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HomeMy WebLinkAbout2421 That. in ordN to protect more lady tM security of this rttortpage. tM Mortgagor. topetMr ywth. and in edditan t0. tM monthly payments under tM terms of tM note second Mreby. on tM specified payment daa of eacft month anal tM said nob is ludo paid. wid pay to tM Associatan tM folbvring wms lest An instadrttant of tM to=es and assessments broad of to ba Nvied painst tM pnnuses eowrsd by Uwe mongage: and an instalment of tM pranuum es premiums tMt roil become dw and payabN ro rarww tM irtsirrartce on tM premises covered Mreby against bas Dy lee. and wwdstesm. as provde0 les by paragraph 3 pracedirtg. es sucA otMr ha:aM as may tNSOnably M requued by tM Assoaatan: and an irtslsdment of tM penwtm that wiN become dw and paysbN to stew tM rrtortpape inwratxe. it any. Such instsumertts sMl1 be avual. reapectireh. ro ons•irti::th it/i^atttl of itw as• timated pemwrtt a premiums for loch inswartte. and taxes and assessments next dw less estimated by tM Assoaattonl less ad instalments alrosdy paid therefes. divided by tM number of months that eves a Napse es~ month prior to tM date when such premwm or prerrtiwns and taxes and assessments wdl become delwquenl. TM Asaotation. whiN applying each payntMls to inwrartce premwms. taxes and assessmena. baton tM same become debrgwnt. shat not pay interest to tM Mortgages esa such funds. and al such payments may be commwtgtsd by tM Associatan with any other such funds es wtM its own funds TM funds an pledged ss additbnsl secimty les tM wms secured by this Mortgage and ue sirD~ect to use by tM Association b payment d "lea cMrgei • and bank colection thugas- Ibf Al payments mentioned N tM pn~dinp wbsection of tlrs PKaW~ and al payments to be made under tM note sawred Mreby shad be added together and tM aggregate amount tMreol shat be paid pY tM Mortgages each month n a single payment to lte applied by tM Associstan to tM lolbwirtg items in tM esdar sat forth: 1. toes. assessrttents. and inwrsnte premiums 2 "late ctiargei end bank cdlettan charpts. unless pad in msmer provide0 M paragraph t fa). 3. Interest on tM note secured Mreby. 4. Amestuatwn of tM pincipal of sad note. Any defipency b tM amount o/ such aggragab monthly payments shed, unless paid by the Mortgagor par ro tM dw deb of tM neat such psyrrtettt. core, stituts an want of defauh under tM rrtortgsgs. Without waiver of any right. tM Association may colNtt a 'late charge" as provided M tM Note. 5 That if tM total of tM payments made by tM Mestpaga order (a) of psraprsph 4 precedrnp shah exiled tM amount o! payments actuauy made by the Associaton fa ta~ss and assassmerta and insurance premiums. as the case may De. such excess seal M credaed by tM Assoaatan on wbspuent payments to N made by the Mortgagor. If, however. tM monthly payments made by tM Mestgspor under (al of parsgrspA ~ prscedutg shalt not Mvs bean wffiaant to pay taxes and assessments and insurance premwms. as eM case may De. when tM same shat become due and payable. tMrt. tM ASaOtistiOn may. at its op- tion. immediateM pay sutA tuts and assessments and inwrartq premum. and tM Mortgages shau pay to tM Association any amount necessary to males up the dettciency. and such payment shah be dw and psyabN wdhin thirty 1301 days ahsr tM data of madtnp of notice by tM Association settirtp froth tM amount of such deficiency If. at any ante. tM Mortgages shall tender to tM Attsociation. in accordance with tM provisions of tM note sewritd hereby. full payment of tM antxe irtdi:btedrtess reprsslartted hereby. tM Association shall, in twrrtputinp tM amount of such indebtedness. aetMt to tM aetount of Uie Mestgsges any balance remaining in tM funds accumulated order tM provisions of lest 01 parsprsph 4. 5 To permit, comnwt or roller no wasa. impairment es datanoration of said property. a arty Part thereof. and upon tM tadtrn of tM Mestpapor to keep tM buildutps ort saws property b good cestdition or repair and msintertartce. tM Assocation may demand proper mainbnance and tM immediate repave of sad buiklirgs. a sn increase n tM amount of security. es tM immediaa reWyment of tM debt hreby secured. and the fsilu:.r of tM Mortgagor to comply with said demand of the Assowtion for a period of thirty (301 days shad tonsatub s breach of this tnortgape. and, at tM option of tM Assotiatiest, immediately mature tM entire amount of prirtNpal and inbrgt hereby second. and tM Association immitdrately and without notice may institute ptocaedinps ro Ioncfoae this mortgage and apply for tM appointment of a receiver. as hereinshe? provided: and in case of tM refusal neglect or inability o/ tM Mortgagor ro repair and rttaattain said property. tM Association may. an its option, mesh such repairs or cause tM same to Eie made. end advance moneys to that bNtaB. 