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That m order to protect mee fuuy tM secunW Of tMf metgage. tM Metgagpr. tOgettier weh and m add,trpn t0 the nanthly payments under the terms o) tray
rats secured hereby on tM fpatfied payment date of each month until tM said note is lolly paid mom pay t0 the ASSOCrMWn »ie followu,g sutras
Ia1 An installrrtant of tM taxes and afflssments Owed a to (N Itv,ed against the pemisea covered by ski's mortyage and ar, installment Ot the Vremium
or prlmrymf that will become dye and payable t0 renew the inwrance~or, the premises covered hereby ayernst loss by fire and windstesm. ss provided
for by paragraph 3 pecedrnp, a such other hazard as may ressonably be requued by the Ast•ociabon and an installment of the pram+um that wilt
become dw and paYabh to renew tM metgsge mwrante. d any Such mspuments shau be egwl respectively to one tweuth I1. 12eh1 0l the es
umated Wemwm OI premwms la such inwrance. and etas and assessments neat due ins estimated by the Associauora less au installments already
pad tnwefe. divded by tM numbN of months tilat an to elapse ere month prior t~ ttie date when such premwm or premiums and trees and
assessments writ becorM dehrpuant TM Assocuuon. whiN applying such paymems to insurance pemiums taxes aril assessments betese the same
beCOrM deknquent. fhall not pay mterlft t0 lM Metgagpr On Such IundS. and all such pates.?niS may (>t Wmm,nyled by the ASSOCUtan With any
other such furvds a wnih ds own funds TM furWs are pledged as additanal secway fe the sums xcwed by fns Mortgage and are sugett to use by
the Associatan rn payment of "Ian cMrgei' sod bank cWhctrpn charges
Ibl All payments mMtWned rrt tM prateding fubfectan Of tMS paragraph and all payments to be made under the note se:.ured hereby shad be added
together and the aggregate amount tMrepf shall tie paid by tM Metgagor each month +n a srnyle pay^,ent to Ar applied br the Assrxrat.on to the
IdlOwirg ,pins in tM Order fat forth 1 Tues. assessments. and mwrante premums 2 Late charges aril bank col!ecuac charges unless Daid rn
manner provided in paragraph 4 Ia! 3 Innrtft on the rate setwed hereby 4 Amorbtat•on of the principal 01 Sa+d note
Any defituency n the anwunt o) such agyrsgate monthly Payments shall, unless pad by the Metyagor prior to the due elate of the nett such payment. con
solute an event of defaufl under the mortgage Without waiver of anti right. the Association may Collect a late charye as ixowded m the Note
5 That if tM total 01 IM paymenp made tier tM Mttrtgsge under Ial of paragraph 4 preceding shall eeceed the amount of parments actually made by tfie
ASSOtiatiOn fe (stet and aafetfinents and mfugnte premiums. is ttte case may be. such access shall De uedaed by the Association on subsequent payments
to be made Dy the Mortgagor II. However, tM monthly payments made by the Mortgagor under lal of paragraph 4 pretedirtg shau not have been wlfiuent to
D7Y fates irtd afSefsmenlS and infunnte pramrymt. at the Cafe may b!. wham the Same shall become due and payable. [hen tl,e Associalari may at its op-
tion immed,alely pay such to:es and aftesimentt aril mwrante premium, and the Mortgagor shall pay to the Associai,crri any amount necessary to mike up
the debciency. sr+d weh payment shall be due and DaYSWe waMn tMrty 130) days skier the date of mailing of notice by the Association setting forth the amount
of such deficiency Il. at any brM. tM Mortgage shau tender to ttw AssOtgtgn. m accordance wan the provsions of the note secured neroby ?un paymem of
the enure irdebtednau reprsfentad hNeby. tM ASSOtiation Shall. in computing the amOUnt Of sutra ,rdebtedness. credo to the account o! the Mortgagor any
balance remaining in the funds accumulated under tM povisans of fat of paragraph 4
6 To permit. commit or tulle nO waste. impanmenl w deteneation of said property ~ or any part thereof and upon me la,ture of the Mortgages to keep the
buildings on sad poperty in good conddWn or rapsir and maintenance. the Afsocuuon may demand proper maintenance and the immediate repair of said
buildings. Or an increase in the amount OI SKWity. Or the immedUte repayment of the debt hereby secwed and tfie lade'- of the Mortgagor t0 comply weh
sad demand of the AtsxiatiOn for a pergd of [hirty 1301 days aHal1 constitute a breach o`• this mortgage and at the option o/ the Association immediately
mature the enure amount of principal and interest Hereby fecured. end the Association immediately and wahout notice may institute eoceedirgs to foreclose
this mortgage end apply for the appentment of a race+ver. sf heremaher provided. and in case of the refusal. neg:ect o• inability or the Mortgagor to repair and
maintain said property. ttte AtfOCiatiOn may. at its tlption, make such repans a cause the same to be made. and advance moneys m that Ixhatf
7 T~ perform comply wrath and abide by each and every the ftipulatrons. agreements. conditions and covenants in said promissory note and this mortgage set
lath .
