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HomeMy WebLinkAbout1373 • r That. in prier to p+Otett mile fuuY tM security of CMS metgafie tM Mptgagpr. together with and in additan to the monthly payments under ttNt terms of tM rwte secured MrtDY. on tM stncitied payment data of exh month uMit tM sa+d note is tu?ly pad. will pay to tM Association the lytow+ng wms fal An mstaUment of tM rates and asstumtnts levied a to tit Iw+ed against tM pemius covered DY Mis mpegage arW an installment of the yrem+um ' a premiums titer writ betwmt rive and paYabN eb rentw eM iraunnq otr tM pamists covered Mreby against bss'by Ere and wirdslpm, es provdsd fp by paragraph 3 pecedrng, a such Otlar hated is may reasonably Ot required by tM Association. and an inSWlment of tM txemium tMt wilt lacome rive and wyabla to reMw tM rrtortgagt rnwnnCe. d airy Such mstaumsnts sMll De squat. respectiwH w one twelhh i L 12th of tM n• bmatad prtrruum a p?trnwms fp such trtsurartq. and reeve and assessments cast due less esumatW by tM Assoc+at+onl less an installments already yard 1Mrtfe. divided by tM number of mantra that an to M+pse e.e month pia to tM date when such premium a premiums and rases and asstSSmMts will beCOrM datrrtquMt. Tht Association- wftrN applyrrq such payments to inwrance premwms. lases and assessments. befee 1M same biome dtkr?qutnt. fhatl not pay rntNtst to tM Metgage on futh funds. and elf such payments may be cbmmingled by fire AfyOCiation with arw other such funds or with Its own funds TM funds art pledged as addu+ortal security (p tM sums secwtd by tMS Mortgage and are wbltct to use M tM Astociation m paymMt d "4te cnargti' and bank cdtxtron c?MrgK tbl A!1 paymMis rMnttOned rn tM prxtdng subsectgn of tMy paragraph and all payments to De made under the note secured hereby shall be added together and tM aggregate amount tMreof shah be paid by tM Mptpagor exh montn in a yrigle payment eo be applied by the Asses:iatiOrt w tM totbw+ng items M tM Order tNt forth 1. Tarts. asstssrrants. and inwrance premiums 2 elate charges and park colbctror, charges. unless paid :n manner Wovded rn paragraph A Ial 3 Interest on tM noes sxured Mreby 4 Amore:ation of the principal of sad note Arty dehrxncy n tM amount of such aguregate mertMy payments stars. unless pad byr tM Mptgage pr+e to the due date of the nest Such payment. con- stttute art event Of delauh undo tM mortgage. Wrthoul waiver of ar+tr right. the ASSOtiatron may coirect a late charge' as provided in tM Note. S That d tM wtal of tM paymMts merit by tM Mortgage uttdet lal of paragraph t prtcefJ'ng shalt a:teed the amount of payments xtuauy made by tM Association fe a.es and atussntents and insurance prtmwms. as tM tau may tit. such eactss sMll W credited by tM Association on subsequent paYrrants to bs made by tM Metgage- 11, hovwvN. eM rrantNly payments made by tM Mortgagor eider Ia. of paragraph a prxedrng Shift not haw Deers wthcrent to pay taxes and assessments and rrtwrance premiums. as tM tau may bor. whin tM saint sMll oecome due and payable. then, the Association may. at its op- tiOn. imrnediatetY pay sucA tatter and assessments and rnyurantf premwm. and tM Mortgage matt pay to tM Assoc+atron any smoum necessary to make up tM deficrertty. and such piymMt sMs be rive and payable NntMn thirty 1301 days after tM date of marling of notice by the Assxiaton setting filth rite amount of such dafiaertcy. tf, at any erne. tM Mptgapor shall tinder to tM Association. in xcedance with the pray+sions of the note secured hereby full payment of the enure indebtedness rspresanted Mreby. tM ASyOtration sMll, rn compuunp tM amount of such indebtedneu. cred+t to file account of tM Mortgage any balance remaining rn tM funds xwmulated under tM povisions of lal of paragraph t 6 To permit. commit Or wfter nO waste. tmparrment p detsiieatton of sad property. a any part [hereof. and upon the failure of the Mortgage to keep the bu+kMrtgs On yard prOpMy m good tortdition Or rtpau and maintMartce. tM Association may demand proper maintenance and tM immed+ate repan of sad build+ngs. a an increase in tM amerM of sxunty. a tM immediate repayment of the dept hereby secured and the fain:-,; of rile Mortgages to comply w+tn seed demand of tM Assouation Ip a period of thirty 1301 days sM0 constitute a bexh of this mottgage. ord. at the option of tM AsSOCiatron. immcdiatNy matwe the entire amount of p?incrpat and mttrsst Mreby sxured. and tM Association immed+ately and without notice may institute proceedings to feeclose this mottgage and apply Ip tM appointment of • rxeiwr. as Mreinafter provided. and in case of fM refusal. neglect or inaMl+ty of fire Mortgagor to repau and maintain said property. tM Aysoaatan maY• at its option. make such repairs a esuse tM same to be made. and advance moneys in that DehaN 7 TJ perlpm. comply