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HomeMy WebLinkAbout2664 • 4• That. rn order to protect mare fyMy tM NCUnty Of tMS mortgage. tM Mortgage. to~tMr with. and +n add+tan to. the monthly payments under the terms of tM note securW hereby, On the fpeCifrpd WYment data of path month until the said rate rf lolly pad, will pay to the Association the fallowing sums Is1 An rrptaMment Of tM safe{ and a{{e{{mpnri Nvred Or t0 tle Itvred ags,nst the pem+fes covered by tMS mortgage. and an ,nstallment of the pemrum a p?emrurn{ that wiN bptanp dw and payabN to renew tM insurance on tM pemisef covered hereby agarnft bas by fire and w,ndstam. as povdsd for DY puapraph J preeedrng, a such other hazard as may reasonably be requued by tM Assocrauon. and an rristanment of the pemrum tMt will become dal and osYabM l0 rprtew the mortgage wurante. d any SUCK iri{tallmenif sM11 by equal, respecUVely. to OrN-twelhh (1!t21h) of tM es- trmated p/fmiYm W ptmwm{ for iVth inw/atlCe, and tafpa and a{Mf{mpnt{ Mat dUf lif eitrmalld by the ASfOCritWn) IasS ill mstaxments already pad thNefp, divded by the numWr of n+onths alas are t0 elapfe era month pip to the date when such pemium or pentiums and taxes and asfes{nipriri vviN bpconip delrtquent. lire A{{ociatan, wtwle applying such payments to +nsursnce psmwms tease and assessments. bs!ae the same br+eome dekrigirent. fhaN t7Ot pay interest t0 tM Mortgagor ors such fund{. and aN wch payments may be Commingled by the Assotratron with any otMr such funds p vwth rte own (ands. lyre land{ {n pledged of add,tional security for the wms secwed by this Mortgage and are subject to use by the AssocUtan n payment Of "'late Charge" and bank CWlectan Charge{ Ib1 AN paymenri rMnta.ied n tIN ppctsd,ng wbsectron of tMf paragraph and alt payments to be made under the note secured hereby shall be added togetnpr and the aggrag{tp amount tMre01 Shall ba pad by tl+e Mortgages path month ,n a s+ngle payment to be applied by the Associatan a the fotbwrng rtemf in tM order apt forth. 1 Tales. asfessments. and inwrance pemiums 2 elate charges and Wok coxectan. charges. unless pad in manner pOVided N pMagraph 4 Is1 3. IntNest on tM non spewed herby 4 Amoruiation of the princ,pal of sad note Any dtfiapncy b tM amount of such agyrpaq monthly payments shall. unless pad by the Mortgagor pror to the due date of isle nett wch payment. con- sbtute sn event d delauh urtdp the mortgage. Without waiver of any right. the Assoeratan may coxed a late charge as povrded in the Note S Treat d tM total of 1M payments mad{ by tM Mortgagor under Is1 Ol paragraph 4 pecedrp shax eased the amount of payments actually made by tree Assocratari for riles and a{{essnienri and insurance ppmfrms. as tM case may be. sueh'efcess Shall be credited by the Association on wt>sequent payments to be made by tl+e Mortgagor. 11, liovyetlN. tM montNy payments made by 1M Mortgage under Ial of paragraph 4 peceding shah not have been wNrcient to pay rases and assessment{ and inswance premrumf. a{ tM cafe may be. when the pins shalt become due and payable. then. the Association-may. at its op- tan. immad,stely pay such to:es and assessments and ,rtwrantp pemrum. and tM Mortgagor snarl pay to the Associsuon any amount necessary tc make uP the delrcrency. and Each payment fhsN be dw and payable witMn tMrty (301 days aher tl+e date of mi,hng of Hoots by ire Association setting torte the amcwm of such deficrenCy N. at arty brrie. the Mortgagor shall tender to tM Associaton. n accordance w+th the povisans of the note secures hereby. tun paymem of the enure ,ndebtedness repespnted hNelyy, the AffOtratan fliall, in computing the amount of wch indebtedness. credit to the account of the Mortgage any balance remsirwq in the funds aeeumulatpd under tM povrsanf of la) of paragraph 4 8 To permit. commit or wffer rep waste. impaunient a deterraation of fad poperty. ar any part tnereo/, and upon the failure o} tree Mortgagor to keep the tru+ldrngs On sad OrOpKty vii good COrtditiOn W repair and rnainteMnte, tM Asfociitan may demand proper maintenance and the immediate repair of sad buildirgf. a an iricresse in the amount Ol fecunry. or the immedute repayment of tM debt hereby secured. and the fails:-,: of the Mortgages to comply with sad demand of the Asfociatan fa a perWd of tMrty 1301 days shah eonsbturi a breach of tlrs mortgage. and. at the optwn of the Association. ,mmedratehr mature tfie entree amount of pinCpal and mtereft hereby secured. and tM Asrocistan immediately and wrttaut nonce may institute poceedings to fwecbse tMS mortgage and apply fdt1N app0intrMM of a reCeivet. as liereu+sher povded: and in case of the refusal. neglect or rnabhty of the Mortgagor to repau and ma+ntam sad poj7ertY. tM AffOpatiOn nNY. at its option. mpkt ouch repairs or cause the same to rte made. and advance moneys