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Home My WebLink About1313 . - - t ~ ' 1 i That. m esdtr to pottCt mat fully tM security d tMS mgtgagt. tM Mestgsgq. eogtilitr vwM. and in sdditan to. tM monlhry payments urdtr the terms of tM tab secured Mrtby. On tM spenMd piymMt dab of each month until tM sad raft is tatty paid. will pay to ttit Association tM Idbwing sums lal An instatlrnent d tM IaxM and •sNtamMtf Itvitd q to tit hvitd against tM ptmises covered Dy itrs motgage. and an installment of tM ptmium q pemiums that wiM btCOrM dw Nrd D+YSbN to rtr?ew tM uyatrrsnct on tM ptmists covered Mrsbr against bas by lire. aril windstgm. as povded • }q by panpraph 3 ptcedirtp, or tuth othN Iwaro as may rtasonaWy tit rtqurrt?d by tM Associaton. and an instatlmMt d tM premium that Moll tteconrt dos aril payaDls to reMw tM rriortgigt lrrsursnn, rf any Such rnstatlments span tit sport. rtsptcuvtly, to out twtlftn (1r12th1 of tM ts- timattd prtmwm or prsmwms for srreh rnwrsrtp, and texts and ssatsamtnts neat dw Ise sstimattd by IM Astaciationl less all instatlmtnts alrtsdy i pad tlitrtiw. dnrWd by tM number d month flat sn to e4pst qs month par to tM date when such pemwm q promiums and texts and assessments M/rtl btcoms dalrrqusnt The AasOCratron. Mlhilt applyirip wch piymtnts to inwrsnce ptmrums. taxes and assessments. belgt tM pr*it btcor*it dNrrgwnt. shall not pay mtsttst to tM Monpagq on such funds, and all such payments may be commuigltd by tM Assocratan Meth airy othN such funds o? Moth its own lands. TM lairds ere pledged as additanal stcunry fq tM wms secured by tMS Mortgage and are subltct to cast by F tM Associatwn M DaYrr?Mit d "lab CMrpq" and bank collectan charges Ibl AN paymMts mtntiorNd n tM prtctding wbsactan of this paragraph and all payments to be made under tM note secured Mreby sMU bs added togttMr and tM aggrpab amount tl+trtof shah tit pad by tM Mgigagq each month in a sirgle payment to be apdred by tM Association w tM IdbMnng acme in the qdM Mt forth 1. Taxq. assessments. and inwranct pemiums 2 "Late charges and Wok cofactor. charges. unless pad :n i msnntr provded M pMagraph 1 U) 3 Inttrtst on tM nob secured Mrtby ~ AmesU:ation of the pincipal of card note i Any dehcrency in tM artiouM d such b monthly payments shall, uryless paid M tM Mat payment, con- ! aggrsga gages par to ttie due date d tM next such st~tutt sn tveM d dtfsult under tM mgtgagt Without waiver of any relit. tM Associatan may cotiKt a late charge'- as povided in tM Note S TMt d tM wbl d the psymtnts motif by tM Mortgagor under lal d paragraph ~ peteding shah exceed tM amount of payments actusuy made by tM Assocatron lq taxes and sssessrrrtnq and inwranct prtmwms. as tM caN may tit. such excess anon be creWted by tM Associatan on subsequent payments to be malt by tM Mortgage. tf• lioyvtver, tits monthly psymtnts motif by tM Mortgagor under Ial of paragraph 4 preceding shah not nave been wflicierit to pay taxes and assessments and rnfunrtq psmwms. as tM ass may be. whin tM serifs shah become dw and paysblt. then, tM Association may. at its ap- tan. imnrelliately pay such taxq and as+tssmtnts and uiwranes ptmwm. and tM Mestgsgq shall pay to tM Association any amount necessary to make up the defiCrefyCy. and wch payment shall Ot dive and paYabte vwtMn thirty 1301 days aher tM date of mailing of notice by tM Association setting Iwth tM arraunr of such deficrtrtcy If, at any tams. tM Mortgagor shah ttnWr to tM Associatan. m accgdance with the povisons of tM note secured hereby cult payment of tM enure indebtedness rspsslnted hereby. tM Associatan sMll. m computing tM amount of such indebtedness credit to the account of tM Mortgagq any balance remsuwrg rn tM funds accumulated under tM ponsans of Ial of paragraph 4 8 To permit. comrtrit q sufhr ro wash. rmpaumtrit q dstargatan of sad poperty, es any part thereof. and upon tM !astute of fife Mgtgagor to keep the buildirrgi on sad proDtrtY rn good Cgditan q rtpaa and maiMenaryCe. tM Association may demand poPer ma+nterynce and the immediate repair OI Sad buiiduig5. es an uicnsst m tM amount of security. a tM immediab repayment of tM debt hereby secwed. and the fa+Ic•a of tM Mortgapq to comply vinth sad demand d fns Association fq a pared of tMrty 130) days sMli constitute a beach of tMS mgtgsge. and. at the opton of the Associaton. immediately mature tM enure amount d pnntrpal and mttlttt Mreby secured. and the Associaton immediately and wutaut notice may institute poceedngs to igeclose this rrrortgsge and apply iq tM appomtmtnt d a rtctrver. as hartinafter povded. and m case of the tefusal. neglect q maMliry d tM Mortgages to repair and maintain card property- tM Assocrstion may. it its option, rriakt such repairs q cause tM same to De mace. and advance moneys rn that belief! 