vmth and abide by exh and every tM sbpulationa. agreententS. COrtd+t+Ons and covenants m sad p~omiyspy note and ties mortgage xl forth 8 To oomph/ with the wDdrvision rtstrKttony and tM munrapit toning ednances applrCabte to the mptgaged property. not to erKt a permit to be erected any new bu+td+rtgs on the eemises F•erein nwrtgaged a to add to a permit M be added to. make a perm,; to be made. any structural altratrons to any of tM es- isung +mpovements tfaraon v+rit?tout tM wnttM cetsent of tM Assocatron- and m tM event of any v+Olation or attempt to vitiate rhea stiparlatipts. a any of them. CMS mortgage and ail wms secured MreW shit imnadiately becorrte dui and payable at the option of tM Association g That in case of a default rn any of tM terms of this mortiilagt and tM Ming of a bill to fpecbse this p any other mortgage encumbering tM within described property. [he Association shalt tit tntrtled to appfr• at any time without rtOtita pending such lpectowre wit. to the :.Dort hav+ng tunSd+cUOn thereof ip tM sp- ppntment of a receiver of all and singular tM mortgaged property. and of au tM rents. +ncomes. profits. issues and revenues thereof. from whatsoever source derived. and. thereUpofl. it o hereby ettprtsyly covenanted and agreed that tM COUrt shiN fpthwith appO+ni a reCervlr 01 Sa+d nlptgage/1 property. all and singular. and of wch rents. incomes. poh!y. owes and iawnues thereof, tiers vvhatsOever source derived. with the usual powers and dupes of receivNS m tike cases. and such apppntment shat) tit made try such court as • matter of strict right to iM Association. and without reference to the adequacy or inadequacy of the value of the proptrtY hereby mortgaged. a to tM sdvenhr a insolvency of tM Mortgagor. and that wch rents profits. incomes. +ssues. and revenues shall t>e applied by wch rKerwr to tM paymMi of tM mptgspe tdebtednsss. costs and charges acceding to the order of such court 10 That m the event the premises hereby mortgaged. a any part thereof. shall be condemned and taken under the power of eminent domain. the Assouatwn shah have the right to demand that a0 damages awarded fe tM taking of p rotary to sad prem+us shall be yard to the Association. ets wccessors or assigns. up to one amount then unpad on tMS mortgage. and may tit apdred to any wms last parable hereunder 1/ That time +s of the essence of tfrs contract and that no waiver of any oWigsuon hereunder. or of the obligation secured hereby shall at any erne thereafter be held to be a waiver pf tM terms hereof a o/ the promissory note secured hereby 12 In the evMt of any default rn any of tM terms of this mortgage. p in the note secured hereby. and acceleration by Lire holder. or any other situatrOn that would cause the interest yard p psyabb eider rho obtigat+on to esceed ttta interest rate suttwr+teC DY taw. then in such event an eaters interest ttieretofpe yard shah be credited to principal and a:' xcrusd and unpad excess interest shall abate and roan not be an obligation o! the maker or of any artier person 13 That to the extern of the indebtedness of tM Mortgagor to tM Associat~ort described herein or secured hereby. the Association is Hereby wbrogated to the lien p Irene and to tfte rights of tM pvirrttr and itplder thereof of exh and awry mortgage. Tien a other encumbrance on the rand described herein. which is pad and satisfied. m whole or in part. out of tM proceeds of tM ban dlscnbed herein a secured hereby. and the respective liens of said metgages. liens a other !n~ cumbrances. chap be. acrd tM same and exh of them Mreby ry preserved"aid shalt pass to and De herd by the Association fierein as security fp the in- debtedrtess to the Association Mran described a farebY secured, to tM same a.tent Mat +t would have been preserved and would have riven passed to and been held by the Assocratron Had rt been duty and regularly assigned. transferred. set over. sr+d delivered unto the Association tyy separate deed at ass+gnment. notwithstand+ng the fit that tM Sir*te may be Satisfied and tancelied of rKOrd. rt being the intent:On of the part,eS herein that the same will be sausfred and cancelled of record by the holders therep/ at p about the time of the receding of this mortgage 14 That +f any Of the wms Of money Mrein referred to be not promptly and fully pad within thirty 130i days nest after the same severally become due and payable p d each acrd wery rite strputat+pts. agreements. ceiditwns and covenants of sad Promissory note and tors mortgage. or eitne. are nut duW performed. com- plied w+tA and abded btr. tM aggregate sum unpad under said Promissory not! and Mrs mortgage shalt become due and payable forthwith or thereaftM. at the optwn of the Association. as fatty and cornpietely as if said aggregate win of money were onginatly stipulated to