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HomeMy WebLinkAbout1301 TMI. a edN to protKt met fully tM aetunty of this mptgage. ttte Mptgigor. ipgetMrWilh, •n0 m add4ion to. tM monthlY payments under the terms of ill note secured MrebY, qn tM apecrMd piyrrtertl Bats Of each month until tM sad rtop is hrihr paid. wail paY to the Assoc,ation the Idbwirtg wins lal An rnspurMnt OI tM flag aril assessments levied p to be levied against tM pemises Covered by this mptgags. and an installment of tM Wemium e premwms tMt vvrN become tlw and DaYible to renew !M rnwrance on tM premises covered Mreby against loss by tire. artd vwndstem. as provided - for try puagraph 3 preceduq. a oath OtM? Mt:ard•is may reitionaWf be reQurred by tM Association, end an rnstaliment of the premium that will become dw and DiYNOIe to renew tM mortgage inswince. d any. Such rnslNMrtents serail W epust, respacbvety. to ones-tvwlhh Ili 12th1 0l tM es- timeted pgmrum p prenwms IOr such inwgnce. and tats aril isseumertts neat due less estimated by tM Assocrationl less ill inspllrtNnts already pail thNtfe. drvirled by tM humph OI montltt that ire to Nipsi e+e month pile to tM dip when such psmium p premeums and foxes and assessmenp wrN become deMpuent- TM Aattocutron. wMN iPOfYr^g such payments to insurarxe premiums. taxes and assessments. Oefpe tM saute become deMrtgwnL aMN not illy interest to tM Mptgiges on such fords- and ill such payments may be commingled by the Assocratan with city otMr such funds a with its own funds TM funds in pNdged as iddrtronal security Ip tM sums secured by tMS Mptgage and are wbtect to use by tM Asrociatron in payment of "life cMrges'- and bank cdlettron cltirges Ibl An payments rrtentrorted in tM preudrng strMectan of this paragraph and au payments to be made under tM rate secured hereby shau be added together aril tM iggrpap amount tMrepl shill be pail by tM Mptgigp rich month in s single payment to be aPDlied by flit Association to ell Idlovwrp Stems rn tM ordM wt forth- t. lases. itrssssments. and inwrartCe premiums 2 -late charges' end bank cdlectar. charges. unless yard :n manner provded in paragraph 4 lal 3. interest On tM note secured Mreby 4 Ameti:atiat of tM principal 01 card note Any deliCiertCy M tM amount of such sgyregits monthly payments shall. artless pad by tM Metgsgor par to the due date of the next wch payment. ton- stitup an wins Of default under tM mortgage. Without wsrver of any rent. tM Assocatan may collect s `late charge" as txov,ded m the Note S That if tM total of tM piymMp made by tM Mptgages under Ii) of paragraph 4 precedrrtg shall exceed tM amount of payments actually ms0e by tM Assxratron fp pats aril iasesNnertp aril atsurirrte premams. u tM use may be. such /access shall lie aed,ted by the Association on subsequent payments to Oe made by tM Mortgages. If, however, tM monthly payments made by tM Mortgage order Ise d paragraph 4 preceding shall not have been wNicient to pay taxes std assessments and irtirrgrtCe prenuums. as tM ass may be. wMn tM same span become due and payable. tMn. the Associatan may. at its op- tan. immediately pay aUCh taxes and •stifiarMnts and rrlwranCe premium. and tM Mortgage shall pay to tM Associatan any amount necessary to make up tM dsficrency. and such psymertt sMM W due and piWble witMn tMrty 130) digs anti tM date of malting of notice by the Association setung filth the amount ' of wch deficiency 1/, at any tittle. tM Metgsge shell tender to tM Assocratan, in sccedanp with the provisiots of the note secured hereby. full payment of the entiro indebtedness rspresprtted Mreby. tM Assocritan drill, in cpnpubng tM amount of such indebtedness. credit to tM account of the Mptgsge any balance remarneng m the furls accumulated under tM provtsioni of bl of paragraph 4 6 To pamrt. commit a whet no wisp. rntpNrmMt p deterreatan o! sad property. a arty part thereof. and opal the failure of the Mortgage to keep the buildrrtgs ort sad property in good cesdrtan a repair end mainteMnCe. tM Associatret may demand proper marntensncs and the immediate repair of said buildings. p an increase rn tM amount of security. a tM immedisp repayment of tM debt Mretty ucwed. and the fades-~ of the Mortgagor to comply wrth sad demand of tM Assowtron fp s period o1 thirty (301 days sMll constitute i breach of this mortgage. and. at the option of the Assoc,atan. immediately mature the entire amount of prirtCrpal and interest MrebY secured, and tM Associatan rmmedrately and without notice may institute proCeedingS to feecbse - tnis mortgage and apply fp tM appointment of a reCervN, es MraMha prwdW. and m case of the refusal- neglect p rnaMirty of the Mortgagor to repair and maintain card property, tM Assocution may. at its option, make such repairs p cause the same to be made. and advance moneys in that behalf. 