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Home My WebLink About2646 That. rn order to protect mort lygy tM sttunry of tMS mortgage. tM Mortgagor. togettrer w+th. and m addrtan to. the monthly payments undo the rums of tM rate secured Mreby, on tM spe~rfred payment ate of each month until tM std rats +s fulh pad. wrN paY to tM Assocrat+on tM fabwurg sums Ise An rnstaNmMt of tM faces irrd iasessmMts k?vred or to Dt lfrred agtmst tM pem+sts covered by th+s metgage. and an rnstatlment of tM pemrum e ptmrums tltst will becprN dw toil pitrtble to reMW tM mwrance on tM ptm+ses covered Mreby against loss try I+re. and windstorm. as povrde0 for by paragraph 3 pegdmp. a euM other hutro as may reasonabh t>• rtpurred Dy tM Assocratan, and an rnstal:ment Of tM pemrum that will become dW aril Partible t0 rtrttyv flit mortgtgt rnwranct. i1 any Sucn installments shau be lpual. respectively. to one-twethh I lr 12th! o/ tt+e es• bmated prtmrum p prtnuwns for such iMUrtnq. and rues and asstssments rNal due Iat ettimated DY the AssrxratrOnl less all insbNmenis 7Uesdy ' pad therefe. drvdW by tM number d month flat art IO elapse erne month prOr to tM date when such pem,um a pemrums and bass and tssessmenb wiN beconit deknputnt. TM Assouatan. wlrle tpplyrng wch payments to rnwgncs pemwms. tsars and assessments. belee tM sanN becorrN dtknputrit. shah not pay mtNtst t0 tM Mortgages on such lands, and alt such payments may tie commingled by tM Assoe,atan with any otMr such funds or with ib own funds. TM funds an pN1fgW a addrtMnal secwiry to tM wms secured by tMS Mortgage and are subtect to use by tM Assocratan m paymMt of "lab CMrges" toil bank ealettipn charges IDI All payments mentanW m tM ptcedrrig wbsection of this paragraph and tU payments to be made under the note securW hereby shall be added together and tM agpregab amount tlrerep! snail W pad by tM Metgage exn month m a yngle payment to be alrpl+ad by tM Assoc+atan to tM laboring rums m tM order Nt forth 1. Teats. atNUrMnb. and mwrince pemwms 2 ' Wte charges and bank coUettan charges. unties pad ,n manner pOVrded rn paragraph 4 Ise 3. Inbrsst on tM note secured Mretrr t Amorutatan Of tM p,nc+pal of sand note f?ny defrcrertcy m tM imelnt OI such tggrsgate monthly ptymtnts slyN, unless pad by tM Metgagor par to the due date a IM neat wch payment. con- sututs sn event of daiauh under tM mortgage. Without wsrvtr of any right. iM Assoc,atron may collect a late charge as povded m'tM Note S TMt ri tM total of tM payrr?enb made by tM Matgaga undo Ial of pirtgrtpn 4 peced,ng shall eacted tM amount of payments atwany made by tM Assocratron for teats tM tssessmtnts and inwrance pemwms. as tM ust may tier such eat:ttt shall be cred+tad by the Association on wbseQuent payments to be made by tM Mortgagor. If, liovirtver. tM monthly pirments made br tM Mortpapor under Isi of paragraph ~ peceding shau not Mve been wffrcrent to pay rases end sssessmtnb aril msurtrrct pentiums. as tM cast may be. wMn tM store sM11 become due and parade. then. the Assocutan may. at its ap- tan. rmmediateh pay such tracer and asstssments and !nsurtrtu pemwm. and tM Mortgage shall pay t0 the Assoc+atan any amount necessary tp make up tM deficrerrCy. and such ptynNnt sMN be due and payable wnMn thirty (301 days slier tM date of mailing of not+ce by the Assoc+atan setting forth tM arrqunt of such defrcrency If, at any time. iM Mortgagor shaft under to tM Assoc,suon. m sccadance w+th tM pov+siOns of the note secured Mretry furl payment of the entire rrdebtedMSS represented hereby. tM Assoaatron shall, in compUtrng tM