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Home My WebLink About1412 • : 4. Thai. in esdN to potect more fatly tM sacunry of CMS mortgage. tM Mortgages. ttygetMr vrit4 arld ,n addrtan to. LM monthly payments under the arms of the note secured Mreby. on tM specified payment doh of each month until the said rate rs fatly paid will pay to the Assocrauon tM tOtbwrrig wms la! An instaurrient of tM cases and assessments Ievred a to be 4vred agarnsl tM pemises covered by 1MS mortgage. end an installment of tM pentium or pemwms that wds becwne ties Arid payable to review the iriwraiite on tM penises covered hereby against ties by fire oriel wrndstesm. as povded for by paragraph 3 pracedirip, a such other hs:tsrd as may raawr+aWy Oe re0uued by tM Association. and an instaument of the premium that win become ties and payable 10 toffees tM mortgage i+uu.ance. d any Such insulkMnts span De lpusi, respectiveM. to one-tweihn Ili 12tht of fete es- umated pemwm a pemrums for such inwn++ce. and taws and assessments next due Ias estimated by the Assocutanl Tess all rnshtlmenis already paid ilNrefes. divded by ilia rwmba d months that are to Napse are month par to the date when wcn pemrum es pemwms end lases end astiessmeriri vvdt becOrrie de4ripuent Ttie Association. wMN applyuq such payments to rnwranee pem+ums. taxes and assessments. before tM same become dNiripirent. shore rat pay rntNest t0 tM Mortgagor On such funds- and act wch payments may tie commugied by the ASSOCrat+on with any other such funds a with its own funds TM funds an pNdged as additrpNl securiry fes thin sums secured by this Mortgage and aro sugect to ass M the Association in payment of '-fah cMrgei' end bank cotlactan cMrges Ibl AU payments mMtaried in tM precedrrq wtuectrori of CMS paragraph oriel oil payments to tie made under the note secured i+erebY snail be added - ttige[lier and tM aggregaH amount tfiereot shag be pad by fete Mortgagor each month rn a single payment to be appi+ed by itie Assocratron to the tolbvwrig items in ilia Order sit farts. 1. Taxes- assessments. and insurance pemwms 2 Late charges end bank coitectiurt charges. unless pad :n marine. povded Irt paragraph 4 la? 3 Interest on tM note secwed hereby ~ Amortirstron of the onnG,pal of said note s Arty dehcrency m the amount of such aggregate monthly payments shall. unless pa+d by the Mestgages plot to the due date of the next such payment. con- ;Ututts an avert of dsfauh artier tM mortgage- Without wsrwr of aril, right. the Association may cotiecr a fate charge" as Movrried m the Note 6. That rf the tots) of tM payments made by tfie Mortgages ardor la) of paragraph 4 pecedrrig siiau exceed the amount of payments actually made try [lib Association for axes grid assassnients end insunrice pemrums. as the case may bor. such excess shall be cradted by the Assocution ar subsepuant payments to be made by ale Mortgagd. lf, fawever. tM monthly payments made by tfie Mortgagor under lore M paragraph 4 pecedirq shalt not nave been wfircrent to pay taxes and afseslmMts and wisu?ant:e pemiums. as tM case may be. wMn fns same shall become due and payable. then. the AssociatrOn may. at its op ran. imniedutely pay such taus and asYetsmMts and inwnnce pemwm. and tM Mortgagor shall pay to the Assocratron any amount necessary to make uD the defitrency. and wch payment style be dW and payable w+Min tMrty 1301 days skier the dace of maihrq pf notice by the Assocratron salting forth the amount OI such dehtrenty N. a! atilt UriN. the Mortgagor sMll tender t0 fete AssocytrOn- m sttesdance w,tn the povrsrons of the note secured hereby. full payment of the entire indebtedness represpntad hereby. the Association shall. in computing ilia amount of such indebtedness. credit to the account of the Mortgages any balance remarmng rn the funds atcumu4tad under the povrsans of lore of paragraph 4 6 To permit. commit a wfhr ra wash- irripaunNnt o? deteraratwn of sad ptiperry. es any part thereof. and upon the ta,lure of fire Mortgagor to keep the buibrrgs on sad pOperry in good condition o? repair and mamteMrice. the At:soe+suori may demand popes maintenance end the +mmed+ate repair of sad txrildings. Or an increase m the amount of secunry. a the rmmedrate repayment of the debt Hereby secured. and the taJu•.: of the Mortgagor to Comply with sad demand of the Assocytan for a pored of tMrty {301 days shall constitute a breach of tMS mortgage. and. at the option of the Association. immedrstely mature the MUre amount of principal and intNKt hereby secured. and the Assoc+atan immedratety and wrti+out notice may institute poteedin9s io forec:ose iris mortgage and aDDitT tot tM apptiuitnisnt of a receiver, as tiersinaher pov+ded. and rn case of the refusal. neglect w mab:hty of the Mortgages to repair and maintain said poperty. the Ast:OCiatiOn may. at its option. make such repaus w cause tfie same to txt made. and