7 T~ perfgm, comply with and abrdt by cart and every tM stipubtans. agreements. conditans and covenants in sad pomissory rate and this mortgage set igth 8 To Cesripry with the wldrvisrori rptrittans and tM rrtunicrpal toning gdinanees applicable to [he mgtgaged poperty. not to erect es permit to be erected any new twidirigs esi tM penises hNrsin mortgaged es to add to or permit to be added to. make q permit to be made. any structural aherations to any d tM ex- iSting impOVement5 thereon Mntliout tM WrittM Mnfant d LM Associatan, and rn 1M event of my valatiOn q attempt to vitiate 1Mse SUpiiiatrOnS. es arty of them. this mgtgage and all wms secured M?eby shah imniedytely become dw aril payable at tM option of the Assocatan g TMt m case d a default m any of tM arms d this mortgage and tM filifyg of a bill t0 fesecbse tMS q arty other mortgage encumbering the witMn described property, the Aisocist:on shah M entitles t0 apply. st any bmt without notiCt pending such fesecbwre wR. t0 tM Court having /urisdiction thereof fes tM sp- pantment of s recerrer of all and srrrgular the rrrortgaged poperry- and of all tM rents. incomes. polite. issues and revenues thereol. from whatsoever source derived. and. thereupon..t rs liertby exptaalY covenanted and spread that tM court shah festhwuh appant a receiver of card mestgaged poperty. sir and singular. and d such rents. inMrtyS. pOh!s. ~swts and revenws thtreol. from whatsoever source derived. with [M uwat powers and duties d receivers in like cases. and Such appointment Shatl Ot motif by sucA Court se • niatbr of Stritl right to tM ASSOCNtigi. and without reference to the adequacy or inidequacy of the value of the popertY Mneby mortgaged. q to flit sotvtncy or insolvency of tM Mortgagor. and that such rents. DrohiS incomes. issues. and revenues shall be applied by such reCeivN b tM payment of the mortgage rridebttdntss. costs and charges. accosdmg to the order of such court 10 That m the event the premises hereby mortgaged. q any part thereof, shah be cgdemned and liken under the power o1 eminent domain. the Associston shah have the right t0 demand that all damages awarded for tM toting Of es inµiry t0 sail pcmiSes anal! be paid to the ASSOCratiOn. its wccessors Or assigns. uD to tM amount then unpaid on tMS mortgage. and may be apphtd to any wms last payable hereunder 11. That lime is of the essence o1 this Contract and tMt no wawtr of any obligation hereunder. es of the obl+gatiai secured Hereby shalt at any time thereaha be i nerd to be a waiver of tM turns Mreof q of tM pomissory note secured Mreby 12 In tM !vent of any default n any Of tM terms 01 tMS mortgage. es m IM nob secured hereby. and acceteratron by the tattier. or any other situation that would cause tM mterest pad q paYabN under tlrs oWigatron to exceed tM interest raft sutlarued by taw. then m such event au excess interest theretofge yard span ; be credited to pingpai and a:r accrued and tinged excess mterest Shan abate and snap not be an obligation of ttie maker q of env other person 13 That to tM extent d the indebtedness d tM Mortgages to the Associston described herein q secured hereby. the Association is hereby wbrogated to the lien : q trans and to tM rights of the oMmer and holder thereol of each and every mortgage. lien q otMr encumbrance on tt+e land described M+ein. Which is pad aril saus6ed. m whole q in part. out of tM poceeds of the loan described herein q secured Mreby. and the respective bens o/ said mestgages. hens or other en- cumbances. shall be. and tM earns and tech of them Mreby is peserotd and scion pass to aril De held by the Association hewn as security fq tM in- debtedness to tM Assotatan herein destnbtd q hereby secured. to the same extent tAat rt would have been peserved and would have been passed t0 and been held by tM Associston Had it been duly and regularly essrgrted. transferred. set over. and dNivered unto aria Association by separate deed of assignment. ratwithstanding the fact that the same may be satisfied and gncellsd of recgd. it being tfie intention of the parties hereto that the same w::l be Satisfied and cancelled of recgd by the folders thereol at or about tM time of tM recgding of this mortgage 1 • That it airy of the sums of money Mrein referred t0 t1e not ppmptly and fuNY pad w+thm tMrty 1301 days next aher the same severalty become du! and payable. es if each and every the styubtans. agreements. conditions and covenants o! said pomissory rate and tMs mortgage. or either. are not duly periprriied. coin plied with and abded by. the aggregate sum tinged under sad pesnissory rate aril this mestgage snap become due and payable forthwith or thereafter, at the ~~i opton of the AssOOatan- as fully and completely of d lard aggregate win of Haney were gig~rraity stipulated