7 To perform. comply with end abide by each and every tM stipubtiorts. apreemMa. conditions and covenants wt said promissory note and this mortgage sat lortlt. 8 To Comply with the wbdivision restrictions and tM muniapsl =or+Wtg ordinances applicable to the rrartgaged property: not to erect a permit to be erected arty new buildings on tM premises herein mortpapad or to add to a permit to ba added to. make a permit ro be made. any structural eherstior?s to any of tM ex- isting improvements thereon without tM written consent of tM Association: and in tM event of any violation es attempt to violate these stipulitiorlf, of any of them, this mortgage and al sums secured Itareby shall immediately become dw end payable at tM optan of tM Association. 9. That in case of a defsuh b any of tM farms of this mortgage end tM filing of a big to forecbss this or any other mortgage encumbering tM within described • property. tM Association shad be entitNd to apply. at any time without notice pitrtdirq such toredowre suit. to the cant havirp jurisdiction thereof for tM esp. poirttment of a receiver of al and sirtpufsr tM mortgaged property. and of all tM rents. incomes. proha. issues and revenues Uteritol. from wMtsoever source derived: end. Uwreupon. $ a Mreby exprasshr covenanted artd agreed that tM court shalt lorthwith appoint a regiver of said mestgaped properq, all end sirtgubr, aril of sud? rents, incort+es, profits, asws and rererwres Utareof, hare whatsoever source derived with tM uswl power and duties of repivers n tike rases: artd siich appointment sttsl be made by such Court as a matter of street right to tM Association. and without reference to tM adequsty a insdepuacy of tM value o1 tM property hereby mortgaged. or to tM solwrtcy es insolvency of tM Mortgagor. end that such rents. profits. introrrtes. issues. and reverwres shad be applied by such risceiwr to tM payment of tM mestpepe irtdebtadness. frosts and i:harpes. sccesdinp to tM orosr of such court. 10 That in tM event tM premises hereby mortgaged. or airy Pert Uteriwl, shall bs condemned and taken under tM power of eminent domain. tM Association shad have Uu right to damartd that sl damages awarded for tM uw^g of es injury ro said premises shau bs paid to tM Assoastan. Hs wceessors es assipra. up to 1M amount then unpaid on this mortgage. and may De appMd to any wms last payable hereunder. t t That time is of tM essence of this contract and that no waiver of any oblipatan hereunder. a of tM obligatan waxed hereby. shau at arrlr time tMreaher be held to be a waiver of tM farms hereof or of tM promissory note secured hereby. 12 In tM event of ariy dsfauh in any of tM terms of Uwe mortgage. or in tM note severed Mreby. and acceleration by tM holder. p any other sttwtion tMt would cause tM interest pad es psyabls under the obligation to uceed tM interest rate authorized by law. then in such event all excess interest theretofore paid shau be critdited to pnrwtipal and a9 scrnied and unpaid excess interest aMd aWb and shall not be an obligation of tM maker es of airy otMr person. 13 TMt to tM extent of tM indebtedness of tM Mortgagor ro tM Association described herein es secured hereby, tM Assixiation is Mreby wbropated to tM lien or bens and to tM rights of tM owner and holder Utereof of aseh and wary mortgage. lien or other encumbrance on tM land desuibed herein. whii9t is paid and satisfied. in whole es b pert out of tM proceeds of tM ban dasuibed Mrein or secured Mreby. and the respective Irons of sad mortgages. liens a otMr en- cumbrances. shall ba, and tM soma and rich of tMm Mrebtr a preserved and shad pass to and be held by the Association Mrein as ssturity fes tM in- debtedness to tM Assiciation Mrein described es hereby saiarnd. ro Ute same extant that it would Mve been preserved and would have been passed to and { been Mb by the Aitsociatan had it bean duty and regubrly assigned. trensfened. set corr. and delivered unto tM Assosation lty separate deed of assignment. notwithstanding tM fact that tM sartte may M satisfied and tttrtoaled of record it being the irttentan of tM parties hereto that tM same will bs satisfied and cancelled of record by 1M holden tMreof at or about tM time of Ute recesdinp of this mortgage. 