The URL can be used to link to this page

Home My WebLink About1913 4- That. m vrdtr to protect port fully ttie stcurrty of tlws mortgage. t?ie Mortgagor. logtlMr wqh and in add+t+on to. the monthly payments under ttie terms of the note secured hereby. On tM apeCilNd payiwent date of tack nanlh until !M sa+d hots is fully pad will D7Y to the Assocut+on the fdbw+ng wms lei An installment Of flit axes aril aslassrrients Nvied w to tit leritd against tM penises covered by CMS mortgage. aril an instaemtnt of the tNlnwum a pemiums that vytll bKOme t!W and payabN to reMW life utsurartCt On ttie peniisK covered hereby against bas by f+re and w,rdstorm. as povdW la by paragrspn 3 precedatg. a such other hoard as mar reasonably pe rtpuued by ins Assoc+ation. and an inseallmem o1 ins pemium that will become dw and PaYabN to reritw tM matWd+ inwrante. d any. Such utsUllmMlf shall Ue epWl, respectively. to orvatwtlhh 11! 12th1 01 tM ts• bmated pemwm a preritiWtia Mr Wth inwrance. and oats and assessments oral dw Ias tsumattd by tM Assrxiatronl rtes sU instatlmeMS already pail thNtfp, drvdW btr Itie rwmber OI months flat art to e4pte pA month pip to the date when such pem+um a pemiums and taxes and assessments vviU berbrrie dNittawnt. Tfie Astioaatwh. wMle applying such payments to insurance pem+ums lases and assessments. heist the same bernme dtlirtpusnt. shall viol D1Y iMpest to tM Mptgagor on ouch funds. and all such payments may be comm+ngled by the Assoc+atron vyith any other such funds Or vwth rte own funds Tfie funds art pltdged as add+tional security to the sums secured by tn+s Mat a avid a•e su the Assocra[an m piymtnt OI "raft chargq and bank collection charges g 9e bled to use by !b) All payments rritntior?etl in tM peCtding wbsectrori of iMS paragraph and ail payments to De made under Ins note secwed hereby eclair rte sddtd IOgettitr and ttie aggregatt amount thereo/ shalt tit pad by the Mortgagor each month in a srrig:e payment to be appf,etl by the Assoc+auon to cite Idlcwing items in tM order set forts 1 Taxes, assessments, and inwranCe pemiums 2 late charges and bent couectron charges. unless pa+tl :n marwier pairided m paragraph 4 lal 3 Interest on flit riott secured MrtbY 4 Amoruutron of the principal or sa,d riots Any deficiency m the amount of such agyrtgata monthly payments elixir, unless paid by the Mortgagor prior to the due date of ttie nest such payment. trori- stRUrs art event Of defauk under tM mortgage Without waiver of enY right. the Associatron msY collect a -late chargg'~ as povided in the Note $ That if the total of the paymMls made by tM Matgagp urdtr ta! of paragraph 4 lxeceding snarl exceed cite amount of wyments actuaGr made by the - Associarion to taxes and asssssmerrts and inwwnet pemiums. as cite case may bs. such excess shill be cred+ted by ttie Associatron on subseduent payments to De made by the Mortgages If, itdwever. tM monthh payments made by flit Mortgagor under lal of paragraph 4 peteding shall not nave been wffiCiMt to pay taxes and assessments and rrtsuraritf premiums. as cite case may be. when the same shin bttorrie due and payable. then. the Asstxiahon may. at its op- tron, imrriediately pay such taxes and assessments and inwrarice permum. and the Mortgages shall pay to the Associat+rxi any amount necessary to make up the defiCieriCy. and such payment shall bs due and payable within tMrtY 1301 days after the date o1 ma+l+n9 of nonce by the Associsuon wrung forth the amount of such deficiency if, at any lime. the Mortgagor shall tender to the Associatron n accordance with the povarons of the note secured hereby.-tun paymtnl of the enure indebtedness repesented hereby. flit Astocrarron shah. rn computing the amount of such rridebtedness. wedit ro the account of the Mortgagor any balance remaining m the !nods accumu4ted under flit ponsidrit of lal of paragraph 4 6 To permit. Commit Or iuHN n0 wash. ~mpaHrtNnt a deteripatiOn of sad poperty. p any part thereof. and upon the failure of me Mortgagor t0 kelp the buildings on sad property m good cortdrtron or repair and mauiterisnce. the Assixiabon may demand proper maintenance and the immedwte vegan of said bu++dings. or an increase m the amount of saCUnty. a the immediate ?epayment of the debt hereby secured. and the fa+l~•,; of flit Mortgago+ to comply w+th sad demand of the Associatron la a period o/ tMrty (301 days shall constrtuts a bleach of flits mortgage. and. at the opeiori of the Associatron. immediately mature the entire amount of pmcpal and interest hereby secured. and the Association immediately and wdnout not+ce may +nsutute pocaed:ngs to forecbse CMS mortgage and apply fa flit appantment of a receiver, as Mreinaher provded. and in case of t+ie refusal. neglect w inabihry of the Mortgagor to repair and maintain sad popsrty. the AssociitiOn may. st its opton, make such repa+n a cause the same to be