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HomeMy WebLinkAbout1379 i • i d• That. in ordN to protect more fuNy tM seCwily of CMS mortgage. tM Matgagor. !ogetrier vnth and m addit+wi to. tr+e mortthfy payments under the terms of the i note secured Mrepy. on tM t!peafied payrMnt date d each month until tM sad non is luny yard. wilt paY to the Association the fouowrny sums Ial An irNtallmMt of tM taxes and assessments Need a to De leveed against IM premixs co?bred by tMS mortgage and an mstaument of tM wemwm ~ a premiums that vwll bKOrne due and payable to reMw tM inswance on tM pram;es covered MreDy sgar!xt loss by pre end wirdstam. as wovided i for by paragraph 3 aeoeding. a web otMr bastard as may reasonaDllr W required by tM Association, and an installment of the pramr„m roar will i bei;ome dw and payabN to renew tM mortgage insugnEe. d any. Such installments sMu W equal. respecuvsry. to ohs twNhh I l r 12th1 of the es- timated pentium a premwms for Web insurance, and taxes ar+d assessments neat dos less estimated by tM Assocrationl less all instahments already pad IhNefor. drvdad Dy tM nurriber of months flat are to elapN as month pior to tM date whin such premium a premiums and teats and assessmenri will bKOme dekrtgirent TM Association. wMle applying earth payments to insurance pemiums ta.ss and asxssments. before tM same bKOme delinquent. sl?all rat pay interest to tM Matgago? on such funds, and au such payments may tie commingled try tM Assoeiaean with any other such /ands o. with its own lairds TM funds are pledged as additional secunry fa the sums secured by tors Mortgage and aro wbtKt to ux Dy tM Association in payment of "tea charges" and Dank cdtKtion charges Ibl All payments rtNntioned in tM prKilding Wbssctan Of thq Paragraph and alt payments to be made under the note SetweO hereby shad De added together and tM aggregaa amount tMreof sliau Oe pad by tM Mortgagor each month m a yngle payment to be applied Dy the association to tM idbwirq items in tM order set forth 1 Taxes. assessments. and mwrance premiums 2 e late charges and bank couectar. charges unless pad :r 1 manner wooded m paragraph t Ia1 3 Interest on tM note secured Mreby 4 Anaru:ation of the princiDa! of sad rate f Any deficiency in the amount of such aggregate monthly payments tthall, unless pant by the Matgayor fwia to the due date of the nest wch payment. con- r suture an event Of defautl under tM ntatgage Without waiver of 8riy right. 1M Assttiatron mar correct a late charge as provided in the Note S That i/ the total of tM paymenri made DY tM Mortgagrx order lal Of paragraph 4 wKedirig Shall ekceed the amount of payments actually made by tM Association fa taxes end assessments and inwranee wtmwms. ss tM Case may bs. such etrcess shall be tredrted bar the Assa:iatron on subsequent payments to De made by tM Mortgagor. If, however, tM monthly payments made by tM Mortgage under Isl of paragraph 4 preceding shau not have been wfficient to pay aces end afxsimenri and mwranCO premiumf. of tM Caa! may be. when tM same shall become due and payable. then. the Association may. at itt op- tion. immediately paY Each ases and assessments and insurance wemium. and the Mortgages shalt pay to the Assoc+aiiOn any amount necessary t0 make uP tM delicisncy. soil such payment 3ha11 Oe due and payable wnthin thirty 130) days after the date d meeting of nonce by the Association xtting forth the artaunt of wch deficiency 11, at arty tinN. tM Mortgagor sMlt tender to tM Associaton. m accordance with the povisrons of tr,e note secwed hereby. fun payment of the enure indebtedness rewesentsd Mrepy, the Associatan shall, in computing tM amount o! such indebtedness. credit to the account o1 the Mortgages any balance remairnng in the funds actuinugted under tM wovisans of lal of paragraph 4 6 To permit. Commit Or wfler nO waste. inipaument a deteraratan of sad property. or any part thereof. and upon the failure of the Mortgagor to keep the buildings on xd property m good cOriditan or span and maintenance. tM Association may demand proper maintenance and the immediate repan of said DuildingS. Or an iivCreax in tM amount o} secunry. a tM immediate repayment of the debt hereby xcured. and the faili:•s o} the Mortgages [o comply with said demand d tM Associaton /or • period of thirty 130) days tMall constitute a breech of this mortgage. and. at the option d the Association. immediately mature tM enure amount of principal and interest Mrsby secured. and tM Association immed+stely and without notice may institute proci!edrng5 to forecbx t?tis mortgage and apply for tM appantment of a receiver. as Mreinafter provided. end in case of the refusal. neglect a inabiritr d the Mortgagor to repair and maintain said woperry. 