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Home My WebLink About2004 s :cJt i 4• That m OrdN t0 MOtfCt m0/e hilly Ilte security of lh+f motgage. 1M Mortgagor. together W+th. and +n addd,On to. ?nw monthly payments under the terms of the note secured hereby. on tM tlpetdied payment daH of each month until ttte sad note +a fully pa,d will pay to the Assocrat+un tna loltowirtg sums Ial An installment of tM to:K arw assessments Nvred or to ba levied against the premises covered by Ness matgege. and an rnsraliment of tM Wemrum or pemwms that will become dire and payable to reMw the rnwrence on tM W anuses covered hereby aga+nst loss Dy lire and wrndstam ss pov,ded for by psragrspn 3 pecedutp. Or such other hazard as may reaspnabfY W ripwred by the Assoaai+on. and an +ntlallmenf of the premium that will • become dw and payabN to anew tM mortgage rMUgnce. rf any Sych rnsullments shat) ba equal. respectively, to onr twelhh Itr 12tn1 of the K- Umatsd pemtum Or premiums f0t such rnwranq. and texas and assessments ryxt dw (as esbmatad DY tie Assoc+at+onl less au +nstallmsnts already pad therefM. dvrded by tM number of months flat are to crease pre month prw to the date when such prem,um or premiums and tares end assessmMts w+g become deDttquent. TM Assocratron. wMle applyrrtg such payments to rnwra,xe premiums taxes and assessments. before the same bKOm1 delinquent, shall rdt MY interest t0 tM Motigagpr On wch lands. and all such payments may be commingled Dy the ASaot+at+On wrtA any other such funds a vmth-rte own funds Tha furbs are pledgW as sddrtanal security la thu wins Seca+ed Dy tn+s Mortgage and ere sagest to use by the AsaOCiatron m payment of Nb charges evil bank cdlection charges Ibl Att payments menLOMd m tM prKedrrtp 3ubsect+On o) ihrf paragraph and all payments to De made under the note secwed hereby shalt bE added together and tM aggregaq amount therepl snsu W pad by rM Mortgagor sacn month rn a S,ng1e payment to bs applied by the Ass0.raUOn to the Idlow+ng gems in tM order sat Iwth 1 TaxK assessments. and mwrsnce pem+ums 2 late charges and bank colrectwn charges unless Da+d m manner provided in paragraph t cal 3 Interest On the mote seturad hereby 1 Amorbzatwn of the pr,rtcrpai or ud note Any dehctertcy in tfte amount o1 such agyragats monthly payments shall- unless pad by the Mortgagor ptror to the due date of the neat wch payment. con striate an event of default under the mortgage Without wsrver of arty rtght, the Association may cdkct a late charge as pov+ded u+ the Note S That rl the total of the payments made by tM Mortgspor under la) of paragraph L Wecedrng shalt emceed trre amount of Wyments acruallY made by ttte Associstron fa taxes and assessments and rnwrance Wsmrums. as the case may bs. such e:csss shah be cred+rsd by the Assoc+atrat on subsequent payments to rte made by the Mortgagor If- however, tM monthly payments made by the Mortgagor under (al of paragraph 4 peced+ng st+aN rat nave been wflrc+ent to tray Faxes and sssesamenls and inwrance premiums. as the case may bs, when tM same shalt OecOme due and payable. then. the Assocrat+pn may. at ris op r+pn. rmmedrately pay such bxes and assessments aril tnwrartGO prenuum. and the Mortgages shall pay to the AssocratrOn any amount necessary to make up the defrtiency. end such payment shall W due end payable wrth+n tMrty 1301 days after cite Wte of ma+l+ng of not+ce by the Association setting fwth the amount Of such defiC+enty If- at any brM. tM Mortgspor Shall tender to lM ASSOCratrOn, in acCOrdertCa w+th It+! Prov+s+ons of lne oats secured hereby full payment of the entire +ndebtsdness refzresArt[ed hNeby. tM Associatwri shall. in comPUUng the amount o7 sacn rrdebtedness. c+edrt [o the account of the Mortgages any pafartce remainrrtg m the Funds accumulated under the (Nprrsrpns of !al of paragraph 4 - 6 To permit. comrrut w suffM no waste. +rrtparrntent or deterraatron of sad Property. or any part thereof and upon the failure of tits Mortgagor to keep ins bu+khngs on sad property in good cordrtron Or repair and mainteninCe the ASSOt:rsbOn may demand proper ma+ntenanCe and [rte rmmedrate repair of Sid tw+Id+rtgs. or an rncresse m the amount of security. or tM rmmsd+ate repayment of the debt hereby secured. and the ta,lt-_ of the Mortgagor to comply w+tA card demsrd of the Assocratron for a t»nod of thirty 130) days shell tonsirtute a beach of tMS mortgage. and. at the opt+on of the Assocrauon. +mmed+atNy ' mature the enure amount of prrrtcrpat and mterest Mreby secured. end the Association rmmed+ately and without rtobce may msbtute woceed+ngs to torectose + tars mortgage and apply For the appantment of a recover. as hersrnahsr Movded. aril m case of the refusal. neglect or +nadhty of the Mortgagor to repair and maintain sad poperty. tM ASSOtratrpn may. st its option. make Stich repairs a cause the acme to be made