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HomeMy WebLinkAbout1399 • i TAat. m order to protect mesa fuay tM sacunry of tMS mortgage. tree Mortgages. together lfrrtA. and m addriron to. tM mon[hiy payments under the tams of tAt rota secured hMaby. Ott tM specrhed payment data of aacA monM tined tM sad noes es fuuy pad. oral pay to tM Assocratron the folbw+ng sums lal An ensgarnant OI tM taaaa and assassmants lavred p to be leered against tM premises covered by IMS metgsgs. and an +nstallmsnt of tM wemrum p pramruma that eknll bacpM dW and OayabN to raMw tM rnaurance on 1M perrusts cowrad hereby agsu>st ties taY fin. and w+rdstpm. as povded fp by paragraph 3 pasadrng- a atreh other harard as A[ay reasonably ties ragwrad by tM Asspc4rron, and an inseanment of the pemrum roar wen becpM dw and payabN t0 raMw rice mortgage rnwranca. of any. SucA rnatailmenls shall t» equal. respectevaly. to one twNlth Ilil2th) 01 tM as- bmated premum p premiums for such rnwratxa. and taxes and assawMnta Mat dw Ias estimated by rice Assoceatronl tees au instaamants a4esdy pad thNafp. drvdad by the number Of rnontAS ttiat as t0 eiapsa pA montA prior t0 the data wAen such prem+um p premiums and uses and assassrnants wrN beoonee daMnquent TM Assotsatron, wMN applying such payments to insurance pemrums. taxes and assessments. betas the same tleCOnN delinquent. tlleaa not pay intarast t0 tM Mptgage on such funds. and all such payments may be commingled by the Associa[wn witA any , other such /ands p weth its own funds. Tlea funds era presaged as additional sacunry le the wms secured by tMS Mortgage and are subject to use by tM Asspcration in paymMt W 'IaN chargee' and bank colNction charges Ibl Ax payments mMtieeW n tM pracadrrq wbaactron of airs paragraph and au payments to be made under the note fetured hereby shau be added together and tM aggragaa amount tleeraof shall ties pad by tM Metgsge escn month in a sngle Dayment to be apWied by the AssociaUOn to the laboring items m tM order sat fptA 1. Taxes. assessments. and inwrance premwms 2 Late charges and bank cdlectron charges unless paid m manner wovda0 b paragraph 4 1x1 3 lntaaat on tM note secured hereby 4. Amortisation of tM wincipal of sad note Any deficiency n the amount of sucA aggregate monthly payments shah. unless pad by the Metgsgor error to tfie due date of cite neat wch payment. con- y, stitute an eyeret of defsuh artier the mortgage. Without waive of any right. the Assocutron may cdlect a late charge' as wooded in the Note S, that e/ tM total of tM payments made by tM Mptpagp under lal of paragraph 4 parading shall exceed tM amount of Wyments actually made by the Associatron fp aaas and assessments and inwranCa pemwms. as tM case may W. such excess shall be uedited by tt+e Assucution on subsequent payments to De made by the Mortgagor. It, hovwvar, tM monthly payments rnada by tM Mptgagor artier U! of paragraph 4 preceding shau not have been wNiCiaet to pay taxes and assessmMts and rnwrateq premiums. as the cafe may be. when the same Shalt become due and payable. then. the Association maY. at its oD- tron, immediatehr pay such Uxaf and affassmentt and infurarece pentium. and the Mortgage shall pay to the Associatipn any amount necessary to make up the deficiency- and wch payment f1W1 be dW and payable within tMrry 1301 days after the date of matting of rrotice t?y the Association setting forth the amount - of such defitiaecy if, at any time. the Mortgages shall tender to tM Associatron. in accwdarece wiM itie prov,sions of the note secured hereby full payment of the enbre indebtedness rspresanted hereby, tM Afsociatron snarl, in computing the amount of such indebtedness. credit to the account of the Mortgagor any balance rsmairnng in the funds accumulated undo the Wovisrons of IN of paragraph 4 8 To permd. COmmd w wflar rro waste. impairneant p debrroratron o1 sad property, a any part thereof. and upon the laitu+e of trie Mortgage to keep the buetdings on sad property m gpod cordrtgn p repair and mainterurice. flee Associatron may demand proper maintenance and the immediate repair of fad builWngs. w an inCreafe en the amount of faturiry. p cite immediate repayment of flee debt hereby secured, and the fa:li:•,; of the Mortgagor to comply warn sad demand of ttie Assoc~atron for a Wriod of tMrty (301 days shall constitute a breach of th.s metgsge. and. at tree optron of the Associatron. immediately mature rice enbre amOUnt Of phnCipal and intpeft l+areby feCUred. anti Ilea AStociatron immediatQlY and wrthOUl notice may inStrtule poceedings t0 leecbse r rMS metgage and apply to cite appointmMt o) a racaver, as Mrainaher provded. and m case of the refusal. neglect a inab+lity of the Mortgages to repair and maintain sad property, the Association may, at its option, make sucA repave p cause the same to be made. and advance moneys