Loading...
HomeMy WebLinkAbout2621 ~ Tnat rn order to protect more fuay tM :county of this mortgage tM Matgagw. togetMr vwtn. and ,n add4ron to tM monthly payments under tM lams of the note secwed Mreby. on tM apeuMd payment Wq of each month until tM wrd note rs 'idly pa,d wrn pay to the Assocratrpr tM fonowing sums la1 An rrrstaMmMt Of tM taxes and astleasmentf Nvrad a to be Nyred against tM pem.ses covered by this mortgage. and an ,nstailment a tM premium w pemrums that tnrAl 0ecorna dw and payable to renew tM rnwrance pry the premrsss covered hereby against bas by fire. and wrr+dstam, as provided fa by paragraph 3 preeederg, p a11Ch OthN hazard as may Hasonably be required by 1M Assocratron and an mstaument of tM premwm that wdl become dW and oayabN to renew tM mortgage rnswanGe. ~1 any Such instatbnentf shall bs sgwl, resp4cUVely. to one twelfth 11r 12th) of 1M es• bmated premwm Or prenMYme for iWt:h rrrauraMe. and taxes and assessments Mxt due Ias estimated by the Assoc/atronl less till rnStallments altlady pad therela. drtnded by IM number of rrronths that era to Wpse a.e month error to tM date when such Wem,um w Dre:rtwms anti tares and assess+rrents wrq become debrtgwnt. TM Aasoaatroa- Mrtrrie applyrrrg such payments to into+ance Premwms taxes a^r± rssessments. trefore the same become debrtquent. shall not pay .Merest to tM Mottgago? on such funds. and all such payments may be commingleu by the Assocrstron with tiny otMr soon funds or with tta own funds. TM funds era pledged as addrtanal sscunry fa the sums secured by tors Mort a tM Assoaatan m payment of 'lab charges ~ and bank calattan charges 9 ge and are subject to use by Ibs AO payments nrentroned rn tM precedrrrg wbsectan a this paragraph and au payments to be made under the note xcured Mreby snail Ix added togetMr and tM aggregaa amount tMreof sMu be paid by tM Mortgagor each moron ,n a :.ogle Payment to be applied DY the Assa:rabon to the tdbwrng rums in tM order sat forts 1 Taxes. assessments. and inwrance premiums 2 "Late charges and Dank coltectron charges unless paid •n manna povrdad rn paragraph L Ial 3. Interest on tM note secured Mreby ! Amwurauon or the prrncrpal of said note Any deHcrsncy n tM amount of wch aggregate monthly payments shall. unless paid by the Mortgayor pier to the due date of the nett such payment. ton- sntuts an want a defauh under tM mortgege. 1M1hthout waiver- of any rrgltt. tM Assocratan may collect a Wte charge" as provided in the Note S That d tM total of tM payments made by tM Mortgago? under la1 of parapaph 4 precedrrrg shall emceed tM amount of payments actually made by tM Assocratron fa taxes and assessments and atwraate premrsrms- as tM use may be. such emcees shall be uedrted by the Assocrabon on subsequent payments ' to be made by tM Mortgagor. If. however. tM monthly payments made by tM Mortgagor under lal of paragraph ~ preceding stall not have been wtfrcrent to Day taxes and assessments and rrrstsrance premwms- as tM use may be. wMn tM same SMII become due and payable. then, the Asstxratron may. at rts op- rron. rmmsdrately pay wch taxes and asseafrrtents and inwnnce Wemwm. and tM Mortgagor shall pay to tM Assocranon any amount necessary t4 make up tM dsfrcrerrcy. and such payment sMa ba due and payable tMihrri thury 1301 days after the date of madrng of not,ce by the Assocuuon wrung torch the amount of-such defrtrency. N, at any bme. tM MoRgagor shall ender to IM Assocratan, rn accordance with the Wovrsrons of trre note secured hereby f Wl payment of tM entree indebtedness represented hereby. tM Assocratan shall- m computing tM amouM of such rndebfedness. credit to the account o1 fire Mortgages any Wlsr+te remaining m tM funds accumulated under tM provrsaM of lal of paragraph 4 - - - 6 To permit. cwnmit w wffN rip waste. imparrtMnt w deterioratipn Ot sad property, w any part thereof. and upon the /a:lure of tree Mortgagor to teep the burldrngs on sad property in good condition p ?epau and maintenanu. tM Associstan may demand proper marntenante and the immediate repro. of said tluildings. w sn increase m tM amount O! security. w tM rmmedrate repayment o) tM debt hereby secured. and the la,lr:-,r of the Mortgagor to comply with sad demand of tM Assocratwn for a period of thirty 1301 days shah constitute a beach of tHis mortgage. and. at the option of the Assocrauon. rmmedrately mature tM entue amount of pnncrpal and interest Mreby secured. and tM Assixutan immediately and w,traut notice may institute proceedings to forecbx this mortgage and apply for tM apporntnient of a rece,ver, as Mreinaher provided. and m case of the refusal. neglect or inability of tM Mortgagor to repair and - mamtam card property. tM Assotratron may. at ds option, make. such repairs or cause tM same to be made. and advance moneys in drat behaN 