amount of Such +rdebtedness credd to the account of tM Mortgagor any balance rems+ning rn tM funds at:cumubted under tM pOVrsrpns of lal of paragraph 4 8 To permit. comma a sulfa no wash. rmpairmMt a detsrroratron of sail poperry. a any part thereol. and upon the fa+lure of the Mortgagor to keep tM twildry}s on sad poperry rn good cedrtron or rtparr and montentnct. tM Associatan msY dernarid poper maintenance and the rmmed,ate repair of sad bu+ldirigs. a an increase m tM tmouM of secunry. a tM rmmedyte repayment of tM debt erertby secured. and the /a+1i:-,: of the Mortgagor to comply with card demand of tM Association for t period of thirty 1301 days shah constitute a breach of this metgsge. and. at the optan of tM Assoc+atron, rmmedrateh mature tM enure amount of pincrptl and intuest Mreby secured. and tM Assocratan immed+stely and without notice may institute poceedrngs to feecbse tMS metgsgs and apply fa tM tppomiment of a recover. ss Mronaher periled. end in case of the refusal. neglect or inabrhry of the Mortgagor to repair and maintain sad poperry, tM Association may. at its optrOn. make such repass a cause the same to be made. and advance moneys in that behalf 7 T~ perfem, comply with tad abide by Lath tad wiry tM strpulttans. agreements. ced,tions and covenwnts m sad pon:,ssory rate end tMt mortgage set leth 8 To tOmpiy with the wbdrvrsan restrittans and tM murucrptl lorong ordnances applrcaWe t0 tM mortgaged poperty not to Erect a permit t0 be erected any new tririldingt Ori tM pemrfet Mrem mortgigtd a t0 add 10 p permit t0 be added 10. makE a perm+t t0 be made. arty siructuril alieritans l0 my Of tM Qa- +St+ng rmprOVementS thereon w+thOUt !M wrdiM Content Of IM Associatan- and rn lM !vent pl arty Yaiat+On Or aL[empl t0 v+aate these SbpulatrOnt. pr any Of them. this mortgage and all wms secured Mrtby shall imrtied+atsh became due and payable at the optan of the Assocwtan g That m case of a delault rn trry of tM toms of this mtxtgtgs and [M ldrrig Of t bill t0 feecbse tMS or any Other mortgage entumbenrig fire wrthrn described ppperry. the ASSOCratiOn shall be entitled to apP1Y. at any Um! without not+ce perd+ng wch teecbwre cart. to tM court hawng luntd,ct+on thereof for tM ap- pentment o/ a receiver of ail end srrrgular tM metgagtd property, and Of all tM rents. +ricomes. posts. issues and revenues thereof. from whatsoever source derived. and. thereupon. rt is Mreby eapestly tovensnted and agreed that tM court shall forthw,tH ippant a reterver OI sad mortgaged pOpertY. all and s+ngular. and Ol such rents. rnromes. proh!s. newer and revenues therapl. from whstsOever sours! derived with the usual powers and dunes of recovers rn like cases. and wch appentment shall be matte by such court as • matter of str+tt right to the Assoc+ation aril w+hout reference to the adeQuacy or madepuacy of the value of the wOpertY Mretry mortgaged. w t0 tM savency or mstrMerrttr of 1M Mortgagor. and that such rents. posts. incomes iswes and revenues shall be appl,ed try such recervtr to tM payment of tM mortgage indebtedness. costs and charges. accord+ng to the order of such court 10 That +n the event tM eemrses Mreby mortgaged. a any part tlrerep}. shall D! condemned and taken under the power of ern,r+ent domain. tl+e Assoc+atan shall have the rght to demand that ell damages twardsd /e tM takrnp of a injury to sad pem,tei shall be pa,d to the Associat+on +ts successors or ass,gns. up to t the amount then unpad pri tMS mortgage. aril may be applied to any cams fast payable hereunder t r 11 That time rs of the essence of [hrs tontrttt end