HomeMy WebLinkAbout2687 Treat rn order to wotect more lolly tM Security o1 Ihrs mortgage. LM Matgaya LOgetMr wan and rn ddd,tpn t0 the monthly payments under tree terms of the
note secured hereby. oa tM Specfied payment dire Of each month until the sad note rs fully paid vial pay to the Assocrat,on the foltowrng sums
lal An ur3ta11ment OI the taxes acrd sueSSmenla IevNd a t0 tit levied against the gemrses Covered by ihs morgage and an mstalhneM Of the Wemwm
M Wsmrums that will become due and payable to renew tM insurance on the prem•ses covered hereby against tits by h+e erd wrndstam. as povded
for by paragraph 3 precetlrnp. or strCn otMr hazard as may nasonaWy be requued by the Association and an rstaument o} the premium that writ
become dW and DaYabN to renew tM mptpape msugnci. d any Such rntlallments shall be equal. respeCUVely to o++a~twellth I1 ~ 12th1 0l the es
timated prtmwm p premiums for IWtn inwgnce. and axes and auessments next due Ias estimated by tree Assocrationl less aft mstavmeMS already
yard fherafa. drvNled by tM number of months teat are to lapse a.e month prior to the date when such premium or premiums and taxes and
assessments wtll become delrnpuent TM AstACratron, wM{e applyrn•J such payments to mw+ance premwms taxes and assessments. before the same
become debrqusnt. shad not pay tntaest to the Matpapor pre such funds. and au sucn payments may be wmnirnyled by tree AssocWtrpn w+th any
other such /ands Or vvith rte own funds The funds are pledged as etfdrironal security for the sums secured by this Mortgage ano are wblect to use by
the Assocratron rn payment of "IaN cnsrpes and bank collection charges
Ibt All payments mentrOned rn cite precedrnp substctrOn Of CMS paragraph and all payments to tit made under The note secured hereby Shat! De added
together iryd 1lN aQpregate amOUM thereof Shift be pad by the Mortgagor seen month rn a Single•Uayment t0 t)e dpplred by the ASSOCratrOn to the
fplbvwrq items rn the OrdN eel fptA 1 Taxes. assessments. and inwrance pemwms 2 late charges and bank couectipr. charges. unless pad :r.
manner provided rn paragraph 4 Ia1 3 Interest on ttte note secured hereby 4 Amorblahon Of the prirxrpol of sa,d note
Arty dehcrency in the amount of such aggregate monthly paYnreniS shell, unless pad by the Mortgagor pr,or t0 tree due date Of the next such payment. con
suture sn event of delauh under cite mortgage Wrtftout war~~f~/qf arty right. the Assrxration may uruect a late charge as povrded m the Note
S Thar rf the total of the payments made by the Matpapa unOf~ la) Ol paragraph 1 preted+ng sna11 axcled the amount Ot payments actually made by the
Assocratron for taxes and assessments and rnwrance gem+ums. stn! Casa may be. sucn excess shall De tied+ted by the Association on subsequem payments
to be made by the Mortpsptx Il, nowewr. tM monMM payments made by tree Matpsgor under Ise of paragraph 4 preceding shaft not nave been wffiuent to
pay taxes and assessments and mwratxe pemrumS. as the Cise may De. when the sar*te malt become due and payable. then. the Assocratipn may at rts op-
tan. rmmedratety pay such taxes and assessments and insurance premium and the Mortgagor Sha!1 pay to the Assoc+ation any amount necessary to make up
the deficiency. and sucn paymrMt shall W due and psyabN w+thm tMrty 1301 drys alter the dote of maa,ng of not,ce by the Assocranon setting lurch the imOUnt
of wch defrcrency H. at any time. tM Mortgagor snail tender to the ASSOtratrpn. rn accordance with the provrsrons of the note secured hereby full payment of
the entree +r.debtedness represented fteret>hr, the Assocratron shall, m computing the amount o1 such rdebtedness crPdd to the account o1 fire Mortgagor any
