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Home My WebLink About2092 .i?r. • ~ 4• That in order to potect mpe fully lM SKUnty of tMS meslgage. 1M Mortgagor. togetMr wdh and rn add+UOn to. the monthly payrnenls under the terms Of tM note secured MrebY. On tM specfied payment date of each month until IM tad note is fully paid win pay to the Asix+ahon the Idlow+ng sums : tat An installment OI tM to:es and assaasmenes Itvisd es to De leered against tM pemises coverW by tole mortgage and in inSlallment Of tM premium es psmrums tMt vein bsrame dw and payable to rerNw tM insurartte on tM psmrses covered MrebY age+rrst ties by fire end windstesm. as Wovided for by paragraph 3 psesdrq p Ruch OtlNr hazard as mar reasonably be rsquuad by tM Associatrori. and an instattment o/ ens pemium that oral become dW and paYaDM to rlnsw tM morlgage rnSUrarice. d any Such mstallmentT shall be equal. respecuvety. to one-twelt?h (1; 12th1 01 tM es amazed psmrum a psmwms for such rnwUncs. and taxes and assessments next due tae estimated by tM Assocratrest; ten all insta'.!ments already pad thNSfor- dwdad by tM numbN of months oral are to sbpw or+e month pion to iM date when such psmium es premwms and Uses and assessmsnq will Decorne deknpusnt The Assocratron, while applying such payments to insurance pemiums. uses and assessments. before the same bsconis delrrtqusnt. Shah ript pay interasl (0 tM Mptgagor On such funds. and all Such payments may be commrplpd by ttie Assotration with any otMr such funds or w+ih its own funds TM funds an pledged as additional security fes the wms secured by this fV,_rtgage and are subtett to uN by tM Association in paYmMt Of `rats Charges' and Dank cWlection cMrges Ibl Att payments rrisntiOnsd in tM pactdrng wbsactwn of this paragraph and all payments t0 De made under tM note secwed Mreby snarl be added togattier and tM aggregan amount tMreof t:hau De pad by the Mestgages each mor,tn rn a single payment to be d(tpl+ad by the Association to the rdlpw,ng dem3 in tM order Nt forth 1 Tawas- aSNUmfntt. and inwrante pem:umS 2 ~ late Charges and bank Cdhyttior. Cha+geS. unless par(!'n manner povded in paragraph . lal 3 InMrest on tM Hole secured MrsDy 4 Amortitation of the winuWl of sad note Any deficrMCy in tM amount of wcn aggregate monthly payments shall. unleu pad DY the Mestgages pion to the due date W the r•erf such payment. cori- satute sn event of default under the mongags Wrihout waiver of any right. the Auocraaon mar collect a late charge as povrrfed in tM Note S Treat d the tool of tM payments mails by tM Mortgagor under U) of paragraph . peceding span exceed tM d•'rWUnt of payments actually mane by tM Assocation for taxs3 and assessrrtarits and inwrancs pemwms. as tM CiN may be. such excess shall be tied+ted by the Assocut+on .m subsequent payments to De made by the Mortgagor. 1/. ItOryever, rite monthly payments made by tM Mortgages under lal o! paragraph 4 peceding snail not have been wffrcient to pay taxes and assessments and inwrance psm+ums. as the caN may be. when the Nine shall become due and payable. then. the Associaaon may, at rte op- tan. immed+atsly pay such texas aril aSNUmMts and rnwrance pemrum. and the Mortgagor Shall pay to tM Association any amount necessary tt: make up the def.ciericy. and stxh payment shall bs due and payable within iMrty 1301 days aher tM date of ms+bng of nonce by the Assocratron setnng forth the amount of wcn defiuency If, at any bms.1M Mortgagor shall lender to the Assocrahon. rn accordance with lire pov.+srons of tM note secured hereby full payment of itie enaro indebtedneu repreSanted MrsDy. the Assotiatron shall, rn compuang the amount of such indebtedness. credit to the account of the Mortgagor any balance remaimrig in tM funds accurnulatsd older the potrisions o1 lal of paragraph 4 6 To permit. commit or wffN M wasti. imparrnient es deteriesatron of card poperty. or any part tnereol, and upon the /a+lure of the Mortgages to keep the buildings on sad poperty in good ROrrdrtren p rspau and maintenance. tM Associaton may demand poper maintenance and the immadrate repair o1 sad twridrngs or an increiN m the amount o1 Ncunty. a the immediate rspaYment of the debt Hereby secured and tfie fa+Ic-: of the Mortgagor to comply with sad demand of the Assxiation for a period of IMrty (301 days shau ronsatute a breach of this mortgage and at the option of the Association. rmmediatety • mature the enuro amount of pnrtcrpal and interest hereby secured, and [M Association immediately and without notice may institute poceed+ngs to forecbse tMS mortgage and apply Ip the appointment of a receiver. as Mreinaher povided. and in case of the refusal neylect or inablity of the Mortgagor to repair and maintair. sad poperty. tM Association may. at its option. make such retNirs or cause the same to be made and