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HomeMy WebLinkAbout1845 ~ { • . R ~ r . ~ { ~ ~ 1. That. n esoa to protect more (uNY tM securiry d thq rtWrtgsge. tM Mortgagor. togetMt wtth, and n ad6tron to. tM monthly paY~na under tM tams d tM note secured hereby. on ills specrMd payment date d call mortM unM tM card tau rs h?Ny pad will pall to tM Assot:ratttxt tM foMowng sums lal An rnftaNrrtent d tM uses and ssfessntena Nveed a to W Iwred agsu?st tM pemtses covered by flits mortgage. end sit itstsNrrteM of 1M Wertium a pemrums that weN ttecorrN rive and payable to renew tM nttwance on tM pemrses cowre0 Mreby agsrnst loss by tsar sM wtrtdstam, as povded lar by paragraph J peeedtrtp, or teach other MsaM p may reasonaWr W requued by tM Atisocration: and an rtstaarnertt d tM pemNMn tMt wtM ttscane due and OsYabla to renew tM rrtortgage treswsnp. it any. Sudt reftawnerea shah be equal. nspectevely, to orte•tMeeHth Ili12th1 d tM es- . amazed tuerTMU^r or Dremttrmt for twd? tnswana. irtd taaef and assesfmer+a neat rive less etwatated by tM Atisoaateonl Nss aN trtstaNmerta akeady pad tMrebr. tfivided by tM nwenber d trtordtt blit i?e to elapse orw month pray to tM date when wd+ prernwm a pemiums and lases irt0 afssernerta wtN Oecortti delwtgtrant. TM AtieocNtion. while applytttp such payrrtena to rrtsurarece pertrums. lases and ssfissnterta. Wore tM same become delrtgtNnt shah not pdY ntereet b tM Mortgagor on such lands. and iN such paymer?a may be conurrregled by tM Attsoctateon wtth any , other tarts Iwtds a vriM iu own furtdt TM funds en pNdgera a addeteonal seewrry for tM awns secured by flee Mortpige and ere subNCt u use by tM Atawuatan in payment d "lire cMrpes` tend balk eoMKtwn cltNpes Ib) AN paynNna mMtiorted in tM precederp serbsection d this peragaph and aN paYmerta to be made under tM note ti•cwed hereby shah be added topetlw and tM apgregaa aneowtt tttereol dtiN be Dail by tM MestfNgor each month n a trrtpN payment u bs sppked by tM Assoctitan to tM foNOwertp Hems in tM older sal IorM 1. Tatters. asaefsrreents. and inawante pemwms 2 "late charges" and bank raNectron atargtis. trrtless pad m mama provded n perigraph 4 ia1 Interea on ill note secured Mrebll. 1 AmtMtzatton d tM penGpal d sad Here. Any dehaeniY in tM arnaNtt d sutit sgpepab montNy paymata shah. twtlesf Pad by tM Mortgagor pia u tM due dau d tM neat sutdt payrrterit. core- stitute an event d tfeatrk undo tM tttortgtege 1Kitlttlut MliNer d arw rrght. tM Attsocgtion may t:oYett a "late t:ltargi" a: povded M the Note. S TMr it the trxsl d ell paymerta made by tM Matppes under a1 d pusgeplt / precedrq shah eaceed tM amount d WYrnen!s actusay mode by tM Assoaatron for lases and attstantena and iMU?ertce pnrtwms. as tM case miY be. sut2r a:Doss shah be aerated by tM Asfociatron tln strbeegtrer?t paymerta to be made by tM Mortgages- H. Itoeirewr. tM monthly paymerta made by tM Mortgsga undo Ia1 d paragraph 4 prscsdtrip sftsb rat hove bran su~+erts to pay loses and sssesf+nerta aril irtswsnw prerrWnts, as tM case tnay bar when rifer same tdteN becorrw due and piysbN. tleert. tM Associatan may. at ea op- tion. trrtrrtedearely pay such lasers and aeaettsntertts all ifttturanoe penrum. ird tM Mongigar tilttN PiY to tM AstiOt<iition any amount necessary u make up tM defrceertry. aril srrcA payrMnt sftaN be due and piyabM vr>;ttrrt thirty 1301 days ilia tM dau d maireg d rtotece by tM Attsoctatan settertg form tM amarret d such defrpertcy. 