in that behaN 7 T~ perform. comply with and able by path and sorry tM stipu4troris. sgreaments. corditans and covenants rn card prom+ssorY note and this mortgage set lorth 8 To comply with the wbdrvrsan reetrittion{ and the munrtgil zoning ordinances applicable to the mortgaged poperty. not to erect or permit to De erected any new buildings on the pemifes 1Mrern mortgaged a to {dd to or pNmrt to be added to. make a jxrmrt to 17e made. any structural .Iteratans to any of the a¦- ritrng rmpovements thereon Without tM writlM COrtfeni of the Associatan. and in the event of any vidatiOn or attempt to v,date these Stipulations. Or any OI them, this mortgage and aN wms Essayed hereby shall imniWrstslY become due and payable at the option of the Association g That m case of s defsuh in any of the terms of tMS mortgage and tM Hong of a bill to forecbse tMS a any other mortgage encumbering the witMn described poj7lrty. the Assocrstan shall De entitled to apply. {t any tutee without notice pending such foreCbwre sort. to the court having I~nsdictan thereof to the ap- porntment of a receivN Of aN and {irigular tM mortgaged popMty. and of all the rents. incomes. ports. issues and re.enues thereof. from whatsoever source derived. and. thereupon. it n Mreby efpefaly covenanted and agreed that the court shalt forthwith appant a receiver of fad mortgaged poperty. alt and yrigular. and of wch rents. incompf. pohri. issues and revenues there0!. from whatsoever source derived with the usual powers and duties of rece+vers in hke cases. and wch aPPOintment shall be made by such Court of • matter of stmt right to tree Association. and without reference to the adequacy or inadequacy of the value of the poperty hereby mortgaged. or to tM sohrency or insolvency OI the Mortgagor. and that such rents. DrOfitS. incomes. issues. and revenneS shall tie apj>:ied [ty such racsiver to tM payment of !M mortgage indebtedness. costs and charges. according to the order of such court 10 That in the event ills pemifef hereby mortgsgad. a any part tnere0l, Shall be condemned and taken under the power of emrneni domain, the Associatan shat) have ills right to demand that it1 damages awarded fa the taking of a injury to sad pemises span be paid to the Association its wccessors or assigns. up to the amount thin Unpsd On tMS mortgage. and may be apptiad t0 any wins loft payibt! ItereUn~er. ' 1 1 That ame is Of the essence Of this Contract and that rep waiver o1 any Oblpstan Hereunder. or o} the obligation secwed hereby Shall at any Ume Ihereaher De Held to tx a waiver of the terms hereof Or o/ the pomissory rate secured hereby 12 In the event of any default in arW of the terms of the mortgage. or m the note secured Hereby. and acceleration by tr+e holder. or any other situation that would cause the interest paid or payab4 under this oblgatan to nceed tM interest rate suthorued by Iaw. then m such event an excess +merest trtererofore pad shall be uedrted to piricij7al and a;i i:.crued and ahead escess interest Shall abate and shah not be an obligation of the maker or d airy other person 13 THat to ttx extent of tM indebtedness of the Mortgages to the Asfoaatan described herein or secured hereby. tree Associatan is hereby wbrogated to the hen a bens and to ttie rights of tM owrw and holder tMreol of each and every mortgage. lien or other encumbrance on ire land described herein. wMCn is pad and satisfied rn whole ac in part. Out Of the pOCeedf Of tM ban described herein or secured hereby, ird the respective bens of said mortgages. hens or other en cumbrances. shall be. and tM same and each of them Mreby a peserved aril shax pass to and be held DY tree Associaton herein as security for the in- debtedness to the Association Mrmn destnbed or hereby secured. to the same eftent that it would have been preserved and would have been passed to and been nerd by the Assoaation had n been duly aril regugrly assigned. transferred. set over. and delivered unto the Association by separate deed of ass+gnment. i notwithstanding the fact that the same may be satisfied and cancelled of record. rt being the intention of the jNrties hereto that the same wirl be satisfied and cancelled o/ record by the holders thereol at or ataut the time of the recording of this mortgage i 14 That if anti of ire sums of money herein referred to be not pompth and foxy paid with+^ th+rty 1301 days neat alter the same severalH become due and payable Or d lath and erlry ttte ftipl/titiOnf- agreemMif. COnditanf and COtrenintf Of fad pOm+SSOry note and this mortgage. Or either. are not duly performed. COm- i d+ed wcth and abded by. the aggrpQste win ahead under sad pomrssory note arW tMS mortgage snap become due and payable torthw+th o• thereafter. at the !!!i aptwn of the Assouatan. is fully and completely as d sad aggregate win of