HomeMy WebLinkAbout1839 i .o
4• That. in «der to protect m«e IuNy tM t+ecunty of tM monpepe tM Mortpapa. tope:Mr vnth. and m sddtan to. tM montNy payments under tM tams a tM
rate second hereby. on tM spegMd payment date d eats month until the said note a tuUy paid. wrN pay to tM AssocNtan tM fdbwu+p suns , .
lal An rrrstaNrrtertt d tM rues and assessments Nvrad « to be bvied agairrat tM prenrMS covered by this mortgage. and an ir?stapment a tM premwwn r
« premiums that wiN become dw end payabN to renew tM inswarru on tM prenwses covered Mrsby against b:i by lire. and wirdst«m. as provided
for by paragraph 3 precadirq. « such otMr hazaM as may nasertebly be rettuued by tM Association: and an irrstaamsnt d the premwm tMt wits
become dw and paYabla to renew tM rrrortpage wtsurarice. d any. Such rrtstaNments shah be egwl, respectively. to one•twelhh It/12th) d tM ss•
Lmsted premwm « premiums for such irifuranca. and rues and aaNSSmertq next dw lee estimate4 by tM Assoaationl less aN installmMts already
Pad thef«. divided by tM number d mor?tM that ere to elapse One mor?M pray to tM dale when such premwm « premiums and taxes and `
assessmMq wiN Oet7onN deMiquent. TM AstOtietien. whb appMrtp such paymenq w irtsurartp premiums. rues and assessments. bet«e tM same
~a bsconie dekrgwn4 shah rat pay interact to tM Martgeg« txr suidr funds. srd as sots psymatq may be comnwrlglad by tM Association with any i
~ other such lands « wish its own lands- TM Lunde are pledged p additior?al secirity for tM Burris seveed by this Mortgage and are subpd to use by I
~ tM Association n payment d "late eltarges" and bank eoYeetion eltergei -
Ibl AN paymenq rrtentiorted in ffN precsdirp subMCtron d this paragraph and sM payments to M made under tM rots secured Mreby shall W added
- together and tM aggrsgaq amount tMred shell be aid by rite M«tgag« each muMh in a s+rgla paymarit to ba applied by tM Assawsron to tM
..a.a foNowing items in tM order set forth: 1. Tues. assessments. and wrwranq premums 2. "late charges" and bank collection charges. unless pad in
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' rrtarwrar provided in paragraph 4 ql 3. Intact on tM r?oq recwed hereby. 4. Am«tization d tM principal a sad rag.
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, Any deficiersty h tM ansour?t d such aggregaq monthly paymertq s1iaN• urtMss pad by tM Mortgag« prior ro tM dw deg d tM next such psymertt. core'
stituq sn event d rNfsuh order tM rttertgage. Without waiver d any rphL tM Association may coNect a ''late chugi • as provided in tM Note-
rr 5 TMt d tM foal d tM peymertq made by tM Mortgagor under U) d peragraph 4 precerkrp shah exceed tM amount d paymenq actusNy made by tM
Assocratan br rues end asMSSmertq and rnsurence premiums. as tM use may be. sots exuss shah be usdrtsd by tM Association on wbsegrNnt paymersq
to be made by tM Mortgag«. If. however. tM monthly peymenq made by tM M«tpep« under la) a paragraph 4 preced~np shah rot Mw been wHrcrsnt to
• psY rues and assessmenq and inwranp premums. as tM case may be. when tM sarrre shah become dw and paYSbb. tMn, tM Assocratwn may. at iq op•
care. unmsdiately pay such rues and assessmertq and rrtsurar?ce premium, and tM Mortgeger sMU pay to tM Association any amount rtecesssry to mob up
tM deficiency. and earth payment shah be dw and MY>~b within thirty 1301 days slier tM daq a maibrp d notice by tM Association setup forth tM amount
of srrctr dshcrericy. If, at any time. tM Mortgeg« shall taxla to Ifrs Aswrat.ort. b accardart:.a kilt i!•.E i~ o! Lhe note secured hereby. lira payment a
tM enure a+debtsdriess represente0 MrsbY. tM Association shah. in coitrputirtg tM amount of such rndsbtedness. credit to tM account a tM Matgsg« any
balance remainng in tM fords aaunwatsd order tM Prorrisans d la) d peragraph 4.
