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HomeMy WebLinkAbout2477 4• That. rn ord~? b protect mdre fully the securrry of this matpape. tM Matpagor. topetMr with. and rn arldi[iOn to. lM mortthly payments order ill terms Ot tM note secured Mreby. on tM specdred payment ilea of eacA r.wnM until tM sad rota is hrNy pad. WWII pay to tM Assocratan tM followv+g sums' la1 M mslaNmsnt of tM texas and assassmente hvied a a M Ivied agaa+st tM prenuses cowrod by Mrs matgsge: and an installment o1 tM premwm or premiums that vvi110etoitia dw aril payable to renew tM inwrance on tM premises covered Mroby against bas by lire. and vwndstorm. as provided fa by paragraph 3 preudirig. or ouch otMr hazard as may roasonably be reptwed by tM Association: and an installment of tM premium that will becorne due and payabe to renew tM mortgage insurance. H any. Such installments shah be equal, raapecthwly. to orie•twelhh (Ii12th1 of tM es• timated promium a premiwns fa such iristrrariq. and texas and assessrriants next dw las estimated b11 tM Assoaation) less aN instsgmena atready paid Maraca, divided b11 tM nurcibet of moritM that aro m elapse era month prior to tM data wham such premwm a premiums and texas and assessments veld beoonia delinquent TM Association. while apP1Yi^p such payments to insurance premiums. taxes and assessrrwrra. before tM same beoarte deMigiient sAaM not pay interest to tM Mortgagor on such funds. and sN such payments may be wrnminpled by tM Assoastion will any other such funds or with is own funds. TM funds are ptedped as additanN security for tM sums secwed by this Mortgage end are sirDlect to use by 1M Assouation M payment of "lea N+srpes" and bank coYectivn Niargss. Ibl AN paymena rnentiaisd in tM pret:edinp wbsection of the paragraph and all paYmena to be made under tM nos secured hereby shad t» added together aril tM apgreg.a amount thereof shad be paid by tM Mortgagor eaidi month in a siriple psymertt t0 Oe sppMd by tM Association to tM folbwinp items in lM order sat bill: 1. Texas. assassmertts. and insurance premiums. 2. "Late charg+si and bank colNctan charges. uMess pad in mama provided in paragraph 4 lal~ 3. Interest on tM note. secured hereby. 4. Amortization of tM principal of sad nos. Any deficiency in tM amowit of Birch spgrsgaa morttMy payments shag. unless paid by tM Metgsge pier to tM dw date of tM next such payment. pori- stitute an swot of defwh under tM mortgage. Vlfithout waiver of any right. tM Association may cijllect s '"late charge" ss provided in tM Note. 5 TMt if tM total of tM payments made by tM Mortgagor uidw lal of paragraph 4 preuduip shah exceed tM amount of payments actually made by tM Association for taxes and assessmena and insurance premiums. as the use may Oe. such cuss shall ba credited by tM Assouatron on wbssquent payments to bs made by tM Mortgage If, howevN. tM monM1Y payments made by tM Mortgagor under la1 of paragraph L precitdirig shad not haw been sufficient to pay taxes and assessments and insurance premiums. as tM use may bs. when tM same sMN become due and paYabls. Men. tM Assoastion may. at its op- tan, immediately pay sirch taxes aril assessmh?a and inwrsnu premwm. and tM Metgagor rill)) pay to the Association ariy amount necessary to make up tM deficiency. and wch payment sMll be dW and payable within thirty (301 days slier tM data of nriailing of notice by tM Association setting forth tM amount of such tNficiericy. If. at any time. tM Mortgepor shall tilNider ro tM Assocation. n accordance will the provisions of tM note sei:ursd fie?eby. full payment of tM entire indebteiyiess represented Mreby. tM Association shad, in computing the amount of such indebtedness. credit to tM sceoiw?t of tM Mortgagor any balance ritirnainirig M tM funds saarmuUted unide? tM provisions o/ la) of paragraph 4. 5 To permit commit a order no wasa. impairment or deterioration of said property. a any part thereof. and upon tM Isiluro d tM Mortgagor to keep the buildings on said property in good cOrtdition or repair and maintenance. tM Association may demand proper mauitenanu and tM immedraa repair o1 sad buildings. or an increase in tM amount of seauity. or tM immedraa repayment of tM debt Mreby secured. and flit faJuzv of tM Mortgagor to comph vrrM said demand of tM Association for a period o/ thirty 1301 days shah constitua a brescA of this mortgage. end. at tM option of tM Arrsoeiatan, immediateM mature tM entiro amount of prinitipil end a?terost Hereby severed. and tM Assixiation immediately and without ratite may irautute ptocisedinps to forsdose this mortgage and apply fe tM appointment of • receiver. as hereinafter provided: and in use of tM refusal. neglect or wiabikry of tM Mortgagor to repair and maintain said property. the Association may. at is optan; make wch repairs a cause u?e same to be made, end advance moneys in that behalf. 