HomeMy WebLinkAbout2693 That m Order to protect more furry IM Sftunty Of thri morlgape IM Mortgagor together wdh and m addn•on t0 M! mattnty pays-penis under Ise terms of the
note secwed Mretyy. on trtyt trpetrl.ed payment dab of each month unto the sard noes s fully pa,d wru pay to the Assoc,abun the laluwing sums
lie An rnfbllment Of tM taae3 and iSMSSments rfWed W t0 leered aga,nSt t9e premrSes Covered byr thrS mortgaye and an installment Of the Wemrum
• w pemrumS that vyJl become due and payablN t0 renew tM u+wbnt19n the psmrses covered hereby aga+nst lots by tiro and windstorm. as prOV,ded
1p by paragraph 3 p/etedrng, p WCh Other hazard aS may reaSOnabllr be requ,red by the Assoc,ation and an +nstallment o! tnt premrum that w+11
become dos and wyable to bnew tM f^atgage +nwrance. d any Such msbumenis snarl be equal respectively to one twe:hH I1. 12tH of the es
umated premrum a pamrums fa wch mwrante and bees and assessments neat due Ins estimated by the Assocrabom tens su mstauments stready
w+d therelpr. dY+ded by tM pumper of months tree ore to e4pSe a.e nWnth prwr to the date when such premrum or premiums and taxes and
assessments Nn11 become debrpuent TM AssOtratrpn, whrle apply,ng sutA payments to inwrinte premwms taxes and assessments t+eloro tt+e same
become dsbrpWnl. Shalt not pay mbrest t0 tM Mortgagor on such funds. arw all such payments may be cummingletl by the Assouatwn with any
other wch fur+dS Or with itf own funds TM funds era pledged as addrtwnal seCUnty for tr+e sums secured by tnrs Mortyage and are subject to use Dy
the Assotutwn m payment of 'lab cMrgas' and Wnk cdtectwn charges
lbl Au payments ment+pMd rn tM preceding subsection of tMS paragraph and all payments hi tx made under the note secured Hereby snau be added
together and the iggregab amOUnl thereof fhill be paid DY the MO+Igagpr oath month rn a Single Daymenl 10 be app4etl by lne ASSOUaGOn /0 Ih!
}ouow+rg items m tM order sat brM 1 Taxes. assessments. and insurance premums 2 Late charges and bank couecbon charges unless parC :n
manner provided m Daragraph ~ rir 3 interrit on tM note secured hereby a Amwuzairon of the pr+nupal of sa,d rote
Any deficiency rn the amount of such agyregate monthy payments shall. uMess ps,d by the Margagor prior to rho duP riate or the ne¦T such payment. con-
sntute an evert of default under the rrtOrtgage Without waiver of any! r+ght. the ASSOCratrpn may collect a tare charge- as prov+ded rn the Note
S that d the total of the payments made by tM Mortgagor under Ia) of paragraph ~ preced,ng snau exceed the amount of yaymenis actually made by the
Assoc+atron for taxes and assessments and ,nwrance premiums. as the cast may be. such excess shalt be cred,ted by the Aswcratron on subsequent payments
to be made by the Mortgage If. however. tMe monthly payments made DY the Mortgagor under (al of paragraph 4 precetl,ng snarl not nave peen wff,c+ent to
piY taxes and assessments and rnwrance premiums. as the case may be. when the same shad become due and payable then, the ASSOC,dI+On may. at its op~
hon. rmmedrilNy pay such tads and assessments and insurance premrum- and the Mortgagor shalt pay 10 the Assoc,abpn any amount necessary t4 make up
the de/+eMnty and wch payment shad M due ar+d payable within thnry• 130i days ahoy tr+e date of madr+g of nonce by the Association setting forth the amount
of wch defitrerity 11. at arryr Ume. the Mortgagor shall terWer to the Assocrat+on. m accordance with the povsions of [ne note secured Hereby full payment of
the enure +r+debtedness represented hereby. the AssocVtan Shari. m computing the amOUnt of such indebtedness credit to the account of the Mortgagor any
