title and interest of tM Mortgage in aril to any such abstracts of title shah pass to the purchaser a grantee.
t t 7 Shand tM valdity a ken of the mortgage. a tM note ttewred thereby. bs contested by ktigation a otherwise. the Mortgage agrees to pay to tM Association
tM cost of deferdrrtg tM same rncludinp a reasonaby ettomey's tee.
F t B To pay aN and sirtgulsr tM costs. charges and expenses. irtchrding attorney s fees reasonably incurred. a paid at any time by tM Association. because of tM
failure of tM Mortgagor to perform. comply with and abide by escA and every the stipulations. agreements. conditions arHl covenants of said promissory note
aril this nartgage. a either. and every wch (except le the payment of the monih'y installment as required Dy the Prom+ssory Note) shah bear interest from
date at tM rats of Zj°~ per annum until fully paid
t 9 The Associatan shall haw tM right at any time end hom time to time and without notice to a consent of any person to. (al re:ease arty pecan of tM premises
l:o:n the I+en of this mortgage. (5! rr'ease any person IrabN for payment of any indebtedness secured hereby: (c! extend the time of payment a after the terms
or payment of all a any part of the indebtedness. without affecting a releasing the personal hablrry of any person baWe (~tner than any person released p~rr-
suont hereto) le the payment of any sum a interest secured heroby and without m any vase altering. varying. a dim.nrsMng the laces. effects. a L•en of this
mortgage on all tM premises no! spsci(rcally released from tM ben o! the mw•tgage by tM Association
20 Any agreement hereafter made by Mortgagor and Associston purwant to this mortgage sMll be wperior to the rights of the ttotder of arty nterveruny ben or
encumbrance.
2 ; upon request of Mortgage. tM Assocat+on may. st its sole option. from time to time. before fuN payment of all indebtedness secured hereby. make further a9-
vances to Metgage: groveled. however, that the total principal secured he:eb/ and rema+nrng unpa+d. inclitdiny any su:h advances. shalt not at any time ex-
~ teed the eigrnal prinapal wm secured hereby Metpapor SMII pay all wch further advances with interest and the Same shah be secured Mreby All povrsions
cf th+s mortgage sMll apply to each further advance as well as to all other indabtedrtess secured Mreby Nothny herern contained. however. shall bmrt the
amount secured by th+s mortgage d wch amount is inaeased by advances made by tM Association. as herern elsewhere Drovided fe to Protect tM security
? I In the event the Mortgage heroin. a arty wbsequent Mortgagor. a any person or corporation owning arty interest whatsoever. should encumber tM property
lierem mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage" vnthout first otta+mng the written consent of the Associa-
tion, then, at ttte option of the Association. tM obligatan secured by this htortgsge shall immediately t,ecome due and payable.
23 To provxfe tM Aswciatan with Food Inwrance Coverage it the real property is now a hereafter determined to be witMn a spec.al fiuorl Mzard area ss shown
on Flood Hazard Boundary Map/Flood Insurance Rate Map as published by the Federal Inwrartce Administration.
24 At the request of tM Mortgspo?, the Associaton egress to wane the provisions of paragraph 4 relative to the aeauon of a hazard inwranq account pr
however. that the Association roteins tM npht. •t its option. to re-instate wch provisions of said paragraph 4 as an ob' yation o! the Mortgagor Mreunder upon
the happertirtp of arty of the toltowrng:
~ A Failure to make any payment required under the terms of tM note on or before the des date thereof.
8 Failure to comply with the inwroncs provisions of peraprapA 3, of of any o! tM other terms and editions of tlws mortgage or note. a with tlro inwrance
requirements contained in the OeNaration of Cedominium and related documents sltousd . ie mortgaged property be committed to cixtdomiruum
devsbpment ~
t~
F
s