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HomeMy WebLinkAbout1940 • I) 4• That. in order to potect mor• fuNy tM secunry of this mortgage. tM Mortgagor. togetMr with. artd rn additan to. tM monthly payments under try term>!o~tM note secured Mreby. on tM apecilied payment date of each month until tM qid rate is fully Wid. will pay to tM Associatan tM fdbwup wins tort An installment of tM taxes and assessments Nvied a to be Nvied agunst tM penises covered by ttws mortgage. and sn utstallment of tM psmium or pemiums that will become dw and payaDN to renew tM insurance on tM pemrses covered Mreby against bas by foe. and windstorm. as pov,ded for by paragraph 3 pecedmfi• a such otMr hazard as may reasonably be required by tM Association. and an mstaument d tM pemwm that wiq become due and payabN to rertaw tM mortgage insurona. if any. Such insullments sMll be equal. rsspecuvely. to one-twelhh I1/12th! of tM es- umued pemium or premiums la such inwronce. and axes and assessments next dw tors esumatad by tM Association) Nss all mstaUntents alroatfy paid thsrstor. dwided by tM number of month that are to elapse one month par to tM date when such psmium a pemiums and taxes and assessments will become dehrtquMt. TM Associaton. wMN epptying such payments to usursnce pemwms. taxes and rssessments. before tM same become dehrtgwnt. shall not pay interest to tM Mortgagor on wch funds. and all such payments may bs commingled by tM Assoc,ation with any other such funds or vwth its own funds. TM funds •ro pledged as edditanal security to tM wins secured by tMs Mortgage and are wDfact to ass by tM Association in payment of "Nts charges" and bank collsctan charges lbl All payments mentaned m tM peceding wbsectan of this paragraph arw all payments to be made under tM rato secured Mreby shall be added together and tM aggregate amount tMreof sMll be peril by tM Mortgagor each month in a singN payment to be applied by tM Association to tM tdlow,rtg ,tams in the order set forth 1 Taxes. assessments. and mwrance pemwms 2 "late charges' end bank cdlectron charges. unless paid in manner povided m paragraph 4 tort 3 Interest on tM note secured Mreby. 4 Amortitation of tM pinGipal of said note Any deficiency in tM amount of such aggregate mattNy payments shall. unless pa,d by tM Mortgagor par to tM due date d tM next wch payment. con- stitute an event of detsuh under tM mortgage Wdhout waver of any right. tM Association may cdhtct a "Wte charge" as povided in tM Note 5 That if tM total of tM payments made by tM Mortgagor under tort of paragraph 4 peceding shall exceed tM amount of payments actuauy made by tM Associaton la taxes and assessments and insurance pemiums. as tM case may tier such excess shall be credited by tM AssocratiOn on wbsegirent payments to be made by tM Mortgagor. It. however. tM monthly payments made by tM Mortgagor under ls) of paragraph 4 pecirding sMll not Mve been wHicient to PaY taxes and assessments and inwrenes perruums. ss tM case may be. wMn tM same shall become due and payabN. then. tM Association may. at its op- hon. ,mmediately pay such taxes and assessments and mwrance psmwm. and tM Mortgagor shall pay to tM Association any amount necessary to make up tM deficiency. and wch payment shall bs due and paysbN within thirty 1301 days after tM date of mailing of notice by iM Association sarong forth iM amount of wch delic,ency If. at any time, tM Mortgagor shall tender to tM Associaton. m sccordsrice w,th tM pov,s,ons o1 tM note secured Mreby. full payment of the entire indebtedness represented Mreby. tM Association sftall. in computing tM amount of such indBDtednass. credit to iM account of tM Mortgagor any balance remam,rtg in tM funds accumulated under tM povisans of tort of paragraph 4 ~ ' 6 To permit. comma or suffer ra waste. impairment or deterioration of said poperty. or any part tM+eo1, and upon tM failure d tM Mortgagor to keep the fwitding5 on said poperty in good condition or repair end maintenance. tM Association may demand proper maintenance and tM immediate repair of said buildings. or an increase in tM amount of security. a tM immediate repayment of tM debt hereby secured. and tM failu~a of tM Mortgagor to comply with sand demand of tM Associaton for s period of tMrty 1301 days shall constitute a breach of this mortgage. and. at tM option of tM Asstxiatan. ,rrxnediately mature tM entire amount of pirtcipal end interest hereby secured. end tM Association immidiately and without notice may institute poceedmgs to foreclose this mortgage and apply for tM appantment of a recewsr, as hereinafter povided. and in case of tM refusal. neglect or inabibty of tM Mortgagor to repair and mamta,n said poperty. tM Association may. st us optan, make wch repairs or cause tM same to be made. and advance moneys in that behalf T To perform. comply with and abide by each and every tM stipulations. agreements. corWitions and covenants in said promissory note and this mortgage set forth - 8 To comply with