made. and advance moneys in that behalf 7 TJ per/vein. comply vyith and able by tech and every its stipularioriS. agreements. cond+trons and covenants in said prom+swry note and this mortgage set rorin 8 To comply with ttie wbdrvision restrictidn3 and cite muriiCipil iOnirig Ordinances applicable t0 [he mortgaged poperty. not t0 erect w permit l0 be erected any new bu+td+rgs on the penises herein rriortpiged or to add to or pNmrt to be adrfad to. make or perms to be made. any structural alterations to any of the ex- +sting +npovements thereon vnthtwt the wnnsn consent of the AssoCistron. and in the event o1 any vidauon or attempt ;o vidate these stiw,lations. or any of [hem. th+s mortgage and all wms secured hereby shall immediately become due sod payable at the option of ttie Assoc+atron _ g That m case of a default in any of the terms of CMS mortgtgs and the hhrq of a bill to foreCbse iMS w any other mortgage encumbering ins witMn described - pODertY. the Association shall tit tntitled to apply. at any Ume without notice Deviling such fOreclOSUre veil. to the court nav+ng µ/nsdictron thereof !pr the aD- pantment of a receiver of an ant yrqular !M mortgaged poperty. and Of all till rents incomes. pOhtS. +ssues and revenues thereof lien wtiatsOever spurts derived. and, thereupon, it is hereby txpessh covenanted and agreed that the Court shall /orthw+th appoint a receiver pt said mortgaged poperty. alt and srrigular, and of such rents, iriCOrrNA pohtS. issues and revenues thereof. 1r'om whatSOevlr Source derived with tt>e usual (ewers and dunes of receivers in tike cases. and such apDpntrrlent snail !re malt by such court at a maltN of strict reght to the ASSOCiatron. and w+thout reference to the atleduacy or inadeQuacy Of the value of the property Hereby mortgaged, or to the solvency w insolvency of the Mortgagor. and that such rents- Drofits. incomes +ssues. and revenues shall be applied by such receiver to tM payment of the mortgage iridebtedriess. costs and charges according to ttie order of such court 10 That m the event the penises hereby mongaged. ix sop part thereof, shaft tit condemned and taken under cite power o! eminent domrn the Associatron shall nave the eight to demand that all damages awarded for the taking of a injury to said penises shall be pad to the Assoc+ation its successors or assigns. uD to _ the amount then unpad Ora tMS mortgage.-and may tie applied to airy wins last-payable nereunde• - 11 That Ume is of the essence of CMS contract and that rro waver of any oDhgauon hereunder or of the ool~gaua. secured hereby snap at any Dine thereafter be r Held to be a waiver of the terms hereof pr of the pomisSOry note secured hereby - 12 In the event o1 any default in arty Of the firms Of tMS mortgage, or +n fns note secured hereby. and acce:erauon by the holder. or tiny other situatron that would cause the interest pad or payabk under tMS oblgation to exceed the interest rate authw+retl by law. then in such event aft excess interest theretofore pa,d snarl be ued,ted to pincrpal and a:' accrued and unpaid excess interest shall abate and shall not rte an ob4gauon of the maker or of any ottie• perwn 13 That to the extent of the indebtedness of the Mo:tgaga to the Association descnbetl tiers+n or secured hereby. the Assxiation is hereby wbrogated to the I+en or bens and to the rights of the owner and Milder thereof of each and every mortgage. lien or othe. encumb.ance on the land described herein. wh+ch is pad avid satisfied. m while or m part. out of flit pxeeds of the ban dsscnbed herein or secured hereby. and the respective hens o1 sad mortgages. bens or other en- cumbrances. shall be. std the same and each of them heretlY rs peserved and shat: pass to and be lists by the AssocldtiOn here+ as security for tit! in- debtedness to the Associatron herein described or hereby secured. to the same extent that rt would have been peserved and would have been passed to and been Held by the ASSOtiatron had it been doh and regutirly assigned. transferred. set over. and delivered unto the Association by separate deed of assignment. notwithstanding cite isct the[ ttie same may be sstisfied.ard cancelled of record. it Deng the :ntent+on of tfie parties hereto Shat the same win be satisfied and canceited o1 record by the holders thereof at Or about the ume of tM! retOrd+ng o} this mortgage 14 That rf any of the wms of money herein reftrretl to be not pomptly and fully pad within th+rty 130) Bars ne¦t after the same severalty become due and payable or d each and every the stipulations. agreements. coriditrons and covenants of said pomissory note and this mortgage or either are not duly performed. coin- phed with and abded bY. the aggregate win undid under sad pixn+isory note and this mortgage snarl become due and pavaD!e forthwith or thereafter. at ttie Optron of the ASSOCiatron, aS fully and