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Home My WebLink About2714 .ter. 4• Tnst in order to protect more fully flee security of CMS mortgage the Mortgagor together with and rn a.xfition to the monthly payments under the terms or Ine note secwed neraby On,tne spetdied paymMt daN of aatn mOntn untJ the sa,d note rs fully paid wilt pay to Ine ASSOCra FOn the foliuwing sums Ise An ,nstallrreenl of the tuts and asae»ments IevrM or to Ua NvrK against the Memrxs covered by this mortgage and an installment of the Dremrum d pemiums that vydl WCOme due and paYabN to reMw flee +nwrance on tM Wem,xs covered he+eby aya•nst bss by lire and windstorm at provided for by paragahph 3 preceding. O? auto OtleN haiard as may raaspnably W reguved by Ifee ASSOCianon and an installment of the premwm that w,ll become dw and payllble to anew tM mortgagor inw+ante d any Sucn mstaumsnts shau be evuai respectively eo one tweihn 11 ~ t 2tnf of the es bmatad premwm p premwms fa such mwgnte. and gores and assessments next due us estimated tier the Assoc,anoni less a!, irestanrrebnis already pad thereto:. deviled by tM number d months flat are to elapse p•e rreontn prwr to the date when sucn pren„um or Dremiums and Uaas and assessments Nritl DetOrM delirpuenl. TM Associriion, wMle applying such payments to insurance Mem,ums tames and asxisments before the same become dahreguent. sMll not pay ingrest to tM Mortgagor on sucn funds. and all sucn payments may be commingled by the Assocynon wdn arty other wcn funds a with ds own furls TM funds are pledged as additwnal security for the sums secured by ens Mortgage and are sub{ect to ux by the Association in Daymenl of "late charges' and bank cdiection charges Ibl Ali D2Ymentl mentionW m the prKWing subsectwn of IhiS paragraph toil all payments to lx mad! under the not! secured hereby Shat: eye added togetfeer and the aggregate amount thereof sMtt be paid Dy fete Mortgagor each month in a stogie Dayrnent to be ap(s`+ietl by tn! Assa:•anon t0 the tOlbwing items m tM ordN set forth 1 Ta=es. assessments. and msu•ance premwms 2 Late charges and bank ColtlcbOr' Charges. unless yard ~n manner orovided in paragraph 1 lore 3 Interest on the rate tieCUred hereby 4 Amorniation of the prirµ;ipal 01 said note Any deficierity m the amount of wch aggregate monthyy paylt+ents shelf. unless paid by tree Mortgagor poor to It+e due date nl Ine ne¦t wcn payment. cm shtute an evem of defauM under the mortgage W+thwt waiver of arty right. the Assocrauon may coiiett a late charge as Mm+ri¢ef in the Note S That d the weal of the payments made by tM Mortgagor under Ia1 of paragraph 4 preceding snail emceed tees amount of payments aCtuauy made by tr,e Assot+atan for taxes and assessments and insurance premwms. as tM case may be. such a¦cess shall be credited by the Assa:ianon on subsequent payments to be made by the Mortgages. If. fipwwa. tM morUhly payments made by the Mortgagor under lore of paragraph 4 Dreced•reg she!! not nave been wfficrem to pay taxes end ssxssmenis and mwrance premiums. as the case may De when the same she!! l,ecome due and payable then the ASSOCiaUOn may at us op Iron. rmmedratefy pay such taIIef and assessments and insurance premwm. and fete Mortgagor shall Day to the Associatan any amount necessary t0 make up - the dehtienCy. and wen payment shalt De due and wyawe within tturty 1301 days after the date of ma,finq of notice by the Association setting to*th the amount GI such deficiency If. at any brM. the Mortgagor shalt tender to tfe! ASSOCUUOn. m accordance with the MovisiOns Of the note xcwed hereby full payment Of the snore indebtedness represented hereby, the