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HomeMy WebLinkAbout2640 • • !t TMt m order to protect more fully tM security d this rr,ortpaga. tM Mortgages. togetMr with and m sddreron to tM monthly payments under the fermi of tM note sxured MrebY, On t11e sptcrfrtd wymer,t data of tech month until !M sa•d raft if fully pad will pay to the Asaocutrpn the fotlowrng wms Isl An instaNmMt Of tM to:as and assessments Nvrad a to tit Itvred against tM pemises covered by this mortgage and an installment of tM wem.um a ptmnrms tMt will betaM dW and wyabl. to rtrNw tM mwrance on tM wtmrses covered hereby against loss by tire. and windstesm. as povrdsd for by paragraph 3 practdrrq. a ftrM other haa!ad as may rtaspMWy be raquutd by the Association and an installment of tM PremiU!n Ihal wilt become dW a+t0 wyabN to renew tM mortgage inwrance. rf any Such rruulMrithts snau tee equal. respectively to one twNhn IIr12M1 of tM es- timatw premwm o? pnmwms for such rnwranct. and teas and asseasn+tnts neat dw less esamated by the Associatronl less an instaUmenes already pad tMrtfd. drvdtd by tM rWmba Of mWriM Ihat ara t0 f4pst esA mtMth over t0 the date when Such premium es prtmnrmi and Isats and asstssmana will btcorne dNrT+puent The Associaton. while apdy,ng such payments to inwrarxe prem,urns. taxes and assessments. before the same btcant dtlrrgwnt. ship not pay interest to tM Mortgages on sucA funds. and al! such payments may be commingled by t!,a ASSOCralion with any other such funds or with its own funds tM funds ara pNdgad as attditanat sxunty fa the wms secured by th,s Mortgage and are sugxt to use by the Assoc,ation rn payment of "late chargti • and Dank Mlltctan charges. Ibl All payments rrientrOntd tM practding wbstctan of CMS paragraph and all payments to be made under the note secured hereby snarl be added together and tM apgrepstt amount tMrepf ttM?I be pad by tM Mortgagor exh month in a srngte parment to tx applied by the Associaton to the fOlbwing items in tM order Nt fptA 1. Teats. assessments. and inwrantt premiums 2 Laee charges arW bank cottectiOn charges. unlace paid ,n mama provrdtd rn Paragraph d Ia1 3 lnttrtst on tM rate secured MrebY 4 AmortitaLOn of the princrpat of ss,d note Any defruency M tM amount of such sgyrtgatt monthly payments shaft. unless paid by il,e Mestgages W for to the dire date of the neat such payment. con- stitute an tvtnt of defauk urdtr tM rnOrtgage. Wrlfaul warwr of arty right. tM AssocuLOn may collect a late charge" as prov,rfed m the Note S That it the total of tM payments made by tM Mortgagor under NI of paragraph d preceding Shall a:teed the amount of payments actually mane by tM Assoc,atan for to:K and asaessmMts arw u+wrancs premwms. as tM case may be. such excess shall be credited by the Assocution on subsequent payments ~ to be made by tM Mongaga If, however. tM monthly payments mad! by tM Mortgages under lal of parsgrapn 4 peceding matt not have been wfircient to pay !saes and assessments and ~nstrranct premiums. as tM use may tit. wMn tM same shau become due and payable. then. the Association may at its op ripe, immad,ately pay such teats and assessments and inwrancs pemium. and tM Mortgagor shall pay to the Associaton any amount necessary w make up tM deficiency. and such payment sMU tit due and piyablt vnthin tMrty 1301 days after tM date of maav,y of notice by the Association setting froth the amount of such deficiency If, at any fury. tM Mortgagor sMtl Mnder to tM Assocutiori, in accesdance with the povrs,ons of tr,e note secured Hereby. furl payment o1 tM entire indebtedryss represtr,ted htraby. tM Assxiation sties!!. in computing tM amount of such indebtedness. credit to the account pf the Mortgages any balance remainu,g in tM funds accumulated under tM prOV,sions of lal 01 paragraph 4 6 To permit- Commit or suffer no waste. in,pairmtnt a deMraratan Of sad poperty. a any part thereof. and upon [Ae fa,ture of the Mortgages to keep the Duitdinps On sad pOpaty m good COrdttiOn a repaU and mainttnante. 1M AfsociatiOn maY demard proper miinlenariCe ar,d the immedNle repair Of card Duitd,ngs. or an increase in tM amount o1 security. or tM immtdute repayment of the debt hreby secured and the fa•li; 01 the Mortgagor to comply with sad demand of tM Assocytan fd a pared of thirty 1301 days sMll cORStrtute a brexh of this mortgage. and. at the option of the Assocratipn. immediately mstun the enure amount of principal and inMrtst hereby secured. and tM Assocutron immediatNy and wittaut notr4e may institute prOteeding5 to forecbse this mortgage and apply fa tM appesntment of a rxeiver. as tyreuiaha pOVided. and in case of the refusal. neglect or mabibry of the Mortgagor to repair aril maintain sad poperty. the Assocaton may, at its Option. mob sucA repairs or cause the same to be made and advance moneys