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Home My WebLink About2565 r That m Order t0 protect mole fully tM LKUnty of tors mortgage. t?re Mortgagor. together wan and ,n add,tron to fns mprKMy payments under U,e terms u? the note secured lilrlby. on tM spetdied paYmeM date of each month unat tM sad note is luny pad win pay to ttie Assoc+auon tt+e 10: owing sums Ial An iriStallmanl Of [M corset and asslssmintf levrld or to be lev+ld against Ifie WemrSlS Covered Dy IhrS mortgage and an inilatlrnent of the premwm Or Wlmrums that whet become duo and D+YabN t0 reMw the mSUUnCe On the Wlmrsss covered hereby against toss by f,re and windstorm. it Worded for Dy OaragraDh 3 pretedirig- a such other hazard as may reasonably W requ+red b?t the AssocUtron. aril an uutaumeni of [he premwm that wru bsrams dw and DaYeae to renew tM mortgage rrisurance. d any Stith insiattrrients shaft be squat respecuvNy to one iweihn I1: 12tn1 of ilia es bmated prlmrum a pemwms la such utwrantl. and taxes and assessments next dw tors estimated by Ire Assoc+suonl lass ar cnseauments already pad therefor. divided by tfie number of months beat are to elapse a.e month WrOr to the date when such premium or premcums and u¦ss and assessments yviN become dllinquMt TM Assoclatan. wMN applying such payments to insurance Wemmms tames and aSSessrnents before the same become dehrquent. sMll n0l pay inlMeet t0 ttie Mortgago+ Ors Such luridi. ind aU Sucb payments may tit curmmngted by the Aisix UtiOn wdn any other such lands or wrath rts own lands TM funds are pledged as addaronal slCUnty for the sums severed by tn+s Mortgage and are suWect to use by the AssocraDOn in payment of "tau charges' and bank corect:on charges Ibl Ail payments mentrMNd m the Wetldng wbsett+on of tors paragraph and act payments t0 be made under the torte secured Hereby shalt De added together and the aggregate amount ttisreol shall Dl pad by the Mortgagor each month .n a srnyte payment to Oe applied by the Assoc,arion to ttie following items in t11e aWr set forth 1 Taxes. assessments and insurance Wem.ums 2 Late charges and Dank corecuor•. charges unless pa•d :r: manner Wovrded in paragraph 4 Ial 3 Interest on fete note secured hereby 4 Amorutatcon of ire Winccpal of said note Any deficiency in the amount of strch aggregate monthly payments shaft. unless pad by ire Matgayor Wior to the due date of the next such payment con • stitute an event of default under the mortgage Without waiver of any right. the Associatan tray collect a ~ tare charye- as Wov+ded in the Note 5 Thst it the fatal of ttie payments made by tM Mortgage under la! of paragraph 4 Weced+ng shalt exceed the amount of yaymenis actuary mane by ilia Association lor taxes and asSlssmMts and insurance prsm+ums. as the use may be. such excess char lee Credaed by the Assoccahon on subsequent payments to be made by the Mortgagor It, horvtrv/r, tM monthly paymems made by the Mortgagor under tort of paragraph 4 Wecedirig shall not nave been wfhc:ent io pay taxes and assessments and insurance WlmrumS. aS the case may be. when the same shalt become due and payable. then. the Association may at ,ts op tiOn. immed+aiely pay such taxes arw iSSeSSrttentS and inSUgnte WemWm. Arid the Mortgagor Shall pay t0 the Assocratlon any dmOUnt neCESSary 24 make up the deficiency. and such payment shall b/ due and payable w+thin chary 1301 days after the date of martrng of holies by the Associauort setting !Ortn ttie amoum of wch deficiency. If. at any time. tM Mortgagor shaft tender to the Assocuuon, m accordance with U.e Wovs+ons of the note secwed hereby fur pavmem of the enure iridebtedneis represented Mreby, the Associatron snag. in computing the amount of such indebtedness trade to the account of the Mortgagor any balance remaining m the funds accumulated under the Woviswns of la) of paragraph 4 6 TO Derma. COmmd Or Suffer rW waste. impavrtilnt Or d/letip[+tr0ri Of said DrOplrty.