1M Association may, at iri Ogren, make such repairs a caux the same to De made. and advance moneys in that (iehall 7 T~ perform, comply with and aoide Dy each and every tM stipulatans. agreements. condrtans and covenants in said promissory rate and this mortgage xt forth 8 To comply with tM wbdmsan restriCtiWti and tM municipal toning ordinances applicable to the mortgaged property. not to erect a permit to be erected any new buitdingS on the wemises hNein mortgaged p to add t0 or permd to be added to. make or permit to be made any shuttural alteratiOnS to any of the etc- iSting improvements thereon Nntlfout tM Written Conant Of iM Associaton. and in iM event Of any viOtalipn or attempt to violate ibex StiputaliOns. or any of them. CMS rnOrtgage and ell wmS secured heritby S1NI1 immiWiately btttome due and piYabie at the option of Itte Association g That m tax of a default m any of tM terms of this mortgage and tM tiling of • bill to fwecbx this or any other mortgage encumbering the witMn described property. tM ASSOCiatan Shall be entitled to apply. at any dnie without notice pending such fiNecbwre sort. to the tour[ having tunsdiction abated for the ap- pantment of a receiver of aH and angular tM mortgaged property. and d ell iM rents. incomes. wofits. issues and revenues thereof. from whatsoever source derived. and. thereupon. it K Mreby expressly covenanted and agreed that tM court shah forthwith appant a receiver of said mortgaged wooerty au and singular. and of such rents. inCOmef. profrs. issues and rewnwf thereof, from whatsoever source dereved with the usual powers and dupes of receivers m tike t teas. and such aDPantment shall ~ made by wch court ss a matter of strut right to the Assxiation. a•w without reference to the adequacy or inadequacy of the value of tM property hereby mortgaged. or to 1M sohrsnCy w :nsdvency Of the Mortgagor. and that such rents profits. incomes issues. and revenues shalt be apdied by wch receiver to tM payment of tM mortgage irdebtedness. costs aril charges. according to the order of such court 10 That in the event the premises MrebY mortgaged. a any part thereof. shah be condemned and taken under the power OI eminent domain the ASSOCiation shad have the right to demard that alt damages awarded fa 1M taking d or injury to said D*emixs shall be paid to the Association its successors or assigns. up to the amount then unpaid On this rrtOrtgsge.-and may be applied t0 any Sums last payable hereunder 1 1 That dine a of the esxnce Of this contract and tMt no waiver d any ODhgadOn hereunder, o• of the ob!~gation secured ne•eby shau at any trine thereafter Oe held to De a waiver of the terms hereof Or d tM promissory note secured hereby 12 In the event of any default in any of the terms of this mortgage. a in the note xcured hereby. and acce!erabon by the no!der w any other s•tuation that would caux the interest Paid or DaYabb under tfus Obl+gatiOn toe:teed tM interest rate suthonred by law thcn,n such event at! e><cess interest theretofore pad shad be vedi[ed to pnni7pal and a" accrued and unpaid excess mrirest shalt abate aril shat: not De an obtiyaron of the maker or of any other perwn 13 That to the extent of tM irtdebteCness of tM Matgagor to tM Associaton described herein a secured hereby. the Assoaation is hereby wbrogated to [he lien or hens and to IM rights of tM owner and holder thereof of each and every mortgage. lien or other encumbance on the rand destnbe0 herein. which is paid and satisfied. m while Or m part. out of tM proceeds of tM ban dsscnbed Mrem a xcured he•eDy. aril the respective bens of said mortgages. liens or other en. cumbrances, sha0 be. and tM same and each o1 them Mraby rs preserved and shat! pass to and be held by the Association herein as security for the m- debtedness to the Associston harem described a Mraby secured. to the same estent that it would have been wexrved and would have been passed to and been held by the Assoxiation had it been duty and ritgutarly assigned. transferred. xt over and detrvered unto the Association by xDarate deed of assignment. rrotwithstandrng the tact that iM same may be satisfied and i;ancelled of record. d bang the intention of the parties hereto that the same war! be satisfied and cancNled d recoM by tM kidders thereof at a about the time of the recording of this mortgage 14 TAat i1 any of the wins of money.hsrein referred to be rat promptly and fully paid within thirty 1301 days nest afte• the same severalty txcome due and payable o. d each and every the stipulatiorit. agreements. corditrons and covenants d said promissory note and tn+s mortgage. or either are not dory performed. com~ plied with and added by. the aggregate vim unWd under said promissory note and this mortgage snail become due and pdrab~e fortnwdn nr thereafter. at the Optron Of the Association. as fully and cpmpletehr as d said aggregate vim of money