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HomeMy WebLinkAbout1322 • ~ That. rn order to protect nave fuey tM secunry of tt+rf mortgage. IM Mortgages. together wrtn. and rn addrt,on t0. the monthly payments under trre terms or tM rase secured Mreby. on tM speafiad payment daro o1 each month unpl tM sad rate rs fully pad. writ pay to tM Assocratan tM Idlow+ng wms 1st An rnftapment of tM tuxes and assMSmMyb leered Or to tN leered against tM pemrses covered try tMS mortgage. ird an :nstallmMt of the premwm of premiums that wolf become den end parabN to reMw tM rnwrance on tM pemrses coverrW Mreby against bas by lue. and wrn9stesm, as prov,ded for try pgsgraph 3 preCetAnp, or loch Otlyer ha:ew as may reasonably Oe rpwrad by tM Assocratton. and an rnstapment of tM prerr>.um tail w+rf become dw and wyatlN t0 reryaw tM mortgaQa rrrfwance. rf any Such installments shall ere equal. respectrwly, to one•twelhn 11rt2tnl of tM es timated pemrum p prerryryfns Ior such uisirrarice; and taaef and asaessrrientf Mxt dw tp estimated by tM Assoc+atani loss all mstauments sueady pad therefor. drvdad by tM number et monlM that aro to efapae ord month War to tM .isle wMn cunt orsmrum a premwms and faxes aril assessmenro vyrM bet:ome deArqueftt TM Assot:ration. wMN apphririg such payments to rnsuran':e premiums. taxes and assessments Wore f?rs carne become delinquent. shaa not pay mterpt to tM Mptpagw on such funds. and au such payments may be commingled by tM Assixratan vwth any othp such funds or wrath its own funds. TM funds are pledgW as additional Ncuriry fa tM wms secured by tots Mortgage and are subject to use by tM Association M payment of '"late charges' and Wok tpllectron cMrgss Ibl All payments mentioned M tM precedrnp wbfectan of this paragraph and all payments to be made order the note secured hereby shorn be added together and tM aggrepaq amount tlNrepf shalt be pad by tM Mortgagor each month rn s :,ogle payment to be appl,sd by tM Ast.ociatan to the fdbwirig rroms M tM oMet sat forth. 1. Tales. assessrrientf. and insurance ptmiums 2 elate chugei and bank cdlectan charges. unless pad m manner provdW M pNagraph 4 lore 3. Inrorgt on tM note secured hereby. 4 Amortituan of tM Wrncipal of sad note , Any defiaency rn tM amprM of firdr agyregaro monthly payments shag. unless pad Dy tM Mestgsgoi pyres to the due date of the ne:t wch payment. cone ~ stitute sn event of default under tM mortgagor. Without warwr of any right. tM Assocratwrr may collect a late charge as provided m tM Note S Thar +1 tM Iota1 0l tM payments made trlf lM Mortgagor under la) of paragraph 4 pecedng chap exceed tM amount of payments actwhy made by the z 4ssocratan fpr uses and •sNSStMnts and inswanu pemiums. as tM uw maybe. such excess sMll be credited by tM Assoc+ation on wbsequent payments ro be made by tM Mortgagor. If, fiovyevN. tM monthly payments made by tM Mortgagor under tor) of paragraph 4 orecedrnp chap rat have been wN+c+ent to pay rases aril assessments and iriswafxe promwms. as tM case may bs. wMn tM same tihatl become due and payable. then. the Association may. at as op- !+On, immedialety pay such roses and asNfsmMq and rnfurance premium, and tM Mortgagor shay pay to the ASSOCUtiOn any amount necessary to make uD the deficiency. and such payment fMll tfe due and payable witMn tMrty 130) days after the date of mailing of notice by the Association sett.ng forth the amount o} such de?+cieney 1/. at anti. Ttnw. tM Mortgagor ftiall tender to tM Association, rn accordance w=th the provis,oris of the note secured nereby full payment of the enhro irdebtadnfss reoresanted hereby, tM Assoaation sMll, in computirsg tM amount of wch indebtedness. credo to tree account of the Mortgagor any wlsnce remaufurg in the funds accumu4ted under tM povisiorif of la? of paragraph 4 6 TO permit. commit M wffe/ ra Welte. irrrpairrtient p Wrorroratan of fad property, or any part thereof. aril upon the la,luro of the Mortgages to keep the buildings on sad property ray good edidrtion or ropan and mamtenanq. tM Association may demand proper maintenance and the immediate vegan of sad bu+Id+ngs. a an rncreafe in tM amtwnt of secunry, or tM immediaro repayment of tM debt hereby secured. and the tai+u-s of the Mortgages ro comply wrtn sad demand of tM Association for a period of thirty 1301 days shall constitute a txeach of Mrs mortgage. and. at the optipn of tM Associatan. rmmedistefy nature the entire amount of principal and interest Mreby secured. and tM Assouatron immediately and writhout nonce may institute proceedings to forecbx this mortgage and apply for tM spporntment of a receiver. as hNNMhN povided. aril in case of tM refusal. neglect or inabhry of tM Mestgagnr to repa=y and ma+ntain sad property, tM Asfociatron may, at its option, make triich vegans or cause fM same to be made. and advarxe moneys rn that