Loading...
HomeMy WebLinkAbout2699 d- Tnat m order to wotlct more fully tM slCUnty o1 tMS mortgage the Mortgagor topetner W~tH and rn addrtron to the mnnlhly payments under the terms of lee note secwed hereby. on tM splcrhed payminl gall of eacA month until ttte sa:d note rs fully pd+d welt pay to the Asstxrat,pn the }orlawrng sums lore An mstsllmtnt of [rte taxes am assessments leveed a to be 4v+ed against the wemrsss covered try tars mortgage and an mstatlment of ttte prem+um or wemrums tMt ywll become dw erW payable to reMw tM insurance on ttte wem,ses covered Hereby agarst bss by tiro srx7 windstorm. as wovrded for by pNagraph 3 wecedrrrg, a such otMr belied as may rfitWnady W regwred by the Assocratron and an mStartmenl of ltte Dremmm that well become due and wYabll t0 reMW the mortgage insurance. t1 any $uth rnltallmenls Shall ere equal respectively IO Deco twelfth I) - 12th1 OI the e5 timated premium or wemrums for such inwrarttl. and teals an0 assessmerttf neat dull fors estimated by the Assocratignl IesS alt rnStdllmenlS already yard Itilrefor. dividW by tfie numbN`OI months flat Ne t0 elapse a.e ntOnih error to the date when such prem.rum or premwmS and tames and assessments will become dlkrquMt TM Afsociation whiN applying such payments to inwrance wemrums tames and assessments before the same become detiriquent. shall rWt pay mtNlst t0 tftl Mortgagor on such funds and all such payments may be commingled by the ASSOG,abOn wHh any other such funds a with qs own funds TM funds are fa!ldpld as addnional security for the sums secured by ens Mortgage and are subtect to use Dy the ASSOCratrOn m payment of '4M cftargls'~ and bank cdteCtrOn cnarpes Ibl All plymentS mentiOnld n tfie wlced,rtg subsection Of tMS paragraph and all payments to rte made u~rder the rrote secured Hereby snap be added together and the aggregate amount tMrlof shau t?e yard Dy the Mortgagor each month in a srng!e payment to be aoDlred by the Assa.~abon to the fdbwring items m tM ordN se! forth 1 Tortes. assessments. and insurance wemrums 2 Late charges and Dank couecbpr charges unless yard +r. manrtN wOVidad in paragraph d lore 3 IMNest on ttte rt0!e secured AerebY 4 Amortrlabon of the urmapat of sa,d note Any riehcianCy rn the amount Of Such aggregate monthly payments shall. unle55 paid by the Mortyagor error to the, due date nl the ne¦t such payment. Con- stitute an event of default under the mortgage Wdhout warner of any right. the Association may cnrect a late ctiarye as nrovided rn the Note g THat rf the Wtal of the payments made by Ifte Mortgagor under Ial 01 paragraph 4 weCeding snore! a¦ceed the amount of payments actuary made br the Association for taxes and asslssmlrtts and utswance premrums. as [Ivl use may Oe such excess shau be uedited by ttte Association on subsequent payments to be made by the" Mortgagor If. ttovwvN. the monthly payments made by the Mortgagor under eat of paragraph d preced•ng shat not nave been wflrcient to pay tomes and assessments and nwrance wemrums. as the case may be. when the same shat become due and payable then the ASSOtrahOn mdy at its Op Iron. immediately pay Such taxes and asSfSSrtMntS and nSUranCe wemwm and tftl Mortgagor shau pay to the 45t:OCrdtiMi any amount necessary t6 make up the deficiengr. and wch payment shat be due and payable wrtMn thuty 130) days after the date of matting of not,ceby the Assouation setting forth the arntwnt of such deficiency It. at any trine. the Mortgagor shall tender to the Association in accordance with the wov:srons o+ the note secured hereby +utt payment of tfte entire indebtedness represented Mrlby. the ASfOCiation Shall, in