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HomeMy WebLinkAbout2059 a, e.r.~ 1 TMt. in order to protect more fully tM security Ot tlwa rriortgape. tM Mortgagor. topetMr witA. and in edditan to. tM ma?tNy payments under tM tNms ti tM . rou secured hereby. On tM specified payment data of each month until tM said note is 1uNy paid. wiN pay to tM Assocation tM folbvirinp wms. lal An instagrtrant of the taxes and assesanrerits levied or to be levied against tM premises covered by this mortgage: end an inslaUment of tM premium or premiums that will become dw and WYabM to anew tf;e inwrarn'e on tM premises covered Mreby against toss by tire. and windstorm. as provded • for by paroprsph 3 Precede?g. a such other Aatard as may reasonably be required by tM Assodation: and an iristagmant ti tM premim that will become dw and payabN to renew tM mortgage inswance. it any Such irrslaNtr?erits shah be equal. respectively. to one-tvwttth (ll12th) of tM es- timatsd premwm of promwms for sucA inwrarip. and taxes and assessrrienu next dw less estimated by tM Association) less all insuNmerits akesdy pad thaelor. divided by tM number of month that an to e4pse one month prior to tM date when wch premium or prenuums and taxes and assessments will become delinquent. TM Assowtion. vyhN applying such payments to irlwronu premiums. taxes and assessments. before tM same become ONurquent. shill not pay interest to tM Mortgage on such funds. and as such payments may be cornre?uipled by tM Association with any other such lands or witA its own /ands. Tire lands are pNdped as additional security for tM wms secured by the Mortgage and are wbject to ass DY ' the Association b payment of "late charger and bank iallection charges. lbl AN payments mentioned in tM preceding wbsaction of this paragraph and aN payments to be made under tM note secured Mreby sMU be added together and tM aggregate amount tMreol shah be paid by tM Mortgage each nanth in a single payment to be appled by the Association to the li>tioa-ing items in tM order set forth: 1. Tues. assessments. and inwrance premums. 2. "Late charges" and bank coNection charges. unless pad in mariner provided M paregraph 4 Isl 3. Interest on tM note secured hereby. 4. Amortuatan ti tM princ~al of sad note Any defiasncy in tM amount of such spgrepan monthly payments stroll. unless paid by tM Mortgagor prior to tM due date ti tM next wch payment. non- stitute an event of delsuft under tM mortgage. tfifithout waiver of any right. tM Association may collect a "late charge'" ss provided in tM Note. ii TMt if tM total of tM payments inside by tM Mortgagor under lal of paragraph 4 preceding shah exceed tM amount ti payments actually made by tM Association for axes and assessments and insurance promiums. as tM case may be. such excess sMN be credited by tM Assocstion on wbssgwnt payments to M made by tM Mortgagor. If, however. tM monthh payments made by tM Mortgagor under fat of parsgrsph 4 preeedir?p sMU not Mw been wtficient to pay axes and assessments and inwranCe premiums. as tM uw may be. when tM same slsaN became due and payable. then. tM Association may. at its op- j lion, immediately pay suM taxes and assessments and inwnriu premwm. and tM Mortgagor shah pay to tM Association any amount neussary to make up the deficierigr. end such payment stiaN be dw and payabN within tNrty 1301 days after tM date of rriailrrp of notice by tM Assocation ptturg forth tM amount of wch deficiency. If. at any time. tM Mortgagor shah tender to tM Association. in accordance with tM provisions of tM rote secured Mreby. full payment of tM entire indebtedness repnssnted hereby. tM Association sl?all, in cariputirip tM amount of such indebtedness. uedt to tM account of tM Mortgage any balance rsmauung in tM funds accumulated under tM provisions of laT of Paragraph 4. 6 To permit. commit or wafer no waste. impairment or deterioration of said property. or any part thereof, and upon 1M tailors ti tM Mortgagor to keep tM buildings on said property in good condition a repair and maintenanu. tM Assoiaation may demand Proper maintenance end tM immediate repair of sad buildings. or an increase in tM amount of security. or tM immediate repayment of tM debt hereby secured. and tM tsilu~,t of tM Mortgagor to con^DIY with said demand of tM Association for • period of thirty 1301 days sMN eorisutun a breach of this monpsps. and. at tM option of tM Association. imrisdiateiy mature the entxe amount of principal and interest hereby second. and tM Association immediatey end without notice may institute proceedirtps to loredose this mortgage aril apply for tM appointment of a cecsiver. as Mrsinaher provided: and in use of tM refusal. neglect or inability of tM Mortgages to reDaN end ma+ntain said property. tM Association may. at its option. male such rePaus or truss tM same to bs made. end sdvsrrce mor?eys m that bol?ali. 7 To perform. comply with aril abide by each and wary tM stipulations. agreements. Coriditii>rrs and covenants in said promissory note and the mortgage set forth. 