balance rema,rnng m the funds accumulated under tMe prowswns of Ial of paraprsph 4
6 TO permit. commit Or wHer rte waste. rmpsument Or deterrorat+on Of sad property. or any part thereof a+d upon fire fa,!ure of me Mortgagor to keep tree
twrldrngS On sad poperty m good Cpydrtrpn O? repay and maintenance. the Auocration may demand proper maintenance and the immediate repair of sad
burldrngs. a an recreate rn tM amount of Ser:unty OI the rmmedrste repayment Of the debt hereby Secured and the faJ~-_ Of the Mortgagor t0 comply with
card demand of the ASSOCratrOn for a perwd of thirty 130) days shall COnst+tute a brgaCh of this mOllgage. and. at the Op[rOn o1 the ASSOCratiOn. rmmedrately
maturC the MtrrB amount 01 prtncrpal and inMrfst hereby seCYled. ind cite Assoclatrpn rmmedrattly and witrrOut notice mdy institute Woceedrngs t0 foreclose •
ehs mortgage and aptly for tfte appantment of s receiver. as frerernaher provided. and rn case of the refusal. neglect Or urabJrty of the Mortyagw t0 repau and
maintain card property- the ASSOCratrOn may. st rts optron. make such repairs or cause the same to be made and advance moneys m that behalf
7 To perform. comply with and abide by each and every the stiputatrons. agreements. conditions and covenants in card promssO+y rote and Ihrs mortgage set
forth
8 To comply with the subdrvisrOn restrrctrons and the mumapal Zoning ordnances appbcable to the mortgayed property. not to erect or permit to be erected any -
new burl.frng5 on the premrtpS herein mortgaged W t0 add t0 or gating t0 be added LO. male o+ perm,i 10 be made. any SttuCtu+al elteratrOnS l0 any Of the H
sting rmprovementS thereon without the written COnslnt of tits ASSOCratrOn. and m the event of any viuldtiOn or attempt to wddte these SLpuIdLOnS o: any Of
them the mortgage and all wins secured hereby shall rmmedrately becomr due and payable at the opiror o} tree Assocrat,pn
9 That m case of a default m any of the terms of Ihrs mortgage and the hhng o/ a bill to forecbse fns or any other mortgage encumbering the within descnped
property. the AtsociatlOn Shall be entitled t0 apply at arty time Wdhout rWUCB „ending such fOreclowre curt 10 the COUrt hdv+ng lunsdret+On there0l for the ap-
pointment of a receiver of all and Singular the mortgaged property. and of all the rents. incomes profits ,slues and revenues thereof from whatsoever source
derived. and. thereupon. d rs hereby expressly covenanted and agreed that ttre court shall (Orthw+th dppomt a recew¢r 01 slid mortgaged property alt and
s,ngular. and of such rents. inco•~res. profits. rswes end revenues thereof. from whatsoever source derived w,tn the usual powers and duties of reservers rn Ike
cases and such dpDOmtmeM snail be mad! by wch COWL at a matter Of StnCt right IO the Atsocldnpn and w4hput reference i0 tree ddequaCy or rnddequacy Of
rr,e value of the property hereby mortgaged. Or to the solvency or :~sOtvency o1 Ne Mortgagor. and that sucn rents profits incomes issues and revenues sna!1
be app!,ed by sucn receiver to the payment of the mortgage indebtedness. costs and charges accord,ny m the order of sucn court
1 O That m the event the premises hgrebY mortgaged. or airy part thereof. shall be condemned and taken under the power o! eminent dprnain the Assoc,ation shall
helve the right t0 demand that alt damages awarded for the taking of Or mlury t0 Sad prem,SeS she!! be pd,d to the Assut.+dnon rts wccessors m assigns uD t0
the dmount [hen unpa+d On this mortgage. and may be applied t0 any sums Iasi paydWe hereunder