balance remamrng m the funds accumulated under the prOVrLOns of lal of paragraph 4
6 To plrmrt. commit or wffer n0 writs. rmpaument a deterioration of sad property. w any part !Hereof and upon thr faJure o1 the Mortgagor to keep the
tw,ldings on sad poperry rn good cOndrtrOn or repsrr and maintenance the ASSOC+itiOn may demand proper ma,ntenance and the immediate repa,r of sad
Dudd,ngs a an increase m the amount o1 security. Or the ,mined+ate repayment of the debt hereby secured and Ise }aac•.: of the Mortgagor to comply vy,th
said demand of iM Assotratron for a period of thirty 130) days shall Constitute a breach of arts mortgage and at the option of the Association immedrate!y
mature the entire amount of prntipal and interest hereby secured. and the Assoc+ation immedratety and w,thout not,ce may +nst,tute prOteedings to foreclose '
this mortgage and apply for the appointment of a receiver. as neremaher txovrded. and m tale of the refuse! ney!ect or maWlity of Tne Mortgagor to repau and
ma,otain Said prpperty. the AssocritiOn maY• at its optrpn. make such repass or cause the Same to be made. and advance moneys m that behalf
7 TJ per}Orin. Comply with and able by Qath and every the Sbpulat+OnS igrlement5. COrW,bonS and covenants m said p'Om,SSOry note dnd M4 mortgage Set
forth
8 To iomply with the subdW+sion restrrttiOnt and the mumUpal zOmng OrdinanClS ippbcable to the murtydged prpDrrrty not to erect or perm,! to be erected any
new burtd:ngs on the premises herein mortgaged or to add to or permit to be added to. make or permit to be made. any structural aheratwns to any of the ex
,Sting imprOVement5 Tr+ereOn wn(f1pUt the WnTten Consent of the Assoclitipn. and in the event O} any vOldbpn or dtiempt [O v+ulatp these Sbpuldbpn5. Or any Of
them. this mortgag! and all sums secured hereby Shall immedrateb become due and Dayab~e at Tne option of tie Aswc,atron
g That ,n case of a default m anyr of the terms of this mortgage antl the 6hng of s bJl to foreclose this w any other mortgage encumpenng :tie within dexnbed
property- the Association shalt be entitled to apply. st any time without notice pend+ng such toredosurt sort. to the court navmy lwrsd+uron thereof for the aD
pO,ntment of a receiver of alt and Singutsr the mortgaged property. and of ail !fie renrs.:ncomes. Drofrts issues and revenues cheroot from whatsoever source
derived and thereupon- it 4 hobby aipreSSiy Covlninted and agreed that the court Shall IOrthwrth dDpornt a rECe,ver of Sd,d mortgaged property an and
Srnquldr and of Stith rents. incomes. ptOfitS, iSSYQ3 and revenues lherep}, from whatsoever SOUrte der:vetl W,ih the usual powers and dut,eS Of teCervet5 in tike
cases and wch appO,ntment snau be made by wch [Dort aS • matter of strict right to the ASSOC+ation and without rererente t0 the adequacy Or inadequacy O}
the value of the property herlDy mortgaged. Or t0 the solvency Or rnSdver`Cy OI (he MOtgagor dnd that Sucn rents pr OfrtS mrOmeS ,SSUeS and revenues shall
t+e dDphed by suth reterver to the payment o/ tf+e mortgage rndebiedneSS costs and charges according to the order of such court
10 That m the event the promises hereby mortgaged Many part therepl Shari be Condemned and taken under rite ppwer of em+nen; domain the Assoc,abon shag
nave the rrgnt to demarW that all damages awarded for The tak+ng of or mtury t0 sard premses Shall be yard to the Association its successors or assigns up to
me amount then ?npa,d on th+s mortgage. and msy be applied to arty sums last payable hereunder
