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Home My WebLink About1307 4, TMt in gdar to pottct more futfy tM setunry OI eMS mgtgapt. tM Mgtgagor. togttfitr with. and m addition tO. iM monthly paymentf under the terms of IM note securrtd liertby, on tM spepfiad payment daft d Lath month until tM sad note is fusty pad. wilt DaY to tM Association tM fdlowinp wins , sal An inatillrrient OI tM taxes and assessments Mvied q to bt tevrtd against tM pertiiMS covtrad br this mgtgage. and an instsltmint OI tM pemrum • q prtmwms tMt writ DKOme dw and payabN to nritw tM iwaurance on tM pemises tovtre0 Mreby apa+nst toss by lire. and wrndstgm. as povded for by paragraph 3 pecedrrq, a weh other hazard p may nasonaWy be raQuutd by tM Associaton. Arid an installment of tM premwm that wilt ttecorne dw and payabN to renew tM mortgage insurance. d arty Stxh mstaartients shah ba pusf. resptcavahr to one-twtifth Il~t2th1 of tM K- umsttd pnnuum a pemrums lOr stxh irtaurattCe. and tales and asNSSmMts rrat dw Ias esbmatW by tM Aasouriion? lass all msulimints sirNdY pad tlitrtbr, drwdtd by tM rturriber OI moritM Mal_ art t0 elipit q.1 month prq to tM daft wMn such pemrum q pemiums and taxes aril assessments wiM bsegne deMtpuertt TM Assoaatan, wMN applyutp such payments to insurance pemiums. teals sr+d assessments. blfgt tM same • become dtlirigtrent. shah not pay intMgt to tM Mongapor on such funds. and au such payments may be commingled by tM Association with any other such funds q with rN own funds. TM funds art pNdged as additional sxunry for tM sums setwad by this Mongage and are sublxt to use by tM Assocatan rn wymartt of "tact cMrges' and WMe cWlaction charges ibl Aa ptyrtNnts rMntrOried m tM preceding subtettiert of tMi paragraph and all payments to qe made under tM note secwad hereby shah tl! added together and tM aggregate amount tMnot shau De paid by tM Mgtpsgq txh mgith in a single payment to be appriad by the Assotiraaon to tM idtowing items in tM order pt frith: 1. Teats, asassments. and mwrance pamiums 2 'late charges' and bank catectwr: charges. unless paid in manner povided M paragraph L la) 3 IntNNt on tM Wort attuned Mreby. 4 Amgtuatwn of the prnc+pat of sad note Any dlfiaency in tM amount of suM sggtegate monthly payments sMN, unless pad DY tM Mgegagq qrq to the due date of tM nest wch payment. con- sMute an awns of dtfatrh trttdtr tM mortgage. ~thpA waiver of shy rpht. tM Assoaatan may cdlect a 'late charge as provided m tM Note S TMt if tM total of tM payments made by tM Mortgagor undo la) of paragraph 4 pxewrq sMl1 exceed tM amount of Wyments xtuauy made by tM Assxiatgn (or teats and assessments and mwrartcy prerristrrts. is tM use may be. such excess shau be crsditad thr tM Association on subsequent payments to De ntada by tM Mortgage. 11. ltoisrtvtr. tM montMy payments made M tM Mgtgagq under Ia) of paragraph 4 prttedirig shall not haw been wfficient to per teats and assessments and rnsurariq pnmutns. as tM use may W. whin tM Merit sMa become due end payable. then. tM Associatrori may. st ns op torn. immediately pay such qaq and esNSStnentti arW rnwrance ptrtuum. artd tM Mortgagq shau pay to tM Assrxration any amount necessary to make up the def+cieney. and such payment shah be dw and payabN withut iMrty 130) days aher tM daro of maibng of nobce by the Associaton setting igtn ere amount Of wth defrcilncY tf, et any brM. tM Mortgagq sMN fender tO tM Association, rn xcgdancl Willi the p0visign5 Of [M note secured hereby. full Payment OI the entire indebtedness repsMnted hereby. 1M Assocation shell, in cornptrbng tM amount of such indebtedness. credit to the account of tM Mgtgaga any Wbnee remainnig M tM funds xcumu4ted under tM povisiOns of sal of paragraph 4. 8 To permit. coconut q wfyr rip wash. ~mpairrrient q deterioretan of sad poperty. q any t»rt thereof. end upon the tadwe or tM Mortgagq to keep the buildings on Md pOptrty in good coriditgn a ?epau and maintenance. tM Association may demand proper maintenance and [M immediate repair of said buiMings. q an int•eaM Ni tM amount of sKUnry, q tM immediate repaymMt of tM debt Mreby secured, and the farte-s of tM Mortgagor to comply wiM sad demand of tM Assocraton for a period of tMrty 1301 days sMa oonsbtute a brexh o1 this nigtpage. and. at tM opton o1 tM Associatwn. +mmedrately mature tM entire amount of prricrpal and uite?est hereby tiecurad. and tM Assocutan +mmldiately and without notice may institute poceedings to fgecbse tens mgtgage and apply /q tM apppntment of a rectlvM. as Mrt+naher povided. and in case of tM refusal. neglect q inabihtr of tM Mortgagq to repau and maintain sad popery. tM Association may. at its option. make such rtpaus q cause tM same to be made. end advance moneys m Mat tieMlf 