Loading...
HomeMy WebLinkAbout2699 • z~ i~, }~r~x.• 4• That in order to pact[ more fully tM seturdY d pit mortgage. the Mortgages, togetMr with. and v addrtiorr ro. ttre rranttJy payments under tM tams of the note secured hereby. on tM spealiW payment deb d each month until tM said note is fully pad. wiN OaY to tM Astaciatan tM Idbwvg wms Ial An irrstaNment d tM caeca and assessments Nvred a ro a Nviad against tM piemses covered by the mortgage. and an vstalbnent of tM pemwm a pemums that w+Y becarw dW and payable ro retrew tM vsurance on tM penises covered hereby against loss by foe, and vwndstesm. as povidW for by pawgrapA J pretedirq, a such other hoard as may reasonably be requred by tM Associaton. and an rrsbNmMt d tM pemiwn tl+at vviN become dw and peyabN ro renew tM rrrortgage r?surarrq. it any. Such vsblknenis trlraN W evud, respecawly. to one-twNhh 11/12th1 d tM w amerced premwm p perrwMN for errt~r insurerrte. aril [erect and assessmenb neat dw less esunrated by tM Assouatan! less erg rrslaWnenb akesdY pad thereto. divided by the number d month that are b ebpse aw month par ro tM date vMen such penium or premums and [saes end assess+rrents will beconr deMrpuer?t. TM Assotwtan. whrN applyrrg suM psyrMrrb ro irrwrarrp pemwms. caeca end assessments. Oelese tM same became debnquent. shNl not pay vte?est to tM Manpagor on sudi funds. and sN such paynwnb rnaY De wnrrrrpled by tM Assotratan with any other such Kurds es will ib own funds TM funds are pNdged as WrLtariN secwity for tM sums retu?ed by this Matgsge and ere subtect to use by tM Assocraton in patymart of '"qb charges" and berm)[ collactan CMrges Ibl AM paymNrb rrrentrorwd in the pretedrp sirbpctan d the paragraph and su payments to be made under tM mote secured hereby shall bt added togetMr and tM aggregate amount thered shah be paid by tM Mortgagor each month v a single payment to lie sppbed by tM Assouatan to tM IoMorvrrrp items v tM oMer set [Dill 1. Teaes. assessments. erd insesarrp peniums 2 "Lib tMrgti' and bank coWttion charges. unNss pad v manMr povded n pNagraph t Is1 3_ Interest qn tM nob secured hereby t. Amesalsatan d tM pnntipat d sad note. Any defigMCy d tM amount d sutR aggregab monthly piymN?ts shall- uNess paid by tM Mangages par to tM dw date d tM neat srxh payment. ton- ' stitirte sn event d defeat) under tM mortgage Without warier d any right. tM Assowtan rosy cdlect s "late charge" as povdsd v tM Note 5 That it tM total d tM payrnenb made M tM Mortgages under lal d puagreph t pecedvg sMN exceed tM amount d wymenu actually made by tM Association IOr [saes and isseter?renb and irreuarrce DremN?rns. at IM case may be. such caps: shah be uedted by the Assowtan on wbsegrient payments to be made M tM Mestgayes. 11, however, tM montNy peymenb made by tM Mortgagor under la) d parsgrsph 4 pecedirp sM4 not Mw been wffrcrent to pay bees aril •ssessrnenb and vsugrrte premiums. as ell use may W. when tM same sfrag became due aril payable. then, tM Assowtan may. st ib op- tan. rmnredrateb pay such taxes and assessments and iMrrarrq pemium. and Ure Mortgagor sMU pay to tM Astawtan airy :mount necessary w make up lM dehcrency. and such payment shah W due and peyabN wrtlin thrty 1301 days after tM date d maikrq d notice by tM Associaton settrrg forth tM anaunt of such deticieaty II. at srw time. tM Manpeges sfrtW tender ro tM Associaton, in actordarrce rNitA tM povisans of tM note secured hereby.luM payment d tM critic urdebtedness represented hereby. tM Attsoctalan shall. in tariputvg ell amowrt d such indebtedness. credit to tM account d tM Mangaga airy Wbnce remarrvg v tM lands accumubted under tM povisions d lal of psragrsph 4 . • 6 To perm[- tommt a wlhr no waste. impaurnent dr deteriesetan d sad poperty. a airy part [hared. end upon tM failure d tM Mangages ro keep tM bwkAngs on sail property n good torrditan a repair and maintenance. tM Assoastion may demand pops mavtanance end tM immediate repair d sad lwikkrigS. a sn rruease in fM amount of security. es tM invrediab repayment d tM debt hereby secured. end tM Isikr-.r of tM Mortgages to comply vrith sad demand d tM Assoaatan fa • pored d thrty 1301 days :here oonstitub a breech d ilia mangsge. end. at tM option of tM Associatan. immedutely mature tM mars amount d pinapal end interest hereby secured. and tM Assoastan irrrriedratNy end without Mtrte mar risatute poteedrps to taacbse the mortgage and apply for tM sppantrtrent d a receiver. as Mreinaher povded. end v ores d tM nfussl, neglect a insb+hty d tM Mangsges to repair end marntav sad poperty. tM Association may. at its optan, mike such ropers a cause tM same to be made. end sdvsrrce moneys v that beMM. 7 T~ perform. comply earth arid abide by oath arid every tM