7 T~ perform. comply with and able by each and every tM stipulations. agreements. eondreans and covenants m said promissory rate and this mortgage set Iwth 8 To comply with thq wbdmsion nstrretions and tM munrcrpal :orwng ordinances applicabb to the mortgaged woperty riot ro erect or permit to Oe erscied any new buildings On the parolees MrNn mortgaged w to add to Or permit to be added to. make w permit to be made, any structural elteratans to any a tM ea- rstrng rmprovemints the?aon vnthout tM wnitM consent of tM AssoC~atan. and rn tM event of any veteran or attempt to vacate thex stipulations. w any of them this mortgage and all wins secured Mrpby sMll immediateN become due and payable at the opton of the Assocratan 9 Thee in case of a default m any of tM terms a tMs mortgage and tM fibng of a bill to foracbx tMS w any other mortgage entumberrng tM within described p+otxrty. LM Association sMU be entitled t0 apply. at any note without ratrce pertdrng such foreclosure sort. to trre court hav.ng lunsdictron thereof for tM ap- pantment of a receiver of an sad singular tM mortgaged property, and of s0 tM rants. incomes. profits. rssues and re+enues thereof from whatsoever source derived. and. ttrereupon, it rs hereby expressly covenanted and agreed that tM court shall forthwith appoint a recewer of card mortgaged property tip and _ srrrgpla. and of wch rents, irttprrres. profits. rssues and revenaK thereof, from whatsoever source derived. wah the usual powers and Duties of receivers m nk! caxs. and suCH apppintnient shall be made by wch court as a matter of strict right to tM Assoc,abon and without reference to the adequacy or inadequacy of the value of tM poperty Mreby mortgaged. w to the savent:y or insoMency of the Mortgagor and that such rents. protrts. incomes. attics. and revenues shall be applied by wch receiver to tM payment of tM mortgage indebtedness. costs and charges. according to the order of such court 10 That rn the event the premitet hereby mortgaged. a arty part thereof, shall be cwedemned and taken under the power of emintm dpma~n. the Assoc,atron snail have the rght to demand that sN damages awarded for tM tabng of w msury to card premrxs snap be paid to the Assocratron. rts wccessors or ass,gns up to the amount then unpaid on this mortgage. and may De apptred to any wins last payable hereunder A 1 That lime rs of the essence of tMS contract and that rlo ws,ver o! any a)hgauon hereunder. or 01 the obhgabon xcured nerebv. shall at any time thereafter be held to be a waver of the terms Mregf pr of trre prom~sSory note secured hereby 12 In the event of any default m airy of the terms of this mortgage. or in the note xcured hereby and acceleration by the Holder or any other situation that would caux tM interest yard w payable under tMS a>fpatan [o exceed rts interest rate authonred by raw then m such event all excess interest thereafore paid shall be aedrted to prirrCrpal and a:' accrued and unpaid excess interest shell abate and shat) not be an ob!~gabon of the mater or of any other perwri t 3 That to tM extent of tM indebtedness of the Mortgagor to tM Associat,on described rrerern or xcured hereby the ASSOCratrpn rs hereby subogated to the Iron w hens and to the rights of tM owner and bads. thereol of each and every mortgage. lien w other egncumbrance on the land described herein. wh,ch is paid anti satisfied. en whole w rn part. out of the proceeds of tM ban described Mrein or secured herebylar•d the respective hens o1 said mortgages. Hens or other en,- cumbance5. Sha11 be. and tM same and each o1 them Mrsby is preserved and shalt pass to and be held by the Assocratror: herein as secwrtY for the m- debtedness to the Assoaatan herein described w Mreby secured, to the same extent that rt would have been prexrved and would have been passed to and been held by the ASSOCiatidn had rt bets duly and regularly assigned. transferred. xt over. and de!nered unro the Assovasron by separate Geed of ass,gnment. notwrthstandrng the fact that tM same may be satahed and i:antelied of record. it be,ng the ,n:entron o{ the parties Hereto that the same w,n be Safrsfred and cancelled of .!cord by the bade.: therepl st w about tM rime of the recording of this mortgage Ia That rf any of the wins of money Mrein referred to be not promptly and fully pa,d within thirty 1301 days nett after the same severa~iv become due and payable. or d each and every the StipulatiOnt. agreements. COadrtrgnS and COVenantS of Sard orOmrSSpry rate and this mortgage, or either are not duly performed. COm- pleed with and added ny. tM aggregate win unpaid under said promasory note and this mortgage sna.r become due and payable forthwith ar thereafter. at the Option of the Association. as lolly and completely ss d said aggregate win Of money were Ongnd!ty