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HomeMy WebLinkAbout1658 • f, • i 1 ~ ~ 1 1• THSt, in esder to potect more fulht tM sorcuhty of CMS mortgage. the Mortgagor. togetr,orr with. and in addrt,on to tM monthly payments unoer tM terms o} the raw securord Mraby. on tM spacdiad paymornt date of lath month until tM sad note is fully pad will pay to tM Assoaation the fdbwing wms fors An inataliment of tM taaK and assesaments sewed or to W levrad against tM pormises'covered by this mortgage. and an instrument of tM txem,um or pamums that Wril bacorrta due tMd payaDla to anew tM mwrencor on tM pemises covered Mreby against bas by hrs. and wirdstam. ss povded la by garapraph 3 peceding, a such ptMr hoard as may reasonably W rorWruord by tM Association, and an ir,stallmornt of tM pemum that wil? become dw and D+YabN to renew tM mortgage inawenea. d any. Such msrixmenri :Hall be epwl, rorspecbwly. to one twNfth f V 12tH) of eM K- bmated pnmrum a pormeurrrs fa such u+wrenca. and taxK and assestirnants plat due fors estimated by tM Associat,onl lass su installments alroady pad therefor. tMvidad by tM numbN of trantM that are t0 efapM a.s nanth ppr to tM dew when such pemium a pemwms and taaK and assessments will becorrror dalirgtrent. TM Association, wfwN applyirp such payments to inwrance pamums. taxK and assessments wfaa tM sarria borconte dehngwnt. shall not pay interest to tM Mortgagor On such funds. and ail such payments may be commirpled try the Assxiatan with any other such /ands a with rri own lands. TM lands an p1edQW as addranal aorcvrity br tM wms secured by tltrs Mortgage erica are auDlect to use by tM AtlsOCiatgn M payment of "rata cMrgei' and Dank cotlattion chargors Ib1-All piymants mantaned n tM pecording wbsectwn of CMS pa+agraph and aN payments to be made under iM note secured Hereby shall be added togetMr and tM aggtorpari amount tMrorof sMll W pad by tM Matgagw uch month in a tangle payment to ba appl,ed by tM ASSOC,Nion to tM fdbvwng items m iM adorr set forth 1. TaxK. assessments. and ,assurance pamrums 2 'Late chargei and baM cWlenwr, charges. unless pad m manna powded M paragraph 4 (al 3 Interoret on tM rate sKUrsd Mraby 4 Amautabon of tM pincrwl of sad note Any delic~srtcy M tM amount of rude aggregate monthly payments shall. urtlesi pad by tM Mortgagor prior to the due date of the r.ert wen payment. con sutuw an avant of defauh order tM mortgagor. Wdhout waiver of arty right. tM Associatan may collect a late cha,ge' as powders in eM Note S That tM total of the payment, mador by tM Mortgagor under Ial 01 paragraph 4 peceding shau exceed tM amoum of payments sctuauy made by rase Association for qaK and assessntorrtri and rnwrartta pemwms. as tM case may be. such excess sMl1 Oe credited by eM Associstan on wbsequent payments to ba mador by the Mortgagor. If. hoetwvar. tM monthly payments made by tM Mortgagor under sal of paragraph 4 psceWng shall not nave Deep wfficrent to PeY taaK aril assorssmsnts and insyrante pnmrums. as tM ease ma bor. wMn tM same shall become due and r Y payable. tMn. the Assocut,on mar. st ds op- tan. immediately pay wch taxK and assessments and mwrance pormwm. and !M Mortgagor shall psY to the Associsbon any amount necessary t4 make up the defrcienty. aril wch psyrMnl Shall be due and paYSbie w,thin tMrty 130) days after tM date of ma+bng of notice by the Assoc+at+on sarong forth the amoum of such dehcienty If, at any pint. tM Mortgagor shah tender to tM Assotiatron. m accordance wan the pov+s,ons of the note secured HerorDy Putt payment of the entire irdebtedrtess rapssented Mreby. tM AssOtratan sMll, in computing tM amount o/ such indebtedness. cred+t to the account of tM Mortgagor any balance remarrwng m the funds acCUmubted under tM powians of Is) of paragraph 4 6 To permit. commit a suf/N ra waste, rmpiirrttent or deter+aatan of sad poperty. a any part thereof and upon the tartar, of tyre Mortgages to keep the buildngs ore sad poperty in good corditan es repay and mamteMHCor. tM Assocutan may demand proper maintenance and the ,mmediate repair of sad Du,ldngs. a an rrtcrsase m tM amount of security. es the immediate repayment o1 the debt hereby secured and the farit:•,r of the Mortgages t0 comply with sad demand of tM Association for a perwd of tMrty 1301 days sMU eonfututa a breach of this mortgage. and. at the option of trie Assoaation. immed,ately mature tM entua amount of pirttipal and intaeit Mreby eiecured. end the Assocratron .mmed,ately and wrthoul Hoot, may msbtute poceedr^9s to faecbse i ttus mortgage and apply for tM appantmertt of a rorceiva. as MrsiMher powdord. and in case of tM refusst. neglect or mab+irty of the Mortgagor to repair and maintain sad poperty. tM AssOCNtan may. at its option. make wch ?epaus a cause tM same to be made. aril advance moneys in that