advance moneys in that txhalf 7 T~ perform. comply with and able by each and every the stipulat+orts. agreements. conditions and covenants in card promissory note and tors mortgage set forth 8 To comply with the wbdmsion restrictronls and the munic+pal tuning ordinances applicable to the mortgaged pope•tY. not to efr_'t or permit to tie erected any new twildrngs on the psmiNS harem mortgaged a to add to or paring to be added to. make or permit to be made. any structural elteratrons to any of the ex- isting impovements tfierROn witftout the written COnNnt of tM ASSOCratWn, and rn the event of any vidatron or attempt to vitiate these strpulat+Ons. or any of them. ttm mortgage and all wms secured hereby shau +mmediately become du! and payable at the opton of the Association 9 That in Case Of a default rn any Of tM tNmS Of tMt mortgage wild the filing Ot a bill to fesetlOSe this es any OLtier mortgage entumDerrng the within described poperry the ASSOCUtiOn shau De enatlw to apply. at any wine without nobce perdrrig such forecbsure sort. to the court having tunsd+ction thereof for the aD- ppntnient of a receiver of all and Sirigupr the mortgaged pOperty. and Ot ell the rents intOmes polite issues and rerenues thereof from whatsoever source derived. and. thereupon. it rs hereby a:pessly covenanted and agreed that the court shah fes[nw+tn appo.nt a recener of sa+d mortgaged popery. an and singular and of sucn rents. intOmes. pcf:`s. rswes and revenues thereof. from whatsoever source derived. wan the usual powers and dunes of receivers m Eke cases and wcn appointment shall De mad! by such court as a matter of strict right to tM Assocation and w+thout reference to the adequacy Or inadequacy of the value of tM prooertY hereby mortgaged. W to the Sdvency or mSdyency of the Mortgagor. and mat sucn ran;t: profits incomes. issues. and rNYnuls Shall be apdred by such rer_eiver to tM payment of the mortgage indebtedness. costs and charges. accord+ng to the order of such covet 1 O That in the event the pemrseS hereby mortgaged. es any part thereof. shall be condemned and taken under the powe• of eminent domain ilia Assxiation snarl nave the right t0 demand that all damages awarded for the taking of es intury t0 said Dremises snail be paid to the Associaton its successo+s or assigns up to the dmOUn! then unDad On M+S mortgage. and may bE applied t0 tiny Sums IaSt payable Hereunder 11 That hole 4 Of the essence Of IMS COntgtt and that no Waiver O! any ODhgatron hereunder. pr of rile Ob!~gatiOn sec wed hereby. seal! at any nine thereafter be held to be a waiver of the terms Mrep/ es of tM pomissory note secured hereby 12 In the event of any default in any of the terms of this mortgage. Or m tM note securi!d hereby arW acceleration: by the hploer o• any other srtuahon that would cause ttie interest yard es payable under ehis obligation to exceed the interest .ate suttronred try law then in such event alt a.tees +nterest theretofore paid shall be tredrted t0 pnncipai and as accrued and unpad excess interest span abate and shall not be an ub!:gation Of the maker or of any other person 13 That to the extent of the indebtedness of the Mortgages to the Association described herein or secured hereby. the Association rs Hereby wbrogated to the hen es Irene and to the rights of the owner and holder thereof of each and every mortgage. lien or other encumbrance on the land described herein. which is paid and satisfied. rn whole es m part. out of the poceeds of the Iwo dsStnbed Mrem Or secwed hereby. acd the respective hens of said mortgages. hens o. other en- cumbances. shalt be. and the same and each of them hereby is peserved and shalt pass to and be held by the Association herein as security for the rn~ j debtedneu to the Association Itersin descnbad or hereby secured, to the same extent that rt would have been preserved and would here been passed to acrd - i been Held by tM ASSOtiatron had d been duly and regulaly assigned. transferred. set over and del,vered unto the Assoc+ation by separate deed of ass+gnment. ~ notwrthstand+ng the /act that tfte same may be satisbed end cancelled of record. rt bung the intention d the part+es hereto that the same wit! DB sat+s!xd and cancelled of record by tM ftddere thereof at or about the Line of the recording o} tors mortgage S 16 That d any Of the wins Of money Mtrein referred t0 tie not promptly end luny paid within thirty !30! days next after the same severally become due and payable o• +f each and every the stiputatronS. agreemMii. COntdiUOnS and COVenants Of Said pom4SOry note and Ih4 mortgage or either a•e not dory perfprmed. tom plied Wilh and abided DY. [M aggregate win unpaid under said pomrSSesy note ind 1hiS m0•tgage shdit DeEOme due dnd payable fOrlhWifh M inerea}ter, at the lf[fp optWn of th! AssocratrOn- as fully and