St,puta:ed to be paid on such day. dnyt h,ng m said promissory note w herein to the contrary nOtw,thttandrng 15 that rr order to accelerate [he maturity of the ,ndebtedness hereby secured becaux of the failure of the Mortgagor to pay any tam assessment badhty oblige bOn w enCUmbante upon said property aS herein pOVrded. it SMII opt be necessary nor regwiae that the ASSOU atiOn Sha~~ f~rSt pay :he same 16 That the abstracr or abstracts of Utb covering the mortgaged property shall at au times during the rife of cols mortgage remain rn the possess,on of the Association and. m event of the lOretaowre of this mortgage, or other transfer of tale to the mortgaged property m erar+guisnment of the indebtedness xcured hereby. all right bsle and interest of tM Mortgagor m arid to any such abstracts of title :hail pass to the purChaxr or grantee - 1 17 Should the vatidrty or hen of thri mortgage. or the note :cowed thereby. be contested by !rogation or othernrx the Mortgagor agrees to Dar rn the As50! ratirin ~ -the cost o1 defending the Same ,ncludrng a reasonable attorney S fee - 18 To pay all and yngolar tM costs. charges and expenses. ,nCiUdrrrg attorney-s fees reasonably marred. rn paid at any rime Hv rho Assxr~hon because o} Elie failure of the Mortgagor to perform. comply vinth and abMe by each and every the stipu+arions agreements conrlmons ants r-avenants of sa,d promissory note t and thr5 mortgage. oreither- and every such IexCept for the payment of the monthly installment as regwrert by the Prpmrssnry Notel shall Dear mierest Irom } date at the rate of ergnteen per cent 1189.1 per annum until fully pa,d - fp 19 Th! AsSOC,atron snaU Mve tM right it my Dn1e ind from Dme tOtim! ind wrihOpt nohc! to or Consent of any person to !al release any porUOn of the premrxs FFS from the Iren of tMs mortgage. Ibl release any person bsbk for payment of any r~btedness secured hereby lci e>ttenA the lime o1 payment or alter the terms Of payment of aR Or any part Of the indebtedness- witfrout aHectirrg or releising t persona! habdrty of any person Gable (Other thdn any person .pleased pur- l - want hereto) for the payment of airy sum w mtenst :cowed hereby and without m any w,x tittering varying or d~mmrsh~ng the forces ef!ecrs. or ben o/ this mortgage On all the premises not Spea/icallY released from the hen of th,s mortgage by the ASSOCratiOn 20 Arry agreement hereahcr made by Mortgagor and Associatan pursuant to tors mortgage sha? tx superior to the rights of the holder of any intervening ben or encumbrance 21 lrpon request of Mortgagor. the Association may. at rts sole option, from time to trine. before ti;a payment of a!+ indebtedness xcure0 he*eby make further ad - vances to Mortgagor. provided. however- that tM tool priritipal secured Mreby and .emain~ng unpaid ~ndud~ng any such advances sna~i not at any time em- ceed the origrnat prrrrcipal sum secured Mreby Mortgagor :hail Day all wch further advances with interest and the same :licit De secured hereby Alt provisans Of this mOrt Shall a gage poly to each further advance as wen ss to an other indebtedness xcured hereby Nethrng herein contained. However shat' omit the amount secured by this mortgage d such amount is irrcreaSed t>)r advances made by trie ASSOC~atipn as herein elxwnere provided for to protect the security 22 In the event tM Mortgagor Mreie, w any wbsequeni Morrtgagor or any person or COrporahpn owmnq any ~nterecr whatsoever shout.; era,mkrer rho property herein mortgaged by an instrument commonly referred !o and known as a -wrap-around n»rigage- wrthput GBt obtaining the written consent of the Assoua- - trop then, at the option of the Assoc,atan. the obligation secured Dy thi5 Mortgage sha'i ~mmerbMPly frernme d;,N arcs IrayaMe 23 To provide she AssocNtan with Flood Insurance Coverage d the real property rs now or he•eattor de•ermmed to tie within a cpeC~a~ Bnrx1 hazard area as mown on Flood Hazard Boundary MapJFlood Inwrance Rate Msp as published by trre federa~ !nccrance Adm~nrstrat~nn 24 At tM request o} the Mortgagor. tM Associatan agrees to waive tM provaans of paragraph 4 re!anve to the creat,on o{ a hazard insurance account. provided However. that the Assocatan ntnns the right. at rts option. ton-insUte such provisions of seed Daragrapn 4 as an obligation of she Mortgagor hereunder upon tM happening of airy Of its laboring - A Failure to make any payment required until. tM farms of the rats ors or before the due date thereof s_ 8 Fsrlure to comply vnth tM mwnnu poinsions Ot panggph 3. w of any of tM other terms and corW,UOns of the mortgage or nose. or with the insurance regwrements contarrted m tM pedaratan Of CgrldOOhnium and rNated documents should the mortgaged woverty be commrttsd to condomrmum devebpment i 's f i I (Cl•M.R T/P•A ~~~K330 PAGE~61O • MICA 17