were origina~iy stipulated to be Daid on Such day. anything m said promissory note or herein to the contrary nOtwrthtrinding 15 That in order to accelerate the maturity of the indebtedness hereby secured becaux o1 the failure o! the Mortgagor to Day any ta¦ assessment babddY. obhya don or encumbrance upon sad property as herein provided. rt shalt not be necessary nor reGusrte that the Association snail first Day the same 16 That the alxtract or abstracts of title covering the mortgaged wope•ry shall at alt times during the fife of this mortgage. remain in the posSessron of the ! AsSOCiatipn and. m event of the forecbwre of tMs mortgage. or other transfer of titre to Me mrrtgaged d•operty in e+dngurshment of the indebtedness xcured { hereby. alt rght. dUe and interest of tM Mortgapo. m and to arty wch abstracts of title spa!! pass to the purchaser or grantee 17 Should tree valdity o. hen of this mortgage. Or the note secured thereby. be contested by !+ngat~on o• otherwise. rho Mortgagor agrees to paY to the Association ~ the cost of defending the same iriCtuding a reasonable attorney's fee 18 to pay ail and singular the costs. charges and e¦penses mdudiry attorney s fees reasonably mcwred or pa d at any time by the Asso.-~ation because o} the { failure of the Mortgagor t0 perform. comply with and abide by each acid every the st!Iwlatrons agreements conditions and covenants of said oiomissory note i€ and this mortgage. Or erth~r. and every Such (gCept 1pr the payment Of the monthly mstal!ment as reGuued by iho Promissory NMeI shall b¢ar interest from date at the rate of eighteen per cent (18%) per annum until fully paid lg Th! Association Shalt haw tM fight at any dine and from hrne t0 Um! and Without noUCe tG or Consent Of any person t0 !a) re:eaSe arty port~On Of the plQmrseti f•om the hen of th•s mortgage. ibl releax any person liable fpr payment Of any Indebtedness xcured AereDy Ice enend The t•me of payment Or alter the terms i of payment of all or any part of the indebtedness. without aHKLng or rereai~ng IP.e persOr`a! liability of any person iiaWe rather toil„ any person released pur- suant hereto) for eke payment Of any vim or interest secued hereby and without m any wise altering varying or d~mimsnir•.g Me foe .es effects o- hen of tors mortgage on all the premises not Speci}itally released from tM hen 01 tArs mortgage by the Association 20 Any ag•eement hereafter made by Mortgagor and Association purwent to this mortgage shah be suDerror to tree rights of Uie tastier of any intervernny lien o• encumbrance 21 upon request of Mortgagor. tM Association may. at its sole option. from dine to time. before rail paymem of as indebtedness secured Hereby make furthe* ad vances to Mortgagor. provided. however. that tree rota! print+pat secured hereby and remam:ng unpa+d including any such advances spa!! not at any time e¦ teed the original principal vim xcured hereby Mortgagor shale paY act wch further advances w+th interest and the same shalt De xcwed hereby All wovisrons "s, Of this mortgage Shall apply t0 each Earth!' advance aS well as t0 a!I other indebtedness xCUied hereby Nothing tierce^• cornained however Sha!! hr•iit the amount xcured by this mortgage if such amount is increased by advances made by the Assoc~atron as herein elsewhere Dnov~ded for to potect the setur+ty 22 In the event the Mortgagor herein. or any wbsequent Mortgagor or any person or corporation owmnq any interact whatsoever should enuimt>rrr the MotWrrv heron mortgaged by an instrument commonly refereed to and known M a "'wrap-around mortgage w+ihput fair, ohta~n:nq the written consent n! the ASSOUa' don. then at the Ophort of the AsSOCiatan the oblrgahpn Secured by this Mortgage sha4 ~mmed~arely hPf,Ome due dnd Da Yabre i 23 To provide the Associaton with Flood InwranCe Coverage if the tea! property is now or he•eatte• dererm:ned to tie w~tnm a sDeoa! r!nod harard a•ea as shown on Flood flarard Boundary Map+Flood Iriwrarice Rate MaD as published by the Fedora! !nsirranrP Admimspanon 24 At the request of tM Mortgagor. tM Aalxiatan apses to warty tM provisans of paragraph 4 reranve to the creation of a narard assurance account. provided. t.owever. that tM Association retains the right. at its option, to n-insrite such wovisrons of sa+d paragraph 4 as an obrigat~on of the Mortgagor hereunder upon the happening of any of tM fdbwing ~ A Failure to make artli payment required under tM terms of tM note on a bebre the due date thereof y B Failure to comply with tM mwrinte wOneans of paragraph 3. M o! any of the Other terms ant conditions of the mortgage or note. or with the insurance .egwrements contained in tM Oec4rnion of Cpridomiriium and related documents should the mortgaged wocerty be committed to condommwm devebpment 2 s ICi-M-?~ T/P-A ~~~~330 ~~GE1371 t MLOA 47 r; d