6 To paint. cornrrrit « wffer no waste. irrpaurrisnt « detarroretion d sad property. « any part thered. and upon trio failure a fns Mortgagor to keep the
buibfir?gs on said property in good cortdrtgn « repair and mamtsoartce. the Association n?aY deed Props rnMntenarru and tM immediate repair a sad
Iwrklirps. « an irtuease b the amount d security. « tM immediate repayment of tM debt Mrsby second. and the Iarlwe of tM Mortgsg« to urnD1Y with
sad demand d tM Assoiation t« a period of flirty (301 days shell constituq • breech d this mortgage. and. st tfte option of tM Assrxiation. inunediately
mature tM entire amount d principal and interest hereby segued. and tM Association immedistNy end vwthout rotru may inetituq proceedings to toreidost
the mortgage and apply for tM appointrMnt a a receiver. as hereinaher provided: and in case a tM refusal, neglect «inabrkty a tM Mortgsg« to repair end
maintain sad property. tM AtisocNtion may. at iq option. make such regain « cause tM same to bs made. end sttvsnce m«teys in that beMM.
7 To pert«m. c«nply with and abide Oy ead? end awry cM stipulatans. agreements. cordrtgns and covenants in said promissory note end this mortgage set
forth
8. To gxnph with tM wbdivision nstrietiorss and tM rrwrwdpal izorwp «duanoes appkeabN to tfr nwrtgaged property: not to erect « permit to bs erected airy
new buildups on tM premises herein mortgaged « to add to « permit ro be added to. make « permit to be made. any sbuetursl ahsrations to ar?y d tM ex-
rsarp unprowmsnts thereon vnthout tM written veneerer a the Assoeiatiat: and in tM event of any vrolati0n « attempt ro valate tMse stipulstiorrs. «any a
them, the mortgage end sN sums severed hereby shah intrrrediately become dw and WYa~ at tM option a tM Association.
9 TMt in ass a a default in any a tM terms d this mortgage and tM tilrp of • brN ro f«eebse tlas « any other m«tgage eneumbsnng tM vrrthin dsscnbed
property. tM Assouation shah bs entitbid to apply. et any time without rgtres periling such toresdosure veer. ro tM cant havuig ltrrisdsction thereof for !M sp-
pointmeM a areceiver a sN end sirpular the mortgaged ProPertY• and d all tM rMq, incomes. profits. issues and revenues thereof. from wMtsoewr sowce
derived. and. thereupon' it is hereby expressly cownerrted end agreed tMt tM court shah tortltvvith appoint a rscsrver a sad rrwrtgsged fxopertY. eN end
yrpubr. and a wch rents. incorrNS. prohq. issues and revenues thaea. hom wMtsosver source derived. with tM uswl powers and duties a receivers b khs
uses. and such spporntment shah be made by such taut es a matter d suict right to tM Atrsoeration. and without referents to t1N adequacy «irtadaWseY d
the vsbis a the property hereby mortgaged. « to tM solvency « wisolwrtcy a tM Mortgsg«. end that such rents. profrts. incomes. issues. and revenues sMN
be appbed by such recNVer to tM payment d tM mortgage ardebtedness. costs end charges. accordirp to tM «da a such court. -
1 O That in tM event tM ownerslrp a tM mortgaged premises. « any part therea. becomes vested in s person other than tM Mortgag«. the Assocation rnaY•
without notice to tM Mortgsg«. deal vnth such success« « successors in interest with reference to this mortgage and tM debt hereby segued. m tM same
mama as with the Mortgagor. without in any way vitiatup or ilischargxfp the Mortgagor s liability frereur+der o. upon tM debt hereby saeursd No ssb a tl+e
pr.rrrses trersby mortgaged end no forbearance on tM part a tM Aasoaatron, end no extension a the Line for tM payment of tM debt Mreby secured given
by tM Assocatan. shall operate to reNsss, drschargs. ngdify. change « aHsct tM «rgrnal habrbry a tM fortgagor herein. erther o wiruis a irr part.
