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HomeMy WebLinkAbout0549 That. +n order to wotKt more fully flies sacunty of this metgage. the Mortgage. togettrer v:+eh arid +n rid~t•w, t0 the monthly payments under the terms of the rwte secured fyreby On tM spKrhed DaYrnaM Batt Ot each month until tfre sad note rs linty paid. yyili pav to the Assoc+at,rn the following sums la) An msullment of the taset and asaessmsnts leered a t0 W Nv+ed aga+rtst the premises covered by tMS rrwrtgage. and an +nitallment of the Wemrum e prem+ums tMt writ DetOrrq OW aril WYabM to rsMw tM insurance on the prem:;es covered hereby age+•xt bas lyy hrs and w:^dstam. as prnv,ded 1 for by paragraph J precedwtg. a ouch aMr ha2ard as may rNSOMWy W repaired by the ASSOC+aUOn, and an rnSUliment Ot the prsm+um foal WJI bKOme dw and payable to rsMw tM matgags insugncs. d any Such instauments shalt W eQual. respectively. to Oita twellin Ili 12tn1 of the es~ timated pemrum a plmrumf fe such rnsYrartte. and taraK and asset+SrMnts rNr<t due (as ssnmated by the AstOUat+On1 less all +nstat(ments already paid tlMrefa drvdsd by tM number OI metros flat are t0 elapse a• ntonlh prre to the date when such piem+um or premiums and taie3 and assesamMta will bstoms dshnousnt TM Assouatron, while ipplyrng such payments to mwrante prem,ums. taxes aril assessments before ttre same bKane dlnrpuent. shah rt01 pay rntefesl t0 toes Matgaga Orr wch funds. and all Such payments may De Commingled by the Association Wdh any otMr such funds a with rri own lands TM lards era pledged as adddronal security for the sums xcured by the Mortgage aril are sub{Kt to use try the Association m payment d "lets cMrgsi' and Wok collKtron cMrgas Ib) An payments ntentiorNd M tM prsteding subsection of etas paragraph and su payments to be made under the note xcured rrereby ,lien be added togethN and tM lggregate amount lfvtepl shall bs pad by the Mortgagor each month +n a S,ngle payment i0 be apOleed by the ASSOCiatiOn t0 the foibw+ng items rn iM adsr set lath 1 Tasss. assessments. and rnwrancs pemrums 2 Late cnarges and bank conectan charges unless pad :n manner esoyKled m paragraph ~ let 3 Interest On tM note sKwed Muby 4 Amore:aeon of the prmupal of sad note • Any dehcrenCy m the amalnt of such aggregate ntontldy payments shall. unless pad by the Mestgayor poor to the due date n1 the ne¦t such payment. Con- stitute an event of delsuM under fete mortgage Without waiver of any ngM Ilia Associat+on may co+tect a late charge as provir}ed +n the Note S That d iM total of fete payrttents roads by tM Mortgage eider lal of paragraph 4 prKed,ng snau eacesd the amount of Daymems acwslty made by the Associaton fa rases and assessments and rnwrar+cs psmwms. ores tt+a Cass may W. such a:cess shall W crad+ted by the Association on subseQuent payments to W made by the Matgaga If, itoyvsvsr, tM monthly payments roads by tM Matpagor under lal of paragraph 4 prKeding span not have been sufficient to PaY tatieS and isseS3rrNrtta and raurance pamrums. of the case may W. when the same Shall bKOme due and payable. then. the ASSOCiatiOn may. at its Op- tion. immediately pay such taxes and asfesimenl3 and rnSUrance premium. aril the Mortgage snap pay to the Assoeeat+on any amount necessary to make up the defrcierrcy, and wch payment shah W due and payable wriMn flurry (301 days aher the date of mailing of notice by the Assxiation xtting forts the amount of such de/rciency II. at any time. tM Matgager shall tender to tM Asstciation. rn Kcordance with the {wov,s+ons of the note secured hereby cull payment of the Mtire irdebtedrteSS repressntad hereby, tM Aisouatron shall. rn computing the amount of such +ndebtedness cred•t to the account of the Mortgages any Wlance remaining rn tM funds accumulated under the provrsans of lal of paragraph 4 6 TO permit. commit a suffer no waste. impairment a deNriaatWn of card property. a any part thereof aril upon the failure of the Mortgage t0 keep the build,rigS On sad property in goad corditWn a repau and miintensnce. ttie AssoclaL,On may demand proper maintenance and the +mmediate rcpa+r of sa+d bu+ldings. or sn increase m ifte amount of security. a the immediate repayment of the debt hereby secured. and the fade-.: of the Mortgagor to comply w,tn sad demand of the Assocutan la a pergd of thirty 1301 days shau constitute a Meech of itus mortgage. and at the option of the Association. immediately mature the entire amount o} prinCrpal and interest hereby secured. and the Associaton immediately and without not.