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HomeMy WebLinkAbout0805 • s • ~ ` , 4• TMt. +n order to potect more fully tM security of tMS mortgage. tM Mortgagor. togetMr w+th and m add+t+on to tM mgntnty wymems undo the terms of tM note secured hereby, on tM specrMd DaYmMt dab of exh montA urine tM sad note rs fatly w+d. w+lt pay to tM Assoc+at+on the Iolbwrng sums Is1 An rnauarMrtt Of tM to:es and assessments tetrred a to be Nvred apsrnst tM perroses covered by this mortgage. and an msuumem of tM pemrum w pemwms tMt will bttcane dw artd wYabN to renew tM utwrance on IM pem+us covered Mreby against bss by foe. and w+rdstam. as povded fa by paragrapA 3 p?ecedrrtg. a sucA OtMr Mtard of may reasonably De requrrad by tM Assocratan. and an rnstsllment of tM pemrum that wrH Decwne dw and paYabM to rertevlr tM rnortpapa inwranu. d any SucA rnstNlments sMll De squat. respectively. to tyre iwelhh I V 12th) of tM es• timatad oremwm p pemiwna for al{fh rrquranCe, and taxes and asaessmMta neat dw las estimated by tM Assoc+atwnl less all installments already pad tlterefa, dwidad by tM number of month that are to !taps! a+e month pip to tM date when sucA pemium or pemwms and axes and assessments oral 4ecorne dNwtquent tM Assoaatan. wArle applying such payments to insurance pemrums. taxes and issessmems. before tM same become dtlrrtgtrent. shah rat pay interest to tM Mortgagor art such funds. and all sucA payments may be commingled by tM Assoc+atan with any other such funds o. witA its own funds TM lands are pNdged as llddiuoMl secuntY tw the wms secured by this Mortgage aria aro subject to use by tM Assocutan M paymMt o1 "4a cMrges'~ and bank collectan charges Ibt Alt piymMts rMntaned rn tM preeedng subsection of this paragraph and alt payments to be made order eM rate secured hereby t:halt be added togetMr and tM aggregste amount tMreol t1M11 be pad by tM Mortgagor exA month in a s+ngte payment to be appl+rtd by the Assoc+aaon to cite fotloyvirtg items m tM Order pt fortA 1. Taxes, assessmMts, aria inwranCe pemwms 2 Late chargei and bank collect+w` charges. unbss wd :n manner povded rn paagral* 4 Ia1 3. Interest on tM rate secured Mreby 4 Amorbrstion of tM p+nc+pal of sad note Any defiaertey in tM amount 01 such aglKegste monthly payments shat!, unless pad by the Mortgagor pia to the due date of the nest wcA payment. wit- . stituts sn went of defauh under tM mortgage. Without wsrver of any right. tM Associat+on may collect a late charge" as povided m tM Note. S TMt i1 tM Wul of tM paymMts mad! by tM Mortgage under la1 of parsprapA 4 peceding snau exceed iM amount of paymarits actuauy made by tM , Association for tads and assessments and insurance pemwms, as tM ease may be. such excess shall be wedded by tM Assoc+atan on subsequent payments to be made by tM Mortgagor. 11- Itotivever. tM monthly payments made by tM Mortgage under Ise of wragraph 4 pecedrrg shilj not have been wfficient to pay uses and assestunertts and irqurartce pemarris. as tM use msy be. when tM same sAati become due and paYabte. then. tM Associatan may. at its op- - ian, immedutely pay wch tease and assessments and trtwranu pemiUm, and tM Mortgagor shall pay tO tM Association my amount necessary t4 make up tM defrc+ertcy. and such payment tdtaa be due and PaYible rvitAin tMrty (301 days aher tM date of mailing of notice by tM Assoc+at+on setting fortA the amount of sucA defrcNncy 11. at any tim•, tM Mortgagor sMll tender to tM Ata+ociatan. M xcordance wrtA ens pows+w+s of the note secured Mreby. lute payment of the entire irdebtednsss repesentad Mreby. tM Assoaatan sMil, in computing tM amount of such indebtedness. credit to the account o1 the Mortgagor any balariu remairong in the funds sccumubtad under tM povirions of (al of paragraph 4 6 To pNmrt. commit M wffer ra waste. impairment a debraratan of Sid popsrty. w sny part thereof, and upon il+e failure of tAE Mortgagor to keep [fiE bu+tdings On aid poperty in good tbrtditan o. rewir anO msrntanartu. tM Asstxiatan may demand poper maintenarxa and the immediate repau of sad buildings. w sn inaeist in tM amount Of ser:unty. or tM immediate rspsyment of the debt Mreby secured. and tAe Ia+1u•s of tM Mortgagor to comply. with sad demand of tM Assoaatan for a Dpiod o1 tMrty 130) days sM11 constitute s breach of ttus mortgage. and. sf ttie option of tM Association. immediatetY mature tM enure amount of pnrtcipsl and interest Mreby sxursd. and the Association imrnediatety and w+hout nonce may instiwte poceedings to lorecbse tMS mortgage aria apply for tM appointmvtt of a recover. as Mreinahsr povided. and in case of tM refusal. neglect w inability of the Morgsgor to repair and maintain Sad popsrty. tM AsaOaatan may. at its option, make such repairs w cause lM same to be made. and advance moneys in that