8 To comply weh the sybdrvision reStrittans and the munic,pal coning ordinances applicable to [he mortgaged property rat to erect a permit to be erected any
new blyddngS Ori the premrSQt herein mortgaged a t0 add t0 a perms t0 be added t0. mike Or perms t0 be made. any Strutlura: elteratiOnS t0 any of the et-
sung improvements thereon without tM written consent of the ASSOtiabOn. and in ttie event or any vidatiOn or attempt to violate these suputatans or any o/
them. this mortgage and elf sums secured hereby shall imrnediateh become due and movable at the option of the Association
9 That m case of a defauh m any of the terms of the mortgage and the hhng of a Ddl to foreclose iMS a any other mortgage encumbering the within described
property, the Associaton shall be entitled to apply. at any time without nonce pending such forecbwre suit. to the court having IunSdicuon thereof Imo the ap~
pesntm¢a; of a recover of su and singuar the mortgaged pODertY. and of all the rents. incomes. profits. issues and revenues irterepf. from whatsoever source
derived. and thereupon, rt is Mreby etpressly covenanted and agreed that the court shall fethwah appant a recet:ver of said mortgaged property. alt and
singular and of such rants. incomes. profrs. iswes and revenues thereof. /tom whatsoever source derived with the usual powers and dunes of receivers in Lke
cases. arM' such appOin[ment SFyll tM made by such court at a matter O) strict right t0 the ASSOUation. and wahout reference t0 the adequacy Or inadequacy Of
the value of the property hereby mortgaged. or to the SWvency or msdvency of the Mortgagor. aril that such rents Drofas. incomes ssues and revenues shalt
be apD:ied by such receiver to the payment of the mortgage indebtedness costs aril charges according to the order of suet. court
1 O Treat in ilia event the p.em,fes lierebY mortgaged a any Dart lfierep}. Snell t)e condemned aril taken under the power of eminent domain the Associalon shall
nave the ngnt to demand that all damages awarded for the taking of or in)ury to sad premises shalt be paid to the Assoaation as succeswrs or ass,gns up to
fife amount then unpaid on this mortgage. and may bE appLed •10 sny moms fast payable hereunder
I 1 Thd[ time iS of the essence Of tMf COntratt and that rap moaner Of any ObtigaUOn hereunder Or O+ the 4bhgdnOii secured Hereby Shd!I at any time thereafter be
'raid to M a waver of the terms hereof a ~f the promissory note secured hereby
12 !n the !vent Of any default m any Of the tsrmf Of to,S mortgage. Or m the not! Secured hereby and atCelerdUOn by the nOitler Or dray Othe• S~ W dtrun that WOUId
Cause the interest paid or payable! under true obligation to etceed the intrest rate authontetl by law then in such evern au access interest theretofore Dard shau
be uedited to principal and a" accrued and unpaid access interest soar! abate ono sha? not be an obnyanor or me inake+ or o' ary other person
13 That to the accent of the indebtedness of the Mortgagor to ttie ASSOCiatiOn described herein or secured hereby fife Association is hereby wbroga[ed to the l,en
e liens and to the rights of the owner and holder thereof of each and every mortgage. Len a other encumbrance on the land described herein which is paid and
satisfied m while a in-part out of the proceeds of tM tiara dexnbed herein or secwed hereby. aril the respective liens of said mortgages. bens o• other en-
I' cumbrances. shall tier and the Sarre and each of them hereby r5 preserved and shalt oafs to and tit he"d by the ASSOCidnOn herein as security-for the m~
j debtedness to the Associaton heron described or hereby secured. to the Same a:tent that it would nave been preserved and would nave been passed to and
been held by the Associaton had A Deere duly and rsgulariy asspned. transferred. set over. and delivered unto the Association by separate deed of assignment.