in roar behalf 7 T~ perform, comply with and able by txh and every tM stipulatans. spreemenis. condrtrons and covenants m sad promissesy note aril this mortgage set Iesth 8 To Comply with tM wbdmsan festrKtans aril tM municipal toning esdinancet applicaDte to the mortgaged property. not to erect o+ permit t0 be [vetted any new buildings on the prertists Mrein rriortg+tab or to add to es permit to M added to. make or perms to be made. any structural .tteratrons to any d the ea- iSting imprOVernent5 thereon witti0ut the written consent of tM Association, and in lM event of any yiOtatron or attempt t0 vrOldTe !Hasa Stipulatron5. es my pf them, this mortgage and all wms secured hereby Shalt immedatth become dirt and payable at the option of the Association 9 That in case of a defauk in any of tM tams M tMs mortgage and tM fJir,g of a bell to lesxbse this or any other mortgage encumbering the wrtMn descntxd i1+opBr[v. the Associaton snag tit snbtted to apply. at any time without ratite pending such (eseclowre wit to the court having lunSdretron thereof fes tM ap- pesntmem of a retches of alt and singular tM rr,Ortgaged property, and of sir tM rents. ,ncomes. profits. rssues and revenues thereof from whatsoever source derived. and. thereupon. n if hereby trtprtssiy covenanted and agreed that tM court shalt forthw,th appoint a receiver or sad mortgaged Prope+ry. act and ynguiar, and of wth rents. iritomeS. Profi!s. Ksuts and rtvtnues thereof. from whatsoever source derived w,th the usual powers aM duties of receivers in like cases. and wch appesninynt shall tit made by such coon as s matter of strict right to the Assocation and without reference to the adequacy or inadequacy of the value of the popeny hereby niestgaged. es to the solvency or insdwncy of the Mortgagor. ar,d that such rents profits. incomes. rssues and revenues stuff be applied by such receiver to tM payment of tM mortgage indebtedness. costs and charges according to the order of such court 1 O That m the event the pemises hereby mortgaged. or any pan thereof. shall be condemned and taken under ttie power of eminent domain the Assocratron snarl - have the right to demand that all damages awarded fa the taking Of Or injury to card premises Shalt be pa,d to the Aszo:raLOn its successors or assigns. up to the amount then unpad On this mortgage. and may be apptild to any sums tact payable hereunder 11 Thdt time is Of the essence of this cOnGxt and that rip waiver Of any Obligafron hereunder. o. Of the ObtgaLOn secured hereD~ shalt at any time thereafter be Held to be a waver of the terms hereof or of the promissory rate secured hereby 12 In the event of any default in any of tM terms of CMS mortgage. es in the note secured hereby. and acceieratron by ;he Holder. or any other srtuaLOr. that wOUld cause the interest paid es paysbk undo Iris obligation to exceed the interest rate suttrorrzed by taw. then m such evem alt excess •nteresi ineretofore paid shalt be credited to principal and as accrued and unPad excess interest shall abate and shall no: be an obtgation of the maker or of any other perwn 13 That to the extent Of tM indebtedness of tM Moagages to tM Assxistron described herein or secured Hereby. the AssxraLOn is Hereby subrogated to tT,e hen Or hens and to tM rights of tM owner and ftolder thereof of each avid every mortgage. her! or other entomb{ante on the rand described herein. which rs pad and satisi:ed. in whole or m pan. Out of tM proceeds of tM loan described harem a secured hereby- and the respective hens of sad mortgages. hens or other en. ~I cumWances. Shall be. and tM saint and exh Of them Mreby is preserved and snarl pass to and be herd by the Association herein as security fes the in- . debtedness to the Assocaton herein desuibed or hereby secured. to tM same eaten! that rt would nave keen preserved and would have been passed to arW ' been herd by the Assocution had rt been duty end regularly asspned transferred. set ova- and dehvered unto the Associaton by separate deed o/ assrgnmant notwithstanding the fxt that the same may D! satisfied and cancelled pt record. it bung the mtentron of the parties hereto that the Same wr;t be satsfied and cancelled of record by the holders thereof at or about the time of ttie retailing of tn~s mortgage ~ 1 d That rf any Of the wms Of money herein retched t0 be not prpmptty and fully pad within tMrty 1301 days neat after the same severalty become due and payable or if each and every the sbputatiOns. agreements. cOnditrOns and covenants of said promssory note.and :ors mortgage or enner. are not duty performed, tom- ; Bred with and abided by. the aggregate win unpad under sad promissory note and this mortgage shaft become due and payable forthwith or thereafter at the Option of the Associaton- ss fuNy and completely as if sad