that no waiver of any oblrgat,on Mreurde+. or of the obligation secured neretry shall at any time thereaito be + held to be s warvu of tM terms Mrepf pr of tM pomsspry note secured Mreby 12 In the event of any de/salt in any of tM terms of CMS mortgage. a in the note secured hereby. and acceleration by the Calder. or any Other situation that would cause the interest yard or psytble under [hrs obligat,on to exceed tM mtuest rate suthe+>!ed by law. then m such event all eacess intrest theretofore pa,d shah be cred+ted to Dr+nc+Pal and a^ scuued and unpa+d eacess interest shalt abate and shad not be an Ob+~gat+rN+ of the maker a of any other perwn ~ 13 THat to the eatent of the indebtedness of tM Mortgagor to tM Assocutan described herein or secured Mreby the Assoc,atron +s hereby wbrogated to the hen or hens and to tM nghta of tM owner tad tinder thereof of Bath end every mortgage. lien or other encumbrance e+ the land described Mron, which rs pad and ` sabshed. in whole or m part. out OI tM poceeds o1 tM ban described Mrein or secured hereby. ar;d the respective I+ens pi sa,d mortgages. hens or other en- cumbrances. shah be. end tM same and each of them hereby is peserved end shah pass to aril be held by the Assocrat+on herein as setunty for tM in- ` debtedness to the Association Mrein described a MrebY secured. to tM same eatent that it would have been peserved and would have been passed to and ~ been herd Ivy the Assocratan had rt Deen duly and regularly sss+gned. transferred. set over. ar+d det+vered unto the Assoc+ation by separate deed of ass+gnmMt j nptw,thstanding the /art that tM same may be fat+sfied and canteNed o} record. +t be,ng tl+e ,nientan of the parties hereto that the same w,ll be sat+s/+ed and cancelled of record by tM holders therspf st or about the time of tM record+ng of tn+s mortgage 14 That d any of the Sums pf money /yrem referred to be not pomptly aril fully pad w+tMn thety 1301 dais neat after the same severally becon+e due and payable. or rf each and every tM strlwlatans. agreements. cord+tant and covenants Of sad pom+sspry note and th,s mortgage Or ether, are not duty performed. com- plied with and abided by. the aggregate cam unpad under ss,d pomrssory note and th+s mortgage shau become due and payable fonnw+iH w tttereaher. at the E Option of the AssOtratrpn. ss fully tad comdeteh as d sad aggregate cam o/ money wet! or+gmauy stipulated IO be Da,d on such day anytMng in sad ~ pom+ssory note or here+ to tM contrary nOtMnttittsrdiflg 15 That in order to accelerate tM matunry o/ the ,ndebtedriess hereby secured because of the fa,lure of the Mo+tgagor to paY any tea assessment. hab+bty obt+ga _ t+On W MCUmbranCe UPpri tad poperty at MIlrn pOVded. +t SHDII opt be rtetlsssry nor reQU+s,te that the ASSpt,d[+On shall f,rsT pay the Same E 16 That the abstract or abstracts of nth! covering tM mortgaged poperry shah at au t+mes during the I,te of the mortgage. remain +n the possession of the { Assoc,ation and. m event of [M feeclO~ire of the mortgage. a other transfer o1 Utte to the mortgagee oroyeny +n eatingusnment of the indebtedness seci,red Ij hereby. aN nghi. htie and interest of the Mortgagor rn and to my such absirttts of Utle shall pass to the p~rcnaser o. grantee 17 Should the valdrty or hen o/ the mortgage. a tM rate secured thereby. be contested by hbgatrpn o. Otherwise. the Mortgagor agrees t0 Day t0 the ASSOC+abon i{ the cost of detend,ng the same +nclud+ng a reasonable attorney's tee 18 To par all and singular the costs. charges and ealxnses inciud+rig attwreVs fees reasonably incurred or nand