advan+:b moneys in roar behalf 7 To perform, comply with and abds by escn and ovary the st+pubtioris. agreements. condiaons and covenants in sa,d presnrssory note and CMS mortgage set forth 8 To comely with the wbdmsrori hstr+ctiOns and tM munrtrpal iOmrq esdrnancss spDlicsbte to the mortgaged popenty. not to erect or perm,t to tie erected any new t>1rrldingS On t1N penises liertirt riarigaged Or t0 add t0 Ot pNm+t tD b! added 10. make es permit to lie made. any structural elteratrOnS [o any OI the ex- rsorg rmpovements tnsreOn rvrtiiout the written consort of the AssoWtan, grid m ilia event of airy vitiation or ateempt to vrotate these saputatrons. or any of them. CMS mortgage and all wms secured hereby itnsN +mniedistsly txcome due and payable at ttie option of the Assocratron - 9 That rn case of a default in any o< tM terms of CMS mongaga grid ttie filing of a brit to foreclose this or any oiner mortgage encumberirq the w+tMn described property, the Assocratan shall be entitled to apply. at aritr Ume rv+tnout riptrce pendirq such lorecbsure wit. to the tour[ raving ryrrsd,ction therepl tes the aD pesniment of s racerver of su oriel singular tM mortgaged pOperry. and of ail tM rents. incomes. polite issues acid rereniies thereof from whatsoever source derived. and. thereupon. it rs Mrsby expressly covenanted end agreed cost the tour[ shah (orthwrtn apppnt a receiver of sa+d mortgaged poperty. all end singular. and of wcn rents. rncesMS. profits. iswes and revenues thereof. from whatsoever source der,ved wits the usual powers and dunes of receivers in like cases. and wcn appesntmint shin be made by such court as a matter of strict right to tl+e Assoc,atron. and without reference tot%± adequacy or madequscy of the vacua of the poperry hereby mortgaged. or to the sohrency or rnsoivericy of the Mortgagor. and that such rents profits. incomes. +ssues. and revenues shall tie apps+ad by such receiver to the payment of tM mortgage indebtedness. costs oriel charges. according to the order of such coup _ 10 That m the event N+e pemrses horeby mortgaged. or arty Wit thereof. shall be cor>demned and taken under the power of eminent domain the Assoc+atron shatl have the right to demand trait all damages awarded for tM taking of es injury to sad penises shat) tie paid to ire Asswiat:on its successors or assigns. up to the amount then unpaid on 1MS mortgage. end may tie aDd+ed t0 any wms last payable hereunder t t Thai time rs of the essence of thri contract and tliit ri0 waiver of any oWgatan hereunder. es of the obligation secured hereby shall at any time thereaftN be held to tie a waiver of the terms hereof p of the pomissory note secured hereby 12. in the event of any default +n any o! the terms of tMs mortgage, o+ rn the rate secured Hereby. and acceleration Dy the holder. or soy other s+tuation that would cause ire intNest paid es payable under this oDlgition to exceed the interest rat! autlarrled'oy taw. then ,n such event ail excess interest theretofore yard shalt be cretfrted to prrit+Dai and a!' accrued and unpaid excess interest shall abate and shaft not tie an obhgat,on of the maker or of any other perwn 13 That M the extent of [rte indebtedness Of the Mestgages t0 fete Assocratan described harem Or secured hereby the Assoeiateon rs hereby wbrOgated to the hen or liens and to the rights of fhb owner end holder thereof of each and every mongsge. iron es ottrer encumbrance on the land described heron. which is pad and satisfied. m wf+ok w in part Out Of tM poceeds of the bin described herein es secured hereby. ard.the respective bens of said mortgages. irons or other en- cumbrances. shorn tie. end the same end each of them hereby is peserved and snag! pass to oriel be nerd by the Assotratron herein ss security les the rn- debtedness to fete Assocytan harem desenbed a hereby secured. to the same extent that rt would nave been preserved and would have been passed to and been nerd by the Assocraian tied rt been du/y and regularly assgned. trios?erred. set over. and delivered unto tt+e Assotiatron by separate deed of assignment. notwrthstandrng the fact that tiro same may be satrsfred and cancelled of record. it being the mtentron o1 the parties hereto that the same w+tl be sat,shed oriel carxetted of record by the holders thereof at or about the time of the recording of this mortgage ~ 14 That rf airy of tl+e spins of rrroriey harem referred to txe not ponptly and tufty pad within chary 1301 days next attar the same severaiiy become due end payable. ~ or d each and every ttie stilwlstans. agreements. cOrdrtans and covenants of sad D+omisspry note and ihs mortgage or either, are not duty performed com- i pined with arxf abided byr. the aggregate win urged under sad poor+ssory note and tMs mortgage shad become due an0 payaDte forthwrih or thereafter: ai the I option of the Assouation, as fully and compieteiy as