money were origmany suputated to be paid on sucH der. anyth+ng m sa+d promissory rate or hetern t0 tree contrary notwithftandirig 15 Treat m order t0 accelerate the maturity of tM indebtedness Hereby secured because of tree Idi)yre Of the Mortgagor t0 pay env taw assessment. habrtity. ob++ga iron or encumbrance upon fad popeKY as herein povded. it shall rat be necessary nor regwsrte that the Assoc•aton shat) first pay the same 16 That tEie abstract or abstrsctf of title covering the mortgaged popery shah st all times during the fife of this mortgage_ remain in the possession of the ~ AssOtiatan and. m event of the fo?ecbfure Of tMS mortgage. or other transfer of bile to the mortgaged Droperty. m e,iimgwshment of the indebtedness secwed hereby. ax rght. sate and interest of the Mortgagor m and to arty wch abstracts of title span pass to the purchaser or grantee 17 Should the valditr or Len of this mortgage. or the note secured thereby. be contested by lrtigahon a otherwise tree Mortgagor agrees :o pay so the Association the cosy of defending the same rritlirdrrig • rsasonaDle attorney's tee 18 To Pay ax and singular the costs. charges and expenses. inCludrrtg anorneys fees reawnably incurred. or paid at any rime by the Association. because o' the Seizure of the Matgigor to perform. comply with and abide by each and every ills stipulatipM agreements. coeditions and covenants of sdrd nromissOry r•.ote and tMs mortgage. or erifier. and every sash lefcept fa tree payment o/ ills monthly installment as required by the Promissory Notel shall bear interest from sate at [tore rate of eghteen per cent 118%) jxr annum until fully pad 19 The Assacrarion shalt nave ills r tit arp [imp and from came t0 came and without reduce to Or consent of env person 10 lal re.ease an +gh y portion o} the Premises from the hen of this mortgage. Ibl releise arryperfOn liable for payment of any indebtedness secured hereby (cl extend the time of payment or alter the terms Of payment Of all or any part Of the indebtedness- wi[ftout eflettrng Or releasing the personal Viability Or any person habit lotlier than any person released jwr~ want hereto) /or the payment of any win a interest secured hereby and vrntlaut m any verse altering. varying. o• diminishing isle faces. effects or hen of this mortgage on all the pemifef not fPetrficaily released from the hen of this mortgage by the Association 20 Any agreement nereahv mile by Mortgagor and Association purwant to iMS mortgage shall be wjxnor ro the rights of the holder of any intervening hen or e*KUmbrinCe 21 Irjpr+ request of Mortgagor. the Assocutan may. at qs sole option. from came to hme. before furl payment of all indebtedness secured hereby. make further ad- ~ vances to Mortgagor: povdad. however. that tM total pinCipat sscwsd hereby and remaining unpaid. including any such advances. shah not at any hme e¦ 1 teed the orrg:nil prncrpal vim Essayed hereby Mortgagor shalt pay all such further advances w+th interest and the same shall be secured hereby All provisions Of ihK mortgage Shall apply LO a{CH further advincf of well of t0 alt Other rndeblednlss SeCUted hereby f+l Othmg herein Contained. hOWever. Shal: bmrt the amount secured by this mortgage ii wch amount if iricreafed by advances made by the Association. as herein elsewhere Provided for to potect the security 22 In the event the Mortgagor Herein. Or lily Subsequent Mortgagor. or any person Or COrppration Owning any interest whatsoever. ShOUlrt encumHer thg property harem mortgaged by an instrument commonly referred to and known as a "wrap-around mortgage without first obtaining the written consenr of the Associa- tiOri. then. at the optan of the Association. the oblgatron secured by tMS Mortgage sha'I immedrarely Hecome r1i,e ens Pavabte g 23 To pavide tree ASSOtratan with Food Insurance Coverage d the rest property is now or he•eafte* determrnerl to ire within a sceaai fieor! hazard area as shown on Flood Hazard Boundary MajyFlood Inwrsnce State MaD as jwbhshed by the Federal Insurance Adm~msnat~nn S 24 At tMe request of tM Mortgigor. tM Afsociaton agtNf to waive tM ponsiorrs of paragraph 4 relative to the creation of a hazard mwrsnce account. povded. however. that tfte Assocratan nriiM tM rent. at iri Optan- to re-inftari wen povrsans of said jHrigrapn 4 as an obhgatan of the Mortgagor nereundor upon the nactpemng of any of tM following A failure to make pity paymMt repuirpd under the btms Of iM rota On or before the due date thereof B Pillars to comply with tM mwrance provrfans of paragraph 3. a Of arty of the other terms and Conditions of this mortgage or note. or with the inwrance y requirertienri COntarried in tM DKta?{tan of Cortdpmimum aril fllated dOCUTQMf shOU1d the mortgaged poperty be COTmitted t0 COrdOminium ~ deve:opment T/P-A IIR~ PAGE~U~•J MICA a ~~~K t . r