7 i~ perigm. cgnDW with and abde by each end awry tM styrulatiorts. agreements. COriditiOris and covenants in said Dromissory note and eMS mortgage set forth 8 To comply with tM tubdivgron restrictgns and tM muniapsl =oiling gdinancss applicatrle to tM mortgaged paperty. not to erect q perni+t to De erxted any new pirrid+ngs on tM pemises MrNn mgrtpagad q to add to q perrtirt eo bs added to. make q permit to be made. any structural ,Iterations to any of 1M a:- rsuny +mprriemenis thereon without tM written consent of tM Association. aril m tM event of any vrptatron or attempt to violate tMse sutwlations. or any of them this mOrtgige and an wins sKUrtd Mreby sMtl immediately become due aril payable at the option of the Association g TMt m use of a default m any of tM farms of this mortgage and tM h4ng of a bill to forecbse 1Ms q any other mortgage encumbering tM wrtMn descnbtd potxrty. tM Assxiatiort sMll be Mbtled to •DpIY. et any time without ratio pending such fgetlOiure suit. to tM court having lunsdiction thereof fq tM sp- porntment of a rxlrver of ap and siriguiar tM rnortpagtd poperty. and of all tM rents. incomes. pofits. issues and re~.enues thereof. hom whatsoever source derived, and. thereupon, it to lierepy eapeMly covtnantad and agreed that tM court sMli fgthwith apppnt a receiver of sad mgtgsged poperry. all and singular- end of such rents. incomes. pofits. issues and revenues thereof, from whatsoever source derived vintn the usual powers and duties of receivers in I+ke cases and such appr„ntmem sMll be made by such coon as a matter of strict right to tM Association and without reference to tM adequacy or inadequacy of [he value of tM poperry hereby mgtgagetl. q to tM solvency q insolvency of tM Mortgagor. aM that such rents. profits. incomes, issues. and revenues shaft De app:red DY such rtteivlr to tM payment of tM rriortpage iridebtldnest. costs end ctiargls. accgang to the gder of wch court /0 That in the event the pemisss Mreby mortgaged. q any pan thereof shall t>e condemned and taken under the power of eminent domain. the Associabon shall have the irgM to demand That au damages awarded fq tM taking of q intury to Md pemrSes shah be paid to the Association its wccessors or assigns. W to the amount then tinged on eMS mortgage. and may ere applied to airy wins last payable hereunder t 1 That trrrie is of the assents of this contract and that rip waiver of any ObiigatiOn hereunder or of the obagat,ai secured hereby. snau at any trine tnereaher be held to be a waiver of tM terms Mreol q of tM pomrssOry rwte secured Mreby. 12 In the event of any default in any of tM farms of this mortgage. q in tM note secured hereby. and acceterabon by the Holder. or any other srtuanon that would cause the interest pad q payable under this oblpauon to exceed tM interest rate authgired by law. tMn in such event all a¦cess interest tMretotge paid shall be credrteA to principal and at' accrued and unpsd excess interest shall abate and snap not be an obligation of the maker a of any other person 13 That to the eatrnt o/ tM indfbttdntM of tM Mortgsgq to tM Associaton described Mrein or secured hereby. the Associat,on is Mreby wtxogated to tM clan q hens and to tM rights of tM owner and holder thereof of each and every rriortgape. I+en q other encumbrance on the land described Mrern, which is pad and satisfied, m whole q in part. out of tM proceeds of tM loan dtstnDed Mrein q secured Mreby arm tM respective hens of said mortgages. bens q other en- cumMances. shall be. and tM same and exh of tMm Mreby is psttertrod and shau pass to end tie Mid t>y the Assowauon Mein as secwrry fq the in- debtedness to tM AssoGatan Mrein descnbtd q Mreby secured. to tM same extent that it would nave txen peserved and would haw been passed to and been nerd by tM Assocrstan had it been duly and regularly assipr»d. transferred. set own. and delivered unto tM Association by separate deed of assgnment. riotwrthstandirg tM Ixt that tM same may be Mbsfitd and urxellld of rxgd. rt being the +ntentron of Me parties hereto that tM same wrY be satisfied and cancellM of recgd by tM holders tMrsof at q about tM rime of tM recording of this mgtgage td That rf arty of tM wins of money lyrtrn referred to be not prompth and fully pad within thirty 1301 Bars nett alter tM same severalty txcome due and payable i a rl each and every the sbpulatiOns. agreerrients. egdrtaru end covenants of sad pomrssCry note and tins mortgage. or either are not duly perfgmed. com- plied with and abded sty. tM aggregate win ur+pad under Md pomiSSOry note and th.5 mortgage Shall txcome due and payable forthwith Or thereafter. at the ~ option of the Association, as fully and completely as if Md aggregate win of money went originally