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HomeMy WebLinkAbout2752 • iy - ' r 1 4• TMt. in order ro protect more IuMy tM security of this mortgage. tM Mestgiges. together with. end M addition to. tM monthly payments under tM arms of t1N note secured Mreby. on tM sPeuMd paYrrier?t ilea of each mor?th until tM'sad note is fully paid. wix pay to tM Associatan tM lolbwurg wms la) Aq rnstaxmtpt d tM taxes and assessments ktwed or to be ktwed apwrst tM premises covered by the mat9age. and sn wuuxment of tM prenuum , ~ or prruueRS p,a~ wtq become dw and payabN to renew tM tlawanee on tM prerrrses co+re+ed Mreby sgau+st b:.>, by tire. and vwndstam. as provided lor'by paragraph 3 ptecedirig. es such otMr fiazird as may reasoriably be rerKared by tM Association. ind in autaxment of lM premum that wix become due and piYabNho renew tM mortgage insuratiq. it anti. Sut~+ ir?staxmenls sMx be equal. respectively. to one-twelhh 11/12th1 01 tM es- timited pritimium or pretrirums for such irisiiwnp. and taxes and assessments neat dw Ias estimated by tM Assoaatanl less ax utstsl:ments ihesdy pad tltsrefor. Divided by tM rwn?bM of month tMt an to elapse one month pear to tM date when such pemium or pemiums end flees and assessments wiM become deMtgtNnt. TM Association. whiN aDP1YYW such pzayttienri ro irisiNarice premiums. taxes aril assessments: galore tM same become deknquanL shall riW pay interest M tM Mortgages on such lards. and ax such pigments may be cornma?gNd by tM Assoaitan with any other such funds es with its own Itxids. TM fords are pledged ss additional security les tM sums secured by the Mortgage and are srrbteel to use by tM Association in paymer?t of "lea charger and bank irolNction dwges Ibl AY paymenri msntiesud in Nor preceding subMCtion of flee paragraph and ail Piytnfliits to tle niaJe wxiw llw torte secured hereby slSalt be added ' together and tM aggregate amount tfiereot shax W pad by tM Mestgages each month m a sirigls payment to be aPDhad by tM Association to tM foxowing items n tM order set forth. 1. Taxes. assessments. aril inwrsttce premwms 2. "late charges" and Iprik cdlectan charges. unktss pail M mamsr povded in paagrsph 4 Isl 3. Interest on tM nou secured hereby. 4 Arrartrzation of tM principal of aid note Arty deficiency in tM smarnt of such sggregia rrioritNy payments sMx. trtrlsss paid by tM Mortgages pear to tM dos date of tM next such payment. oon- stitua an event of defsuh under 1M mortgage- Vlfithout waiver d any right. tM Association may calect a "late charge" as provided M tM Note. 5. That if tM total of tM payments made by tM Mortgagor under lal of paragraph 4 prerceding shax exceed tM amount of payments actuary made by tM Associatan for taxes ir?d assestirrienri and inwranca premiums. as tM case maybe. such excess shix ba credited by tM Assouatan on siibsegiisnt payrMnts to be made by the Mortgages If. however. tM monthly paytnetta made by tM Mortgagor under Ii) of pusgrsph 4 preceding shall not Mve been wHicient to Pax axes end assessrrisriri end inswance premiums. as tM case may be. vrifieri tM same shall become due and payable. then. tM Association may. at its op- tan. immediately pay such taxes and assessniena and iristrgnce premwm. and tM Mortgagor Shah pay to tM Association any amount necessary to make up tM dehcierictr, and such payment shell be due and psyabN vvrtliirt tlMtty.130f days thee tM ilea of mailing of nOtrCe qy tM Associatan setting forth tM amount of such deficiency. If. at any time. tM Mortgagor sMq terrier a tM Atsociation. in accordance with tM provisions o1 tM note secured hereby. fax payment of tM ensue indebtedness represented hereby. tM Atttlociitan aliall, m computing tM amount of such indebtedness. credit to tM account of tM Mortgagor any balance remaining in tM funds srxumulatsd under tM"prorisans of IaI of paragraph 4 - 6 To permit. commit or wHer ra waste. impairmsrit a deterarstion of sad property. or any part thereof, aril opal tM ladure a tM Mortgage to keep tM fwiMings on sad property in good cOrdition or repair and muntenirice. tM Assocation may demand proper maintenance and tM immediate repair of sad twiWingS. es an inttesse in tM amount of seventy. es tM immedrau repayment of tM debt Mreby secured. end tM ladure of tM Mortgages to comply with sad demand of tM Assocation tit a period of thirty 1301 days shsx consatua a breech of this mortgage. end. at eM opties? of tM Associatan. irrmedrateH mature tM More amount of pnncipil and interest hereby sscwed. and flee Arsociitan immediately end without rrOtiGe max institute prgceedir?gs to forecbse this mortgage acid apply Ior tM appointment of a receive. ss hereinaher provided: and in case of tM refusal. neglect a msbkty of tM Mortgagor to repair and maintain sad popsrty. tM Associitiat may. at its option. make wch repairs es cause tM same to be made. and advance moneys in that behaH. 