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Home My WebLink About2449 - t ' 4- That. in order to protect more fully the securrry OI th.s mortgage, tM Mestgapor, logetlter w+th. and in addition to. tM monthly payments order tM terms of the note secured Mreby. on tM specified payment date of each month until tM sad Hots rs fuNy yard. will pay to tM Association the following sums Ial An installment of tM tames and assessments leveed a to be leveed against tM psmrses coverrsd by this mortgage: and an installment of tM premium es pemwms tMt vwll becesne dw and payable to reMw tM utsurance on tM prentrses covered Mreby against bss by fire. and wrndstem, as prowled for by paragraph 3 prattling. es such other MzaM as may reasonably be tequued by tM AstACratrort: and an instsument Of tM ptemrum that will become due and payable to reMw tM mortgage insuranKe. rl any. Such instsUments shall be equal. respectively. to one-twelfth (1112th) of tM ts- trmated premium a pemiums for such insurarce_ and taxes and assessments next dw less estimated by tM Assopatan) less all installments already paid therefor. divided by the number Ot months that era to elapse ore month piles to tM data when such premium es premiums and taxes end assessments will becans delrrtquent. TM Association, wMle applying such payments to insursncs pemwms. taxes and assessments. twfese tM same become dehrtqusnt, shall not pay interest to tM Mortgagor wt such funds. and all such payments may De commingled by tM Association wttA any other such funds or with its own funds TM funds are ptedped as addrtanal security for lM wins socwed by flue Mortgage and us subtact to use M tM Association m payment of "IaN charges" and Dank cdlectrOn charges lb) AU payments msnuorted in tM precttdrnp wbsectan of flue paragraph and all payments to be made under tM rats secured Mreby shall be added together and tM aggregate amount tMreol sMU D• paid by tM Mortgage each month rn a srrtgle payment to Ire spurred by lM Association to tM lolbwutg flame in tM order sat lesth. 1. Taxes. assessments. end rnwrsnce premiums 2 "Late charges" and bank cotlectan cMrges. unless pad in manner prowled in paragraph 4 lsl 3. Interest on tM noes secured hereby 4 Artarti:atron of tM Vrincrpal of sad note Any dehciertcy in tM amount of such agyregats monthly payments shall. unless pad by tM Mortgage prior to tM due dale of tM neat such payment. con- stitute an event of debult under the mortgage 1fYithout waiver of any right. tM Association may collect a "tats charge" as provided in tM Note. 5 that if tM tool of tM payments made by tM Mortgagor under la) of paragraph 4 preceding SMN exceed the amount of payments actwUy made by tM Associatan for taxes and assessments and inwrsnce premiums. as the case may bs. such excess shalt be uedrted by tM Associaton on wbsequent payments to be made by tM Mortgages 11, however, tM monthly payments made by the Mortgagor under la) of paragraph 4 prectlrrtg shall not have been wHruent to pay taxes and assessments and insurance premiums. as tM case may be. when tM same shaft become due and payable. then, tM Associatan may. at tts op- tan. rmrrtedratsly pay such texas std assessments and insurance premium, and tits Mortgage sM0 pay to tM Association any amount necessary to make up the defrcrertcy. and wch payment shell be dos and paysbq within thirty 130) days aher tM date of marking of notice by tM Associatan s+ttrng forth tM amount of such deficiency. If, at any time. tM Mortgagor sMU raider to tM Association. n sccesdartq vntA tM prowsiorts of tM Hots secured Mreby, full payment of tM entire trtdebtedness represfintad Mreby. tM Asaociation til?aU, in COmputrng tM amount of such indebtedness. ue61 to tM accow?t of tM Mortgagor arty balance remaining in tM funds aeeumulated under tM provisions of lal of paragraph 4. 5 To permit. commit a wffar ra waste. impairrMnt es deteriesatron of said property, es arty pert thereof. and upon tM Isrlurs d tM Mortgagor to keep tM burldrngs on said property in good condttoOn es repair and maintenance, tM Assxation may demand proper maintenance and tM immediate repair of said butldrrtgs, es se increase in tM amount of security, es tM immedats repayment of tM debt Mreby secured. and the faih::.r of the Mortgagor to amply with sad lamed of tM Association for a pared of thirty 1301 days sMll consatuce a beach of this mortgage. and. at tM option of tM Assocation. immttdrately mature tM entire amount of principal and Intarast Mreby secured. and tM Association immediately end without notice may insbtua proceedutgs to forecbse this rnortgsge and apply for tM appointment of a receiver. ss hereinaher provided: and b use M tM refusal, neglect es irtab4ty of tM Mortgages to repair and maintain said property. tM Assrxistton may. at its opton, make self repairs or cause tM same to be made, and advance moneys n that beltall. 