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Home My WebLink About2077 1• That. to order to protect more fully tM tiecunry Of CMS metgaga. tM Matgaga. togetM{w.M. and m addrt,on to tM nprtttyytpavments under the terms of the note secured Mraby. on tM spacdrad paynNnt dari of each month until tM said rata rs fully pa,d. wtll pay to IM Assoc,ation IM follow+ng sums la1 An insritlrnant of tM baN srW assasemants Nvtad a to be Nr+aO aga+nst tM wemses covered W tors mortgage and an instaumapt o11M prem,um a wemwms that wttl betorM due and payebN to reMw tM tnsuanca on tM wamtsas coverW Mreby against bss by lira and w,ndstam. as wooded fa by paragraph 3 wacedtr?p. or faith otMr hued as may rusortably ba raquued by tM Assocratron and an ,nsuumsnt of the wam,um tMt vial 1 become dw and aysbN to anew tM matpaga rnsu+ance. d env Such tnsuuments shalt a equal respecuveh. to one twelhn Itr 12th1 of tM es- t - ttmatad prsmwm or wemrums br wch gore. and lases and assassmtrtts neat due less esurnatad DY tM Assa:,a[roM less all mslallmenis already pad therefor. dtvdad by tM numbs of tirlptttM that era to }Nose a.e month wqr to tM data when su4h pam,um w wemwms and lases and j assessments wttl bacorna deknquenl TM Atuocrat+on, wMN applying such payments to insurance wem,ums u¦es and asxssments. octet tM same becana dalrrpWnt. sMtl not pay rntNeet to tM Mortgage On wch funds. and all such payments may De cumm,nyled by the Assoc,atron with any otMr wch funds a vytth rri own funds TM funds era yadgW as addd+onal securrtr fo+ ttte sums xcured by CMS Mo+tgage and are wblact to ux by eM Assoe+atton in payment of "Nta eMrpai' and bank eWNetron charges Ibl AU paYmMts rrNnerOnW to tM wacadtng wbsattron of CMS paragraph and all payments to be made under the note xcu+ed hereby shau tie added together and tM aggregan amount thereof shau ba pad by tM Mortgagor each month +n a yngte payment to De appi,ed by the Association to tM loibw+ng rtams m tM order sat lath 1 Taxes, assessments. and mwranca wenuums 2 Late charges and Wnk calect,or charges unless Ds,d rn manner prov{ded rn paragraph 4 la` 3 Interest on tM note secured hereby 1 Amortiratron of the w,nc,pat of sad note Arty dehpertty m tM amount of stxh aggregate mouthy payments shatl, unless pad by tM fNestgagor error to the due date of iM ne¦t wch payment. con- ' stt~trtj an atfertl d dafauh under tM metgsge Without warwr of arty right. tM Assocratron may cdbct s late charge' ss provided ut the Note + g TMt d tM:lutsl of tM payn+enri made by the Metgage under lal of paragraph 4 wscedtng sMU carted tM amount of payments actually made by tM Assooatron fa lases and assessments and tnswanp wemwms. as tM caw may bs. such c:cess shall W crldrted by tM Assoc,atron on subsequent wrments to Oe made by tM Mortgage. tl, hovyatrN, tM monthly payments made by tM Mortgagor under lal of parsgrapft 4 prsced,rtg setae not nave ttsen wfltc+ent to Pay taxes and assessments and intalrance wam,uma. es tM use may bor. wMn tM same shall become due and payable. then, the Assoc+atron may at its op- - oat. ~mmsdrateM Pay such lases and assessments arty rnwranee pram+um. and tM Mortgage shau pay to tM Assoc,atron any amount necessary to make up the def+crartty. and such payment sM11 De dw and payabN wttMn tlxrty 130i days steer tM date of marling of not+ce by tM Assocrar,on setting forth tM amount of such def+ctency It, at arty t+me. iM Mortgagor sM11 under to tM Assoc+ation, in accordance wrtn the wovis,ons of tM note secured Hereby. full payment of the entire +rdebtedness rawafMtad hereby. the AssOtratrOn shall. to Computing tM imount OI suth +ndebtedness. credit l0 Iete attounl OI tM Mwlgagpr any balarxe rema,rung rn the funds accumuNted under tM wotrrsrons of lal of paragraph 4 6 To permit. comma a wfta no waste. tmpauntent a detertesat+on of sad woperty. a any part tnersof and upon the fa+lure of the Mo+tgages to keep the burMrngs on sad woPertY M good eOrd+trOn a repair and ma+ntenance. tM Assotrat+on may demand wooer marntensnte and the +mmedrate repa+r of sad buad:ngs. a an +ncrease in tM amount of eacurdy. a tM rmmed,ata repayment of tM debt hereby secured. and the /arit:•~ or the Mortgages to comply w,th sad demand Of tM Assoctat+on la a period Of tMrty (301 days shall COnSGiute a b/eith Of CMS mesigige. and at the option of the Assoc:atron, ,mmedrateh matwe tM entire amount of pnrtcrpal and mrirast Mnby secured. std tM Assoc+atron ,mmedVtely and without notice may institute woceed,ngs to fweclox this mortgage and apply fa tM appantntant of a recartrer. as Mre+naher wooded. and +n tax of the relusal. neglect a ,naD,hty or the Mortgages to repa,r and maintain said property. tM Assxratron may. at +ri opton. make such repairs a cause tM same ro De made. and advance moneys m flat DehaN 7 TJ perform. comply vwth-and able by saM and every tl+e sbpuNtrons. igreemeniS tondrtrons and tOVenant5 m sa,d wom+ssorY note and tn,s mortgage xt fern 8 7o comply w+tn tM wbdmsron restnn+ons and tM munrapal :ontrtp ordinances applrcade to the mortgaged woperty. not to erect es permit to bs erected any new build+rtgs on tM wemrsK herein mortgaged a to add to a parrot to be added to. make a permit to be made. any structural rrlteratrons to any of tM ea- sting rmwovemeats thereon w+thOUt tM wntten COnsaM of tM Assoc+ahon: and to tM event of any vro2tron or attempt to v,olste these s:+pu!atrons. or any of tram teas mortgage and atl wins secured Mreby shall tmmed,ateiy become due and payable at tM opt+on of tM Assocratron 9 Tnat in tax Of a default in any of tM farms 01 CMS mortgage and tM hl+rtg Of a bill t0 forecbse tMS a any Other mo+tgsge lrxumbering iM wrtMn described woperty tM Assocratron shall Ds en[rtled to apply. n arty trine w+thout nottte pending such lorecbsure sort. to the coup navtrtg lunsdretron tetereof for [M aP- pantment of a reterver of atl and s+rtgular tM mortgaged property. and of all tM rents. +ntomes. wefiis issues and revenues thereof. from whatsoever source derived. and thereupon a ri Mroby sawessly covenanted and agreed that !M COUrt Shall forthwith appoint a rece,er or sa,d motgaged wopertr. an and singular. and of such rents. incomes. profits. rswes and rwenws thereof. hom whatsoever source derived. with the usual powers and dunes of receivers m Eke caxs and such appantment SMI! be made bl+ such court as a matter of strut r+ght to tM Assocranon. and w+thovt ref«ence to the adequacy or rnadequaty of the value of the property hereby mortgaged. a to tM solrsrtcY or ,nsdveney of tM Mortgagor. aril roar such rents. wof,ts incomes +ssues. and revenues steal! be applied by wch receiver to tM payment of tM mortgage +ndebtedneu costs and charges. according to the order of such court 10 That m the event the wem+ses Mrsby mortgaged. a any part 1Mrep1. shall be condemned and taken under the rower of eminent doma,n. the Assoc,atron shall have the right to demand tftat all damages awarded fa tM taking of es injury to sad wem,ses shall rte pass to the Assotration ds wccessors or ass,grts. uD to the amount them unpaid Ort IMS mortgage. and may be appl,ed t0 any wins Nst payable hereunder 11 That rime s of the essertcs of tMs contract and that no waver of any obhgatron hereunder. Or Of the oD?