8. To comply with tM wbdivisbn restrictions aril the municipal toning Ordinanus appbcable to tM matgspsd property: not to erect or permit to bs erected any new buildings on tM premises herein mortgaged of to add to or permit to be added to. make a permit to be made. any sauctursl alterations to any of tM ex- isting improvements thereon without tM written consent o/ tM Association: and in tM event of any vitiation or attempt to violate tMse stipulations. or airy of them. tics mortgage end all wms sscurod hereby sMN immdiately become due and payable at tM option of tM Association. 9 That in case of a default in any of tM terms of this rriortpapa and tM filing Of • bill to foreclose this or any other mortgage encumbering tM withn described property. the Association shah be entitled to apply. at any time without rotice perdrip such taeclowra wit. to tM covet having jurisdictan thereof for tM ap- pantment of a recervsr of aN and sirrguiar tM mortgaged property. and of all lire rents. iri:.ornes. prof+is.:ts::ss arsd ra:-sr.;:as tlseroa!. Eases vrhatstxver aaurce derived. and. thereupon. it is Mreby expressly covenanted and agreed that tM court strati forthwith appant a receiver of sad mortgaged property. all and singular: and of such rents. incomes. profits. issues orb revenues tMnof. from wMtsoswr source derived. wrtA the usual powers orb duties o! receivers in like cases: and such appointment shall bs made by such court as a matter of strict right to tM Assoaatan, and without reference to the adequacy or inadequacy of tM value of tM property hereby mortgaged. or to tM solvency or insolvency of tM Mortgagor. and that such rents. profits. incomes. iswes. and rewnws shsN Ire appbsd by such receiver to tM payment o1 tM mortgage indebtedness. costs end charges. accotdirig to tM order of such court. 2 0 That in tM event tM premises Mreby nartgaped. or any part thereof. sMN be condemned orb taken under tM power of eminent domain. the Association airait haw tM right to demand that all damages awarded for tM taking of or injury to sad premises shall be pad to the Assoaatan. its wccessors or assigns. up to i the amount then unpad ixt this mortgage. and may be applied to any wms last payable Mreunder. l t t That time is of tM essence of this contact end that ro waiver of any obl+gatan hereunder, or of the obligation secured hereby, shall at any time therosher be hekd to ba a waiver of tM terms Mreol or of tM promissory note secured hereby. 12. In the event of any default in arty of tM terms o1 tfus mOrtgags. d in tM rate secured Mreby. and acceleration DY the holder. or any other situation that would cause the interest paid or paysbb under the obligation to exued tM interost rats wthorized by law. then in such event all excess interest theretofore paid shall be critditid to principal and ell accrued and unpaid excess interest sMll abate and sfiaN not be err obligstan ti tM maker or of arty other person. t 3- That to tM extent of tM irrdebtedasss of tM Mortgagor to tM Association desuibed herein or secured hereby, tM Assixiation is hereby wbrogated to tM fen or liens and to tM rights of tM owner and holder thereof of each and awry mortgage. lien or other encumbrance on tM land described Mrein, which le paid and satisfied. in whole or in part. out of tM proceeds d tM ban idssuibed Mrem or seared Mreby. and tM respective bens of sad mortgages. bens or other eq- cumbrances. shah be. end tM same end each of them hereby a preserved and sMll pass to and be Mld by tM Assoaatan herein as security for tM in- i I; debti:driess to tM Association herein described or hereby severed, to tM same extent roar it would haw been preserved aril woukf haw been passed to end been held by tM Assixiatan had it been duly and regularly assigned. transferred, set over, and delvered unto tM Associatan by separate deed of assignment. i notwithstanding tM fact that tM same may Ds satisfied and urrulled of record. rt being tM intertan of tM parties Mreto that tM same will be satisfied and cancelled of record by tM holders thereof at a about tM time of tM recording of taus mortgage. 14. That if any of the wms of money herein referred to be rat promptly and fuNy pad withn thrry 1301 days next after the same severally become dos end psyabb. a d each aid every tM stipulations. agreements. iariditions and covenants of sad promssory rota end the mortgage. or either. are not duly performed. com- plied with and abided by. tM aggrspats vein uripaiQ under said promissory note and this mortgage shah become due and payable forthwith or ttreraaher. st tM , optan of tM Association. as fully and completely as it said agprspste vein of money were originaNy stipulated fo be pad on such day. anythng in said + promissory rate or herein to tM contrary rotwithstandirrp. j 15 That in order to accelerate tM maturity of tM indebtedness Mreby secured because of the Isilure of the Mortgagor to pay arty tax assessment, bablity. oblgs- i " tan or encumbrance upon said property ss herein provided. it shall not be necessary nor requisite that tM Associatan shall first pay tM same. f 16 That the abstract a sbstncts of title coverirp tM mortgaged property shall ~t all times. dururp tM 6fe of this mortgage. remain in tM possession of tM Association orb. in event of tM toracbsurs of the mortgage. or other trans/er of title to tM mortgaged property. in extirrgurshment of the indebtedness secured hereby. all tight, titb aril interest of tM Mortgagor m and to any such abstracts of title shall pass to tM purchaser or grantee. 