tM subdivision restrictans end the municipal zornng ordinances applicable to the mortgaged poperty. not to erect or permit to ba erected any - new lwildings on tM pemiSes rte+ein mortgaged Gr t0 add to or permit to be added to. make or permit to be made. any structural alterations to any Of tM ex- ishrtg improvements thereon without the written consent of tM Associatari. end in tM event of any violation or attempt to valate these stiputatans. or any of them. this mortgage and all sums secured Mreby shall immediately become due and payable at the optron of tM Association g That in case of a default ,n any of tM terms of tMs mortgage and tM 66ng of a bill to foreclose this or any other mortgage encumbering the within described property. the Association shall be entitled to apply. st any time wdhout ratite pending such foreclosure swi. to the court har'rng lunsdiction thereof for the ap~ ppnvment of a receiver of all and Singular iM mortgaged property. and of all tM rents. incomes. p~ohts. issues and revenues thereof. from whatsoever source derived. and. thereupon. it is hereby expe551y covenanted and agreed that tM court shall forthwith appoint a receiver of said mortgaged poperty. all and smgul;,r. and of such rents. incomes. pohts. issues and revenues thereof. from whatsoever source derived with the usual powers and dunes of receivers in Eke cases. and such appointment shall b@ made by such court as a matter ui strict r,ght to the Association and w,[hout reference to the adequacy or inadequacy of the value of the property hereby mortgaged. or to tM solvency or insolvency of the Mortgagor. and that such rents profits. ,ncomes. issues. and revenues shall be apulred by such receiver to tM payment of the mortgage indebtedness. costs and charges. according to the order of such court 10 Tnat in the event the pemrses Mreby mortgaged. or any part thereof. shalt be condemned and taken under the power of emuient domain the Association shall have the right to demand that all damages awarded for tM•taking of or injury to said premises shall be paid to the Assouauon its successors or assigns. up to the amount then unpaid On ttus mortgage. and may be applied t0 any sums last payable hereunder 11 Thal time is of the essence of this contract and that no waver of any pbligation hereunder. or of the obligatiuii secured hereby. shaft at any time thereafter be held to be a waiver of the terms hereof or of the promiswry note secured hereby 12 In the event of any default in any of tM terms of this mortgage. or rn ine note secured hereby. and acceleration by the holder. or any other situation that would cause the interest yard or payable under tMs Obligation to exceed tM interest rate authorized by law. then in such event au excess interest theretofore paid shall be credited to principal and all accrued and unpaid excess ,merest shall abate and shaft not be an obligation of the maker or of any other person 13 That to the extent of the indebtedness of tM Mortgagor to tM Association described herein or secured hereby. the Assouation is hereby sutxogated to the lien or bens and to the rights of tM owner and holder thereof of each end every mortgage, hen or other encumbrance on the land described Mrem, which is paid and ~ satisfied. in whole or in part. out of tM poceeds of tM loan described Mrein or secured Mreby, artd the respective hens of said mortgages. bens or other en comb+ances. shall be. and tM same and each of them hereby is preserved and shall pass to and be held by tM Association Mrein as secur,ty for tM in ~ debtedness to the Association herein descr,tted or hereby secured. to the same extent that it would have been preserved and would have been passed to and been held Dy the Association had rt been duly and regularly assigned. transferred. set over. and delivered unto the Associatiai by separate deed of assignment. i notwithstanding the tact that tM same may be satisfied and cancelled of record. it being tM intention of the parties hereto that the same will be Satisfied and cancelled of record by tM holders thereof at or about the time of tM recording d this mo+tgage 14 That if any of the sums of money herein referred to De not promptly and fully paid within thirty (301 days next after tM same severally become due and payable Or if each and eVRry lM SlipulatanS. agreBTQniS. COnditans and COVBnaniS Ot Said pOmiSSOry note and this mortgage. Or either. are riot duly performed. COm~ plied with and abided by. tM aggregate sum unpaid under said pom,SSOry note and this mortgage shall become due and payable forthwith or thereafter. at iM option of tM Associaton. as fully and completely as i1 Said aggregate win of money were originally stipulated to be paid on such day. anytMng in said • promissory note or Mrein to tM contrary ratwithstanding 15 That in order to accelerate iM maturity of tM indebtedness hereby secured because of tM failure of the Mortgagor to pay any tax assessment. l,abtity. obligor- horl or encumbrance upon card poperty as Mrern povided. it shall not be necessary nor requisite that tM Assoc,atron shall first pay tM same tbt That tM abstract or abstracts of title covering tM mortgaged poperty shall at all times. during the life d this mortgage. remain m tM possession of tM Association affil. m event of tM torecbwre of this mortgage. or other transfer of title to the mortgaged poperty. ,n extingwshment of tM indebtedness secured Mreby. all r,ght. title and interest of tM Mortgagor in and to any wch abstracts of title shall pass to the purchaser or grantee. 