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Home My WebLink About1328 • i ! - That. in edN to protect more fully tM sscunry of ells metpaga. tM Metgage, togetlNr w+th. and +n sdd+tan to. tM monthly payments under ill terms d tM note securW Mreby. ttn tM speaMd payment daq of each month until ttre aril rate is luny pa+d. w+il pay [b tM Assocratron tM Idbwrng wms lal An installment d tM cases wild assessmenn IevNd a to W levied painst tM prem+ses covered by ttws mortgage. wive an +nstsllment of tM prem+um e premwms tMt vvrg becorris dW and payable to renew tM irtsurante on tM premises covered Mreby sgs+nst bas by Irre. and windstem. ai provided • for by paragraph 3 pecedrrq. a wch otMr Mtard as may reasonably be required by tM Assoc+atron. and an installment of tM premwm that v¦~U become dw and payabN to renew tM rr+ortgapa irtswaocs. d any. SuM utstarrrtents shah be equal, respectiwty, to one-twelhh I1 r 12th) of tM es- timated premium a prenuums for such iMUrarlce. Mil lases and assessments neat due less estimated by tM Associatan) Nss ail installments already pad tMrefe. divded by tM rwmbar d month tt?at are to s4pss ere month par to tM date when such premium a pemiums and cases and assessments vwN became dawrquer+t. Tl+e Astaaatan. whiN appMng such payments to +nsurance pemiums. caeca and assessments. before tM same beeane dekrgwnt. shah rat pay tnterest to tM Mortgage on such lands. and as such payments may W commingled by tM Assocution vyith any other cacti funds a with its own funds TM lands an pledged as additanal security for tM wms secured by this Mortgage and are wbtect to use by tM Assoaation in payment d "late cMrgai' and bank t:olNction charges Ibl AU payments mMtafNd in tM precedng wbsectan o/ the paragraph and all payments to be made under tM note secured Mreby shall be added 1 r togetMr and tM aggregate amount tMred cnau be pad by tM Metpagor each month +n a single paymem to be applied by tM Assoc+atan to tM fdbwirq items in tM order Nt forth 1. Tawas, assessments. and +nwrance premiums 2 'Late charges and bank cdlectre: cMrges. unb35 yard +n manna. provded m paragraph ~ Is1 3. Interest on tM note secured Mreby 4 Amortastan of tM w+nc+pal of lard rate Any deficiency in tM amount d such aggregate monthly payments sMa. uNess pad by tM Metgage Mior to tM due date d tM neat wch payment. con- st+tute an swot d delauh under tM mortgage. Without waiver of any right. tM Assoeratan may cdlect a late charge" ss pov+ded in tM Note t S TMt +l tM tool of tM paYmMb made by tM Mortgage under lal of paragraph 4 peceWng shah aaceed tM amount d payments actually made by tM j Associatan fe a:ts and assessments and utsurance prefroums. as tM ass maybe. such eallsS shah be crsd+ted by ill Assoe+ation on wbsequent payments j to be made by tM Mortgage If, however, tM meitNy payments made by tM Mortgage under Ise of paragraph 4 preCed+ng shah not Mve been wNrcMnt to pay tease and assessments and inwririce premnrms. as tM case may be. when tM same SMII become due and payable. then, tM Association may. at its op- tan. immediatshr pay such cases and assessments and utsirrance prem+um, and tM Mortgagor sMll pay to tM Association any amount necessary tt: make up tM dehcrenctr. and such payment tlMg be dw and payable rniMn tM?ty 1301 days aher tM date of ma+hng of nonce M tM Assoc+atan setting fwth tM amoum ' of such def+aencY H. at any tuna. tM Mortgage shall tender to tM Associatan. m accedence with tM provisans of tM note secured Mreby. fun payment of E tM entire indebtedness ?eprssfrnted Mreby. tM Assocatan shall, in computing tM amount of such indebtedness. credit to tM accouM of tM Mortgagor any balance remaining in tM funds accumulated under tM prov+sions OI lal of paragraph 4 ! s 6 To permit. commit a wNer no waste. impairment a deteraratan of sad property, a any part thereof, and upon tM failure d tM Metgage to keep tM burMrrigs ort sail property M good Condition a repair and maintenanu. tM Assoc+atan may demand proper msintsnance and tM immediate vegan d Bard buildings. a an increase in tM amount of setunry. a tM immediate repayment of tM debt Mreby secured. and tM fad~•s of tM Mortgagor to comply with sad demand of tM Associatan fa a period d thirty 1301 days sMR confbtute a breach of this metgage. and. at tM optan of tM Association. immed+ately mature tM enure amount of pnnppil and interest lierebY secured, and tM Association,mmed+atelY and without notice may institute proceed+ngs to feecbse this mortgage and apply for tM appointment of a receiver, as Mranaher poveded. and in case of tM refusal. nplect a +nabdity of tM Mortgagor to repair and maintav+ sad property. tM AssOtiatign may. at its option, make such repairs a cause tM same to be made. and advance moneys in that