and advarr_.e moneys +n roar behalf ' 7 T~ perform. comply with and able by each and every ttte sbputitrprtt. agreements. cord+t+oni arid covenants in said WOm,ssory note and true mortgage set tarn - 8 To cor*tDH with the wbdrvrsan restrrctronS end the muniCrpal zonrrtg ordinances applicable to the mortgaged property. not to erect or ttermrt to be erected am new bu+Id+ngS On ins premises herein-mortgaged a to add to or permit to lp added to- mate or permit to De made any structural .Iteratwns to any of the ex- rsung imixovements tltereort without the whiten consent of cite Association. and in the event d any vwlation Or attempt to v+date these st:pulatrOns, a any of chem. tMs mortgage end a+F wms secured Mreby shall rmmsdiately become due and payable at the Option of the Assoc+aticn 9 That in case of a default rn any of tits terms of this mortgage and the hhng of a brie to foreclose ttus w any other mortgage encumt>'Ering the within describKd property. the AsSOCratrpn shall bs ant+tled to apply. st any time without notice pending wch 1orKlowre suN. to the court having lunsd+ctron thereof for the aP tw:ntment of a receiver of aH aril sittgulsr tits mortgaged property. and o} s11 cite rants. incomes. profits issues and revenues thereof. from whatsoever source derived. aid. thereupon. it is hereby expressh covenanted end egresJ [hat the court shah forihwrtn appant a receiver of sad mortgaged woPerty. au end singular, and of such rents. incomes. profr's. iswes aid revenues thereof, from whatsoever apurce der+ved with the usual powers and dut+es of receive+s rn like cases and such appOrntment shall !M made by such court as • matter of strict right to tf+e Assoc,ation and without reference to the adequacy or ,nadequacy of rM_r value of ttte property hereby mortgaged. Or to the solvency or insolvency of the Mortgagor. and that such rents Wofits. incomes. issues and revenues shall be applied by sacn reserver to the payment of the mortgagE indebtedness. costs and charges. according to ttte order of wch court 1 O That ,n the event the premises hereby rnoitgaged. or any part tttereol. StWll be condemned and taken under the power of em,nent domain cite Assoc+abon shall nave the rynt to demand that act damages awarded for the taking of a mlury to sad premises snarl De yard to the Assocrabon its successors or ass+gns. up to the amount then uitpad Ott tMS mortgage. and may be apptrld to any wms last payable hereurufer 1 t That nine •s of the essence of this contract and that no waiver of any obtrgatian hereunder, or pf the obr,gairen secured Hereby. snail at any tame thereafter be held to be a waiver O/ the terms ttEreof Or Di [he prom,ssory not! secured hereby - 12 In the event of any default in any of the terms of this mortgage. or m the note secured hereDV. and accelerabon by tfte holde+ or any other s+tuairon roar woad cause the mterest paid w payable under this ODligatron to exceed the interest rate auttrorrred by law. then ,n wch event all excess mterest theretofore pad shad tie cred,ted to pnnapal and a:' accrued and ahead sasses mterest shah abate and Shea not be an obngatwh Of the maker oe of any Other persc•n 13 That to the extent of ttte indebtedness of the Mortgagor to the Association descr+tted herein or secured hereby. the Associat+on is Hereby wbrogared to the I+en or trans and to the rrgMS of the owner and lroldlr thereol of eaCA and every mortgage. lien pr other encumbrance on tr+e land described herein -which is yard and satisfied. in whole W m part. Out of tfte prOCelda of the Ipan described ftlrem Or secured hereby. arid the respective bens of said mortgages. Irene or other en- ' cumbrances. shal+ be, and ttie same and each of them hereby +s preserved and snail pass to and be nerd by the Assoc+abon he+em as security for the +n debtedness to the Association herein described or hereby secured. to the same extent that rT would have been preserved anet wo:.ld have been passed to and been held by the Association had rt been duty end regularly assigned. transrerred. set over and pehvered unto the Assoc+abon by separate deed of assignment notw,thstand,ng the fact that th! Sams may b! satisf+sd and caricel!ed o! record. it being the intent+on of the parses Hereto that the same will be satsM1ed and Cancelled OI record by the ttptder5 thereof at or about the time Of the rKOrding Of Ltts mortgage 14 Tnat if am or the wms of money herein referred to De not promptly end fully paid within thirty 1301 days neat after the same severalty become tlue and payable. W d Each and Mlry the SLpulatWna. agreements. COnWtipn3 aMf COrlneni5 Of sad prOm+sapry notE and (firs morigag@. w eA her are nOi duly perfp+med. Com- plied w+th and abded Dy the aggregate sum ahead under Bard prOm+sspry note aril this mortgage Shea become due and payab'e forthwith Or thereafter at the option of the AssoCratron as fully std