11 That in tM event tM prsnrses hereby mortgaged. « any part tMrea. shall bs wrdsntnsd and taken under tM power of eminent domain, tM Association shah
have tM right to demand that ell damages awarded for tM takng a « injury to said prsnmes shall Ds pad to tM Association. iq successors « assigns. up to
tM amount then unpad on the mortgage. end mall be applied to any wins last payable hereunder.
12 That Line n of tM essence of this contract end that no waiver of any obhgstion herwrder. « of tM obligitron secured hereby. shall at any came tlrereaher be
held to be a waiver a tM terms hereof « of tM promissory rate severed hereby.
13. In the event of any default in any a tM terms of this mortgage. « n tM note secured hereby. and sccebratron by the riolder. « arty other situation that would
cause tM interest pad «paysbls under this obligation to seued tM interest rate auth«ued by law. then m such event aN excess interest thaetofbn pad shah
be uedited to principal and aN sccrirrd end unpaid excess interest shall share end shah not be an obligation o/ tM maker « of any other person.
14. That to tM extent a tM indsbtndnsss a tM Mortgag« to tM Assocation dssurDed hersa+ « secured Mreby. tM Assowtron rs hereby abrogated to tM ken
« kern end to tM rphts a tM ovvr»r and holder theraa a each and every mortgage. hen «other encumbranxe on tM and desuibsd heron. which is vad and
satrslred. in whole « in pert. out a llte fxaeeds a tM ban described herein « secured lxreby. and trier respective heirs of sad mortgages. lisr?s «otMr en-
cumbrances. shall ba. end tM same and each of them hereby a prsservsd end shall pass to and M held by tM Assocation Mrsin u security f« tM in-
' debtedrtess to tM Assoration herein described « hereby secured. to tM same extent that rt would haw been preserved end would haw been passed to end
~ been held by the Assouatan read it been duly and reguisriy sssrgrrad. transferred. set ova. and delrverad unto ttw Asso;.:aiwn Dy saparste deed a assigrvtxrtt.
notwuhstarrding tM tact that tM same may be satisfied and urrt:Nled a record. it bang tM intention of tM parties hereto that tM same will be sabsfied and
cancelled of recd by tM holden thereoT at « about tM time a tM retordrrtg of the mortgage.
15. That d anti a tM wins a money herein referred to be not pomptly and fully pad vrithn flirty (301 days next after the same severally become due and payabb.
~ « if each and every tM stipulations. agreerMriq. coridrtioris and WVaianq a sad promissory rats and the mortgage. « other. are not duly pert«msd. com-
plied vnM and abided by. the aggregate win unpaid under said promissory note end the mortgage shall become due and payable forthwith «thereaher. at the
option of the Assocation. ss IuNY and completely as it sad aggregate sum of money were originally stipuated to be paid on such day. ariythng rn sad
promissory note « herein to the conuary notwithstariderig.
16. That en «der to accebrate tM maturity of tM irdsbtedness hereby secured because of tM fsrhne of tM Mortgagor to pay any tax assessment. trabliry. oWrga-
tan « encumbrance upon said property as herein prgiridsd. it shall not be necessary rror requisite that the Association shall first pay tM same.
i 17 11 a conveyance shouts tie made by tM M«tgag« a tM premises Mrein described. « any part hereof, and the grantee named m such conveyance tads «
refuses to aswme tM payment of tM obligation evrdencsd by sad promissory rate and secured by the mortgage. and m accordance with their respective
tams. and abide by the rules and regulations a tM Association, including payment of a reasonable transfer tee. then, and in that avant. at the option and upon
the Aerriard of tM Assocatron all wins a money secured Mreby sMll immedately become forthvviM dos and payabb.
18 That the abstract « abstracts of Ltb covenrp the mortgaged property shah at all trines, during tM life a the mortgage. remain M the possession of the
Association and. in event of tM f«scbwre of the mortgage. «othsr transfer of Ltb to lM mortgaged property. in exuriguishment Of the udebtedness secured
hereby. all right. title and interest of tM M«tgagor in and to any such abstracts of trtb sriall pass to the purchaser « grantee.