behalf. ; 7 T~ perform. conipfy witA and abide by sxA and every tM stipulatans. agreements. cortditrons and covenants sad pomisswy note and this mortgage set iwth 8 To wrriply with LM wbdmsan restrictions and tM murrcrpal t:oriirtp ordnances applwabte to tM mortgaged poperty• not to erect or permit to be erected any new buitdirigs on tM painless herein mortgaged w to add to w perrrot to be added to. make or permit to tx made, any structural alterations to any o1 tM es- isbng +mpovements thereon without tM written consent of tM Assocratan, and in tM event of any vidatan or attempt to valets these stilwlations. or any of them. ttws mortgage end ail sums aacu?ed Mreby sMll immediately become due and payable at the opton of eta Association g That in case of s defauh m sny of tM terms of this mortgage end tM filing of s bill to fwecbse tMS a any oilier mortgage encumbering tM w+thin described poperty. tM Assoaatan sMlt De entitNd to apply. at any time vrithOUt notice pij'rtding such fwecbwre sort. to the court Raving iunsdKtion thereof for iM aD- pwntment of a reterver of all and singular tM morepagad poperty. and of ell tM rents. inwmes. polite. issues and reienue5 thereof. from wAatSOever source dm+ved. and. thereupon. rt rs Mreby eripessly Cpvenant00 and agreed that tM Court shill forthwith appant a receiver of sad mortgaged poperty. alt and Singular. and of such rents. inCOrrieS. pofi:t. iSwls end revenues thereof. from whatsoever source derived. with the usual powers and dunes of receivers m tike cases. and such appdntment shall be made by such court of a matter of stiiCi right to the Associat+on, and without reference to tM adequacy or insdequxy of the value o/ the poperty hereby mortgaged. w to tM solvency w insdvency of the Mortgagor. and that such rents. pofilS. +nGOmeS. iSSUBS. and revenues shall be applied by such reCeivM to tM payment of tM mortgage indebtedness. costs and charges. according to the order of such court - 1O That in the event tAe pemises hereby mortgaged. w sny part thereof, shalt be condemned and taken under the power of eminent domain, tlx Associatron shill nave the rght to demand tASt set damages awarded for the taking of or injury to sad pem+ses shalt be pad to the Association. its wccessors or ass+gns. up [o - the amount then tinged On this mortgage. and may be applied to sny Sums last payable Hereunder - 1 1 That bin! K Of the essence Of this COlttrxt ofd that np~Wiiyer Ol any obligatan ANBUnder, Or Of the Obligation secured hereby. Shall it any Ume Lhereaher be held to be a waver of fete terms Mreof w of the pom+ssory note secured hereby c 12 In the event of any de/cult in any of tM terms of this mortgage. or in the note secured hereby. and acceleration try ttie holder. or any other situatron that would cause the interest pad w payable under tfrs obligitan to exceed tM interest rate authw•zed by taw then in such event all excess interest theretofore pad shall be creelded to pmciPal and air attrued and unpaid excess interest shat) abate and shall nor be an obligation of the maker w of any ether perwn 13 That to the extent of tM irdebtedrvess of tM Mortgagor to tM Associatan described titian or secured hereby. the Association is hereby wbogated to the ben w bens and to the rights of tM owner and lfpider thereof of exh and every mortgage. lien w otMr encumbrance on the land described Mrein: which is pad and satisi+ed. in vrlrOle w in pert. out of tM poceedt of tM ben described Mrem w secured hereby. and the respective bens of sad mo.tgages. bens or other en- cumbrances. shall be. and tM same and esM of thin Mrsby is peserved end shah pass to and be held by the Assor:+atan herein as security tor the in. debtedriess to ttie Assoaatan herein described w hereby secured, to tM same extent that if would have been preserved and would have been passed to and been herd by the Assxiation Asa rt been duly and regularly assipried. tranSlerred. set over. and deLvered unto the ASSOCiat+On by sewrate deed of assignment. nptwithstand+ng tM fxt that tM same may be sabsiied and cancelled of record. it be+ng the mtenliOri of the part+es hereto that ttie same wilt be satisfied and ~ cancelled of recoM Dy the holders thereof at w about the bete of tM rr!cording of this mortgage 14 That if arty of the wms of money hxer referred to be not ppmptly and fully pad wdMn th+rty 1301 days nest after the same severally become due and payable ttt! w +f lath and every the abpUlatani. agrllmMti. COndrteOnS and COVlnant5 Of Sad pom+SSwy note and tMS nwrtgage. Or C+ther. are nol duly Oar/Ormed. cOm- plied w+th and added bY. tM aggregate win unpaid under sad poetrssorY rate and tMS mortgage shau become due and payable forthwith o+ tnereaher. at the option of the ASSOtiatiOn. as fully and wmpletsty as if sad aggregate