7 To perform. comply with and abide by each end every tM stipulations. agreemenri. rpnditioru and covenants in sad promissory rate and the mortgage set brth 8 To comply with tM subdivision nstrictiars and tM mtincipil zorrrig ordinsncss appbcabkt to tM mortgaged property: not to erect or permit to be erected any new buildrigs on the prenuses herein mortgaged or to add ro es permit to be added to. make or permit to bs made. any structural alteratiesis to any d tM ex- istirig improvements thereon without tM wtittM consent Of tM Association: and in tM event Of any vitiation es attempt to vitiate rhea strpulatiorts. es any of them. CMS mortgage and ix sums secured hereby shiN immediately become due and payable st tM option of tM Association. g That in case of s default in any of tM terms Ot this ntongags and tM trkng of a bill to foreclose this or any other mortgage encumbenr?g tM wrthn described property. the A;sotiation shell l>! entitled to apply. at lily time without notice periling such forecbsure curt. to tM court Mwng lunsdretion therea for tM ap- pointment of a receiver OI ax aril su?gutar tM rtangagsd property. arrd Sf ari fire tattle. i.ii-tiiTiss. F,::.fiis. issu~a a...^'i a ~s•.,;,°s the:r•! .4orre :~!rie~=ever source denvild. and. thereupon. it is hereby eiipressly covenanted and agreed that tM coon sMx forthwith apppni a recover of sad mortgaged property. ax and sirigiiWr, and of such rents. incomes. probri. issues and revenues tMreof. /rom wMtsoever source derived. with tM uwai powers and duties of receivers in tike cases. and such sppo+ntmem shall be made by such court ss a matter of strict right to tM Associatan. and vrithout reference to tM adequacy es inadequacy of the value of the property hereby mortgaged, or to tM solvency es insOlwnty of tM Mortgages. and that wch rents. brohts. incomes. iswes. and revenues shax be appbed by such receiver to tM payment of tM mortgage indebtedness. cosri and charges. ticcording to tM order of such court. 1 O That in tM event tM owrigrsliip of tMpartgaged premises. pang-pan thereof. becomes vested in a person otMr than the Mortgagor. tM Association may. without notice to tM Mortgagor. deal th such successor es successors m interest vrrth reference to the mortgage and the debt Mreby secured, in tM same manner as with tM Mortgagor. without in any way vitiating Or discharging tM Mongagoi s lisbibty hereunder es upon tM debt hereby secured No sak of tM premises Mreby mortgaged and no forbearance on tM pan o1 tM Association. and ra eaterisan of the time for the payment of tM debt Mreby secured given by the Association. shall operate to release. ifistMrge. modify. change es affect tM original Wbilrty of tM Mortgagor Mran. either rn whole or in pan 1 1 That in the event tM premises Mroby mortgaged. es any pan thereof. sMll be condemned and taken urxler the power of eminent domain. tM Associatan shall have tM right to demand that ax damages awarded fes tM talurp of or iryury to sad prenuses sMll be pad to the Associatan, us successors or assigns. up a the amount then unpaid on this mortgage. and may bs applied to any wms last payable hereunder 12 That time rs of tM essence of the contract and that no yirsiver of any obtigatan hereuriiler, or of the obligatan secured hereby. shall at any time thereaher be field to lx a waiver of tM terms hereof or of tM promissory note secured Mreby 13 In the event of any default in any of the terms of this mortgage. es in tM note secured Mreby. aril acceleration by the horde+. es arryr other situation that would cause the interest pad es pivabb wider tMS obhgatiOn to exceed tM interest rate authorised by law. then in such event all excess mure3t theretofore pad shax be credited to prir?cipal and ax accrued and upped excess interest sMll abate aril shall not be an oWigatan of the maker or of any other person 14 That co the extent of the irdebtedness of tM Mortgagor to tM Assouatan desurbed herein or secured hereby. the Associatan is Mreby subnogated to tM lien es liens and to tM rights of tM owner and fierier thereof of each and every mortgage. lien or other encumbrance on the land described herein, which is pad and satisfied. in whore es in part. out of tM proceeds of tM ban described Mean or secured hereby. and the respective bens of sad mortgages. hens or other en- cumbrances. shall be. and tM same and each of them hereby is preserved and sMli pass to and be held by the Association harem as security for the in- debtedness to tM Assocation herein described or hereby secured, to tM same extern that rt would have been peserved and would have been passed to and j been held by the Associatan had it been duly and regularly sssigried. transferred. set over. and delivered unto tM Association by separate deed of assignment. notwittrstariding the fact that tM-same may be satisfied and cancelled of record. it bang tM intention of the parties hereto that the same will be satisfied and cancelled of record by tM holders thereof at or about tM came of tM recording of this mortgage 15 That it any of the sums of money Mrein referred to bs not promptly and fully paid within tMrty (301 days neat after the same severalty become due and payable. es d each a.