beMH 7 T~ perfom. comply with and abide by each and every tM stipulatans. preements. trorid+LOns and covenants in sad promissey note and ills mortgage set lath - 8 To comply with tM wbdmsior? restrrttiorts and tM municipal iomng advances applresbk to tM mortgaged property rat to erect a permit to be erected any new bu+hLngs on tM camases Mrein mortgaged a to add to a permu to be added to. make a permit to be made, any structural.Iterations to any d tM ea- rsting improverMnts thereon without tM writiM consent d tM Assocretan, and m tM event of any valation or attempt to valeta thee stiputaians. a any of them. tMS mortgage and all wms secured Mreby shall immediately become due and paysWe at tM option of tM Assoc+atan 9 TMt m use of a default m any of tM terms d the mortgage and tM hhng of a bill to leecbse tMS a any other mortgage encumbering tM within desa+bed eoperty. tM Associatan Shall be Mtitle0 to apply. al airy Line without notice pending such leecbsure viii. to tM court having lunsdictan thereof to tM aD- pantment of a race+w? of an and sirigulsr tM mortgaged property. wild of an tM rents. incomes. coerce. +ssues and rs.enues ttiereol from wMtsosver source ; derived and. thereupon. rt is Mreby expressly covenanted and greed that tM court SMII fethwrth appo+nt a receiver of sad mortgaged property. s11 and t singular. and of such rents. rrKOrrief. profits. iswef and revenues thereof, from whatsoever source derived w+th tM usual powers aril dunes of receivers in tike cases. aril such appontment SMII be made by such court as a matter of strict right to tM AssocisUOn. and without retererice to tM adequacy a inadequacy of the value of tM property Mreby mortgaged. a to tM sdvengr a insotvericy of tM Mortgagor. and that such rents. profits. +ncomes. iswes. and revenues shall I De applied by wch receiver to tM paymMt of tM mortgage indebtedness. costs and chirgK. according to tM order of such court 10 That +n the event tM camases Mreby mortgaged. a arty part thereof. Shan be condemned and taken under ill power of eminem domain. tM Assoc+ation shah have the rght to demand that all damages awarded for tM taking of a +n1ury to sad premises shsn be pad to the Association. rte successors a assigns. up to the amount then uripad on tMS mortgage. and may De applied to any sums last payable hereunder t t That time +s of the essence of this contract and tMt no waiver of any obligatan hereunder. or of the obirgatipn secured hereby. shall at any t+me thereafter be ~ ~ held to be a wsivr o} tM terms hereof a of tM eom+ssory note secured Mreby 12 In the event of any default in any of tM terms of tMS mortgage. a in tM note secured hereby. and acceleration by the kidder. or any other situation that would CaUte tM +merest pad a payable under LMf d)ligatan t0 exceed tM interest rat! authe+Ied by iaW-then in Such event al! a¦CQSS inlerlSl iheretOfee geld shall Oe credited to prrncrpal and a" accrwd and unpad excess interest shall abate and shah not be an obligation of the maker a of any other person 13 That to tM a.tent of tM iridebtadness of tM Mortgage [o tM Assoustan dexribed Mrein or securev; hereby. tM Associatan is hereby wbogated to tM Iran e hens and to tM rights of tM owner and ltoldsr thereof of each and awry mortgage. hen a other encumbrance on the Isnd described Mrem, which is pad and saustrM. in while or m part. out of tM proceeds of tM ban described herein a secured hereby. and tM respective hens of sad mortgages. lens a other en- cumbances. shall be. soil tM same and each of them Mreby is preserved and shall pass to and be Mld by tM Association Mrem ss securry to tM m- debtedness to tM Associatan Mrein destnbed a hereby secured, to tM same extent that it would have been preserved and would haw been passed to and been held by tM Associstan had rt been duly and regularly assigned. transferred. set over. and dehwred unto the AssgciaLOn by separate deed of assignment. notw+thstand+ng tM fact that tM same may be satisf+ed and unceued o/ record. rt be+ng tM intention of the parties hereto that the same w~U be satisfied and car.ceeed of raced by the hollers therepl at a about ill came o} the receWng d th4 mortgage ! 