Association shall. m computing the amount o1 such indebtedness creel+t to the account of the Mortgagor any balance remain,ng in tf+e funds accumulated under the IxOV+srons of Ial of 1>aragrsph 4 6 TO permd. commit Or surfer no waste. impairment a deteriorat,on of Said property- or any part thereof, and upon the failure of iris Mortgagor to'keep the buiidrngs on sad PfoDeftY m good cOndrtWn M repair and maintenance. the Association may demand proper maintenarxe and the immediate repair o1 sa+d tx„Id,ngs. or an increax m the amount of setunty. or the ,mmedrate repayment of the debt he+eby secured and the hJc-.: of the Mortgagor to comply with card demard of the ASSOCiatiOn for a pergd of th,rty 1301 days shelf constitute a breach of this mortgage and at the option of the Association. rmmediateiy mature the entire amount of prioCipal and mbrsst hereby fecund. and the Association immediately and wnnout notice may rnstrtute p+oceewngs to foreclose tors mortgage and apply for the appantment of a receiver. as hereinaher provided. and in sax of the refusal neglect or ,nabifity of the Mortgagor to repair and maintain sa,d property. fete ASSOCiatiOn may. at its option. make such reDa,rs or caux iris same to be made ar+d advance moneys in that behalf 7 TU perform comply with and able by each and every the sbpulatiOns. agreements. eoridnio:es and cocer+ants in said promssury r,pte and this mertgaye set forth ' 8 To comply with the Subdiv,S.On reSttiCtiOnS end the mUniCrpal iOn,ng ordinances appl,CalNe to the mortgaged MO[e¢rty not to erect or perms to be erected any new buildings on efts premises herein mortgaged Or to add to w permit to be added to. make or permit to be made. any snuctu.al alterations to any of the ai- ' ishng imprOVprnentS thereon w,(hOUt the Whiten COnxnt Of leis AfSOCration, and in the event O! any violation Or sIi¢mpt to vroldte tnex StipulatronS. Or any Of them tors mortgage and all wins Secured hereby shall immediately become due and Dayab'e at the option of the Association g That m sax of a default m any Of the terms of tM3 mortgage and the hbng of a belt t0 breclox this or any other mortgage encumbering the wdhin described MopertY the ASSOCianon Shall t>e enraged t0 apply. at any Um! wnfe0ut nOUCe per+dmg such foreclosure sort. t0 iris cOUrt having iunstlicUOn thereof for tree ap- pointment of a receiver of elf and singular the mortgaged proDertY~ and of all the rents. incomes. profits issues and revenues thereof from whatsoever source derived. and. thereupon. ,t is hereby e,eprsuty covenanted and agreed that tees court shall tortnwnn aDpOint a receive: of card mortgaged property all and sngular. and of such rents. incomes, pohts. issues and revenues thereof. from whatsoever source derned vain 2He usual powers aril dunes of receivers rn like cdxs. and wen appO+nlmMt shall l1e made by such court as a miller of strict rigor to the ASSOCianon and without reference to the adequacy or inadequacy o! the value of the property hereby mortgaged. Or to the fOlventy or msolyency of the Mortgagor and that sucn rents Drofits incomes issues and revenues Shau t,•e applied by such reserver to the payment of the mortgage +ndebtedness costs and charges. accord~ng to Ine order of sucn court 10 That m the event the premixs hereby mortgaged. Or any Dart thereof. Shelf be Condemned and taken untler the power Of eminent domain the Associdtroh shall have the right to demand that au damages awarded for the taking of or rnlury to said Drem,xs shat! be paid to me Assoranon its wcceswrs or assigns tin to the amount then unpaid On thr5 mortgage. and may be applied to any sums last 17ayab'e hereunder 11 That