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HomeMy WebLinkAbout2533 .ate That in order to wotKl more lush tM Securely of Mrs mortgage. the Mortgagor togetMr wdh and o. addition to. the monlhty payments urMer the terms of Me note secured tteraby. on IM apecrLed payment dab of each month until tM said note a Puny paid wro pay to the Association Me following sums lal An rnttallment of the taaai and assessments Ifvrsd a t0 t1e levied against the premises Covered by this mortyage and an rnStallment of the prem+um w pemiums tMt vwll becaM due and payabN to qMw tM rnwgnce On the premises covered haieby against ties by fire and wrntlstorm as provided fa by paragraph 3 Wetedrrp. a sucA othN hea!ard as may reasatabty be required by the Assriciatron. and an installment of the premium that wilt become dw and oaYabN to rartew tfy mortgege inwrance. d any Stich insAUments shall ue equal respectrveiy ro one twelfth I t =12tH of ttye es- timated premwm a pemwms fa such inwrance. and taxes and assessments neat due fors estimated Dy the Assocrauonl less all rnstaumems already yard thaefa. divided by tM number of months 41st are to e4pse a.e month error to the date when such premrum a wemiums and taxes and assessments wntl bKane delrrlquMt TM Association, while applying such payments to insurance pemrums coxes and assessments before the same llecome dehrsgrrent. shall Mt pax mteresl to the Mortgagor on such funds. and all Such payments may be commingled by the Associaton with any other such funds a with rts own funds TM funds ara pledged as addruonal sscunty for the sums secured by tn+s Mortgage oriel are subiKt to use by the Association in payment of 'data charges and bank cWlection charges Ibt AM payments rtNntrOned in tfN prKedrng subsection of Mrs paragraph and ell payments to De made under the note secured hereby snarl be added together and the aggregate amount IMreof Shall t1e paid by the Mortgagor exh month rn a single Vavment to be appbed by the Assx,ation to cite lplbwrng items in tM adN sat lath 1 Taxes, assessments. and rnwrance premiums 2 Late charges and !tank couxtron charges unless yard :n manner Wovdsd in paragraph 4 ial 3 throes[ ory the note secured hereby ~ Amornranori o! ttte principal of said note Arty dehcrencyr rn the amount o1 such aggregate monthly payments shall. unless yard by the Mortgagor prior trr the due date of the neat such payment. con shtute an event o1 defauh under tlya mortgage Wdhout waiver of any right. the Assocwtion may collect a late charye as wovideA m ttte Note 5 That it the Wtal of the Daymentt mach by the Mortgagor under la) of paragraph 4 prKeding shall exceed the amount of payments actually made by tfiS Association fa taxes and assessments and rnwrancs Wemrums. as the case may be. such er<cess shin be credited by the Assa:rabor, on subsequent payments to be roads by the Mortgagor If. fl0wwer. the monthly payments made by the Mortgagor under lac of paragraph 4 preceding shall not have been wl/+cicnt to pax taxes end assessments and mwrance prem,umS. ai ttye case rosy be. when the same shad become due and payable then the Associat+on may. at rts op- iron. imrnedrately par such taRea and assessments and inSUrants premrum. and the Mortgagor shall pay to the ASSOCratron any ampr.nt necessary t4 make up the deficiency. oriel wcA payment shall tN dire and payable wdhrn thnty 130) days aher the date of madmg of notice by the Assocratio^ seR,ng forth the amount of wch de/rcrency If. at any tints. th! Mortgagor shall tender to the AgsoCiatiOn. m xcadante wdh the wovisions of the note secured hereby full payment of the entire rrdebtetlness represented hereby. the AssotistiOn shall. rn computing the amount of such r:Webtetlness credit to the account of ins Mortgago+ any balance remaining rn the funds accumulated under the prowswns of Ia1 of paragraph 4 6 To permit. commit a suffer rap waste. rmpanrtienl a deteriaatron of said property. a any part thereof. and upon the failure pf the Mortgagor to keep tt+e buildings On card pOpertY rat-good cOrydrtiOn a repair oriel maintenance. the Association may demand proper maintenance oriel the immediate repair of said twitding5 wan increase rn the amount of secunry. a the immediate repayment of Me debt hereby secured. and the faau•_ of the Mortgagor to comply wdh card demand of the AssOtratrOn fa a period of thirty 130) days shall constitute a breach of this mortgage and at the option of the Association. immediately mature the entire amount of prrncrpal oriel interest hereby secured. and the Association immediately and without notice may .nstitute proceedings to /oreuose this mortgage and apply for the appointment of a rKeiver. 