+gat~o++ xCUred hereby shau at any rime thereafter be Held to be a waiver of the terms ttereol or of tfte wom,ssory note secured°herebY 12 In the event or any de/salt rn arty Ot tM terms Of thK mortgage. O' m the note secured hereby and atceleratron by the holder Or anY other srtuatron that would caux the interest pad a paYabN under CMS obl+gat+on to exceed tM interest rate authw+ied by Uw then m such event all a¦cess interest theretofore pad snarl be credited m pnnCrpal and a" accrued and unpaid excess inurest shah abate artd shau not be ar, obi.gation of t!te maker o+ or any other person 13 That to the extent of the rrdebtadneu of tM Mortgapa to tM Assocytron described herein w secured hereby. the Assouation +s hereby wbroga*.ed to the hen a hens and to the nghis of tM owner and hO1dN tlyereol of each and every mortgage. hen a other encumbrance on the land described tterern. wroth ,s pa:±and sahshed +n whole a in part. out of tM w«seds of iM ban described Mrein w secured hereby. and the respecuve hens of sa,d mortgages. hens or other en- cumbrantes. yWll be. and tM soma and oath p} tram Mreby is preserved and shall pass ro and be held by ttte Assoc+at+on herein as secuntY for the m~ debtedness to the Assocot+pn herein described a hereby secured. to tM same extent that rt would have been preserved and would have been passed to and been held by the Assocratron had rt Deer dull and repuNrhr assigned. Vans/erred. xt over. and delivered unto the Assouatron by separate deed o} assignment notwrthstandrng tM tact that tM same may be sabsftad and unteuad or record. +t berrtg the mtentron or the parses ne+eto that the same w.?i be satisfied and cancelled of veto+d by the holders thereof at w about tM time of the recordrnp of this mortgage 14 That d any of the wins of money Msrein referred to rte not promptly and rutty pad wrtMn thirty i30r days Weer after the same xve+auy become due and payable j o+ d each and every tote stipulatrOns. agreements. cOndd+Ons and covenants of sad promsspry note and thn mortgage a a+ther are not oury performed com- pled w+th and abded by the aggregate sum unpad under sad wom+ssory note and ttus mortgage snag: become due and payable tortnw,th or thereafter. at the opton of the Assoc,ation, as fully and completely as d sad sgpregate vim of money were w+g•nal:Y stiDwated to rte-pa,d on such day anything in sad promissory note or fierem t0 alit Contrary nOtwdhsund,rtg 15 That ,n order to accelerate the maturity of the +ndebtedness MrebY secured becaux of the failure of the Mortgago+ to pay any ta¦ assessment h~bdrty oW.,ga torn o• encumbrance upon sad prOplrry as Mrein provrdld. rt shall not be necessary nor regwsae that the Assouaron shall first Day the same 16 Trtat the absVact o: abstracts or UtN covering the mortgaged property shau at all times dur•ng the I+fe d rtes mo.tgage rema~^. w the Dosxss+on or the k Assoc,at,on and. +n event o/ tM feaclowre of tMS mortgage. or other transfer of t+tle to the mortgaged aopertr rn a¦t+ngu shment o} the +ndebtedness xcured p~ hereby. all r,ghT. h[N and interest or tM Mortgagor ,n and 10 any Suth abslraCtS Of title Sha!i pass to tfte puanaser Or granite p / 7 Should the veld+tr a Len or CMS mortgage. w tM note secured tlterebY De contested by in+gat•on or othe+w.x the Moagaga ag•ees to pay r0 the Assoaat+on me cost of defend+ng the same +nciud,^9 a reasonable attorney's fee 18 To pay afl and S,ngular the costs charges and e¦penxs mdud,ng attorney s tees reawnabir inu,r+ed or oa.d at any rime by the Assoc,ation txcause o/ the fa,lure of the Mortgagor to perform. comply w+th and ab+de try each and