benall 7 T~ perform. comply wrath and abide by each and .very tM stwulataru. agreements. cordrtgris and covenants in sad promissory note and trws mortgage xt forth 8 To comply wits the wbdrvisiori nstrrctions and tM municipal =prwng ordinances app?icabb to the mortgaged property. not ro erect es permit to be erected any new bu+hjings on the wemises herein mortgaged a to add to or perrrut to be added to mate or permit to be made. any structural eueratgns to any of the a¦- iShng imprOyemenis thereon without tM WrittM consent Of eM Assocratan. and in tM event of any v+dalan or attempt t0 valate thlx Stipulatgns. es any of them. this mortgage aril all wms secured Mroby shall immediately become due and payable at the option of the Association 9 That m tax of a default m any of tM rorms of this mortgage and tM filrrig of a bill to fesec+ose this a any other mortgage encumbering the within described Mot+erry. tM Association sMp be entitled to apply. at ar?y dine wnthout notice piMding such tesecbsure cwt. to the coup haang rynsd+ction thereof for the ap- pesntment of a receiver of all and angular tM mortgsped oroperty. and of all the rents. incomes. profits. issues and revenues thereof. from whatsoever source derived. and thereupon rt rs rreretry expressly COVManted and agreed that tM court shall lprthw+lh appesnt s ro~ei~er of sad mestgiped poperty. all and s^gu+a+. and of wch rents. int:Orrief. profits. issues and revenues thereof, frpm whatsoever source derived. with ene usual powe•s and duties of reservers in like cars. and such appesntment shall be made by Each court N a matter of strict right to the ASSOC+atrOn. and wrtfaut reference to the adequacy or ,nadequscv o! the awe of the property hereby mestgsged. or to tM solvency a insdverrcy of fete Mortgagor. aril that such rents. wohts incomes. issues and revenues shay be aep++ed by wch reserver to tM payment of tM rriortgape rrdebtednsss. costs and charges accesding to the order of such coup 10 That the event the premises Mreby mongaged. or any part tMreo/, shall be condemned and taken under the power of eminent domain. ttie Association chap have the rght to demand that all damages awarded fa tM fork+ng of es irilury to said premixs snap be pad to the Assxiat,on. its successors o+ assigns up to the amount then unpad on tf+rs mortgagor. ant may be applied to any wms last payable hereunder 1 1 ~ That t,me i5 of the essence Of this COnttatt and that ra wariMr of any Obligat+On hereunder, p• Of the Ob:igat~on Seto+ed hereby She+l at a^y t~•rp tnereafte+ be ^e+d f0 be a warner Of the terms Mrep1 O/ pf tM promissory rate Secured hereby 12 to the event of any default in any d tM farms of this mortgage. or in tM note secured hereby. and acceleration tri the holde•. or any other s=tuat:on that would cause the interest pad a payable order this obligation to exceed the interest rate autfrw¢ed try law. then m such event a!I axceu interest thtretnfese pad shall be credited to prinCrpal and at' accrued and unpad excess interest shay abate and shall not be an obliyabon of the maker or or any other person- 13 Treat to the extent of tM irrdebtadrresf of tM Mortgagor to tM Assoaatron described herein or secured hereby. the Assoc,ation is hereby wbrogated to the lien es hens and to tM rights Of tM owner and holder thMeof of each and every mortgspe. hen a other encumbrance on the land described herein wn,ch is pad a++d satisfied. m whole W in part. out of tM proceeds of tM ban described Mreln Or secured hereby, aril fete respective bens of sad mortgages. hens o+ office en cumbances. shall be. and tM same and each of them hereby is preserved and shaft pass to and be herd by the Association herein as security for the m- drMtedrress to the Assocratan Mrem described or Mretty secured. to tM same extent that rt would have peen preserved and would nave been passed to and been herd by the AssoCratan had rt been duly and regurorly assrprred. trsnsfened. set over. ant detrvered unto the Association by separate deed of assign:hent rotwithstanding the fad that tM Mare may b! saUfiied and earieelled of record. rt tie+rig tfie intention o/ the barbel hereto that the same wJl be sat,sried a^d cancelled of record by tM lydden thereof at or about tM dine of tM recording of tMS mortgage i / 4 That +f arty of the wms of mesyey herein neared to tls not pomptiy and fully pad within thrrry 1301 days nest after the same xveratly become due and payable. or rf each and every the Stipulat+Orrf. agreamsntf. COriditrorrf and covenants O! sad pomiSSOry note and this mortgage. or e,lher are no: duly performed. com- DI+M w,th and added by. the aggregate win unWd under sad prom•ssory note and tors mongage shall become due and payable forinwith or thereafter at the opian of flee Associatan. as fully and cornpletety of it sad aggregate win of money were originally