11 That time +S O} the essence Of tM5 cOrttgtt and that n0 waiver 01 my Ob~ganOn hereunder Or o! the OD!•ydb0•+ SeCUred ^erebY Snail at any time tneredher be
he'd to be a waiver oT the terms hereof or of the DromsSOry note secured Hereby -
12 In Me event of any default in any of the terms of this mortgage. or m the note secured hereby a^d acceleration by the holder or any other s:wet+on that would
C'duSe the interest yard Or Datable under lhi5 obhgitiOn t0lxCeed th! interest life authOr4ed by +aw coon in Such eseM dt~ ea CesS mtere5l theyet0?Oro paid Shall
be uedrted to pnnc+pal and a!' accrued and unpaid excess interest snau abate and sha'~1 not tw er• ub~yar:ori of the maker or of err; other Dawn
13 Treat to the a.tent of the +ndebtedness o} the Mortgagor to the Assocrabon dexnbed herein or secured Hereby Me Assoc:ahon rs hereby subrugated to the ben
or hens and to the rghts of trio owner and holder thereof 0/ exh and every mortgage. teen or other encumbrance on the tared described herein wh,cn +s pa+d and
Satisfied m whole or in part out of the poceeds of the loan dexnbed heron Or secured hereby acd the respecntie bens of said mortgages hens or other en
cumlxances Shall be and Ih! Same and Bath of Ihlm hereby is Dreserved and shall pass to and be held by the Assocrabon herein as seCUnty for the in-
debtedness to the Association herein dexnbed or hereby secured. to the same extent ?hat it would nave been prrserved ar+d Would have been passed IO and
been head by the Assocrat,on had rt been duly and regularly assigned transferred. set over and dot,.eyed unto the Assoaanon by separate deed o/ ass,gnment
notw,thstand,ng the fact that the same may De satisfied and cancelled of record. rt being ;tie rnter.non Of the parties hereto that the same wdl be sahsfred and
' cancetted of record DY the holders thereof at Or about the time of the recording o' ens mortgage
14 That rf any of the sums o} money r+srern referred to be not promppY and fully pa+d w,tn:n tn~rty i30i days neat afte• the same severauy Decome due arM payable
Or if ea^.h and every tit! SUpulibOnS. agreemenLS. cOnd:UOnS and COivendnt5 Of Sa,d prOmiSSOry note dnd Ih•S mur:gage Or e,tner are not duly Derformed COm-
~ olred w,th and abided by the aggregate sum unpaid under said Drom•ssory note ono this mortgage snag: become due and DayaDle rortnwrtn ur thereafter at the
option Of the AcSOtrabdn. a5 fully 8nd COR+pIIt!!y a5 d Bird aggregate sum of money were ong:Hal:y stipulated to be pa,d tin wch day anything ,n card
i D'Orn rS$prv note Or herein to the Contrary nOtwithStanding
I t 5 Tna: m order to accelerate the matur,ty of the indebtedness hereby Secured because of the fa tiro of tie Mortgayo• to pay any ta¦ assessment babrrty obbga
non or encumbrance uDpn said property as herein prov,ded. rt shat: not be necessary no• requ:s:re that tie 4ssx~at:o^ she': nrsr pay the same
16 That the abstract or abstracts of title covering the mortgaged proputy sr+all at a,l rimes during the lire o' tars mortyaye rema:r•. rr. me possesron of ?nr
Assa;,auon and. m event O/ the foreClowre Of thrS mortgage or other transfer of retie to the mortgaged prouerty in e•r^qu:sr+rnent o' the ,ndebtedrtess•secu•ed
k hereby act ngnt. ntte and interest o/ the Mortgagor m and to any such abstracts o! t~?le sha!~ pass to ?he ps.rchaser or grantee
17 Should the vandrtr o• ben Of this mortgage. Or tit! not! secured thereby be contested by :::~garro^ o• omerw:se the Mortgagor agrees to Day to the Assoaa?:on
the cosy o} defending the same inUudrng a reasonable altorneYs fee
18 To pay all and singular rho costs charges and eacenSes :ndudrnq attorney s fees reau:^atay :ncuner! nr paid at any nine Hy m^ Assnerahon because of rho