7 TJ perfpm. compM with end idle by each and wary tM stipulatarrs. speements. COrtditions aril covenants in Said promissory note and this mortgage set filth - 8 To comply with tM wbdmsan nsLrrCtarte and tM nWnrCipii sprung pdninCei applicsWe to the mortgaged property. not to erect a permit to be erected any new buildings on tM premreei hNein mortgaged a to add to p permit to ire added to. make p permit to be made. any structural elteratans to any d the ea- isbrKJ improvements thereon without tM wnttsn consent of tM AfsOtiition: and in tM event of any vrdstan or attempt to vitiate trtese stipulatans. a arty of them. ants mortgage and ail wins secured MrebY shah rmnNdiitely become due and paysUle at the opton of tM Associatan g That in Case of a default m any Of tM pima Of this mptpege and tM hhng of • hilt t0 feecbse ells a any other mortgage encumttMing the wrtMn described property. tM Assoaatan shall be entitled t0 apply. it arty bin! yyitll0ut ItOtiCe pending Such feecbsure wri. t0 tfre Court hiving lunsdictan lhereot for tM ap- pointment of a receiver of au and srr+guisr tM mortgaged property. end of all tM rents. ,rtCOrrteS. profits. issues and revenues thereof. from whatsower source der,ved. aril. thereupon. rt n hereby •:pressly covenanted and agreed that tM court shall fethwrth appoint a receiver of said mptgaged WopertY, so end singular. and of such rents. inCOrrNS. ptofi!s, rssues end revenWS thereof, from wMtsoever source derived. wdh the usual powers aril duties of receivers rn tike cases. and wch appantment shall be made by such court ss a matter of sinct right to the Associanon. and w,thout reference to the adequacy or inadequacy of the value of the property hereby mortgaged. a to tM rolvsrrcy p insolvency of tM Mortgagor, and that such rents. profits. incomes. ,styes. and revenues shalt be applied by such receiver to tM payment of tM mortgage indebtednest. costs and charges. acceding to the pdcr of such court 10 That m the event the prer*wsls hereby mortgaged. a any part thereof, shall be condemned and taken under the power of eminent domain. the Assoc,atan shall ; have the right to demand that all damages awarded for tM takirfg of a rnlrrry to sad.prem,ses shall be pa+d to the Association. ,ts successors or assigns. up [o the amount then unpaid on this mortgage. end may be apdred to any wins last payable hereunder 11 That time ,s of the essence of this Contract and tMt asp waiver of any pbligat+On hereunder. or of the oW~gat+on secured hereby. Sha+i at any time Ihereaher be held ?o be a waver of the terms hereof a of tM pomissory note secured hereby 12 in the event of any default in any o1 the terms of this mortgage. p in tM note secured hereby. arW acceleration Dy the ttorder, or any other situation that would cause the interest pad a payable uttder tMS Oblrgatrort to, exceed tM inprest rate sut?arued Dy law. then m wch evem au excess interest theretofee paid shalt be credited to principal aril a:' accrued and urrpird e:ceu rnterest shall abate and shall not be an obligation of the maker or of any other person 13 That to the extent of the irrdeDtedMSS of tM Mortgage to the Associstan described tierern a secured hereby. the Aasoc,atron is hereby werogared to the lien p hens and to the rights of tM owner and holds tMrepf of each end every mortgage. lien p other encumWance on the lard described herein. which rs pad and . satisfied. m whole a rn part. oui of tM proceeds of tM loan described Mrein p stewed hereby. and the respective bens of said mptgages !yens p other en- cumbrances. shall be. and tM same and each of them hereby rs preserved and shall pass to and be held by the Association herein as security fp tM in- debtedness to the AssoCiatan herein described p fterebY secured. to tM same a:tent that rt would have been preserved and would have Deep passed to and been held by the Assocratan had et Dean duly end regularly sssrgrred. trsnsfe.red set over, and deirvered unto the Association by separate deed of assignment. noiwithstandirrg the fact that tM same may be ssbsfied and urtceFled of record. rt be+rtg the intention of the parties hereto that ttte same wJi De satisfied and cancelled of record by tM holden thereof at a shout tlr4 time of tM recpdirrg of this mortgage 14 That if airy of the wins of money fixer referred to be not promptly and fully pad within thirty 130! days neat after the same severally become due and payable. Or if NCh and every the SUpulitioni. agteentent5. CpnditrOrts Ind COVenintf Of sad pOm+SSey note aril IhiS mortgage Or e+(Iter. ire not duly perfemed. Com- plied yvith and added by. tM aggregate win ahead under Bard promissory note and this mortgage shall become due and payable lethwitn or thereafter. at the option of the Association, as fully and Completely as if sail aggregate win o1 money were