every the stipulauons. aorcwmenrs condmons ancf covenants of sa,d prom+ssey note and th+s mortgage. a ertner, and every such leacep*. for the payment of ttte monthly msraumenr as requ!red by rite Pronussory Note! shau Gear mte+est from date at the rate of e,ghteen per rent (18'x61 per annum unt+! fulh paid 19 The Assocratron shalt nave the rigor at any time and from time to time and vtntltOUt nonce to or conxn; of any person ro +al re:eax any portion of tote premrxs # from the r,en of tMS mortgage. Ibl releax any person habN fa payment of anY +ndebte0ness seturod hereby rc, extend the i~me of paYmem or alter the terms o/ paY+*`ent of au w any part of the ,rdebtednsss. without affecting or releas,rtg the personal bab•I+tY of env person babe lotner than any person released Dur- suant neretol rot me paymem of any vim a interest secwed Hereby and without rn any wrx ar:enng varying or d+min•sh,ng the faces. effects or ben of CMS mortgage on all the wem+xs not spet+freslly released Irom tM lien of this mortgage by the Assouauon 20 Any agreement hereahu made by Mortgages and Assocratron pursWM t0 CMS mortgage Shall be SvperiOr to the r.ghts of the hWdr of any .nrerven+rty hen or enCUmbranCC 21 Upon request or Mortgagor. the AssoC,ation may. at its sole gption. from t•me to time. before full payment of a!! +neebredness xcured hereby make further ad- vances to Mortgagor wooded. However, that tM total pr,nc,pal secured hereby and rema+nmg unpaid including anY such advances s!:arl not at any nine ea teed the ong,nal wrnc+pal vim secured hereby Mortgagor shau pay all such furtr:er advances wrtn •nrerest and the same shau be secured hereby All wovisrons Of Th,s mortgage slyll apply t0 lath further advance at wEll es t0 ill Other +rdlbiednlSS secured hereby Noth+ng Herein contained However SHd!I limit the amount secured bN rtes mortgage +f such amount +s +rtcreased by advances made by the Assocat,or+ as He+e+n elxwhere provided br to protect the security 22 In the event the Mortgagor herein. a env wbsequent Mortgagor. or any person o. COrporat:.m owning any !ntere5r whatsoever shouts enc+,mher the P•ope•rv ~ herein mortgaged by an instrument Commonly referred to and krrown as a wrap-around mortgage w~ihpur first ODtam:ny the written cnnxnt of ttw Assoc,a lion then. at the opt+on of the Assocratron the pblrgatron secured by th,s Mortgage chair ~mmed+ateiy heroine d+w arxt pavaMe 23 To wov+tfe ;He Assocratron vnth Flood Insurance Coverage d the real prrgterty s now o+ hereafter determ+ned to ce w~rh~n a spec+al }rood harard area as shown on Flood Halard Boundary Map~Flood Insurance Rate Map as pud,shed by the Federal Insurance Adm+niNrat,On 24 At tM request of tM Mortgagor, tM Assocratron agrees to warty tM wovrs,ons of paragraph 4 relative to the creation o} a Huard inwrance account. prpv,ded howev?•. that the ASSOt+at+On reu+ns tM rioter. et rte option. to r/-menu wch wovrs+Ons of sa+d paragraph 4 as an obligation of the Mortgagor her/under upon e the happening of any of tM fdlowtrtg ~ A Fa,lure to make arty payment requ+red under tM terms of tM note oa a before the due date thereof 8 Fa+lure to Comply with tM +nwrartq wov+stons of paragraph 3. a of any of its otMr terms and cond,trons or this mortgage a note. a w+th the ,nwrance requ,rements contained m tM Oeclaratron of Condom+mum and rNatsd documents should the mortgaged woperty be commdted to Cordommwm devebpment (Description continued) SUBJECT TO terms and conditions of above Declaration of Condominium -and easements, restrictions and reservations of. re~ord~ IC)-M•7~ . T1P•A ~ ~ p r MLCA 47 , BCaI~ J~.~7 PAGE ~5