11. at any tarter tM Mortgapa tthaN tender to tM AGeettiteon. in actadertce Meth tM pwtsiorts d tM Hoer secured hereby, fuU paym.rtt d tM entve rredeDte6rMff repreainted hereby. tM Astopateon tdveN, in oontputing tM amount d frreA utdebedness. credit to tM secount d tM Mortgspa any balance ransmetg n tM funds atxunwlated order tM potrsions d Is) d peragaph 4. 6 To permit. commit a tttrffer no wise. ~mpivmMt a detereoratron d sod property. or any part thered- end upon tM fadun d tM Mortgagor to keep the btpldrrtgs at sad property in good cortdetion or r•par and rrrarttenartce. tM Associateon may demsrtd pops msnteryrtC• and tM irunedeste repair d sod burldrrtgt- a an rtcresse in tM amarrtt d eecwttY. a tM errtrrNdesu repayment d tM debt MrebY seared. end tM htk-.r d tM Mortgagor u eornph with sad demsed d tM Aswuation for a period d thirty 1301 days tdtaN COnsbtua a beech d tfrs mortgage. end. at tM optan of tM Atsoctatan. tmmedtateb • mature tM entw amount d prncKtal and tterest Mreby secured. aril tM Atgoctatron rrrrrtadtatNy end wrthow rtettC• may nstrtute poceedigs b foreclose flea mortgage end apply /or tM sppor?trnent d~ a receiver. as herw?aher povided: and en case d tM refusal, neglect a ugbrkry d tM Mortgspa to repair and . mantan sad property. tM Attsoctatron may. at is ttptton. makt such rapers a cause tM same b be mode. end sderartte moneys in that behsN 7 Ter perform. coneply Meth end ebtde by each and every tM strpulateoris. agre.m.na. cOrtdetrOrK and covenants n sad prarissory nos and this mortgage sat forth 8 To comply wrtA tM wbdniston testrietiorts and tM rrwneipal aa+irp ordrtances appkeable to tM mortgaged pttperty. not to erect a permit to be erectedsay - r~ever butlditgs on tM partises herein mortgaged or to add to a permit to be added to. make or permit to De made. any structural .Itaatans to ar?y d tM ea- rstrrtg erreprOVerrtents thereon without tM writtM consent d tM AtifOteatrOn: and n the went d any enOlatrOft a attempt b valan these strpubteOrK. a any of them. the mortgage end aN sums second ftereby shah imntedtately beeane due end paysbN at tM optan d tM Atrfociateon. 9 Ttrat n case d a dNsuk n any d tM terms d the mortgage and tM Ming d a bill to faedose this a arty other matgsge encurieberig tM wetttrt dssueb~d poperry. tM Assoastan shill be entrtied to apply. at any came without rtotece periling such foroclosrrre swt. to tM court Meng ~urildrCteon tttered for tM ap- pdntrreent of a ret:ewer d all end sertgrdsr tM rrtortgapsd poperb. and d aN tM tens. trecorrtes. pohts. issws end rt~erarss thereof. hom wMtsower sowc• dewed. end. thaaupon. it b hereby awretslly covenanted and agreed that tM court shsN fathweth sppont a receiver d sail mttrtgspsd property. aN and yrtguWr. and d StrcA tens. incomes. proleK. essues and twerNref thpeol. from M1MtfOQVer forNCe derwed. weth tM uwal ppwerS end dunes d receivers rt kke cases. std sw;h appantment shah be made by suM tburt a: a matter of strut right to ill Assocratan. and without reference to tM adequacy d rtsdequacy d the value d the aoperty hereby mtatpsged. a to tM foh'^cY a tnsdwney d tM Matgsga. end that such tens. pricer. ncomss. issues. end revenues shah be applied by such receiver t0 tM payment d tM mortgage trtdebtedrass. costs and cltirges. sccadutg t0 tM order d such court. 