stipubtans. agreements. corrditiorrs and covenants in sail ponissory note aril the mortgage set ' lath + 8 To comply witA the ArbbviLesr restrictions and tM rrwrrcpal aawp advances eppbtabb to tM rtibrtgigld poperty. not to erect a pernit to be erected any new buildings orr tM penises Herein mangsped a to add to a perm[ to be added to. make es perm( to be made. irry structwsl •Iterstaru to airy d tM ea- isang rripovemerrb thereon without tM written consent d tM Assouatan. ind n tM event d any viobtan M attempt to valate these stipubtaris. or airy of them. tlis matgsge end ao sums secured hereby shax imnredistely became due end payabb st tM optan d tM Assouatan. g That v case d s delauh v any d tM terms d the mortgage and tM fibrig of s bill to foretbse tlis of any other mestgsge encumbenrp tM within described poperry. ttre Association strap bs enatksd to apply. at airy arrie without ratite pending such laactowre sort. to lire wort travrp turrsdictiesr thereat Iw the ey- POintment of a receiver d all end svgulsr tM mortgaged property. and d sN tM renb. irrwrrres. pofits. rswes end rr+enues theraot. from whatsoever source - derwed. and. thereupon. rt a Ireritby eapessly covenanted and :greed [tier[ tM court sMp fortMnth sppant s racerver d sad rriortgsgsd poperty. erg and sirpubr. and of such rents. mtanes. pdib. iswes and reverires thered. from whatsoever source derived. with tM uswl powers and duties d receivers v kke cases. and such apDOrntment sMp De made by suM cant as a matter d strict right to tM Assocraton. and without retererrte to tM adequxy or vadsquxy of the value of the poperty hereby mortgaged. w to tM sdverictt a irrsdwncy of tM Matgsges. end that such rents. piles. iricprireT•. issues. end revenues shah be applied by such receiver to ill payment of tM mortgage rrlebtedrNSS. COttt end charges. itCOrdirig to tM order d such court 1 O. That m the event the penises hereby mortgaged. es arty part tfrsred. ilia)) be tordtmned end taken under the power of emnent domav. tM Associatan :lieu have [tie rigtfl to demand that all damages awarded fa tM taking of a iryury to said penises:1ra11 be paid to tM Associaton, its suctessas a assigns. up to the amount then unpaid on this mortgage. and may be applied to any wms Isst payable hereunder 11 That lime is of the essence d this [Driest[ end tMt ra waiver d airy obkgatan hereunder, es d tM oblpatron secured hereby. snsu at any time tMreaher lie held to Oe a waiver.of the terms hereof a of the panissory note secured hereby - 12 In ttre event d any default M airy d tM terms of this mortgage. a in tM note secured Hereby. and acceleratan err tM holder. a arty atfNr situstan that would cause the mterest pad or wysbb under ttas oblpatan to exceed tM vterest rate suthorued by bor. then v such event sp excess vterest theretdae paid :lisp be credited to pirrtpal end aP :[trued and unpad excess vterest shall abate end slriN not be an Obligatan d tM rrriker es d any other person 13 That to the extent d tM indebtedness of tM Mangeges to tM Associatan desuibed Mrev a secured hereby. tfis Association is hereby wbrogatad to tM ben es berry and to the nghb 01 tM owner end ltdder thered d each and every mortgage. lien a other ericumbrsnte on tM bed described Mrein. whch is paid and saasfred. n, whole a m part. out of tM peceeds d tM ban described Mrev a secured hereby. and tM respective kern of said mortgages. kerns Or other en- cunibances. Shill te. and tM same end each d them hereby is pessrved and shah pass ro end be hekf.by tM Assowtan Mrev ss secunry /a tM v debtedness ro tM Associatan frersv described a hereby secured. to tM same extent that it would haw lien peservad end would Mw been passed to and been Held by tM Assoaatan lied rt been duly end regiibrlp assigned. trerisierred. set over. and dekwred unto tM Assowtion by separate deed of assignment. rotwithstarrding tM fact that tM same may bs satisfied all canceped d record. rt be+ng tM vtentan of the parties hereto that tM same will be saasfed end cancelkid of record by tM fvokfsrs thered at a about tM time d tM recordvg of the mestgsge 14 That if any d tM sums of money f»rev referred to bs not promptly and fogy paid withv thrty 1301 days neat after the same sererauy become due and payable. or r1 exh and every tM strpulatans. sgraemenb. tar6taris end covenants of said pOmrssay note and the mortgage. a ether. are not duly performed. can- plred with and abided by. tM sggragate wm unpad under said pomssesy note and tfis mortgage shah become due and payable lurihwith or thereafter. at the option d the Assowtan. as fold end completely as it sad aggregate sum d mesrey were aprnaNy stipulated to be paid on such day. snythrp in sad i pomrSSesy rate a hererr ro the