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Home My WebLink About1405 4• TASt. in order to prtftsst more fogy tM security of this mortgage. tM Matpspor. topetMr with. end m sddrtion to. tM monthly payments under lM tams of tM nos secured Mreby, on tM specrhrfd payment date 01 each month wtW tM sad rwa is fully peril. wrp pay to tM Assocration tM fdbwrr?g sums le? An installment of tM taxes and assessments levied or to be Nvied against tM prem+ses covered by the mortgage: and an installment d tM premum a psmiums tMt wiq become dw and payabM to nrtaw tM inwrance an tM premises covered Mreby against bss by fire. and windstorm. as provided for by parpraplt 3 prscedrrtp. or such other hazard as may reasonably be requwed by tM Association: and an insawrt«tt of tM premitwn that viriq become due and payabN to reMw tM matgepe inwnnte, if any. Such installmenri shau De equal, respectively. to orte•Ivralfth (t/12tH) of tM es- timated pnmwm a premiums for such inwrance. and taxes and assessments next dw (as estimated by tM Asrowtton? less aq instsgmenri akeady pad tMrefw. divided by tM number of montl?s utiat are to elapse ore month prior to tM dale rotor such pemium p pnrrtiwns and taxes and asssssmenri wiq became dehrtgtNnt. TM Association, while applytrtg wch payments to tnswarty premiums, taxes and assessments. Delon tM same beco+rte delinquent atoll not pay interest to tM Mortpapor on such funds. and eq wch payments msy be commingled by tM Assocation with any otMr such funds or with its own funds. TM funds ere pledged as sddrtrorul security to tM wms secured by this Matpage and an subject to user M tM Asai)Cratian in paymlrtt of "lea cMrges" aril bank collection cMrpes lbl Aq payments mentioned M tM preceding subsection of this paragraph and all payments to bs made under tM note secured Mreby shag be added topetMr and tM apprepate amount tMreol snap be pad by tM Mortgagor each month in a sirtgte payment to be apphed b11 tM Association to tM • tdbwinp items in tM o?der set forth: 1. Taxes, assessments. aril inwnnce prsm:ums. 2. "lea charges' and bank cdhsctron cltsrpss. unless pad in manner povided n perapraph 4 la?. 3. Interest on tM note secured Mrsby. Amortuatwrt of tM principal of sad note. Any deficiency in tM amount OI such aggregate monthly paymer?ri sMN, uNess paid by tM Mortgagor prior to tM due date of tM next such payment oon• stituts an went of dshult order tM rrwrtgsgs. Without waiver of arty right tM Association may cdkct s "late charge' as provided in the fibre. 5 That it tM total W tM payments made by tM Mortgagor order la) of paagrapA 4 precrxknp shsu exceed tM amount d payments actually made by tM Association for toss end assessments and inwrance premiums. as tM use msy be. ouch excess atoll be credited by tM Association on subsequent payments to be made by tM Mortgagor. 11, ltowewr, tM monthly payments made by tM Mortpspor under la? of paragraph 4 preceding shall not Mw been wffiGent to pay taxes and assessments and inswsnce pnmwms, as LM use may De. when tM same shag Decors dw aril payab4. then. tM Association may. at iri op- tan, immediately pay such taxes and assessments and insu?ertp premium. end tM Mortpapor sAsU pay to tM Association any amount necessary a mob up tM defit:iMCy. and even payment stop be dw and payaDN within thirty (30) days after tM datsol maikrtp of notice byiM Association setting froth the amount of such deficiency. If. at any time, tM Mortgage shall tender to tM Assixiation. in accordsrtu with tM provisions of tM note sewrid herby, Wq payment of cM entire indebtedness repretpnted hereby. Uie Association stop, b oorrtputinp tM amount of such irtdebtedneas. usdit to tM account d tM Mortgagor any Da4nv remawtinp in tM Wrids accumulated under the provitiorts d la? of paragraph t. - 5 To permit Commit or suffer no waste. impairment or deterioration OI said property, Or any part thereof, and upon the Isilure d tM Mortgagor to keep the birildirtps on said property in good irortdition or repair and maintenance. tM Association may demand proper maintenance end tM immediate repave of sail buAdings, a an increase in tM amount of secwity. a chi immediaa repayment of tM debt Mreby secured. and tM failu~.r of tM Mortgagor to oornply with acid demand of tM Association for a period of thirty (30) days shag oortatihra a beach of this mortgage. and, at tfie option of tM Astwciation, intrtiediately mature the entire amount of principal and interest Mreb1? second, and tM Aaaociation irrrrtediately end withOUt rwtic~ may instituter proceadrgs b lorecloee this rrtortgeg. and apply for eM appointment ot. receiver. as MrelMher provided: and in use of tM refusal neglect or insbJity d tM Mortgagor to repair and maintain said property. Hie Association may. at iri option. make such regain a cause tM same to be made. and sdvarty matays in flier behalf. 