computing the amount Of Such indebtedness credit to the account of Me Mortgagor any - balarvice remarmng in the funds accumulated under the wOViSiO•ns of Isi of paragraph 4 6 To permit. commit o+ wffN rto waste. imparrmint a deterroration of Said property. or any part thereof. and upon Me +aaure or the Mortgagor to keep the twrklings on sad woperty m good cOnditipn or repair and maintenance. the Association may demand proper maintenance and the rmmediafe repair of said buildings. or an increase rn the amount of Security. or the rmmedrate repayment of the debt hereby secured and ire +a~lt; o+ the Mortgages to comply wrih sad dement: of the Association /W a Deriod of tMrty 1301 days shat constitute a breach of this mortgage. and. at ?ne optron o1 the Association. rmmedrately ' mature the enbro amount Of winCipal and interest hereby secured. and the ASSOCiat+On immediately and w~rthout notice may institute p•oceedings to foreclose tMS mortgage and apply fd the spppntment of a receiver. as hereinafter wovided. and m case Of the refuse! neglect or rnabrbty o+ the Mortgagor to repau and maintain sad wOperty. the Association may. ai tts Option. make such repass M cause the same to Ae made dnd ddvance moneys rn that bendl+ 7 T~ perform, comply wrath and i!)ide by each and every tfie SiipulatiOnS. agreements. condrtrons and covenants m sard Wumissory note and this mortgage set forth 8 TO Comply with the subdmtion reStfrttiOnS and the mumGpil lOmng ordinances ipptaable t0 th! mortgaged property rtOt to erect or perms to De erected any new buadrngs on the premises herein mortgaged a to add to a permit to be added to make or permit to ere made any structure! elieratrons to any of the e¦ rstiny rmwovements thereon wrtfrout the written consent of the ASSOCiatiOn. and m the event of any violabOn or attempt to violate these sbnutations. or any of them this mortgage and all sums secured hereby shat immediatetY become due and payable at the option of the Assocrabon 9 Tnat m case of a default m any of the terms of tMS mortgage and the hbng of a brl to foreUOSe tMS o. any other mortyage encumbering The wdhin described wOperty. the AsSOCiation shalt b0 Mtgled to apply. at any time wnftout nOUCe Peridrn9 such foreclosure ord. to the court Having lunidrenon thereof for the aD~ t?ointment of a receiver of all and singular the mortgaged wopertr. and o+ au the rcnn incomes Drohts issues and re.enues tnereot from whatsoever source derived and. thereuppn, d is hereby s:wsiily covenanted and agreed tftat the court shau tortnwrt^ aDpOint a reserver of said mortgaged property sr and yngula• and of such rents. irtCOmes. vote's. iswes and revenues thereof, from whatsoever source derived w~tn the usual powers and dunes of receivers rn tike cases and such apporn[ment shat! tie mall by such court at a matter of StriCl right to the Assocrdtion and w,thout refe•¢nce SO the adequacy or inadequacy of the value o+ the p•operty hereby mortgaged. or t0 the solvency or insolvency of The Mortgagor and that such rents profess nxomes rswes and revenues shalt t,e dpDlred tri wch receiver t0 the payment Of the mortgage rrtdebtedneSS, costs and charges accord:ray try the order of such court 10 That rn the event the wemises hereby mortgaged. or any Dart thereof, shall tx condemned arW taken under the power of eminent domain the Association she!! have the right to demand that all damages awarded for tfte forting o1 or intury to said wem~ses snag be pd~d to the Assrxiation its successors or assigns. uD to the amount !hen vnpard On this mortgage- and may be app!red to any sums last payable hereunder 1 1 That time i5 Of th@ esSenCti Of IhiS COntgCi and that n0 Waiyer Of any ObhgaUOn hlreUnder'Or of the ob'~Uat~U'r SeCUred hereby shau at am Arne thereaher De . held to tx a waver of the terms herep} or of the womissory note secured hereby tQ In the event of any default in any of the terms of LMS mortgage. or :n the note Secured hereDr and acce!erabw• b; Me h0'der or any other Ltuat~un that would Cause the interest paid d payable Under 1hiS obligation t0 !