1 O That n the averse tfte pnm:sts hereby enatgagd. es arw part thered. shah be tortdentrwd end liken wrier tM trower of emieent domsn. tM Assocratan shsN hove tM right to demand tMt sN disttsgst awarded for tM-ukng d a Myury to sad ptemesef tJtaN be pad to tM Assouatan- is successors a assrgrts. up to the amount thM unpad On the mortgig.. and may be applied t0 stay wmf lift payable hereunder 11 That tame a of the essertea d the contract and that no wsrver d airy oblepatan haeurda. a of tM pblpatron secured hereby, shah at any sins thereafter be tscld to be a waiver d tM tams hereof a of tM pomrssory note seared hereby 12 In the event d anti default to any d tM terms d the mortgage. a n tM note secured hereby. std stxetera[ron by tM holder. or any other setwtan that would cause the merest pad a paysDN under tftis obkpatron to a:ceed tM interest rate wthore:ed by law. then n such event aN eacssf merest thsretdon pod shah be credited to pritctpal end atr starved end urspad cacaos ntaest atoll shoo and shah not be sit Obltgitron d'tM maker or d arty other person. 13 TMt to tM aslant d tM rdebtsdness d tM Mortgagor to tM Assoaatan described heron or secured hereby. tM Afsoctstron is hereby subrogsted to tM kit . a harts and to tM rgha d tM owner and holder tMred d each and every mortgage. Iran a other encumbrance on tM and desuebed heron- whch a pod end saasfred. n whole a n part out d tM proceeds d tM ban desaebed herein a secured hereby. aril tM respectew Mies d sad mortgages. Mons err other en- cumbrances. sMN bs. end tM same and each d tMm hereby is preserved and fMN pass to and be held by tM AsfocrateOn Mrein ss security for tM n- debtedreess to tM Association heron dssarbed a hereby secwed, to tM same eatent tlsitt rt would have Deer preserved end ervgeld have been passed to end been herd by tM Assrxistan had it been duly aril regularly assigned. trrtcnsferced. set over. end dekwred unto tM Assoaatan by seperate deed of assgrtrttsnt notwrthstartdug tM Iset that tM same may be satesfied end certcelled d record. et bang tM ntentron d tM partees hereto that tM same will be sabshsd end cancelled d record by tM holders thered st a about tM tittle of tM recadrtg of the mortgage. 14 That d any d tM owns d matey ftxetn referred ro be not promptly std 1trNy pad Mnthn flirty 130) days neat after tM same seversMy become due and psysbie. es d each aril every tM strpuliteOlK. sgraemena. certditeOrtf and wvenants d sod pomssory note and the mortgage. a ether. sit not duly performed. tom- plied Meth and abided by. tM sggegau sum wiped under sad promissory note aril this mortgsgs shah become due and payable forthrvtth a thereaher. at tM optan of ilia Assocateon- si fully end carepletely as rf sod aggregate vein d matey were argrssNY stipulated to De paid on such day. areythrp n sad pomrssory note a herein to tM canusry notvrithstaridrtg - 15 That n ceder to arxeterate tM rrtatturty o1 tM redebtedness Mreby sacwed because of tM fedora of the Mortgagor to pay arty ter: assessment. kabdrry. oblrga- irOrt es encumbance upon sad poperty of heron provded. it shah rat DQ necessary rtOr regtisrte that the ASfOGatrOn shah first pay tM same 16 That the abstract a sbstratxs d ride toverirp tM mortgaged poperty shah at sN times. doing the life of flits mortgage. remain n the posaesstort d the Assocratron aril. n event d tM foredowre d Ctrs mortgage. a other tnnsla of utk to tM mortgaged poperry. n e:tirtgurshritent d the indebtedness severed hereby. aN right. trtb end ntaest d tM Mortgages n all to stay such abstrstts of ape shsq pass to the purchaser a grantee. k 17 Should the valrtbry or Iran of the matgage_ a tM tau secured thereby. be contested by htrgatron a otherwise. the Mortgages ogees to pay to the Assoaatan the cost. of deferdrng [M same enckrdtng a reasonabN attorney s fee. 18 To pay aN end yrtgtrlar tM cola charges and eapsnses. mdudrng attesneys fees reasonably incurred. a yard at any rime try the Assoaation. bswtrse of tM