rime es Of the efSente Of (MS COntratt and that nO WarYer Of any Obl,gaLOn hereunder Or of the Ubi~yaLO:• SeCUr¢d Hereby Shalt at any time iH¢reafiBr by held to be a waiver of the terms hereof or of iris Momrssory note xcured hereby 12 In the event of any default in any of the terms of the mortgage or m the note secured hereby and accelerat•or+ by the voider o+ any omen sttuanon that weuid cause the interest yard Or payable under this obliganOn to exceed tf+e interest rate autnOr+ted by law. Ines in Such event ai ¢,t[¢SS interest IheretpfOre paid shau be Petlited [O pnnCrpal and as aCtfUed and unpaid etCefs interest shau abate arfd sndii not be dr Ob!~ydhbn of iris milker Ur O} any other person 13 That to the estent of the ,ndebtedness of U+e Maigsga to the Association described herein or secured Hereby iris Assooanon rs Hereby sir brogated 20 rtes hen or bens and to the rights of the oyvner and hoidar thereof of each and every mortgage. ben or other encumbrance on iris !and described nerem- wn,ch a paid and satisfied. m whole or in part. out of flee prOteeds of the ban described herein or secured hereby acd the respective hens of said mortgages bens or orfter en CumbranClK. snail be. and the Sam! toil loch Of them hereby ,S prexrved and shall pdss t0 and be heed by the ASSOCratipn herein as security for the in- debtedness to the Assoc+ation herein described or hereby secured. to the same e,itent that n wrwd nave been preserved and would nave been passed to and been need trr the Associaton had rt been duty and regu4rty assigned transferred set over and delivered unto the Association by separate deed of assignment notwnhstanding iris fact that the same may be satsfied and canceued of record. it being the mtentio~ of the parRes he•eto that me same. wrlr be satisfied and cance!ied of record by the feofders tnereol at or about the time of the recording Of tn•s mortgage 14 That it any of the sums of money Mrem referred to be not Dfomptly and fuNy paid wrtnin miry i30i days ne¦I after ine same severally become due and payable or d each and every the sbpulat•Ons. agreemenLS. CCindiU00S and COVenani5 01 said prOmssory rote and [his m0•[ydge o• e~[her die not duly p¢rfUrmed COm- plied with and aD,ded try. the aggregate sum unpaid under said Mom•ssory note and iris mortgage sriau become due and gayeties torihwrtn or thereafter. at the 'E option of the Association. as fully end completely as r} said aggregate win o! money were onginaily sbpu~atetl to f>e pa d on sucn day anyining in said Momsiory nose or herein to the contrary notwnhstanding ; i 15 That in order to accelerate the maturity of the indebtedness Hereby xcured because of ;n¢ fai'ure o! the Mwtyayor to nay env ta¦~ssessment !iab~hty. obligor iron or encumbrance oleo said MoDerty as herein txovided. it shad not lfe necessary no* regwsae that the Assouanon sndi~ first pay the same 16 That trig abstract or abstracts of title covering the mortgaged property shat! at all tunes loony the !,'e of ri•s mortgage re•^a n in the possession of the Assocrahoo and. in !vent Of the foreclosure of th,S mortgage. Or Other transfer Of title to the mortgaged propertr •n e•r^gu:s••rnent o' trio i^debted^ess seci;reC Hereby. ail right. brie and interest of the Mortgagor in and to any wch abstracts of tine she!! Dass to trio pu•chaser or grantee 17 Should Ih¢ validity or Iron of this mortgage Or the note secured thereby. tfe contested by atiganon or o;nerwisP trio litn•tgayor agrees to say to iris Assoc•auon trio cost of defend•ng the same inctud,ng a reasonable attorney s fee 18 To pay au and singular the costs. charges and e+penses rnr_lud'ng attOrn¢y s fen r¢asOraMy