COT.pletely 8S d sad aggregate win of money were OnginaaY suputated t0 be paro on such day anytMng in Saro promissory note or here+n to the contrary notrinthstanding - 15 That in order to accelerate the maturity of the +rtdebtedness Hereby Secured bKauSe or the failure of the Mortgagor to Day any ta¦ assessment liabil+ty. obliges tiOn w enCUmbrance ucron sad poperty is herlrn pOVided. it shaHnOt be necessary rror •eQurs+ie that the Assoaauvn shall first pay tt+e same f6 Thai ti+e absvact or abstracts of true covering the mortgaged property shall at alt times during the life of this mortyag! remain m the possession of the Assocratron and. in event of,the IoreCbwre of tMs mortgage. or other transfer of title to the mortgaged prot>E•ty m e¦tingwshment or the +ndebtedress secured Hereby. alt right. UHe a•d mte.es! of the Mortgagor rn and to any st:Ch absvacts of title shau pass to the purchaser or grantee 17 ShOirid the valdity or hen Of this mortgage. or the trots secured thereby. be contested by litigation o• othe~w,se the Mvrtgago• ag•ees to pay to the Association the cost of defending the same including a reasonable attorneys fee 18 7o pay all and singular the costs. charges and expenses. including attwnev s fees reasonably incur•w1 or tra~d at any ume by tho_ Assoc+ativn because of the fa+ure of cite Mortgagor to perform. Comply with avid abide try Bath and every the stipulatrons. agreements conditions and covenants of Said p+omisSOry note and this mOrrgage. Or erilter, and every veto (except for the payment of the monthly installment as regwred by the Promisspry Notel shall bear interest from date at the raft! of eighteen per Cent 118a6f per annum until fully paid 19 The Assvciatron shalt have the rght at any Ume and from Ume to ume and wrtnput nonce [o o• consent of env person [o ia+ release any porr,on o! the premses 3 from the hen of this mortgage. Ibl release any person liable for payment of any indebtedness secured hereby. cu a¦tend the bmr of paymem or alter ttie terms of payment of an or any part of the indebtedness. without affecting a releas+rig the pe•sonal liability o} any person liable (other than any person released pur- want hereto) for the payment of any win or interest secured hereby and without +n any wee aitenng varying or diminishing the forces. effects o• ben o1 th+s mortgage on all the penises not spacificatly released from the lien of tMS mortgage by the Association 20 Any agreement hereafter mails by Mortgages. and Associatron pursuant to CMS mortgage shall De super,vr to the r+gnts of ins holder of any intervening hen or encumWance 21 Upon request of Mortgagor- the ASSOC+stron may. at its sole option. from Ume to ume. before foil payment o1 all indebtedness severed hereby make further ad vances to Mortgagor. povided. however. that ttie tots) piriC+pa: secured hereby and •ema~rnng unpaid including any such rdvances snail not at any Ume e¦- ceedthe ori9+nal p+nc+pat sum secured hereby Mortgagor shall pay air wch further advances w~tn interest and the same snail pe secured herehY All pov+s+Ons O1 this mortgage shall apply t0 lath further advanC! aS Welt aS to aft Other iridebtedneSS secured hereby NOih~ng herein contained. however shat' limit the amount secured DV this mortgage d such amount is increased try advances made by the Associatron as heroin erSewhere p•ovided for to protect the Secwrty 22 in The Event ttie Mortgagor herein, p any subsequent Mortgagor. or arty person or CorPO•drion owning any rnteres2 whatsovly should encumber the pOpe•ty - herein rrrortgaged by an instrument commonly referrEd to and known as a -wrap-around mortgage~~ withntit hre± nnta~nirg the written consent of she AssOCia~ tiOn. then. at ihE option vt the Associatron, the obligation secured by this Mortgage shall ;mmediately nncome dui ant payaH'e 23 To povide the Associatron with Flood trtsurance Coverage rf the tea! property rs now a he•ea{Te• detPrm,nPd to ne with:n a special flood hazard area as shown on -Flood Hazard Boundary MadFlood Inwrance Rate Map as publ+shed by the-Federal Insurance Admm+sirahnn 24 At the request of the Mortgagor. the Assouation egrets to waive tM provisions of paragraph 4 rtiatrve to the creation of a hazard mwrarice account. povded however. that the Afsoaat+on rttirni tM ^ght. at its option. t0 re-instate such povisrons of Sad paragraph 4 as an obligation of the Mortgagor fiereurtder upon the happening of any of the fdbwnng A Failure to make any pigment rpuire0 under tM/ terms of the riots on or before the due date thereof B Failure to comply wrath tM insyrance pOVisions of paragraph 3. M of any of the other terms and conditions of this mortgage w note. or w+th the mwrante regwrements Contained m tM Osdaatron of Condomm+um and rNatsd documents should the mortgaged popertty be committed to condom+rirum devebpment - z i (CI•M-7~i - T/P-A R ~x 329 PAGE 19 r 11 RiLCA .17