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HomeMy WebLinkAbout1334 4• That. in esder to protect more IuNy tM securiry of tMS mortgage. the Mestgspes. together w+th and •n addrtan to the mOntMy paYnients under cite terms of the note secured Mreby. On tM specified payment date of each month unpl tM sad Hoer is fully pa+d wdi pay to the ASSOCiaLOn the fOlbwrng sums lal An mstaMrrtent Of tM taxes and sseusmsnte levied a to be levied against the pemises covered by this mortgage. and an mstaliment of 1M Wem+um a pemiums tMt wrN become dw and payabN to renew tM utsurance on tM wemises covered hereby against bss by cue. and w+ndstesm. as provded for by parsgrsph 3 preceding. a suM otMr hazard as may reasonably Oe reQUUed by tM Association. and an insaumem of tM premwm that vein become dw and payabM to renew tM mortgage inwrance. d am Such rnsanments shall W equal. respecuveN. to one-twelfth I l r t 2th) of eM es- trmsted prertuum a premwms for such rnwgttari, and taxes and tssessments next dw las esumatod by tM Assocratanl less all installments abesdy paid tMrebr. drvded try tM number Of mor+IM that a?e to elapse are month pip to tM date wMn wch premium a prom+ums and taxes and assessmMts wrN Oecorrte daMrtpwnt TM AssoWtan. tMule applying such payments to insurance pem+ums. taxes and assessments. before the lama become deMnpuertt. shah not pay intMest to tM Mestpaga on such funds. and all sucn payments may be commingled by tM AssOtiatiOn with eny other such funds a with rte own funds TM funds era pledged as addrtanal accuracy tes tM sums secured by tMS Mortgage and are wgect to tise by IM Association n payment of 'Mats cMrges' and bank c011ection cMrpes Ibl AN payments mentrested N tM precedirp wtrssctan of this paragraph and ell payments to Ae made under the note secured Hereby shall be added topetMr and tM aggregate amount tMreof shall be wd by tM Mortgagor each month rn a single payment to be applied by the Association to the fdbwrnp items in tM order sat brth 1. Taxes. assessments. and inwrance premcums 2 late charges and bank coilectar•. charges. unless pad :n rnanMr provded in paragraph 4 lal 3 Inarest on tM rats secured Mreby 4 Amesutauon of the pnnt+pal 01 card note Any deficiency n tM amount of sui`lt apyragats monthly payments shah. unless pad by the Mortgagor par to the due date of tM next wch payment. con- sbtute an awns of dafauh urder IM mortgage. Without waiver of any right. tM Associatan may coned a late charge" as provided rn tM Nora S That rt tM oral of tM payments made by tM Mptpapes under lal of paragrapA 4 pecading shau exceed the amount of yayments actually made by tM Associatan for taxis and assessments and utswartq premiums. as tM case may be. such excess sMll be credda0 by tM Association on subsequent payments to be made by tM Mortgagor. If, hoYYever. tM monthly payments made Dy tM Mestpsges under lal of paragraph 4 preceding sli;n not haw been wlhcient to pay taxes and assessments end inwrante premiums. as tM case may bs. when tM same shah become due and payabb. then, the Assocratan may. st rte op~ trop. immediately pay such axes and assessments end iruurartce premium, and tM Mortgages shall pay to the Assocrabon any amount necessary to make up tM defrcierxy, and such payment shall W due and Dayable wittvrt thirty 1301 days aher the date of maAing of notice btr the Assocytron setting forth the amount of such detrc+errctir If, at any time. tM Mortgagor shall tender to tM Associatan, m accordance wdh the povisions of the note secured hereby. fun payment of the cnhre indebtedness represented Mreby. tM Assoaatan SMII, rn compunnp tM amount of such indebtedness. aedt to the account of the Mortgages any balance remarrung in the funds sttutnulated under tM powsans o1 la) of paragraph 4 6 To permit. commit a wNer ra wastt. impNrrtient a deterioration of sad property, es any part thereof. -and upon the faJure of the Mortgagor to keep the buildings on sad property in good cesditan a repair and maintenance. tM Association may demand proper macntenance and the immediate repair of sad bU+ldings. or an incresae in tM amount of fecurity. W tM immediate repayment of the debt hereby secured. and the fa+li:•,: of the Mortgagor to comply with sad demand of tM Associatart fp s pe?ioO of tMrty (301 days shall constitute a breach of this mortgage. and. at the option of the Assoc:'•tion. +mmediately mature tM eMue amount of principal end intertst Mreby secured. and tM ASSOCratron immed+ately and without rat+ce may cnstnute proceedings to forecbse tMS mortgage and apply for tM apppntmsnt of a receive+. as Mreinafter provided. end in case of the refusal. neglect or inab+l+ty of the Mortgages to repau and maintain sad property. tM Association may. at rte opton, make such rspaus es cause the same to be made. anef advance rtaneys in that behalf 