7 To perform. c«nph with end abide by each std every tM stipulations. agreements. coriditioris end cotenants in sad prortwssory nos and firs mortgage set ietii. 8. To comply will Me wbdrvision restrictions and tM municipal zorunp ordinances appkcabN to tM mortgaged property: not to Bract or permit to be erected any new buildings on tM premises Mrem mortgaged o. to add to a permit a be added to. make or permit to be made. any structural alteratiais to any of tM ex- isting improverMna thereon without tM written consent of tM Association: and in tM avant of any violation a attempt to violas thane stipulatons. or soy of them. this mortgage and aN sums securo0 Mroby ells)) immiridrately becorcr dw and paysbh at tM option of tM Association. 9. That M use of a defauah in any of tM terms Of this nriortpage and tM fiWip of • bil to IoreNose this a aritr other rriortgagt ericumberirp tM witMn described property. tM Asaocation shat be entitNd to apply. at any time without notiu pirriding sui9i taeclowre wit a tM court having jYrlsdlction tMreof fe tM aD' • pointment of a receiver of all std singular tM mortgaged property. and of all tM rents. inwmes. profits, levees and revenws Meritiof, lion whatsarver sours derivisd: and. tliereirpon. it is hereby expretisly covenanted and agreed that tM court itlisN tortMrith appant a receiver of said mortgaged property. sfl end sirigubr, aril of still rents. irioorries. proRa. issws and rwenues therrrof. from wMtsoever sown derived. vwM tM usual powers and duties of receirsrsn kke uses: and surM appointment shah ba made by such court as a matter of suict right to tM Assoastwn. and witfaut roferenu to tM adequacy a inadequacy of the value of tM property heroby rriortgsged. or to tM ttohenty a insolvency of tM Mortgagor. erxf that such tone. gratis. wieorriq. issues. end revenws shad be applrisd by such receiver ro tM psyrnent Ot tM mortgage indebtedness. costs and cliargea. attixdu?p to tM order of such court 10. That in tM event tM promises heroby rrtortpaped. or any Part tMrisof. shed be cordemnad and taken under tM power of eminent domain. tM Association shah Haw tM right to demand that sM damages awarded for tM taking of a iryury to said prertusK shall bs paid to tM Association. is wccessors a assigns. upto tM amount then unpaid on this rriortpage. and may be applied to any wms last payabN hereunder. 1 1. That lime is of tM essence of this contract end that no waiver of any oblgation hereunder. or of the gbligatiOrl secwed Mroby. shall at any time tMreaher bs Mld to be a waiver of tM arms hereof a of tM promisstrry note secured Mreby. 12. In the event of any default in any of tM tarns of this mortgage. a in tM note secured hereby. end acceleration by tM holder, or any other sitwtion that would cause tM interest paid or payable under tlrs obligatan to exceed tM interest rate authorized by law. then b such event aN a:cess interest Merstofore paid shall be credited to principal and at! acaued and unpaid exuss interest shall abate and shad not be an obligation of tM maker or of any other person. 13 That to tM extent of tM uidsbtedness of tM Mortgagor to tM Association described Mren or secured Mroby. tM Assixiation is hereby wbrogated to tM lieru a hens and to the rplia of Uie owner and holder Mereof of each and every mortgage. Iran a otMr encumbrance on tM land desuibed herein. which K paid and satisfied. iY1 whole Or in part art o(tM proceeds of tM loan described Mrem a secured Mreby. aril [M rospective lions of sad mortgages. lions a other en- I~ cumWances. shah t». and tM sans and cell of them Mrsby K preserved std shah pass to and be Mld by tM Association Mroin as security for tM in- F debtedness to tM Association hpein described Or Mreby secured. to tM same extent that it would haw been prosirrved and would haw been passed to and been held by tM Association had it been duty end regularly asspned. transterced. sat over. and delivered unto tM Association by separate decd of assignment notwithstanding the fact Diet tM sans may be aatistNd and cancNled of record. it being tM intention of tM parties hereto that LM sans will Oe satisfriad and cancelled of record by tM holders thereof at or about the time of tM recording of this mortgage 14. That if any of tM wms of money Mrem referred to be not promptly and fully pad withn thirty (301 days next after tM same severally become dw and payable. e i/ each and every tM stipulations. agrsemsna. condrtioris and covenants of said promissory note acid this mortgage. a ertlier, ere not duly performed. corri- plied witA and abided by. tM agpregaa even unpaid under card promissory rate aril this mortgage shelf become due and payable forthwith or thereafter. at tM option of tM Association. as WNl! and completely as if sad aggregate slim of money were eiginaliy