comWeteh as d card aggregate win of money were aiginalty stipulated to be paid on such day anyrh,ng m sad promsfOry note or herein to the contrary notwithstardinq 15 That m order to accelerate the maturity o! the indebtedness hereby secured because of the fai'ure of itre Mortgayor to par any tai assessment Lability ob~+ga von Or CnCUmtNanCE upon sad (NOperty as herein prOVded. rt shall opt b! necessary npr regU+S+te Lhdt the AsSUCrdtiOn Shall first pay the same 16 That the agstract a abstracts of title covering the mortgaged property snail at au times during the Lfe of tors mortgage Tema+n rn the possession of the Assxration and. m event of the torKlowre d this mortgage. Or Other transfer of bile to the mortgaged property rn a¦urgursnment or the+ndebtedness secured herehY au rrghr. title and +rrterest of the Mortgagor in end to any such abstracts of title shall pass m the purchaser or grantee 17 Should the val,ditr or hen of this mortgage. a the rate secured thereby be contested by 1+tigauon a othe*wise the Mo+tgagor agrees to pay to the Assoc iat•on the cost of defending the same +rtctud+rtg a reasonable attorneys lee - - 18 To pay an and singular the costs. charges and expenses rnclud,ng attorney-s fees reasonably :ncungrf or paid at any bme by the Ascnc,ation trecause of the failure of cite Mortgagor t0 perfomm. comply with and abide by each and Every the sbp+dauons agreements coriddrons ant} covenants of sa+d promissory note aril ihs mortgage. a either. and every wch le¦cepf for the payment of the monthly msta0ment as required hr the Prnmiss«y Note1 shat! bear mterest from - date at the rate of e+ghteen per cent 118`16) per annum until fully paid . 19 The Associatbri shalt have the right at any bme and from bme to bin! and without rwuce to cr consent of any person to lal release any pprtion of the premises from the hen of tors mortgage. Ibl release any person liable for payment of any indebtedness secured hereby, ice a.tend the [•me of parmeM or alter tr+e terms of payment of an w any part of the indebtedness vtnthOUt aftKhng Or rdeaarng ttrE perSOnal IrabrL•ry of any person haute tOther roan any person released pur- want hereto) for the payment of any win On mterest secured hereby and w+thout in any wine altering varying or d,mrnrsn,ng the faces. effects Or :,en or tors mortgage on ell the premises not spKifitalfY recessed from tfte hen of th+s mortgage Dy ttte Assoc,acorn 20 Any agreement hereahtr made try Mortgagor end Assoc+atiOn purwant to tMS mortgage shad tx surxrior to the rights of the holder of a^v +nterven•ny hen o• encumoran[E - 71 Upon request Of Mortgagor, the AasocratlOn may. at rte sde option. irpm bme to bme. heroic rail payment of all ,ridebtedneSS Secured hereby mdkE }urthef ad vances to Mortgagor. Prov+ded. however. that the total prrncipai secwed hereby and remaining unpaid ,r`Lludmg ariy Such advances shall not at any nine ea teed the original prrrtc+pat sum secured ftereby Mortgagor shaft pay all such Further advances won interest and the saves shall be secured he•eDV A11 provsrons n} the mOrlgdgE Shall apply t0 each further advanC! aS will aS t0 all Other indEDtlbnes5 SECVred hereby Nothing herein [Ontained. how Ever Shall limit the _ amount secured by tors mortgage d such amount is increased by advances made Dy the Assocrabon as herein elsewhere prov,ded rot to protect the security 22 In the Event the Mortgagor here+n, or any subsequent Mortgagor. or am person or corporat+on t,wn,ng any rntPrest whatsoever should e, r+cumber the property herein mortgaged bV an instrument commonly referred to and known as a - wrap arourxf mortgage w+thout first nhta•nmg rho. wnttan consent of the Associa tiOn Shen. at the opbon of cite Assocrat+on. the obhgat+on secured by this Mortgage shall rmmedrately b?cnme d:~ arr7 oayabte 23 TO prOV,rfe ttrE Assoctatron with Flood IrtwrancE Coverage d the real Droperty ,S HOW W he•editer r!etermmed t9 sae within a SPeVa{ r1.x>-f hazard area a~ srxrwn on Flood Hazard Boundary !dap.~FlpOd Irtwrance irate Map as pubhshEd by the Federal Insurance AAm:nstratinn 24 At the request of the Mo+tgagor- the Association agrssa to wa+vs [M prorlsrOns of paragraph 4 rNabve to tl+e ueatron of a Hazard inwranca account. provded - however. that the Assocratron retains the right, at its Option. to re-instate wch prov+s+ons of sa+d paragraph 4 as an obligation of the Mortgagor hsreundsr upOo the happening Of any o} the fdlpwing A Failure to make any Payment rpurrad urder tM farms of Fns note on or before the due date thereof 8 Failure to comply vnth fns mwrsnce pronsans of paragraph 3. or of any of the other terms and condrtwns of fns mortgage a note. or wah the .nwrance requ+remernts contained in the OKlaratiOn O/ Gpndom,mum artd related documents should the mortgaged property be committed to condommrum development ~~?-N~-n - a~~x32~ Per,E2U02 - T/ P-A - MICA 17