7 Ttl perfpm. comply wrath and abide by each and wary the snpulatans. agreements. cgrdd+OnS and covenants in sad promissory rate and tMS mortgage set festh 8 To cpmpty with tM wbdrvisan restrictans and tM municipal t;Oninp esdinanCes apphubte to the mortgaged poperry. not to erect es permit to be erected any new txridingS on tM pemises Mrein mortgaged or to add to a permit to be added to. make es permit to be made. any structural elteratcons to any o} the ex• cstrng improvements thereon without tM wrrttM consent of tM Assocratron. and m the went of any wo!abon or a[tempt to vacate these supulauons. or any of them. tMS mortgage and aN wms secured hereby shall imrtiediately become due end payable at iM option of the Assocrabon g That in case of a default m arty of tM term3 Of tMS mortgage and tM fihrq of a bin to tesecbse this or any other mortgage encumbering the witMn described r prpperty. the Associatan Shall De entitled to apply. at sny time without notice pendirip wch /orecbsure suit. to the court having lunsdretron thereof for tM ap , ' pantment of a receiver of aN and Sirrpular the mortgaged property. end of an tM rents. incomes. WOfits. +ssues and revenues thereof. hom whatsoever source derived. end. thereupon. rt rs Mreby expressly cownantsd end agreed that tM court Shan forthwith apporm a receiver of sad mortgaged poperty. all and s+rrgular. and of such rents. incomes. profits. issues end revenues thereof. from whatsoever source derived. with the usual powers and dut,es of receivers m tike cases. and wch appesntment (hall t1e made by Stith COUrt is a matter Of Slfrtt right !O IM ASSOCIatIOn, and W rihpul re~erenGe 10 [M ad@QuaCy Or +nadequacy Of the value of the property hereby mestpaped. es to tM Sdwrity es msolvencyr of tM Mortgagor. and that such rents. profits incomes. +ssues and revenues shah tx applied by sucn reCNyer to tM payment of iM mortgage rfldeb[edness. costs and charges. acco+tlrng to the order of such court i 0 That m the event tM premises hereby mortgaged. es any part thereof. shalt he condemned and taken under the power o} eminent dpmain the Associat,on shall have the rgnt to demand that ell damages awarded for tM taking of es injury to sad premises shall be pa+d to the Assaaauon +ts successors or assigns. up to the amount then utrpad On tMS mortgage. and may be appl+ed t0 any sums last payable hereunder 1 1 That t.me is o1 the essence of tMS connect and that no waiver of any pbirgabOn hereunder. or of the oblcgauon secwed Hereby shau at any t+me thereafter be herd to be a waver of the terms hereof es of the promissory note Secured hereby 12 In the event of any delsuh in any of tM terms o) this mestpage. Or in the note secured hereby. and acceleration try the Holder or any o:her srtuaUOn that would cause the interest paid es payable under this ppligation to exceed tM +nterest rate suthor+retl by law. then rn such event ail a¦cess interest theretofore paid shall be credited to princ+pal and a:' accrued and unpad excess interest shsn abate and snap not De an obbgation of the maker or Of any other person 13 That to tM extent of tM indebtedness Of the Mestpapor t0 the Associstan described Mreinn or secured Hereby. the Association rs hereby wbrogated to tM hen es hens and to the rights of tM owner and holder thereof of each and every mortgage. lien a other encumbrance on tM land Cescrrbed herein wh+ch is Dsd and satisfied. m whole or in Dart. out of tM proceeds of tM ben described Mrein es secured hereby. and the respectcve hens of card mortgages. Hens or other en- cumWances shall be. and tM same and each Of them Mreby is preserved end shall pass to and be herd by the Association herein as seturiry for the in~ - debtedness to the Associatan Mrein desvrbed or Mreby secured. to tM same extent that it would have been preserved and would have been passed to and teen held by tM Associatan had it been duly end regularly ssspnad. transferred. set over. and debvered unto the Assoccation by separate deed of ass+gnment notwithstanding tM bct that tM same may be satrsfied end Cancelled o/ record. rt being the intentron of the parties hereto that the same wch lx! satisfied and cancelled of record by tM holders thereof et or about tM rime of tM recording of this mortgage 14 That +f any of the wms of money herein referred to be not promptly and fully pad witMn thnty 1301 days next after the same severalty become due and payable. Or rf each and very tM Stipulatan5. agreements. COrdiian5 and COtrenanti of Said prom+ssOry note and th+5 mortgage. Or ether. are not duly performed. COm~ ; plied with and abided by. the a•~gregate win unpad under sad promissory note and this mortgage shall become due and payable forthwith or thereafter. at the option of tM ASSOCiatiOn. as fully and completely as d sad aggregate win of money were onginaily