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HomeMy WebLinkAbout1364 4• There in order to wotect mere fully tM secwrty of ihy mortgage. tM Matgsgor, togstMr with. end in sdddron to. the monthly payments urxler tM terms of the note secured Mreby. On tM specrhad payment data 01. each month until IM Nd Hots is fatly yard. oriel pay io the Assocratran tM Iolbwrng wins Ia1 An instaumtnt of tM tsaes and assessments levied a to be brried against IM psmrsss covered by ehrs rnortgags. aril en installment of tM pamrum a pemums tMt wrN become dw and payabN to rartew tM rnwrance a+ tM perruses covered Mreby against bu by fr.e. erred wr+rdstam. as povdsd . for by paragraph 3 precedrrrg. a such other haterd as may reasonably De requued by tM Assocrstron and sn instaumsnt of tM pernrum that wilt become dw and payabN to renew tM mat9a0e rnswance. d any. Such muallments mall De equsi, resDSeuvsly. to ate tweNth Ili12th1 of 1M ss- timatsd pemwm a pemwms for such inwnnp. erred taxes and assessments ryas dw bs estimated ay tM Associatgnl less au rnsullments abesdy pad thNela. drvdsd by tM numbM Of months flat orb to elapN as month pip to tM data when such psmium. a pemrums and boos and 1 sssessmMb wtN becony deMnQuMt TM Assouation, wMN applying such payments to rnsurancs pemrums. taros ono assessments. bolero iM same j beconrs dekregwnt. shall rqt pay intMast to tM Mortgagor On such funds. and sU such payments mar be coinmrngled by tM Assocutan wrM trey ! other such funds a with ib own lands TM tureds era pledged as additional secunry fa eM sums secured by thra Mestgags and are wblect to use ny r the Assocratron rn payment of "lab cMrgei' and bank collettiOn cMrges ) ibl Ali payments rMntioryd m tM pepWng wbsectron of enter paragraph end all payments to be mods under IM note secured Mreby shall be added together end tM aggregate amount thereof shat) De pad by tM Mortgagor each month in s angle Dayment to be applied by tM Assocratron to the tdbwrng items en tM oiler NI lath- 1 Taxes. aasessrrynts. and inwrance pemrums 2 "late charges' and bank collects: charges. unleu pad rn manner povded in paragraph 4 la) 3 Interpt on tM rob secured hereby 4 Amorbtatron of tM prncrpal of said note l Any defrcreney rn tM amount of Such aggregate monthly payments sMll, unless pad by IM Mestgages pro to the due date of tree pert such payment. con- stitute sn event of deyuh under fly mortgage. Without warver of any righe tM Assouation mar collect a late charge" as povided in tM Note 5 That d tM weal of tM payments made by tM Matgsga under is) of paragraph 1 pecedrng shall exceed tM amount of payments sctuaey made by tM Assocratgn fes taxes and asMaamenb and rrtwranp pemwma. as tM pea maybe. such eacsu shall ty credited Ay eM Association on subsequent payments to bs made try tM Matgsga If, however. tM monthly payments made by tM Mortgage under (sl of paragraph 4 pecedr[g anon not have been wRrcrent to pay taxes and sssessmMts and inwrsrip pemrums. as tM pee may be when tM same shall become due and payabb. then, tM Assocratron may. st its op~ iron, immediately pay such Baas end assessments and irewranp pamrum. and tM Mortgages shall pay to tM Association any amount necessary to make up eM deficiency. and such payment Shat1 bs duo and payabk wrtMn tMrty 1301 days after tM date of marling o1 rgtice ny the Associargn Setting forth the amount OI such deficyncy If, at any ferric, tM Mortgagor shaft tender to tM Asaociation. in aCCesdance with the povrSrons of the note secured hereby full payment of the enure rndebtedrresa repsspnted hereby. tM Assocratgn shall, in computing tM amount of wch indebtedness. credit to the account of the Mortgages any 4 balance remarrung in the funds accumulated ardor tM pmnsgns O! (a) Of paragraph 4 B To permit. commit a wffsr no wash- rmparrment a deterioratgn of card poperty. a any part thereol and upon the yilure of the Mortgage to keep the twridngs on sad pOpirty m good Condition a repay end msrntensnce. tM ASSOtNtrOn may demand poper maintenance and tM rmmed+ate repair of sad bu~ldngs. es an rncresse M the amount of aetunty. a tM immediate repayment of tM debt hereby secured. and the farl~•.: of the Mortgages to comply with sad demand of tM Asaocistion for a Wnod of tMrry 1301 days aM11 constitute a beach of this mestgage. and at the option of the Assocratron. immediately mature tM enbro amount of pincipal and u+brsst hereby secured- end tM Association rmmedratety and wdhOUt notice may institute poteedings tp foreclose this mortgage and apply la lM appantmMt of a reteivN, as IiMMMhM provded. end in case of the refusal. negbct a inabbty of the Mortgages to repair and marntarn card poperty. tM ASSOCratiOn may. at Rs option. make aucA repairs a cause tM same to be made. and advance moneys m that behalf 7 T~ perfesm. comply