The URL can be used to link to this page

Home My WebLink About2010 • 5 t That. m order to poteit mere lolly tM securiry of firs mortgage. fife Mortgagor tOQflfier with and in addaon to the montnFy payments under the teens or the not! secured Hereby. on tM specrhed payment data of each montA until ti+e si,d note is fully pad W+11 pay to tt+e AssOC,atiOn the lo!+owing sums Ial An installment OI tM tares and assessments iev+ed a to be levied aparnat tM pemrxs covered by th,s mortgage and an tnitallment Of in! INemrum a pNnrums that will beconN flue and DaYabM to renew tM rnwrance On tM pemtxs covered hereby against toss by f're and w,ndstorm. as proy,ded to by paragraph 3 peceding. or siren oyNr hazard as may reasonably be required by the Association. aril an tnuaumem o} the premium teat will become dw and tlaYabN to renew the mortgage triwrance. d airy Such mstsUments shau De equal reapsctiveM. to one twethn (tr 12tn1 of the ss t+rrrated premwm p premwms for such msugnte. Mil taxes aril assessments Mri due (as eSLmaled by the AssocNbonl less alt rnilaltments algsdy bard tMrela. drvded by the number M rrtortths flat err! to e4pse a• month pror. to titer date when such pemrum or pem,ums aril taxes feel assessments wiN become debnquent The Assoc+stion, wMle applying such payments to inswanca pemwms taxes and asxssments lxfpa tits aar++e beCOnN dehnquenl. snail rqt DaY +nterest to the Mortgipor On Each furdS ird all such payments may be comm,ngled DY fifer ASSOC+atton with any other s+rcn lards or with its own funds. 7Aa funds are pJedped as add+tronal security for the sums secured by tMS Mort a the Assocratton in payment of -lab obliges' and bank cdlett+On charges g 9e and are sut7tect to ux by Ibl All payments mMt+WNd m the pecedrng subaectton of tMS paragraph std a+l payments to tx made under ine note xcured hereby she!! be added together and tM aggregate amount tMrept shah tie pad by its Mortgagor each month rn a single payment to De applied by the Assoc+atiort to the fdlormrig rums +n tM order sit torts 1 _ Taxes. assessments. and inwrancs pemmms 2 Late charges and Dank calecboc charges unless pa,d ,n manner povded to paragraph 4 Iii 3 Interest on the note secured hereby 6 Amortiration of the ptrx+pal o/ sa+tt note Any def+c+ertcy m the amount o1 such agWegate monthly payments shah. unless pad by the Mortgagor prior to the due date of the ne,t such payment. con sbtuu.an event of defauk under the mortgage Vyitftout watvet o/ any rgnt. the Assoaatton may collect a late charge' as provided ,n the Note S That d the total Ot the paymentf made by tM Mortgagor order Is1 of paragrapH 4 pecsdrng shah exceed the amount of payments actuauy made by the Asstrcrat+on for tars a+td assetsments aril irtwrance perniums. as tM case msy bs. such excess shalt be credited Dy the Assocranon on suDxquent payments to be made by the Mortgagor. 11. Noweve+, tM nioritNy payments made by tM Mortgage under (al of paragrspn 4 pecedtng shaft not nave been wlhcrent to pay taxes and assessments aid rnstirante penrums as the Cax,may be. WMn the same shall become due and payable. then Ifie ASSOCNttpn may, at ttS OD- ran. tmrnedrateh DaY such taxes and assessments and rnsurarKe pemrum. aM the Mortgagor Shall pay to the ASSOCritwn any amount necessary to make up the defrcrertcy. irid such payment shalt be dW and payable wrtMn tntrry 130) days after the date of matting of notice by the Assocranon xtung (vein the arnOUm o/ such def+ctertcy 1(- at any trine. the Mortgagor sHaN terrier to tM +4ssoc+atron, m accordance with ine povrsrons of the note xcured hereby fair payment of the entire +rxdebtedness rsp?ssanted hereby. fife Assocrat+on shah, rn computing the amount of such trdebtedness. creel,[ to the account of the Mortgagor any batarxe remaurng in the {ands actumu4tW urtder the poy+srOni of lal of paragraph 4 . 