at any t+me by me AssOC+anon because of the ` failure of the Mort t0 Perform, comply with and sbde gage DY each and every the sbputatans agreemenrs cond,bons anA covenari±s Of sa+d promssorv note i and tMs mortgage. or other. and every such leacept for the payment of the monthly msrallment as rN,tu,rPr1 by the Promsswy Notel Shall bear interest from daft at the rate Of eighteen per cent 11696) per annum until fully pad 19 The Assoc'dt+On shall hav! the right at any time and from [tine t0 bin! and w+thOUt nOLte to Or consent Of any person t0 Id) re~ea5e any portion Ot the pem+se3 s i.om rtie ben pf th+s mortgage. 1b1 release eny person i+able for payment o1 any +ndebtedness securod hereby. (cl e¦tend ine Prrie of payment or after the terms ~ of Dayment 0/ all Or arty part of tM ,ridebtedneSS. without affecting w releas,ng [M personal hab,bty of any prison Irable !other than any perwn released pur- want hereto! for the payment of eny cam a interest secured hereby and without m any case altering vary,ng or d,minshing the forces effects or 4en of tMs mortgage on all the pemrseS not spi!crfreslly released from the ben OI tMS mortgage try the Assoc+ation 20 Arty agreement hereahcr made by Mortgagor end Associai+on pursuant to tMt mortgage shall be superior to the ngMs of the holder of any mtervernng hen or 3 encumbrance ~ 21 trppn reQuest of Mortgagor. tM Assoc,atari may. st its sole option. from time to time. before full payment of all +ndebtedness secured hereby make further ad- vances to Mortgagor. pov,ded. however, that tM total prmupat secured hereby and rema+mng unpa+d. ,ncludmg any sur_h advances shah not at any bnM ea- teed the e+gmal pnnC+pal cam secured hereby Mortgagor shah pay ail such further advances with +nterest and the same shau De secured hereby All prov+sans of the mortgage shall apply to each further advance iS well as to ail other irdebtMness secured Hereby NotMng herein contained However snarl Omit the amount secured try the mortgage d such amount rs ,ncreased by advances made br the Assoc+ation as herein elsewhere nrov,ded for to potect the security Y 22 to the event the Metgage !tenon. a any wbseQuent Mortgage or any person o: corporation own~na any ,ntergsr wnatscevPr shoulr; encumber the property herein mortgaged by an instrument cOmmOnty refHred to and known as a wrap-arOUrx1 mortgage waht,ut first obtaining the written consent of the Assrxra- bon then. at the optrpn o} the Assoc+at+on. the obligation secured by th+s Mon gage shell ,mmecr+arPly M!c.nme d~,e and twyab!e 23 To povafe the Assoc,atan w+th Flood InwranCe Coverage +i the real property +s now or hereafter Mete: m+ned to be wrtMn a spr!ual fmrM h3rard area as shown on Rood Hazard Boundary Mspr Flood lnwrance Rate Map as published by the Federal insurance Adm~rn stratinn 26 At the reouest of tM Mortgagor. tM Associttan agrees to waive tM pov+s,oris of paragraph 4 rolauve to the creation of a hazard +nwrance account. povrded. However. that the Assoc+atan retons tM rpht. at fts opt,on, to re-instate such povsront of sad parag+aDH 4 as an obbga;an of the Mongagor hereunder upon ine happen+ng of arty o/ tM fabwirip A Faaure to make eny payment reQurred urdtr tM brine of tM rate on o+ before the due dale thereof B fa,ture to comply wiM tM inwnrite povisionf o/ paragraph 3. a of my of iM otMn forms and condrt+ons of th+s mortgage or note. or with the mswsnce reawrements contained in tM Oec4rttron of Condom+ruum tad related documents should the mortgaged poperty De committed to c~ridOmm,um , 3 dcvebpment t (C)-M-7i T/P-A • B~K 330 P~~E 235 { MICA 17 j 3