•_e mar institute proceedings to rorecbx this mortgage and apply fa the appanlment Of a rKSrver. as ttereinafter provided. and m case of fire refusal. neglect or inatNlity of :he Mortgages to repair anQ maintain said property. the Association may. at ds option. make such repass a uux the same to be made. araf advance moneys ,n that behalf 7 TA pertesm. comply with and~sbds by each and every the ftipulatgns. agreements. conditions and covenants in sad promisiOry note and flits mortgage set }orth 8 To comply w+tn the subdivision restrrctgns and the municipal toning ordinances applicable to the mortgaged propene. rwt to erect a permit to t)e erected any new budd+ngs on the premises fieran mortgaged a to add to a permit to be added to. make or permit to be made any structural alterations to any of the ex- ,stiny +maovements trrereon wit!tout the written consent of the ASSOCiatwn. and in the event of any vio+at+rn or attempt to v+olate thex stipulations. or any o/ them. ~ihis mestgage and alt wins sacwed Mreby shall immediatehr become due and payable at the option of the Associatron g That in case of a default in arty of the terms of tMS matgsge and the tiling of s MII to forKkase flits a any other mortgage encumbering the within described property. the ASSOCNtrOn Shall W sntiUed. t0 apply. at any time witfiOrrt notice pending Such fofKIOSUre Swt. t0 the COUrt hav,ng {ur+SditbOn thereat }a the a0- pointment of a receiver o/ stt and singular !M mortgaged property. aril of all the rents. incomes. polite issues ahd revenues thereof. from whatsoever source derived. aril. thereupon. rt rs hereby e><pressly covenanted and agreed [hat the court shall fortnwdh aDPO+ni a recewer o! Said mortgaged property. all and s,ngulir. and of sucn rents. incomes. probs. iswes and revenues thereof. from whatsoever source derived with the usual powers and duties of recercers m like caxs and wch appo+ntment shall be made by Such court as a matter of strict right to the Association. and without reference to the adequacy or +nadeQuacy of ttie value Of trre propertyr hereby mortgaged. a to the solvency or msdvency o! the Mortgagor. and tsar sucn reins profits u.comes. +ssues. and revenues shau be applied lyy such reCeiyer to the payment of the mortgage indebtedness. costs and charges according to the order of sucn court 1p That m The event the premises hereby mortgaged. a any part tfrereol, shall rte Condemned and taken under the power of eminent Boma+n the Association Shan have the rght to demand that all damages awarded le the taking of a injury t0 Sad premix, ,sell be paid to the Association its successors or asvgns. up to the amount then Unpad on this metgage. and may be applied t0 any sums IaSt payable Hereunder 11 That lime is Of tnC esxnct Of tMs contract and that n0 waver Of any ObligatWn hereunder. or o! the obhgat,a, secured Hereby. ,hail at any bme th_Creafter be held to be a waver of the terms hereof a of the pom+ssory riots secured hereby . 12 In the event of any default in airy o1 ttie terms of this mortgage. Or rn the note secured hereby and acceleration by the solder O• any other srtuatrort that would caux the interest pad a paysbN under [hrs obligation to exceed the interest rate suthon:ed by taw then m such event alt e¦cess interest theretofore paid shag be credited to pnncrpal and at' accrued and unpad excess interest shah abate and snap not be an oGUyat,on o1 the maker or of any other perwn [ 13 Tnat to the extent of the indebtedness of the Mortgage to the Associaton described saran or secured Hereby. the Association is hereby suMogaterf to the hen or Hens and to the rents of the owner and holde+ thereof of each and every mortgage. hen or other encumbrance on the land described herein. which es paid and satisfied. m whole e in part. out of the poceeds of the iw~ described harem a secured hereby. ar•d the respective liens of sa+d mortgages. Lens or other en- Cumbrantes. shall l)q. and the Sine and lath of them hereby rS preserved and shall pass to and be he"d by the Assocratirn herein as security for the rn~ debtedness to !rte ASSOCUtron harem described Or ftereby secured, to the same extent that ,t would have been preserved and would have been passed to and been held by the Association had rt been doh and regularly ass+gned. transferred, xt over. and detwered unto the Assouatiw. by xparate deed of assignment notwithstand,ng the fact that the same may be sat+sfied and unceued of rKad it being the intentron of the pa*t~es hereto that the same will be satisfied and canceued of .ecord by the holders thereof at a about the time of the recording of the mortgage 14 Tnaf d any of the sums of money h~re+n referred to De not promptly and fury pad with,n flinty 1301 days next after the same xverady become due and payable or +1 each and every the stipulations. agreements. corddrons and covenants of said promisspry note and tn.; mortgage or ertner are not duly performed. com- pied with and abded by. ilia aggregate win unpad under said promssOry note and this mortgage snau become due and payable forthwnn Or thereafter. at the option Of the ASSOCidbon. as fully and COmpletlly as d sad aggregate win o/ money were Ongind~~y Stipulated to be paid on such day dnyUmg m sad promissory not! o+ herein to rite contrary nOiwithttinding ' 15 That ,n order to accelerate the maturity of the indebtedness hereby secured Gecaux of the fa.!u+e or the Mortgagor to pay any ta¦ assessment. nabinty oblige lion Or enCUmbranCe apps Sad WOPertyr as nerem prpvded. d shall not tx neCBSSary nor regWYte that the A550(:~df:0^ shd~~ f•r51 pav the Same 16 That the abstract es abstracts of title covering the mortgaged p+operty shau at a!