stipulated to be paid on such day. anything in said 1 promisspry rota a Mrsn to tM contrary rat,ririthstandrip. } t 5 That m order [o acceierats tM matwity of tM indebtedness hereby secured because of tM tsiluro of the Mortgagor to pay any tax assessment. liability. oDliga- g tan or encumbrance upon said property as herein provided. rt shall rat bs necessary tar requisite that the Assoaatiorr;liall first pay the same t 6 That tM abstract a abstracts of title covering tM mortgaged property shall at aN times. during tM Gfe o! this mortgage. remain in the passess+on of tM Association and. in event of tM toreebwrs of this mortgage. a otMr transfer of htb to tM mortgaged property. in extinguishment of tM indebtedness secured Mreby. aN right. title and interest of tM Mortgagor in and to any such abstracts of title shad pass to tM pwchaser or grantee. t 7 Should tM vahdiry or hen of this mortgage. a tM note secured thereby. be contested by fitrgatan a o:hervirise, the Mixtgsgor agrees to Ray to the association tM cost of defending the same including a reasonable attorney's lee. . 18 To pay all and singular the costs. charges and expenses. includrri9 attorney s fees reasonably recurred. or paid ar any time by tM Association. because of the (allure of [M Mortgagor to perform. comply with and abide by each and every the stipulatons. agreements. conditioris and covenants of card promrssnry note and this mortgage. or either. and every wch (except for the payment of tM monthly installment as required by the Promissory Note) shalt bear in;erast from date at the rate of ~j°~p per annum until fully paid 9 TM Association shall hate the right at any lime and from lime to bme and without notice to or consent of any person to IaI release any portion of :he pram,ses from the Iron of this mortgage: Ibl release any person liable for payment of arty indebtedness secured hereby. tc! e¦tend tM time of payment o: at;e• ut-e t?tins of payment of a:l or any part of the indebtedness. without affecting or releasing tM personal liabclity o` arty person liable )other than any person rr?r;ed pur- suant hereto) for the Dayritent of any sum or interest secured hereby and wrthOUt m any verse altering. vary,ng ur dimmishng tM laces. effects. o• hzn of tMs mortgage on all the groin see not spetdicalty released from the t•en of tMs mortgage by the Assocat:on 20 Any agreement hereafter made by Mortgagor and Associaton pursuant to this mortgage shat) De wpe•+or to the rights of tM holder of any mt?rve:irng lien e encumbrance. 2 t upon request of !dortga90i, the Association may. at rte sole apaon, from time to bme. before cull payment of as indebtedness secured hereby. mate fu::her ad- vances to Mortgagor. provufed. however. that the total princ+pal secured hereby and remaining unpaid. +n_!ud+•i9 any wch advances. shat) not at z•:y rime ex teed the ongine! pnncipat sum secured hereby Mortgagor shall pay all such further advances wrth rntrrest acrd the same shall be secured hereby Ar: pr,,vsrons of the mortgage shad aDptY to each further advance as wee as to all o;Mr indebtedness secured hereby NotMtrg herein contained, however. r,a!: ;ir-at tM amount secured by this mortgage if wch amount is increased try advances made by tM Association. as herein elsewhere provided for to protect flit. se.:unq • ~ 22 In 1M event the Mo+tgagor herein, or any subsequent Mortgagor. or any person or corporation owning any interest whatsoever. should erxumtr_r the property Mrein mortgaged by an instrument comrnorily referred to and known as a "wrap-around mortgage" wrti»ut first obtaining tM written consent of flit- Associa- t: tan, then, at the option of tM Association. the obhgaaun secured by this Mortgage sfiyll immediately become due and payable- ?3 To povrite tM Assoxiation vwth Flood Insurance Coverage d the real property is now or Mreafrer detrmined to be within a special flood hazard aroma as shown x on Flood Hazard Boundary Map/Flood Iriwrance Rate Map a+ published by the Federal Inwrance Adm,rnstratiixi. 24 At the request of the >vlortgapor. the Association sprees to wa+ve the provisions of psragrapfi 4 relatrvs to the ueatiai of a ha:aid inswanes account. provided. however. that the Association retains the right. st its oDtia^• 'n re-instate such provivons of said paragraph 4 as an obligation of the Mortgagor hereunder upon s the happerwnp d any of tM folbwinp. A Far!ure to make any payment required under the terms of •F.o •.oto on a. before tM due date thereof. B Failure to cnmgiy wrth tM insurance provisions of per3praG' x o/ soy of the Other terms and conditions of this mortgage or note. a wKh the rn surarxe requirsmants con!amad m tM Declaration of Coni}om:nrur.. and related documents should the mortgaged property bs commiusd to ~p1rk"n:nium development r:It~c~r~ EGUK JGc) P~cE 267 -~?-~s - ~ 1'-,~