ong+natty st,pulated to be pa+d on such day. anytMng in sa,d Dromrssory not! or herein t0 the contrary notNnthstanding ~ 15 That in order to accelerate tM maturity of tM indebtedness Mreby secured because of the failure of the Mortgagor to pay any tea assessment liabiity obliges bon or encumbrance upon said property es herein provided. rt shall rat be necessary no- repo+s:te that the Assrx,ation shall rest Ray the same 18 That the abstract or abstracts of title cwenng the mortgaged property shau a[ al! times dur+ng the 6fe of th,s mortgage. remain in the possession Of the -Association and. in event of fife fpectowre of tMS mortgage. p other transfer of title to the mortgaged property. in eannguishment of the indebtedness secured hereby. all right. title aril rnterest of tM Mortgage in aril to airy wch abstracts of tale shall pass to the purchaser or grantee 17 Should the valdrty a hen of tMS mortgage. p the note secured thereby. ()!contested by htrgation or otherw+se the Mortgage agrees to pay to the Assocratron 9 the cost of defending the same including a reasonable attpney s fee f 18 To pay all and singular the costs. charges end expenses. irtctrrd+ng attorney's fees reasonably incurred or pa+d at any t+me Sty rho Association becaux of the failure of the Mortgagor to perform. comply with and able M each and every the strpulatiorts agreements conditions anrt covenants of card prom,ssey note and tMS mortgage. p either. and very wch leacept fp the payment of the mcnthiy ,nstaliment as requ+red by the Promrssrxy hotel shall bear rnterest from date at the rate of eighteen per cent 118961 per annum until fully yard t g The Assoc,atron shall have the right at arty time aril from time t0 time and without nonce to or consent of any person to lal release any portion o} the pemises frpm the lien of th+s mortgage. Ibl release arty person liable fe payment of any indebtedness secured hereby. Ica extend the t~me of payment or alter the terms of payment of all p any part of the indebtedness. without aNechng p releasing the personal habihry of any person Iiabl~Aiher than any person rdeised pur- r wan[ hereto) for the payment of any win a mtarest secured hereby and without m any wise altering varying or d~mrnish+ng the foxes. effects or hen or this ~ mortgage on an the premises not specifically roteased horn the Iran o1 this mortgage by the ASSOCralion ~ 20 Any agreement hereafter made M Mortgagor aril Assoaatan purwant to this mortgage shall be supena to the rights of the holder of any rmervening hen or encumbrance 21 leech request o! Mortgages. the Assoaatan may. at rte silt option. from time to trine. before full Dayment o1 al! indebtedness secured hereby. make further ad- vances to Mortgagor. pro»ded. however. that the total pint,pai secured Hereby end rema+n+ng unpaid. rri.:luding any such advances. shall not at any time a¦- te¢d the piginal prnCipat win secured hereby Metgapor shall pay all such further advances with rnterest and the same snail be Seca+ed hereby Alt prow5ans of this mortgage shall apply to each turtMr advance aS well as t0 all other iMebtedness secured hereby Noth+ng here+n costa+red however- she!! limit the amount secured by this mortgage if such amount rs rncreassd by advances made by the Assocra:ion. as hereinn elsewhere provided for to protect the security 22 In the event the Mortgagor herein. a arty wbsequent Metgagp. or any person or corporatrOn nwn+ng any rnterest wfia!sOever. should encumber the property a twran mortgaged by an,rrstrument commorsfy referred to and known as a wrap-arourxf mortgage wi[hprR r~rsT ohia+ning the. whiten consent of the Associa- r trOn, then, at the Option of [he ASSOCiatan, the oDlrgatipn Storied hY this Mortgage Shari rmmed:ately hrcomv Aue anA payable 23 To provide the Assoc+ation rrth Flood Insurartte Coverage d the real property rs now w he~eatter dererm+neri to rte wnhin a speaai f{pod hazard area as shown on Flood Hazard Boundary MaplFlopd IrtwranGe Rate Msp ss puDlrshed by the Federal !assurance Admrnrsiration ? 24 At the request of tM Mortgage. tM AttsOtretron agrees to waive tM provisions of paragraph 4 relative to the creation of s hazard inwrance account. provided. however, that the Assogatan retarni tM tent. it rte option, to n-mspp wt:h provisions of said paragraph 4 as an obligation of the Mortgage hereunder upon the happernng Of arty Of ill fdbwing A Failure to make airy payment regtrHed under tM pans of tM note on or before the due date ihereot B Failuro to comply with tM rMUnnu ptgvisans of psrsgrsDh 3. or of any of the other terms and condit+ons of this mortgage a note. p with the inwrance requiroments conpnted in tM Dedaratan of Cedommwm end rNated documents should the mortgaged property be committed to condominium development • - T P-Al.~ ~ S ~ 3 %t~c" n - ~ ~I:fix ~O PACE ~7J -