7. To perform. comply with and abide by each and very tM stipulations. aprNrriants. conditions and wrrtanri b sad promissory note and this ntortgsga~sat torch 8. To comply with tM wbdivision restrictions and tM muniapal coning ordnartees applicable a tM mortpaped property; not to erect or permit a De arectedany - Mw buikiutgs on tM premises herein rrtortgsged or to add to or permit to De added to. mob or permit to be made, any stnretural altersoons a any of tM ex- isting in?prowmsnts thereon without tM written consent of tM Association: and in tM event of any violation or atampt to vidsa these stipu4tiorts, a any of - tftsm. this mortgage and aq sums sewed hereby atop immediately become dw end payable at tM optrort of tM Association. 9. TMt in use of s dehult b any of tM terms of this mortgage and tM filing of a bill t0 foreclose this or any other mortgage erteumbarinp tM within described . property. tM Association shop be entitled to apply. at any time without notice pitndinp such foreidOStin wit to tM court havutp jurisdiction tltareof to+ tM ap- pointment of a receiver of aq end singular tM mortgaged property, and of aq tM nnri. incomes, profits. iswes and revenues thereof. from whatsower sown derived: and. tMreupon. it is MfebY expressly oovsnantsd and agreed that tM court stop fortMvith appoint a receiver of said mort filled DroPertY• aq and singular. end of such rants, irteorrws. profits, iasuss and revenues tMreol. from wMtsoevar source derived. with tM uwal powers and duties of revivers in kke uses: end such sppantment snap De made by such court as a matter of evict right to tM Association. and without roferertce to tM adequacy or insdequsry of tM value of the property hereby mortgaged, a to tM solvency a insdvertcy of tM Mortpapa. and that such rents, profits. incomes, issues. end reverwes snap be spphed by such revive. to tM payment of tM rrtortpaps indebtedness. costs and charges. according to tM order of such court 10 That n tM event tM promises hereby mortgaged. or arty part thereof, shag be condemned and taken under tM power of eminent dgmain. tM Association snap Mw tM right to demand that all damages awarded for tM talurtp of or injury to said premises shall be paid to tM Assixiation. its sucusson a assigns. up to tM amount then unpaid on the mortgage. and may be applied to any wms last payable hereixtder. 1 1 TAat time is of tM essence of this convect and that no wsrver of any d>tigatian Mreunrler, a of tM obligation secured hereby. shall at arty vine thereafter tie held to be a waver of tM terms Mreof or of tM promissory note secured Mreby. t 2. In tM event of any default in any of tM terms of this rrtortpape. or in tM note secured hereby, end acceleration by tM holder. or any other sitwtion that would cause tM interest paid a payable under the obligation to exceed tM interest rats authorized by bro. then in such event sU excess interest theretofore pad shall be uedited to principal and ati accrued and unpaid excess interest shall abate and shall not be an obhpation-of tM maker or of any other parson. F 13 TAat to the extent of the indebtedness of the Mortgagor to tM Association described Mrein or secured herby, tM Association is hereby wbrogatsd to tM hen a hens and to tM rights of tM owner and holder thereof of each end awry mortgage. lien or other encumbrance on tM land descnbed hereof. which is paid and sahsfied, in whole d in part out cf tM proceeds of tM ben described Mrein a secured hereby, and tM respective herts of said mortgages. tons or other en- cumbrances. shall be. and tM same and each of them hereby a pnservnd and stop pass to and De held by tM Association herein ss seventy for tM in• debtedness to tM Association herein described or ftereby secured. to 1M same extent that it would haw been preserved and would Mw been passed to and been Mb by tM Association had it been duly end regularly asspnsd. transferred, set over, and delivered unto tM Association by separaa deed of assignment rtotwittutsrtdinp the fact that tM same may bs satisfied and cancelled of raced. it being tM intention of the parties hereto chat tM same will bs saUShed and cartcetled of record by the holders thereof et or shout tM time of tM retordrrtp of this mortgage- , , ~ 14. That it arty of tM wms of money Mrein referred to bs not promptly and fogy paid withn thirty (301 days next aher tM same severalty become due end payable. a if each and every tM stipulations. assesments. condtions and eovensnts of said promissory rate and this mortgage. a either. are not duly performed. eom- Phed with end abided by. [M aggregate vein urtpsd under said promissory note and this mortgage shat) become due and payable forthvrith or thereafter. at the i option of tM Assoaation. ss ropy end completely as it said aggregate vein of money were originally stipulated to be paid on such day, artythirtg M said prorrnssory note or herein to tM calvary notwithstardirtp. 