7 To perform. corttplY with and abide by eaci? and wary the stiputatiorts. sgreernerris. torrditiuiia and covena~ru in sati p.~,r.-iiGiCw j .-wti iiw~ i..~"-.. iiLtiityiy"8 iLY forth. B To comply unto tM wbdivision restrictions and tM murticipa) zating esdinirtces applicabN to tM mortgaged property: not to Bract es permit to be eroded any new buildrrtgs on tM premises fterein mortgaged es to add to es permit to be added to. make es perrrrt to be made. any structural al[eratans to airy of tM ex- isting improventsnri thereon without tM written consent of tM Association: end in tM event of any violatan es attempt to violate these stipulations. or any Of them. tlrs mortgage end all wins secured ftersby sMU imrttedrately become dire and payaWs st tM option Ot tM Associstan. 9 That in use of s default M arty of tM terms of this mortgage and tM hhrtg of a bill to fesecbse this a any other mortgage enct?mbsring the within described property. tM Assgciation shall be entitled to apply. at a+ty time without notice prtrdirp such /orecbsure stet. to tM court Mvirtg junsdretiort thereof tes tM ap- pointment of s receiver OI all end singular tM mestgsged property. and of all tfta rents. incomes. profds. levees and revenues tftereol, from whatsoever source denvred. and, tMrwpon. it Is Mreby e:presaly covenanted and spread tMt tM court shall festhwith appant a receiver of sad mortgaged property, am and sutgubr. and of strcA rents. incomes. profits. iswes and revenues tMreol, from whatsoever enure darned, with tM usual powers and loess of receivers in kke taus. and such appointment shah be made M such arum as a matter of strict right to tM Assrxwtion. and without reference to tM sdequsq es inadequacy of tM value of the property hereby mortgaged. a t0 tM solvency es insdvertcy of tM Mortgage. and that such rents. profits. irtcorries. levees. and revenues shall ere spplirtd by such receiver to tM Payment of tM mortgage indebtedness. costs and charges. according to tM order of such court. 10 That in tM event the premises Mreby mortgaged. es any part thereof, shall ba condemned and taken under tM power of eminent domain, the Association shall have tM right to demand that sU damages awarded (Or tM eking of or injury to said premises shall be paid to tM Assxratan. its wccessors or assigns. up to the amount then unpaid on this mortgage. and may be af~b to arty wins last payable Mrwrder. t t That ame is Of the essence,of this contract end that no waiver of arty obligation Mrwnder. a of tM obligatan secured hereby. shall at any bme tftereaf[er be held to be a waiver of tM terms hereof es of the promissory note secured Mreby. 12 In tM event of any default in arty of tM toms of this mestgsge. es in tM note secured hereby. srxl scceleratwn by tM holder. es arty other situation that would cause tM interest paid es payable under this obligation to exceed tM interest rate suthesi:ed by law. tMn M such event all excess interest theretofore psd sluU be cradled to pnnctpal and std acuued and unpaid excess interest shall abate end shat! not be an obligation-of the maker or of any other person t 3 That to tM axtertt of the indebtedness of tM Mortgagor to tM Association descn~ed herein or securcG hereby. tM Association is Mreby wbrogated to the Wen or hens and to tM rights of tM owner and holder thereof of each and every mortgage. Iran es other encumbrance on the land described Mrein, which is pad and satisfied, in whole es in part. out o` the proceeds of tM ban described Mrein pr secured hereby. and tM respectne hens of said mortgages. liens or other en- cumbrances. shall be. and tM same and each of them hereby N preserved and shaft pass to and be Mld by tM Association Mali:~ ss security for the in- debtedness to tM Association Mrein desuibad es Mreby secured. to tM same a=tent that it would have been preserved and would have been passed to and been held by eM Association had it been duty and regulsdy assigned. transferred, set over. and delnered unto tM Assocation by separate deed of assrgnmsnt. notvrrthstsridrng tM fact tftat tM same may bs sstistied and urtcelied of record. it bang tM intention of tM parties hereto that :he same will De satisfied end f cancelled of record by tM holders thereof at or about tM time of tM recordrtg of this matgsge fff 14 That rt arty of tM wins of money Itrlnin referred to be not promptly end fuly paid within tMrry (30) days next after tM same severally become due and payable. or d each and every tM stipulations. agreements. conditions and covenants of said promissory rate and rtes mortgage. or either, are not duly performed. plied with and abided by. tM sggrsgate win unpaid under said promissory note and this mortgage shall become due and payable forthwith or thereatter. at the option of tM Association. ss fully and contplstety as if sad aggregate win of