HomeMy WebLinkAbout2706 TMt. wt order to protect more fully tM seeurrty of this mortgage. tM Mortgagor. togetMr wrtn and rn addrtan to. tFre iaesnhiy payrtronts under trio terms of the
note secured Mreby. on tM rpettifred piymaN date of each month unM the. sad rate rs /idly pad. tyro wr tb tM Assocratron the ft+liowrrW wms
Isl M rrrstiiirtrent Of tM taxes and assessments loured a to be Nvred agarnet tM wemrses covered by tMS mortgage. and an rnstaliment of tM wemwm
or pnmwms that will become dw and paYSbh to renew tM rnsurance on tM wemrses tweed Mreby agarntt ties by foe. and wrrrdstesm. as prwded
for by paagraph 3 Precetlrrp. or such Other hoard as meY!NSOnably be requued by tM Assocrotron, and an mstaument of tM prtmrum tMt tyre
tier. • dw and payaW+ to renew tM morepsg+ inswance. d any Such mstallmants shau W equsi, respectively. to one-twelfth (li 12tA) of tM es•
amazed prenuum a 1><enwms for such mwrante, aril texas and issessmarri next due Ias esnmstsd by tM Asstxratanl ties as mstagments already
pad thaeles. divided by tM number of month tact an to elapse orro month pries to tM dace when such premium d wemrums and tixN end
assessments vMM become dekrrquent. TM Aieocrotan. while applyurg such payments to mwrance wemrums axes and assessments before tM ssrrre -
betOnro dekngwnt. elaM r'AI pay rntaeet t0 tM Mortgages On such fur+ds. and all such payments may fro commingled by tM Assocrotan with any '
pledged y by gage and are wtrtect to use by
other such funds or vMth 1ri own lords TM funds as as addrtanal sscwu fes the wms secured this Mat t
tM Assowtron m payment of "Ian charger and bank couectron charges i
Ibl Ad payrtrenri rtrantarrod n tM preeedrrrg wlasectron of flier paragraph and all payments to be made under tM rate secured hereby shau be added 's
together and tM aggregab amount thereof shag W tad by tM Mestgages each month rn s single payment to be applrad,Dy tM Association to the
foNpvernp rams rn t1N Orde. qt forth' 1. Ta:es. assessments aril rnwrance pemrums 2 tyre charges aril bank cdklctror charges. unless pad rn >
manner proNded m paagraph 4 lal 3. Mtenst on tM rata secured hereby 4 Amortrtatan of the principal of s'srd note
Any defraerr_'y in tM amesrrrt of such aggrpaN monthly payments shah. unless pad by the Mdtgsga war to the due date d the nert? such payment corn
stituri an event d default under tM mortgage. Ntrthout waiver of irrY hglrt. tM Assocratlon may collect a late charge' as povded rn tM Notes
S. That d tM teal of tM paymenri made by tM Matgaga order lal of paragraph 4 precadrng snsu exceed tM amount of payments actualh made by tM
Assotrotan for taxes and iseleSrrrorltf and rrwrarrce premwms. of tM user may be. such eicsss sMll De trebled by the Assocratron on wOSequent PaYmMts
to be made by tM Mortgagor it, however, tM rlrontMy piyn+errts made by tM Mortgagor order Isl of paragraph 4 wecedrng shall not have bean wHrcront to
pay bxN and asssssmenri and rnetrranee premwms. as tM ease may be. when tM same shall beeorrre due and payable. then, the Assocratron may. at rte op-
tan. rmnrobately pay such taxes and sssessmerrts and rnwrirree wemwm, and tM Mortgagor strait pay to the AssoeratrOn any amount necessary w make up
