HomeMy WebLinkAbout0874 4. That rn urwer to protect max lolly the SlCUhly Of tars mOrlyaga ln! Mortgagor. loge[r,er wan arw ,n ddatArun to lnE ntOnthly paymerNS wWer tan trans u! thr
Hutt sr~ur td nrreby On the SpoUhed payment dati of each month until Me sa•d mote 4 lolly pard will paY to tr,e ASS[k,dbW, the faluw u,g sums
Iar An installment of LtN taaK aril aStessmen!s Ifvrtw a t0 b! levied against the pemses covered by tMS mortgage. drw an utslallment of trte prmrum
nr premwms that vertu become due aril payabN to rerrow the rnwrance on the penises covered Hereby ayaust loss by lire arw windstorm ss povrtlyd
fa M paragraph 3 pscedng. or such Olr,er nalard as may reasonably De rebwrW by tr,e ASSOCrdhOn. and an ,nSlatlment of the Wert,rum that will
txv:wne due arw payable ro renew the mortgage insugnce. A any Such installments shau De eywl raspecavely to one Iwelflh I1~ t2Ml of the es
trmated pemwm a pemwms Ior SUCK mwUnCa. and taxes and aSSessmMts neat due las estimated by the Assoc,atiatl less all ,nstallmenis already
yard Merofa. dvrded by tM number of months flat ue to eUpse ores monM prw to the date when such pemwm a pemwms and taxes and
assessments txrll become dehrpuertt TM Associatrpn. wnrN applYrrlg such payments to rnwrance pemrums taxes and assessments. before the same
Irer:urt,e delinquent. Shall apt pay interest to the Mortgagor on wch funds. and all such payments may be commrngtsd DY the ASSOCralwn with any
other such funds a yvtM its own funds Tly funds~n pladgtxl ss additional secwity for the sums secwed by tMS Mortgage and are subject to use by
Me Asstxration m paymMt o1 'date cMrges' and bank cdlettipn charges
Ibl All payments manttoned in the pKadirW Subsection of lfus paragraph arw all payments to be matte under the torte secured hereby shall Ne added
together and the aggregate amount lMreot shall D• pad by tM Mortgagor each month in a yngle payment (C Oe applied Dy the AsSOCrahpn to the
fpllowiryy items m the order sat forth 1 Taxes. assessments. and insurance pemiums 2 -late charges and bank coltectior: charges. unless yard m
manner powtled in paragraph ~ tat 3 Interest on tM nob secwsd riereby , Amat•:ation of trye pincipal of said pots
Any dpficienCy in the amount of wch aggregate rtwntMy payments shall. unless paw by the Mortgagor pior to the due date of the neat wch payment. con
strtwe an event of default under the matgsge Without waiver of any right. the Association may collect a late charge" as povded m the Note
5 That it the wtal of ;M payments made by tM Mortgagor under la) of paragraph 4 pecedrng shah exceed the amount of payments actually made by trre
Astociahon for taxes and assessments and inwrance pettuumS. as the case may be. such excess shall be credited by the ASSOCUtipn On wbSequent payments
to be made by the Matgsga If. however. tM monthly payments made by the Mortgagor urwer lal of paragraph 4 pecedutg :Hall not nave been wfficient to
pay taxes and assessments and inveterate perruums. as the use may be. when the same shau become due and payable. then. the Assocution may. at ds typ
hon. ,mmediately pay su,:h tines aril assessments and inwrartce pamwm. anti the Mongaga shall pay to the Association any amount necessary tG make up
the deficrerity and wch payment shall W dux and payable wrtMn Misty 1301 days after the date of marling of notice by tl,e Association Bening forth the amount
of wch defiCitnty If. at any Isms. the Mortgagor Shan tender to the Association in accadarxe with the povis,tx,s of the note Secured hereby. full payment of