m that behalf 7 TJ perlem. comply witA and abda by each and every tM atipulatioM. agreements. conditrons and covenants m sad promissory note and tMS mortgage set forth 8 To comply wrath rice wbdmsron restrictioM and the municipal >!or>+ng pdiMncss appticabb to the mortgaged property. not to erect a permit to tee sacred any new buildings on the promises herein mortgaged p t0 add to a pNrrut to be added to. make or permit to De made, any structural .iteratrons to any d the ex- isting improvements thereon without tM writtM constant of the ASSOCiation. and in the event of any vrolation or attempt to vrolate these SUpulatipns. or any o! them. iMS mortgage and all wms secured Mraby shat! immadutety become due and payable at the option of the Association 9 That m case of a default in any of tM farms o1 tlrs mortgage and the (ding o/ a tide to leetbse this a any other mortgage enCUmbering the witMn descnped property, the Assotiatwn shah be MUtIW to apply. at any brM witleout notice pending wch faecbwre suit. to the court hawng lurisdictron thareol fp rice ap- pantment of a retsiwr of aq and sirigu4r tM mortgaged property. and of ao the rents. incomes. profits. asues and revenues thereof. from whatsoever source derived. and. thereupon- it is hereby expressly covenanted and agreed that the coup shall fortAwith appoint a recerve+ of sad norgaged property. all and singular. and of such rents. incomes. profile. ifSUaf and raeunws thereof, from whatsoever source derived. unto fete usual powers and dunes of ieceie.•ers m tike cases. and wch appantment shall be made by such court as a nutter of strict rpM to the Association. and without reference to tAe adequacy a insdequaCy of the value of lAe property hereby mortgaged. w to the so?vency a inSOlvency o) the Mortgagor. and that such rents. profitf. incomes- iswes. and revenues snail be applied by wch retener to rice payment of the mortgage indeblednasf- costs and charges. according to the order of such court 10 That in the even[ the premiSa3 hereby mortgaged. p any part_tleereof, shalt be cordemnied and taken under the powe' of eminent domein the Association snarl have the rgM to demand roar act damages awarded fp the taking of a iMury to sad premises snap be pa+d to the Association. its wccessOrs or assigns. up to - the amount then unpad on tMS mortgage. area may be applied to any wms last payable hereunder - . 1 1 That time is of ihB essence of recta contract and that no waiver of any ob:igatron hereunder. or of the obi:gat,ori secured hereby shah at any t+me thereafter be held t0 be a waiver Of rice tams hereof p of the promisfpry rate secured hereby 12 !n the event of any default in any of the terms of this mortgage. e in ttie note secured hereby. and acceleration by the holder. a any other situat+on that would cause the intNest pad a wyable under tftis OWpatron to exceed the interest rate autlewiied by law. then in such event all excess interest tAeretofee paid sAall be credited to Drincipat and a" accrued and unpad excess interest shalt abate and shau not be an obl,gabon o} the maker or of any other person 13 That to the extent of the iridebtadness of the Metgagp to the Assoc+atrore described herein or secured hereby. the Assxiation is teereby wbogated to the hen w liens and to the rights of the owner ird holder thars0l of each and every mortgage. lien a other encumbrance on the land descr.bed herein. yyhich is pad and satisfied. in whole p m part. out of rice proceeds of the ban described herein a secured Hereby and the respective bens of sad mortgages. bens or Diner en- cumbrances. shall be, and the same and each of them hereby is preserved and shau pass to and be herd by the Association herein ss sewnry fe the •n- debtedness to the Assoustron ftereve dascnbed p hereby secured, to the same !aunt this it would have been preserved and would have been passed to and been herd by the Assocutron had rt beM duly and regularly assigned. tronsfened. set over, and del+ve•ed unto the ASSOCidtion by separate deed of aSSignment. notvnthstanding the fact that the same may be sabSfNd and i:aMelled of record, rt bang the inteniron of the Dartie3 hereto that the Same will be satisfied and cancNted df record by the holders thereof at p about flee time of the recording of tots mortgage 14 TAat it any of the wms of money Agran referred to be not promptly and !ally pad within [Miry 1301 days neat after the same severalty Oecome due and payable. Or it each and every the StipulatronS. agteamenti- corditrons and COyenants of sad promiSSOry note and this mortgage. o+ either. are not duly performed. COm- d+ed wrath and abded ray. the aggregate win unpad under sad prom,ssory note and this mortgage shall become due and payable forthwith or thereafter. at the optron of the Assouation, of fully and completely as if sad aggregate win of money were originally