money .were originally stipulated to be yard on wch day. anytturtg in sad pranissary rate es herein to tM contrary notwiMStarding. t 5 That in order to accsleraa tM maturiry of tM indebttdrtess Hereby secured because of tM faders of tM Mortgagor to pay any tor: assessment tialritiry. obtiga- tan or encumbrance upon sad property as Mran provided. it shall not ba necessary ran requisi[e that the Association shall first pay tM same. 16 TMt tM abstract es abstracts of title covering tM mortgaged property sftaU at all times. during tM fife of this mortgage. remain in tM possession of iM Association and. in event of tM fesecbsure of this mortgage. or other transfer of title to tM mortgaged property. rn exbrtgriishment of tM indebtedness secured Mreby. sU right. atte and interest of tM Mortgagor in and to any such abstracts of title shall pass to ttie purchaser es grantee. 7 Should tM valdity or hen of this mortgage. or tM Hots secured thereby. be contested by litigation or otherwise. the Mortgagor agrees to pay to the Association tM cost of defending tM same incfudrnp s reasonable attorney's fee- ~ 13 To pay all and singular the costs. charges and expenses. inGudrng attorney's fees reasonably incurred, or f,ard at any time by the Associatan, beca;ir of tM failure of the Mortyagrrr to perform. comply with and abide by each an.1 every the stipulations. agreements. cJn:i~;+Uns and covenants of said promrs~: y nose and this mortgage. or either. and every wch (except for the payment of the monthly installment as reZurn~3 by tie Promissory Note) shall bear in:cre;; :tom date at the rate of l~j°~ per annum until fully paid 19 The Association shall have the right at any time and from time to time and without nObce to or Consent of any p:'-: ,n to la) release any portan of the p: emses Prom the hen of this mortyay?. (b) release any person liable for payenent of any rndabtedness secured heretrr. l~ ~ e :;end the t:me of payment or alter th.~ te:rns of payment of alt or any part o1 the rndebredness. without affecting or rweastng the personal haD+lrty of ar.~ ps: rw~ arable (other than any person refeas-'A per- want hereto) for the payment o: any sum orJntere,~j,secured hereby and without rn any verse altering. varyrny. r.: drmrrnstung the fates. effects. or ben o` this mortgage on all ttierpre'p~3•hot sQec~rcally released from the Iran of this mortgage by the Assotrat.on ZO Any a~rremeni hereafter meads :oagago: and Assacraiion pursuant to flue .^+ortsage shall be sups+•~ t.. nghtso( the holder of any mte+ven.r,.; l:•rn or encumbrance s: 1 ! Gpc~ re Juest of Morfy•rgo•. the Association may. at its sole opuo•t. Prom time to tame. before full payment n! ,rntPbteifness secured hereby. metre fur;':^: ad- K vances to Metgag•,+. provided. however. the: the total prinupal s,,cu.rJ hereby and rea:am:: g unpa+d. i.:Cio,t •.a any such advances. shall not a: any tr ne ex- esd fhb ong.nal prmupal s.rm secured hereby Mortgagor shall pay all such turtl:er advances with interest a:•~::hr same shall ere secured hereby Alt provsrons cr dos mortgage shah ap;i:y to each further advance as well as tc all other indebtedness secured F.erebp Noth.ny herein contained. However. shat: Lm~t tM , amours[ secured try this mortgage d wch amount is increased by advances made by [rte Associaton. as hererr• r:isewhere provrdr><1 for to potect the se..onty 22 In t?re event tM Metgayor tw_rrrn. or arty subsequent Mortgagor, or any person a corpeatan owrang any mt~rast whatsoever. shoakf encumber tba property frr•:m mortgaged by an instrument commonly referred to and known as a "wrap around rnUrigaye without l:rsr'oLta+rnny the written consent of the Assx+a- ti,n. then, at ttie option of the Assa_:ation. the obhgation secured by tMs Murtyage shad rmmcdrateiy become due a+d payable 73 To /xovrrie the Association vwth Flood Insurance Coverage d the real property is now or hereafter d^_termrried to be wrtfun a special flood hoard area as shown nn Flood Hazard Boundary Map/Ftood Insurance Rate Map as publrched by ih^ Federal Insurance Admrnrstratron. 74 !.t the request o! the Mortgages. the Assouation agrees to waive tM provisions oT paragraph 4 relative to the ueatron of a hazard inwrance account, provided. Lov.ever. that the Association retains the right. at its option. to re•instats such p:;rvisrons of said paragraph 4 as an ob!r;,at+on of the Mortgagor hereunder upon the happening of any of the fdlotivrng A farlurs to make any payment required under the terms • a note on a before the dos date thereof. B Failure to comply with the inset ante provsions of para{;r .a'r 3. or of any of the other terms and conditions of this mortgage a note. or with the mswance requuemenCS contautsrS in the Oeclaretion of Condom: •um and related documents should the mortgaged property be commuted to condomnmm development , . • ~ r• tr_ s ~ am ctr.G