be paid on such day. anything m sad promissory note or herein to the contrary notwrthstandrng ~ 15 That rn prier to accNerate tM maturity of tfte indebtedness Hereby secured because of the failure of the Mortgagor to pay any tea assessment. habi4tt•. obtiga f non p encumbrance upon card property as herein provded. rt shall not be necessary nor requ•siie that the Assoaanon shat[ t,nst pay the same j 16 Thar the abstract p abstracts of title covering the mptgaged property shalt st all times dur,ng the rite of the mortgage remain m the pouessron of the I Assooatwn arid. rn event of tM ipsclowre of this mottgage. o+ other transfer of ut~e to the mortgaged property ;n a=hrgushment o! the indebtedness secured I hereby. all rght. utte and +nterest of the Mortgagor m and to any such absnxis of mte shall pass ro the purchaser or grantee i 17 Should the validity or tiers of this mortgage. p the note secured tHerebr. be contested by litigation or otherwise the Mortgagor agrees to pay to the Association 1 the cost of defending the same eriCludipg a reaSOnable attorneys tee 16 To pay all and singular the costs. charges and expenses iricluding atiOrrey s fees reasonably incurred. o• tiaid at any time by trig Association because of the failure of the Mortgagor to perfpm. CornptY with and abde iri each and every the stiputatip•s agreements. condd~ons and covenants o1 Said promisspy note and this mortgage. a e+thgr, and every wch lescept for rile OaYment of the monthly installment as required by the Prom,swry Notel shall bear :nterest from date at the rate of eghteM per cent 118961 per annum arse! telly Dad 19 .The Association shall haw the right et any t+me and from time SO time and without rwtice to or Consent o1 any person to la> release any port+on of the premises from the lien Of this mottgage. Ibl release any perSpl Haute for payment of arty indebtedness secured hereby. Icy esterxi the Dine of DaYment or alter the tlrmi Of payment Of all a arty part Of the +ndebtadness. without affecting a rlteaSing the personal liabdrty of any person liable lather than any pSrSOn roteaSed pun- t want Hereto) for the paymMt Of airy win a interest secured hereby and without in any wise altering varying or dimimsn~ng the forces effects or tiers of this . mortgage on all the premises not r:pscilicatty released ham the hen of too mortgage by rile Association 20 Any agreement bereahcr made M Mortgagor and Association purwam to 1Ms mortgage snag! be supenp to the ngnts of the bolder of any interven,ng Tien or encumbrance ~ 21 Ijpon request of Mortgage. the Association may. st its sole option from time to Ume. blfort tali payment of a': indebtedness secured hereby. make further ad venter to Mortgage. provided. however. that tM totll pr,rtcipat secured hereby and remaining unpaid. mclud~ng env sucn advances. rhea cwt at any time e¦ teed SHe pig+nat print+pal win secured hereby Mortgage shall pay alt wch further advances wdh interest and the same shall be secured hereby Atl provisions o/ this rtiortga9e Shall apply t0 each further advance as well as to all other indebtedness SlCUred hereby Nothing herein contained however. sHal! hrmt the r amoum secured fry this mortgage i1 such amount is increased bIr advances made by the Associanon as hererq elsewhere prGVided fp fo protect the security € 22 In the event tM Mptgage heron. a any wbsequent Mortgagor. or any person a ce.ppat+or+ owmnq any imerea: whatsrwver shoukt encumber the prOPerty heron mortgaged by an instrument commonly referred to and known as a 'wrap-around mnrtpage without first ohtaininq the written consent of tie Assocra eon. then, at the option of the Associat~ori. the obbgation secured by this Mptgage snail immediately becomri clue and payable 23 To provde the Association with Flood Insurance Coverage d the real property +s now or he•eafte- determ.ned to tie within a soe~+at pnod hatard area as stwwn } on Flood Halard Boundary MaplFbod Insurance Rste Map as publisried by the Federal lrisurance Admir.~siratinn p g: - 24 At the request of tM Mortgages. tM Association aprses to wane tM prOinsipo of era sph 4 relative to the aeatiori of a hazard inwrance account. provided. however, that the Association nUms tM right. at its option. to re-mstab wch proviswra of said paragraph 4 ss an obligation of t?ie Mortgage hereunder upon the happemrrg of any of tM folbwing A Failure to mike sin Daymtnt requ+rtd under tM terms of the Wort on a before the due date thereat g Failure to comply wiM tM rnwranct protnsrons of paragraph 3. a of any of the other terms and conditions of [His mortgage or note. or with the inwrance requirerr.ents cpitained m tM peclaration o1 Pondornmium and related documents should the mortgaged property be commdted to cordominwm ` development s - _ (C~'~•~ T/P•A ~1 . ~~>nx~0 peCE1. t k MICA a7 . n. _ _ ~