tfye entire indebtedness represented hereby. tM AssoCiatiwn shall. rn cpmpuhrig the amount of such indebtedness cred,t to the account of the Morgaga any
balance remairytng in the funds accumulated under the powsrons of Ial of paragraph ~
6 To permit commit d wfler rip waste. impaument or deterioration of card poperty. or any pan thereof. aril upon trig Isilure of Ire Mortgagor to keep the
buildings on card poperty rn good cprdltipn or repair and maintenance. the ASSOCiatrpn may demand proper maintenance aril the immediate repair of card
buildings or an increase in the amount of security. a the immediate repayment of the debt hereby secured, and the lad~-s of the Mortgagor to comWy Nnth
card demand of the Association for s period of tMrty 1301 days small consutute s breach of this mortgage. and at the option of the Association. immediatNy
mature tr,e enure anwunt Of pincipal aril interest ftereby secured. and the Assocybon immediately aril without notrCe may institute ptxeedings to forecbse
tars mortgage and apply Ip the appantment of a receiver. as hereinafter ptyvided. and in case of the refusal. neg{ect a inability of the Mortgagor to rspiu and
marmarn card poOertY. the ASSOCiation rnaY. at its option. make wch repaus a Cause the Barns to be made. and advance matey: m that behalf
T~ perform. ctxnplY with and able by each and every the Supulatipns. agreements. conditions and covenants in Said prpmssorY rate and this rryprtgage set
Iatn
8 To comply with the wbdrvisiort restrictions and the municipal iorong ordinances applicable to the mortgaged popery. not to erect or permit to be erected any
new txiddngs on the pemises fterein mOrigaQed or IO add to or permit t0 be added t0. make or permw to be made any Slrutluta! eltrr3hpns to any Of the ea
ishny impovements Ifiereon Mntripul the wrdten consent o1 the AssOCyUpn, arw in the event of any violation or attempt to violate these shpulauons. or any of
them this mortgage and all wins secured hereby Shall immediately become due and piYaWe at the i,>VUOn of the ASSOtiatrpn
g That in case of a Aelauft in any of the terms of trus mortgage and the hhng of a biU to lorecbse this or any other mortgage encumbering the within described
property the Assoclatron Shat) be entined t0 apply. 8t any Ume Wrriput nOUCe pending Such faeclpsUne Swt. t0 Ire spur naWng {unsdiCUW Ltiereof fort the aP
{yemment of a reserver of all and sirygular the mortgaged poperty. and of all the rents. incomes. pofrs. issues and revenues thereof. from whatsoever source
derived arw thereupon it is hereby ¢ypessly cuvenanttrd aril agreed that trig court Shall }orthwdh appoint d reserver of said mortgaged poperty. ail and _
singular arNt ul such rents incomes pofCS. rssues and revenues therepl. from whatsoever source derived with flit usual powers and dishes Of recewers in Eke
cases arw such apfw,ntment shalt De made by such court as a matter of strict right to trip Asstxiauon and without reference to Me adequacy or inadequacy of
the value of the propertr Hereby mortgaged. a to the solvency w insolvency of the Mortgagor and that such ruts. profits. uxomes. rssues and revenues shall
be applied Dy such reserver to the payment of .the mortgage indebtedness costs and charges. according to the order of such court
t 0 Inert m the event the premises hereby mortgaged. w any part thereof shall be condemr.¢d arw taken under the power of eminent domain the ASSxratan Shag
nave the oynt to demand that an damages awarded for the taking of or mtury to sad pemrses shall be paw to the Assoc.auon as wccessors or assigns up to