if sad aggregate win of money we+e orig•naliy strpuiated to ire paid on such day. anything in card l promissory note or harem to the Contrary nOtw+thstsnding 15 That ,n ceder to accNerate the maturity of ilia indebtedness hereby secured because of the /a~iwe of tr,e Mortgagor to pav env tax assessment. habihty obligor Uon or encumixante upon sad poperty ai herein povrded. it shall not De necessary nor reqursrte Mat the ASSOC+abdn shat! first pay the same i 18 That the abstract or absiracta of title covering the mortgaged property shall at act t,mes during the i~fe of tn+s mortgage remain m the possession o1 the {I Assocratron and. m event of the torecbsure of CMS mortgage. or Diner iranster of bile to the mortgaged o+operty +n e¦t:ngu+s^~nent of the indebtedness secured hereby- alt right. title and +nterest of the Monpagor in std to arty wch abstraG[s of t+tle shat) pass to the purchaser or grantee i 7 Should the valyditY or hen of this mortgage. w the rate SlCWlO Thereby, bl contested by hLgation o• Olherwr5e. the MOrtgagO• agrees to pay to the ASSOC+ahtlrl itre cost of defend+r+g itil same +ncitrd+rrg s reasonable attorney's fee 18 To pay all and singular tires costs. charges and expenses mdud+ng attorneys tees reasonably mu+rred or paid at any time tiv ttie~Assocranon- because of the failure of the Mortgagor to perfesm, comply with aM abide by each and every the stipulations agreements conAit•ons and covenants of Bard prom+ssesy rate i and tMS mortgage. eseither- and every wch (except for the payment n1 the monthly mstatiment as reriurred by she P.om~ssory Note1 shatl near interest f.om date at the rate Of eighteen per Cent 11861 per annum until fully pad /9 The Assocratan shalt have the right it any time and from time to time and witlrOUt nonce to or consent of any person to !ai re:ease any portion of file pem,ses from the iron of this mortgage. Ibl release any person IMble for payment of any indebtedness secured Hereby. {c+ extend the t•me of payment or alter the terms Of payment Of all es any part Of flit +ndebtedf+ess. Wrtl+OUt aflettrrq es rlteisirq the per5onat liab+hty Of any person Ira We iOther than any person r?Rased pur~ want h!rltoi br th! DaYment Ot any win es interest secured hereby and w+lhout rn any verge attenng. va*png or d:m~mshrng the forces effects or hen of this ~ - mestgage on ail the pemrses not spscrfrcaily released from the hen of this mortgage by the Assocrahon 20 Any agreement t+ereahcr mile by Mortgages and Association pursuant to this mortgage shalt be superior to the rights of the ho,tier of any interveniny lien or encumbrance 21 trpon request Ot Mortgagor. fete Assotytrdri may- ri its cote option. from time to time. before full payment of ati indebtedness soured hereby make }wther ad- a vances to Mortgagor. povrded. however. that ilia tool prritipa: secured hereby and remain+ng urge+d +nctud+ng any such advances shat) not at any trine ex need the original pinc,pal win secured hereby Mortgagor shall pay all wch further advances with interest and :he same shaft be secured he+eby All ponsrons g of th+s mortgage snaU apph+ 10 lath further advance as welt as to act other +ndtbtedness secured hereby tvothmg Harem contained. howeve+. shall hmrt the t§ amount secured by CMS mortgage d such amount rs rncroased Dy sdvsrxes made Ay the Assocrabon. as Herein elsewhere orovrded for to potect the security 22 in the event the Mortgages herein. Or any wtnequent Mortgages. or any person or corporation owning any interest whatsoever shouts enarmber the pnperty gaged by an instrument commonly rderred to oriel known as a wrap-arot)nd mo*1gaW` withrwt it+st obtaining ti+@ writer consent of the Assoc+a ~ harem most trop. then. at the option of the Association. the obbgation secured by tMS Mo•tgage sha'r ~mmPd~atPly t+nurmP slur an^. pavahlP 23 To pw•de the Assotratan vnth Flood Irrw,ante Coverage 'f the rear property is now or he•eafier rteTPrmined 10 nP ri.1h+n a snecral rluorl hararA area as sirov+rn on Flood Hazard Boundary MadFtood Inwrante Rate Map as publrihed by Me Federal Insuranr:e Adm~nrstratinn j 24 At the reQirest of the Mortgagor. the Assocytan agrees to wires tM povrsions of paragraph 4 relative to the croat~on of a naw•d rnwra.^.ce account. povrded however. roar the Association ntams the refit. at its Option- to n-instate such pOVis,ons of sa'd paragraph 4 as an obirgatrOn or the Mortgages hereunder upon ' the hippenrng Of any of the tdbwrng - A Failure to make any payment ragirned under tl+e terms of the note on or before Me due date ihereot 8 Fadu•e to comply w+th tM mwnnce prov+sans of paragraph 3. or of err of the other terms and corid;tans of iMS mortgage or note. or with the inwrance requ+rements Contained +n tfN Declaration of Condominium and stated documents should the mortgaged poperty be committed to condominium , development ~ r { T/P-A i ;,ky 3~o PEE ~.40~ MICA 47 BC1T