failure of the Mestgagor to perform. comply with and abide by each and every the stiputatiorss. agreements. cortdrteorts and covenants of sad presroSfory note and then mortgage. a either. and every such leacept fes the payment d the monthly rnstalknent as requued try the Promissory Note) shah bear merest from date at the rate of ergh[een per cent (1846) per annum until fully pad 19 The Asstxratron shall have tM rrgltt st arty trine and from time to time and withOUt ratite to a consent of any person to lal release sriy prxtrort of the perruses hqn the hen of the mortgage. Ib1 release any person haute fa payment of any indebtedness secured hereby. Ic)reatend the Mine d payment or alter tM tams os W r+l'.eni o! as: es any part of the .ndeDtttdrtess. tvittiout affecting a reteasseeg tlse personal l+ab+hty a! a::ir person l:abk ;other thin any person released par- M suant hereto) fes flee payment of any win es interest secured Mreby end wrthOUt in any verse altering. varying. or dirrunrsMng the races. effects. a ken of flea mortgage on aft the premeses not specifr[sNy relNfed from the hen of tri5 mortgage by the Association - 20 Any ageement hereahcr made by Mortgages std Association pwwant to flirt mortgage shall be superies to the rights of the holder of any iritervemrty Iran or - encumtxarice ? 1 upon request of Mortgages. the Assacestan may. st eta foie optan, from came to came, befese tuft payment d oil rridebtedness secured hereby. make further ad- vances to Mortgagor. povided. however. that the total pinCrpai secured Mreby and reriiaming urrpad. irtcludrig any wd?advarrces, shalt not st any rime ex- ceed the original pincrpal win setwed )tetchy Mestgagor shah pay all such further advances MnM interest all the same shah ire secured hereby AN povesiorts o! this mortgage shad apply to exh further idvirsCe ss well ss to ale other indebtedness secured Hereby NOthng herein contained. howwer- shah limit the amount seturrd by this mortgage rf wch amount rs increased by advsrices made by the ASSOCratrOn. as harem elsewhere esoveded for to potect the security 2.2 to the .went the Mortgages harem. a am wbsegixrit Mortgages. or any person a cespesatron owning any interest whatsoever. statrld encumber the poperty herein mortgaged by an instrument comrrtordy referred to and known as a "wrap-around mortgage' without first obtaining the written consent of the Associa- rrr>ri Then. at the OptrOn of the Association the iXdigatrOn secwed by flits Mortgage shat) immediately become due aril payable 23 To provide the Association with Flood Inwrance Coverage if the real property is now es he+eahN determined to be wittin a Special flood hazard area as shown rxi Flood Harard Boundary MapiFlood Irtwrarice Rate Map as pudished by the federal Inwrarice Administration 24 At the request of the Mortgages. tM Assoceatan sprees to wain tM p0e/rsiOM of psragrsph 4 relative to the ueation d a hazard mwrsnte amount. pairided. however. trial the Associstron rstsns tM right. at is optan- to re-rrisate such pOVesanf d sad persgaph 4 as sit oblrgatan of tM Mestgsga hereunder upon the happening of any d tM fdlowirq A Failure to make any payment requred under tM terms of tM note on or betas tM due date thereof : B Facture to cw•T~F`i ixith tM inwranee poviseoM of paragaph 3. a of any of the other terms and cord+trons of the mortgage a note. a Meth tM mwrance requirements contained in tM OKlantron of Coridornirium aril retsted documents should :he mortgaged Property be corttmitted to cordomrrnum development 1 C?-NI•Tt T; P-A MICA 17 s°~K ~6 P~ .~~q3 . _ _r.__ ~__r_