•he amount then unpaid on this mortgage aril may be applied 10 any sums last payable Hereunder
1 t Trer erne is of the esxnr of tars connect and that no waver o! any obt,gat:on hereur,d¢r pr of the oldiyaua, secured hereby. shall at any trine thereafter be
ReL! h, be a waiver of Me terms hereof a o} fire pomissorY note secured hereby
12 In the event O} any default m any or the terms of this mortgage or in the note Secured hereby. and aCC¢Ierdtiwn by the holder Or any Other SrtuautN, that would
cause the :merest yard or payable under tors pbligatipn to exceed the interest rate authonied by law then in such event all excess interest theretofore paid shall
be cre(frtid to principal and a:' accrued aril unpad excess ,merest shau abate and shau not be an obligation of the maker or of any other person
t 3 Tnat to the extent of the indebtedness of the Matgagof to the AsSOCiatipn described Herein or secured hereby. the Association rs hereby wbrogated to the hen
a liens and to the rignis of the uwrter aril raider thereof of each and every mortgage hen of other encumbance pfi the lard described herein. watch is pard and
sansfied m whole a m part out of Itie pocecds of the town described rterein a :eluted hereby and iris respective hens of saw mortgages. hens or other em
cumbrances shau be and the same and each of them hereby is~prexrved and shalt pass to and De herd by flip Asstxration herein as security fa the in-
debtedness to the Association herein destnbed or hereby secured. to the same extent [hat :t wtwtd have been pexrved arw would 'nave been passed to and
peen hehf by the Association had rt been dull and regularly assigned. transferred. set over. and delivered unto the Assocrauon by separate deed of assignment
notwrthstandrng the fact that the same may be saLSfied aril i.ancelled of record it being tae-mtenuon of the paths: Hereto roar the a~rrie will be saushed and
cancetted of record by the holders tnereol et or about the lime Of the recording of the mortgage
14 That rf any or the Sums of money Mrein referred to be apt pomptty a+d fully paid w,thin ;hiriy 1301 days ne¦t after the same severaby become due and payable
or d earth and every the supulatWns. agreements. cpndrtipns and covenants o1 Said pomissory note and this mortgage. or either ale not duty performed. coin
plied v.•ith arw abided by the aggregate win unpaw under card promrssay rate and Ms mortgayr shau become due arw payable forihwdh or thereaher at the
uph(x, O! the Assocrdtrpn. as r:aly and completely as it sad egg*egate sum of money were Ong•nally Stipulated to be Ddrd On such day. anything in card
prumiswry note or Herein to the contrary nptwrtnstandrrtg •
15 That m order to aCCei¢faTe the matUnty or the mdebtedneSS Hereby secured because o} the failure of the Mortgagor to paY any td¦ dSSessmeni babrbty. Ob6yd
~ o• encumbrance upon sa•d property as riere,n _powded it shall not bts necRSSary no• regwsite lhet the ASSOCrduon shall first pay the same
t6 Thar tar abstract or abstracts of true covering the mortgaged property shall at all bins: d•niny the I:re of this mortgage remain m the possession of the
Aswr.iahon and in event of the }aeclosure of Mrs mortgage a other transfer of bile [o tt,e mortgaged poverty in e¦tmguahment of the ,ndebtedness secured
~ hereby ills nghl Ptle and interest O} the MOftgaga in arw t0 any Sucn dbStraCiS Of title ,Shdil UdSS LU the purCAdier Or yrdniee
t 7 Shuida the va4ddy or lien of Mrs mortgage or the note secured thereby De contested by +•ryation ur otherwise the Mortgayo• agrees tc DaY to the Assocrauon