behail T~ perform. comply with and abda by each and every tM etipulations. agreements. cond+t+ons and covenants m sad pomissory note and this mortgage set torch 8 To Comply with tM wbdwsan restrretronf and tM ntuniapal sating esdnar+cet applcable t0 tM mortgaged popery. not to erect es permr! t0 De erected any new bu,ldings on tM pormises Mrorin mortgagetd a to add to a perrrut to bs added to, make a permit to be made. any structural etteratiests to any d the ex- ,sung ,mpovements thereon without tM written consent of tM Aswcratgn. and in the event of any vatatron or attempt to vwlate these stipulatans. a any of them tMS mortgage and errs wms fetured MrebY shell immediately Deeorne due and payable at tM Doran o} iM Associatan i g TMt m Case Ot a default M any Of tM tNma O/ IMe mortgagor and tM faing Of a bill t0 faeclOSe ants p my Other mortgage encumbering [tie W+tMn descnDld popery. tM Assoaatan sMH be matted t0 apply. at any bme without ratitepending such laecbsure sort. to tM court having lurisdret+on thereof fa the ap- pointment of a recavorr of sH orM eingular tM morgagW poperty. aril of all tM rents. rnCOmK pofrts. issues and revenues thereof. from wna[soever source - derived. and. tl+Neuppn. rt is horreby axporssly covenanted and agreed that tM court shall festhwith appoint a raceway Of sad rrtOrtgaged popery all aril yngular. aid of such ants. irrcprries. pops. nwK and reverWes thereof. from whatsoever source derived. wrtn ttva usual powers and dupes of receivers in bke - cases. and such appointment sJiall bor made by s•~ch coup as a matter of strict rpht to tM Association. and without reference to the adequacy or inadequacy of the versa! of tM popery hereby mortgaged. es to tM solvornty a insolvency of tM Mortgagor. and that such rents pohts mcomK ,ssues. and revenues shah be appired by such receiver to the payment of tM mortgage indebtedness, costs and charges. accesd,rtg to rase order of wch court /0 That rn the event tM plmrses Mreby mortgaged. a airy par thereof, shall be corysemned and taken under the power of eminent domain the Assoc+atron Shah have the rght t0 demand the[ s11 damagK awarded fa tM taking Of a injury t0 sad pem+ses shat; be yard to the Assocrauon. +ts wccessors or assigns. up to the amount then urtpad On tMS mortgage. and may be applied t0 any wms last payable Hereunder t t That came is of the essence: of t?us contract and that no waiver of any OblrgatiOn Hereunder. or of rase obbgabon secured Hereby shalt at any arr,e tr,ereaher be held to be a waver of tM terms Mrra1 es O} the pomrssory note secured Mreby 12 In the event Of any default in arty W the terms Of this mortgage. Or ,n tM rate secured hereby and acceleration by rase hostler or any other srtuat,on that wOUlO cause rase interest pad or payable under tHis obligation to a:teed tM interest rate authorised by law. then in such event ail access interest tHereto}ore paid shah be credited to pnncrpai end a:' accrued end unpaid excess interest shat) abate and shall not be an obl+gauon o} tie maker or Of any otrier person 13 That to [he extent of the indebtedness Of the Mortgages t0 tM Associatan described herein or secured hereby. the Assoc,ation is hereby wbrogated to the Hen - a liens and to tM tights of tM Owner and faldar thorreot o1 each and every mortgage. I+en a other encumbrance on the Lard described Herein. wh,ch is pa,d and Satisfied. en WtrOle a rn par. OYt O! IM poceeds Of tM ban deKnbed Herein p secured hereby. and rase respective Hens Of sad mortgages Hens Or other en- cumbrances. shall be. and tM same and each of them Mreby is psserved and shalt pass to and be held by the ASSOCratiOn herein as security fes the in- debtedness to the Association herein described es MreDy secured. to tM same extent that r would have been prtsened and would have been passed to and been Held by the Associatan Had n been duty end regularly assigned. transferred. set over- and del+vered unto rase Assoc,ation by separate deed of assignment. nOfW,thSlandKlg acre fact that tM Same may be satisfied and Cancelled O} record. it bNng the intention Of the part+eS hereto that the Saute veil{ be satisfied anQ cancelled of record (>y tM holders there0l at a about tM time of tM recording of th+s mortgage 14 That d any of the sums Of ma,ey harem referred to tie not pompth aril fatly pad wrtMn tn+rty (301 days nest after the same severally become due and payabb pr d each and every tM sbpulatiOnS. agreements. CtNtdiliOna end covenants of sad pom+SSOry hote~and th,S mortgage. or either are not duty Derfurmed tom - d+ed with and abided bY. tM aggregate win unpad under sad pomissory note and this mortgage snail become due and pavabre forthwrtn or thereafter at the Optgn of [he Aisoc,atron. as fully aril compleielY as rf sad spgregste sum of money were otigrnahy stipulated