tM defrererrcy, arid such payment ehaN be dw aril payable wrthn thrty 130) days after the date of marking of ratite by tM Assocratron setting forth the amount
of wch deficiency If. at arty turro. tM Mortgagor stroll tende* to 1M Asso4ratan. rn accordance with ill provrsrOns of the note secured hereby. full payment of
- tM mare indebtedness represented haeby.lM Assoaatarr Yha11, rn COmpuang tM amount of such rrrdebtedr+ess. crebt to the account of the Mestgsges any
balirree ranarrwq m Me funds accumugted undo tM prowsions of la) of paragraph 4
6. To pernut comrrrrt or wffa ra waster. impaument es detaaratan of sad prppaty. d any part thereof. and upon the failure of ttre Mortgagor to keep the 1
burldurgs on sad property nr good cordrtarr.Or repau acrd maintenance. tM AssocNtron may demand proper marnrinsnce and the rmmebate repave of sad i
burldxrgS. Or an ~ntreaSf in tM amount of setunry. es tM immabste repayment of tM debt hereby secured, and the Iadu•.: of t.:~ •`.:a:;;,,;,;,,. t^ rv_rmpiy Math t
sad demand of tM Assowtan fa a pared o! tMrty 1301 days sMll constitute a beach of the mortgage. and. at the opton of the Assocrairon, rmmedrotely :
mature tM ensue amount of pnrterpal and interest Mreby secured. aril tfre Assocrotan rmmedrotely and without notice may institute woceebngs to fesecbse
the mestgage and apply for tM apporntrtront of a reterva, as Mreuraha povded. and m use of tM refusal neglect a rnabluy of tM Mortgages to repau and
maintain sad property. tM Assoaatan may. at ris optan. make such repius es cause the same to be made. and advance rt+oneYS m that behalf
7. T~ perform- comply with and sods by etch and every tM strpulatrora. agrNments. corrbtrons and covenants in sad womrssesy note and the mortgage set ;
forth ~ r
8 To catnplY mth Lhe subdnarOn restteeteOrr3 ird the rr!unrcrpil zorrmg esdrnances epplresWe to fire mortgaged property. not to erect es permit to be erected any
new twddrrrgs on the pemrsK Iraern rrrortWged or to add to es perrtrrt to be added to. make or permit to be made. env sauctuwl •heratrons to any d tM ex-
rsang unprovements thereon without tM vynttM consent 01 tM AssoWtan: and in tM event of any vrdatron es attempt to valate these strpulatrons. es any of ~ e
them. the mortgage and all wms eecured Mreby aMU rmmedrotely become dw and payable at the opton of the Assocrairon
g TMt in case of s default in any of tM terms of the mortgage and tM frlirrg of a bill to forecbse the es any other mortgage encumbering the wutvn described
property. tM Assocratan shaa bs enatled to apply. at any time vrrtliout ratite psrdrrrg such fesecbsure sort. to the court having lurisdretan thereof }es tM ap- ~ -
pointment of a receiver of su and angular tM mortgaged property. and of all tM rents. incomes. profits, issues and rerenues ttraeOf. from whatsoever source
_ derived. and. tfroreuppn. rt'rs hereby •:presaly covenanted and a{r+ed fleet tM court sMN Iesthwrih appant a reserver o1 sad mestgagsd property. all and
srrrgulsr. erred of such rents. iritOmes. profits. issues and revenues tMrept. aom whatsoever source derived. with the uwai powers and dutros of receivers in hke - ?