1 1 That t+me is Of ihC eStenC3 Of th+t Contract and that rip Waiver Of any ObhgitiOn hereunder Or of the UDhydnpn sect.red he+¢by SHdli at env tine ;nereafte• De
held to be a waver of the terms herrwi or of the promissory note secured Hereby
12 In the event of any default m any Of tfM terms Of this mortgage. o* in the note secured hereby and acce!erauon by tree notide+ o• any other vwanon that would
cause the interest yard Or DayiDle under tMS Ob!rgiUOn t0 exceed [f+e interest rate iuthOnied by law then ,n such etient d~+ exress ,merest theretofore paid shalt
. t>e Vedrted t0 pnncrpal and atr iCtfusd and unpard exClSS interest shall abate and Shd~l not he an pb~•ydtiOn p! :he maker p• O! dny Otrrer p¢rSUn
t 3 Treat to the extent Of the rdebtedness of the Mwtgapd to the Association Aescnped nerern o+ secured hereby the Assouation is Hereby subrogated to the ben
or bens and to the rights of the owner end holder thereof of each and every mortgage. ben or other encumbrance on the lard described Heran whrcn rs paid and
satisfied. in whale or m part. out of [he poceteds of the loan described frerem or secured Hereby. acd the respective bens of lard mortgages hens o. other en-
cumbrances. shaft be. and the same end each o/ [hem hereby is preserved and chef! pass to and be nerd by the Assoc,anon herein as Security for the in~
debtedness to the ASSOCratipn herein described or hereby secured. to the same extent that it would nave been preserved and wooed have been passed to and
been held by the AssOCration had K been duly and regularly ass.~ned. transferred set over and delivered unto the AssOC,ation by sepa+ate deed of assigrment
notwrthstand+ng the fact that the same may be satisfied and Cancelled of record. rt Gerng the mt¢nnorr Of the parries Hereto treat tree sdme wdi be satisfied and
cancelled t`f record by ihB holders Hereof at Or about the Lm! O/ the recording Of this mO,tgage
/4 That d any of the sums of money herein referred to be not promptly and lolly paid within thirty r30~ days nee after the same severally lxcome due and payable
or d each a•d every the sbpulatrons. agreements. cordrtions and covenants o! sd~d promissory note and tn~s morigaye or e•tner are not duty pe+furmed com-
p!~ed with and abrdeA by. the iggregate Sum unpard under lard prom•ssOry note and this mortgage sna!~ become due and payab~e fo•tnwitn Or thereafter at the
option of the Assocrairon. as fully and completely ss d card aggregate vim of money were originally strpuiat¢it to !!e paid on such day anything m slid
prOm~SSOry not! O• harem t0 the Contrary nOtWrthttindrng
15 Treat rn ordr. to accelerate the maturity of the indebtedness Hereby secured because of tree fa~!ure o! tree Mo•tyayor to par env tax assessment Inability oM,ga '
non o• encumbrance upon lard property as herein provided rt shall not be necessary no• rep:,wt¢ that 1He Asscaanon tree'! f•,st pay tree same
16 Treat tree abstract o. abstracts of tMe covering tree mortgaged property shall at a!I t,rres Bunny tree :~fe o! Y+~s mwtyaye rer^a~n in rn¢ opssessron of tree
Associanon and. m event of the foreclowre of this mortgage or other transft+ of ntte to the mortgayed popery e.nngu~5hrnent o+ the ~^debtedness secured
Hereby all r+ght. title and interest of the Mortgagor m and to any wch abstracts of rifle shad pass to the purchaser o• pran;ee •
17 Should the vand~ty o+ ben o/ this mortgage. or the note Secured thereby. be contested by I•nganon o• otnerw,se tree Morgayor ag•ees to pay to tree Associat,on
the cost o1 defending the same including a reasonable attorneys fee
18 To nay at: and s~nQUlar the costs. charges and expenses ,rectal+ng atto+nev s }eel reasnnab!y ina;rrM n- pa,+t at an: nine t+•r the Acsnr;,annn t+ecause of the
