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HomeMy WebLinkAbout1985 e iiT< . • ~ ~ r . 1 ~ ~ t. That rn o tp~p~Qojjea f tuYy the Signory;pl t¢,rsaytfa•~aga. tM Mortgagor. together wan aril m add+aon to the mommy par^+ents urWer the tams o/ the rate secur~ed'Rdr"eb~r. t ~frN spetdred paYmQM datQ Ot bath nwnth until !M Sa+d rate +s fuf!y pa+d well pay to the Assoc+auon the fot!ow+ny sums Ial An rnstaurytent o! tM gzes artd assessments lev+ed w to be levied against tM premises covered by tors mortgage. and an .nstaltmMt of the Wem+um w prfmWmf lttat yyrll becorM due and piYable l0 feMW tM inwrante On the prfmrsef COVlrsd hprlbY against bSS by lire artd W+ndstorm. ai prOYrded fa by wrsgraph 3 preceding. a such other f+a:aw as TaY reasonably be requuad by IM ASSOCUt•on and an +nstaltment of the premium lost well bscorrte due and Datable to reMw tM mo•.egage inwnnce. it any Such installments snau be squat respectively. to one twNhn 11 r 12tn1 of the es umated ptm+um Or pemrumt fa such Inwwnce. and tease and aswssments neat due less estimated DY the Assocutionl tens au instaumenes aueadY pad eherelw. divdW by the number of rnonins Crest tie to elapse a+e monln prior to the date When Sucn prem+um or Drem+ums and to¦ss and assessments wnp betorM dNrnquent The ASSOCiatiOrt. whrN applying such payments to inwrance pemwms tames and assessments. Defwe the same tMCOrrte delir•quent. Shall opt DaY rrttereft t0 the Mortgagor on such funds. toil all such payments may Oe cumm+ng!gd by the Assoc+atan Willi any Other wch fundt M wish rti OWn funds TM furdf are pledged at iddrliOnal SQturrly Iqr top sums secured by LhiS Mortgage and are Sublet! to use by the Assotratron rn payment of "late cMrges" and Wok cWtection charges IDI All payments nMntiOned rn the preceding subsetlron Of CMS Daragraprt and all payments to tie made under the note secured Hereby shalt be added together and tM aggregate amwnt thereof snau W pad by the Mwtgagpr each month +n a yngte Wymem to be appbed by the Association to the folbw,rq items m the order set tarn 1 Taxes. assessments. and inwrarce premiums 2 -late cnargps and Dank coUect+es• charges unless ps+d :r. manner provided rn paragraph 4 Is1 3 IntNest on the note secured I+ereby 4 Amortitahon of rite principal of sa+d rate Any dehciertcy rn the amount of such aggregate monthly payments shall. unless pad by ttie Motgagor prier to Ins due date of the ne¦t wcn payment. con- stitute an event of default under the mortgage Without waver of any right. the ASSOtrat+On may collect a late charye as prundetf m the Note 5 Thar if the rural of tM payments made by the Mortgagor under sal 01 paragraph 4 preceding snau exceed ttie amount of payments actusuy made by Cite Association for taxes and assessments and tnturante premiums. as the case may W. such excess snau be credited by the Association on subsequent payments to be made by the Mortgagor If. however, the monthly payments made by tM Mortgagor under Ial of paragraph 4 pretedin9 snau rat have been wffiuent to pay razes end assessments and rrtwranCe premiums. as the case may be. when the same snau become due and pirible. then- the Association may at i!s Op IiOn, immediately pay such taxes and asses3men[f and inwrante prem+um. and the Mortgages shall pay to the Association any amount necessary to make up tt•e deliciency. and wch payment shall be due and payabta witmn thirty (301 days aher the date or ma+t,ng of nonce by the Assoc+slion setting turn the amount of wcn defrc+ertcy 11, at any rims. the Mortgagor shall tender to the Assocutan. m accordance w+tn the Drovisrons or the rate secured Hereby tun payment of the enure indaDtedness represented Hereby. the Association snau. in computing the amount of such +rdebtedness credo to Cite account of Cite Mortgages any Wlance remaining in the funds accumulated under the prOViSans of la) of paragraph 4 6 To permit. comma or wNer no watts. impa+rrcent w deterioration of sad property. w any pan thereof. and upon the tailors of the Mortgages to keep tr,e buildings on card property in good eonditan a rspau and mamtsnance the Assoc+ation may demand proper maintenance and itie immed+ate repan of sad twild+ngs w an increase in the amount of security. w the rmmedra(! repayment Of the debt hlrtby secured and the fa+t~•, of the Mortgago+ t0 comply w+th sad demand of the Assoc+atan fa a period of thuty 130) days snarl constitute a breach of CMS mortgage. and. at the option of the Associat+on +mmed+atNr mature the enure amount of principal and interest hereby secured. and the Atsociatart immediatNy and wnHOUt nonce may institute proceedengs to foreclose this mortgage and apply fa the appanemsnt of a receives. ss nereinafler provided. and in case of the retuSa! neglect or inabtity of the Mortgagor to repair and maintain card property. the Association may, at rte Opt+on. make such repaus w