(a,!ure of the Mortgagor to perform comply with and abide by ea.h and every the scapula?ions agrPernr•c•5 r_.,nd:?;ohs and rovena~ts of sard Dmmssory note
and this mortgage. or either. and every wch :except for the Ddvmert tit the monthly ms?ailment as rerru~red l+y ?rev P.om:cwry Notei shalt foray ir.TereSt from
date at iho talc Of B,ghteen per tent 118"aI Der annum tined fully Ddrd
j 19 The As50C•anor+ shalt have the right at any LrmE and from bin! t0 Um! and w4nOOt nOntC t0 O• consent of any liprsOr` to :a~ re:ease any pprben of thr prEm+SEs
i from the ben Of th!S mortgage lbt rolea5e 8ny Dotson 6ab1e for payment Of any indebtedness securetl hereby lt: e¦tend the nine Ot payment Or dRer9nB terms
s Of Ddyr^Cr+t Of all Or any part Of inr rdebtedness. wrthOUt affecting or reteas~ng the persona: irub•bty of any Gerson babe lothpr than any prison roleaSCd pur~
l Suant herot0l IOr the Oayment Of any SUm W interest sscurld hereby and wrthOUt m any wr5r a~tennq vdry;nq n• d~mrn:sh:nq :!+e iprCeS effects Or ::en Or thri
€ mortgage On alt the premiSCS rrpt SpecdKally released 1rOm the I:en Of ihrs mOrtgdge by the AssOC a:ron
20 Any agreement neroahcr made by Mortgagor and Assocranon pursuant to this mortgage shall be supe•:or to me r gets of me Holder of any ,ntv;~en:ny t:en o*
encumbrance
{ 21 Upon request o1 Mortgagor. the ASSOCritipn may at its SO!e Option Irpm trine to rime DefOre fu': Daymen? tit air mdrbtedness secured hereby make further ad
vances to Mortgagor provided. however. that the total pnncrpa; secured hereby and rema:m^g unpaid rnUud:nq any Burn advances sne'~' not at env time e¦
p .teed th@ Ongmal prmapit vim Soured hErlby MOrtgagO. Shill pay Jll Stith furThC• adva^ce5 with •nt@rest and the same snarl be secured Hereby All prov:5~or+s
9 01 th•S mortgage Sha11 apply t0 each furthN advance as well as to all ether :ndebtedneSS secured hereby No:hang herein cOntaned however shat' hm+T the
t amoum secured by rn•s mortgage d Stith amount rs ,ncreased by advances made DY the Assoua::on as r•,r•e n e'sewnere broiv~ded for to protect the secunry
9
22 In tM! event the Mortgagor herein. or any wbSequent Mortgagor or any person or corPOranon nor r•mq am ,n•P*ev whaisrurver snourd eocumtwr the DrOfprty
i
i herein mortgaged by an rn5irumMt tOmmpnly referred to and yr+Own as a wrdp-a•ound mn•tgape w•thrxrt hrcr r+n: a:^inV Thr written fnnCPnt 01 thr A550crd-
r hop then ar rt+e option M the Assoc+ation the ob!,ganen secured Hv this Mortgage spa': •mmrd ar^l•: ho-••mP d .,red navatr~e
s 23 Tn p.ovrd _ the Assoc,anon w,th Flood Insurance Coverage rt the coal procerty rs now or n.,•ea+•Pr det~rm:nod to rs• ,rv thin a spa~.a: rlnrrf nasard a•ea as shown
p+ Flood Hazard Boundary MaprFlOOd Inwrance Rate MaD as Gublshed by rhr Fedora' t^vnarire A•tm,:,,;rarnn
3 24 At the request of [he Mortgagor. tM Assotratron agrees to wares the wovrs:ons of DarsgrspH 4 rNatrve to the ueabon of a hazard insurance account. provided.
f hOwe'+er. that the Assocrstan rsbrns the right. at its option. to rs-instate wch povrsrpns of sa,d paragraph 4 as an ob!,gatron Of the Mortgagor hereunder upon -
the sapper rig of any of the /oilowing .
i
A Fa+lure to mike any payment requ,red under the forms of the note Or+ or before the due date thereof
} 8 Failure t0 comply w+th the inwranCf prOtrrLOnt of paragraph 3. Or of eery Ot the other terms anal cond•t=ores of this mortgage or note Or with the insurance
+edwroments contained m the Declarshon of Condommrum and re4ted documents should the mortgaged Dropecty be committed to condomrmum
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