failure of the Mortgagor to perform. comply with and able by each and every tree snprilarionc aq,PemP,rro cnndn:nrs an.r covenants of lard prom•scOry note
and this mOrtgdge or either. and every wch Iexcepl f0+ [he pdymeni of the monrhiy mstd!!m¢nT as rvqurted by the Promiacnrr yoTe1 shall bear .merest from
ddte at the rate pf eighteen per cent 118•kl per annum until fully pad -
19 The Assooation shill hive the right at any 6me and from time to Ame and wdnout notice to O+ Consent o! an; person to a. re~ease am p0•Upn of the prem,ses
from the tree Of thit mwtgaye. IbI'reilase any person haul! for payment 01 try ;ndebtedne55 secured hereby ;U e•t¢nd the t•me of pdYment Or d!ter the terms
O} payment O/ ill p' any part Of the indebtedness. without aHeCting Or reIlasmg the per50na! Irdb:hty Of any pnr5pn I!dbt¢ IOthpr than any pe•spn rnteaSed our
scant hereto! for the payment 01 any sum or interest secured hereby and vrntfrput m trey wise d!tenng va•y~ng n• d•m~n,snu,y the }o•ces ei!ecis o+ Len of fns
mortgage on an the wemrses not specifically released from the hen of the mortgage by tree Assouat,on
20 Any agreement hereafter made ny Mortgagor and Assocrsnon pursuant to this mortgage shal+ be sv`enor to the r~gnrs o! the notder of any •meryenmy ben or
encumbrance
21 l,pon request of Mort a Ne Associatio+r may. at rts sole option. from time to time before ful` r
g payment Of a'' indebtedness secured He+ebl~• make further ad
yentas to Mortgagor. provided. however. that the total pnnupit secured hereby ar•d rema,ning unpaid ~nclud~ny dny such advances share not at any rime ex
teed the Ongmil pnnCipit Sum SlCWed hereby MO+[gagor Shall Day all Such furNN idvanC¢S Wrtn ,merest and the same sha!~ be SP.:u•ed hereby Alf p+ovsron5
Of the mortgage shalt apply t0 eaCH further advance aS welt aS t0 all other mdebtedne55 taco*ed hereby fyoth.ng herein conia~ned However Shah' Lmit the
a •npunt secured by this mortgage d such amount rs ,ncreaSed by advances made by the Assoc~atian as nerPUr elsewner. provided for to protect the security
22 In the event the Mortgagor herein. or any wbsequent Mortgagor or any person or COrpprdbpn nwRnq dny rnfPrect WhaTCPrv.~r ~no,dd ?nrnmber me tr•np.rry
herein mortgaged by an instrument comrngly referred t0 and known as a wrap-around mongagP w~ihnut Lrsr nhta•n•n ,the written convent of tree Associa
lion then, at the Option Of the ASSOCratiOn. the ObhgatrOn secured by trait: Mortgage aha': ~mmerl: rtP!y twc,~.rnP Qu•• anrt pavabrP
23 To provide the ASSOCranon w,th Flood Insurance Coverage ,f the real Dropeny .c now o• hP•Pdfior !t4 tP,rn nail Vl •w yranrn d QIP! ~dI t;„+,.( naJa•r1 area as shown
on Ftoo+f Harard Boundary Map~Flood Insurance Rate Mao as puWrshtrd tyy rho Fedora! Incurenre Adn+~ri•snarnn
24 At ttre request of the Mortgagor. the ActOCratiOn apses to wane the pros lions of paragraph 4 recative to the creation of a narard ,nsurance account. provide0
However. that the AssOtratiOn retains the right. at rts optron. to rs~mstate sucn Wovisions o! said paragraph 4 as an ob4gaton of the Mortgagor hereunder upon
the ha:.pemng 01 dny Of tlye fpllpwrng
A Failure to make any garment required under the farms of the note on or DeforP the due date thereof
8 Farture to comply with tM inwrance povrsions of pa+egrsph 3. or of any of the other terms and cond•t,ons of frets mortgage a note or with the insurance
requ+rements contained rn the OeCleratrpn Of CCrdOminrum and related documents should the mortgaged woperty be committed to condominium
development
T/P-A
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