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HomeMy WebLinkAbout2657 • 4- TM1. rn ordN to potKt more fuYy tM tracyrrty Of thrf metpage. tM Metpape. together wrth, and rn sddrtrdn to. tM monthly payments under tM terms o1 the rests secural hereby. txt tM fpepfral payment ilea of each month until tM sad rya rf h,tty peril. wrn pay to tM Assocutron tM foltow+nq sums Is1 An rnsulimertt of tM nett and assessments IevNd a to be leered aparnst 1M pemrses coveral by thrs mortgage. and an rnsuument of tM pemwm tK premwms that w1d become des and payable to rertaw tM rnswance on tM pemrses cowral Mnby against loss by hrs. and wrndstem, as po. dal for by paragraph 3 preced~rq. a twxh OthN hazard as may reittoMbltr be requual by tM Assocratan. and an +rrsunmem of tM premwm that wrn become des and payable to renew tM metgape mwranq. d any. Such rnstsUmenis sMn be egwl, retrpecuveb. to ores [wetfth (t r 12tn1 of tM es bmatal premwm a premrWns for such rnWgirce. aril taxes and assessments crest due bs esumatal by tM Astacratanl less alt rnsuamems atresdy yard therefe. dwdW by tM number o/ months that era to elapse e+e month pier to tM date when such pemwm a pemrums and cartes and atsessments wrn beconN dehrtpuant. Tfte Auocratron, wiwle applyutp such payments to mwrance pemrums. cartes and assessments. belts the same bscene dehrtquent. than not pay interest t0 tM Metpapor on such funds. and an such payments may be commrnglal by tM Assocratron wan any otMr such funds a with As own funds TM funds era daltied as addrtronal security for tM sums secured by this Mortgage arW are wgect to use by tM Assocratron rn payment d "4te cnsrpee' and Wnk conectron clNrpef Ibt An payments mentrorted M tM pretedrnp subNCtron Of tMS parapaph aril all wyments to be made under tM note secured Mreby matt be added togetMr and tM sypepsu amount thereof fhaN be pad by tM Metgapes teen month rn a srngte payment to be appbal by tree Assocrauon to tree idbwrnp items m tM order Nt brth 1 Taxes- assessments. and rnwrance piemrums 2 'late charges aril bank cdtectror. charges. unless Mid :n marvter povrded M paragraph 4 Ia1 3- tnteresi on tM note secured hereby a Amesu>ratan of tM prncrpal of sad note Any dehaency M tM amount of strdt agyregats monthly payments sMg. unless pad by tM Mestgagor ores to tM due date of tree nett such payment. con- st~tute an event of dslauh under tM mortgage. Wdhout warw? of any right. tM Assocratron may collect a 'Mate charge : ss povrded +n tM Note. S Treat rf 1M total of tM payments made by tM Monpapor under lal of parapsph 1 pecsdrng tJta11 exceed tM amount of Wyments actually made by the Assocratan la fates and assessments and rnwrance premwms. as tM use may be. such testes sMll be cralrtal by tM Assocrat+es+ on subsequent payments to be made by tM Mort9ape. If. however, tM monthlyDayments made by tM Monpagor under Ia1 of paragraph 4 peceWng shaft not have been wNrcrent to Day taxes and assessments and rnwrartce premwtM. of tM cafe may be. whM tM same sM11 become due and payable- then. tM Assocratron may. at its op- tan, rmmalrately pay such lutes and assessments and rnwrante pernwm, and tM Mortgage than pay to tM Assocrahon any amount necessary to make u0 iM de/rcrenCy, and such payment sMn be des and payabN wrtMn tMrty 130) days anti tM date of msrhng of nonce by tM Assxraran setting lorth the amoum of such defrcrency It, at any hint- tM Mort9ape shall tardy to tM Attsouatron. to accordance with tM povrsrons of tM rate secured hereby. lute payment o/ tM enure rrdebtadness rspssantal hereby. tM Assoaatron iltall. rn computrnp tM amount of such indebtedness. uedrt to tr+e account of the Mortgagor any balance remarnrng m tM funds accumulated undbr tM p?llvrsrOlN of lore of paragraph 1 8 To permit- Commit or wHer n0 watts. rntpaument a deterroratrort of fad poperty. a any part thereof. and upon the facture of eM Mortgages to keep tree buridrngs on sad poperty m good cortdrtion o. repair and marntenante. tM Assocratan may demand ppper maintenance and tM rmmalrate repair of sad bu:tdrngs. a an increase in tM amount M ttecunty. a tM rmmedrab repayment of tM debt hereby secured. and tM far1,:-,: of the Mortgagor to comply with sad demand d tM Assotratan for a Derbd of thirty 1301 days sMN constitute a beach of this mortgage- and at tM option of tM Assocrauon. rmmedratNy mature tM enure amount of prinGipaf Mil utterest hereby secural. aril tM AssoCUtan rmmed+ately and without nonce may rnst.tute poceedr^9s to /esectox this mortgage and apply fe tM •ppantment of a reprver. as Mreinaher provdal: and in case of tM refusal- neglect a rnabrhty of the Mortgages to rtpau and maintain sad poperty, tM Attsociatan may. at its optrort- make such notice a cause tM same to be made. and advance moneys rn that