with and able by each and every tM stipuytiory, agreements. condrtiOns and covenants in said pomissory note and this mortgage set lath 8 To comply with the wbdmsgn restrictgru end tM municipal zoning adutsnces applicable to tM mortgaged pOperty not to erect or permd to be erected any new buildings On tM pemiass Mrem mortgaged a t0 add t0 a permit t0 be idled t0. make es permit to be made, any Structural •ItNitgnS to any of tM ea• rsarrg impovernMts thereon without the wnttM consent of eM Aasaaation. and in tM event of any vglatgn or attempt ro violate these stipulations. or any of chem. ehrs mortgage end all sums secured Mrsby sMll immsdiiteiy become due and parabb at the opton of one Association g That m case of s default rn any of tM terms Of this mortgage end tM hkrq of a bill to forecbse ehrs or any other mortgage encumbenrig tM within described poperry. tM Assoastron shall M entitled to apply. st any time without nonce periling such foretloswe veil. to the court hswrig lunsdictron thereof fa tM ap- pantment of s receiver of ell and singular tM mortgagW poperty. and of all the rents. incomes. pohts. issues and revenues eherepf from whatsoever source I derived. and. thereupon. rt is Mrebtr eapessly eovenantad and spread that tM court shall lesthwrth aptgint a reserver of sad mortgaged poperty. i11 and singular. and of such rants. incomes. pofits. rssues and revenues tl+ereol, from whatsoever source dtnved vinth the usual powers and dunes of reservers m tike - cases and wch apporntrnent shall be made by such court as a matter of strict right to the Auocration. and wrtequt reference to the adequacy or inadequacy of eh f value of [M poperry hereby mortgaged. a to the solvency or insolvency of the Mortgages. and that wch rents. profits. incomes. iswes. and revenues shall be appned ny such reserver to tM payment of tM mortgage rredebtedness. costs and Charges according to the order of such court 10 ghat rn the event the pemisss Mreby mortgaged. a any part thereof. shat! be condemned and taken under the power of eminent domain the Association shall have the right to demand that a0 damages awirded /or tM takrrig of a injury to sad premises anon be paid to the Association. its wccessors or assigns. up to the amount thee unpad Ori ehrs mortgage. and may be ipplred to any wins Iasi Dayab!e Mreunder 1 1 chat erne rs of the essence o! CMS contract and tMt rq warver of any oblrgatgn hereunder or of the ublrgatror secured hereby shall at any trine thereafter be heed to be a warver of tM terms Mrept a of tM pomrsSOry note secured hereby t 2 en the event of any default in any of the terms of this nriortpage. or in tM note secured hereby. and acceleraign by the holder or any other srtuatgn that would cause tM mtereat yard a payable under tMs obtgatgn to eaeeed the interest rate authon:ed uy law then m such event all excess interest eneretofese pad shall t~ credited to pintrpat and a:' iccrued and unpad erceu rnterest shah abate and shat! not be an obhgatron of the maker w of any other perwn 13 chat to the event of the rndebtedneu o! tM Mortgiges to the Assoaaign described herein or secured hereby. the Association rs hereby wbrogated to the !rev es Irons and to the rights of tM owner end holder thereol of each end every mortgage. Iron a other encumbrance on the land described Mrern. wh,cn is pad and satisfied. m whole or m part. out of tM poceeds of tM iwn described Mrern or secured hereby. and the respective bens o1 said mortgages. bens or other en- cumbrances. stall be. end tM same end each of them Mreby is peserved end Shs1l pass to and tx Mld by the Association Mrern as secunry fa tM m- debtedneu to the Assocratron Mrern dsstnbed a Nereby secured. to the same eatcnt that rt would have been peserved and would have been paned to and been held by the Associatgn had it been duly end reguis.ly assigned. transferred. set over. and debvered unto the Association by separate deed of assgnment. notwsthstandrrig tM yet that the same may bs sstrsfie0 end pntetted of record. rt be.ng the intentgn of [he parties hereto that the Same will be satisfied and cancelled o1 record by the holders thereof at or about tM time of tM recording of tMS mortgage 14 That rf an of the wins of mono Mrein referred to bs not pomptl and ful r y y y IY pad wdhin thirty 1301 days Here afte• the same severally become due and payable. or d each and every tM SUpulatiOrs. agteenyntS. COrddgria and COvenaniS Of sad prOmraSesy note and tMS mortgdge. Or either. are nor duly performed. Com- e Bred wreh and abided by. the aggregate sum unpad under sad pOmissOry note and this mortgage shall txcome due and payable /orthwrth or thereafter. at the Option of the ASSOtiatgn. K fully end completely of d sad aggregate win of money were ongrnally stipulated to De paid on