nOTW,[h5[arding the fact that [he same may De Satiffied and cancelled Of rated. iT berm the intention Of the partseS hereto that the Same w~;l be Sohsfied and
cancelled of recorA by the hpWerS thereof at or about the time of the recording of this mortgage
i 14 That d any of the moms of money harem referred to be not promptly and fully paid within ihrrty 1301 days Heel afre+ the same severauy become due and payable. '
j or d each and canary the supulatiOns. agreements. conditions and covenants of said promissory note and this mortgage or caner. are not dory performed com~
I pared weh and ab+ded by. the ]ggragate mom unpaid under Paid DrOmrSSOry rat! and th•s mOr[gdge Snd!! become due and Rayab~e }orthw~th or thereafter. dt the
option of the Association. a5 fully and tomplefe!lr aS d Paid aggregate mom of money were Ong^aily Slipu!dted t0 be Ra,d on such day dnythmg m Said
promisSOry note a herein to the contrary notwithStand~ng
! 15 Treat in order to accelerate the maturely of the irdebiedness Hereby secured because of the failure of the Mort3ayor to pay any tae assessment I,ab:!ay oblige
non or encumWance upon said property as harem provded. it shorn not be necessary no: •equisae that the Assoc•at:on sha'~ '~.rs+ Ray the same
~ 16 That the abstrxt or abstracts o! title covering the mortgaged property shau at all t,mes during me fife of this mortgag> rema,n m the possess•o:* of the
E Associaton and. m evenlof the foreclosure of this metgsge. a other transfer of titre to the mortgaged procerty m e¦:~^yu~snment o` the indebtedness secured
hereby all right. aUe and interest of fife Mortgagor m and t0 any Such abstracts 01 title shad pass t0 the n~+tnnder o' grantee
17 Should the validay or I:ert pf this mortgage a the rate secured thereby be contested by Legation or Otherw~Se :ne VOrtgdgOr agrees t0 pay to the ASSOP dDOn
9 me cost of defending the same including a reasonable attorney s fee
18 To Day ati and singular the costs charges and etpenses. including attorneys fees reasonably inrrirred or parr! at any time hY the 4ssar_,anon necause o! the
failure of the Mortgagor to perform. comply w•th and abide by each and every the stipulations agreements conditions attic covenants rif said Rro.mssory note
aM this mortgage. Or either. and every weh (accept for the payment Of the monthly mstaiimeni a5 required by the Prnmrssory Hotel shad bear :rat?rest !tom
date at the rate of eighteen per tent I18'K•) per annum untri luliy paid
19 The Association shau have the right at any tame and from time t0 ram! aril without notate to Or consent o} any person to ia) release any portion o' the Rrem,Ses
from the ben of this mortgage tDl release any person luble for payment of any Indebtedness secured hereby Ice eetendtne rime of payment or alter the terms
Of Odyment Of an a any pert of th! indebtedness. Wittaut aHetbng Or releaLng the perSpnal habrt,iy Of any person hdWe IOther thd^ any Re'SCn ro!taYd pur-
want hereto) for the payment of any Sum a interest secured hereby and without m any wise tittering va:yang o! d,minosnmg the fo+ces e!fects or :+en or this
mortgage on an the premises not Sptrcificsiiy released from the Iran of this mortgage by the Assoc~at~on
20 Any agreement hereahcr made by Mortgagor aid Association pursuant to Urs mortgage shau tie superior to the •ignts of the Holder of any +nte:venrny Iran or
encumbrance •
21 1/pon request of Mortgagor. the ASSOtiatiOn inay at as sort Option from time t0 rime. before /u!i payment Of alt indebtedness secured hereby 'hake runner ad
yentas to Mortgagor. provided however test the total principa: secured Hereby and rema:nmo unpaid ,nUud~ng any such advances sha'~ not at any rime ee
teed the Onyinal principal mom Secured hereby Mortgagor shau pay ati such further advances vvan mteres: and the same shd!i be seta*ed Hereby A1I provi5:o^s
of this mortgage snail apply to each further advance ai well a5 to au other irdebttdne55 secured hereby Notn,ng he~e~r• conta~^ed however. Steal' t.ma the
-amount secured bythis mortgage rf such amount rS increased by advances made by the Assouatan as nerem e!sewne•e roov,ded for to protect the ~etunty
3 22 In the event the Mesl fiereirt. a an orb
e gages y Sequent Mortgagor or any person or corporation owronV any ~nterocT what9[WVer shouiG entumrev' the proce-ty
harem mortgagM by an instrument commonly referred to and known as a wrap-around morrgaae ,rcanout first cbia:m•:q the w+irten consent o`. the As~~a
f non then at five option of lfie Assoc+ation the oh!igahon Secured by the Mortgage she'! rm med~ate,y become duP aria payable
! 23 .To provide ilia Associatwn mM Ftpod Insurance Coverage d the rear property rs HOW or hereafter tlnrermmwf to ce w~tn,n a specs: ftOnd hazard area as Shown
on Flood Narard BOUndary Map~Flood inwrance Rate MaD as publshed by the Fetteral lnsnrdncv Arimrn,crranan
24 At the repuest of the Mortgage. tM AffOtration agrees to wawa the prOVisiOns of paragraph 4 relative to the creation of a hazard insurance account provided
howeve•. that the AsSOtratpn repine the right. et itt optiet. to rs-instate weh proviyons of said paragraph 4 as an oW igat,on of the Mortgagor hereunder upon
the havDenmg of sny of ttie following
s A Failure to make arryr payment rtpurred under tM farms of the rate on or before the due date tnereor
B Failure to comply vnth tM mwrante provis,ons of paragraph 3. a of arty o1 tM other terms and cond~uons of the mortgage o+ note or with the insurance
_ regwrements tontainad in the DKlaratwn of COndominwm and related dotumentS s?autd the mortgaged poperty be commatsd to condommrum
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