behalf 7 Ta perform. comply vwth and abide Dy each and wary tM stipulations. apsements. coed+tans and covenants m card promissory note and th+s mortgage xt Ieth S To comply with tM wbdmsrort restrrcttoru and tM munrcrpal tcomnp ednanCes apptrcabls to tM mortgaged poperty. not to erect a perm+t to be erected any new burldrngs On tM pemrses hetern rttortyaged a to add to a ptlmrt to be added to. make es perms to be made. any structurat etterauons to any of tM e¦- +sbng rmpovements ttxreon without tM wnttM Conpnt of tM Assocratan- and rn tM event of any vatauon or attempt to violate these suputabtxrs or any of them. this mortgage and all wins secured MerebY sMll rmmedstely become due and paysWe at tM optron of the Assxrahon g That m Caf! Of a defauN in any Of tM feints Of thtf mortpaQe and tM fihnp p/ a bill to lesectose lhrs a my other mestgage encumbering the Within descnlxd poperty. tM Assocratron shall W entitled to apply- at any bfrN without notice pending such leeclowre wit. to tM court hav+ng tunsdretron thereof for tM aD- porntment of a reserver of an and ynpular tM mortgaged. poperty. and of ate tM rents. rttcesrtes. pohts, rssues and revenues thereof from whatsoever source derived. and. thereupon- rt K hereby e><peuly Covenantal and agreed that tM COUrt shall festhwrth appam a reserver o! Said mortgagal poperty. ail and Singular, and of such rents. tntOmef. pOfrtt- rsfWS and revenues thereof, from whatsoever source Bernal. vv+th tM usual powers and dunes of reCNVerS m hke cases. and wch appointment shall be made try such court as a matter of strict right to tM Assocrauon. and wahout reference to tree adequacy or inadequacy of ttte value of tM poperty Mreby mortgaged. a to iM solvency a rntiohrertcy of tM Mortgagor. and that such rents. profits incomes. rssues- and revenues shaft be applied by such reserver to tM payment of tM mortgage rrtdebtedrtess. costs and charges. acced+ng to tM order of such court 10 That in the event the pemrses Mreby mortgagal. a anti part tMrepf- shall be Condemned and taken under the power of eminent domain the Association shall nave the .rght to de•nand that ate damsQes awardal for tM taking Of a mtury t0 sad pamixs shall be paid to the Assouatron its successors or assigns up to me amount then unWd On this metgsge. and may be apptral t0 any sums last payable hereunder 11 That trine rs o} the essence of tMf contract and that ra waiver of any oblrgatron hereunder. o• o! the obligation xcured hereby. shalt at any trine thereafter l>F! held t0 De a waver of tM terms Mrepl a of tM promrisOry note secured Mreby - t 2 In the event of any default rn arty of tM terms of this mortgage. e in the note secured hereby. and acceterauon by the holder. or any Diner satiation that wound cause tM interest pad a WyabM under tMS pWrgatan to exceed tM interest rate authOrrtal try taw. then rn such event alt excess ,merest theretofore Rard sha'1 be cretl;ted to pnnCrpal and a:' attxual and unpaid effects interest snail abate and shall not be an obligation of the maker or of any other person t 3 That to ttte extent of tM rndebtadrtesf of iM Mortgagor to tM Assocratan descnbal Mrem or secured hereby. tM Association rs hereby suMogated to the ben e Irene and to tM rryltts of tM owner and holder thereof d each and awry mortgage. iron or other encumbrance on the tend described herein. which rs pad and sausfred. m whole es m part. out of tM proceedf of tM loan described Mrern w secured Mreby aril tM respective Hens of sa+d mortgages. I+ens or other en cumbrances. shall rte. and tM same and each of them Mreby rs preserved and shaft pass to and be herd by the Association herein as security for tM in- debtedness to the Assowt+on herein desenbal a Mnby fecural. to tM same erttent that rt would have txen preserved arW would have bete passed to era been nerd by the Assoerstan had rt beM duly and regularly assrgnal. transferred. xt over. and dNivered unto the Assoc+atron by separate deed of assignment. notw+thSlanding tM fact tMt tM excite may be 7:atyfied and CanCflled Of retesd. rt bung tfte intention O/ the part+e5 hereto that the Saint will be SahShed and carxened of reced by tM holden thereof at a about tM trine o1 tM recording of tMS mortgage cry of tM wins of money Mrern referral to bs not pomptly and (cal ty 1301 days next after tree same seve+au become due and Dayable. 