15 That in order t0 accelerate tM maturity of tM indebtedness Hereby secured because of tM faiturtf of tM Mortgagor to pay arty tax assessment kabiliry. d>fipa- lion w encumbsnce opal said property ss herein provided, it shag not be necessary nor requisite that the Association sAaq first pay the same. i - i fi- TMt tM absuact or sbetracts of title cowrirg tM mortpapsd property stop at aq times. during the file of tAis mortgage, remain in tM possession of the Association std, in ewtK of tM torecbwre of this mortgage, or otMr uansfer of title to LM mortgaged property, in extinguishment othee indebtedness severed herobY, aN right titN and interest d tM Mortgagor in and to any such absusas of titb shall pass to tM purchaser or grantee. 17 Should tM vakdity a lien of this mortgage. or tM note secured thereby. be contested by litigation or otherwise. tM Mortgagor agrees to pay to tM Association tM cost of defending tM same including a reasonable attorneys tss. 18 To pay aq end singular tM costs, charges and expenses. inGuding attorneys tees ressonabty inverted. a paid at arty time by the Association. because of the /ailum of the htatgagor to perform. comply with and abide by each and every the stipulations. agreements. COrtditians and covenants of s8id promissory note and the mortgage. or either, an~d/ every such (except for the payment of tM monthly installment as required by tM Promissory Piote) shall bear interest from date at the rate of Zero per annum until fully paid. l 19 The Association shall have tM right at any Ume and from vine to Ume and without nonce to or consent of any person to: la? release any patron of the premises from tM hen of this mortgage: (D) release arty person 6abte for payment of any indebtedness secured hereby, 1c1 extend the tlme of payment or after tM tams of payment of all or any part of tM indebtedness. without affecting a releasing tM personal habiLty of any person liable (other than any person released put- ! want Hereto) for the payment o1 any sum a interest secured hereby and vnthout in arty verse alterrny, varying, or dimirushng the faces. effects. or Iran of the i mortgage on all the prertuses not specifically released from the hen of this mortgage by the ASSOCrdhOn s 20 Any agreement hereafter made by Mortgagor and Association pursuant to this mortgage shalt be wperror to 1M rights of the Itdder of any intervening Iran or ~ encumbrance. 21 upon request of Mortgagor. the Association may. at its sde option. from time to trine, before furl payment of all indebtedness secured hereby. make further sd- vances to Mortgagor. provided. havewr. that the total principal secured hereby and remaining unpaid, inclidrrtg any such advances. shat! not at any nine ex- ceed the on mal inCi twin secured here Mort a r shall a sIl wch further advances with !merest and tM same shelf De secured hereb AU 9 W Pa by. p go P Y Y provisions of this mortgage shall apply to each further advance as well as to all other indebtedness secured hereby Notting hereof contained. however, shall omit the amount secured by this mortgage if wch amount is increased by sdrsnces made by the Associatan, as heron elsewhere provided to to protect the security r 22 Ir. the event tM Mort rem. or an w gagor fie y bsequent Mortgagor, or arty person or corporation owning any interest whatsoever. should encumber the poperty herein mortgaged try an instrument commonly referred to and known as a '"wrap•around mortgage"' without first obtaining the wntten consent of the Associa von, then, at the option of the Assixiatan, the obligation secured by this Mortgage shall immediately become due and payable. 23 - To provide the Association with Float Insurance Coverage it the real property is now or hereafter determined to be vnthin a special (food hazard area as shim on Flood Hazard Boundary Map/Flood Inwrance Ra[e Map as puDtished by the Federal Inwrartce Administration. s I 24 At tM request of tM Mortgagor. the Association agrees to waive tM provisions of psrsgrap': 4 relative to tM creation of a hazard inwrancs amount: provided. however, that the ASSOCiaGOn retains the right. at its option. to rs-instate such provision; of said paragraph 4 as an obligation of ttie Mortgagor hereunder upon the Happening of arty of the following- A failure to make any payment rsgrnusd under the terms of tM rtoc^ cn or Defoe the due date thereof. B. Failure to comply with the inwrancs provisions of paragraph 3. o- any of the other terms end conditions of th; mortgage or note. or with the mwrancs ~ regwremsnts contained m tAo Oeclarshon of Ctxtdomiruum and related documents should the mortgaged property rte commi[ted to condormnwm derebpment i f 'r r - , . X30 ~a~E 13y7 t'-A