6 To permit. commit Or suffer rip waste. rmparrment or detaro.st+on of Bard poperty or any part thereof a•d upon the imlure of the Mortgagor to keep the buJWngs on sad poperty in good cOridrtrtlrr o? regal. and marttensnce. the Association may demand ppper maintenance and [he rmmed•ate repair of sad burldtrys. or an rrxreass m tM amount of secunry. or ttre tmmedrate repayment of the debt hereby secured. and the fadu•,; of tt+e Mortgagor to comply wAh said demand of the Assowtion for a period of tMrty 1301 days shah constitute a breach of tors mortgage. and. at the option of the Assxratwn rmmed,atNy mature the mare amoum of principal and interest Hereby secured, aril tM Assocratron rmmed,ate!y and without notice may institute p{oceed+ngs to foreclose tests mortgage and apply to. the apporntme+it of a rece:var- as herernaher povtdsd. and m case of the refusal. neglect or rnadnty of the Mortgagor to repair and maintain sad poperty. the AssocUtion may. at its opt+on, make such repairs W cause the same to trE made. and advance nwneYS ,n that behalf 7 1~ Perldm comply wrtA and able by oath and every the strpulat+ons. agreements. cord,troiis and covenants +n sa+d promissory note and this mortgage set filth B TO Comply WtIA the wbd+wsan rettnttrons aid ti+e mUrlrttpa! rOn+ng O/dMianCEi applicable tD the morlgaged property ~ not 10 Erect O+ permit f0 rte NEtled any +.ew bu+W+ngs on the penises Herein mortgaged or to add to or permit to De added to make a permit to be made. any structural elteraitons to any of lee ex ' Hung rmpovements thereon yWtl+out the written consent of the Assocrat+on. and m the event of any violat•On or attempt to vro+ate these stipvlatrons. or any of - them. tMS mortgage and alt sums secured hereby shall rmmsdratNy become due and payable at the opton of the .lssoctatton 9 ?hat to case of a default in any of the terms of this mortgage and the hang of a bat to forecbx tics or any other mortgage erKUmbering [he wtmen deSCrrbed poperty the Assoctat+on snail W entitled to apply. it my time witi+0ut notice perdtng such fwecbwre sort. to fife court having tur,Sdrehontherepf for flee ap- pantrrtent of a recs+ver of aN and singular tM mortgaged poperty. and of au the rents. incomes. po6ts issues and revenues thereof from whatsoever source derived aid. [Hereupon. it is Irareby sxpesslY covsnsnted and spread that the court snau forthwith appoint a receiver of sad mortgaged poperty_ aH and s+ngutar. and of such rents. incomes. poh:s. +swes and revenues thereof. from whatsoever source derived. with fire usual powers and duties of receivers to I+ke cases. and sucH appantment shall be made by such court of a matter of strict refit to the Assoc+ation and w+tr+out reference to the adequacy or inadequacy o1 the valve of the poperty Hereby mortgaged. a to the Savency or +nsaventy of tfie Mortgagor. and that such rents prehts incomes. Issues and revenues shall be appl,ed by such reterver to fife payment of t?ie mortgage indebtedness. costs ant[ charges according to the order of such court 10 ?hat m the event the pemisss hereby mortgaged. or iriY part thereof. seat! rte condemned and taken under fife power of eminent domain. the Assoc•atron shalt have tr,e right to demand that alt damages iwartted for the feting of or mlury to said pemrxs she!! be pad to ene Assoc+abon ris wccessors or ass,gns uD to the amount teen unpad Ort this mortgage. and may be appl,ed to any sums last Dayabte