eompleteh as if Sa+d aggregat! win Of money were ong:na'Ir stipulated fo be pa+d Gn SuEh day anylhmg rn said promissory note or herein to tM contrary nOtyintfii[artdrrtg 15 Treat n orders to accelerate tM mstunry of the rndebtedneu hereby secured because of the failure or the Mortgago• to pav any ta¦ assessment l~ab,bty. obhga ion or encumbrance ufwn card poperty as herein povded. rt shorn not be necessary nor requ,rte that the Assxrat,on snag! !net pav the same 16 That the abstract o+ abstracts of title cdvenng ilia mortgaged poperty shah ai all times during ;ne h}e of this mortgage re'*ra~n m the posse5sron of the ! Asso4anon and. rn event of the foreclowre of CMS mortgage. or Diner transfn of title to the mortgaged p•operty +n e¦t~r•gwsnment or the indebtedness secured hereby. all right title and +nterest of the Mortgagor in and to any such abstracts of to:e snap Dass to ;he purtha5er or grantee ~ 17 Should the vahddy es lien of this mortgage. or tM note secured thereby be contested by htiganon o• otnerw~se the Mmtgayo• ag•ees to pay to *he Associahon e the cost O! defending the same intluWng a reasonable attorneys tee 18 To Day an and srnqutar the costs. charges and er.censes including attorneys fees reat:nnat>ty ~ncureed nr paid a; any rime by tfxr Asct>r+anon trecause of the failure of the Mortgagor to perform. comply vvrth ird while try each and every the sppu{atrons agreements cond+tions and covenants or sd+A premi55ory riotE and th+s mortgige. w either. aril every wcn lexcept for the payment of the monthly mstatiment as rerfuned by the Promissory Note! shah bear +nterest from ` date at the rate of eighteen Der cent 118't61 per annum until fully paid 19 The Assnx+a[ron mall have the right at any time and from 6me to time and w+thout nobce to o! consent of any person io ~a~ release any portion o} the Dremises }ruin the hen of this mortgage. Ibl release any person liable for payment of airy indebtedness secured hereby. Ici extend the t•me of payment o+ alter the terms of payment of all or any part of tM rndeDtednets. without allotting or ndeasmg the personal Irabi4ty o! any person Uabte iother than any person released pur- want hereto) for the payment o} any sum es interest secured hereby and wittwut m any verse aftenng va•Y+^9 or d~mirnshmg the forces. effects or hen of ih+s mortgage on alt tM pemisnlS rqt specdicaCy released from Me ben of tors mortgage Dy the Assocrat~orr 20 Any agreement hereahcr made by Mortgagor and Asso^_iatron purwant to this mortgage shag be supe•.o+ to the rights o! the holder of any ~ncervemng hen o• encumtxance 21 upon request of Mortgagor, the AssocraUOn may. at rte Sde Optron. from time to time before fur: payment of a!1 ,ndeDtedness secureC Hereby make further ad vances to Mortgagor. povided. ffowever. roar the total P~n~ipal Secured hereby and remaining unpaid including any such advances. shall not at any nine ex teed trio original pincipal win secured Mreby Mortgagor Shan pay all such (uriher advances w~tH interest and the same Sha!1 t>e s@tuBd Hereby Atl prov+SronS y Of this mortgage Shall apply 10 each further advent! as we;i aS f0 alt Other andebtedneSt: sewed hereby Nothing herein contained. However shall 6m+t the amount setuned by this mortgage d Such amount +s increased by advances made by the Assxiaba as henem a sewhere provided for to protect the security 22 In the event tM Mortgagor rte+e+n. w any wbseouent Mortgagor. of any person or corvoration owning env ,nterPSr whatsoever should ?number the pope•ty E herein mortgaged by an instrument Commonly refereed to and known as a ~~wrap-around mortgage without first obta~nmg the Written consNm of ttw Associa- k tion. then. at tfie option of the Association. tM obhgatron secured by this Mortgage snarl ~mmed:asely twrome due and Davabfe 23 To provide the Association with Flood Insurance Coverage d the real property is now or he•eafter determined to w vntnin a ctieaal flood hazard area as shown On Flood Haresrd Boundary Maditood Irrwrsnce gate Map as DuW+shed by the Federal Insurance Admirnstrennn t ! 24 At the request of tM Mortgagor. tM Association egress to wares tM poviswns of paragraph 4 relative to the veation of a Hazard inwrance account. pov+ded however, that the Assocaton nU+M tM right at its option. !o re-instate wcn povisrons of sad paragraph 4 aeon oWigatron of tM Mortgagor Mreunder upon ' the happening of airy of tM fdlowing s A Failure to make any paymsN required under tM terms of the note on or before the due date thereof B FsJUr! to comply with tM mwnnq wonsrorts of pengrsph 3. a of arty of the other terms and condivons of this mortgage o+ note or with tM insurance regwrements contained in tM Oecunar~p/ Condominium and related documents should the mortgaged property be committed to cpndommwm derebpment 1 T/P-A - ' w (tR hILCA a dC{~1( ~.?t7 P~(iF~