s+xh day. anything rn sad j Ixomssory note or herein to tree contrary notw~thstsrdrrq f t 5 That rn order ro accelerate the mstunry of the indebtedness riereby sltured because of the failure Of the Mortgagor t0 pay any ter: assessment. habrLty. obi~ga non Or eeCUmbranCe upon sad pOperty as Mrern pOVrded. rt shad not t)e necessary nor requrSrte that the QssOC•atirN1 snail first par the Sarno ~ 16 That tM abstract or abstracts Of title covenrq tM mortgaged pOperty shall at all times during the fife o! this mortgage. remain m the possession o! the Auocrahon arid. in evert W tM fesedowre Of tMS mortgage. es other transfer of title to the mortgaged property m e¦onguahrn¢nt of the indebtedness secured hereby all rgnt. title and rnterest of iM Mortgagor in and to any such abstracts of title she!! pass to the purchaser or grantee 17 Should the valdrty or !rev of this mortgage. es the note secured thereby. tier contested by 6tigatron or otherwise. the Mortgayor agrees to pay to the Assocratron the :oat or defending the same irer_ludrng s ressonible attorney's fee 18 To pay all and singular tM costs. charges end erplnSes :nCludrng attorney s fees reasonaWv recurred or paid at any lime hY the Assnciatine because Of tM failure of tM Mortgage to pertain. comply with and abide by each a:rd every the sripu~ations. ayreements conditions aril covenants of card promissory note and ehrs mortgage. or either, and every wch IerceDt fes tM payment of the monthly rnsta!hrent zs regwred by the Promissory Note1 shat! bear rnterest from date at tM rate of eighteen per tMt IIt3%l per annum unfit fully paid l g The Assoclatron steal! have tM right at any time end from tiny t0 nine and wrlhOii nOUte to or Consent of any person to Iaf re;edse any pesirOn of IM pemrseg from the ben O} ehrs mortgage. Ibl relpae trey person 6sble fa payment Of any rndebtednesS seCUred hereby. Ill ertCnd the tame Of perment Or alter tM terms ~ Or payment Of a'1 es my part Of the indebtedMSS, vrnthout sNecting es rNeasing tM personal iiab~6ty o1 any person liable (other roan any person r91ea3ed pr;r- want hereto) for tM payment of any sum es rnterest secured Mreby and without in any verse altenrrg va+Ying, or dimrmsh,ng the forces. effects. or ben of this mortgage on al! eM penises not specrficaMy released from the lien .ol CMS mortgage Dy eM Association f 20 Any agreement Mreafttr made by Mortgages and AssocrabOn purwanl to this mortgage shat! be superior to the rights Of the holder o} any interveeing (rev pr encumbrance 21 trpar+ request Of Mortgagor. the Assotratron may. at its sok option. from time to time. before fail payment of all indebtedness secwed hereby, make further ad vantes to Mortgagor. provided. however, that tM foul pintrpal secured Mreby and remaining unpaid mdud:ng any such advances. shad! not at any time er- teed the esiginal principal win secwed Mreby Mortgagor shalt pay a!I such further advances with rnterest and the same shat! be secured Mreby An powsions ) e - or ehrs mortgage she!! apply to each furtMr advance as well as to all other indebtedness secured hereby Nothing herein contained. however. steal! bmrt tM amount SKUred by tM5 mortgage rf such trepan[ rS intnfased by advances mad! by tM Aasociatlon_ aS h9rpin elSew here pfQYidod /0r t0 pOteCt eh! SECUnty 22 In the event Mortgages Mrern. or arty wbsequent Mortgagor. or any person o* corporanon owning any interest whatscr!vPr shOU1G encumher the property ` s i herein mori/~IgAtl by an instrument cOmmpnly referred to and known as a "wrap-around mortgage wdhrxrt first Obtaining the whiten consent of the Assocra ~ , non. then at ifie option of the Associatgn tM obligation secured by ehrs ~1o*tgage Snarl rmmedratety tWr'Omo due aiuf payabre 23 to povide the Association with Flood insurance Coverage if tM real property is now or hereafter determined to ne w~tnin a spec•a! flrxxl harard area as shown ~ One Flood Hazard Boundary MadF(ood Irtwrance Rate Map as pubirShed by the Fedora: Insurance Admrri:stratrOn 24 At tM request oftM Mortgagor. tM Assoaatgn egress to wave tM povrsgns of paragraph 4 relative to tM crsatiori of a harard insurance account. povrded. however. that the Assocrstgn robins tM right. it its option. to n-inauu such poyrsions of sail paragraph 4 as an oW rgation o{the Mortgagor herourrder upon fire happernrig of any of !M folbwing i A Fsdure t0 make trey payment rpwned under tM terms of tM note on or before the due date the+eol a 8 Failure to comply with tM inwrsnte pwisgns of paragraph 3. es of any o1 tM other terms and Cpr,drtrOns of [firs mortgage or note. or with the insurance requirements COntiiried in tM OeClarition o1 Condommrum and nytsd documents should the mortgaged DrODe+Ty !kr Committed t0 COridOmimum devebpment 3 `ay~ 4 (Cl-Max x T/P-A ~ ark PaGE 13~ t ~ •lu?lCA 17