nereurder i t That time +s of the esxnct of tMS contract and that rto waiver of any obl,gabon hereunder or o! the atr~•gat~on secured n¢repy_ Shah at any tirr+e thereafter be M;d to be a waiver of the terms hereof or of the pom,ssory note secured hereby 12 In the event of any default m any o1 the terms of this mortgage or in the note secured hereby. and acceleration by the nottler or any other s+tuaGOn that woultl cause fete interest pad a payable under tH+s tibl+gatton to exceed ttte interest rate author+red by law. then m such event an excess interest the•etotore paid shat! be aedtted to prntrpal and a:' accrued and unps•d excess interest shaft abate and sea+' not be a^. ob!,9at:on of the make. or o! env ocher perwn t3 shat to the extent o} tfie +rdeDtedness of the Mortgagor to the Asstrcwt+ixi described nere+n o• secured hereby the Assoc+ation is hereby wDrogated to the hen w bens and to the rights of the owner and holder thereof o1 each and every mortgage. Iron or other encumbrance on the land Cescnbed herein. wh,cn is pad and satisfied to where or to part out of the poceeds of fife loan described herein or secured Hereby and the respective liens of said mortgages hens or other en cumbance5. shalt be, aril the same aril each of them hereby rs peserved and sea!! pass to and rte held Irv the Association herein as xcunty for the m• debttdness to the Assocratton fierern described W Hereby secured. to the same extent mat .t would nave been prexrved and would nave been passed to aril been nerd by the Association had rt been duly and regularly assigned. transferred. set over and delivered unto the Assoc+at+on by separate deed of assignment rwtwitnsiand,ng tt+e fact that the same may be satisfied and uncettetl of record rt be+rig the ,ntentron of the part,es hereto that the same w,lt tie sanshcd and cancelled o} reccud by the Aolden thereof at or itiout the time of the rKOrd,rig Of th,s mortgage 14 That A any o} cite wins of money h.rern referred to be not potnptly and fully paid wtth,n ih+rty 1301 days next alter the same Severally become due aril payable or ,f each and every the sbputatront. agreements. condrt+ons and covenants of Sab pomrssory note arxt in.s mortgage or e+iher are not duly Performed coin plied w+th and added bY. the aggregate sum unpaid under sad pomrssory note aril th+s mortgage shad become due and payable forthw+tn or thereafter err the option o/ the Association. as fully and completely as rf sad aggregate win of money were ongma!ly stipulated to be pa,d on such derv anytn,ng m sa,d promissory note or Herein to the COnirary nOtvytthitanding 15 Tnat rn order to accelerate the maturity of too indebtedness Hereby secured txcaux o! the la,~ure of the Mortgagor to pay ant ter. assessment r+ab~~,t~ oW,ga hOn o• enCUmbrancE upon Said pOpertY if hetNn povded. rt shad opt !x neCESSary n0• regwste that the ASwC+d:'on shalt r~•sr pay Me same 16 -That ti+e abstract or abstracts of title cownng the matpsged poperty sfiat! at aft rimes dirt+ng the life of ms nrertgage remain ,n the posxssipn of me AsSOC+at+On and. +n Qyent of the fOredOSUre of tMS mortgage. M other transfer of tit!! to itie mortgaged property to e•hngu~shmeni Of the ,:•AeDtetlnesS secured hereby. aN ngnt title and mrerest of fife Mortgagor rn and to any such abstracts of t+ue sea!! pass to me purchaser or grantee 17 Stipu!d the valdity or ben of tMs mortgage. or the note secured tttereCy. Ix contested M lA+gat,on or otherrrse ine Mo•igago• agrees to pay to the Assoc,auon IHe cost o! defending the same mciudrng a reasonable attorneys fee 1 B To pay alt and 9ngular Iiie rOStS. Charges aril expen5e5 +nclud,ng attorneys