cases. and such appantment shall De made by such court ai a matter of strict right to tM Assoaauon. aril without reference to tae adequacy or inadequacy of -
the value of the property hereby mortgaged. or to [M solvency es insoMency of the Mortgagor. a:id that such rents. wofits. rnCesneS. rswes. and revenues shall -
be appLed by such receiver to tM payment of tM mortgage rndebtedrross. costs and charges. atcwt)nig to the order of such court
t0 That m tM event tM premises herby mortgaged- or airy pert tliareot. shall be cpndemrrod and taken under the power of eminent domain. the Assocrstan shall
have the right to demand that erg damages awarWd for tM tskrrig of es iryury to sad wemrses snau be pad to the Assocra(an. cis wccessors or assigns. uD to
tM amount then unpad Orr [firs mortgage. and may be applrod to arty wins asst paYaWe hereunder '
11 That time rs of tM essence M the contract and that ra waiver of any Obirgatron hereunder. es of the obl,yatiesi secured hereby. shau at any time thereaha be
held to be a waiver of tM terms Mreof es of tM pOtrirssorv note secured hereby
12 In the event of any default in arty of tM terms of this mortgage or in tM note allured hereby. and zcceleration by the holder. or any other srtuatron that would
CDUSe ell interest pad a payable order the Obligatan to exceed tM interest rate authesrred by law. then rn such event all !xClSS interest theretofore pad shall -
tx cred,ted to wrncrpal and a:r accrued and unpad excess interest sMlt abate and shall not be an obi:gation-of the maker a of any other person
13 That to the extent of tM iridebt6drteSS of tM Mortgagor to tM Assocrotan described herein a secured hereby. the Assoaatrm rs hereby wbogsted to the Iron '
or Irene and to tM rights Ot tM owner and holder thereof of each and every mortgage. Iron or other encumbrance on the land described herein. which rs pad and
saas/red. m whole or in part. out of tM proceeds of tM loan described Mretn es secured hereby- ar'd the respective hens o1 sad mortgages- Irene or other en-
cumWances. shall be. and lire same and each of them hereby rs preserved and sMll pass to and be held by tM Assocratron lrerern as security for the in-
debtedness to tM Assocutan Mran described or Mreby secured. to tM same a:tent that ,t would have been preserved and would have been passed to and
beat hekf by the Assocraaon had ~t been duly and regularly assigned. transferred. set over. and delivered umo the Assocratan by separate deed of assignment.
notrvrthstanbng the face that tM same may be satrsfrod aril cancelled o1 record. rt being tM intentron of the parties hereto that the same wilt be sat,sfrod and
` cancelled of record by tM borders thereof st or about tM time of tM recprbng of tMS mortgage
E 14 Thas rf airy of the wms of money h'Narn reter?sd to be riot prOmpth and fully pad within tMrty 130) days neRt after the same severally become due and payable.
i or d each and every tM supulatrons. sgrNments, condeira+s and covenants of sad promissory rate and tMS mortgage. or either. are not duty performed. com-
1 plied wuh and attded by. tM aggregate win unpad under sad presnrssesy note and tMS mortgage shalt become due and paYade torthw,th or thereafter, at the
Option of the Assocratron, as fully and Conipbtsltr as rf said aggregate win of money were esrg,nauy stipulated to be pad on such day. anytMng rn sad
promissory note es herein to tM contrary nOtwithstardrng
y 15 That rn order to acceierste the maturity of tM rridlbtldnlss hereby secured because of the fa,iure or the Mortgagor to pay any tax assessment. Dabirty. oW,ga
tan es encumbrance upon sad property of Mrein provded. ri shall not b! necessary nor reqursrTe that the Assoc,ation shall first pay the same
16. That the absnact es abstracts of title cwerurg tM mortgaged poperry shill at all trines during the Ore Of this nwrtgage remain rn the possessrOn o1 the -
ASSOCratari and. in event of the forecbsure of tMS mortgage. es other transfer of title to the mortgaged property. m ex tingu,snment of the indebtedness secured
