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HomeMy WebLinkAbout1358 d• Thal. rn order to wOtect more fully tM secur+ry of elite mortgage. tM Mortgagor, together w+tn and :n add+twn t0. the monthly payments under one terms of eM note secured IrNeby. On tM spaaMd payment date of each month untri tM tad noel .s fully pad. w.u pay to the Assoc+atan the fotaw+ng sums la) An rnsallment Of tM taxes and assessments NweO a to be Iev+ed painst tM pemrses covered by CMS mortgage. and an mstallmsni Of tM premrUm a prsmnrms tMt wrM be0orne dW and payable to reMw tM rnwatxe on tM pemrsi>s covered Mrsby against loss by lire and w+ndstorm. as prov+dsd for by paragraph 3 pracedarg. or such other hasard ore may reasonably be requued by tM Assocrauon. end an rnstaumem of eM Dremrum that well become dW and payable b reMw tM mortgage ureuynce. d any Such installments shat bs equal. respectryetyr to one twelfth 11 i 12th) of tM es• + bmated premium a pamrums for such inwrance. and axes and assessments neat due Its estimated by tM Assocrsuonl Isu ell rnsatlrtNnts already t pad eMrffp. drvtdW by tM number of month flat era to e4pN ors nanlh pr+es t0 IM deco when such premium Or premiums and Gass and assessments well become detinpwm. TM AteOtratan. whet applying such payments to insurance prsm+ums. is¦es and asseuments. Dsfora tM same beCOIM dehrgwnt. shall nW pay rnterasl t0 tM Matgpor On wch funds. and all such payments msy be tomm+ngtsd Dy fns Association with any other such funds a with its own funds TM funds ue pNdgW as addrtanal security fa tM wms secured by CMS Mortgage and are subject to use Dy tM Assoaatan M D1YrrNnt of "tea chigoe-- and bank cWlectron cMrgss ~ Ibl All payments rrrentroned in tM pratedrng wbsectan of this paragraph and all payments to be made under the note secured hereby shalt be added togetMr and tM aggregate amount thereof sMll be pad by tM Mortgagor each month in a S+ngle payment to be appl+ed by tM Association to tM foUOwing rams in tM order sat forth 1 Taxes. assessments. and mwrance premiums 2 elate charges" and bank couectror•. charges. unless paid m mariner groveled in paragraph 4 Ise 3. Inarest ore tM Hots secured hereby 4 Amortiiatwrt of fix p+ntipal of said note Any dehtwicy in tM amount of such aggregate morNhly payments sMN. unless pard by the Mortgage error to tM due date of the tie¦t such payment. con- shtua sn swM Of decorate under tlra mortgage. Without waiver of any right. tM Assotraran msy collect a elate charge" ss prowded rn tM Note 1 S Thar d 1M Wei of tM payments made by tM Mortgagor order la) of paragraph 4 prscedng snau exceed tM amount of payments actually made by the Assotutron fa taxes and issessmerrts and insurance Wemwms. as tM case may be. wch s¦cess stye! De credited by t?re Assoc+auon on wbsequent payments to be made by tM Mortgagor. 11, however. tM monthly payments made by tM Mortgagor under Ial of paragraph 4 preced+ng shall not have been wifrcient to Day taxes and assessments and irquranq premwms. as tM case may be. when tM same shall Decesne due and payable. then, the Assocytan may- at its op• trop. immedratNy pay such asst: and assessmerite and inwrarxs premium. and tM Mortgagor shalt pay to the Association any amount necessary to make up tM defitrenCy. and such payment ehall be dw and payable within tMrty (30? days aher tM date of ma+bng of notice by tM Assoc+ation Bening IestA the amount G/ such defitrsnty If. at any Dms. tM Mortgagor shall tender t0 tM AttOtytrpn, in accordance w+th the prOnsans of the note secured Hereby full payment Of the en We indebtedness rspres!lnted hereby. tM Assocrstan shall- rn computing tM amount of such rrrdebtedneu. credit to the account of the Mortgages any balance remaining m the funds sccumutated under tM provrsroris of isl of paragraph 4 6 To permit. commit or wt/sr n0 wasa. rmpaumMt or detsrroratron of card prOpsrty, or sr+y part thereof and upon the /a+lure of the Mortgagor to keep the buildings on sad property in good COndrtan p repan and mimtsnance. tM Assocratan msy demand proper maintenance and the immediate repair of sad bu+Idrngs. a an increase in tM amount of ssturrty. OI tM immediate repayment of tM debt hereby secured. and the /a+it:•,; of the Mortgagor to comply with card demand of tM Assowtan for • period of thirty 1301 days shalt constitute a beach of tMs mortgage. and. at the oDtan of tM Assoc+atron. rmmed+ateiy mstwe tM entire amount of pnntrpal and intNest Mreby secured. and tM Assocution rmmedisteiy and without nohce may mst+tute proceedings to iorecbx this mortgage and apply for tM appwntnient of a reCervsr, as Mrernaher povded. and rn case of tM refusal. neglect w +nab+lity o1 the Mortgagor to repair and t maintain card property. tMAssocutan may. at its optan, mike such repsrrf or Cause the same to be made. and advance moneys +n that behalf i 7 