19 Should the valdrty «lien of this mortgage. or the rate secured thereby. ba contested by trtrgatwn «othervrrse. the Mortgagor agrees to pay to the Association
the cost of delerxling tM same iricludup a reasonable stt«ney's lee. -
20~ To pay all and singular the costs. charges and expenses' intltrGng attorney's fees reasonably incurred. «paid at any came by the Association. because of the
failure a tlfe Mortgagor to pertain, comply with and abide by each and every tM stipulations. agreements- coriditioris and covenants of said promissory note
and this nartgage. « Bitlier. and cry such iexcept f« tM payment a tM monthly instaNmenrt as required by the firomissory Note) shall bear interest from
date at tM rate of 1$~p per arvium until fuNy pad.
21 The Assocratron shall have the rrgtit at any Line and from Line to bins and without rotice to « consent of any person to lal release any portixi of the premises
from the lien of this mortgage. (D) release any person batik for payment of airy indebtedness secured hereby, lcl a:tend the brtie of payment or otter tM terms
of payment of all « any part a tM indebtedness. vnttiotit aNecting « relessirig the personal babihty of any person Babb (other than any person ri><eased p~r-
want hereto) for the payment. of any win « interest secured hereby ad without m any wise alterirp. varyirp. or diminisMng the forces. effects. « Iran of this
mortgage on all the premises not spscifrully rebased from tM lien a this m«tgage by tM Assocation
22 Any agreement hereafter made by Mortgagor and Association purswnt to ilia mortgage shall be superior to the rights of the holder of any mrtervening ben «
encumbance
23 upon request of Mortgagor. tM Association may. at rte soh option. from Ume to Line. before full payment of all iridrtbtoMiess secued hereby. make further ad-
vances to Mortgag«: provided. however. that tM font prircpal secured Mreby and remaining unpaid. includrrp any such advances, shall not at any Lme ex- -
ceed the «rginal principal win sscrued Mreby Mortgap« sMU Qay all such further sdvanus with interest and the same shall be secured hereby AH provisions ~
of this mortgage shah apply to each lurttier adranca as well as \o all otMr indebtedness secured hereby NotMng herein conta:rced. twwever. shall brtut the
amount secured by this nartgsge N such amount is increased by advances made by the Association, as herein elsewhere provded f« to protect the security
~ 24 in the event the Mortgagor herein. « arsy subsss~nt !ylorlgagos, or sari parson « corporation owning arty interest wlwtsatver. should encumber the property
herein mortgaged by an instrument ssmnionly referred to and krwwn as a '"wrap-around mortgage" without first obtairwig the written consent of tM Associs-
tan. then. at tM option a tl» Association. tM obligation secued by this Mortgage shah immediately tiecome due and payable -
25 To provide tM Apci:iatiat with Hoed lrtwrartce Coverege ii tM real property K now «tiereaha determined to be within a special flood hazard area as shown
on Flood Hazsp! B~rlpirSliilNp/fjl~od_Inwrance Rats Map as published by the Federal Inwrarice Admuustration
28 At tM request , .~er1~ lion agrees to warty tM pronsions d paragraph 4 rslatnre to tM ueation a a hazard insunncs account; provided.
however. t ~tat iq option. to re•insgq such provisions a sad pasgraph 4 as sn obligation a tM Mortgagor hereunder upon
tM happsnidp arty d tfre }fidWrhy+f~ ,
A. Faifuei ~e stake ~w bi/ment t~Ked under tM terms a tM note on « bef«e tM dw date tMraa.
B. Faifijle to ~ompl~iff? tea iryyraporprpvisioria d paragraph 3. «d airy a tM ot1»r terms and conditions a the nwrtgags «nots. «with tM inwrance
reWllr{iNl?q c~ieeo-~r~tha'gaJarition d CortdOrnirwum aril related dowments should tM mortgaged property be committed to iwridomirrum
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