st~puiated to be paid on such day. anyth~ng m said ' promissory note q herein to tM contrary notwithstarid+ng ~ t $ That m gder to xceterate tM mature of tM iridlbtedntfs Mr ry ebY secured because of tM fa~iwe of the Mortgagor to pav any ta¦ assess:-rer+t Irabitity oi+'iga trop q encumbrance upon said poptrtY as Mran povided. rt sMll not be necessary :+o• requ.srte that the Association shall first Dar the same 18 -That the atntract q ethnics of true cownng tM rtartgsgld poperry shag at su rimes during the l.fe of tMS mortgage remain in tM oossesvon of trio Association and. m event of tM igetlOwro Of tMS mgtgage. q otMr transfer of true to tM cop*tgaged property. m ertinguisnment of the indebtedness secured heretYy, all right. bite and mtenst of tM Mortgapq m and to any such abstracts of htk sMtr pass to the Purchaser M grantee { 17 Should tM valdity q hen of eMS mortgage. or tM note secured thereby. be contested Dy litigation w otherwise the Mortgagor agrees to par to tM Association t the cost of detend+ng tM same including a reasonable attgrieys fee 3 18 To Day ail and singular [M costs. charges end expenses. including attgney-s fees reasonably incurred nr paid at any time by the ASSOCiatiOn because of the failure of the Mgtgagq to perfgm, comply with end able by exh end every tM svputatrorK agreements wndmons and cownan;s of said prommissgy riOl! and tMs mortgage. q eitlilr, and every such (except fq tM payment of tM monthly installment as required by the Promisso•v Notei shall bear interest from date at tM rate of prghteen per cent (1896) per annum until fully pad E 19 The ASSOCration shall have tM right at any time and from hint tO time and without nOUt! tO or consent Of any person t0 'al release any portion of [M premises ~ trgm tM hen Of tMS mortgage. Ibi rNflM arty pNaori bible fq payment of any indebtedness Secured hereby. Ice extend the time of payment or aher tM terms t Ot Dayment O( al' q arty part of tM indebtedness. without iHtcGng q releasing tM personal liabrirty of any perSpn liable tother. than any person released pur- want Mretol for tM payment of any win q mtertsi secured hereby and without m any wise a4enng varying or diminishing ttie forces. effects. Or ben of tMs ~ mortgage on all tM pemises not speaficatly reNassO from tM ben o/ thn mortgage by tM Association 20 Ariv agreement hereahcr made by Mortgagq and Association purwant to tMS mortgage shall be wperiw to the ngnts of the i+Otder of any intervening hen o• encumbrance 21 teppn request of Mgtgagq. iM Associaton may. at its sok option. from time to time. before (till payment of apt indebtedness secured hereby. make further ad vances to Mgtgagq. pwded, however, that tM total pincipei secured Mreby end remaining unpaid, including any such advances. shah not at any time ea- t a teed the grgrnal prncipal win secured Mreby Mortgagor shall pry all such further sdvaricrs with interest and tM same shall be secured hereby All prrvisrons # a of tMS mortgage shall apply t0 lath further advents of well of tO all Other indebtedness secured Mreby Nothing Mrein r'Ontained. however. shah Winn the amount secured LY eMS mortgage d such amount a incraastd by advances made by tM Assoaabon as herein Nsewhere provided fo+ to potect tM security 22 In the event tM Mortgagor Mrein. q airy wbrequent Mortgagq. or any person or capwat•wi owning ariy interest vvharsoever, should encumber the piotxrty herein mortgaged by an instrument Commprily referred to and known as awrap-around mortgage without first on'a~rnng the written consent of tM Assocra- - - hon. then. st the option of tfie Association, the d>tigatan secured by Ihrs Mortgage shad rmmedrately heroine due and payable 23 To provide the Association with Flood Inwrarice Coverage if tM real poperty is now nr liereaher Aet4rmined to tie within a st•ec~al ttocxl hazard area as shown nn Flood Harard Boundary MsprFlood Inwrance Hste Map as published by tM Federal Inwrarx'e Admiriistrarion 24 At tM request of tM Mgtgagor, tM Assoaatan tgrees to wins tM pOVisrOnS of paragraph 4 rotative to tM aesUOn of a hazard inwrance accoum. povded however, that tM Astttrciatan retains tM rpht. at. its option. to n-insUtt such povisana of said paragraph 4 as an obtrgabon o? tM Mortgagor Mrsunder upon the Mppening r>r anti of tM following. A Facture to make any payment required under tM terms of tM note on q tiefge tM due date thereof B Failure to wmply with tM inwranu protnsans of paragraph 3. q of airy of tM other terms end conddions of eMS mortgage q note. or wiM tM insurance requirortients contained in tM Dxlarttan of Cgtdomiruum and nUted documents should IM mortgaged p•Operty be COmmrtted to condominium devebprtient 5 a 4 3 ~ (Cl-M-7i ~ - T/P-A ~ ~ artiK ~ PecE i M~~CA t7