2 4 That if any of cM wms of matey herein referred to ba not promptly and fully paid within thirty 1301 days next ahsr tM same sewratty become dw and ysyabte. a i1 each and wery tM stipulations. agrNments. cord+tions and covenants of said promissory note and Uwe mortgage. or either, are not duly performed. cour- t plied with and attidad by. tM aggregate sum unpaid under said promissory note and drs mortgage shall become dw and payable forthwith or thereaher• st tM { option of the Association. as filly and compMtNy ss if said aggregate wm of money were originally stipulated to be paid on suM day. artythirq Tin sad promissory note or heeex? ro tM contrary rtot+ivithstsndittg. tY• i 15 That in order to accelerate tM maturity of tM indebtedness Mreby sewrsd because of tM fa+lurs of tM Mortgages to pay sod tax assessment habli t+on or entomb+ance upon said property as Mreiri provided. it shad not be necessary nor regwsite drat tM AtfOCiatiOrt shall first pay U:e same. t 6 That tM abstract a abstracts of title covering tM mortgaged property itMl at ad times. during tM fife of this mortgage. remain M the possession of tM Association orb. in event of tM foredowre Of this mestgape. or other transfer of title ro tM mortgaged property. in extinguishment of the indebt+3driess secured hereby. au right, arts grid interest of tM Mtxtgapes m and to any such abstracts of title shau pass ro tM purcJtaser es grantee. t 7 Should the va!,d.ty or ben of this mortgage. or the note secured thereby. be contested by bugauon a otherwise. tM Mortgagor agrees to pay to :he Association . the cost of defending tM same including • reasonable attorney s lee. 18 To pay all and sinyutar tM costs. charges and expenses. includ+ng attorney's lees reasonably irir:urrrd. or paid st any time by the Assorarivn. txcause of tM failure of the fWo: tgagor to perform. comply with and abide by each and every tM saputations. agreements. conditons and Covenan[s of ,~.d prOmisSOry note and this mortgi3e. or either. and wary such (except for tM payment of tM monthly installment a. rectu;red by the Promissory Note) shalt bear interest from date at tM rate of 1 ~j°~ per annum until fully paid. t 9 The Association shall have tM right at arty time and from Ume to time and without notice to or consent of any person to lest release any por•.ion o' tM prem+ses from the lien of t+rrs mortgage. Ibl release any person I~a~le io+ payment of any indebtedness secured hereby. lcl extend the tome of payment cr ai;er the terms of payment of alt or any part of the irdebtedriess. without atfecunp or relsasinp ttie personal habdrty of any person liable (other than any parson released pur- scant hereto) !o+ the DaYment Of any wm a interest severed hereby and vmthout rn any wise altering. varpng, es dinunishing tM fo+ccs. effects. o: i•en of the mortgage on aft the premises not apacifically rNeased Irom the hen of this mortgage by the Associatwn. 20 Any erg+eement Rereafter made Dy Mortgages find Assi}Cialton purwant to the mortgage shaft tic superior to tM rights of tM holder of any +nte+ven~ng hen or _ encumbrance 2 1 upon request of lrtortgsgor. the Assouation may. at ds sole opt+on. Irom bme to time. before tuft payment of alt indebtedness secured h~reb;. -na;e further ad- vances to Mo+:ga:wr. prov+ded. however, that tM total pnna~at secured hereby and remamurg u^i+a i. rnclud+rip any such advances. shwa nor at any bme ex- cePtf the o+•prn~t tranaoat sum seCUreA Mreby Mort(;agotshatl pay ell such further advances v~•th iri;..rest and the same shall be secured :rerrhy All povisans of this mortgage shat) apply to each further advance js wall as to all other indebtedness secured hereby. Notttinp Mrein contau:ed. however. shall hrtwt tM r amount secured by the mortgage d wch amount is increased by advances made Dy tM Assoaaaon. as herein elsewMre povidad for to protest the secunry 2? In the event the Mortgagor herein. d arty wbsequent Mortgagor. M any person es capesatan ow+•ing any interest whatsoever. should en:umtu:r the poperty s Mrein mortgaged M an instrument commonly referred to and known as a "wrap around mortgagr~' wthout first obtamrng the written consent of tM Associa- eon, then. at the uptan of tM Association. the obtigatan secured try this Mortgage shall in+mediately become due and payable 23 To provide the Associston with Flood Irisorance Coverage if tM real property is now or hereafter determined to be within a special Room h3ta+d area as shown on Flood Hazard Boundary Map+Flood Ins~rarce Rate Map as published by the Federal Insurance Adrrtirrstra[iort. 2s At tM request of tM Mortgagor. th^ Association sprees to waive the provisions of paragraph 4 retat:ve to the creation of a hazard mwrance account: providW. ~ however- chat the Associatron • ~ , is tM right. at its optan. to n-insole sutA provisons of sad paragraph 4 as an obbgatirxt of tM Mortgaaa hereunder upon the Mppernng of arty r•• . !;atovrinp: • A. fa+lure to 'n >.,y payment regsired under the terms of tM note on a before the due date Utsraot. B. Failure to c• ~ ' /with the inwrance grorisrons of paragraph 3. es of any of tM other terms and conditions of this mortgage or note. car wi;h tM inwrance requirerie+•'s .nt3:ned m tM DeCts-saOn of CpndominNim and related documents should tM morttjagird property De Cortianttud to cixdomrmum dweMpm :e ~ t S% (1~ tc~r-~t-'s r `N:?cJ PAGE~~~ ~ BQ01(