~p any part ttiereoi. artd upon the }a•ture o} the Mortgagor to keep the build,ngs On said property m good cOrid+tiOn a repair and maintenance. the Association may demard Droper maintenance and fete +mmediate repair of card bu+ldings. or an increase in the amount ol.sscurity. or the +mmediats repayment 01 the debt hereby secured and the farm-,; of the Mortgagor eo comply w+tn said demand of the Assocatan fa a period of thirty (301 days sMn constitute a bleach of this mortgage and at the option of the Assoccatron. immediately mature the entire amount of principal and interest hereby secured. and the Assoctatron immed+atery and without nonce may mstrate proceedcngs to /practise tors mortgage and apply fa the sppantmint of a rltsiver, as hereinafter Wovided. and m case of ttte refusal. neglect o+ rnaDdcty of the Mortgagor to repair and maintain said Woperty. the Association may. at rts Option. make wch reps+rs a cause the same to be made and advance moneys in that bereft 7 TO perform comply witA and able by lath and every efts SDpulalrOnS. agreements COrWitiOnS and cOVManls m Said p+pm,SSO+Y note and Ihri mortgage Set Iorth $ To comply with ttie subdivisWn rlSintlionS artd the municipal tOrorig ordinantls applrCable to tnE mortgaged property. not to erect or permrl to l1e erected any new buildings on ins premises harem mortgaged or t0 add 10 or Derma t0 be added to. make or Derma to be made. any structural slteratrons to any o) the ex- cstmy improvements [hereon without the written consent of the Association. and m the event of any vcolatron or attempt to vrotate these supulauons or any o} them flits mortgage and all Sums secured hereby Shall immediately becOnte due and paYabte at the option Of ens Assocrd[rOn g That in case o/ a de/auft m any of the terms o/ this mortgage and the hhng of a WU to loreclose ihs or any other mortgage encumbering the withu+ described property. the Associatan shall be entitled to apply. at any time without nonce pending such foretbsure sun to the court having luusd.ction thereof for the ap~ tw+ntment of a receiver of sir and singular the mortgaged poperry. and of au the rents. incomes. profits .ssues and rerenues thereof from whatsoever source - derived. a+d thereupon. it is hereby e¦pessiyr covenanted and agreed that ttie court snag forthwith appu,ni a receiver of seed mortgaged WOperty. au and 9ngular. and Of Such rMtS. irtCOrrils. pOfi!S. rSSUeS and revenues thereof. irOm whatsoever source derived with the uiudi powers and dunes of receivet5 ,n !rke cases. and such app0+ntment shalt be made by such court as a matter of strict ngni to the Assoc,aupn and wrtnou[ reference to the adequacy or inadequacy of the value O} the WODerty neretyy mortgaged. W t0 the SOlWricy or fnsolYtrtcy of the Mortgagor. dnd that wen rents prU?ai incomes ssues ant :BVenuBS S'lalr be aDpl.ed by such receiver to the payment of the mortgage indebtedness. costs aril charges. accord,:-g t0 ere order of such court 1 O That cn The event ttte Wemrses hereby mortgaged. or arty part tnere0l. Shall be Condemned and taken under the power of eminent dpma~n the Assoc,airon snag have the right t0 demand that act damages awarded for the fork+ng Of Or in1urY 10 sad premseS Shar be pad t0 the Association ai wcCESSOri Or aSLgns. up IO me amoum then unpacd on tea mortgage. and may be applied to any wins fast