aggregate win o1 money were ongmany stipulated to be paid on such day. anything rn sa,d I promissory note o. herein to the contrary notwnthstandrng l S That in Order to accelerate the matinty o} the indebtedness hl+eby secured t1KiuSe Of !tie Taiture o! the Mortgagor to Oay any tar a556SSmen1. haD~trty. Obhga UOn es enCUmbranCE Utah Said WOOertY as harem prOyded. rt shalt not tee necessary .,pr regWSte thdT the ASSOCrdt•0~ SHdt~ hrSt DdY [he Sam! 16 That the abstract or abstracts of trtk coven the mort a Assoc,atron and. m event of tM feseCtowre of this mort a ~ property shall at a:t Mmes dun a cd o oce•Iy tin pmo^tgage remain :n the possesvon of the t g ge. o+ other transfer of title so the morlg g qushment o+ the indebtedness secwed hereby alt rght. titre and interest of tM Mortgagor m and to any such abstracts of title shah pass to the pwchaser or grantee 17 Should the vatrdrty es hen of this mortgage. or the note secured thereby. be con!ested by tt:ga:•on o• othervrse the Mortgagor agrees to paY to the Association the cost of defendm the same intludr g rig a reasonable attorneys fee 18 To Day alt and singular the costs. charges and expenses iritludmg attorney s fees reasonably incurred or pa+d at any rime by Th.. Assrxrahon because of the !allure of the Mortgagor to perfesm. comply with and abide by each and every the shpu~ations agreements corxliLOns and covenants Of Said promrsso+y note ar,d this mortgage. or either and every such leacept for the payment Of the monthly installment as requved by the Promswry Notel shall bear interest from !late at the rate o} eighteen per cent (1896) per annum unfit Cully paid i 9 The AssoC,ahon Shall have the right at any time and from Line to time and w:lhOUt raUCe t0 or consent of any per50n to ror! re~ea5e any portion Of the Dremrses from the ben of tors mortgage. Ibl release any person liable tes payment of any indebtedness secured hereby lc. extend the trine of payment or aster the terms O{ payment o} al{ pr any part Of tM indebtedryss. wrthOUt affecting es releasing the persona' lupdrty of any per5pr, table (Other than any person retedsed pur- want heret0l }Or the payment Of any Sum es interest fecund blreby and WrthOUt rn any rose aitenng Yary~ng Or drm~nishrng the fatCeS effett5 or hen Of Thrs mortgage on alt the premises not fpecificaily released (rpm tM hen of th,s mortgage by the Association 20 Any agreement hereshu made by Mortgagor and Assocution purwsnt to tMS mortgage shah !>e suneno• to the rights of the ho:der o} any ~ntervernny hen or encumbrance 21 Vpon .equest of Mortgagor. the Assocation may, at its sole option from time to Line be{ore fug' payment of all indebtedness secured hereby make further ad- ~ vances to Mortgagor, provedld. however, that the total pnnGpaf secured hereby and rema~rt rig unpaid including any such advances sha~~ not at any Line ex- ceed the prigrnat t>ancipal win secured hereby Mortgages sM!t paY all such funl,er advances wan interest and the same sna;i be secured Hereby An wowsrons Of This mortgage Sfiatl apply t0 oath further adwnc! ai Wetl if t0 act Other indebtedness secured hereby Nothing nere:r-• contained however fhalr tmrt the amount SCCwed try this mortgage d such amount is increased by advances made by Ne ASSxrdtrpn a5 he!p.n e~SOnhere prpv•ded for t0 D+OteCt the feCUniy 22 in the event the Mortgagor herein- or any wbsequent Mortgagor. or any person or corppraDOn horning any interest whatcOp:err sogu!d enoimher the prOperry herein mortgaged by an instrument commonly referred to and krawn as a wraparound mortgage wrthrnit fast OHta+mnq rho written r.onspnt Of the Assoua" - Lon then. at the option of the Association. the ob:rgatron secured by this Mortgage snzn ~mmed~arpty i,ecome due and nayanle 23 To pmv:de the Associaton with Flood Insurance Coverage rf the re3! MOPertY rs now Or hereafter detarmmed to ce wrth•n a cnerial t•'oOd Hazard area as shown m Flood Hazard Boundary Map-flood Insurance Rate Mav as pubbshed by top Federal Insurance Adm~nrtrrannn 24 At the request of tM Mortgagor. tM Association agrtts to waive tM provisons of paragrspn d rNati~e to the creation o} a Hazard insurance account. esovided ! hOyvever. that !fie AffOCiatiOn retanf tM ngM. at its Option. !o n~instats such provisions of said paragraph d as an obbgaLOn of the Mortgages Hereunder upon the happening of any of tM folbwing A Fsdure to make any payment ?tpwrtd under tM terms of the note on or before the due date thereof • r B Failure to comply with tM mwranu provisors of paragraph 3. es of any of the other terms and condrt,ons of the mortgage or note. or with the insurance " requirements conurryd in tM Otclantron of Condommrum and mated documents should the mor; a rty t>c committed to condominium 9 9~ Wope devebpment i 7 r (C~'M'n T/P-A s MLC~ a llit~o P~GE~V~?9 . ~ ~~~K