¦Cled the interest rate iutnOnleo by law. Shen m Such event art e¦C¢SS interest tneretof0•e paid shat! be credited t0 DrmGpat and 0'' iCG/tied and unpaid !¦ClSS interest Sher abate and sh.a!• not be en w'•yatwn of the maae• or of any other uerwi~ 1 3 That t0 the e¦tent Of tAE indebtedness Of the Mortgagor 10 the Association described herein Or S¢CUred hereby the ASSI)CrabOn is hereby su brogated to the ben or teens and to the rights of the owner and holder thereof o1 each and every mortgage. lien or other encumbrance on the rand described Herein. wh:a,h is paid and satisfied m whole Or in part, out of the wOCesdS Of th! ban described herein or SeGUred hereby and the respectwe bens o! said mortgages bens or other en- CumWaMeS shat ere. and the same and each of them hereby rs weserved and shat: pass to and be held by the Assoc+ahon herein as security +or the m- - deb[edness to the ASSOCiation herein dlscnbed or hereby secured. to the Same e¦rertt that rt would nave been preserved and wnu!d nave been passed to and teen nerd by the Associat+on had rt been duN and regularly assigned. transferred. set one. and delivered unto the Association by separate detitf of asvgnment netwrtns:artd:ng the hct that the same may be satisfied and cantered of record bung ire :ntenbon of the panes Hereto that the sarr,e car! be sabsbed and canceued of record by the holders tnereot at or about the time of the recordmp o+ this mortgage 14 Tnat r} any of ire sums of money here+n referred to De not promptly and fully paid within shirty i30! nays sea alter [tin same severally become due and payable i Or d each and every the sbpulatiOnS. igreemenf5. COndRronS and COVMdnts Of sard prd m;SSpry note and Sh~s rr•Vrtyaye Or ether are not duly pe'}O'med. COm ~ pined wren arW abideA by_ the aggregate win unpai0 under Said prOm~SSOry note and Mis mortgage shad become due and Dayabte forthw~tn or thereafter- at the ! optron of ttte Assoorabon. as fully and completely aS d Sa,d aggregate Sum of money we•e originally stipulated ro be Dard On such day anything m sard ! promissory note o! herein to the contrary nOtwithStandmg i ~ 15 THat m order to accelerate the maturity of [he indebtedness hereby secured because of trio tadure of the Qrtongage• to nay any form assessment .,orbi,ar• obbga bori or encumbrance uDOn sard property as heroin woviAld. rt shah not be necessary nor requisite that Me Fssouai~un shalt her oar the same 16 That the abstract or atritracts of title covering the mortgaged woperty she!! a: a'l times dur~ny the ~~fe o! Mrs r,ortgaye rema,•, rn the ooisess~on of the ~ Assoc~abon and. in event Of the fOretlOwre Of LhrS mortgage. Or other LranS+er of Utle to the mo•tgdyed p•ODerty rr e.t^yu~sh•nent 7f the rndebredness SeCUreO hereby. art r,gnt. title and interest o/ the Mortgagor m and to any such abst!acts o! title snarl pass to the purC~aser or grantee 1 7 $rMUld the vabd~ry or ben o! this mortgage. or the note secured thereby be contested by-Lt~ganon or otne•w~se trio Mortgagor ag•ees to par to the Association E the cost o+ de+end~ng the same rnclud+ng a reasonable attorney-s fee l i3 Tn pay ar and srnyutar the costs. tttarges and e¦penses mdudmg attcNney'c !eel reacunatNy ~nc~.,rrerl nr ua~ii at any time by the! ASSOUatinn bocause Of Me failure o+ the Mortgagor to perform. comply wrrth and abode try each and every the si~nuranons ayreements cn•rd~rmns and r.nvenants o} sard n•omissOry note and this mortgage. Or either, and every wch ie¦cept for the payment of the *northiy-rnstp~:merit as requnnd by the Prom ~asnry km¢i shale bear :merest from Aate at the rate of eighlMn per CenT 118'Y•1 per annum until fury Hard • 19 The Association shall have the right at any bin! and from time t0 Ume and without notice to Or consent o' any perSUn Tu ~d~ re~edse any pprtiOn o} the premises from the hen of tMS mortgage. Ibl rNease any person hab!e for payment o! any ,ndeDiedness secured hereDV ~c ~ e.tend one tint o+ paymem or alter the terms O} payment 01 ar Or dry part Of the indlbtedneSS. WrtttOUt affecting or roieas:rtg the persona! i•db~b:y of any person gable ~Olher Ihdn any person roieased put worm heret0l for the payment O} any sum or interest secured hereby and Without in anywise altering va~y.ny or dim;n~sh~ny the forces effects Or I~en Of tars rnOrtgage on all the wemisl5 not Specfically released from the hen of this mortgage by the Assouation 20 Any agreement nereafty made by Mortgagor and Association pursuant to this mortgage sna'~ be superior to the •~yhts o+ me norde• of any +mwvenmy ben or • encumbrance 21 hpon request of Mortgagor. the AsSOCiatron man. at its sole option. from bme to time bolo>e iu!: garment of al! indebtedness secured Hereby make further ad vances to Mortgagor. provided However, that the total prinupat secured hereby and remaining unpa d inr:ud rig any such advances she'! not at any bme e¦ CetA the Original pnncrpat win Secured heretlY Mortgagor Shall pay all such further advances w'th interest and the same shall be secured hereby Ar prOVS!Or+s of this mortgage shalt ripply t0 lath further advance a5 welt as t0 all Other indebtedness secured hereby NoTh~np herein rontd~n¢d however. shdi' hm~t the amount secured by this mortgage d wch amount is increased Gtr advances made by the Assooatror+ as Here n e sewhero provided for to protect the security i 22 In ttte event ttte Mortgages herein. or any wbsequent Mortgagor or any person or corporar,rn, nwmnq any ~nTerea wh.~tcix•var shoutr, vnrturntwr Tho prOtwrtv lterem mortgaged by an mStrumMt COm money referred 10 and known as a W•ap-wound mq•TOagr• K~MouT hest nnta~rmG }ho caution gnsent O11hB ASSOC+d bun Men, at the optron of the Assocrabon. the obhgabon secured by this Mnrtgage sRa~i ~mmr•n~ar¢ly twrom~ ~:u•• and nx;ahle 23 To provide the Asstxrabon wrath Flood Inwrance Coverage rf the real D'OD¢rty is new nr he•eafter r'.et'•rm~-,od M ne wanv+ a crier tort t'.,Mt ~arar:f a•ea as shown Ott Flood Harard Boundary May Flood Inwrance Rate Map as pub!~shed Dy the Federal insurarr;o :>rlm~n~ctrat~r.n 24 At the request of the Mortgagor. the Assxiation agrees to waive the wovisions of paragraph 4 rotative to the creation o! a narard insurance account. wovided. ' However. that the Associstron rstairtt the right. at ds option. io rs-restate such provis+ons of sa+d paragraph 4 as an oDl~gation of the Mongagor hereunde+ upon the happernng of any of the folbwrng I A Facture to make arty payment required under tM terms of the note on a Ge!ore the due date tnereot B Failure to comply wrath the nwrance wovrsrons of parsg+sph 3, a of any Of the other terms and condroons of this mortgage or note. or wdn :he inswance requirements contained rn tf+s Olclarstion of Condominium and related documents should the mortgaged property be committed to condominium develoDr*tent 3~ E r,~ T/P-A ~NGf ~~rU~ MICA u