17 Should the validity or lien of this mortgage. a tM rate secured thereby. be contested by lUgation a otMrwise. tM Mortgagor agrees to pay to tM Assoaation the cost of defending tM same irrckrdurg a reasonable attorney's fee. 18 To pay ail aril singular the costs. charges and expenses. including attorney's tees reasonably incurred, or paid at any time by the Association. because of tM failure of tM Mortgagor to perform. comply wish and abide by each and every the stipulations. agreements. ibridrtions and wvenants of said promissory rate ar>V lies mwtt7aga. or either. and story wch (except fns the payment of the monthly instrument as regwred iry tM Prom~csory Notel shall bear interest from date at the rate of Ig d~o per annum until fully paid. t g The Associatan shoal haw tM right at any time and from time to time and without nonce to a consent of any person to lal release any portion of tM premises from the lien of this mortgage: Ibl release any person b#bfe for payment of any indebtedness secured hereby: Ic) extend the time of payment or alter tM terms of payment of all or any part of tM indebtedness. without aHsctirrg or rtieasinp the personal lability of arty person liable (other then any person released pur- want hereto) for tM payment of any sum or interest secured hereby and without in arty wise altering. varying. or dimmislung the forces. eNeCts. W lien of this mortgage on all the premises rat spsafically releessd from tM fen of the rrioripage by tM Associaton [i). Any agreement hereafter made by Mortgagor and Association purwsnt to the mortgage shall be wperar to tM rights of the holder of any interverurg hen or encumbrance ~ 21 upon request of Mortgagor. tM Association may. at its sole option. from time to time. before lull payment of all indebtedness secured hereby. make further ad- varrces to Mortgagor: provided. however. that tM total principal secured Mreby and renwirung unpad. including any such advances. shall not at any bme ex- ceed the orilpnal principal vein secured Mreby. Mortgagor shall pay aN such hither advances with interest and tM same shall be secured hereby. AN provisions of this mortgage shall apply to each hither edvarics as well as to all other indebtedness secured hereby. Nothiry Mrein contained. however. shall Emit tM amount secured by this nartgage if wcA amount is increased by advanrsss made by tM Assoaatan, as herein elsewhere provided fa to protect tM security. 22 In the event the Mortgagor herein. a arty wbsegirsnt Mortgagor. or any person or corporation owning any interest whatsoever. should encumber tM property herein mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage" without first obtaining the written consent of tM Assoua- tion, then. at tM option of tM Association. tM obligatan waxed by this Mortgage shall immediately become due aril payable. 23 To provide the Association with Flood Insuranu Cavenge if tM real property is now or hereafter determined to be within a special flood hazard area as shown on Flood Hazard Boundary Map/Ftood Inswsncs flare Msp ss published DY tM Fsderal Insurance Adminisuatan 24. At tM request of tM Mortgagor, tM Association agrees to waive tM provisions of paragraph 4 rslstive to tM uestan of a ux and Mzard iriwnnu esuow ac- count. provided. however. that tM Association retains the right. at its option. to re-instate wch pror::sions of said paragraph 4 as an ab!igation of fix Mortgagor hereunder upon tM happening. of airy of tM tdbwinp: _ , • A. Transfer of tM mortgage promises. or any part thereof. . B. F3durs to make arty payment required order tM terms of the note on or before tM due date tiiereol. i C To delver to tM Association. on or before March 10 0l each year, tax receipts evidencing the payment of all lawfully imposed taxes for the priceding calendar year:-to deliver to the Association receipts evidencing the payment of aN lens for public improvements within ninety 1901 days after the sane ~ shall become due and payable. aril to pay or discharge within ninety 1901 days after due date, any and all governmental levies that may be made on tM ~ mortgaged property. D. Failure to comply with the iriwrarrce provisions of paragraph 3. or of any of the other terms and conditions of this mortgage « rate. a with the in- wrance req<ruements contained in the Declaration of Cordornuuum aril related documents shoukf the mortgaged property be committed to cori- idomiruum development f