stipu:ated to be Da+d On such day. anything m Sa:d promissory note a Mrein to tM contrary notwdhsand+np - t $ That rn order to accelerate tM maturity of tM indebtedness Mreby secured lxecause of tfie fa~~u+e of the Mortgagor to Pay any ter: assessment. icab•hty Obhga torn or encumbrance uPOn sad property as Mrein provrdld. rt Shall rapt be necessary nor reOuivte-that the Assoccation shah first pay the same f 16 That the abstract or abstracts of Ltk covering the mortgaged property shalt at all times during the Gfe of this mortgage remain in fire possess+on of the AssoCration and. m event of tM feseclowre of this mortgage. es other transfer of Utte to the mortgaged procertr. m e¦tinguishment of the Indebtedness secured i Mreby. an rght, title and interest of tM Monpspor m srd to any sucn absnscts of title shau pass ro the Purchaser or grantee l 17 $r,o„Id tM valdrty es hen of tMS mortgage. es the rate secured thereby, be contested by litigation or otherw+se the Mortgagor agrees to pay to the Assoc+abon i the cost of defending the same irrcludcnp s reasonable attorney's fee F 18 To pay ail and S+rrgular the costs. charges and expenses. mciiiding attorney"s fees reasonably incurred rir paid at env time by rho Assnciabon because of the f fa+!ure Of tM Mortgagor tO perform. Comply wdh and ab+de by Bath and every the stipOlations agreements condrt+nns and covenants of sa+d promissory note and this mortgage. es either, and every wch lexcept ies tM payment of the monthly mstailment as regwrerl Hy the Pmmcsso•y Notel shau Hear interest from date at the rate of eighteen per cent (18761 per annum unfit fully paid 19 TM Association shah bare the right at any time and from Lrrrre t0 time and without not.•ce to or Consent Of any person tO cal re;ease any portion of the premises hom the ben Of this mortgage. Ibl rallase sny person 1+able for payment Of any indebtedness secured hereby +U extend the time of pdYinent or alter the terms Of tNymeni O! all es any part Of tM indebtedness. without aNect:np Or relNHnp tM pe/spnal liability Or any person Gable (ether than any Person released pur- want hereto) for the payment O! any win W interest Secured hereby and without m any w+se aitenng varying Or d~mimshmg the forces effects Or Gen Of lh+s mortgage On an tM penrrses not SpeCifrCSlly released from the hen of this mortgage t>Y the Association e 20 Any agreement Mreaftcr made by Mortgages and Assocrstron purwant to tMS mor!gage steal! tx superior to the tights of the holder of any •nterven+ng hen or 6 encumbrance 3 21 upon request of Mortgagor. tM Assocnuon may. at its sole opton. from Um! to time before fu6 payment of all indebtedness secured hereby make /urtrrer ad- vances to Mortgagor. provided. however. that the total principal secured Mreby and remaining unpaid +^aud~ng any such advances shall not at any Ume ex- teed tM escgmat prirrcrpal win secured Mreby Mortgagor shall pay ell wch further advances wdh interest and the same shau be secured hereby Au prOV+slon5 ``N Of tMS mortgage shad atipH !O each further advance as wen as to alt other indebtedness secured hereby Nothing nere~n conta~ried. however shat' hmrt the z amount secured by this mortgage +f such amount rs +ntreased by advances made by [He Associaticn as herein esewnee provided for to p+otect the security a 22 in the event the Mortgagor herein. or any wbsequent Mortgagor. or any person or corpo'ation owmnq any ,merest whatsoever should enc+unMr the property e herein mortgaged by an instrument commesily referred to and known as a ~'wraP-arourxt mortgage without first Obtaining tt+P written consent Of the Associa- tion. then at the Option of tl+e AsSOCiDiiOn. the obirgation secured try tMS Mortgage chair +mmPrLarely bet.Ome due and naraMe 23 To provide the ASSOCiatopn with flood InwranCe Coverage d the rear prOperry is now or he•ealter determined to rw within a specie: /food nararA area as shown on Flood Na:ard Boundary MaprFbod Iriwrance Rate Msp as publ+shed by the Federal Insurance Adminiaretion 24 At tM request of tM Mortgagor. tM Assoc+atan agrees to waive tM provisons of paragrapH 4 relative to the c:eapon of a hazard insurance account. povided however. that tM Assouatan reta+ris iM npM. et its Option. to rs-instate siicH provisions o} sa+d paragraph 4 as sn obl~gaues: of the Mortgagor hereunder upon tM happening of any of tM fdbwrnp t A Facture to make any payment raQtiired under tM farina of tM note on a before the due date thereof + 8 Fadure to Comply yinth tM iriwranee prOVraiOnf Of paragraph 3. or of any Of tM other terms and conditions of thee mortgage Or note. or with the insurance - ~ regWremem5 COnlarMd m tM Dedaratan Of COrydomlMUm and related documents shouitl the mortgaged p+operty be Committed to COrdpm+nWm devlbpment s 3 (CI-M-Ti T/P•A (11~ j fync~ a a~A71(~ ' PEE 4 - . - - -s'~•. b -r:.