14 Tnat rf any of the sums of money hNein referred to be not promptly and fully pad within tMrty 1301 days neat after the same severally become due and payable. ? I or d each and every the Stipulatans. agreements. COrlditiorl9 and covenants of sad prompsorY note and this mortgage. o* either are riot duly performed. com- pl+ed w+th and added by. tM aggregate vim unpaW under sad prom+SSey note and ills mortgage Shall become due and payable }ethw+lh Or tMreafter, at tM optan of the Associatan, as fully and Completely as it sad iggrpate vim of money were Orrginany st+pulated to be paid on such day. anything in sail Promissory rate w herein to tM contrary notw+thttand+rig ' 15 That +n order to accelerate tM matunry of tM indebtedness Mreby secured because of the failure of the Mortgagor to pay any tea assessment. badbty. Oblige lion a encumbrance uDOn sail Woperty as Mrem provded. rt SMlt riot be necessary nor re0ursrLE that ;he Association shalt first pay the same f 16 ~ That the absVact or abstrxti of title covering tM mortgaged property shah at an limes during the Ida of th+s mortgage. remain m the possession of the Assocutan and. in event Of tM teecbsure of this mortgage. a other transfer of title to the mortgaged property. +n a¦t~ngurshment o{the +ndebtedness secured hereby. all right. title and interest of tM Mortgagor m and to any sxh abstracts of title shah pass to the purchaser or grantee ~ 17 Should the vsldity or hen of th+s mortgage. a tM rate secured thereby. be contested by I~Ugation or otnerw~se. the Mortgagor agrees to pay to the Association t the cost of defending the same including s reasonable attorney-S fee p 1 S To pay all and singular [he costs. charges and ppenses uiclirding at[orney's fees reasonably incurred o* paid at any came by the Association. because of the failure of the Mortgagor to perform. comply vnth ar+d abide by each and every the stipulations. agreements :.ondmons and covenants of said promissory rate and this mortgage. a e+ttier. and every such le¦cept (e tM payment of tM monthly +nstalirnent as renuired by the PrpmissOry Note) shall bear interest from date at ill rate Of eghteen per tent (1896) per annum until) fully paid 19 The Association shall haw tM right at any time and nom Line to time and without notice to or consent of any person to 1a! re:ease any petion o} IM premises from the lien Of this mortgage. Ibl release any person I+sbb for payment of any indebtedness secured hereby. Ice extend the time of payment or alter ill terms of payment of an or any part of tM indebtedness. without affecting a releasing tM persona! liabrnry of any person hab!e )other than any person released pur- want heretoi for tM payment of any vim a interest secured hereby and without in any verse altering varying Or dimm+shrry the fates effects. Or ben of ills r mortgage on aN tM eemrsef rat fpec+fically released trOm tM hen of tMS metgage by tM Assoretron 20 Arty agreement hereshcr made by Mortgages all Assoc+atan pursuant to this mortgage she!! be supe.ra_ to the rights of the holder of any mtervemrg Iron or encumbrance 21 Gpo^ request of Mortgagor. tM Assoc+ation may. at its sde option. from time to time. before full payment of au indebtedness secured hereby. make further ad- vances to Mortgagor. aoudad. fawever. that the tots! prrrtcipa~ secured hereby and remaining unpa+d including any such advances shat! rat at any Line ex Geld the Original principal vim SEGUred Mreby Mortgagor shall pay all wch further advantls with .niere5t and the same shall be secured hereby All prOY+irOnS d this mortgage shall apply to each furtMr advance as wen ss to an other +ndebtedness secured hereby No;hmg herein contained, however. shalt limit the amount secured by this mortgage if such anaunt is +nueased by advances made by the ASSOCiatipn. as herein elsewhere provided for to protect tM security 22 In tM event ill Mortgage Mrem. a any wbsequent Mortgagor. or any person or corporation owning any interest whatsoever. should encumber the eoperty herein mortgaged by an instrument commonly referred to and known as a "wraparound mortgage without fast ohtaining the written consent of the Associs~ hon. then. at tM option of the Assoc+aian. tM obl+gation secured ny this Mortgage seal! rmmod~ately M!rnme due and payable i 23 To provide tM Assoc+at+on w+th Food IrKUrance Courage if tM real property +s now rr he•eafter determined to rte within a 5pe~ial floor! harard area as shown ~ on Flood Harard Boundary Map/Ftood Inwrsnce pate MaD as published by the Federal Insurance Administration ` 24 At tM request of tM Mo.tgage, tM Associatan agrees to waive tM provisions of paragraph 4 relative to tM ueauon of a harard mwrance account. provided. tioyvever- that tM Assxistion nta+ns tM right. at its option, to re-iriaute.such primsans d said paragraph 4 as an obligstan of tM Mortgagor Mreunder upon tM happening of any of tM fdbw+ng A Failure to make any payment requ+red under tM terms of tM note on w before the due dare thereof y 8 Failure to comply with [M inw?ante prov+sans of paragraph 3. a of any of tM other terms and COrWition5 of this mortgage M note. or vin[h tM insurarKe requirert)ents contained m tM Decleratan d Condom+roum and rNated documents Should the mortgaged property be committed to cgndpminium development (C?-M-7~ T/P-A r~Rc~n dG~Kc)c)lJ PdGE~,c~,'~ MLClA 17