cause the same to tx made, and advance moneys in Inat txhalf _ 7 T~ pertain. comply vyith and able by each and very the snpulatans. agreements. cOrd+UOns and covenants +n Seed promiSSpry nOt6 and IhiS mortgagE Set for th 8 To comply wan the wbdrvisan restrictions and tM municipal zoning ordinances applicable to the mortgaged property. not to erect w perm+t Io be erected am neW buildings On tfte premiSeS herein rortgaged w t0 add t0 w permN t0 be added t0. mike w permit t0 be made. any StruCluril slteratiOnS t0 any of top px- +Sting +mptOVempnt5 thereon witnOUt rtes Written Content O(fHe ASSOCiatiOn, and in [he event Ot my v+esitrpn Or attempt to v+Olate these St+pulatiOnS. Or my Of them this mortgage and au sums secured Hereby shall immediateN become due and payable at the option of tt.e Associatiw+ g That in case of a default in any of ttw terms of tMS mortgage and fns firing of a bell to foreclose Ctrs w any other mortgage encumbering the wanin described property. the ASSOCiat+On Shall t1e entitled to apply. at any amp yWinOllt notice pending such fesecbwre sat. to tine court having Iur+Sd+ctiOn thereof /w the tip pcintmen[ of a receiver of all and Singular the mortgaged property. and o} all the rents. +nCOmet. prOfitS. issues and rprenues lhereOt from whatsoever Source denvpd. aril- ihereupOn. a rs hereby e¦pre5ily COVenanied and agreed that the Court Shat) lorlhwith appoint a receiver of sad mortgaged property alt and singular, and of Such rents. intOTes. profits. ~Siues and revenues thereof. from whatsoever source derived with rite usual powers and duties Ot receivers en eke cases. and Stith appesntmenl shall be mad! by such Court as a matter of strict right t0 the Assoc+ation and w~tHOUt reierence t0 the adequacy Or madequity Ot the value of the property hereby mortgaged. or to the solvency or insolvency of the Mortgagor. and that Sucn rents. profits incomes +ssues. and revenues shaft be applied by such receiver to [lye payment of the mortgage +ndebtedness. costs and charges accord+ng.to-the order of wch court 10 That rn the event trip DremiSeS hereby mortgaged. w any part thereof, snsN be condemned and taken under the power of eminent dpmain the Association shalt have the right to demand that all damages awarded iw the taking of or injury to sad premises shell be paid to the Association its wccessors or ass+gns uD to the amount then tinged on tors mortgage. and may be applied to any wms last payable hereunder 1 1 That time +s of the essenr_ ui this contract end that no ores+ver of any obLgation hereunder. or of the obbgatio++ Secured hereby shall at any tame mereaher be nerd to be a waver of the terms hereof pr of the Dromissesy note secured hereby . 12 In rite event of any de/cult in any of the terms of this mortgage. or m the note secured hereby and acce.eration by the voider or any other srtuanon roar would Cause the interest pad w piyad! under Chit Obligation t0lxceed top interest rate autranzed by law. trten +n Such even) ati e¦c¢SS interest theretofore pa•d shau be credited to pnntipal and at+ attrued and unpid excess interCSt shall abate and Shay! not be an obi+gaDOn o! the maker w of env atn¢* person 13 THat to the a.tent of the indebtedness of the Mortgagor to the Association described herein or secwed hereby. rite Assoc+anon is he+eby abrogated to the ben w bens and to the rights of the owner rind holder thereof of each and every mortgage. lien or other encumbrance on tits land sescribed herein. which is pad and satisfied. +n whole w m part. out of the proceeds of the ban dsstnlxd herein w secured Hereby. aril the respect+vr t.ens of Bard mortgages hens or other en it cumWantes. snarl be. and the same end escn of them Hereby +s preserved and shalt pass to and be held by the Association herein as security fa the m- f debtedneSS t0 the AsSOtiitan herein described w hereby St{Ured. t0 the same resent that :1 would have Deen preserved and would have been passed tO and been herd by the Assocrat+on had rt Wen elute and regularly asspned. transferred. set over. and del+vered unto the Assoual+on by separate Geed of ass+gnment. - notw+tnstanding the fact that the same may W satisf;ed and cencdted of record. +t be+ag the intention of vz part+es hereto that the same w•B be sansfied and canceued of record by the Holders tt+erept at or about the time o! ttte recording of this mortgage 14 Tnat el any of the wms of money fiSrein referred to to not promptly and fusty Dad within lnirty 130t days next aft¢r the same severai{y become due and pdyable 1 Or d path and EvNY the stipulatans. agreementt. COndarOnS and COVenims of Sad prom+SSOry note dud [hq mortgage dr caner are not duly perturmed COm- i d+ed w+th and abded by. the aggregate vim tinged under sad prom+ssory rate and th+s mortgage shair become due and payabe torthw+th ar tnereafte•- at the opton Of the ASSOCratWn, i5 