payable. Hereunder 11 That lime cs of the essenr_ of this contract and that n0 waiver o+ any Obligation Hereunder- or of the ob~~gaten secured Hereby shat! at any ame thereafter be held to be a waver of the terms nereol or of the DromcsSOry note secured hereby 12 In [he event of any default in ary of the terms of CMS mortgage. or m the note secwed nerebY and acceieranon by ire no:der ur any Other srtuanon that would cause the interest pad or payable under tars obhgat•on to exceed the interest rate authorised by law. then m such event ar emcees interest inereto7ore Decd shaft De credaed to pnnGpal artd a" accrued and unpaid excess interest Snai4 abet! and Shall no: De an Opaga UOn o` the maker m of any Otne+ person 13 Tnat to the e¦tent o/ the indebtedness of tfte Mortgagor to the Association described herein or secured hereby the Assoccetcort is hereby subrogated to the Den or trees and to the rights of the owner and holder thereof Of earn and every mortgage. riert Or other encumbrance on the rand Cescribed herein wh,ch is paid and satisfied m whole or in part. out of the proceeds of the roan described harem W secured hereby and the rasps=t•ve l+ens of said mortgages. hens or other en cumbrances. shau be. and the same and each of them Hereby is Weserved grid shaft pass to and De herd by t!re Assoc•at+on tterern as security la the in debtednes5 to the AlSOCratlOn herein descr+bed W hereby Secured. to the same a¦tent that ri would have been preserved and would nave Deep pasted t0 and been Held by the Association had d been duN e^d regularly sssrgned. transferred set over and detrvered unto ire Assoccauon by separate deed of assignment. I' notwahstandmg the fact that lee same may De satisfied and cantered of record a be,ng the cntenuon of the porches Hereto that the Same wrr De saushed and ~ cance!ied of record tier the borders thereof at or about the ame of the recording of tree mortgage 14 That d any o} the wins Of money Mtrem catered to t>e not promptly and fatty pad wahin tnc•ty 130+ dare hart afie• ire Same several+y become due and payaDte or d each and every the supurauons. agreements. corWiuons and covenants of sad promissory note a^d tree mortgage o= saner. are not duly performed coin ptced wah and abided by. the aggregate Sum unpaid under card promrsspry note and the mortgage Snag be~erne due and Uayable torinwan Or inereatter at the oDhon of the Assocranon aS fully and COmpleteiy a5 d Bard aggregate win of money were or+girally sripu~ated to tie Dad on such day anything m Said ~ prOmssOry note o! herein to the contrary nOtwrthSUndrng 15 Tnat m order to accNerate the maturity of tot indebtedness hereby secured because o+ the fa ewe o+ the Mortgago: io DaY a^Y tor. assess•nent aaoaay oblige non or encumbrance upon said WopertY as nerecn Wov,ded rt shat not be necessary ro• reuwste tea? :f+e Associat tin sna!~ f~•sr nay the same 16 That the abstract or abstracts of lifts covering the mortgaged property snail at ar times du• rag the i•fe of tn.s mortyage remain m ire Dussesvon of-the - Assoc+auon and in event of the forectowre of th+s mortgage. or other trans!er of title to the mortyaged D•operry .n e.?~^yu•snr^ent or the :^•teutrd?ess secured nerebY all right. titre and mtere3t of the Mortgagor m and to any such abstracts o! rate shat pass to the owcr•.aser or grantee 17 Should the va+,daY or hen o/ flits mortgage. or the note secured thereby be Contested by !