u,r urrerf pr peed ar am: time by rho ASSO^ranon frecause of the failure of the Mortgagor to perform. Comply w,Th and abide by each and every the snpulatrons agreemeni~ ciindr, ic:nc anti covenants o! card prgmssory rote f and this mortgage. or either, and every wch le:cept for the payment Of the monthyy msra!imenr ds rPrluurd by ine Prn•nisv,•y Nnte~ shalt bea* interest from ! ~ date at the rate of ¢,ghte¢n per rent 118+) per annum until fully pa,d 19 Top Association Shall nave iris rigor at any time end from Ume to rime and wnnout nonce to or CUns¢n: Of env person 1C ~~a' release any portion o! ine premises g from the ben of this mortgage. !bl release any person babes for payment cf any indebtedness secured ne•eby !c i e¦iend the t•me of payment o• alter the terms S Of payment Of afi Or any part O? th! indebtedness. w+MOUt aNeGhng or rNeasrng trio perwnai 1!dbdny O! dr•y person ~~db~e tot^•e• thd^ any person ro:¢ds¢d our sudnt her¢t01 for the payment Ot any Sum Or iMereSi xcured hereby and wnnout in any wise steering varying O• d~•n~n.sh~^y the fOr~¢S effo:.t5 or ben of this mortgage on ail the MemiSls not specifically released from the hen of ens mortgage by [he Association ~ 20 Any agreement hereahcr made by Mortgagor and Assgcistron pursuant to th+s mortgage shau be superior to mr •~ghis of the ha+der of any •ntervemny ben or [g encumbrance - 21 upon request of Mortgagor. the ASSOCianOn may at its sole option. !rOm time to rime. before fu~~ payment O) a'! indebtedness secured hereby make furiner ad vances to Mortgagor. provided. however. that iris total princrpai secured hereby and remain.ng unpaid ,nr!,d~ng any s.:cn advances she !not ar any rime e• teed the Original pnncipai sum secured hereby Mortgagor shstl pay all suCH further advances wah interest and trio same shag be socwed n¢rebY All prow+s+ons • Of this mortgage Shaft apply t0 QaCfi further advinCe aS well as to afi Other ,ridebtedne55 SeCWed hereby Nothing herein cryntd~npd however Shai' hm•t ihp amount secured tri this mortgage d such amount is increaxd by advances made by the AssOC,anon as Herein a sev.nere provided for to protect the security 22 In rtes event the Mortgagor herein. or arty wbsequent Mortgagor Or any person Or COrpOr diion Ownmy any ,nie•est whdt50000r should Pnruintwr rho p.n{wriy heron mortgaged byr an instrument commonly referred to and known as a wraparound mortgage ~ without first ontam,np th written rnncon± of the Associa- non then. at the option of the ASSOCgnon. the obbganon secured t>y th+s Mo•tgage she'! ~mmertato'v t+ercme due and payab'e 23 To provide the ASSOCiabon with Flood InwranCe Coverage ri the real property is now or he•eaho• dercrmn•ed xi no wn!,in a anana' t!nn-f haidrd a•oa as 5hnwn on Ftryod Harard Boundary Madffeod Insurance Rate Map as pub'ished by iris Fecfera! Incurarce Admimst•at,nn - 24 At the request of the Mortgagor. the Assx,ation agrees to waive tM provrsrons of paragraph 4 relative to the creation d a na[ard insurance account. provided. however. that the Association rytainf the rpht. at rte Option. t0 re-instate Such provsrOOS Of Sa rd paragraph 4 a5 an Ob!iganOn of rtes Mortgagor hereunder upon the happening of am of the fdfowing A Fa•lure to make airy payment required under tfN terms of tf+e note on or before the due date tn¢reof 8 Failure t0 comply with tM inwfante provrfiont Of paragraph 3. O+Ot any Of fete other terms and COr•ddipns of ihs mortgage or note. or wdh the insurance regWrement5 contained in 1hs OKfUatMn of COndOrteimum and related documents should the mortgaged property be committed to COrtdOmmwm 3 devebpment f IC)•NI-7i• T/P-A • a~~K~~ p~GE ~1~ MICA 17