17 Should tM validity a ben of this mortgage. or tM rate secured thereby. be contested by litigation or otherwise. tM Mortgagor agrees to pay to tM Association the cost of detendrng tM same including s reasonable attorney's tee. 18 To pay all and singular tM costs. cfwrges and expenses. including attorney's fees reasonably incurred- or paid at any time by tM Association. because of tM failure of tM Mortgagor to perform. comply with and abide by each and every the stipulations. agreements. conditions acrd covenants of said pomissory note and tMs mortgage. or eithgj.Rw~ every such (except lor tM payment of tM monthly installment as required by the Promissory Note) shall bear interest from date at tM rate of jjZ5 per annum until fully paid. 19 The Association shall have tM right at any time and from time to time and without notice to or consent of any person to tort release any portion o1 tM penises from tM lien of this mortgage. lb1 release any person IiabN for payment of any indebtedness secured hereby. Icl extend tM time o1 payment or after tM terms - of payment of all or any part of tM irtdsbtedness. without eHectirig or rekasirip tM personal liability of any person liable (other than any person released pur- want Mretoi for tM payment of airy win or interest secured hereby and witfaut in any wise alter,ng. varying. or dimin,sh,ng tM (aces. effects. or hen of tMs mortgage on all tM pem,ses not specifically released from tM lien of tMs mortgage by tM Association. 20 Any agreement Mreaher made by Mortgagor end Association pursuant to this mortgage shau be superior to tM rights of 1M holder of any mtervemrtg Tien or encumMance - 21 Upon request of Mortgagor. tM Assogation may. at its soN optan. from time to time. before full payment of au indebtedness secured Mreby. make further ad- vances to Mortgagor: povided. however, that tM total pirtc,paf secured Mreby and remaining unpaid. includng any such advances. shall rat at any time ex- ceed tM original pirtcipsl win secured Mreby. Mortgagor shall pay all wch further advances with interest and tM same shall fie secured Mreby AN povisions of this mortgage shall apply to each further advance as well as to all other indebtedness secured Mreby Nothing Mrein contained. however. shall limit tM amount secured by tMs mortgage if wch amount is increased by advances made by tM Association. as herein elsewhere povided for to potect tM security. i 22 In tM event tM Mortgagor Mrem, or any wbsequent Mortgagor. or any person or corporation owning any ,merest whatsoever- should encumber tM poperty Mrein mortgaged by an instrument commonly referred to artd known as a "wrap-around mortgage" without first obtaining tM written consent of tM Associa- torn. then, at tM option of tM Association. tM obligation secured by flies Mortgage shall immediately bRC~me due and payable 23 To povde tM Association with Flood Iruuronce Coverage if iM real poperty is raw or Mreafter determined to be witMn a special flood hazard area as shown on Flood Hazard Boundary Map flood Insurance Rate Map as published by tM Federal Insurance Adm,nistration 24 At tM request of tM Mortgagor. tM Association agrees to waive tM povisions of paragraph 4 relartla to tM uestan of a tax and hazard inwrartce esuow ac- count: povided. however. that tM Association rotains tM right. at its option. to re-instate such povisions of said paragraph 4 as an obligation of tM Mortgagor Mreirrider upon tM happsrdrtg Of airy M 1M following: A. transfer of tM rrtortgsge promises. a arty pert thereof B Failure to make any payment required under tM terms of tM note on or before tM due date thereof - C To deliver to tM Association. on or before March 10 of escii year. tax receipts evidencing tM payment of all lawfully imposed taxes for tM pecedirg calendar year, to delver to iM Association receipts itvidencirtg tM payment of all bens for public impovements within nirtery 1901 days aher tM same shall become due end payable. and to pay oc discharge within Hoary (901 days after due date. any and all governmental levies that may be made on tM mortgaged property. - O Failure to comply with tM inwrortce ptwisions of paragraph 3. or of any of tM other terms and conditions of tfus mortgage « note. or vnth tM m- 3 wrance requirements contained in tM Daclaratan of Cpridornmium and related documents should tM matgaged poperty be committed to con• dpmmium development Taw B(IOK329 PA~E1~`38 MLCA 46