85 hereinafter provided. and in case of the refusal. neglect or inab+bty of the Mortgagor to repair and maintain card property. the AssOCratron may. at rts option. make such repairs or cause the same to tte.mad¢. and advance moneys in roar behalf 7 T~ per/vim. cCmpiy wrath and abde by each oriel every the stipulations. agreements. conditions and covenants m card womrssory note and tors mertgage set forth 8 To comply with Me subdrvrsron restrrtaioriS and the muniGpal toning adrnanCQS appbcable to the mortgaged property. not t0 erect or permit to rye erected any new buildings on the wemrses herein mortgaged a to add to a permit to be added to. make or permit to be made. any structwal eheratwns to any of the ea- rshng imwovEments thereon wrthout the Wnlten Consent of the ASSOCratiOn, and rn the event of any violation or attempt to violate these strpuiations. or any of them. this mortgage and all Sums secured hereby shall immediateiY become due and payable at the opho^ or the ASSOCiMrOn g That in case of a default m any of the terms o) tMS mortgage end the filing of a bell to forecbse this or any other mortgage encumbering the wrtMn descntted property. the Association shall be entitled to apply. at any tans wnthOUt notice pending such foreclosure curt to the court having lurrsdretion thereof }or the ap~ porntment of a receiver of all and singular the mortgaged wOperty. and of all the rents incomes. profits issues and rerenues thereof from whatsoever source derived. and. thereupon. d rS hereby e><pressly covenanted and agreed that the court shall forthwith appoint a receiver of said mortgaged wopeny ail and mngular, and of such rents. incomes. prohls, issues and revenues thereof. from whatsoever source derived w,th the usual powers and duties of receivers m tike cases. and such appointment shall bs made by such court as a matter of strict optic to the Association and without reference to the adequacy or inadequacy o} the value of the woperry hereby mortgaged. a to the solvency of insolvency of the Mortgagor d^d [hdt ;ucn rents profits ,ncomes issues and revenues shall be appjred by such race+ver to the payment of ehs mortgage +ndebtedness. costs and charges. accord~ny to the order of such court 10 Tnat rn the event the Dremrse5 hereby mortgaged. a any part thereof. Shall rte condemned and taken under the power of eminent domarr. the Association sha'f have the right 10 demand that ail damages awarded for the taking Of a injury t0 sad premises shat: be pd'd to the ASSOCiatlon. rts successors Or assigns uD t0 the amOUn! then unpaid On this matgige. and may be applied t0 any Sums last pdyabte hereuntler l / Thdt time i5 Of the essenCQ Of LMS contract and that n0 waver Of any ObhgabOn hereund@'. or Of the Ob:gat:on SeGUred hereby Snd~! at any n ~ ther¢dit¢r be Held to be a via+ver of the terms hereof w of the promissory note secured hereby 12 In the event Of any default in any of the terms of this mortgage. or m the note secured Hereby and acce~erahon by the holder or a^y other s~tuahon that would cause the interest paid or payable under chit ODligatWn to exceed the interest rate autMnred by ~aw then rn such event ail excess interest ine•eto`Ore yard shall be credded to pnnupal and a:' acaued and unpaid excess interest snail abate and shall rot be an ubiiyatiun o! the maker or of any otnrr yawn 13 That to the eaten[ o} the indebtedness of the Mortgagor to the Assxiabon described herein or secured hereby the Association rs hereby suDrogated to the ben or I+ens and to the rights of tfte owner and holder thereof of each and every mortgage. Iren o• other encumbrance on the land desRiped rierern. which rs Daid and sabshed- in wrhole a m part. Oul Ol tlse pOteedS Of the loan described herein a seCU+ed hereby ar`d the respective liens of said mortgages. liens or other en- cumbrances. shall be. and the same end each of them hereby is preserved and shat: pass to and be nerd by the Association herein as security for the m debtedness to the Association herein described or hereby secured. to tM same extent that d would have been preserved a^d would have been passed to and been rte+d by the Association had rt been duly and regularly assigned. transferred. set over and debvered unto the Association by separate deed of assrgnm¢nt notwithstanding the fxi that the Sim! may be sabtfied and cancelled Of rKwd. rt tle:ng the intention Of rho pdrbes heret(4 that the sdme wrN 6e satisfied and cancelled or record Ify the holders thereof at or about the time of the recording of tors mortgage 14 Tnat d any of the sums of money herein referred to De not promptly end fully paid wdhm thirty 1301 days neat after the same severatiy become due and payable or rf each and every the stipulations. agneementS. COrddrons end covenants of Said promrssory note and th+5 rmurtgdge o• either a•e not duty performed tom plied w,th and abded by. the aggregate vim unpard under card prom•ssory note and this mortgage snarr [[scums due and payable fortnwitn or thereafter at the option OI the AssOCratipn. as fully