win of -money were w+ginalty stipurated to be pad on such day. anything mead - promissory note or titian to tAe contrary notwithstanding ~ _ 15 That m order to aeceterate tM matunry of tM indebtedness Aereby secured because of the ia+lure o} the Mortgagor to Day any tax assessment Lab+Dty. oW+ga tan w enGUmbranCe upon sad poperty as herein povded. it shall not be necessary nor regws+te that the Assoc+abon snap first pay the same 16 That the abstract w alntrxts Of title covering ttie mortgaged poperry Shall at all times. during the life of th+s mortgage. rema+n in the possess+On Of the Association and..n event o/ tM forecbwre of tMS mortgage. w other transfer of t+le to the mortgaged property..n ext+nguisnmeni of the +ndebtedness secured hereby. alt rght. title and intere3t Oi tM Mortgagor in and to any such abStraCtS of T+ik shall pass to the purchaser w grantee 17 Should the valdity w ben o/ this mortgage. or tM note secured tAereby. be contested by Lbgation or Otherw+se. the Mortgagor agrees to pay to the Association the COSL Oi de}Ending 1tiE Sarrie including a feiSOnabl! attorney's lee - 18 TO wY all and singular the COSis. charges and Expenses. iridurling attorney 5 fees reasonably mCUrrMt. Or paid at any rime by the Associatior,. because of the failure o} the Mortgagor to perform- comply rnth and able by exh and every the supuiatrons agreements. corxf+boris and :ovenanis of said promissory note and tMs mortgage. w edher- and very wch (except for the payment of itie monthly mstatlment as requurW by the P.om~ssory Note1 shall bear +nterest from data at the rate of eighteen per cent 11846) per annum until fully pad 1 g The Assocrat+ori shalt Mve [M rigAt at any time and from time to time and without notice to or Consent of any person tO (al re:ease any portion o/ IHe prem+ses Irom tMr Bert of this mortgage. (D) release any person liable for payment or any indebtedness secured hereby. Ice extend the L•me of payment or alter the terms of payment of alt w sny pen o/ IM indebtedness. without aHecbrq w releasing tM personal habibty of any person liable !other than any person released par- - want hereto! Iw the payment of any sum or interest secured hereby and wittaut in any wise altering. varnng o. d+min+sMng the forces. effects. w Len of trite mortgage on alt tM penises rat specifically roleassd from fete Lien of this mortgage by the Assoc+ation 20 Any agreement Msreshcr mad! by Mortgage and Associatan pursuant to tMS mortgage shalt He-superior to the rights of the Aplder of any +ntervemny lien w encumbrance 21 Gpon request o! Mortgagor. tM Associatan msy. at its sOk Optron. Iron time to time. before full payment of an +ndebtedness secured hereby. make further ad vances to Mortgagor. pOVided. however. that tAe tots) piritipat secured hereby and remaining unpaid. +nclud+ng any such advances. shall not at any time ex- ceed tM wigirwl pincipal win secured Mreby Mortgagor shall pay all such further advances w+ih interest and the same shalt txe secured hereby Ali povisioris of this mortgage steal! apply to each further advance ss well as to ell other indebtedness secured hereby Noth+ng here+ costa+ned however shat' I+mit the amount secured.by this mortgage d such amount is iritreafed by advances made by the Assoc+at+on as herein elsewhere pov+ded for to potect the security 22 In the event the Mortgagor herein. w any wbsequent Mortgagor. w any person or corpwabon own+ng any interest whatsoever. should encumber the property herein mortgaged M an instrument commonly referred to and known as a "w: ap-around mortgage " without first obta+mng the written consent of the Associa- tan, then, at the option o1 the Association, the obhgatron secured by this Mortgage shall +mmeA+atety Hecome due and payable 23 To povde the Associatwn with Food Iriwrance Coverage if the real pOpErty rs raw w hertahe. determ+ried to be w+thin a spec+ai }rood harard area as shown on Flood Hazard Boundary MsprFlood IMUrarice Rate Map as published by the federal Insurance Admm+strat+on 24 At tM request of tM Mortgagor. tM Associatan agrees to warty tM prwawns of paragraph 4 relative to the ueat+on of a harard insurance account. povided. however. that tM AssOCiation stains tM ripAt. at its optan. to re-literate such povisiwn of sad paragraph 4 as an obligatron of the Mortgagor hereunder upon the haPDerong of any Gf tM fdbuirinp . A Failure to make sny paynNnt required order tM terms of tM note on p before the due date ttieraol g Failure to comply ynth tM mwranu pronsans of paragraph 3. or of any of the other terms and wnd+tans of this mortgage or note. or wnh the inwrarxe regwrements wnUirNd in tM Oedarstan of Cordorninium and related documents should the mortgaged Dropsrty be wmmitted to cordom+roum development (C)•M•R ' T/P-A BpOK~~r.V PAt~ MLCA 17