fully and completely a5 d Said aggregate vim 01 money were Ongna!ty stipulated to De Da+d on such day anything m Said prom+sSesy note O• herein to the contrary nptWahstandirlg 15 That +n order to accelerate the maturity of the +rdebtMness Hereby secured txecause of the ta,!ure of the Mortgagor to pay any tax assessment bawt+ty obliges aon or entumWante upon std property iS herein groveled. it Shill not be neCesSa•y no• requ~srte that rho Assouat:on shat f~rSt oay the some 16 That tt+e absvact or abstracts of title covering [he mortgaged property shall at ati IImes durir+g the I~fe of this mortgage rema~n +r+ the possess+cn of the Assoceatron and_ +n event of the fwectowre of th+s mortgage. w other transfer of title to the mortgaged property. in a¦tirgi.esnment o' the ,ndetitedness secured hereby. au right. title and interest of tht Mortgagor m and t0 any wch abstracts of true sna'! Dass to the p7rCr±aS¢r Or grantee 17 Should the valed+tr or ben of this mortgage. w the note secured thereby. be contested by huganon o+ otne•w~se the Mo•tgago• agrees to pav to ttw Assoc+ation the cb3t of def~nd+ng the same +rclud+ng a reasonable attorneys tee 18 To 6aY all and srngulai the costs charges and expenses indudmg attorney s fees reasonably inc tined cr paid as any time n; the Assocrat+on berause of the failure of the Mortgagor to perfesm. comply with and able by each and every the sbputat•onc agreements condeucns an:! covenanr, of sa+d promissory note and this mortgage. or either- and every wch (except for the payment of the mommy instaument as required ny tt,¢ Prum+ssory NGr¢! shalt near interest from date at the rate of eighteen per cent 1 t B'~1 per annum until tuily pa+d 19 The AssOC+aUOn Snail have tt+e right at eny amp and from i.rrie to time and YvithOUt nonce to or consent of any person to +a+ re:ease any portion of the premises from the ben of this mortgage. Ibl release any person bsb!e for payment Ot any indebtedness secured Hereby !U e¦tend rtes t•mr of payment Or alter ins terms of payment of au or any part of the indebtedness. wrtnout sHecang or releas:rig the cerSOnai pab:bty of any per SOn i,aWe iother than any p¢•an r¢ieased pun suam hereto) for the payment of any win w interest secured hereby and wrttaut in any w+se altering varying nr d~m~nisn.ng the lo+ces effects. o• ben of tMs mortgage On alt the wem+ses rat specif+cally released from the hen of th+s mwrgage by the Assoceat+on 20 Any agreement hereafter made by Mortgagor and Association purwant tq tMs mortgage steal! be sucer+or to the rights of the ho+der of any ~nierver.+ny ben or encumbrance 2 t V eon request or Mestgagw. the Assoc+aaon may, at as sde option from t.rne to time before (ui. payment of a'i indebtedness secured n¢retry make Curtner ad vances to Mortgagor, prov+ded however. that the total pr+nc+pai secured hereby and rema•ning unpars inctud~ng any Sucn advances shad not at any time ex teed the w+ginal pnnc+pal win secured hereby Mortgagor shall pay au such further advances wan interest and the same shai+ be secured Hereby All p•ovis+ons of tors mortyage snau apply to each further advance as wNl as to alt other +rdebtedness secures hereby Notn,ng nere~n conta.ned 'ovaever. shat' hmrt the - amount Secured by ih+s mOngage i/ wch imOunI +S +ricreaSed by advances made DF the Assx~anon as ne•e~n elsewhere provided for to prOt¢tt ih¢ SKUnty 2Z In the~ev¢nt tr,e Mortgages herein or any wbsequent Mortgagor. or any person or COrpesaT+On Own+nq any ~meresT wredt5ne•~er snou!r: enCUmtM• the property Herein mortgaged t)y an instrument Commonly referred to and known as a wrap-arourM mo•tgage wdhaut fiat abta~r:prig the written ronu±n; of the Assxra ? aon. then. at the option o/ the Assocwtion the obhganon secured by the Mortgage she+! mmedratNy tier:wn¢ duP and pavaHle 23 To pruvrde tt+e Association with Fled Irtsesance Coverage it the r¢dl property +S now es he•¢aftw tterer m+nMt In ir¢ w+th~n a spe[ea~ f!oort haler!: e•ea as shGwn ~ on Flood Hazard Boundary MaO'Flood (nwrance Rate Map as [`ubt+sned by too Federal tnw•ance Adm~n~steatiori 24 At the request of the Mortgagor. the ASSOtiatan agrees to wave the provisions of paragraph 4 re!at+ve to the creation of a Hazard insurance account, provided. however, that the ASSOt+ateOn retains the rpht. at its option. to re-instate such wovisans Of sa+d paragraph 4 as an oWigatwn of rite Mortgagor hereunder upon the happening of any of the fdbwing A Failure to make any payment regwred under tfle terms of the rate Ori w be!we the due date thereof g Faelure to comply with the inwranCS provteans of paragraph 3. or of any of the oilier terms aril cond+t+ons of this mortgage (`r note. or w+th the +nwrance regwrementS Contained In tM Oeclaratron of Condommwm and related documents shared the mestgaged P•OPerty tie commated to cordom+mum devebpmert T/P-A i ~,+~1K .1NCCA 47.i •