stipulated to rte pad on such Jay anyth,ng m sad prom,ssory note or herein to tM contrary notwnthsurdirrp - 15 Treat m order to accelerate the matunry of tM iridebtedriess Mreby secured because of the failure of the Mortgagor to pay any tea asxssment. babi+rty. obligor lion es encumbrance upon sad property ss herein provrdW. it shall not be necessary nor regwsrte roar Ue Assoc•ation shai first pay the same 16 Treat the abst•act or abstracts of true covering the mortgaged property shah at sp times during the I=re of th,s mortgage. rema,n m the pOSxssion of the Association and. +n event of tM forecbwro of this mortgage. or other transfer of tale to the mortgaged p+oDPrty. rn a¦tingursnment of the +^debtedness xcured hereby. all rght. title and interest of the Mortgagor in and to arty such abstracts of title shall pass to the purchaxr or grantee Ei 17 Should the valdrty or ben of this mortgagor. a tM rate secured thereoy. be contested by ht=ganon or otnerw=se the Mortgago• agrees to pay to the Assouat,on the cost of defending the same incliidirrg a reasonable attorneys fee i B To pay ail and sirs9ular the costs. charges and expenses. includng attorney s lees reasonably incurred. or paid at any rime ray the Assoc,aun^ becaux of the failure of fete Mortgagor to perform. comply with and able by each and every the stipulations. agreements conrlrtions and covenants o1 sd,d promissory note and this mortgage. M MMr. and every such (except for tM payment of the monthly installment as regwred by the Promissory Notel shall bear interest from date at the rate of eghteen per cent (189G? per annum unLl fully pad. 19 The A550Ciation snail nave the rght at any trine and from tirrie to time and wrtnoul nOUCe to Or consent of any person to lore re:eax any pestan of [lie prlmixS from the hen rat this matgsge. Ibl release any person liatyle /es payment of any indebtedness secured hereby. tci e¦tend the tame of payment or alter the terms 3 of payment Of aft or iriyr part of tM iridfbledMfS. yr+tliout aNecting es rebasing the personal liability of any person liable lother than any person released pur~ 7 scant hereto) foe the payment of anti win w rnter•st secured Mreby and without m any wise alllnng. Vary=n9. Or d, m,n=Sh<ng the fOfCIS effects. or ben or fns iA ^wrtgage on aN tn. premises not speafKally rskasad hom tM IKn of this mortgage Dy the Assouat,on €g 20 A.ry agreement hereaftr.r made by Mortgagor and Assoaatwn purwant to foie mortgage snap be superior to [he rights of the holder of any mtewemng hen o+ encumbrance 2 t upon request of Mortgagor, the Associatan may. at its sde opt,on. from time to time beforo sup payment of a!1 ,ndebtedness xcured hereby. make further ad- vances to Mortgagor. prpvrded, however, that tM total prirtGpai secured Mreby and remam,ng unpaid. mduding any such advances- shorn not at any time a¦- Ceed tfie original principal win secured hereby Mortgagor Shall pay all Such further advantlS with inrorost a^d the Sam! shall tx secured hereby All prtlviSrO^S of this mortgage shall apply to each further advance of well as to all other rrrdebtedness secured hereby Nothing lrere,n contained. however. shai! I=mit the amount secured by this mortgage if such amount K iricrsafed by advances made by fete Association, as sere=n elxwnere groveled for to protect the xcurity 22 In irie went the Mortgagor frerNn, or arty Subsequent Mortgagor nr any person es CrNporat,On own,ng any ,nterest whatsne ter should encumbe+ Toe prope•iy l frrein mortgaged by an instrument commonly referred to and known as a wisp Eround mortgage wrthoiit first obtam~^g the written crKixnt of the Assocra r,ryi then at the optwn of the Associatan, the obligation xcured by this Mortgage she+' ,mmecf~ate+v hecomo duP and payable 23 To txovafe the Associatan vyith Flood Irifu?ance Coverage if the rest property s now or he•eafte+ determined to r>o vnih,n a speval riots hazard a+.a as snows s eri Floors tralatd Boundary Map~Fbod irifurante Rate Map as published by the Federal insu+ance Admin,~trat,on ~ l 24 At the request of the Mortgagor, tM Associatan agreq to warty tM pomans of paragraph 4 re:ative to the creation of a heard inwrance account. provided l however- that the 4ssociatan retarnf tM ngM. at rtf optiesi. to n-irytaro wen provis+onf of sad paragraph 4 as an d~ligstron of the Mortgagor hereunder upon S the happe•+ing of any of tM fdbvinnp s A Failure fo make any payment required unMr•tM rorms of tM note on or before the due date [hereof 8 Failure to comely with tM rnwrariCe govrsiesis of paragraph 3. or Of any of the other terms and co^drt+ons of tMS mortgage w rate. or with the mswsrtce requirements eonroined rn tM DKlarst+on of Condo+ninium and related documents sl+ould the ^wrtgaged oroperty be com+r+,ited to condorrin=um { devebD^re^t 3 - a ICI-NI.7i T/P-A ' a~,~K 33<l p~~ 1314 MLCA 47 i