TO perform, comply rrrth and able tier each and every tM stipulatrOns. agreeriients. condrtans and covenants +n card prom+ssesy rate and this mortgage set forth - 8 To comply with tM wbdmsan ?Ktrictans and tM munrt~pil >!omrig esdinances applicable t0 the mortgaged property. not to erect es permit to be erected any new bilildrng5 On tM premises frMein mortgaged W to add to or pNnvt to b! added to. make or permit to De made. any sductural etterations to any of tM ea- istirlg implOVemints thereon rv+tlrOUt tM written Consent O) tM AssOtialiOn. and rn tM event Of any vrOlatiOn Or attempt t0 vrolate these stipulatans. Or any of them, this mortgage and erg wms secured Mreby sM11 iminedytely become due and payable at the option of the ASSOCwtan 9 That m case of a default m any of tM terms of CMS mortgage and tM filing of a tilt to forettose CMS or any other mortgage encumtxr+ng tM wrtMn described property. tM Assotistan seta!! bs enbtNd to apply. at any. time ¦yitlrout notice Dsndrng such loreclowre wit. to the court hawng rynidictiOn [hereof fes iM aD- pOrntn+ent o/ a retsrrer of aN and singular tM mortgaged pOpertY. and of all tM rents- rRCOmes. wotits. issues and rercnues thereof. from whatsoever source derived. and. thereupon. rt rs Mraby lapreSSl?r covenanted and agreed that tM court Shall festhw+th appo+nt a rote+ver Of Sa+d mortgaged poperry. all and Singular- and of such rents. incomes. pieties. rswes end revenues thereof, from whatsoever source derived w+th the usual powers and dut+es of receivers rn tike cases. and such appesntment shall be made by such court of a matter of strict right to the Assotrat~on. and without reference to the adequacy or inadequacy of the value of tM poperty hereby mestgigad. Or t0 tM solvency es msolvsnty of tM Mortgagor. and roar such rents profits rrxomes- issues and revenues shaft be applied by wch recenror t0 tM payment Of tM mortgage indebtedness. costs and charges, accessing to the order of such court 10 That in the event the wem+ses Mreby mortgaged. Or any part tfieredt. SAail De condemned and taken under the power of eminent domain. the Association shall have the right t0 demand Ihit all damages awarded for tM taking Of es rotary to sad premises steal! tx paid to the Assoc+at+on. its wccessors or ass+gns. up to The amount then ahead On CMS mortgage. and may t>C applied t0 arty wms IDSt paYabte hereunder 1 1 That lime +s of the essence of etas contract and that rip waiver of any ObhgatrOn hereunder. or of the ob++gation SeCUred hereby. Sher'! al any I+rne ihereaher bC herd to be a waiver of tM terms Mrsdt or Of the promissesy note secured hereby 12 In the event of any default m any o/ tM arms o/ CMS rnprtgage. es m tM note stewed hereby. and accelerbnon by the Holder. or any other situation that would cause the iniNlst pad Or payable under CMS OblrgabOn to exceed tM interest rite suthonred by law. then m such event all excess interest fheretofese paid shall be credited to Pr+nc+pal and a:+ accrued and ahead excess interest shalt abate and steal! not be an obligation of the maker or of any other person 13 That to the extent of tM indebtedness of tM Mortgagor to tM Assocratan described Herein or stewed hereby. the Assoc+ation is hereby wbrogated to the ben or bens and to tM rights of tM owner and ?aher thereof Of each and every mortgage. Hen es other encumbrance on the land described herein. which rs pa+d and satisfied. m whole or m part- out Of tM proceeds of tM loan described Mre+n es secured hereby. ores me respective bens Of lard mortgages. hens or Other en- cumbrances- sha0 be. end tM same and each Of them Mreby rs preserved end shalt pass to and be herd Dy the Assoc+anes+ here+n as security for the rn- debtedness to the Assocytan Mrein described Or hereby secured, to tM same tortoni that +r would have been preserved and would have been passed to and been nerd by tM ASSOCratron had rt been duly end regularly assigned. transferred. set over. arW del,vered unto the Associat+on by separate deed of assignment. nOTwrthstand+ng [M fact that tM same may be satisfied and csncstled of record. rt being the intention of the I»rnes hereto that the same will be Satisfied and cancelled Of reCprd by tM holders tMreOf at Ot about the arm! O/ tM recording 01 CMS mestgage i / 4 That d any of the wms of money hxein referred to be rat promptly and fully pard witMn thirty 1301 days tie:t after the same severally become due and payable. or d each and every the StipulabOns. agreements. CO+drtans and covenants Of sad prOmiswry note and th+s mortgage o. either. are not duly performed. cOm- f D!