14 That d a IY pad within tMr y or d each and every tM stipu4tiorts. agreements. cOndrtiOns and COVe+tsnts of sad pom+ssesy note and th+s martgage. or ether. are no: duly performed. com~ f phtd w+th and abeded by. tM sQgregate win tinged urWer sad pom+ssory note sr>t1 this maigage than become due and payable fortnwah or thereafter at the eptron of [he Assouatan. as funy and completely as rf said aggregate win of rtaney were ongmaHy stipulated to be pad on such day anything m sa,d promissesy note es Mrem to tM contrary notvnthstandinp 15 That rn order to accelerate tM maturity Of tM rndebtalness Mreby secured because of the 4dure of the Mortgagor to pay any ta¦ asxssment hab+lity obbga tarn a encumbrance upon sad popertY if harem ~rOVidal. rt sMil not be necessary nor reqursae that the Assoc;at.or+ snarl fist pay the same ~ 16 .That the abstract a abstracts Of utN covering tM mortgagal poperty shall at an times during the bfe of th+s mortgage. remain in the posxssion of the AssOt+ation and. m event of tM feecbsure of this mortgage- a other transfer of title to the mortgaged property. m ertUnguishment of the +ndebtedness secured ~ hereby alt rght. trite and rntsreft of tM Mortgagor rn and to any such abstracts of true matt pass to the purchaser or grantee 17 $tautd fete valdrty a Iren Of this Rtetgage. Or tM note secural iMreby. OQ COn(eStld by Iitrgat+On es Othtrwix. the Mortgagor agreBS t0 pay t0 [he ASSOCIation € tfte cost OI defending tM same including a reasonable attorney s fee E i 19 To Day all and s~ngutar tM costs. charges and eapenSts mdudrng attorney-s lees reasonably rncurretf Or paid at any hint by th? ASSOCrabOn because of tht €E fadwe of the Mortgagor to peAorm. comply with and abide by each and every the supulahons agreements cond+hons and covenants of sa+d promrssnry• note and this mortgage. a eriher, aril !very such le:Cept for tM payment Of the monthly installment as requned by the PromiSSOry NOtel shall ileac interest from i date at the rate of eighteen per cent (18%1 per annum until fully pad 19 TF.e ASSOCiatan shall have tM right al any nine and from urrte to nine and without nOLCt to or Conxnt of any person to rat re~ease any portion Of the premises from the tree of this mortgage. (bl rNease any person liable for payment of any rrdebtalness secured hereby ict a¦tend the time of payment or alter the terms t of payment of an a any pan of tM irdebtalnefs. without eNecung es relsasrnp tM ~erspnat t+abrt+ty of any person I+abre fottie• than any person released pur- want tterctpl for tM payment of any win a merest secured hereby and without m any vase altering. vary+ng o• d+minrsh+ng the forces. effects. or hen of the mortgage on an tM penises rat fpeCrliCilly rsle_ ased from iM hen of tttn mortgage by the Assocrat+on t 20 Anti agreement hereafter made by Mortgagor and Association pursuant to this mortgage shall be superior to the rights of the holder of any mreryemny hen or erttum Wance 21 .upon requefL of Mortgagor. tM Afsoc+atron may. at its silt optron-from time to time. before fun payment of all indebtedness secured Hereby. make furthe• ad t vances to Mortgages. povdal. however, tMt tM total pincipat secural Mreby and remaining unpaid. mclt:ding any such advances. sha'~ not at any time e: ~ teed the esipnal prrttipat win secural MrebY Mortgagor shall pay aft such further advances wan interest and the same shalt be xcu•M hereby An povivons 5 of tMS mortgage shall apply to each further advance as wNl as to all other indebtedness xcured hereby Notn;ng herein conta;ned however. shay bme the amount secure6 by this mortgage d wch amount rs rntreased Dy advances made by tM Assoc+atron as harem elsewhere provided for to DroteC, the stturrty ?2 In the event the Mortgagor herein a any wbsequent Mortgagor. or any parson or corporatron owning any interest what5pevei shnutd entumtler the property € herein mortgaged by an instrument cpmmoMy referred to and known ass "wrap-around mortgage without l+rst ob:a~mng the wriTton rnncent of fret Assrx:a hon. then. at tM option of tM Associatan- LM obtrgatron secured by this Mortgage share immed;atety become due aril Dayable r 23 To povrde the Assocratron with Flood Irtwrance Coverage rf iM real poperty rs now or he•eafu• determined ro qe wench a soec+a~ flnna narard area as shown _ nn Flood Hazard Boundary Maa`Flood inwrance Rste Msp as publrshtd by the Federal tsurance Artm+mstrahnn 24 At the request of tM Mortgagor. tM Assouation apses to wares tM poviswns of pangnpn 4 re:auve to the creation of a Hazard insurance account. pov+de0 rtoyvever. that tM AfeoCratron Hums tM npht. at lu Option, to n-insuu such povis+ons of sad paragraph 4 as an obbgavon of the Mortgagor hereunder upon the happening of arty of tM fdwwrng - A Fa+lure to make arty payment requwal undN chi farms of iM rate on or before the due date thereof _ 8 FsJure to comphr vtnth tM inw?snts povrsrorts of panpaph 3. or of arty of tM other terms and condrtrons o} this mortgage o+ note o. w+th tM rnswance regwroments comm~al in tM Dedantion of COrtdpmrnrum and ntatal documents should tr+e mortgsgal potxrty be commatsd to cOndOmirnum development (CI-NI.7i - T/P-A 3~~K~~ Pa~E2646 t MICA 17