and completely as if Said aggregate sum p1 money were origina!ty stipu~atetl to De pa•d on such day anything m sa,d E promrssory note o* herein to [h! contrary nOtwdhstandmg /S That •n order to accNerate the matunry of the indebtedness hereby secured because of the fa~iurP o! the Matgayo• in par any tor. assessment traD•+rty. ob:rga Iron O• enCUmbrdnCe u[+ori said property as herein provided. rt Shalt not be necessary nor r¢gwsit¢ that the Assx•at~on shalt fms~ pay the same 16 That the abstract or abstracts of tale covering the mortgaged woperty snail at au times Bunny the i fe o! ins mortgaye remain in the possession o1 the Associaton and m event of the faKlosure of this mortgage. or other vansfer of tills to the mortgaged Urocerty m e¦nnyursnme^t o'the mdeD;edness securest hereby a!i right. title and interest Of the Mortgagor m and t0 any Such abStraC25 of title shall pass in the p.lrChdser Or yrdntee 17 Should the validity or ben of this mortgage. Or the notesecwed thereby. De contested Dy r,ngation or otne•wrse ;rte L1o•tg~•go• agrees to pay to the Association rho cost of defending the same including a reasonable attorney s fee t8 To pay alt and singular the costs charges and expenses. including attorneys fees reasonably m[unerl paid at ant t~mr by the Aawtc,ahrn- hecause o` the failure Of [he Mortgagor td per}Orin. Comply w+th and abde by each and every the strpUlahgns agreements rgnditinn5 and cnY¢nanis of Wid promr550+Y ^Ote and th+s mortgage. or either. and every wch !except for the payment of the monthly mstaliment as ratjmrad by the Pro•nrssnry Not?I shalt [tear interest from dare at the rate of eighteen per cent r18'KI per annum until (oily yard lg The Assoc•aton shati have the right at any bin! Arid hem time t0 time and wrthout nOUCe to or copseM o' any perwr. to 'a' re:ease any porUOn of the premises from the hen of th+s mortgage. tbl rNease any person Gable for payment of any mdebiedness secured hereby rc~ e¦tend the t•me of payme^t or alter the terms o} payment Of all Or any part OI the indebtedness. wrthout affecting a releaSrng the personal habdrty of any person i~able tether than any person released pur~ want hereto! for the DaYment of any vim a interest secured hereby and wrthout in any wise altering varying o• drm,nrsn:ng the forces effects or Len o} th=s mortgage On alt the wemises not spKrfiCally released from the ben of this mortgage by the ASSO:.raUOn 20 Any agreement hereahCr made by Mortgagor end ASSOCratron pursuant to this mortgage shad rte superior to the ••ghts Of the holder of any rntervenrny ben pr en~umbrante j1 l~pOn request of Mortgagor. the ASSOCiatron may. at r25 sole Option. trom tame to time before full payment rat a',~ indebtedness secured hereby make further ad vances to Mortgagor. provided. however. Lhst the tots) prmcrpa. secured hereby and rema;mng unpard mriua,ng a^y such advances. snarl no: at a^y time ex teed the Original principal Sum secured hlretrY Mortgagor Shall pay all Such further advances wit!, roterest a^d the same shat be secured hereby AR wovrsrCns of th+s mOrlgagE Shall apply t0 loch further advaryce as well as t0 aN Other indebtedness SeCU•ed hereby Notnrng nere,n contained noweve• shat' Emit the amount secured by the mortgage rf such amount is increased (iy adva^ces made by the ASSOCiahon as he•ern e'Sewhere provided lo• to wotect the setunty jj In the event tfre Mortgagor herein. or any wbsequent Mortgagor Or any parson pr COrpprahnn owning dn•y mterecr yyr,,tbne•rw Should .~nrum Der rho proUerty herein mortgaged by an enstrument commonly referred to and known as a wraparound mortgage w'rihout first nn+arnmp the Whiten Consent of the ASSOUa- hon. then, at the option of the Associa eon. the obbgation secured tr/ this Mortgage snarl rmmed~ata!y nervtm.• due and pavahre ! 23 To prorde the Association with Flood Insurance Coverage rf the real property is rrOw n+ he•eaher determ:r-red rn rw nrrh:n a apeoal hood hararrf a•ea as shown On flood Harard Boundary Mtp'Fiood Insurance Rate Map as pabhshttl by the Ferferac in5urantp Adm:mctratrra, p j4 At the request of the Mortgagor. the Assocytron agrees to visors tits wOVrsiOns of paragraph 4 retabve to the creation of a harard insurance account. wovided however. Mat the Association retains the right. at rts opt•on, to re-instate such wovisrons of said paragraph 4 as an obbgatron of the Mortgagor hereunder upon tht happernng Of any Of the fdbwnng 1 A Failwe "to make any payment required under the terms of the torte on or before the due date thereof B Failure to comD1Y vntA the inwrance prOViSrats of paragraph 3. a of any of the other terms and cond,trons of this mortgage or note or with the insurance regwrementS COnta,ned m tM DKlaratiOn of Condom mrum and related documents ihoutd the mortgaged prODerty be COmmrttsd to COndOmmium devebpment T/P-A t"~32~ ` i MICA 17 1 9 - .