conasry notvnthSbrrdirrg t 5 That m ceder to accelerate tM maturity of tM indebtedness Mreby secured because of tM failure of the Mortgagor to pay any tea assessment. kabbry, oblpa- tan a encumbante upon said poperty ss tierce povded. rt shah not be necessary nor requis+te that the Associaton shall fast pay the same. t 6 That the abstrxt a abstrsas of title cOwrirrg tM mangagsd poparty :Hall ri all bmeS dump the life of this- mortgage. remain m the possession of the Associaton and. in event of tM lo.aclowre d the mortgage. a other transfer of title to the mortgaged poperty. m extinguishment d the indebtedness secured tveretiy all right title and mterest of tM Mangagor v and to airy such abstracts of title Strill pass to the purchaser a grantee t 7 Stioukl ttre validity es Iran of the mortgage. a tM note secured tMreby. be contested by ktpation a otherwise. the Mortgages agrees to pay to the Assouation the cost of defending tM same vcluding a reasonsbN attorney's fee t 8 To pay all and sirputar the costs. charges and expenses. irididing attorney's fees reasonably incurred. a pad at any time by the Association. because of [fie failure of the Mortgages to perform. comply with and able by exh and every the stipulations. agreements. Cesdrtipns and covenants of said ppnii550ry note aril the mortgage, o. e+tteer. and every such )except for the payment of the monthly instaltment as requued ray the Promissory Notel shall bear interest from date at the rate of eighteen per cent 118961 per annum until loth paid t 9 The Association shah have the right at any time and from lime to time and witfi0iit notice to a consent of any person to lal release any patron of the penises from the tree of this mortgage. Ibl release entr person liibk for payment of shy indebtedness secured hereby. (cl extend the tme of payment a alter the terms of payment of aN es arty Daft of the inde0ledneu, wittaut affecting es rZleasirrg trio personal liability of any person liable loftier than any person released pur- want hereto) lei the payment of arrtr win es interest secured hereby and without m any verse altering. varying. a dimmisMng [ne faces. effects. es Len of this mortgage on all the penises not specifically released hesn tM lien of this mortgage by trio Association 20 Any agreement herealtar made by Mestgages and Associatan pursuant to this mortgage shall be wperror to the rights of the holder of any :nterveniny Iron or erx:umbance - - 1 t Vpon request of Mortgagor. the Assoc+atipn may, at its sole option. from lime to time. before full payment of all indebtedness secured hereby. make further ad- vances to Mortgages. povded. however. that ttie total pincipal secured Hereby and remarrrrng unpaid. rricludirig any wcn advances. snail not at any time ex- cPec1 the original pintipal vein secured hereby Mortgages shall pay all such further advances with interest and the same shall lie secured hereby AN povisions oT this mortgage shall apply to exh further advance as well as to all other indebtedness secured hereby Nothing herein contained however. shall knit the amount secured by this mortgage rf such amount is increased t>y idYanGes made by the AuoCratron. as herein elsewhere provided for to potect the security In the event the Mortgagor herein or any wtisequent Mortgages. or any person a corporation owning any interest whatsoever. snook: encumber [tie poperty rierg.n mortgaged by an rnstruntent commonly referred to and known as a ~ wraparound mort~tags~- without first nntamrng :he wetter. consent of the AsSOCia- tron ;hen at this option of the Assoc+ation the obtigaAOn secured ray :lira Mortgage Shall +mmedrdlely tiecome due arxf payable 3 To p•:w+rfe the A550Cra;ron with FIOaf Inwrance Coverage d the real property .snow or hereafter rlr•,rermrrwd to fie within a +pecizi (loaf ha[ard area as shown ill F!oa1 Harard Boundary MaD Flood InwranCe Rate MaD as published by trio Federal Insurance Admm+stratiar 24 At trio request of the Mortgagor. tM Assocetion sprees to waive the pevisrons of paragraph ~ rdaLve to the creation of a hazard inwrance account. povided however. that the Associatan retains the right. at its optipn. to rs-instate wch povisions d sad parag: aph 4 as an obl:ga:ron a! the Mortgagor Hereunder upon . the happening of any of the foNowing A Failure to mate airy payment required under tte [arms of tM note on a before the due date thereof B Failure to comply with the mwrerrte povisrons of peregrsph 3. of of any of the other terms and cordrtrons of the mortgage a note. a with the inwrance requirements contained in tM Decbrstron of Cpridbminiiim and related documents should :he mortgaged poperty be tommtted to condominium devek~pmsnt r i I C 1-NI-Ti T; P-A MLCA e7 - e ~