+ times Bunny the ~•fe o' tots rt,o+tyago rema,n m me posxsvon of the ( Association and. m event of [he feKlowre of this mortgage. or other transfer of t,Ue to the mortgaged property m exunyuishmem of the indebtedness xcured herebtr. ail right. title and interest of the Mortgage m and to any such abstracts o/ rote shag pass to the purchaser o+ grantee 17 Should the valdrty w lien of this mortgage. or the note secured thereby. l)e contested by i.t,gat~on or otnerw~se the M11u•tyayor ag+ees to pay to the Association the cost of defending the same including s reasonable atteney s lee 18 To pav an and singular the costs. charges and expenx5. mclud+ng attorney s teen reawnably ~rcunrd or ua~r. at any tune by the Assa:~anon beCduse of the fadwe of the Mortgagor to perform. comply with and abide try each and every the stipu~at,ons agreements r:ond~bons and covenants of said prom~ssesy note and this mortgage. Or either, aril every wch (except fe the payment of the monthly mstal'ment as regwred by the Promswxy Nntel shah bear interest frtym date at the rate of eighteen per cent l18?61 per annum until fully paid 19 The Assocraton Shan have the right st any trine and from time to Um! and w~thoiit notice to or consent of any person to sal re~ease any portion of the premises from the hen of tMS mortgage. Ibl rNeax any person cable for payment of any indebtedness xcured hereby Ice extend the bme Of payment or alter the terms Of DaymMt Of alt Or any pan Of the indebtedness. withOUl alfKLng a re!NSing the perspnai I:ab.l~ty Of any person iiaGle ~OthP.r than any person roieaSed pOr~ event heretoi for the payment 01 any Sum a interest secured hereby and without ,n any wise alieuny va+y~ng. o* d~mm~sh~ng the forces effects. o* Len of tMS , mortgage On alt the esemeses not Spepfitlny released hom ilia hen of th+s mortgage by the Assouahon ~ 20 Any agreement hereahu made l)y Mongagor and Association pursuant to this mortgage ,sell be superior to the ngnts of the holder o' any mterveniny ben o. encumbrance 21 (upon request of Mortgagor. 1hE ASSOC+atwn may. at its sole opt+on. from time to time. be/orC fu!! payment Or an indebtedness secured hereby. make further ad- vances to Mortgages provided. however, that the tout pnric+pa( secured hereby and rema~r,~ng unpa•d indud+ng any such advances shau not at any time ex teed the original pnnupil win secured hereby Mestgsge shau pay an sucn further advances write interest and~the same snap be xcured Hereby An provis,ons of tMS mortgage shah apply to each further advance aS wee as to au Other indebtedness xcured hereby Nothing herein contained however shat' limit the amoum secured by this mortgage d such amount is increased by advances made by the Association as hereinn elsewhere provided for t0 protect the security 22 In the event the Metgage fiereen, a any Subsequent Mortgages. or any person or Lprpora lien Ownn,y any'.nierecl whatsoever Shooed enrumewr the property harem mortgaged (7y an instrument Commartly referred to ant' known as a wraOarourM mnrtoage wrthuirt firer nMa~rnnq the wrritPn Consent of the Associa . tern then at the option of the Association the ob4yanon xcurM by this Mortgage share ~mmr'd•ately txr~om? Aue and sayable a 23 To provde the Associaton with Flood Insurance Coverage d ine real property is now or he•eatie• dPtermrned tr rtn w~rhin a ,(,Poet f4;rxf Harard area as shown i on flood Harard Boundary MsprFlood tnwrance Rate Map as published try the federal Insu•arce Admin~;trat~on s 24 At the request of the Mortgages. the Association egress to wares tM provisans of paragraph 4 relanve to the creation ;i a Harard insurance account provded. however roar the Association reuins the right. at its option. to re-instate sucn prowsions of sa+d paragraph 4 as an obAgabon of the Mortgagor hereunder upon the nappemng of any of tM fdbwing A Failure to make anti piYnient required eider tM terms of the note On es pefese the due date thereat B Failure to comply w,th the inwrencs provisions of paragraph 3. or of my of the other terms and coeditians of tn~s mortgage es note or with the insurance requirements contirned in the peclaratiOn of Condamin,um and related documents should the mortgaged property lye committed to condominium devetvprnent ~An ~~-~vV~~ T/P-A - ~ 3~~~K ?dGE 1371 MidA 47