•d every the stpulationt. agreements. conditions end covenants a sad promissory rate and this mortgage. a either. are not duly performed, com- plied with and abided try. tM aggregate win unpad under sad promissory note and tMS mortgage shall become due and payable festhwrth or thereafter, at the option of the Association. as fully end completely as d sad aggregate win of money were originally stipulated to be pad on such day, anythrg m sad promissory note or herein to the contrary nptvnthstariding t g That in order to accelerate the maturity of tM indebtedness Mrsby secured because of the ladure of the Mortgagor to pay any tea assessment. lialMlity. oWiga- lion es encumbrance upon sad property as Mran provided. it t:hsll not be necessary nor requisite that the Association shall first pay the same 1 7 If a conveyance should be made uy the Mortgages of the premises herein described. or any part hereof. and the grantee named in such conveyance fails w refuses to assume the payment of tM Obligatan evdertced by sad promissory rate and secured fry [his mortgage. and in accordance with rhea respective [arms. and abide by the rules and reguWtans of tM Assoaatan. including payment of a reasonable transfer fee, then. and in that event. at the option and upon the demand of the Association all wins of money secured hereby shall immediately become forthwith due and payable 18 That the abstract or abstracts of title covering tM mortgaged property shalt at ail limes. during the life of the mortgage. remain in the possession of tree Association and. in event of tM fesecbsure of tMs mortgage. a other transfer of title to the mortgaged property. in extinguishment of the indebtedness secured hereby. all right. title and interest of the Mortgagor in and to any such abstracts of title shall pass to the purchaser es grantee t 9 Should the validity or ben of this mortgage. a the note secured thereby. be contested by litigation or otherwise. the Mortgagor agrees to pay to the Assocwtion the cost of defending the same including a reasonable attorneys fee 20 To pay ax and singular the costs. charges and expenses. including attorney s fees reasonably incurred. or pad at any came by the Association. because of the .failure of the Mortftages to perform, coniPfY with and abide by each and every the stpulatans. agreemems, conditions and covenants of said promissory note and this mortgage. es either, and every such )except for tM payment of the monthly installment as required by the Promissory Notel siiaii bear in[eresr from . date at the rate of 18% per annum anti! fury pad. 21 The Associatwri shall have the right at any time and from time to time and rvittiout notice to es consent of any person to (al release any portan of the premises from the ben o} CMS mortgage. Ib1 release any person habh! fes payment of any indebtedness secured hereby. Ic1 extend the time o1 payment es alter the terms v! payment of all or any pan of the indebtedness. wrttroiit affecting or releasing the personal babbty of any person liable (other than any person released pur- suant hereto) for the payment of any win es interest secured hereby and without in any wise altering. varying. es diminishing the forces. effects. or {,en of the mortgage on alt the premises :at specifically released from the ben of the mortgage M the Associabori 22 Any agreement hereafter made by Mortgagor and Association purwant to tMS mortgage shall be wperor to the rights of the Calder of any mtervemng ben pr encumbrance 23 upon request of Mortgagor. the Association may. at its sole option. from came to time. before loft payment of all indebtedness secured hereby. make further ad vaiices to Mortgage.: pranded. however. that.the tots) pnncipa! secured hereby aM r!mairurig „npald inct.iding any such advances. shall not at any time ex- ceed the original prinapal win secured hereby Mortgagor shall pay all such further advances with interest and the same shall be secured hereby All pro+isgris of CMS mortgage shall apply to each further advance as wax as to elf other indebtedness secured threby Nothing herein contained, however, shall hunt the amount secured by this mortgage it such amount is iriCteased by advances made by the ASSOCiatWn. as herein elsewhere provided for to protect tf!e security 24 !:s the event the Mortgagor lxrein, or afir subs~.xnt Mortgagor. or ar+y perwri or r.Or(iOratiOn nwrwig any interest iiiitWtsoever. should encumber the property f . heron mortgaged by an instrument commordy referred to and known as a "wrap-around mortgage" without first obtaining the written consent of the Assrxia- tron. then. at tM option of tM Association. the obligation secured by the Mortgage shall immediately become due and payable 25 To provide the Association with Flood Iriwrance Coverage if the real property is now or hereafter determined to be vnthin a special food hazard area as shown • on Food Hazard 8ourdary MaplFlood Insurance Rate Map as published by the Federal Inwrance Admuustratan 28 At the request of the Mortgagor, tM Association agrees to warty tM provisions of paragraph 4 relatnre to tM ueatron of a hazard mwrance account. provided. fawever: that tM Associatan retains tM right. at its option. to rs-insure such provisions of sad paragraph 4 as an obligatan of iM Mortgages hsreuridsr upon tM happening of airy of the (dbuirirtg: A Failure to make any payment required under tM terms of tM note on es before tM due date thereof - B Failure to comply with tM irtwnnce provisions of peregraph 3. or of any of tM other terms and conditions of this mongsgs or note. or vrith tM inwrance requuements contained in tM Declaration of Condominium end related documents shook) tM mortgaged property be committed tq iaridonriinium development. ~~~a`~±'~d"~+~i.-~'f~'Yle.i:ts~?tY:~ , i (C)-IYI-Ti - - ~ .+t;: >•"v. ~ - J .r ..rill ;a'~r MLCA 42 ~ ~ ~ t•i.. ~ . -s_ :..tilt . . _ t _.a-. ti