hereby. all rght- title and interest of tM Mortgages rn and to any wch abstracts of title shall pass [o LM! purchaser or grantee
17. Should the valdrty or ben of tMS mortgage. es tM note secured thereby. be contested f>tr litigation a otherwise. the Mortgagor agrees to pay to the Assoc,ation
the cost of defending the same rnclirdrng a reasonable attorney's tee ,
18 To psY erg and singular the costs. charges and expenses. intlOding attorney s tees reasonabh incuried. or pawl at any rime hY the Associatan, because of the
failure of the Mortgagor to perform. comply with end able by each and every the sirptilations. agreements. corxfitions aril coenants of sad womissory note
and the mortgage. es cube, and every such (except for the payment of the monthly instaument as requ,red by the Promrssesy Note1 shall bear interest from
date at the rate of eighteen per cent I18%1 per annum until fully pad
19 The ASSOCiatrOn shall nave the right st airy trine and from bnro to time and without nOtrCe to es consent of arty person to rat re~ease any pesaon of the wemrse5
from IM Iron of this mortgage: IDI reiNae any parson table for PaYmertt of arty indebtedness seceued hereby. icl extend the trine of payment or alter the terms
O( payment Of alt es any part Of tM indebtedMSS. wrihOUt aNecarrg es releasing the personal babbty Of any person habte IOiher than any person released pur-
y_.aM I+eretnl tnr trr~ payrr+er!t nt'!^Y Sum rr rntereSt y_rrru~ ?urwby +1.:
~ M^tMr~t rn airy Y1rry_ ahwrrrua. Y:ry.r;~ ev •1.m.n.eh.e.r. t/.~ r7 C°S. ~H.._r3 .,~.q rr.. II! t!t3
mortgage On all the premises not fpetifitalfy released from tM Iron of the mortgage by the ASSOCiatrOn ~ - •
20 Arty agreement hereahcr made by Mortgagor and Assocrotion purwant to thri mortgage shah tie wperror to the rights of the holler o! any :ntervemrig Iron or
entumtxante t
21 upon request of Mortgagor. the Assocrotior± msy. at its sob Option. from time to time, before tuu Davmem o/all indebtedness secured hereby. make further ad- }
varies to Mortgagor. provded. however. that tM total principal secwed hereby and remaining unpad ~ndudrng any such advances shau not at any time ex-
ceed the argmal principal win secured hereby Mortgagor shall pay ale such further advances w,th interest and the same sha!1 tie secured hereby AI! prwisans
of this mortgage shall apply to each further advance as well ss to au other indebtMness secured hereby NotMrg herein contained however. shat! brut the
amount secured by the mortgage it such amount re intreaSed by advances made by the ASSOCiation. as herein elsewhere prov,ded to+ to protect the security
22 In flee event the Mortgagor herein. or any subsequent Mortgagor. a any person or corporation owning arty interest whatsoever shoukf encumber the wOperty
herein mortgaged by sn instrument commesrly refened to and known as a '-wrap-around nrestaage ~ without brat ObtainirrO the written consent of the AssOCia-
tan. then, at the option of the Association. the oblcgatan secured by this Mortgage share immediately tk.rpme due and payable
23 To prOVde the Assocratan with Flood Insurance Coverage if the real property is now es he•eatter derermiried ro ire witnm a spPCiai f!oarl harard area as shown
on Flood Ffaa?ard Boundary MaprFlood inwrance Rate Map as pudished by the Federal Inwrante Admimst.atiOn
21 M the rawest of the Mortgagor. tM Assoaatdn egreee to warty tM porlsarrs at paragraph 4 relat:va to ttte usa:a.'i a: a ::aia:C :rw:ance account. pronded.
however. that tM Assouatan reriins tM right at rri optan. to n-instari wch prwrsiorrS of sad paragraph 4 as an obiigatan of the Mortgagor hereunder upon
tM happerwng of any of tM fdlorvrng: e
A Failure to make arty psynrent regirued under tM tams of tM note orr or before the due date thereof ~ '
8 Fadun to comply with tM rnwrsrite provrsrons of paragraph 3. or of arty of tM other terms aril conditions of tMS mortgage es note. or with tM rnwrsrrce ~ 7
requwemsnri conrirned in tM DaNaratan of COrrdpmiruurrr and related documents should the mortgaged property be commrttsd to cordomuuum _
devebW*ient
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