fees reasonably mCUned or pa+A at env time by the Association br!Cause Of the farlure Or the MOlfgagtlr t0 perform. CO'T+D!Y earth and adds by each aril eyEry the sbpuidUOrs agreements [OndA~nns did COS'endnis of yard promrss0ry note and tMS mortgage or either. and every wch lexcept fM the payment of the month'ry mstaUment as regwreA ny the ! roT+ssory Note! shall bea+ interest from date at [tie rate of e,ghteen per cent 1183E1 per annum until folk Dad 19 Th! ASiocraTron Shall hatJe the right at any rime and fiOm Um! [O tithe and wrifi0ut notice to Or consent O} any t)erson to ~ a+ re:ease any pOttion Of the pre m,seS from the bbl Of [MS mortgage. IbI Ie!eix any perswt bib!! nor payment a any +ndebiedness xCUred hereby. !N extend the T'rrie o! payment Or suer the terms O1 payment Of all Or any part of the rrdebtedMSS. eyithOUt affecting Or re{laS,rig the persona! irdbrblV of any poison treble loftier than any person released W+r- want heretoi for the payment Of any win a tntarest secured hereby and witfiotit m any w,x aAenng. varying nr dim:msn~ng t'•e forces effects e+ F.en o1 the mortgage on all the pemrSES not SpeC,frCSlly released from ine hen of th,s mortgage by the Association 20 Airy agreemem hereahcr made by Mortgagor feel AsSOCratrOn pursuant to tMS mortgage shad' Ere superior to the r+ghts of the htltde: of env ,ntervemng ben or encumbrance 21 Vppr, request o} Mortgagor. the Assoctatron may. at its sole option. from time to time. Defo••e fuR payme°r or a~! indebtedness secwed Hereby. make !wther ad vances to Mortgagor. provided however that tfte tots! pure+ual secured hereby and Tema+r'ng urger+d :nc!ud+ng any such advances snap riot at any time ex- ceed the original prtx+pal sum secured hereby Mortgagor shall pay all such further advances with nterest and the same sr+au I7NSecured hereby A!l prorsrons - of tors mortgage shalt apple to each further advance as well as to ail otix!r indebtedness secured hereb~~ Yoth;ng nere.n contained however she!! !+mA the - amoum secured by th+s mortgage d such amount rs rrxressed by advances made by the Assoc,anor, as here m elsewhere orov,ded nor to protect the security 22 in rho. event the Mortgagor hereto. or arty wbsequenf Mortgagor or any person o+ COrpCrat+On own^tl any ;nlerECt whaTSr.et er sirould Cnctim Der the property here•n mortgaged by an instrument commpnly referred to and known as a wraparound mortgage wrtMx,t }.rs: nn:a:nmq :he wntton ronsent Of tie Assoc:a torn. then err the opton of the Assocratron the obl,gat+on secured bl+ ih,s Mortgage shell ,mmed~arety lieenme Aire and pavat>Fo- 23 To povde the Assoc+at+on with Flood Inwrance Coverage ,f the tea! prol'erry +s now or ne•eafrer AererrrmPA to Iw_ w+rr•,n a stwc~a' Arxx1 hararA area as shown on Flood Harard Boundary MadFtood tnwrance Rate Map as published by the Federal lnsuranco ~AAm+napar+on 2d At the request of the Mortgagor. tM Assocution agrees to waive tM pmns,ons of paragraph 4 relative to the creation of a hazard insurance account. provided. however. that the AssociaIIOn retains tM refit. at its option. :O re-inflate such pov,Srons Of sa•d paragraph 4 as an obhgatio~ Of the Mortgagor hereunder upon the happening of any of the falowrng A Fa,ture to males arty payment required under tea forms of tM note on or before ine due date thereof B Failure to oomph with lM mwrance pwrsans of paragraph 3.Or o1 any Of the other terms and condit•ons of tfis mortgage or Hots. or wdh the insurance requirements eontsened m the Oeclaratton of Cordommrum std re4ted documents should the mortgaged poperty tx comm,tted to cor+dom+rnum devebpment ICI-M-Ti , T/P-A r r>~~ wTa is +