to be Dard on such day. anytMng m st+d pomissory rate or harem to the Contrary notvwthstarding 15 That m gder to accNerate the maturity of the indebtedness Mreby secured Decease o} the failure of the Mortgagor to pay any tax assessment. baWhty oblige tan q encumbrance upor+ said poperhr as herein provided. rt shall not be necessary nor regwSite that the Association shah first pay the same ~ 16 • That the abstract or abstracts of btb coven tM more rig gaged poPertY shah at an rimes during the h/e of tMS mortgage. remain m the possession of the Assocrstion and. m evert d tM fgecbwre of tMs mortgage. q other transfer o1 title to the mortgaged property rn extrrgurshment o! the indebtedness secured hereby. an right. titk and interest d tM Mortgagor rn and to any such abstracts of titre span pass to the purchaser or grantee- ] 17 Should the vat:dity a ben of tFws mortgage. or tM note secured thereby. bs contested by litigation o+ otnerwrse the Mortgagor agrees to Day to the Association the cost of defending the same including a ressonsbte attgney's tee 111` 18. To pay aN and singular the costs. charges and expenses. inclidirig attorney's fees reasonably incurred or paid at any time by the Association. fxcause o/ the failure o} the Mgtgagq to perform. comply yvith and adde by exh and every the stipulations. agreements. condmons ar•d covenants of said promissory note and tMS mortgage. q either, and every such (except fq the payment of the monthly rnstaltmeni as required try the Promissory Note) shall bear interest from date at the rate of eighteen per cent 118961 per annum until fully pad 19 The ASSOCiatiOn shah have the right at any cams ind from time to time and without notice to q consent o! any person to lal re:ease any portion of the pemiSeS from the lien of Lois mgtgsge. Ibl reNase arty DenfOn liable fq payment Of any indebtedness secured hereby. Ice extend the t•me of payment or alter the terms of payment O} all W any part 01 1M indebtedness. without affecting Or releasing tM personal baD+hty Of any person liable !other than any person released pur- suant hereto) for the payment of any win d interest secured Hereby and withOUt m airy verse altering varying. or drmirnsh~ng ttie (Drees effects. or hen of tMs mortgage on alt ttte premses not specifically rsitassd from tM lien of this mortgage by the Association 20 Any agreement nereshcr made by Mortgages and Associaton pursuant to tMS mortgage alien be wperior to the ngnu of the Heftier of any intervening Iran es enCUmbnarrCe ~ 21 upon request of Mgtgaga. tM Association may. at its sole option from time to lime, before full payment of aU indebtedness secured hereby make funkier ad- vances to Mortgsgq: povded. however. that tM total pnncipa: secured Mreby and remaining unpaid. mclud~ng any such advances. shat! nor at any time ex- Clod tM esigrnal principal win SQCUfed liertby Mortgagor Shalt pay ail SiJCh /urthtr adVinCCS with iniereSt and Sne Same Shall be SeCUred hereby All pOViSrOriS • o/ tMS mortgage shat! apply t0 each further advance es well as to all other indebtedness secured hereby Notmng Herein contained. however shalt omit the amount secured Dy this mortgage d wcA amount is increased by advances made by the Association as herein elsewhere provided for t0 protect the security 22 In the event the Mortgage herein. q any wbsegwnt Mortgagor. or any person q corporation own+nq any rnterPSt whatsoever snoutd encumher the property Herein mortgaged by an instrument commonly referred to and known as a wrap around mortgage without first oMarrnnq rho wntien consent of tot ASSOCia- lion then. at the option of the Association. the obligation secured try tMS Mortgage sna't •mmedratety tWCOmR duP and payable a 23 To povide the ASSOCiatan with Flood triwrance Coverage if tM real property is now or he•eafrer ttetermrnod To fie witMn a sDec:a~ tirxxl hararA area as shown 3 ! on Flood Hatard Ba,ndary MsprFlood Insurance Rate MsD as published try the Federal tnsuranc? Admrms;rahon 24 At tM request d tM Mortgagor, tM Association agrees to want tM povisions of paragraph 4 relative to the creation or a natard inwrarsCe account, povrrfsd however. that tM Assocratan rstaiM tM right. et its peen, to n•instate such povifiOns of said paragraph 4 as an obligation o} ttre Mortgagor hereunder upon tM happernng d any O} the following t A failure to make aryr peymtnt rtgwred under tM is/ms of tM note on es before the due date thereof 7)2 B Failure to comply with tM inwnnu povisans of parsgreph 3. q of any of tM other terms and conditions of this mortgage or note. q with the inwrance , ~ requirements conUined rn tM Oedaratan d Condommwm and rtlattd documents should [he mortgaged poperty be commuted to condominium development [ - 5 S - r (CI-M-T~ E T/P-A c~~ct~~ $tl0!(t~V PAGE MICA p