to be yard on such der anytrur,g in Said promissesy note es herein to rite contrary notwithstanding 15 That ,n Order to accelerate the mstur+ty o1 rase indebtedness hereby secured because of the iaaure of the Mortgagor to Day any tax assessment bab,irtY obtiga lion es encumbrance utwn sad poperty as harem povded. r shad not be necessary nor regwsite that the Assoc,abon sna'~ first pay the same 16. That the abstract or abstracts of title coveting tM mortgaged pOpetty Shall at all times during the to of the mortgage remain +n the pOSSeSS,On of [he Associatar. and. m ,Yeast Of the fesectowle Of CMS mOrigage. Or Other tranSlN O} titie t0 ilia mortgaged DrOperty. ,n e¦hrg„ ~sh•nent o! trip ,ndebtedneSS SQCUred hereby all right Otte end interest of tM Mestgages in aril to any such abstracts of bete shah pass to the purchaser or grantee S 7 $r+ould the vabd,ty or ben 01 this mortgage. es the note secured thereby. be contested by bugation or otherwse rase Mortgagor ergrees to pay to the Assocrabon the cost of defend,ng the same including s reasonable attorney's fee 1$ To par all and singular the costs. charges and expenses. including attorneys fees reasonahy rnu;rred or paid at env nine by ilia Association because of the failure of tHt Mesigages t0 pe,fesm. Comply with and add, by each and every the sbpulabons agreements corMruons and covenants of said promissory note aril tMS mortgages or either. and every wch iexcept fa the payment of the monthly installment as required by the Pmmissnry Notes shaft bear ,merest 6om date at the rate of e,ghteen per cent f 1841,1 per annum unid fully pad 19 The ASSOCiat+On shaft have the tight at !ray 6me aril from came t0 time and WithOUt nOhCe 10 es consent of any person to sal re:ease d,iy portion of ire premises from the e,en OI tM5 mortgage. Ibl release any person bable for payment Of any rrdorbtedness secured Hereby. to extend the Pine Of payment or after rase terms of payment o} all es any par Of the irdebtednets. wrttaut affecting a releasing the personae babrbty of any person liable tother than any person retedsed pur- want hereto) for the payment Of any win a interest secured hereby and without m am wise a~tenng vmy,ng or d+minishing tree forces. eflecrs. or ben of tHrs mortgage on all the pemises rat specificNly released from IM bM Of ants mortgage by the Assoclatles, 20 Any agreement hereafter made by Mortgagor and Associatron pursuant t0 this mortgage shaft be superior to the tights o1 the hntder of any inurvenmy r,en or encumbrance 21 upon request of Mortgages. the Assoc,ation may. at its sore Option. from pine to came lxfore tali payment of au mdebtedneSSSecuretl hereby make further ad vances to Mortgagor, powded. Howwer. that the total pincipat secured hereby and remaining unpaid including any such advancers Shall not err any trrrte ex- Ceed the esiginal pinUpal win slCUred Hereby Mestgagpr shall pay ill veep f W[her advinres with interest and the Same shaft be Secured Hereby All pOnSbnS of this mortgage shalt apply t0 each further advance ss weir ss to all other indebtedness secured Hereby Nothing tere.n cania~r,ed however. Shat' bin,! the amount secured by this mortgage d such amount is increased by advances made by rase Assxiaeon as Herein eaewhere esonded for to protect tr,e secuntr 22 In the event the Mortgagor herds or arty wbSequent Mortgagor or any person es corpesatrpn owning any interest whatsoever shout, encumber tr,e property herein mortgaged by an ,rtstrument _ommoMy referred to and known as a wrap around mortgage wirro,rr lust obranmq etw wrsflen r-Hassan: of she ASSOCra bon then. at the option Of the Association, the obhgabon secured by this Mortgage slier+: immediately necnme due and narab•e 23 To povde the Association with Flood Inwrance Coverage if the rear property is now or he•eaher Aeterm~ned to 0o within a sceua! fiord harard area as shown On Flood Haiard Boundary MapFtood Inwrante Rate Map as published bq the Federal Inswarce Admihistrabon - 24 At the realest o1 tM Mortgagor. tM Aelsociatrort agrees t0 wove tM pWisWns of paragraph 1 relative to the creation Of a hoard mwrance account. povded. however, that tM AssociaLWn reforms tM rpht. ort its option. to tor-inatati such powsrons of sad paragraph 4 as an obtigat+on of the Mortgagor hereunder upon the happening of any Of tM fdlOwtng A Failure to make any payment regtrirsd under IM farms o! tM note On es before the due date thereof 8 Failure t0 comply vwtH tM inwrent:e povittiOrta Of paggraph 3. es o) any 01 the Other terms and cOr,ddrons of tors mortgage or note. or with the mSOrar,Ce requiremenp contained M tM Dorclarat+on of COndominrum and rstatrd documents should the mortgaged wooertr be committed to condommwm devebpment (C)-M•R - T/P-A Sln~i(c~ P~~V`~ff~ . 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