~t:ganon o• o?nerwise !tie Mortgagor ag•ees to Dav to ire Assoc•auon the cost of defending the same including s reasonable attorney s fee 18 To pay all and s+ngular the costs charges and e¦pensES includ+ng attn+neY's tees reasonably .ncorrect n• va:d at any lime ray rho Assnrrat.nn tWrauSe of the ladure o1 the Mortgagor to cerform. comply wah and able by each and ey~ery the sripuiatwnc ag+eemen?s cond•t.ons aria utvenan?s of Bard promisSOry note and this mortgage. o+ either and every wch le¦cept for ttte payment of the monrhiy mstai~ment ac regwrert nv ?tie Pmmissery Noie~ shat near interest from date at the rate of eignieen per cent i18a.1 per annum until fury Dard 19 Tne Association shah have the ngbt at env trine and from ame to Dme and without notice to or consent of a^v perso^ ?o ia: •e;ease env portion of the premises from the hen of tMi mortgage. Ibl re1NSe any person beb+e for payment Of any +ndeDtednei5 secured hereby. is ~ e¦tend the t•me of DOYrner+t or aster ere terms of payment of ar or any part of the indebtedness. wdhoul affecting or releasing the perwna~ liability of any pe•san i~aD+e toMer than any bettor released pur- suant neret0l for the payment of any Sum Or nterest Secured hereby and WdhOUt m any verse a~tenng ?ary:ng d~m~.mSh•ny the fOiCeS eHgGfi Or i.en Of this mortgage on all the premses not Spetditally released nom th! hen of thr5 mortgage by the Aswaatwn 20 Any agreement Hereafter made tilt Mortgagor and Assoccatlon pursuant to tMS mortgage shorn be sul,er~or to the •.gnts o! the rwlder of any •nter.enrny tier o• encumbrance - - 21 upon request of Mortgagor the Association may. at as sole Opt+on. from trine t0 trine before fur payment Or a+~ indebtedness secured hereby make fu+iher ad vances to Mortgagor. provided howevr that the total Winupa: secured hereby and remaining unpaid ~nuud rag any such advances sha~+ not at any ame e¦ teed the original pnnc+pal sum secured hereby Mortgagor snail pay ail such fwttier advances wan rn[ereSt and the Sane shd`t be secured Hereby All WOVri+oni of fns mortgage snag apply to each further advance as veer as to an othe+ indebtedness secured hereby Notnmg herei•r contained however shall time the z amount secured by flies mortgage d such amount is intressed by advances made ~y the Assoaat+on as ne•em etsewnere D=ovcded for to rnotect ire security r 2Q In the event the Mortgagor hereto or any subsequent Mortgagor Or any p@r5(Ni Or COrDOra?•on nwn:ntj a^Y +niPrpcl WnT?SpPtPr ShOl1I? P.nrrlTlWr the DroDerty t3 harem mortgaged by an instrument commonly referred to and known as a wrap around mor?garte vrthont Gast nnta:mny the veteran consent nr ?he Assntra t - non then at the Option Of the Assoc+a hon. the obt+gaiion secured ray Ihii MO•tgdg2 cha~l ,m med~atelY bernme AnP and DaYah!e f Z3 To Wov+de the Assocrabpn wan Flood insurance Coverage rf the +ear property ,s now nr hereafter determined ?n ce w•thin a gpe!',al ftOnA harard area as shown y rxt Flood Harard Boundary Map~~lgod insurance Rate MaD as twbisned by ?tie Fedora' insurance Aamcn.snauon 24 At ttie request of ttM Mortgagor. the AsSOtiatWn !grata to wa+Yl the provisrons of paragraph 4 relat+ve to the creatim of a Hazard mwrance account. provided however. that thg Associatron reams tM right. at rts option. to rs-insure such Wovsions of Bard paragraph 4 as an obhgat:on of the Mortgagor he+eunder upon 'i the happen+ng of arty o1 the fdbvnng f A Failure to make any payment required under tM terms of tM note on or before ire due date :hereof ~ B Facture to comely wah the mwrance Wovisions of paragraph 3 or of any of the other terms and cond+UOns of this mortgage or note. or with the insurance requirements torte+ned in ttis Olclaratron of Cpndom+nium and related documents should the mortgaged property tie comm+tted to condpmrrcum development t P (CI-Ni-?~ T1P-A 1NlCA Q ~i1~K32~ ~ a~~256~