stipulated to be pa+d on such day. anything in sad promissory note or heran to tree Contrary notwithstanding ~ 15 That in order to accelerate the msturi of the indebtedness her ry eby secured because Of tree failure of Inc Mortgagor 10 pay any tea assessment I+abiity. oblige bon w encumbanCe agora Sad property aS herein provided. rt SASII riot be necessary nor regw SitB that the ASSOtiatlon Shall fast pdY the Same 16. That the abstract or abstracts of trtb covering the mortgaged property shau at sir times duriry the life o+ tMS mortgage remain m the possession of tAe I Associarron and. m event of flee lpecbwre of this mortgage. a other trans/a of title to the mortgaged property. in vbngushmeni of the indebtedness secured hereby. alt rght. tale and interest Of the Mortgage rt: and to any Sutra abstracts of title shall pals to the purchaser or grantee 17 $houtd the valdity a ben of this mortgage. or the note secured thereby- be contested by bngation w otherwise. the Mortgagor erg+ees to par to the Associanon the cost of defend+ng the same including a reasoruble attorneys fee - 18 To pay alt and singular the costs. charges and expenses. +ndud+:.g attorney-s fees reasonably incurred. or paid at any time try the Assrxiation because of [he failure of the Mortgagor to perform, comply wrath and able by each and every the stipulatrons. agreements coMlrtiOns and covenants of said DromisSOry note and this mortgage. a ether, and every wch (except for itie payment of the monthly installment as requirMl by the Promissory Note1 shall bear interest from date at the rate of eighteen per Cent 11B?W per annum until fuNy pad 19 Toe Association shall have the right at amr time and from time to time and witAOUt notice to or consent of any person to +al re:ease any potion of the premises from the Iran of this mortgage. Ibl release any person table le payment of any indebtedness secured Hereby. lcl extend the Cme of payment or alter the terms of payment of all w any part of the indebtedMSS. witfeout afletting a relessirp the personal bab:lity o1 any person table loftier than any person ro{eased pur- ii want hereto! for the payn+ent of any win w interest secured hereby and yyrthput m any w+se altering. va•y,ng. or d~m,n+sh:rig the forces effects o+ ben of this metgage on an the pemrses not specifically released from the ben of thr3 mortgage by the Associavon 20 Any agreement hereahcr made by Mortgagor and Assocutron purwant to tlws mortgage shall tx superior to the rgnts of the border of any +ntervemny ben or encumbrance 21 Upon repuest of Mortgages. tAe Assocution may. at its sole opteon. from time to Ume. before fu? payment of earl indebtedness secured hereby. make further ad vances :o Mortgagor- provided. however. that the tool principal secured hereby and rema,rr,ng unpaid +ncluding any earn advances steal! nor at any time ex- ceed the eig+nal prinupai win secure0 hereby Mortgagor shau pay sir such further advances with interest and the same shau be secured Hereby Au pro+nsrons p Of this mortgage shat: apply to each further advance if well as to all other indebtednes3 Secured hereby Noth+ng herein coma+aed however. shat' 6mrt the ~ amOUnt secured by thi3 mortgage d wch amount 4 inCreafed by advanClS mid! by the AssOC+at+On- a5 herein elSeWhere provided for t0 pro~eCt the SeCUnty 22 In face event the Mortgagor herein. a arty wbsequent Mortgagor. a any person o co•poration own+r•q any ,rilerrct whatsoever should encumber the r><opr. rty Herein mortgaged by an instrument tommonty referred to and known as a wraparound mortgage w+thont first ohtaimng the written consent of the Associa iron. then. ai the option of the Associatron. the oWigatron secured by this Morrgage sha'I :mmorf:atety necume retie and payable 23 To provde the Associatron w+tA Flood insurance Coverage d cite real aoperty is now or he•eafte• deMrmmed to rw within a speuai Hood harard a•ea as shown txe Rood Narard Boundary MadFbod Inwranee Gate MsD ss published by the Federal insurance Adm:+i,ttratipn E 24 At the request of tM Mortgagor- tM Assowtron agrees to waive tM provisrons of paragraph 4 relative to the creation of a harard insurance account. provided. ' However. that tAe ASSOCiatron ratans the rigAt. at its option, to ra-instate such provisronf of said paragraph 4 as esr, obhgatron of ine Mortgage hereunder upon - tht happernng of any of cite folbwing equved under !M tams of flee note on or Detae tfie due date thereof A Fa!irre to make grey payment r B Failure to comply with tM rnwranca provisrons o! paragraph 3. w of any of the other terms and conditions of this mortgage o note. or warn the inwrance 5 requirements contained m tM OaC4ratron of Condominium and rolatad documents shaild the mortgaged property De commrttsd to condominium 3 development j;j 'i - _ - i t (C)-M-7~ T/P-A ' ~)i~ n. BnoK~Q P~GE~e3 ~~.''i MLCR 17 r. - -