+ed with oriel abided bY. tM aggregate win arrears under Bard promissory note and tMS mortgage snau become due and payable fonhw+in or thereafter. at the i op[an Of tM Association, a5 fully and compteteN as if lid aggregate win of money were orig,natiy stipulated to be pard on wch day anytn+ng rn lard I promissory rate or herein to tM contrary notwrthstandrrig ~ 15 That m order to accelerate tM maturity of tM indeb[edncss MrebY secured because of the failure of the Mortgagor to pay any ta¦ assessment. hab+hty obligor non or encumbrance upon sad property as herein provided. rt shill not be necessary nor requisite that the Associsnon shorn f•rsr pay the same { 16 • That the abstract or abstracts of title covering the mortgaged property shsu at all rimes during the late of rtes mortgage rema.n .n the pOSSesvon of the t{ Assoaahon arW- m event of tM foreclosure of tMS mortgage. or other [ransfer of nNe to the mortgaged Droc,erty m err+rgu+shmen: or the indebtedness secured hereby. all right. t+le and interest of tM Mortgagor rn and to any such abstracts of title shalt pass to the purchaser o+ grantee 17 Sha,!d the valdrtr or hen of CMS mortgage. or the note secured thereby. be contested by lrtiganon or otnerw:se the Mortgagor agrees to par to the Assoaat:on the cost of defend+ng the same +ncludrng a reasonable attorneys fee 18 TO pay all and singular the costs. charges and eapenses.:ncluding attorneys (eel reasonably inuured or paA at any rime by the Assrxrat+on because Of the failure of the Mortgagor to perform. comply with and abide by each and every the snpu!anons. agreements conAmons and covenants of save prom+sso+y note ~ and th+s mOrt r either. and every such le¦ceDt for the payment of the months gage. O y in5tallmenT as regmrerl by the PromizSesy Note1 shalt bear inter_St from date at the rate of eighteen per tent t18°i6) per annum ant+l fully pard ~ 19 The Association shall have tM right at any rime and from rime to rime and witfrout nonce to or consent of any person to tai re~ease any portion of the premises ~ from the ben of CMS mortgage. lbl release airy person iyble for payment of any indebtedness secured hereby to e¦tend the rime Of payment Or alter the terms o} payment of all es any pan Of tM rdebtedness. without aNecting es reteasrrig the persona' babibty of any cerspn bable !other than any person released pur- want hereto) for Th! payment Of any win es interest secured hereby and without m arty wise altenrg, varying or d: m+mshmg the forces. affects es ben Of thK P mortgage on ail tM premises not splCifreslly released hem tM ben of th+s rtartgage Hy the Associat+on , 9 20 Arty agreement hpeahc. made W Mortgagor and Association purwant t0 flits mortgage shat! be superior to cite rights of the Heider of any rntenenrng hen or encumbrance ~ 21 tlpo^ request of Mortgages. tM Assoc+atart may. ai its sole op[an, frpm rime [o Ume befese tali payment Ot a!I +ndebtedness secured hereby make furt'+er ad vances to Mortgagor. provided. however, that tM foal printiigl secured hereby and remaining unpa+d :ndud:ng any such advances. shalt not at any lime a¦~ 8 teed the org+nsl prrnapal win secured MreDy Mortgagor shall pay ail such lurttxr advances w+th interest and the same shalt be secured hereby Ai! provrs.ons of CMS mortgage shalt apply to oath further advance as well as to all other indebtedness secured hereby Nothing herein contained however steal! hmA the arri0unt Secured by CMS mortgage d lath arnOUnl it IrrCreiSed by advantts mad! by TH! Assoc+atlon a5 herein el5ewherB DrOViAed for t0 protect tree SeCUn1y 22 In the event the Mortgagor Mrein- or any wbsequent Mortgages. or any person or Corporation owning any interest whatsoever shOak: encumber the DrOt7e'ty - herein mortgaged by an mstrumMt Commonly referred to and known as a wrap-arourM m0+!gage without 6rzt phta+nmq the written cnnsont n1 the Assotra- non. then. at the Option of the ASSOCytan, the ObligahOn Secured by this Mortgage shag rmmed:atP!y becon+e due anrf payable ! 23 To provide the ASSOC+atiOn w+[h Flood InwranCe Coverage d the real property +s now or hereaher determined to oe within a speual Flcxxf harard area as shown ! on Flood Hazard Boundary MayFtood Inurance hate Map as pub:+shed by the Federal tsurance Adm~rnsirannn 24 At the request of tM Mortgagor. tM Assocratan agrees to waive tM prov+sans of pa+igriph 4 relative t0 the creation of a harard msurante account. groveled. - However. that the Assoustron reams tM right. at ns Optrpn. to re-instate such provisions of sad paragraph 4 as an oblsgation of tM Mortgagor Mreunder upon the happening of any Of tM lollowirrg A Fa+ture to mats my payment rsquirsd under tM terms of tM note on es Ix/ore the due date thereof I B Fsdure to comply with tM mwnncs provisans of paragraph 3. or of any of fns other terms and condrt:ons of th+s mortgage or note or with the insurance requirements conta+nad in tM Oethntion of Condor*iinwm aM re+atsd documents shouts the mortgaged property be comm+ttsd to condominium deveiopmsnt - i_ a 1 ~ (Cl•M-7t - T/P-A rr -~+K~30 P~~E13~~0 f~1icA a $C(1K