the rest o! de!ending the same mdudirtg a reasonable attorney s lee
? 8 To oily all and sirraular the COSiS charges and e¦penses n,clud,eg attorney s lees reawnably mtuned nr paid at day rime by the ASX,C,dtipn Het?u5¢ Of the
!aili,re n! the Mi,r[ydgnr t0 pef!orm romply WRR dad abi(fe by edCh dr+d e•: B+y the SApu!dtH;ns agrr-pineal: rorrdmons and LnvPnanTS of yard vrnrmSwry rMte
,i.1d th:G mnrrgage 01 etcher dad suety cJCh le¦CPpt fpf the payment-nf ths• mommy insta!:ment do rs•i{i,:rwt by the Promiss„ry fy7urer :hats near :merest from
adis• at t/re rase of eighteen {prr :.nni 11 $~'•1 {,er annum unlit !oily pard
t g « AsG••• ~ i:..,n shall nave the fryht at any tame and from tame to t.me and w,tnou! notice to of Lunsrrrt o! any ve•son ?o 'a: re.ease nay po•tiun of the premises
s•i•n• •^r• :ern ni lrt,~ non tydye ~G~ r2:EdiE any OErs;,n ':a.~.~!e !pr va•r :'~C^t 3n, :^d¢L•=ortt,¢cc c¢.-_.er1 herer.y iii or tend the tiny c>s pertinent Ur alter the terms
i r,r dl, env pdrt o! the ,ndebtedn¢SS without affecting Or re'rdtr.ng the persona ab~:•Ty O! any ;:r su ~~aD!e ut•:Er 2ha•~ d•iy perwn reiedsed port
.,,a.,t r:+•et„ Mr t^e payment of any Sum or .merest secured hereby and w.tnou: ~ri any was a teeny ya•vmy or d..rt Hat: ^y the tags effects w i:en o! this
@} •t•raye d'i fns! pre•n:SPS not SpeUUCaiiy released r•Om the Hen or Tn!s mortgage try' the As>voio bon
n ,.,a.er.~ e t he-e~+h i.• •-~a,:e by Mortgagor a^d Association pursuant to tea mortgage she - be ?upe •ur to me ny,ts of the ^u!der u! any ~ ,te veair,y „e„ c•
t_;.. . e:y ,est !•f V1 n•tyayo• the Asso :!d:iOrt '^dr at as SO~e opt.pn f•um Pn+e to rr'.e be'r,re fu+: Par' pert u! 3..:rarbt~dness te~u•ed hE•EHY milk. t•Y flier ad
: t. t. tyaa, , tiled However that t!,e tota~ pert^cipa! secured ne'eby err h r r:a~ y ~npad o~ _a e~~y w t ~ 7 e. _es sna~„ ^ot dt any temp e¦
• µ i J p7- Sv Se~u•E4 hereby Ylottyagor slier!' pay d! we n'u•ther ad ar~r.es w t ^te eu a ] t s Sa ',i! S d-' t>e 5 d hvreHY A!' i>rOV•S:w^c
••:7d { cr a air.,'r b, each furt',er ad.a^ce as we'• as to a~~ on.er nC¢bxd •rss vc rd he eti Votr tg apes rt.a~ eJ uwever s',al lima the
, by s '^nrtgaye .t such a^iounts .n;•eased by advances made by t^e Ass ica.c,r as ^ . n e.sew•'e:e p ,,•,te~.f'o• ti, protect the secu•:ty
r,+ e. .a^. o:haoa;, t rVl~r•ciaq,. an ; o •{,..•,p ,....v: r. ~ . •,i• r. - ,tom, tree p >:,e-•.
• :~.r,. s. I,t.. r..,y s•y !r .ir.•t V^„v.n ac a ..•rti, r ...t . .t ' ~.y v .r ASSTa ra
• ~ Acv, d; :r. a. y:f , ~ u r•rt ~rL :e,tr _ . . n•.• ~ 't-. . ,e I;dY n:i s~
. .a.~: ~ ~v r. , f: ....ai;e .r inn a' . c{~ ~ v r h.,.r , : ~ . ~ + . +.ve• ' :r•..., :yG ti':::.vr~
• i i:t 8~.v• n r•dti r,.,! ?,ran,-e ad•,. wtaL tic s:n,t, f. . •.i r. :
At , ,es. nr 'he Mo•tydgof the Asw:.'atbn agrees SO waive the Dr Ov!S•Ons or paragraph 4 re!ai:ve to the steer art o! d ndta•d "Su'anCe ?CCOU n! p•ovideA
ia.•..•~ ••,.ir r,r• Assooetrr+ retains the right at its option to re instate sc~ h vro~.a~uns of card paray:dph 4 as as ob~~gat:on pf rho Mortgagor ~ereu^der uru•.
s. nab[s..,,:..q n} day p1 the fOUOw,ng
A td: -..•e to may.e any payment regwred under the terms o} the note on w before the due date ?hereon
9 f a:>.tP to ::o^•vly with the insu•ance p'ovis'ons of paragraph 3 or of any or the utl:e• teems and conda:ons of tea mu•tgay¢ or rote or w•th the :nwrance
•e•t rre:nentt contained in :tie Dec,aratio^ of Condominium and re+attb documents should :..e •+•ortyayed vmpe•?Y be ~=u:n'Ttitted to condum:nwm
,rev ,a•ne^t
+C'1-tit-75
T P-A
~A K 327 ~i~~E 8eT:3
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